T. Rowe Price Funds SICAV - Fundsquare

UNAUDITED SEMI-ANNUAL REPORT30 June 2017

R.C.S. B-82218

T. Rowe Price Funds SICAV

An open-ended investment company organised under the laws of Luxembourg

T. Rowe Price Funds SICAV - Unaudited Semi-Annual Report - June 2017

1T. ROWE PRICE

TABLE OF CONTENTS

2 Management and Administration

4 Schedule of Investments

4 DiversifiedIncomeBondFund(1)

10 DynamicGlobalBondFund(2)

18 EmergingLocalMarketsBondFund

25 EmergingMarketsBondFund

32 EmergingMarketsCorporateBondFund

36 EuroCorporateBondFund

41 EuropeanHighYieldBondFund

45 GlobalAggregateBondFund

58 GlobalHighIncomeBondFund

63 GlobalHighYieldBondFund

73 GlobalInvestmentGradeCorporateBondFund

77 USAggregateBondFund

91 Asianex-JapanEquityFund

93 AsianOpportunitiesEquityFund

95 ContinentalEuropeanEquityFund

97 EmergingEuropeEquityFund

99 EmergingMarketsEquityFund

102 EmergingMarketsValueEquityFund

104 EuropeanEquityFund

106 EuropeanSmallerCompaniesEquityFund

108 EuropeanStructuredResearchEquityFund

112 FrontierMarketsEquityFund

115 GlobalFocusedGrowthEquityFund

117 GlobalGrowthEquityFund

120 GlobalNaturalResourcesEquityFund

123 GlobalRealEstateSecuritiesFund

125 GlobalTechnologyEquityFund

127 GlobalValueEquityFund

130 JapaneseEquityFund

132 LatinAmericanEquityFund

134 MiddleEast&AfricaEquityFund

136 USBlueChipEquityFund

138 USEquityFund(3)

140 USLargeCapGrowthEquityFund

142 USLargeCapValueEquityFund

144 USSmallerCompaniesEquityFund

147 GlobalAllocationFund

159 Abbreviations and Currencies Definitions

160 Financial Statements

160 Statement of Net Assets

167 Statement of Operations and Changes in Net Assets

174 Statement of Changes in Number of Shares

202 Statement of NAV per Share and Net Asset Statistics

230 NotestotheFinancialStatements

247 Risk Measurement and Global Exposure Appendix

248 Further Information

Nosubscriptionscanbereceivedonthebasisofthisreportalone.SubscriptionsforsharesofeachfundareonlyvalidifmadeonthebasisofthelatestProspectusortheKeyInvestorInformationDocuments(‘’KIID’’)ofT.RowePriceFundsSICAV(asapplicable)togetherwiththelatestauditedannualreport(and,ifpublished,subsequentsemi-annualreport).

(1) Formerly known as Global Multi-Sector Bond Fund.(2) Formerly known as Global Unconstrained Bond Fund.(3) Formerly known as US Large Cap Equity Fund.


2 T. ROWE PRICE

REGISTERED OFFICEEuropean Bank and Business Center6c route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

BOARD OF DIRECTORSRobert Higginbotham (Chairman)Head of Global Investment ServicesT.RowePriceInternationalLtd60 Queen Victoria StreetLondon,EC4N4TZUnited Kingdom

Peter PreislerHead of Investment Services, EMEAT.RowePriceInternationalLtdTuborg Havnevej 19DK-2900 HellerupDenmark

Ian HoddyHead of Product Management – Investment Funds, EMEA & APACT. Rowe Price (Luxembourg) Management S.à r.l.35BoulevardPrinceHenriL-1724 LuxembourgGrand Duchy of Luxembourg

Emma BealSenior Legal CounselT.RowePriceInternationalLtd60 Queen Victoria StreetLondon,EC4N4TZUnited Kingdom

Jeremy FisherDirector of International ComplianceT.RowePriceInternationalLtd60 Queen Victoria StreetLondon,EC4N4TZUnited Kingdom

Helen FordRegional Head of Portfolio SpecialistsT.RowePriceInternationalLtd60 Queen Victoria StreetLondon,EC4N4TZUnited Kingdom

Justin T. GerbereuxDirector of Credit ResearchT.RowePriceAssociates,Inc.100 East Pratt StreetBaltimore,Maryland21202United States of America

MANAGEMENT COMPANYT. Rowe Price (Luxembourg) Management S.à r.l.EuropeanBank&BusinessCenter6c route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

MANAGEMENT AND ADMINISTRATION

BOARD OF MANAGERS OF THE MANAGEMENT COMPANYRobert Higginbotham (Chairman)Head of Global Investment ServicesT.RowePriceInternationalLtd60 Queen Victoria StreetLondon,EC4N4TZUnited Kingdom

David OestreicherChief Legal CounselT.RowePriceAssociates,Inc.100 East Pratt StreetBaltimore,Maryland21202United States of America

Paul WojcikChief Risk OfficerT.RowePriceAssociates,Inc.100 East Pratt StreetBaltimore,Maryland21202United States of America

Freddy BrauschPartner,LinklatersLLP35,avenueJ.F.KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Christine MorganManaging CounselT.RowePriceAssociates,Inc.100 East Pratt StreetBaltimore,Maryland21202United States of America

Oliver BellPortfolio ManagerT.RowePriceInternationalLtd60 Queen Victoria StreetLondon,EC4N4TZUnited Kingdom

PERSONS CONDUCTING THE BUSINESS OF THE MANAGEMENT COMPANYIan HoddyHead of Product Management – Investment Funds, EMEA & APACT. Rowe Price (Luxembourg) Management S.à r.l.35BoulevardPrinceHenriL-1724 LuxembourgGrand Duchy of Luxembourg

Jeremy FisherDirector of International ComplianceT.RowePriceInternationalLtd60 Queen Victoria StreetLondon,EC4N4TZUnited Kingdom

Christopher EdgeHead of Equity RiskT.RowePriceAssociates,Inc.100 East Pratt StreetBaltimore,Maryland21202United States of America


3T. ROWE PRICE

MANAGEMENT AND ADMINISTRATION continued

Claude SchortgenSenior Product Manager – Investment Funds, EMEA & APACT. Rowe Price (Luxembourg) Management S.à r.l.35BoulevardduPrinceHenriL-1724 LuxembourgGrand Duchy of Luxembourg

DEPOSITARYJP Morgan Bank Luxembourg S.A.EuropeanBankandBusinessCenter6h route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

DOMICILIARY, ADMINISTRATION, REGISTRAR, TRANSFER AND PAYING AGENTJP Morgan Bank Luxembourg S.A.EuropeanBankandBusinessCenter6h route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

CENTRALIZING CORRESPONDENT IN FRANCESociété Générale29,boulevardHaussmann75009 ParisFrance

REPRESENTATIVE AND PAYING AGENT IN GERMANYJP Morgan AGJunghofstraße 1460311FrankfurtamMainGermany

REPRESENTATIVE AND PAYING AGENT IN DENMARKNordea Bank Danmark A/SStrandgade 3DK-0900 Copenhagen CDenmark

REPRESENTATIVE IN SWITZERLANDFirst Independent Fund Services LtdKlausstrasse 338008ZürichSwitzerland

PAYING AGENT IN SWITZERLANDNeue Helvetische Bank AGSeefeldstrasse 2158002ZürichSwitzerland

PAYING AGENT IN AUSTRIARaiffeisen Bank International AGAmStadtpark9,A-1030ViennaAustria

PAYING AGENT IN BELGIUMBNP Paribas Securities ServicesBoulevardLouisSchmidt,21040BrusselsBelgium

PAYING AGENT IN ITALYSociété Générale Securities Services S.p.AViaBenignoCrespi,19/AMAC2Milan,Italy

BNP PARIBAS Securities Services, Succursale de MilanoVia Ansperto 5 - 20123Milan,Italy

Allfunds Bank - Milan BranchViaSantaMargherita,7-20121Milan,Italy

PAYING AGENT IN SWEDENSkandinaviska Enskilda Banken AB (publ)KungsträdgårdsgatanSE-106 40 StockholmSweden

FACILITIES AGENT IN IRELANDJ.P. Morgan Bank Administration Services (Ireland) LimitedJ.P. Morgan HouseInternationalFinancialServicesCentreDublin 1Ireland

TAX REPRESENTATIVE IN AUSTRIADeloitte Tax Wirtschaftsprüfungs GmbHRenngasse1/FreyungA-1013 ViennaAustria

INVESTMENT MANAGER AND DISTRIBUTORT. Rowe Price International Ltd60 Queen Victoria StreetLondon,EC4N4TZUnited Kingdom

INVESTMENT SUB-MANAGERST. Rowe Price Associates, Inc.100 East Pratt StreetBaltimore,Maryland21202United States of America

T. Rowe Price Hong Kong Limited21/FJardineHouse1 Connaught PlaceCentral,HongKong

AUDITORPricewaterhouseCoopers, Société coopérative2,rueGerhardMercatorB.P.1443L-1014 LuxembourgGrand Duchy of Luxembourg

LEGAL ADVISERLinklaters LLP35avenueJ.F.KennedyL-1855 LuxembourgGrand Duchy of Luxembourg


4 T. ROWE PRICE

SCHEDULE OF INVESTMENTSAs at 30 June 2017

Diversified Income Bond Fund (1)

Investments Currency

Quantity/Nominal

Value

Market Value USD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingBondsARGENTINA ArgentinaGovernmentBond6.875%26/01/2027

USD 125,000 129,778 0.61

YPFSA,Reg.S8.75%04/04/2024 USD 40,000 45,694 0.22 175,472 0.83

AUSTRALIA TransurbanFinanceCo.Pty.Ltd.,Reg.S1.875%16/09/2024

EUR 100,000 119,094 0.56

119,094 0.56 AUSTRIA AustriaGovernmentBond,Reg.S,144A3.15%20/06/2044

EUR 30,000 46,878 0.22

46,878 0.22 BELGIUM BelfiusBankSANV,Reg.S3.125%11/05/2026

EUR 100,000 120,482 0.57

120,482 0.57 BRAZIL BancoNacionaldeDesenvolvimentoEconomicoeSocial,Reg.S5.5%12/07/2020

USD 300,000 315,648 1.49

BrazilNotasdoTesouroNacional10%01/01/2021

BRL 229,000 725,809 3.42

PetrobrasGlobalFinanceBV8.375%23/05/2021

USD 200,000 224,251 1.05

1,265,708 5.96 CANADA CanadaGovernmentBond1.5%01/06/2023

CAD 300,000 231,739 1.09

CanadaGovernmentBond2.5%01/06/2024

CAD 100,000 81,877 0.39

313,616 1.48 CROATIA CroatiaGovernmentBond,Reg.S3%11/03/2025

EUR 125,000 148,012 0.70

148,012 0.70 CYPRUS CyprusGovernmentBond,Reg.S3.875%06/05/2022

EUR 185,000 231,946 1.09

231,946 1.09 DOMINICAN REPUBLIC Dominican Republic Government Bond,Reg.S5.5%27/01/2025

USD 100,000 103,600 0.49

103,600 0.49 EGYPT EgyptGovernmentBond,Reg.S7.5%31/01/2027

USD 200,000 212,708 1.00

212,708 1.00 EL SALVADOR ElSalvadorGovernmentBond,Reg.S8.625%28/02/2029

USD 55,000 57,487 0.27

57,487 0.27 FRANCE FranceGovernmentBondOAT,Reg.S0.25%25/11/2026

EUR 280,000 305,549 1.44

HorizonHoldingsISAS,Reg.S7.25%01/08/2023

EUR 100,000 121,521 0.57

TDFInfrastructureSAS,Reg.S2.875%19/10/2022

EUR 100,000 124,360 0.59

551,430 2.60

DiversifiedIncomeBondFund(1)

INVESTMENT OBJECTIVE

The fund's objective is to maximise the value of its shares throughbothgrowthinthevalueof,andincomefrom,itsinvestments. Thefundinvestsmainlyinadiversifiedportfolioofbondsof all types from issuers around the world, includingemerging markets.Specifically, the fund invests at least two-thirds oftotal assets in debt securities issued by governments,government agencies, supra-national organizations,companies and banks. Portfolio debt securities can includefixedandfloatingratebonds,convertiblebonds,warrants and other transferable debt securities of any type,includinghighyieldsecurities.Thefundmayinvestmorethan20%ofassetsinmortgageandasset-backedsecurities.The funddoesnot investmore than10%of assets inequitiesandequity-relatedsecurities,25%ofassets inconvertible bonds, and one-third of assets in moneymarket securities, with total investment in thesecategories limited to one-third of assets.The fund may use derivatives for hedging, efficientportfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in currencies,debtsecurities,creditindicesandequities.

SCHEDULE OF INVESTMENTS


5T. ROWE PRICE


Diversified Income Bond Fund (1) continued


Quantity/Nominal

Value

Market Value USD

% of Net Assets

ICELAND LandsbankinnHF,Reg.S1.625%15/03/2021

EUR 225,000 262,672 1.24

262,672 1.24 INDONESIA IndonesiaTreasury5.625%15/05/2023

IDR 6,650,000,000 469,648 2.21

Perusahaan Gas Negara Persero Tbk. PT,Reg.S5.125%16/05/2024

USD 200,000 215,286 1.02

684,934 3.23 IRELAND ShireAcquisitionsInvestmentsIrelandDAC2.875%23/09/2023

USD 155,000 153,839 0.72

153,839 0.72 ISRAEL IsraelGovernmentBond1.75%31/08/2025

ILS 795,000 230,193 1.08

230,193 1.08 ITALY ItalyBuoniPoliennaliDelTesoro3.75%01/05/2021

EUR 200,000 256,690 1.21

ItalyBuoniPoliennaliDelTesoro2%01/12/2025

EUR 400,000 461,139 2.17

717,829 3.38 JAPAN JapanGovernmentThirtyYearBond0.6%20/12/2046

JPY 43,700,000 366,269 1.72

JapanGovernmentTwentyYearBond1.2%20/12/2034

JPY 7,400,000 74,128 0.35

440,397 2.07 LEBANON LebanonGovernmentBond,Reg.S6.85%23/03/2027

USD 70,000 70,685 0.33

70,685 0.33 LUXEMBOURG AlticeFincoSA,144A7.625%15/02/2025

USD 200,000 212,795 1.00

AmigoLuxembourgSA,144A7.625%15/01/2024

GBP 125,000 168,771 0.80

381,566 1.80 MEXICO MexicanBonos6.5%09/06/2022 MXN 4,545,000 251,279 1.18 MexicanBonos7.5%03/06/2027 MXN 5,625,000 329,348 1.55

580,627 2.73 PORTUGAL PortugalObrigacoesdoTesouroOT,Reg.S,144A4.1%15/02/2045

EUR 125,000 146,101 0.69

146,101 0.69 ROMANIA RomaniaGovernmentBond5.85%26/04/2023

RON 1,350,000 389,584 1.84

389,584 1.84 RUSSIA RussianFederalBond-OFZ7.6%20/07/2022

RUB 28,200,000 472,387 2.22

472,387 2.22 SERBIA SerbiaTreasury5.75%21/07/2023 RSD 114,600,000 1,114,647 5.25

1,114,647 5.25 SINGAPORE SingaporeGovernmentBond3%01/09/2024

SGD 425,000 331,932 1.56

331,932 1.56


Quantity/Nominal

Value

Market Value USD

% of Net Assets

SLOVENIA SloveniaGovernmentBond,Reg.S1.5%25/03/2035

EUR 120,000 128,779 0.61

128,779 0.61 SOUTH AFRICA SouthAfricaGovernmentBond6.75%31/03/2021

ZAR 7,950,000 586,505 2.76

SouthAfricaGovernmentBond4.665%17/01/2024

USD 100,000 101,473 0.48

687,978 3.24 SPAIN InmobiliariaColonialSA,Reg.S2.728%05/06/2023

EUR 100,000 122,980 0.58

122,980 0.58 SRI LANKA SriLankaGovernmentBond,Reg.S6.25%04/10/2020

USD 100,000 105,781 0.50

105,781 0.50 SWEDEN SwedenGovernmentBond3.5%30/03/2039

SEK 615,000 97,774 0.46

97,774 0.46 SWITZERLAND CreditSuisseGroupFundingGuernseyLtd.,Reg.S1.25%14/04/2022

EUR 100,000 116,645 0.55

116,645 0.55 THAILAND ThailandGovernmentBond2.125%17/12/2026

THB 7,000,000 198,841 0.94

ThailandGovernmentBond4.875%22/06/2029

THB 4,500,000 160,485 0.75

359,326 1.69 UNITED KINGDOM VirginMediaFinanceplc,Reg.S6.375%15/10/2024

GBP 100,000 140,047 0.66

140,047 0.66 UNITED STATES OF AMERICA BankofAmericaCorp.3.248%21/10/2027

USD 220,000 212,924 1.00

BectonDickinsonandCo.4.669%06/06/2047

USD 80,000 82,867 0.39

BoardwalkPipelinesLP5.95%01/06/2026

USD 95,000 106,476 0.50

BrixmorOperatingPartnershipLP,REIT3.9%15/03/2027

USD 30,000 29,401 0.14

CrownCastleInternationalCorp.,REIT4.75%15/05/2047

USD 25,000 25,707 0.12

DeltaAirLines,Inc.3.625%15/03/2022

USD 45,000 46,301 0.22

EnbridgeEnergyPartnersLP7.375%15/10/2045

USD 85,000 110,269 0.52

HessCorp.7.3%15/08/2031 USD 75,000 87,072 0.41 MatadorResourcesCo.6.875%15/04/2023

USD 75,000 76,740 0.36

MorganStanley3.875%27/01/2026 USD 80,000 82,345 0.39 USTreasury2.5%15/02/2046 USD 250,000 233,027 1.10 USTreasury3%15/02/2047 USD 115,000 118,702 0.56 WesternDigitalCorp.10.5%01/04/2024

USD 100,000 117,973 0.55

ZayoGroupLLC6.375%15/05/2025 USD 100,000 108,024 0.51 1,437,828 6.77


6 T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

VENEZUELA, BOLIVARIAN REPUBLIC OF PetroleosdeVenezuelaSA,Reg.S12.75%17/02/2022

USD 30,000 16,705 0.08

16,705 0.08 ZAMBIA ZambiaGovernmentBond11%27/02/2022

ZMW 1,000,000 84,208 0.40

84,208 0.40 Total Bonds 12,621,877 59.45 Total Transferable securities

and money market instruments admitted to an official exchange listing

12,621,877 59.45

Transferable securities and money market instruments dealt in on another regulated marketBondsCANADA Enbridge,Inc.,FRN6%15/01/2077 USD 100,000 105,182 0.49 HudbayMinerals,Inc.,144A7.625%15/01/2025

USD 100,000 105,375 0.50

ValeantPharmaceuticalsInternational,Inc.,144A7%01/10/2020

USD 45,000 44,536 0.21

255,093 1.20 EGYPT EgyptTreasuryBill0%06/02/2018 EGP 2,200,000 109,602 0.52

109,602 0.52 GERMANY UnitymediaHessenGmbH&Co.KG,144A5%15/01/2025

USD 200,000 210,063 0.99

210,063 0.99 MALAYSIA MalaysiaGovernmentBond4.16%15/07/2021

MYR 1,332,000 315,551 1.49

315,551 1.49 MEXICO PetroleosMexicanos6.875%04/08/2026

USD 200,000 222,044 1.05

222,044 1.05 PERU PeruGovernmentBond,144A6.35%12/08/2028

PEN 410,000 134,645 0.63

134,645 0.63 SWITZERLAND UBSGroupFundingSwitzerlandAG,144A4.125%24/09/2025

USD 200,000 209,742 0.99

209,742 0.99 UNITED STATES OF AMERICA AllianceDataSystemsCorp.,144A5.875%01/11/2021

USD 5,000 5,194 0.02

AllianceDataSystemsCorp.,144A5.375%01/08/2022

USD 45,000 45,634 0.22

AmeriCredit Automobile Receivables Trust,Series2014-1'D'2.54%08/06/2020

USD 125,000 125,929 0.59

BoozAllenHamilton,Inc.,144A5.125%01/05/2025

USD 25,000 24,562 0.12

BroadcomCorp.,144A3.875%15/01/2027

USD 35,000 35,955 0.17

CCOHoldingsLLC,144A5.5%01/05/2026

USD 150,000 159,421 0.75

Cheniere Corpus Christi Holdings LLC 7%30/06/2024

USD 100,000 111,621 0.53


Quantity/Nominal

Value

Market Value USD

% of Net Assets

CitigroupCommercialMortgageTrust,Series2014-GC21'AS'4.026%10/05/2047

USD 125,000 131,543 0.62

Citigroup Commercial Mortgage Trust,Series2014-GC25'A4'3.635%10/10/2047

USD 95,000 99,247 0.47

COMMMortgageTrust,Series2014-LC15'A4'4.006%10/04/2047

USD 100,000 106,652 0.50

FirstDataCorp.,144A7%01/12/2023 USD 100,000 106,896 0.50 FNMAAL91074.5%01/03/2046 USD 175,419 188,356 0.89 FNMAConnecticutAvenueSecurities,FRN,Series2015-C01'2M2'5.574%25/02/2025

USD 121,646 131,504 0.62

GrindingMedia,Inc.,144A7.375%15/12/2023

USD 100,000 107,750 0.51

HowardHughesCorp.(The),144A5.375%15/03/2025

USD 50,000 51,500 0.24

MatchGroup,Inc.6.375%01/06/2024 USD 100,000 109,110 0.51 NationstarHECMLoanTrust,FRN,Series2016-1A'A',144A2.981%25/02/2026

USD 67,189 67,211 0.32

NationstarHECMLoanTrust,FRN,Series2016-2A'A',144A2.239%25/06/2026

USD 61,125 61,815 0.29

Park-OhioIndustries,Inc.,144A6.625%15/04/2027

USD 15,000 15,778 0.07

PlatformSpecialtyProductsCorp.,144A10.375%01/05/2021

USD 100,000 110,685 0.52

PostHoldings,Inc.,144A8%15/07/2025

USD 40,000 46,150 0.22

PrimeSecurityServicesBorrowerLLC,144A9.25%15/05/2023

USD 40,000 43,597 0.21

SabinePassLiquefactionLLC5.75%15/05/2024

USD 140,000 155,817 0.73

Santander Drive Auto Receivables Trust,Series2013-5'D'2.73%15/10/2019

USD 116,000 116,856 0.55

ScientificGamesInternational,Inc.10%01/12/2022

USD 125,000 137,256 0.65

SeasonedCreditRiskTransferTrust,FRN,Series2016-1'M1',144A3%25/09/2055

USD 195,000 189,635 0.89

SierraTimeshareReceivablesFundingLLC,Series2015-1A'A',144A2.4%22/03/2032

USD 44,331 44,374 0.21

SLMCorp.5.125%05/04/2022 USD 25,000 25,562 0.12 SMBPrivateEducationLoanTrust,Series2015-C'A2A',144A2.75%15/07/2027

USD 100,000 101,305 0.48

StandardAeroAviationHoldings,Inc.,144A10%15/07/2023

USD 60,000 66,569 0.31

T-MobileUSA,Inc.6.5%15/01/2026 USD 125,000 138,116 0.65 ValeantPharmaceuticalsInternational,Inc.,144A6.5%15/03/2022

USD 25,000 26,401 0.12

WholeFoodsMarket,Inc.5.2%03/12/2025

USD 45,000 51,786 0.24

2,939,787 13.84 VENEZUELA, BOLIVARIAN REPUBLIC OF PetroleosdeVenezuelaSA,Reg.S9%17/11/2021

USD 50,000 24,353 0.11


and money market instruments dealt in on another regulated market

4,420,880 20.82


7T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

Units of authorised UCITS or other collective investment undertakingsCollective Investment Schemes - UCITSLUXEMBOURG T.RoweEmergingMarketsBondFund

- Class Sd†USD 2,194 22,361 0.10

T. Rowe Emerging Markets Corporate BondFund-ClassSd†

USD 61,333 629,887 2.97

T.RoweGlobalHighYieldBondFund- Class Sd†

USD 65,217 624,125 2.94

1,276,373 6.01 Total Collective Investment Schemes - UCITS 1,276,373 6.01Total Units of authorised UCITS or other

collective investment undertakings1,276,373 6.01

Total Investments 18,319,130 86.28

Financial Futures Contracts

Security DescriptionNumber of Contracts Currency

Global Exposure

USD

Unrealised Gain/(Loss)

USD% of Net

Assets

Euro-Bund,07/09/2017 (1) EUR (184,952) 1,907 0.01 US10YearNote,20/09/2017 (11) USD (1,383,938) 945 – US2YearNote,29/09/2017 (3) USD (648,609) 469 – USLongBond,20/09/2017 1 USD 154,250 2,219 0.01 USUltraBond,20/09/2017 1 USD 166,563 3,664 0.02 Total Unrealised Gain on

Financial Futures Contracts 9,204 0.04

Euro-Buxl,07/09/2017 1 EUR 186,825 (2,901) (0.01) Euro-OAT,07/09/2017 2 EUR 339,231 (1,028) (0.01) Korea3YearBond,19/09/2017

5 KRW 477,797 (437) –

Total Unrealised Loss on Financial Futures Contracts

(4,366) (0.02)

Net Unrealised Gain on Financial Futures Contracts

4,838 0.02

To Be Announced Contracts

CountrySecurity Description Currency

Nominal Value

Market ValueUSD


USD% of Net

Assets

United States of America

FNMA.3.00%.25/07/2047

USD 480,000 480,375 (2,625) 2.26


FNMA.3.50%.25/07/2047

USD 495,000 508,999 (2,320) 2.40


FNMA.4.00%.25/07/2047

USD 455,000 478,817 (1,178) 2.25

Total To Be Announced Contracts Long Positions 1,468,191 (6,123) 6.91Net To Be Announced Contracts 1,468,191 (6,123) 6.91

Forward Currency Exchange Contracts

Currency Purchased

Amount Purchased

Currency Sold

Amount Sold

Maturity Date Counterparty


USD% of Net

Assets

AUD 73,118 USD 55,025 21/07/2017 J.P. Morgan 1,170 0.01 EGP 1,870,000 USD 102,326 06/07/2017 Citibank 844 – EUR 16,000 USD 18,268 25/08/2017 Citibank 54 – GBP 163,583 USD 208,513 21/07/2017 Bankof

America3,860 0.02

MXN 4,020,000 USD 211,715 14/07/2017 DeutscheBank 10,979 0.05 MXN 3,760,000 USD 196,923 14/07/2017 HSBC 11,369 0.05 MXN 355,000 USD 18,375 14/07/2017 J.P. Morgan 1,291 0.01 PLN 1,225,000 USD 328,065 14/07/2017 J.P. Morgan 3,053 0.01 PLN 1,288,000 USD 344,813 18/08/2017 J.P. Morgan 3,267 0.02 RON 78,975 USD 18,982 14/07/2017 J.P. Morgan 816 – RUB 16,191,552 USD 267,675 14/07/2017 J.P. Morgan 4,995 0.02 USD 158,735 BRL 531,000 05/09/2017 Bankof

America487 –

USD 173,619 BRL 581,000 05/09/2017 DeutscheBank 471 – USD 174,326 BRL 580,000 05/09/2017 Morgan Stanley 1,476 0.01 USD 103,205 EGP 1,870,000 06/07/2017 Citibank 36 – USD 344,781 GBP 265,000 25/08/2017 RBS 374 – USD 221,792 JPY 24,587,000 25/08/2017 Bankof

America2,070 0.01

USD 220,295 JPY 24,465,000 25/08/2017 Citibank 1,663 – USD 222,032 JPY 24,586,000 25/08/2017 DeutscheBank 2,319 0.02 USD 159,501 KRW 178,585,000 07/07/2017 HSBC 3,380 0.02 USD 159,869 KRW 181,680,000 20/10/2017 Bankof

America829 –

USD 106,445 MYR 455,000 08/09/2017 Barclays 884 – USD 105,951 MYR 454,000 08/09/2017 Goldman

Sachs622 –

USD 112,023 MYR 478,000 08/09/2017 J.P. Morgan 1,125 0.01 USD 81,822 RUB 4,754,000 14/07/2017 Barclays 1,764 0.01 USD 527,260 RUB 30,646,000 14/07/2017 Citibank 11,174 0.06 USD 82,207 RUB 4,730,000 14/07/2017 Credit Suisse 2,552 0.01 USD 448,117 RUB 25,935,992 14/07/2017 J.P. Morgan 11,349 0.05 USD 82,082 RUB 4,730,000 14/07/2017 Morgan Stanley 2,428 0.01 USD 209,990 TWD 6,285,000 11/08/2017 Goldman

Sachs3,381 0.02

Total Unrealised Gain on Forward Currency Exchange Contracts

90,082 0.42

EGP 1,947,000 USD 105,831 05/10/2017 Citibank (397) – JPY 11,300,000 USD 102,211 25/08/2017 Citibank (1,228) (0.01) JPY 12,293,000 USD 111,014 25/08/2017 DeutscheBank (1,158) (0.01) KRW 178,585,000 USD 156,929 07/07/2017 Bankof

America(809) –

MXN 152,635 USD 8,460 14/07/2017 J.P. Morgan (5) – USD 54,951 AUD 73,000 21/07/2017 Standard

Chartered(1,153) (0.01)

USD 313,108 CAD 412,000 29/09/2017 HSBC (5,228) (0.03) USD 1,593,707 EUR 1,413,000 25/08/2017 Citibank (24,378) (0.12) USD 30,383 EUR 27,000 25/08/2017 J.P. Morgan (537) – USD 955,341 EUR 846,000 25/08/2017 Morgan Stanley (13,449) (0.06) USD 220,395 GBP 172,000 21/07/2017 Citibank (2,904) (0.01) USD 594,024 GBP 463,071 21/07/2017 HSBC (7,161) (0.04) USD 12,647 GBP 10,000 25/08/2017 HSBC (349) – USD 269,791 IDR 3,623,017,000 11/08/2017 Goldman

Sachs(606) –

USD 220,488 ILS 791,000 17/08/2017 Citibank (6,480) (0.03) USD 197,863 MXN 3,768,000 14/07/2017 Citibank (10,872) (0.06) USD 245,945 MXN 4,686,758 14/07/2017 HSBC (13,686) (0.07) USD 20,201 MXN 370,000 14/07/2017 J.P. Morgan (296) –


8 T. ROWE PRICE



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

USD 111,848 MXN 2,129,000 14/07/2017 Standard Chartered

(6,091) (0.03)

USD 134,947 PEN 446,000 08/09/2017 Credit Suisse (1,640) (0.01) USD 308,029 PLN 1,225,000 14/07/2017 Bankof

America(23,089) (0.11)

USD 110,127 PLN 424,000 18/08/2017 Citibank (4,458) (0.02) USD 224,852 PLN 864,000 18/08/2017 HSBC (8,642) (0.04) USD 189,853 RON 805,000 14/07/2017 Bankof

America(11,946) (0.04)

USD 47,748 RON 202,000 14/07/2017 Barclays (2,889) (0.01) USD 47,389 RON 201,000 14/07/2017 Citibank (2,998) (0.01) USD 98,268 RON 417,000 14/07/2017 J.P. Morgan (6,266) (0.03) USD 258,684 RSD 30,279,000 14/07/2017 J.P. Morgan (28,397) (0.13) USD 42,625 RSD 4,858,000 18/08/2017 HSBC (3,350) (0.02) USD 372,089 RSD 41,824,589 18/08/2017 J.P. Morgan (23,734) (0.11) USD 94,735 SEK 832,000 21/07/2017 Bankof

America(4,023) (0.02)

USD 333,822 SGD 461,209 18/08/2017 Citibank (1,512) (0.01) USD 89,936 THB 3,062,591 11/08/2017 DeutscheBank (298) – USD 71,768 THB 2,439,000 11/08/2017 HSBC (93) – USD 203,188 THB 6,910,504 11/08/2017 Standard

Chartered(417) –

USD 585,811 ZAR 7,890,000 18/08/2017 Citibank (11,072) (0.05) Total Unrealised Loss on

Forward Currency Exchange Contracts(231,611) (1.09)

Net Unrealised Loss on Forward Currency Exchange Contracts

(141,529) (0.67)

Credit Default Swap Contracts

Nominal Amount Currency Counterparty

Reference Entity

Buy/Sell

Interest (Paid)/

Received Rate

Maturity Date

Market Value USD


USD% of Net

Assets

950,000 EUR J.P. Morgan iTraxx Europe Crossover Series 26 Version 1

Buy (5.00)% 20/12/2021 (129,134) (129,134) (0.61)

Total Unrealised Loss on Credit Default Swap Contracts

(129,134) (129,134) (0.61)

Net Unrealised Loss on Credit Default Swap Contracts

(129,134) (129,134) (0.61)

Interest Rate Swap Contracts


Security Description

Maturity Date

Market Value USD


USD% of Net

Assets

400,000 USD J.P. Morgan Pay floating LIBOR3 month Receive fixed 1.93%

07/12/2020 2,570 2,570 0.01

Total Unrealised Gain on Interest Rate Swap Contracts

2,570 2,570 0.01



Maturity Date

Market Value USD


USD% of Net

Assets

3,100,000 HKD J.P. Morgan Pay fixed 2.02%Receive floating HIBOR3month

08/12/2020 (7,636) (7,636) (0.03)

Total Unrealised Loss on Interest Rate Swap Contracts

(7,636) (7,636) (0.03)

Net Unrealised Loss on Interest Rate Swap Contracts

(5,066) (5,066) (0.02)

Option Purchased Contracts

QuantitySecurity Description Currency Counterparty

Global Exposure

USD

Market ValueUSD

% of Net Assets

840,000 ForeignExchangeUSD/KRW,Call,1,180.000,12/07/2017

USD HSBC 866,593 450 –

Total Option Purchased Contracts 450 –

Cash 3,006,897 14.16Other Assets/(Liabilities) (93,251) (0.44)Total Net Assets 21,232,776 100.00

Geographic Allocation of Portfolio% of Net Assets

United States of America 20.61 Luxembourg 7.81 Brazil 5.96 Serbia 5.25 Mexico 3.78 Italy 3.38 South Africa 3.24 Indonesia 3.23 Canada 2.68 France 2.60 Russia 2.22 Japan 2.07 Romania 1.84 Thailand 1.69 Singapore 1.56 Switzerland 1.54 Egypt 1.52 Malaysia 1.49 Iceland 1.24 Cyprus 1.09 Israel 1.08 Germany 0.99 Argentina 0.83 Ireland 0.72 Croatia 0.70 Portugal 0.69 United Kingdom 0.66 Peru 0.63


9T. ROWE PRICE



% of Net Assets

Slovenia 0.61 Spain 0.58 Belgium 0.57 Australia 0.56 Sri Lanka 0.50 Dominican Republic 0.49 Sweden 0.46 Zambia 0.40 Lebanon 0.33 El Salvador 0.27 Austria 0.22 Venezuela,BolivarianRepublicof 0.19 Total Investments 86.28 CashandOtherAssets/(Liabilities) 13.72Total 100.00

† Managed by an affiliate of the Investment Manager.(1) Formerly known as Global Multi-Sector Bond Fund. The accompanying notes are an integral part of these financial statements.


10 T. ROWE PRICE


Dynamic Global Bond Fund (2)


Quantity/Nominal

Value

Market Value USD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingBondsARGENTINA ArgentinaBonarBonds,FRN26.089%01/03/2020

ARS 184,370,000 11,395,963 0.90

11,395,963 0.90 BRAZIL BrazilNotasdoTesouroNacional10%01/01/2027

BRL 13,297,000 40,896,564 3.23

40,896,564 3.23 CHINA ChinaGovernmentBond3.13%13/04/2022

CNY 14,000,000 2,033,113 0.16

ChinaGovernmentBond3.52%04/05/2027

CNY 48,800,000 7,181,622 0.57

9,214,735 0.73 COLOMBIA ColombianTES7%04/05/2022 COP 670,000,000 229,091 0.02

229,091 0.02 CROATIA Agrokordd,Reg.S9.875%01/05/2019

EUR 21,552,000 4,442,503 0.35

4,442,503 0.35 CYPRUS CyprusGovernmentBond,Reg.S3.875%06/05/2022

EUR 21,250,000 26,642,500 2.10

CyprusGovernmentBond,Reg.S2.75%27/06/2024

EUR 1,130,000 1,323,230 0.11

27,965,730 2.21 FRANCE BPCESA,Reg.S,FRN0.331%28/05/2018

EUR 1,100,000 1,263,259 0.10

CarrefourBanqueSA,Reg.S,FRN0.563%21/10/2019

EUR 4,000,000 4,639,144 0.36

FranceGovernmentBondOAT,Reg.S3.25%25/05/2045

EUR 19,505,000 29,615,180 2.34

35,517,583 2.80 GERMANY BundesrepublikDeutschland,Reg.S0.25%15/02/2027

EUR 34,500,000 38,598,766 3.05

BundesrepublikDeutschland,Reg.S2.5%15/08/2046

EUR 8,780,000 13,086,610 1.03

DaimlerAG,Reg.S2.375%16/07/2018

GBP 900,000 1,184,827 0.09

GarfunkeluxHoldco3SA,Reg.S8.5%01/11/2022

GBP 5,232,000 7,291,855 0.58

60,162,058 4.75 ICELAND ArionBankiHF,Reg.S2.5%26/04/2019

EUR 340,000 402,842 0.03

ArionBankiHF,Reg.S1.625%01/12/2021

EUR 4,300,000 5,013,900 0.40

IslandsbankiHF,Reg.S2.875%27/07/2018

EUR 2,860,000 3,358,499 0.26


EUR 740,000 867,991 0.07

LandsbankinnHF,Reg.S1.625%15/03/2021

EUR 5,715,000 6,671,877 0.53


EUR 6,300,000 7,239,528 0.57

23,554,637 1.86

DynamicGlobalBondFund(2)


Thefund'sobjectiveistogenerateincomewhileofferingsome protection against rising interest rates and a low correlation with equity markets.The fund invests mainly in a portfolio of bonds of all typesfromissuersaroundtheworld,includingemergingmarkets.Specifically, the fund invests at least two-thirds oftotal assets in debt securities issued by governments,governmentagencies,companiesandbanks.Portfoliodebtsecuritiescanincludefixedandfloatingratebonds,convertiblebonds,warrantsandothertransferabledebtsecuritiesofanytype,includinghighyieldsecurities.Thefundmayinvestmorethan20%ofassetsinmortgage-and asset-backed securities.The funddoesnot investmore than10%of assets inequitiesandequity-relatedsecurities,25%ofassets inconvertible bonds, and one-third of assets in moneymarket securities, with total investment in thesecategories limited to one-third of assets. However, fortemporary defensive purposes, investments in moneymarket securities may exceed one-third of assets.The fund may use derivatives for hedging, efficientportfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in currencies,debtsecurities,creditindicesandequities.


11T. ROWE PRICE


Dynamic Global Bond Fund (2) continued


Quantity/Nominal

Value

Market Value USD

% of Net Assets

ISRAEL IsraelGovernmentBond1%30/04/2021

ILS 12,170,000 3,530,802 0.28

IsraelGovernmentBond5.5%31/01/2022

ILS 156,135,000 54,992,294 4.34

IsraelGovernmentBond2%31/03/2027

ILS 98,000,000 28,016,642 2.21

TevaPharmaceuticalFinanceNetherlandsIIIBV1.7%19/07/2019

USD 2,340,000 2,321,549 0.18

88,861,287 7.01 ITALY BormioliRoccoHoldingsSA,Reg.S10%01/08/2018

EUR 700,000 814,096 0.06

ItalyBuoniPoliennaliDelTesoro2.2%01/06/2027

EUR 165,620,000 190,209,837 15.01

LeonardoSpA4.875%24/03/2025 EUR 6,370,000 8,878,956 0.70 UniCreditSpA,Reg.S6.95%31/10/2022

EUR 6,395,000 8,823,284 0.70

208,726,173 16.47 LUXEMBOURG AlticeFinancingSA,Reg.S7.5%15/05/2026

USD 7,740,000 8,579,287 0.68

8,579,287 0.68 MEXICO MexicanBonos7.75%13/11/2042 MXN 479,317,000 28,287,482 2.23

28,287,482 2.23 NETHERLANDS INGBankNV,Reg.S,FRN0.7%27/11/2017

GBP 250,000 324,672 0.02

LeasePlanCorp.NV,Reg.S1%08/04/2020

EUR 7,200,000 8,358,851 0.66

8,683,523 0.68 PHILIPPINES PhilippinesGovernmentBond4.95%15/01/2021

PHP 396,000,000 8,135,644 0.64

PhilippinesGovernmentBond3.9%26/11/2022

PHP 933,000,000 18,429,059 1.46

26,564,703 2.10 POLAND PolandGovernmentBond5.75%25/10/2021

PLN 96,145,000 29,443,724 2.32

29,443,724 2.32 PORTUGAL PortugalObrigacoesdoTesouroOT,Reg.S,144A4.1%15/02/2045

EUR 15,970,000 18,665,855 1.47

18,665,855 1.47 ROMANIA RomaniaGovernmentBond5.85%26/04/2023

RON 163,530,000 47,191,614 3.72

47,191,614 3.72 SERBIA SerbiaTreasury10%05/02/2022 RSD 1,720,490,000 19,451,394 1.53 SerbiaTreasury5.75%21/07/2023 RSD 3,512,850,000 34,167,427 2.70

53,618,821 4.23 SPAIN SantanderConsumerFinanceSA,Reg.S1.1%30/07/2018

EUR 800,000 925,009 0.07

SantanderInternationalDebtSA,Reg.S4.125%04/10/2017

EUR 50,000 57,731 0.01

982,740 0.08


Quantity/Nominal

Value

Market Value USD

% of Net Assets

SUPRANATIONAL EuropeanInvestmentBank,Reg.S6.6%04/03/2019

INR 775,400,000 12,199,315 0.96

InternationalBankforReconstruction&Development6.375%07/08/2018

INR 317,750,000 4,949,424 0.39

17,148,739 1.35 SWEDEN NordeaHypotekAB1%08/04/2022 SEK 248,500,000 29,987,899 2.37 SkandinaviskaEnskildaBankenAB1.5%17/06/2020

SEK 289,500,000 35,813,570 2.82

65,801,469 5.19 THAILAND ThailandGovernmentBond2.125%17/12/2026

THB 281,300,000 7,990,578 0.63


THB 200,000,000 7,132,673 0.56

ThailandGovernmentBond4%17/06/2066

THB 269,460,000 8,484,583 0.67

ThailandGovernmentBond,Reg.S1.25%12/03/2028

THB 420,110,000 11,933,879 0.94

35,541,713 2.80 UNITED KINGDOM ArqivaBroadcastFinanceplc,Reg.S9.5%31/03/2020

GBP 1,400,000 1,939,695 0.15

NationwideBuildingSociety,Reg.S,FRN0.171%02/11/2018

EUR 1,100,000 1,263,931 0.10

VirginMediaSecuredFinanceplc,Reg.S6.25%28/03/2029

GBP 4,065,000 5,737,820 0.45

8,941,446 0.70 UNITED STATES OF AMERICA AbbVie,Inc.2.5%14/05/2020 USD 2,000,000 2,023,100 0.16 BectonDickinsonandCo.0.368%06/06/2019

EUR 6,920,000 7,929,745 0.62


USD 1,540,000 1,726,024 0.14


USD 1,440,000 1,475,827 0.12

CarnivalCorp.1.125%06/11/2019 EUR 5,400,000 6,299,091 0.50 DeltaAirLines,Inc.2.875%13/03/2020

USD 2,195,000 2,222,899 0.17

DHEuropeFinanceSA1%08/07/2019

EUR 1,050,000 1,218,287 0.10

GoldmanSachsGroup,Inc.(The)2.3%13/12/2019

USD 5,000,000 5,018,375 0.39

Humana,Inc.2.625%01/10/2019 USD 5,000,000 5,057,925 0.40 PepsiCo,Inc.1.5%22/02/2019 USD 250,000 249,700 0.02 USTreasury2.5%15/05/2046 USD 79,153,000 73,698,864 5.81 USTreasuryBill0%13/07/2017 USD 38,000,000 37,988,846 3.00 VerizonCommunications,Inc.1.375%15/08/2019

USD 2,600,000 2,574,130 0.20

147,482,813 11.63 Total Bonds 1,007,900,253 79.51 Total Transferable securities


1,007,900,253 79.51


12 T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

Transferable securities and money market instruments dealt in on another regulated marketBondsAUSTRALIA FMGResourcesAugust2006Pty.Ltd.,Reg.S5.125%15/05/2024

USD 4,440,000 4,456,228 0.35

4,456,228 0.35 MALAYSIA MalaysiaGovernmentBond3.492%31/03/2020

MYR 102,858,000 23,927,179 1.89

MalaysiaGovernmentBond3.659%15/10/2020

MYR 158,000,000 36,851,894 2.91


MYR 30,810,000 7,394,630 0.58


MYR 16,800,000 3,911,091 0.31

72,084,794 5.69 UNITED STATES OF AMERICA AlerisInternational,Inc.,144A9.5%01/04/2021

USD 2,590,000 2,654,310 0.21

AmeriCredit Automobile Receivables Trust,Series2016-4'A3'1.53%08/07/2021

USD 4,660,000 4,644,206 0.37

BankofAmericaCorp.,FRN2.018%01/04/2019

USD 1,200,000 1,210,668 0.09

CelgeneCorp.2.125%15/08/2018 USD 1,200,000 1,204,974 0.09 Citigroup,Inc.,FRN2.882%15/05/2018

USD 960,000 971,875 0.08

FHLMC,FRN,Series2015-DN1'M2'3.616%25/01/2025

USD 56,493 56,749 –

FHLMC,FRN,Series2015-DNA3'M2'3.874%25/04/2028

USD 3,213,087 3,328,971 0.26

FordCreditAutoLeaseTrust,Series2017-A'A3'1.88%15/04/2020

USD 7,380,000 7,392,907 0.58

MartinMariettaMaterials,Inc.,FRN1.828%22/05/2020

USD 850,000 852,728 0.07

Mercedes-BenzAutoLeaseTrust,Series2016-A'A4'1.69%15/11/2021

USD 4,645,000 4,649,253 0.37

NationstarHECMLoanTrust,Series2016-3A'A',144A2.013%25/08/2026

USD 334,960 338,449 0.03

NVIDIACorp.2.2%16/09/2021 USD 1,105,000 1,095,342 0.09 PrincipalLifeGlobalFundingII,144A1.5%18/04/2019

USD 410,000 405,908 0.03

USTreasury2.375%15/05/2027 USD 27,240,000 27,467,710 2.17VerizonOwnerTrust,Series2016-1A'A',144A1.42%20/01/2021

USD 4,660,000 4,644,124 0.37

60,918,174 4.81Total Bonds 137,459,196 10.85 Total Transferable securities


137,459,196 10.85

Total Investments 1,145,359,449 90.36


Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

AUD 126,158,800 USD 94,053,530 31/07/2017 Standard Chartered

2,893,083 0.23

AUD 4,063,000 USD 3,085,255 25/08/2017 J.P. Morgan 36,005 – AUD 143,586,739 USD 108,888,400 31/08/2017 Standard

Chartered1,409,353 0.11

CHF 9,589,850 USD 9,957,933 31/07/2017 J.P. Morgan 83,351 0.01 CLP 196,936,000 USD 292,624 11/08/2017 Credit Suisse 3,488 – CZK 334,278,000 USD 14,379,982 23/01/2018 Bankof

America461,747 0.04

CZK 47,934,000 USD 1,957,385 23/01/2018 Citibank 170,854 0.01 CZK 11,042,000 USD 455,942 23/01/2018 HSBC 34,316 – CZK 253,506,000 USD 10,558,401 23/01/2018 J.P. Morgan 697,103 0.05 EUR 283,508,535 USD 320,906,146 31/07/2017 Goldman

Sachs3,338,832 0.27

EUR 6,552,788 USD 7,394,520 31/07/2017 J.P. Morgan 99,817 – EUR 1,796,000 USD 2,026,907 25/08/2017 Goldman

Sachs29,768 –

EUR 9,868,000 USD 11,127,111 25/08/2017 J.P. Morgan 173,149 0.01 EUR 31,542,981 USD 35,285,461 25/08/2017 Morgan Stanley 835,727 0.07 EUR 5,948,000 USD 6,688,395 25/08/2017 Standard

Chartered122,909 0.01

EUR 346,000 USD 374,556 23/01/2018 J.P. Morgan 25,054 – GBP 2,399,540 USD 3,086,650 21/07/2017 J.P. Morgan 28,566 – GBP 116,012,240 USD 148,334,411 31/07/2017 HSBC 2,332,940 0.18 GBP 3,495,511 USD 4,464,057 31/07/2017 J.P. Morgan 75,632 0.01 GBP 28,417,168 USD 36,696,657 25/08/2017 Bankof

America235,729 0.02

GBP 4,174,000 USD 5,377,544 25/08/2017 Barclays 47,197 – GBP 136,505 USD 172,644 25/08/2017 HSBC 4,765 – GBP 8,528,000 USD 10,976,898 25/08/2017 J.P. Morgan 106,521 0.01 GBP 440,031 USD 561,295 25/08/2017 Standard

Chartered10,592 –

HUF 2,866,336,890 USD 9,826,357 14/07/2017 BankofAmerica

770,154 0.07

HUF 1,194,197,094 USD 4,070,387 14/07/2017 HSBC 344,420 0.03 HUF 285,101,000 USD 1,028,275 14/07/2017 J.P. Morgan 25,710 – MYR 32,516,000 USD 7,564,060 07/07/2017 Barclays 5,727 – MYR 16,258,000 USD 3,782,690 07/07/2017 Goldman

Sachs2,204 –

MYR 9,355,478 USD 2,169,889 11/08/2017 Morgan Stanley 3,159 – RON 31,010,728 USD 7,646,409 14/07/2017 Bankof

America127,411 0.01

RON 17,985,524 USD 4,435,832 14/07/2017 Citibank 72,809 0.01 RON 11,585,372 USD 2,842,199 14/07/2017 HSBC 62,041 0.01 RON 8,813,610 USD 2,108,639 14/07/2017 J.P. Morgan 100,771 0.01 RUB 27,932,870 USD 463,924 14/07/2017 Credit Suisse 6,472 – RUB 1,062,660,084 USD 17,567,620 14/07/2017 J.P. Morgan 327,815 0.03 SEK 3,604,000 USD 410,369 21/07/2017 Bankof

America17,429 –

SEK 48,284,000 USD 5,569,825 21/07/2017 J.P. Morgan 161,516 – SEK 916,000,000 USD 106,175,693 31/07/2017 Bankof

America2,622,513 0.21

SEK 915,966,657 USD 106,643,659 31/07/2017 Barclays 2,150,586 0.17 SEK 916,000,000 USD 106,292,862 31/07/2017 Goldman

Sachs2,505,344 0.20

SEK 450,000,000 USD 51,577,705 31/07/2017 J.P. Morgan 1,871,196 0.15 THB 25,557,000 USD 752,004 11/08/2017 Bankof

America985 –

USD 13,954,714 BRL 46,681,309 05/09/2017 BankofAmerica

42,843 –


13T. ROWE PRICE



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

USD 13,949,618 BRL 46,681,000 05/09/2017 DeutscheBank 37,839 – USD 1,446,418 BRL 4,828,000 05/09/2017 J.P. Morgan 7,587 – USD 14,030,537 BRL 46,681,000 05/09/2017 Morgan Stanley 118,759 0.01 USD 1,634,466 COP 4,799,600,000 08/09/2017 Credit Suisse 78,325 0.01 USD 4,015,011 EUR 3,499,411 25/08/2017 Bankof

America7,689 –

USD 791 GBP 608 31/07/2017 J.P. Morgan 1 – USD 51,252,055 GBP 39,392,538 25/08/2017 RBS 55,525 – USD 1,005,304 INR 65,013,000 11/08/2017 Credit Suisse 4,260 – USD 10,862,662 INR 704,335,000 11/08/2017 Goldman

Sachs17,597 –

USD 1,495,365 INR 96,795,000 11/08/2017 J.P. Morgan 4,955 – USD 6,462,876 JPY 715,658,000 25/08/2017 DeutscheBank 67,406 0.01 USD 4,093,331 JPY 455,329,000 25/08/2017 J.P. Morgan 24,288 – USD 10,293,296 KRW 11,524,889,000 07/07/2017 HSBC 218,157 0.02 USD 2,783,667 KRW 3,163,790,000 07/07/2017 J.P. Morgan 17,860 – USD 302,682 KRW 341,455,000 07/07/2017 Morgan Stanley 4,179 – USD 12,711,576 KRW 14,445,867,000 20/10/2017 Bankof

America65,882 –

USD 219,741 MYR 935,000 11/08/2017 J.P. Morgan 2,564 – USD 15,351,269 MYR 65,581,147 08/09/2017 Barclays 136,285 0.02 USD 7,750,058 MYR 33,209,000 08/09/2017 Goldman

Sachs45,490 –

USD 7,794,434 MYR 33,258,850 08/09/2017 J.P. Morgan 78,300 0.01 USD 2,655,396 PHP 131,628,000 07/07/2017 DeutscheBank 49,118 – USD 23,894,236 PHP 1,206,420,000 07/07/2017 J.P. Morgan 6,719 – USD 26,334,344 PHP 1,338,048,000 06/10/2017 Barclays 36,829 – USD 10,946,361 RUB 636,000,000 14/07/2017 Barclays 235,978 0.02 USD 10,897,403 RUB 635,999,677 14/07/2017 Citibank 187,026 0.02 USD 309,850 RUB 17,584,000 14/07/2017 Credit Suisse 13,732 – USD 1,038,724 RUB 59,147,000 14/07/2017 HSBC 42,675 – USD 37,547,853 RUB 2,167,908,860 14/07/2017 J.P. Morgan 1,039,780 0.08 USD 21,962,016 RUB 1,265,671,000 14/07/2017 Morgan Stanley 647,833 0.06 USD 1,172,260 THB 39,753,899 11/08/2017 J.P. Morgan 985 – USD 32,605,145 TWD 975,872,000 11/08/2017 Goldman

Sachs524,935 0.04

USD 2,699,297 TWD 81,167,000 11/08/2017 J.P. Morgan 31,063 – USD 1,619,811 TWD 48,975,000 11/08/2017 Standard

Chartered9,838 –

USD 18,364,404 ZAR 238,291,000 11/08/2017 Barclays 317,095 0.03 USD 2,264,955 ZAR 29,725,000 11/08/2017 J.P. Morgan 13,690 – Total Unrealised Gain on

Forward Currency Exchange Contracts28,627,847 2.26

CLP 753,214,244 USD 1,136,584 11/08/2017 RBS (4,053) – COP 2,882,735,376 USD 935,233 08/09/2017 RBS (584) – EUR 804 USD 921 31/07/2017 J.P. Morgan (1) – GBP 12,435,731 USD 16,164,797 21/07/2017 HSBC (20,035) – GBP 325,866 USD 423,482 31/07/2017 J.P. Morgan (275) – GBP 120,000 USD 156,029 25/08/2017 J.P. Morgan (71) – INR 809,781,000 USD 12,527,553 11/08/2017 HSBC (58,873) (0.01) INR 112,145,000 USD 1,727,221 11/08/2017 J.P. Morgan (458) – JPY 1,993,646,800 USD 17,801,864 31/07/2017 Standard

Chartered(3,933) –

JPY 715,658,000 USD 6,461,632 25/08/2017 BankofAmerica

(66,161) (0.01)

JPY 1,430,957,747 USD 12,884,981 25/08/2017 Citibank (97,241) – JPY 1,431,316,000 USD 12,925,957 25/08/2017 DeutscheBank (135,016) (0.02) JPY 716,016,000 USD 6,450,595 25/08/2017 HSBC (51,925) – JPY 1,063,632,000 USD 9,636,673 25/08/2017 J.P. Morgan (131,536) –

Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

JPY 2,735,833,000 USD 24,726,863 25/08/2017 Standard Chartered

(278,118) (0.02)

KRW 14,445,867,000 USD 12,694,083 07/07/2017 BankofAmerica

(65,405) –

KRW 1,194,685,000 USD 1,055,375 07/07/2017 J.P. Morgan (10,973) – MXN 25,844,000 USD 1,444,256 14/07/2017 J.P. Morgan (12,586) – MYR 16,257,165 USD 3,785,137 07/07/2017 Barclays (438) – MYR 16,258,000 USD 3,785,332 07/07/2017 Morgan Stanley (438) – PHP 1,338,048,000 USD 26,553,840 07/07/2017 Barclays (60,044) (0.01) RUB 1,475,832,388 USD 25,606,176 14/07/2017 HSBC (752,827) (0.06) RUB 263,740,428 USD 4,477,257 14/07/2017 J.P. Morgan (35,809) – THB 7,058,000 USD 208,736 11/08/2017 J.P. Morgan (786) – TWD 92,305,000 USD 3,052,414 11/08/2017 J.P. Morgan (18,037) – USD 16,210,319 AUD 21,732,563 25/08/2017 Bankof

America(484,978) (0.04)

USD 16,211,203 AUD 21,732,000 25/08/2017 HSBC (483,662) (0.04) USD 7,317,943 AUD 9,726,000 25/08/2017 J.P. Morgan (153,723) (0.01) USD 1,979,186 BRL 6,685,689 05/09/2017 DeutscheBank (13,270) – USD 4,623,630 BRL 15,517,828 05/09/2017 Morgan Stanley (962) – USD 18,661,003 CAD 24,428,000 22/09/2017 Bankof

America(211,807) (0.02)

USD 1,410,236 CLP 951,256,106 11/08/2017 Citibank (20,070) – USD 2,848,357 CZK 66,145,000 23/01/2018 J.P. Morgan (88,439) (0.01) USD 1,707,443 EUR 1,502,198 31/07/2017 J.P. Morgan (10,602) – USD 9,161,935 EUR 8,122,139 25/08/2017 Bankof

America(139,066) (0.01)

USD 166,790,464 EUR 147,180,163 25/08/2017 Barclays (1,751,703) (0.14) USD 18,629,583 EUR 16,388,000 25/08/2017 BNPParibas (137,001) (0.01) USD 168,692,211 EUR 149,613,531 25/08/2017 Citibank (2,636,506) (0.22) USD 8,545,988 EUR 7,589,372 25/08/2017 Goldman

Sachs(144,920) (0.01)

USD 32,546,482 EUR 28,922,528 25/08/2017 HSBC (573,916) (0.04) USD 925,281 EUR 823,000 25/08/2017 J.P. Morgan (17,171) – USD 14,128,643 EUR 12,522,763 25/08/2017 Morgan Stanley (211,697) (0.02) USD 10,921,365 EUR 9,716,951 25/08/2017 Standard

Chartered(205,923) (0.02)

USD 3,927,972 EUR 3,614,000 23/01/2018 BankofAmerica

(245,990) (0.02)

USD 1,958,148 EUR 1,800,000 23/01/2018 Citibank (120,748) (0.01) USD 454,867 EUR 413,000 23/01/2018 HSBC (22,125) – USD 7,089,568 EUR 6,438,000 23/01/2018 J.P. Morgan (345,951) (0.02) USD 18,988,331 GBP 14,835,271 21/07/2017 HSBC (271,648) (0.02) USD 428 GBP 331 31/07/2017 J.P. Morgan (1) – USD 930,181 GBP 733,728 25/08/2017 HSBC (23,409) – USD 18,853,467 GBP 14,901,000 25/08/2017 J.P. Morgan (512,625) (0.04) USD 3,774,847 HUF 1,094,819,000 14/07/2017 Bankof

America(272,570) (0.02)

USD 7,502,376 HUF 2,175,243,824 14/07/2017 J.P. Morgan (539,246) (0.04) USD 24,833,240 ILS 88,033,836 17/08/2017 Bankof

America(427,028) (0.03)

USD 56,953,845 ILS 203,921,758 17/08/2017 HSBC (1,559,092) (0.13) USD 2,826,397 ILS 9,995,000 17/08/2017 J.P. Morgan (41,550) – USD 532,558 KRW 610,418,000 07/07/2017 J.P. Morgan (1,074) – USD 15,861,855 MXN 289,074,379 14/07/2017 Bankof

America(151,886) (0.01)

USD 6,016,594 MXN 114,577,000 14/07/2017 Citibank (330,584) (0.02) USD 18,912,543 MXN 346,671,891 14/07/2017 HSBC (291,906) (0.03) USD 3,277,287 MXN 59,700,000 14/07/2017 J.P. Morgan (29,890) – USD 1,098,439 MXN 19,886,046 14/07/2017 Morgan Stanley (3,180) –


14 T. ROWE PRICE



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

USD 3,009,783 MXN 57,290,323 14/07/2017 Standard Chartered

(163,906) (0.01)

USD 584,797 MYR 2,531,000 07/07/2017 Barclays (4,425) – USD 5,824,742 MYR 25,990,000 07/07/2017 Citibank (225,780) (0.02) USD 11,811,485 MYR 52,768,165 07/07/2017 J.P. Morgan (473,045) (0.04) USD 4,835,887 MYR 20,909,890 11/08/2017 Barclays (20,969) – USD 9,683,242 MYR 41,825,000 11/08/2017 J.P. Morgan (31,683) – USD 9,999,723 MYR 43,298,000 11/08/2017 Morgan Stanley (57,344) – USD 3,767,555 MYR 16,257,000 10/10/2017 BNPParibas (2,205) – USD 7,536,185 MYR 32,516,000 10/10/2017 DeutscheBank (3,800) – USD 3,769,971 MYR 16,258,000 10/10/2017 Standard

Chartered(21) –

USD 9,568,781 PLN 38,053,128 12/07/2017 BankofAmerica

(717,093) (0.06)

USD 679,032 PLN 2,537,000 12/07/2017 J.P. Morgan (6,727) – USD 5,797,855 PLN 22,300,000 18/08/2017 Bankof

America(228,691) (0.02)

USD 5,792,057 PLN 22,300,000 18/08/2017 Citibank (234,489) (0.02) USD 7,081,041 PLN 27,089,540 18/08/2017 HSBC (239,873) (0.02) USD 28,334,320 RON 120,141,000 14/07/2017 Bankof

America(1,782,824) (0.16)

USD 7,097,743 RON 30,027,000 14/07/2017 Barclays (429,475) (0.03) USD 14,147,004 RON 60,070,950 14/07/2017 Citibank (911,680) (0.08) USD 11,564,726 RON 48,290,241 14/07/2017 J.P. Morgan (540,751) (0.05) USD 23,238,023 RSD 2,632,220,775 14/07/2017 J.P. Morgan (1,718,575) (0.13) USD 7,114,162 RSD 810,801,000 18/08/2017 HSBC (559,159) (0.04) USD 21,640,813 RSD 2,465,160,293 18/08/2017 J.P. Morgan (1,689,160) (0.14) USD 4,483,700 RUB 270,060,000 14/07/2017 J.P. Morgan (64,171) (0.01) USD 38,726,387 SEK 339,282,046 21/07/2017 Bankof

America(1,546,603) (0.12)

USD 12,261,069 SEK 106,629,000 21/07/2017 Barclays (395,860) (0.03) USD 1,532,678 SEK 13,419,000 21/07/2017 Citibank (60,165) – USD 4,875,458 SEK 42,494,136 21/07/2017 J.P. Morgan (168,623) (0.01) USD 417,087 SEK 3,604,000 21/07/2017 Morgan Stanley (10,710) – USD 21,948,483 THB 758,404,788 11/08/2017 HSBC (396,490) (0.03) USD 1,139,925 THB 38,762,000 11/08/2017 J.P. Morgan (2,125) – USD 3,734,161 TWD 113,638,000 11/08/2017 J.P. Morgan (1,504) – ZAR 21,639,000 USD 1,673,771 11/08/2017 J.P. Morgan (34,911) – Total Unrealised Loss on

Forward Currency Exchange Contracts(27,004,379) (2.13)

Net Unrealised Gain on Forward Currency Exchange Contracts

1,623,468 0.13



Global Exposure

USD


USD% of Net

Assets

Euro-BTP,07/09/2017 91 EUR 14,045,605 71,224 0.01 US5YearNote,29/09/2017 (3,020) USD (356,336,408) 795,777 0.06 USUltraBond,20/09/2017 203 USD 33,812,188 646,938 0.05 Total Unrealised Gain on

Financial Futures Contracts1,513,939 0.12

LongGilt,27/09/2017 377 GBP 61,379,482 (1,256,486) (0.10) US2YearNote,29/09/2017 (23) USD (4,972,672) – – Total Unrealised Loss on

Financial Futures Contracts(1,256,486) (0.10)


257,453 0.02



Reference Entity

Buy/Sell

Interest (Paid)/

Received Rate

Maturity Date

Market Value USD


USD% of Net

Assets

37,750,000 USD J.P. Morgan CDX.EM.27-V1 Buy (1.00)% 20/06/2022 1,733,133 1,733,133 0.14 3,000,000 USD Barclays CDX.EM.27-V1 Buy (1.00)% 20/06/2022 137,732 137,732 0.01 1,450,000 USD Merrill Lynch CDX.EM.27-V1 Buy (1.00)% 20/06/2022 66,571 66,571 – 8,225,000 USD J.P. Morgan Devon Energy

Corp.7.95%15/04/2032

Buy (1.00)% 20/06/2022 152,957 152,957 0.01

8,225,000 USD Morgan Stanley

Hess Corp. 8.125%15/02/2019

Buy (1.00)% 20/06/2022 326,234 326,234 0.03

29,240,000 USD Barclays Turkey Government Bond11.875%15/01/2030

Buy (1.00)% 20/06/2022 1,234,990 1,234,990 0.10

Total Unrealised Gain on Credit Default Swap Contracts

3,651,617 3,651,617 0.29

95,060,000 USD J.P. Morgan CDX.NA.HY.27-V2

Buy (5.00)% 20/12/2021 (7,013,919) (7,013,919) (0.54)


Buy (5.00)% 20/06/2022 (8,971,235) (8,971,235) (0.72)

26,760,000 USD Citibank BankofChinaLtd.3.125%23/01/2019

Buy (1.00)% 20/06/2022 (193,452) (193,452) (0.02)

5,000,000 USD J.P. Morgan BankofChinaLtd.3.125%23/01/2019

Buy (1.00)% 20/06/2022 (36,146) (36,146) –

20,400,000 USD Barclays FordMotorCo.6.5%01/08/2018

Buy (5.00)% 20/06/2022 (3,533,456) (3,533,456) (0.28)

2,940,000 USD J.P. Morgan FordMotorCo.6.5%01/08/2018

Buy (5.00)% 20/06/2022 (509,233) (509,233) (0.04)

1,030,000 USD Citibank FordMotorCo.6.5%01/08/2018

Buy (5.00)% 20/06/2022 (178,405) (178,405) (0.01)

20,400,000 USD Barclays General Motors Co.3.5%02/10/2018

Buy (5.00)% 20/06/2022 (3,430,852) (3,430,852) (0.27)

2,940,000 USD J.P. Morgan General Motors Co.3.5%02/10/2018

Buy (5.00)% 20/06/2022 (494,446) (494,446) (0.04)

1,030,000 USD Citibank General Motors Co.3.5%02/10/2018

Buy (5.00)% 20/06/2022 (173,224) (173,224) (0.01)

20,935,000 EUR Barclays Glencore FinanceEurope SA6.5%27/02/2019

Buy (5.00)% 20/06/2022 (3,824,805) (3,824,805) (0.31)


(28,359,173) (28,359,173) (2.24)


(24,707,556) (24,707,556) (1.95)


15T. ROWE PRICE





Global Exposure

USD

Market ValueUSD

% of Net Assets

1,913 10 Year US Treasury,Call,127.000,21/07/2017

USD Goldman Sachs 240,141,281 179,344 0.02

60,000,000 ForeignExchangeUSD/KRW,Call,1,160.000,21/07/2017

USD Standard Chartered

60,850,331 235,977 0.02


USD BankofAmerica 54,522,640 93,958 0.01


USD HSBC 54,781,035 28,467 –


USD Barclays 35,097,002 18,238 –

Total Option Purchased Contracts 555,984 0.05




Maturity Date

Market Value USD


USD% of Net

Assets

11,210,000 GBP J.P. Morgan Pay fixed 1.41%Receive floating LIBOR6month

12/06/2047 702,859 702,859 0.06


12/08/2046 348,533 348,533 0.03

930,000 GBP J.P. Morgan Pay fixed 1.4%Receive floating LIBOR6month

12/06/2047 68,209 68,209 0.01


22/09/2046 41,279 41,279 0.01


27/02/2047 35,525 35,525 0.01



Maturity Date

Market Value USD


USD% of Net

Assets

1,480,000 USD J.P. Morgan Pay floating LIBOR3 month Receive fixed2.43%

04/04/2027 31,682 31,682 –

80,000,000 HKD Barclays Pay fixed 1.58%Receive floating HIBOR3month

02/06/2022 29,480 29,480 –


14/03/2047 27,264 27,264 –

40,000,000 HKD Citibank Pay fixed 1.54%Receive floating HIBOR3month

15/06/2022 26,640 26,640 –


17/03/2047 23,613 23,613 –


26/10/2046 22,360 22,360 –


29/12/2046 14,155 14,155 –

27,000,000 CZK J.P. Morgan Pay fixed 0.73%Receive floating PRIBOR6month

07/04/2022 13,112 13,112 –


14/06/2022 12,002 12,002 –


16/02/2047 10,180 10,180 –

1,250,000 BRL Goldman Sachs

Pay floating CDI1dayReceive fixed 10.855%

01/07/2022 9,332 9,332 –


16 T. ROWE PRICE





Maturity Date

Market Value USD


USD% of Net

Assets


06/10/2046 7,443 7,443 –


02/12/2046 5,380 5,380 –

6,150,000 USD J.P. Morgan Pay fixed 1.52%Receive floating LIBOR3month

23/05/2019 3,240 3,240 –


1,432,288 1,432,288 0.12


17/02/2022 (910,892) (910,892) (0.07)

4,000,000,000 HUF J.P. Morgan Pay fixed 2.78%Receive floating BUBOR6month

23/02/2027 (826,784) (826,784) (0.07)

306,000,000 HKD Merrill Lynch Pay fixed 2.03%Receive floating HIBOR3month

01/03/2022 (756,070) (756,070) (0.06)


20/03/2027 (752,012) (752,012) (0.06)

222,000,000 HKD Barclays Pay fixed 2.18%Receive floating HIBOR3month

16/03/2022 (733,622) (733,622) (0.06)


20/02/2027 (624,259) (624,259) (0.05)


01/03/2027 (465,370) (465,370) (0.04)



Maturity Date

Market Value USD


USD% of Net

Assets


02/02/2027 (462,792) (462,792) (0.04)


02/12/2021 (375,584) (375,584) (0.03)


16/02/2027 (375,395) (375,395) (0.03)

800,800,000 HUF J.P. Morgan Pay fixed 2.74%Receive floating BUBOR6month

15/02/2027 (156,910) (156,910) (0.01)


30/03/2027 (37,768) (37,768) –

148,000,000 HUF J.P. Morgan Pay fixed 2.9%Receive floating BUBOR6month

20/03/2027 (35,333) (35,333) –


02/06/2027 (18,560) (18,560) –


16/03/2022 (13,059) (13,059) –


13/03/2022 (11,786) (11,786) –


21/03/2022 (4,243) (4,243) –


17T. ROWE PRICE





Maturity Date

Market Value USD


USD% of Net

Assets


20/01/2047 (3,555) (3,555) –


14/06/2022 (1,098) (1,098) –


(6,565,092) (6,565,092) (0.52)


(5,132,804) (5,132,804) (0.40)

Swaption Contracts

Quantity Security Description Currency Counterparty

Global Exposure

USD

Market ValueUSD

55,500,000 CDX.NA.IG.28-V1.Call.0.008,20/09/2017

USD Barclays 55,500,000 39,715

Total Long Market value on Swaption Contracts

39,715

Total Market value on Swaption Contracts 39,715

Cash 146,490,115 11.56Other Assets/(Liabilities) (24,232,350) (1.92)Total Net Assets 1,267,617,214 100.00


Italy 16.47 United States of America 16.44 Israel 7.01 Malaysia 5.69 Sweden 5.19 Germany 4.75 Serbia 4.23 Romania 3.72 Brazil 3.23 Thailand 2.80 France 2.80 Poland 2.32 Mexico 2.23 Cyprus 2.21 Philippines 2.10 Iceland 1.86 Portugal 1.47 Supranational 1.35 Argentina 0.90 China 0.73 United Kingdom 0.70 Netherlands 0.68 Luxembourg 0.68 Australia 0.35 Croatia 0.35 Spain 0.08 Colombia 0.02 Total Investments 90.36 CashandOtherAssets/(Liabilities) 9.64Total 100.00

(2) Formerly known as Global Unconstrained Bond Fund. The accompanying notes are an integral part of these financial statements.


18 T. ROWE PRICE



Quantity/Nominal

Value

Market Value USD

% of Net Assets


ARS 1,180,000 72,093 0.14

ArgentinaGovernmentBond5.625%26/01/2022

USD 160,000 164,256 0.32

ArgentinaPOMPoliticaMonetaria,FRN26.25%21/06/2020

ARS 4,150,000 257,711 0.50

ArgentineBonosdelTesoro18.2%03/10/2021

ARS 8,495,000 569,285 1.10

ArgentineBonosdelTesoro16%17/10/2023

ARS 500,000 33,514 0.06

ArgentineBonosdelTesoro15.5%17/10/2026

ARS 900,000 62,114 0.12

1,158,973 2.24 BRAZIL BrazilNotasdoTesouroNacional10%01/01/2021

BRL 1,017,900 3,226,203 6.24


BRL 24,000 75,038 0.15


BRL 87,300 269,929 0.52


BRL 261,000 802,738 1.55


BRL 16,400 155,771 0.30

4,529,679 8.76 CHILE BonosdelaTesoreriadelaRepublicaenpesos4.5%01/03/2026

CLP 545,000,000 858,308 1.66

858,308 1.66 CHINA ChinaGovernmentBond3.13%13/04/2022

CNY 600,000 87,134 0.17

ChinaGovernmentBond3.52%04/05/2027

CNY 1,200,000 176,597 0.34

263,731 0.51 COLOMBIA ColombiaGovernmentBond7.75%14/04/2021

COP 78,000,000 27,212 0.06

ColombianTES10%24/07/2024 COP 1,626,400,000 647,051 1.25 ColombianTES7.5%26/08/2026 COP 5,021,500,000 1,759,106 3.40 ColombianTES6%28/04/2028 COP 147,200,000 45,935 0.09 EmpresasPublicasdeMedellinESP,Reg.S7.625%10/09/2024

COP 80,000,000 26,531 0.05

2,505,835 4.85 EL SALVADOR ElSalvadorGovernmentBond,Reg.S8.625%28/02/2029

USD 120,000 125,426 0.24

125,426 0.24 HUNGARY HungaryGovernmentBond7%24/06/2022

HUF 99,300,000 460,649 0.89

460,649 0.89 INDIA HousingDevelopmentFinanceCorp.Ltd.,Reg.S7.875%21/08/2019

INR 20,000,000 314,397 0.61

NationalHighwaysAuthorityofIndia,Reg.S7.3%18/05/2022

INR 20,000,000 312,318 0.60

626,715 1.21

Emerging Local Markets Bond Fund


Thefund’sobjectiveistomaximisethevalueofitssharesthroughbothgrowthinthevalueof,andincomefrom,itsinvestments.Thefundinvestsmainlyinadiversifiedportfolio of bonds of all types from emerging market issuers,withafocusonbondsthataredenominatedinthe local currency.Specifically, the fund invests at least two-thirds oftotal assets in debt securities issued by governments,governmentagencies,supra-nationalorganizationsandcompanies that are either incorporated in one of the economicallyemergingcountriesofLatinAmerica,Asia,Europe,AfricaandtheMiddleEastorconductmostoftheir business in such countries. Portfolio debt securities can include fixed and floating rate bonds, convertiblebonds,warrantsandother transferabledebt securitiesofanytype,includinghighyieldsecurities.The funddoesnot investmore than10%of assets inequitiesandequity-relatedsecurities,25%ofassets inconvertible bonds, and one-third of assets in moneymarket securities, with total investment in thesecategories limited to one-third of assets.The fund may use derivatives for hedging, efficientportfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in currencies and debt securities.

EmergingLocalMarketsBondFund


19T. ROWE PRICE


Emerging Local Markets Bond Fund continued


Quantity/Nominal

Value

Market Value USD

% of Net Assets

SERBIA SerbiaTreasury10%05/02/2022 RSD 32,660,000 369,245 0.71 SerbiaTreasury5.75%21/07/2023 RSD 77,500,000 753,797 1.46

1,123,042 2.17 SOUTH AFRICA SouthAfricaGovernmentBond7.75%28/02/2023

ZAR 2,181,000 163,148 0.32


ZAR 16,045,000 1,357,062 2.62

SouthAfricaGovernmentBond8%31/01/2030

ZAR 15,453,000 1,065,707 2.06

SouthAfricaGovernmentBond7%28/02/2031

ZAR 16,569,000 1,033,193 2.00


ZAR 9,500,000 646,659 1.25

4,265,769 8.25 SUPRANATIONAL EuropeanInvestmentBank8.125%21/12/2026

ZAR 500,000 36,841 0.07

EuropeanInvestmentBank,144A6.95%06/02/2020

IDR 730,000,000 56,019 0.11

EuropeanInvestmentBank,Reg.S8%01/04/2020

TRY 150,000 40,164 0.08

InternationalFinanceCorp.6.45%30/10/2018

INR 3,500,000 54,388 0.10


THB 28,570,000 836,843 1.62


THB 2,800,000 95,685 0.18


THB 34,070,000 1,109,284 2.15


THB 7,700,000 218,725 0.42


THB 2,533,000 80,771 0.16


THB 2,700,000 96,291 0.19


THB 3,007,000 95,687 0.18


THB 6,800,000 208,746 0.40

ThailandGovernmentBond,Reg.S1.25%12/03/2028

THB 4,649,000 132,062 0.26

2,874,094 5.56 TURKEY TurkeyGovernmentBond9.4%08/07/2020

TRY 330,000 91,122 0.18

TurkeyGovernmentBond10.4%20/03/2024

TRY 3,308,000 945,984 1.83


TRY 5,739,000 1,659,730 3.21

2,696,836 5.22 UNITED STATES OF AMERICA USTreasuryBill0%13/07/2017 USD 3,700,000 3,698,914 7.15

3,698,914 7.15 ZAMBIA ZambiaGovernmentBond11%29/08/2021

ZMW 1,520,000 130,480 0.25



44,797,247 86.64


Quantity/Nominal

Value

Market Value USD

% of Net Assets

INDONESIA IndonesiaTreasury7%15/05/2022 IDR 6,607,000,000 503,084 0.97 IndonesiaTreasury5.625%15/05/2023

IDR 2,920,000,000 206,221 0.40

IndonesiaTreasury8.375%15/03/2024

IDR 1,000,000,000 81,592 0.16

IndonesiaTreasury10%15/09/2024 IDR 6,478,000,000 571,321 1.11 IndonesiaTreasury10%15/02/2028 IDR 768,000,000 69,848 0.14 IndonesiaTreasury6.125%15/05/2028

IDR 5,970,000,000 416,285 0.81

IndonesiaTreasury9%15/03/2029 IDR 6,000,000,000 513,498 0.99 IndonesiaTreasury8.75%15/05/2031 IDR 1,030,000,000 87,276 0.17 IndonesiaTreasury9.5%15/07/2031 IDR 2,887,000,000 255,392 0.49 IndonesiaTreasury8.25%15/06/2032 IDR 1,257,000,000 99,903 0.19 IndonesiaTreasury8.25%15/05/2036 IDR 9,200,000,000 741,418 1.43 IndonesiaTreasury9.5%15/05/2041 IDR 779,000,000 68,154 0.13 IndonesiaTreasury6.375%15/04/2042

IDR 2,000,000,000 124,703 0.24

3,738,695 7.23 MEXICO MexicanBonos8%11/06/2020 MXN 3,500,000 201,691 0.39 MexicanBonos10%05/12/2024 MXN 20,786,000 1,376,645 2.66 MexicanBonos7.5%03/06/2027 MXN 8,309,000 486,498 0.94 MexicanBonos8.5%31/05/2029 MXN 17,000,000 1,073,884 2.08 MexicanBonos7.75%29/05/2031 MXN 22,110,000 1,318,325 2.55 MexicanBonos10%20/11/2036 MXN 533,000 38,600 0.07 MexicanBonos8.5%18/11/2038 MXN 8,428,000 536,184 1.04 MexicanUdibonos2%09/06/2022 MXN 1,270,000 384,997 0.74 PetroleosMexicanos7.47%12/11/2026

MXN 1,200,000 60,591 0.12

5,477,415 10.59 PHILIPPINES PhilippinesGovernmentBond6.25%14/01/2036

PHP 10,000,000 225,485 0.44

225,485 0.44 POLAND PolandGovernmentBond2.25%25/04/2022

PLN 3,060,000 811,821 1.57

PolandGovernmentBond5.75%23/09/2022

PLN 982,000 304,354 0.59

PolandGovernmentBond4%25/10/2023

PLN 6,060,000 1,743,442 3.37


PLN 135,000 34,510 0.07


PLN 3,095,000 779,046 1.51

3,673,173 7.11 ROMANIA RomaniaGovernmentBond5.95%11/06/2021

RON 2,470,000 701,290 1.36

RomaniaGovernmentBond5.85%26/04/2023

RON 6,850,000 1,976,778 3.82

2,678,068 5.18 RUSSIA RussianFederalBond-OFZ7.6%20/07/2022

RUB 95,303,000 1,596,449 3.09

RussianFederalBond-OFZ8.15%03/02/2027

RUB 10,652,000 187,023 0.36


RUB 98,400,000 1,581,398 3.06


RUB 7,460,000 133,678 0.26

3,498,548 6.77


20 T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

Units of authorised UCITS or other collective investment undertakingsCollective Investment Schemes - UCITSLUXEMBOURG T.RoweEmergingMarketsBondFund

- Class Sd†USD 51,015 519,839 1.01

519,839 1.01 Total Collective Investment Schemes - UCITS 519,839 1.01Total Units of authorised UCITS or other

collective investment undertakings519,839 1.01



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

AUD 155,000 USD 116,062 25/08/2017 Credit Suisse 3,011 0.01 BRL 4,864,000 USD 1,446,923 05/09/2017 J.P. Morgan 2,636 0.01 CAD 343,000 USD 262,735 22/09/2017 J.P. Morgan 2,263 0.01 CLP 76,722,357 USD 113,741 11/08/2017 Citibank 1,619 – CLP 498,403,000 USD 747,472 11/08/2017 J.P. Morgan 1,925 – CNH 1,100,000 USD 159,965 18/08/2017 DeutscheBank 1,622 – CNH 1,393,000 USD 203,976 18/08/2017 HSBC 652 – CNH 1,056,000 USD 154,194 18/08/2017 J.P. Morgan 930 – CZK 2,535,000 USD 100,297 07/07/2017 Citibank 10,438 0.02 CZK 10,092,000 USD 429,380 07/07/2017 J.P. Morgan 11,462 0.02 CZK 1,537,000 USD 61,834 27/07/2017 Bankof

America5,420 0.01

CZK 11,941,000 USD 504,671 27/07/2017 J.P. Morgan 17,825 0.03 CZK 8,236,000 USD 353,034 27/10/2017 Bankof

America10,258 0.03

CZK 6,120,000 USD 266,822 27/10/2017 HSBC 3,133 0.01 CZK 18,178,000 USD 780,516 27/10/2017 J.P. Morgan 21,320 0.04 EUR 40,000 USD 43,805 07/07/2017 Barclays 1,881 – EUR 77,000 USD 84,363 07/07/2017 J.P. Morgan 3,582 0.01 EUR 28,000 USD 30,695 27/07/2017 Barclays 1,321 – EUR 7,000 USD 7,677 27/07/2017 J.P. Morgan 327 – EUR 56,000 USD 61,724 27/10/2017 J.P. Morgan 2,629 0.01 GBP 134,000 USD 173,482 25/08/2017 J.P. Morgan 671 – HUF 36,021,162 USD 132,052 18/08/2017 Bankof

America1,318 –

HUF 25,909,000 USD 92,877 18/08/2017 Barclays 3,052 0.01 HUF 179,224,128 USD 641,164 18/08/2017 Citibank 22,420 0.04 HUF 530,794,000 USD 1,928,884 18/08/2017 J.P. Morgan 36,401 0.08 IDR 4,579,397,157 USD 340,421 11/08/2017 Goldman

Sachs1,352 –

IDR 424,724,000 USD 31,491 11/08/2017 J.P. Morgan 207 – ILS 321,152 USD 90,871 17/08/2017 Bankof

America1,280 –

INR 1,385,000 USD 21,217 11/08/2017 J.P. Morgan 109 – LKR 19,511,458 USD 126,855 07/07/2017 HSBC 132 – MXN 685,000 USD 35,973 14/07/2017 Citibank 1,974 0.01 MXN 2,827,421 USD 146,693 14/07/2017 DeutscheBank 9,936 0.02 MXN 685,000 USD 36,009 14/07/2017 HSBC 1,937 – MXN 50,791,000 USD 2,786,584 14/07/2017 J.P. Morgan 27,066 0.06 MXN 685,443 USD 36,010 14/07/2017 Standard

Chartered1,961 0.01

MYR 93,000 USD 20,852 07/07/2017 Barclays 799 –


Quantity/Nominal

Value

Market Value USD

% of Net Assets

Transferable securities and money market instruments dealt in on another regulated marketBondsEGYPT EgyptTreasuryBill0%01/08/2017 EGP 800,000 43,466 0.08 EgyptTreasuryBill0%08/08/2017 EGP 675,000 36,592 0.07 EgyptTreasuryBill0%06/02/2018 EGP 6,400,000 316,707 0.61 EgyptTreasuryBill0%20/02/2018 EGP 1,000,000 49,086 0.09 EgyptTreasuryBill0%06/03/2018 EGP 700,000 34,046 0.07 EgyptTreasuryBill0%13/03/2018 EGP 8,300,000 401,485 0.78


MYR 565,000 133,849 0.26


MYR 3,740,000 858,009 1.66


MYR 55,000 13,094 0.02


MYR 1,900,000 432,862 0.84


MYR 132,000 30,936 0.06


MYR 127,000 28,952 0.06


MYR 518,000 115,969 0.22


MYR 1,216,000 291,849 0.56

MalaysiaGovernmentInvestmentIssue4.39%07/07/2023

MYR 3,250,000 774,665 1.50

MalaysiaGovernmentInvestmentIssue4.444%22/05/2024

MYR 150,000 35,796 0.07

2,715,981 5.25 PERU PeruGovernmentBond,Reg.S8.2%12/08/2026

PEN 480,000 178,395 0.35

PeruGovernmentBond,Reg.S6.35%12/08/2028

PEN 2,520,000 831,145 1.61

PeruGovernmentBond,Reg.S6.9%12/08/2037

PEN 294,000 99,803 0.19

1,109,343 2.15 SRI LANKA SriLankaGovernmentBond9.25%01/05/2020

LKR 25,000,000 155,473 0.30

SriLankaGovernmentBond9%01/05/2021

LKR 100,000,000 605,788 1.17

SriLankaGovernmentBond11%01/08/2024

LKR 54,000,000 343,776 0.67

1,105,037 2.14 UNITED KINGDOM StandardCharteredBank,144A0%19/03/2029

IDR 1,000,000,000 85,583 0.17

85,583 0.17 Total Bonds 5,897,326 11.41Total Transferable securities


5,897,326 11.41


21T. ROWE PRICE



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

USD 388,389 RUB 22,269,475 14/07/2017 J.P. Morgan 13,366 0.02 USD 16,885 RUB 973,000 14/07/2017 Morgan Stanley 499 – USD 498,032 TRY 1,774,797 05/09/2017 Barclays 3,320 0.01 USD 756,497 TRY 2,708,337 05/09/2017 Credit Suisse 1,568 – USD 534,539 TRY 1,911,406 05/09/2017 HSBC 1,748 – USD 461,477 TWD 13,812,000 11/08/2017 Goldman

Sachs7,430 0.02

USD 793,143 TWD 24,013,000 11/08/2017 J.P. Morgan 3,755 – USD 838,941 ZAR 10,898,017 18/08/2017 Barclays 14,499 0.03 USD 1,325,180 ZAR 17,147,303 18/08/2017 Credit Suisse 27,975 0.06 USD 1,171,036 ZAR 15,295,802 18/08/2017 J.P. Morgan 13,898 0.03 ZAR 234,000 USD 17,505 18/08/2017 J.P. Morgan 197 – Total Unrealised Gain on Forward

Currency Exchange Contracts519,561 1.00

ARS 1,917,000 USD 114,311 08/09/2017 Credit Suisse (2,316) (0.01) ARS 9,321,000 USD 556,314 08/09/2017 J.P. Morgan (11,761) (0.02) BRL 729,364 USD 218,033 05/09/2017 Bankof

America(669) –

BRL 1,184,000 USD 353,789 05/09/2017 DeutscheBank (936) – BRL 5,813,000 USD 1,740,660 05/09/2017 J.P. Morgan (8,282) (0.01) BRL 730,000 USD 219,410 05/09/2017 Morgan Stanley (1,857) – BRL 308,553 USD 92,431 05/09/2017 Standard

Chartered(477) –

COP 1,816,040,754 USD 619,175 08/09/2017 Credit Suisse (30,373) (0.06) COP 7,653,510,000 USD 2,532,160 08/09/2017 J.P. Morgan (50,716) (0.09) IDR 413,300,852 USD 31,086 11/08/2017 Citibank (240) – IDR 39,894,649,000 USD 2,989,302 11/08/2017 J.P. Morgan (11,845) (0.02) IDR 16,098,415,000 USD 1,205,242 11/08/2017 Standard

Chartered(3,769) (0.01)

INR 1,297,000 USD 20,003 11/08/2017 Goldman Sachs

(32) –

INR 22,496,000 USD 346,785 11/08/2017 J.P. Morgan (401) – JPY 8,987,000 USD 80,741 25/08/2017 Citibank (428) – JPY 28,739,000 USD 258,464 25/08/2017 J.P. Morgan (1,639) – KRW 880,102,000 USD 773,376 07/07/2017 Bankof

America(3,985) –

KRW 78,407,000 USD 68,745 07/07/2017 J.P. Morgan (201) – MXN 19,133,210 USD 1,069,190 14/07/2017 J.P. Morgan (9,275) (0.02) MYR 2,516,000 USD 588,227 07/07/2017 J.P. Morgan (2,497) – MYR 282,000 USD 65,973 08/09/2017 Barclays (548) – MYR 581,528 USD 136,224 08/09/2017 Goldman

Sachs(1,308) –

MYR 2,833,314 USD 661,773 08/09/2017 J.P. Morgan (4,437) (0.01) PHP 6,850,000 USD 136,683 07/07/2017 Barclays (1,051) – PHP 23,418,000 USD 466,730 07/07/2017 J.P. Morgan (3,046) (0.01) RUB 6,466,626 USD 111,996 14/07/2017 HSBC (3,096) (0.01) RUB 84,860,000 USD 1,455,378 14/07/2017 J.P. Morgan (26,316) (0.04) THB 1,413,000 USD 41,783 11/08/2017 HSBC (152) – TRY 3,225,000 USD 906,159 05/09/2017 J.P. Morgan (7,213) (0.02) USD 117,106 AUD 157,000 25/08/2017 Bankof

America(3,504) (0.01)

USD 117,116 AUD 157,000 25/08/2017 HSBC (3,494) (0.01) USD 269,065 AUD 355,000 25/08/2017 J.P. Morgan (3,651) – USD 184,216 BRL 618,229 05/09/2017 DeutscheBank (27) – USD 90,468 CAD 120,000 22/09/2017 HSBC (2,243) (0.01) USD 168,729 CAD 223,000 22/09/2017 J.P. Morgan (3,559) – USD 69,048 CLP 46,780,206 11/08/2017 Credit Suisse (1,290) – USD 75,284 CZK 1,776,000 27/07/2017 J.P. Morgan (2,428) (0.01) USD 99,960 EUR 94,000 07/07/2017 Citibank (7,401) (0.02)

Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

MYR 1,647,000 USD 379,642 07/07/2017 Citibank 3,783 0.01 MYR 843,934 USD 190,750 07/07/2017 J.P. Morgan 5,719 0.02 MYR 4,584,000 USD 1,061,723 08/09/2017 Citibank 1,777 – PEN 1,128,000 USD 341,301 08/09/2017 Credit Suisse 4,148 0.01 PEN 3,165,000 USD 961,672 08/09/2017 J.P. Morgan 7,606 0.02 PHP 361,000 USD 7,140 07/07/2017 J.P. Morgan 8 – PLN 558,616 USD 140,469 12/07/2017 Bankof

America10,527 0.02

PLN 444,222 USD 118,088 12/07/2017 J.P. Morgan 1,987 – PLN 592,643 USD 154,083 18/08/2017 Bankof

America6,078 0.01

PLN 1,175,459 USD 315,693 18/08/2017 DeutscheBank 1,973 0.01 PLN 11,203,632 USD 2,971,371 18/08/2017 J.P. Morgan 56,396 0.10 RON 435,699 USD 104,895 14/07/2017 Bankof

America4,326 0.01

RON 102,340 USD 24,922 14/07/2017 Goldman Sachs

733 –

RON 1,352,010 USD 331,614 14/07/2017 J.P. Morgan 7,310 0.01 RSD 59,231,980 USD 542,309 18/08/2017 J.P. Morgan 18,256 0.03 RUB 41,317,000 USD 687,322 14/07/2017 J.P. Morgan 8,465 0.01 THB 16,123,840 USD 465,940 11/08/2017 HSBC 9,119 0.02 THB 40,025,000 USD 1,176,831 11/08/2017 J.P. Morgan 2,430 – TRY 500,000 USD 139,063 05/09/2017 DeutscheBank 309 – TRY 1,554,102 USD 425,525 05/09/2017 HSBC 7,670 0.02 TRY 7,727,394 USD 2,151,021 05/09/2017 J.P. Morgan 2,934 – USD 244,745 ARS 4,157,000 08/09/2017 BNPParibas 1,884 – USD 80,084 BRL 268,000 05/09/2017 DeutscheBank 215 – USD 2,569,656 BRL 8,612,195 05/09/2017 Standard

Chartered3,067 –

USD 303,975 CLP 201,642,000 11/08/2017 BNPParibas 787 – USD 245,496 CLP 162,861,826 11/08/2017 Credit Suisse 617 – USD 270,209 COP 823,867,000 08/09/2017 Credit Suisse 3,092 0.01 USD 930,015 COP 2,859,796,000 08/09/2017 J.P. Morgan 2,803 0.01 USD 317,459 GBP 244,000 25/08/2017 RBS 344 – USD 96,672 IDR 1,295,109,135 11/08/2017 DeutscheBank 14 – USD 977,040 IDR 13,050,322,000 11/08/2017 Goldman

Sachs3,055 0.01

USD 157,766 INR 10,213,000 11/08/2017 Citibank 511 – USD 83,911 JPY 9,128,000 25/08/2017 Citibank 2,339 0.01 USD 288,510 KRW 322,549,000 07/07/2017 Goldman

Sachs6,535 0.01

USD 559,905 KRW 635,960,000 07/07/2017 J.P. Morgan 3,944 0.01 USD 774,442 KRW 880,102,000 20/10/2017 Bankof

America4,015 –

USD 1,404,173 MXN 25,312,970 14/07/2017 HSBC 1,920 – USD 723,827 MYR 3,102,934 07/07/2017 J.P. Morgan 1,458 – USD 138,085 MYR 593,903 08/09/2017 Goldman

Sachs298 –

USD 59,719 MYR 257,000 08/09/2017 J.P. Morgan 94 – USD 106,521 PHP 5,309,000 07/07/2017 Barclays 1,401 – USD 55,678 PHP 2,829,000 06/10/2017 Barclays 78 – USD 916,351 RUB 53,854,700 14/07/2017 Bankof

America9,426 0.02

USD 16,833 RUB 978,000 14/07/2017 Barclays 363 – USD 636,627 RUB 37,680,044 14/07/2017 BNPParibas 2,087 0.01 USD 31,301 RUB 1,807,141 14/07/2017 Citibank 869 – USD 16,928 RUB 974,000 14/07/2017 Credit Suisse 526 – USD 76,755 RUB 4,494,000 14/07/2017 DeutscheBank 1,075 – USD 102,691 RUB 5,975,309 14/07/2017 HSBC 2,066 –


22 T. ROWE PRICE



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

USD 164,039 ZAR 2,209,361 18/08/2017 Citibank (3,100) (0.01) USD 67,765 ZAR 903,873 18/08/2017 J.P. Morgan (614) – ZAR 1,857,348 USD 142,948 18/08/2017 DeutscheBank (2,439) (0.01) ZAR 38,802,000 USD 2,976,834 18/08/2017 J.P. Morgan (41,438) (0.08) Total Unrealised Loss on Forward

Currency Exchange Contracts(646,983) (1.25)


(127,422) (0.25)



Global Exposure

USD


USD% of Net

Assets

Euro-Bobl,07/09/2017 (1) EUR (150,408) 1,108 – Euro-Bund,07/09/2017 (4) EUR (739,807) 10,323 0.02 Euro-OAT,07/09/2017 (4) EUR (678,461) 8,565 0.02 US10YearNote,20/09/2017 (5) USD (629,063) 2,226 – US5YearNote,29/09/2017 (13) USD (1,533,898) 5,539 0.01 Total Unrealised Gain on

Financial Futures Contracts 27,761 0.05


27,761 0.05



Reference Entity

Buy/Sell

Interest (Paid)/

Received Rate

Maturity Date

Market Value USD


USD% of Net

Assets

160,000 USD J.P. Morgan CDX.EM.27-V1 Buy (1.00)% 20/06/2022 7,346 7,346 0.01 160,000 USD Barclays CDX.EM.27-V1 Buy (1.00)% 20/06/2022 7,346 7,346 0.01 470,000 USD J.P. Morgan Brazil

Government Bond4.25%07/01/2025

Buy (1.00)% 20/06/2022 29,824 29,824 0.06

390,000 USD Barclays South Africa Government Bond5.5%09/03/2020

Buy (1.00)% 20/06/2022 16,786 16,786 0.03

100,000 USD Merrill Lynch South Africa Government Bond5.5%09/03/2020

Buy (1.00)% 20/06/2022 4,304 4,304 0.01

110,000 USD Barclays Turkey Government Bond11.875%15/01/2030

Buy (1.00)% 20/06/2022 4,646 4,646 0.01

120,000 USD Citibank Turkey Government Bond11.875%15/01/2030

Buy (1.00)% 20/12/2021 3,733 3,733 0.01


73,985 73,985 0.14

205,000 USD J.P. Morgan Argentine Government Bond7.625%22/04/2046

Buy (5.00)% 20/06/2022 (15,938) (15,938) (0.03)


(15,938) (15,938) (0.03)

Net Unrealised Gain on Credit Default Swap Contracts

58,047 58,047 0.11

Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

USD 24,669 EUR 23,000 07/07/2017 J.P. Morgan (1,600) – USD 61,432 EUR 57,000 27/07/2017 Bankof

America(3,743) (0.01)

USD 86,283 EUR 77,000 27/07/2017 DeutscheBank (1,761) – USD 969,929 EUR 867,000 27/07/2017 J.P. Morgan (21,419) (0.05) USD 93,164 EUR 86,000 27/10/2017 Bankof

America(5,664) (0.01)

USD 7,452 EUR 7,000 27/10/2017 Barclays (592) – USD 190,361 EUR 168,000 27/10/2017 DeutscheBank (2,698) (0.01) USD 497,093 EUR 442,000 27/10/2017 J.P. Morgan (10,838) (0.02) USD 378,049 GBP 296,000 25/08/2017 J.P. Morgan (6,647) (0.02) USD 356,861 HUF 98,753,674 18/08/2017 Citibank (8,778) (0.02) USD 103,345 HUF 28,351,043 18/08/2017 J.P. Morgan (1,626) – USD 32,606 IDR 436,919,760 11/08/2017 J.P. Morgan (3) – USD 87,770 ILS 315,328 17/08/2017 J.P. Morgan (2,710) (0.01) USD 153,647 INR 10,090,000 11/08/2017 Citibank (1,715) – USD 163,671 LKR 25,499,450 07/07/2017 HSBC (2,288) – USD 98,656 MXN 1,824,314 14/07/2017 Citibank (2,405) (0.01) USD 279,695 MXN 5,320,717 14/07/2017 DeutscheBank (15,054) (0.03) USD 722,625 MXN 13,215,651 14/07/2017 HSBC (9,477) (0.02) USD 1,805,837 MXN 32,891,477 14/07/2017 J.P. Morgan (16,240) (0.02) USD 313,735 MYR 1,350,000 07/07/2017 Barclays (548) – USD 149,665 MYR 647,000 07/07/2017 J.P. Morgan (958) – USD 946,121 MYR 4,083,458 08/09/2017 Credit Suisse (1,251) – USD 1,022,427 NZD 1,424,000 25/08/2017 J.P. Morgan (19,724) (0.04) USD 322,639 PEN 1,066,000 08/09/2017 J.P. Morgan (3,822) (0.01) USD 500,247 PHP 25,320,000 07/07/2017 Citibank (1,097) – USD 184,702 PLN 713,838 12/07/2017 Bankof

America(8,250) (0.02)

USD 74,389 PLN 289,000 12/07/2017 J.P. Morgan (3,728) (0.01) USD 1,002,460 PLN 3,808,385 18/08/2017 Bankof

America(26,752) (0.05)

USD 797,751 PLN 3,001,042 18/08/2017 Barclays (13,277) (0.03) USD 90,721 PLN 337,883 18/08/2017 Citibank (592) – USD 753,997 PLN 2,835,551 18/08/2017 DeutscheBank (12,307) (0.02) USD 110,179 PLN 412,558 18/08/2017 HSBC (1,315) – USD 168,316 PLN 628,320 18/08/2017 J.P. Morgan (1,487) – USD 370,272 RON 1,570,000 14/07/2017 Bankof

America(23,297) (0.04)

USD 1,364,105 RON 5,611,484 14/07/2017 Barclays (42,590) (0.09) USD 547,548 RON 2,235,503 14/07/2017 BNPParibas (12,851) (0.03) USD 171,898 RON 714,267 14/07/2017 Citibank (7,156) (0.01) USD 683,461 RON 2,840,524 14/07/2017 J.P. Morgan (28,606) (0.06) USD 37,545 RSD 4,279,000 18/08/2017 HSBC (2,951) (0.01) USD 860,434 RSD 94,396,026 18/08/2017 J.P. Morgan (32,918) (0.08) USD 155,666 RUB 9,324,000 14/07/2017 Barclays (1,352) – USD 413,179 RUB 24,751,487 14/07/2017 Credit Suisse (3,642) (0.01) USD 384,576 RUB 22,943,424 14/07/2017 HSBC (1,796) – USD 285,240 SGD 401,000 14/07/2017 HSBC (6,150) (0.01) USD 741,217 SGD 1,028,000 14/07/2017 J.P. Morgan (5,786) (0.01) USD 566,107 THB 19,279,613 11/08/2017 HSBC (1,931) – USD 82,693 THB 2,823,947 11/08/2017 J.P. Morgan (509) – USD 149,491 THB 5,083,509 11/08/2017 Standard

Chartered(285) –

USD 32,095 TRY 115,870 05/09/2017 BankofAmerica

(203) –

USD 31,634 TRY 114,998 05/09/2017 J.P. Morgan (420) – USD 298,337 TWD 9,079,000 11/08/2017 J.P. Morgan (120) –


23T. ROWE PRICE






Maturity Date

Market Value USD


USD% of Net

Assets

730,000 BRL Goldman Sachs


01/07/2020 6,916 6,916 0.01

13,600,000 INR J.P. Morgan Pay floating MIBOR1day Receive fixed6.71%

20/03/2024 5,124 5,124 0.01



01/07/2020 2,939 2,939 0.01



01/07/2020 2,546 2,546 0.01


30/03/2024 1,395 1,395 –

2,700,000 HKD Merrill Lynch Pay fixed 1.57%Receive floating HIBOR3month

19/06/2022 1,338 1,338 –

230,000 MYR Deutsche Bank

Pay floating KLIBOR3 month Receive fixed4.06%

11/07/2019 603 603 –

200,000 HKD Citibank Pay fixed 1.14%Receive floating HIBOR3month

14/07/2021 408 408 –


Pay floating CDI1dayReceive fixed9.92%

01/07/2020 221 221 –



01/07/2021 26 26 –


21,516 21,516 0.04

20,000,000 INR Citibank Pay floating MIBOR1day Receive fixed6.16%

28/06/2024 (2,085) (2,085) (0.01)



01/07/2021 (1,827) (1,827) (0.01)



Maturity Date

Market Value USD


USD% of Net

Assets


02/12/2021 (1,661) (1,661) –


20/06/2024 (1,324) (1,324) –

450,000 HKD J.P. Morgan Pay fixed 2.01%Receive floating HIBOR3month

03/04/2022 (1,153) (1,153) –


Pay floating CDI1dayReceive fixed9.61%

01/07/2020 (925) (925) –



01/07/2020 (256) (256) –

835,000 HKD J.P. Morgan Pay fixed 1.52%Receive floating HIBOR3month

07/12/2020 (217) (217) –

200,000 HKD Merrill Lynch Pay fixed 1.77%Receive floating HIBOR3month

12/05/2022 (177) (177) –



04/01/2021 (149) (149) –



01/07/2021 (4) (4) –


(9,778) (9,778) (0.02)

Net Unrealised Gain on Interest Rate Swap Contracts

11,738 11,738 0.02



Global Exposure

USD

Market ValueUSD

% of Net Assets


USD Citibank 229,172 2,118 0.01


24 T. ROWE PRICE




Global Exposure

USD

Market ValueUSD

% of Net Assets


USD BankofAmerica

244,450 421 –


USD Citibank 76,391 132 –


Cash 898,751 1.74Other Assets/(Liabilities) (410,318) (0.80)Total Net Assets 51,702,845 100.00


Mexico 10.59 Brazil 8.76 South Africa 8.25 Indonesia 7.23 United States of America 7.15 Poland 7.11 Russia 6.77 Thailand 5.56 Malaysia 5.25 Turkey 5.22 Romania 5.18 Colombia 4.85 Argentina 2.24 Serbia 2.17 Peru 2.15 Sri Lanka 2.14 Egypt 1.70 Chile 1.66 India 1.21 Luxembourg 1.01 Hungary 0.89 China 0.51 Philippines 0.44 Supranational 0.36 Zambia 0.25 El Salvador 0.24 United Kingdom 0.17 Total Investments 99.06 CashandOtherAssets/(Liabilities) 0.94Total 100.00

† Managed by an affiliate of the Investment Manager. The accompanying notes are an integral part of these financial statements.


25T. ROWE PRICE



Quantity/Nominal

Value

Market Value USD

% of Net Assets


ARS 9,055,000 553,224 0.26


USD 4,400,000 4,742,958 2.21


USD 1,983,884 2,197,846 1.02


USD 400,000 398,746 0.19

ArgentinaGovernmentBond,FRN5.83%31/12/2033

ARS 800,000 364,222 0.17

ArgentinaGovernmentBond,FRN0%15/12/2035

USD 5,870,000 528,887 0.25

ArgentinaGovernmentBond,Reg.S7.125%28/06/2117

USD 357,000 324,656 0.15

ArgentinaPOMPoliticaMonetaria,FRN26.25%21/06/2020

ARS 250,000 15,525 0.01

BancoMacroSA,144A17.5%08/05/2022

ARS 5,100,000 305,351 0.14

IRSAPropiedadesComercialesSA,144A8.75%23/03/2023

USD 430,000 485,362 0.23

IRSAPropiedadesComercialesSA,Reg.S8.75%23/03/2023

USD 350,000 394,536 0.18

PampaEnergiaSA,Reg.S7.5%24/01/2027

USD 255,000 267,505 0.12

ProvinciadeBuenosAires,144A9.125%16/03/2024

USD 450,000 508,167 0.24

ProvinciadeBuenosAires,Reg.S7.875%15/06/2027

USD 265,000 276,396 0.13

ProvinciadeBuenosAires,Reg.S,FRN,144A23.768%31/05/2022

ARS 7,103,000 440,966 0.20

TarjetaNaranjaSA,FRN,144A22.437%11/04/2022

USD 350,000 360,500 0.17

YPFSA,Reg.S,FRN26.333%07/07/2020

USD 85,000 93,925 0.04

12,258,772 5.71AZERBAIJAN SouthernGasCorridorCJSC,Reg.S6.875%24/03/2026

USD 1,800,000 1,953,396 0.91

State Oil Co. of the Azerbaijan Republic,Reg.S4.75%13/03/2023

USD 600,000 579,138 0.27

2,532,534 1.18BRAZIL BrazilGovernmentBond6%07/04/2026

USD 900,000 972,765 0.45

BrazilGovernmentBond8.25%20/01/2034

USD 195,000 243,511 0.11

BrazilGovernmentBond5%27/01/2045

USD 3,120,000 2,731,482 1.27


BRL 2,010,000 6,370,634 2.97


BRL 482,000 1,507,019 0.70


BRL 130,000 399,831 0.19

CosanLuxembourgSA,144A7%20/01/2027

USD 200,000 204,542 0.10

MarfrigHoldingsEuropeBV,Reg.S8%08/06/2023

USD 300,000 305,708 0.14

MinervaLuxembourgSA,Reg.S7.75%31/01/2023

USD 520,000 545,166 0.25


USD 400,000 390,780 0.18

Emerging Markets Bond Fund


Thefund’sobjectiveistomaximisethevalueofitssharesthroughbothgrowthinthevalueof,andincomefrom,itsinvestments.Thefundinvestsmainlyinadiversifiedportfolio of bonds of all types from emerging market issuers.Specifically, the fund invests at least two-thirds oftotal assets in debt securities issued by governments,governmentagencies,supra-nationalorganizationsandcompanies that are either incorporated in one of the economicallyemergingcountriesofLatinAmerica,Asia,Europe,AfricaandtheMiddleEastorconductmostoftheir business in such countries. Portfolio debt securities can include fixed and floating rate bonds, convertiblebonds,warrantsandother transferabledebt securitiesofanytype,includinghighyieldsecurities.The funddoesnot investmore than10%of assets inequitiesandequity-relatedsecurities,25%ofassets inconvertible bonds, and one-third of assets in moneymarket securities, with total investment in thesecategories limited to one-third of assets.The fund may use derivatives for hedging, efficientportfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in currencies and debt securities.

EmergingMarketsBondFund


26 T. ROWE PRICE


Emerging Markets Bond Fund continued


Quantity/Nominal

Value

Market Value USD

% of Net Assets

GABON GabonGovernmentBond,Reg.S6.375%12/12/2024

USD 275,000 268,773 0.13

268,773 0.13GHANA GhanaGovernmentBond,Reg.S9.25%15/09/2022

USD 1,900,000 2,052,874 0.95

GhanaGovernmentBond,Reg.S7.875%07/08/2023

USD 1,000,000 1,023,895 0.48

GhanaGovernmentBond,Reg.S8.125%18/01/2026

USD 1,200,000 1,228,398 0.57

4,305,167 2.00HONG KONG BankofEastAsiaLtd.(The),Reg.S,FRN4.25%20/11/2024

USD 300,000 304,287 0.14

SmarToneFinanceLtd.,Reg.S3.875%08/04/2023

USD 400,000 404,990 0.19

709,277 0.33INDIA AdaniTransmissionLtd.,Reg.S4%03/08/2026

USD 400,000 401,111 0.19

DelhiInternationalAirportLtd.,Reg.S6.125%31/10/2026

USD 325,000 349,700 0.16

HPCL-MittalEnergyLtd.,Reg.S5.25%28/04/2027

USD 280,000 288,805 0.13

1,039,616 0.48INDONESIA IndikaEnergyCapitalIIPteLtd.,Reg.S6.875%10/04/2022

USD 250,000 244,791 0.11


IDR 29,300,000,000 2,069,275 0.96


IDR 11,000,000,000 912,265 0.43

ListrindoCapitalBV,Reg.S4.95%14/09/2026

USD 600,000 606,930 0.28

PertaminaPerseroPT,Reg.S5.625%20/05/2043

USD 2,800,000 2,903,830 1.35

PerusahaanPenerbitSBSNIndonesiaIII,Reg.S4.35%10/09/2024

USD 2,400,000 2,510,052 1.17

9,247,143 4.30ISRAEL IsraelElectricCorp.Ltd.,Reg.S7.75%15/12/2027

USD 370,000 469,554 0.22

469,554 0.22IVORY COAST IvoryCoastGovernmentBond,Reg.S5.375%23/07/2024

USD 274,000 268,129 0.13

IvoryCoastGovernmentBond,STEP,Reg.S5.75%31/12/2032

USD 2,346,000 2,259,738 1.05

2,527,867 1.18JAMAICA JamaicaGovernmentBond7.625%09/07/2025

USD 3,870,000 4,527,668 2.11

JamaicaGovernmentBond6.75%28/04/2028

USD 1,350,000 1,536,340 0.71

JamaicaGovernmentBond8%15/03/2039

USD 790,000 935,087 0.44

JamaicaGovernmentBond7.875%28/07/2045

USD 1,030,000 1,218,310 0.57

8,217,405 3.83


Quantity/Nominal

Value

Market Value USD

% of Net Assets


USD 1,715,000 1,922,952 0.90


USD 2,550,000 2,937,536 1.37


USD 1,200,000 1,273,542 0.59


USD 1,792,000 1,586,520 0.74

RumoLuxembourgSarl,Reg.S7.375%09/02/2024

USD 400,000 410,544 0.19

21,802,532 10.15CHINA StateGridOverseasInvestment2013Ltd.,Reg.S4.375%22/05/2043

USD 410,000 444,555 0.21

444,555 0.21COLOMBIA BancodeBogotaSA,Reg.S6.25%12/05/2026

USD 600,000 639,864 0.30

ColombiaGovernmentBond6.125%18/01/2041

USD 1,925,000 2,220,584 1.04

ColombiaGovernmentBond5.625%26/02/2044

USD 950,000 1,038,350 0.48

ColombiaGovernmentBond5%15/06/2045

USD 300,000 302,602 0.14

4,201,400 1.96CROATIA CroatiaGovernmentBond,Reg.S6.625%14/07/2020

USD 1,630,000 1,800,506 0.84

CroatiaGovernmentBond,Reg.S5.5%04/04/2023

USD 475,000 520,351 0.24

2,320,857 1.08DOMINICAN REPUBLIC Dominican Republic Government Bond,Reg.S5.875%18/04/2024

USD 400,000 424,232 0.20

Dominican Republic Government Bond,Reg.S5.5%27/01/2025

USD 3,300,000 3,418,800 1.59


USD 2,070,000 2,370,233 1.10


USD 950,000 1,017,512 0.48

7,230,777 3.37EGYPT EgyptGovernmentBond,Reg.S5.875%11/06/2025

USD 1,300,000 1,273,740 0.59

EgyptGovernmentBond,Reg.S7.5%31/01/2027

USD 2,005,000 2,132,271 0.99


USD 100,000 95,041 0.05


USD 1,745,000 1,884,443 0.88

EgyptGovernmentBond,144A7.5%31/01/2027

USD 300,000 319,194 0.15

EgyptGovernmentBond,144A8.5%31/01/2047

USD 400,000 431,684 0.20

6,136,373 2.86EL SALVADOR ElSalvadorGovernmentBond,Reg.S5.875%30/01/2025

USD 145,000 130,949 0.06

ElSalvadorGovernmentBond,Reg.S6.375%18/01/2027

USD 2,060,000 1,869,038 0.87


USD 1,050,000 1,097,476 0.51


USD 225,000 212,213 0.10

3,309,676 1.54


27T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

PAKISTAN PakistanGovernmentBond,Reg.S7.25%15/04/2019

USD 600,000 633,036 0.29

PakistanGovernmentBond,Reg.S8.25%30/09/2025

USD 700,000 804,951 0.38

SecondPakistanInternationalSukukCo.Ltd.(The),Reg.S6.75%03/12/2019

USD 1,000,000 1,056,881 0.49

2,494,868 1.16PERU PeruGovernmentBond5.625%18/11/2050

USD 200,000 243,590 0.11

243,590 0.11PHILIPPINES ICTSITreasuryBV,Reg.S5.875%17/09/2025

USD 250,000 272,199 0.13

272,199 0.13RUSSIA GazpromOAO,Reg.S7.288%16/08/2037

USD 200,000 237,357 0.11

GTHFinanceBV,Reg.S7.25%26/04/2023

USD 300,000 332,133 0.16

GTLKEuropeDAC,Reg.S5.125%31/05/2024

USD 1,190,000 1,189,726 0.55

MetalloinvestFinanceDAC,144A4.85%02/05/2024

USD 300,000 300,245 0.14

RussianAgriculturalBankOJSC,Reg.S8.5%16/10/2023

USD 1,094,000 1,268,668 0.59

RussianForeignBond-Eurobond,Reg.S4.875%16/09/2023

USD 1,200,000 1,289,610 0.60

RussianRailways,Reg.S5.7%05/04/2022

USD 1,400,000 1,503,180 0.70

SberbankofRussia,Reg.S6.125%07/02/2022

USD 500,000 545,485 0.26


USD 400,000 413,182 0.19

Vnesheconombank,Reg.S6.8%22/11/2025

USD 830,000 922,715 0.43

8,002,301 3.73SENEGAL SenegalGovernmentBond,Reg.S6.25%23/05/2033

USD 700,000 711,816 0.33

711,816 0.33SERBIA SerbiaGovernmentBond,Reg.S4.875%25/02/2020

USD 4,670,000 4,872,841 2.27

SerbiaGovernmentBond,Reg.S7.25%28/09/2021

USD 3,000,000 3,469,260 1.61

SerbiaGovernmentBond,STEP,Reg.S6.75%01/11/2024

USD 629,299 644,069 0.30

SerbiaTreasury10%05/02/2022 RSD 70,440,000 796,376 0.379,782,546 4.55

SOUTH AFRICA EskomHoldingsSOCLtd.,Reg.S7.125%11/02/2025

USD 2,100,000 2,147,533 1.00


USD 2,725,000 2,765,153 1.29


USD 1,850,000 1,999,804 0.93

6,912,490 3.22


Quantity/Nominal

Value

Market Value USD

% of Net Assets

KAZAKHSTAN DevelopmentBankofKazakhstanJSC,Reg.S4.125%10/12/2022

USD 500,000 502,168 0.24

KazMunayGasNationalCo.JSC,Reg.S7%05/05/2020

USD 1,800,000 1,961,298 0.91

KazMunayGasNationalCo.JSC,Reg.S6.375%09/04/2021

USD 300,000 326,782 0.15


USD 200,000 196,947 0.09


USD 1,970,000 1,919,735 0.89

4,906,930 2.28KUWAIT EquatePetrochemicalBV,Reg.S4.25%03/11/2026

USD 490,000 497,960 0.23

497,960 0.23LEBANON LebanonGovernmentBond6.375%09/03/2020

USD 580,000 592,839 0.28

LebanonGovernmentBond,Reg.S5.8%14/04/2020

USD 1,000,000 1,006,415 0.47


USD 2,020,000 2,185,236 1.02


USD 600,000 609,408 0.28


USD 500,000 502,480 0.23


USD 2,970,000 2,999,076 1.40

7,895,454 3.68MEXICO BancoMercantildelNorteSA,Reg.S,FRN5.75%04/10/2031

USD 500,000 500,475 0.23

BBVABancomerSA,Reg.S,FRN5.35%12/11/2029

USD 200,000 202,900 0.10

CemexSABdeCV,Reg.S7.75%16/04/2026

USD 550,000 629,690 0.29

GrupoCementosdeChihuahuaSABdeCV,Reg.S5.25%23/06/2024

USD 210,000 213,945 0.10

MexicanBonos6.5%10/06/2021 MXN 3,500,000 193,875 0.09MexicanBonos7.5%03/06/2027 MXN 36,000,000 2,107,825 0.98MexicoGovernmentBond5.75%12/10/2110

USD 1,450,000 1,501,946 0.70

NemakSABdeCV,Reg.S5.5%28/02/2023

USD 250,000 259,362 0.12

PetroleosMexicanos6.75%21/09/2047

USD 1,383,000 1,398,967 0.65

TrustF/1401,REIT,Reg.S5.25%30/01/2026

USD 250,000 261,034 0.12

7,270,019 3.38MOROCCO MoroccoGovernmentBond,Reg.S4.25%11/12/2022

USD 400,000 419,704 0.20

419,704 0.20OMAN LamarFundingLtd.,Reg.S3.958%07/05/2025

USD 300,000 282,295 0.13

OmanGovernmentBond,144A4.75%15/06/2026

USD 350,000 344,990 0.16

OmanGovernmentBond,Reg.S4.75%15/06/2026

USD 1,550,000 1,527,424 0.71

OmanGovernmentBond,Reg.S6.5%08/03/2047

USD 200,000 204,796 0.10

2,359,505 1.10


28 T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

UNITED STATES OF AMERICA KosmosEnergyLtd.,144A7.875%01/08/2021

USD 450,000 461,250 0.21

461,250 0.21URUGUAY UruguayGovernmentBond,Reg.S9.875%20/06/2022

UYU 5,600,000 204,214 0.09

204,214 0.09VENEZUELA, BOLIVARIAN REPUBLIC OF PetroleosdeVenezuelaSA,Reg.S8.5%02/11/2017

USD 1,048,000 913,473 0.42

PetroleosdeVenezuelaSA,Reg.S12.75%17/02/2022

USD 1,800,000 1,002,294 0.47

PetroleosdeVenezuelaSA,Reg.S6%16/05/2024

USD 2,900,000 1,089,791 0.51


USD 2,750,000 996,078 0.46


USD 1,150,000 530,639 0.25

VenezuelaGovernmentBond,Reg.S7.75%13/10/2019

USD 850,000 434,775 0.20

4,967,050 2.31VIETNAM DebtandAssetTradingCorp.,Reg.S1%10/10/2025

USD 230,000 143,225 0.06

VietnamGovernmentBond,Reg.S4.8%19/11/2024

USD 2,075,000 2,185,867 1.02

2,329,092 1.08ZAMBIA ZambiaGovernmentBond,Reg.S5.375%20/09/2022

USD 1,400,000 1,316,070 0.61

ZambiaGovernmentBond,Reg.S8.97%30/07/2027

USD 1,350,000 1,439,120 0.67

2,755,190 1.28Total Bonds 176,204,795 82.03

Convertible BondsUNITED ARAB EMIRATES DPWorldLtd.,Reg.S1.75%19/06/2024

USD 200,000 203,250 0.09

203,250 0.09Total Convertible Bonds 203,250 0.09

EquitiesCOLOMBIA FronteraEnergyCorp. CAD 3,065 79,816 0.04

79,816 0.04Total Equities 79,816 0.04Total Transferable securities


176,487,861 82.16

Transferable securities and money market instruments dealt in on another regulated marketBondsARGENTINA BancodeGaliciayBuenosAiresSA,FRN,144A8.25%19/07/2026

USD 255,000 288,479 0.13

BancodeGaliciayBuenosAiresSA,Reg.S,FRN8.25%19/07/2026

USD 445,000 504,387 0.24

BancoHipotecarioSA,Reg.S9.75%30/11/2020

USD 300,000 346,418 0.16


Quantity/Nominal

Value

Market Value USD

% of Net Assets

SRI LANKA SriLankaGovernmentBond,Reg.S6.25%04/10/2020

USD 1,200,000 1,269,366 0.59

SriLankaGovernmentBond,Reg.S6.25%27/07/2021

USD 1,300,000 1,380,140 0.64


USD 500,000 519,498 0.24


USD 200,000 207,591 0.10


USD 1,700,000 1,740,594 0.81


USD 800,000 844,965 0.40


USD 840,000 886,977 0.41


USD 200,000 200,182 0.09

7,049,313 3.28TURKEY AkbankTAS,Reg.S,FRN7.2%16/03/2027

USD 550,000 572,102 0.27

ExportCreditBankofTurkey,Reg.S5%23/09/2021

USD 400,000 407,178 0.19

HazineMustesarligiVarlikKiralamaA/S,Reg.S4.489%25/11/2024

USD 710,000 698,392 0.32


USD 500,000 531,102 0.25


USD 2,900,000 3,015,130 1.40


USD 3,250,000 3,538,242 1.65


USD 1,000,000 951,640 0.44


USD 350,000 556,351 0.26

TurkeyGovernmentBond6%14/01/2041

USD 200,000 205,457 0.10

10,475,594 4.88UKRAINE KernelHoldingSA,Reg.S8.75%31/01/2022

USD 400,000 429,876 0.20

MriyaAgroHoldingplc,Reg.S9.45%19/04/2018§

USD 200,000 13,000 0.01

UkraineGovernmentBond,144A7.75%01/09/2021

USD 1,139,000 1,159,736 0.54

UkraineGovernmentBond,144A7.75%01/09/2023

USD 1,139,000 1,130,645 0.53

UkraineGovernmentBond,FRN,144A0%31/05/2040

USD 560,000 219,072 0.10

UkraineGovernmentBond,Reg.S7.75%01/09/2020

USD 2,900,000 2,976,560 1.38


USD 900,000 916,582 0.43


USD 500,000 496,250 0.23

7,341,721 3.42UNITED ARAB EMIRATES DPWorldLtd.,Reg.S6.85%02/07/2037

USD 300,000 353,946 0.16

EmaarSukukLtd.,Reg.S3.635%15/09/2026

USD 400,000 388,358 0.18

EmiratesNBDTier1Ltd.,Reg.S,FRN5.75%Perpetual

USD 500,000 509,162 0.24

RuwaisPowerCo.PJSC,Reg.S6%31/08/2036

USD 500,000 578,245 0.27

1,829,711 0.85


29T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

BancoMacroSA,Reg.S,FRN6.75%04/11/2026

USD 850,000 888,322 0.41

2,027,606 0.94BRAZIL BancodoBrasilSA,Reg.S,FRN9%

PerpetualUSD 550,000 561,008 0.26

BRMallsInternationalFinanceLtd.,144A8.5%Perpetual

USD 65,000 65,260 0.03

BRMallsInternationalFinanceLtd.,Reg.S8.5%Perpetual

USD 90,000 90,360 0.04

716,628 0.33COLOMBIA GrupoAvalLtd.,Reg.S4.75%26/09/2022

USD 200,000 203,392 0.10

203,392 0.10EGYPT EgyptTreasuryBill0%06/02/2018 EGP 32,800,000 1,640,959 0.76

1,640,959 0.76JAMAICA JamaicaGovernmentBond8.5%16/11/2021

USD 39,706 42,802 0.02

42,802 0.02MEXICO AlfaSABdeCV,144A6.875%25/03/2044

USD 550,000 599,343 0.28

ElementiaSABdeCV,Reg.S5.5%15/01/2025

USD 350,000 357,583 0.16

GrupoFinancieroSantanderMexicoSABdeCV,FRN8.5%Perpetual*

USD 500,000 532,500 0.25


USD 3,790,000 3,770,955 1.75


USD 3,098,000 2,742,102 1.28

PetroleosMexicanos,FRN,144A4.878%11/03/2022

USD 1,030,000 1,110,371 0.52

PetroleosMexicanos,Reg.S,FRN4.878%11/03/2022

USD 200,000 215,826 0.10

9,328,680 4.34PERU VMHoldingSA,Reg.S5.375%04/05/2027

USD 800,000 806,596 0.38

806,596 0.38SOUTH AFRICA PetraDiamondsUSTreasuryplc,Reg.S7.25%01/05/2022

USD 310,000 318,179 0.15

318,179 0.15SRI LANKA SriLankaGovernmentBond11%01/08/2024

LKR 183,000,000 1,165,020 0.54

1,165,020 0.54TRINIDAD AND TOBAGO Petroleum Co. of Trinidad & Tobago Ltd.,144A9.75%14/08/2019

USD 400,000 412,704 0.19

412,704 0.19UNITED STATES OF AMERICA CommonwealthofPuertoRico'A'8%01/07/2035§

USD 325,000 198,250 0.09

PacificExplorationandProductionCorp.12%21/02/2021

USD 300,000 338,625 0.16

PoinsettiaFinanceLtd.,Reg.S6.625%17/06/2031

USD 200,000 203,810 0.10

740,685 0.35


Quantity/Nominal

Value

Market Value USD

% of Net Assets

VENEZUELA, BOLIVARIAN REPUBLIC OF PetroleosdeVenezuelaSA,Reg.S8.5%27/10/2020

USD 2,340,000 1,686,040 0.79


USD 7,070,000 3,443,514 1.60


USD 1,500,000 553,943 0.26

5,683,497 2.65Total Bonds 23,086,748 10.75

Convertible BondsARGENTINA MercadoLibre,Inc.2.25%01/07/2019 USD 323,000 657,731 0.31

657,731 0.31Total Convertible Bonds 657,731 0.31Total Transferable securities


23,744,479 11.06



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold


Unrealised

Gain/(Loss)USD

% of Net Assets

BRL 50,154,029 USD 14,917,915 05/09/2017 DeutscheBank 28,889 0.01 CAD 715,000 USD 540,814 22/09/2017 HSBC 11,587 0.01 EUR 250,000 USD 282,555 25/08/2017 Citibank 3,730 – EUR 212,000 USD 239,400 25/08/2017 Morgan Stanley 3,370 – GBP 119,562,067 USD 152,873,254 31/07/2017 HSBC 2,404,325 1.12 GBP 125,196 USD 162,205 31/07/2017 J.P. Morgan 389 – MXN 21,133,561 USD 1,167,419 14/07/2017 J.P. Morgan 3,309 – RUB 83,220,211 USD 1,388,113 14/07/2017 Credit Suisse 13,334 0.01 RUB 32,372,800 USD 535,179 14/07/2017 J.P. Morgan 9,987 – SGD 260,000 USD 187,260 18/08/2017 HSBC 1,780 – TWD 3,390,000 USD 111,228 11/08/2017 Goldman

Sachs213 –

USD 2,596,257 BRL 8,685,000 05/09/2017 BankofAmerica

7,971 –

USD 2,263,029 BRL 7,573,000 05/09/2017 DeutscheBank 6,139 – USD 2,276,156 BRL 7,573,000 05/09/2017 Morgan Stanley 19,266 0.01 USD 1,600,299 BRL 5,357,000 05/09/2017 Standard

Chartered3,816 –

USD 1,071,033 KRW 1,223,387,000 08/09/2017 Citibank 903 – USD 342,585 MXN 6,172,253 14/07/2017 HSBC 663 – USD 499,763 RUB 29,037,000 14/07/2017 Barclays 10,774 0.01 USD 580,955 RUB 33,906,000 14/07/2017 Citibank 9,971 – USD 1,642,845 RUB 95,277,200 14/07/2017 Credit Suisse 38,355 0.02 USD 999,056 RUB 57,481,000 14/07/2017 J.P. Morgan 31,063 0.02 USD 501,380 RUB 28,892,000 14/07/2017 Morgan Stanley 14,832 0.01 USD 1,207,183 TWD 36,131,000 11/08/2017 Goldman

Sachs19,435 0.01


2,644,101 1.23

BRL 701,797 USD 209,429 05/09/2017 BNPParibas (281) – CLP 99,639,000 USD 149,968 11/08/2017 Barclays (152) – GBP 178,452 USD 231,910 31/07/2017 J.P. Morgan (150) – USD 335,655 AUD 450,000 25/08/2017 Bankof

America(10,042) –

USD 271,529 AUD 364,000 25/08/2017 HSBC (8,101) –


30 T. ROWE PRICE



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold


Unrealised

Gain/(Loss)USD

% of Net Assets

USD 553,073 BRL 1,863,000 05/09/2017 DeutscheBank (2,134) – USD 13,531,889 BRL 45,737,785 05/09/2017 Standard

Chartered(98,794) (0.05)

USD 830,468 CAD 1,101,000 22/09/2017 Morgan Stanley (20,153) (0.01) USD 1,212,331 CLP 816,505,000 11/08/2017 Credit Suisse (15,363) (0.01) USD 405 GBP 313 31/07/2017 J.P. Morgan (1) – USD 620,275 HUF 173,003,000 18/08/2017 Citibank (20,276) (0.01) USD 1,848,015 IDR 24,816,991,000 11/08/2017 Goldman

Sachs(4,152) –

USD 1,590,511 MXN 29,578,067 14/07/2017 Citibank (48,014) (0.02) USD 272,948 MXN 5,234,707 14/07/2017 Goldman

Sachs(17,037) (0.01)

USD 256,060 MXN 4,871,000 14/07/2017 HSBC (13,777) (0.01) USD 334,690 MXN 6,293,179 14/07/2017 J.P. Morgan (13,931) (0.01) USD 263,256 MXN 5,011,000 14/07/2017 Standard

Chartered(14,336) (0.01)

USD 621,679 PLN 2,363,000 18/08/2017 DeutscheBank (16,919) (0.01) USD 40,641 RSD 4,757,000 14/07/2017 J.P. Morgan (4,461) – USD 26,200 RSD 2,986,000 18/08/2017 HSBC (2,059) – USD 80,873 RSD 9,212,000 18/08/2017 J.P. Morgan (6,309) – USD 1,461,681 SGD 2,056,000 18/08/2017 DeutscheBank (33,187) (0.01) USD 784,126 ZAR 10,561,000 18/08/2017 Citibank (14,821) (0.01) ZAR 10,354,053 USD 795,835 18/08/2017 Bankof

America(12,544) –

ZAR 206,947 USD 15,902 18/08/2017 J.P. Morgan (246) – Total Unrealised Loss on



2,266,861 1.06



Global Exposure

USD


USD% of Net

Assets

USUltraBond,20/09/2017 25 USD 4,164,063 45,609 0.02 Total Unrealised Gain on

Financial Futures Contracts45,609 0.02


45,609 0.02



Reference Entity

Buy/Sell

Interest (Paid)/

Received Rate

Maturity Date

Market Value USD


USD% of Net

Assets

1,200,000 USD J.P. Morgan CDX.EM.27-V1 Buy (1.00)% 20/06/2022 55,093 55,093 0.02 1,200,000 USD Goldman

SachsCDX.EM.27-V1 Buy (1.00)% 20/06/2022 55,093 55,093 0.03


110,186 110,186 0.05


Buy (5.00)% 20/06/2022 (150,444) (150,444) (0.07)

500,000 USD Goldman Sachs

Argentine Government Bond7.625%22/04/2046

Buy (5.00)% 20/06/2022 (38,874) (38,874) (0.02)


Reference Entity

Buy/Sell

Interest (Paid)/

Received Rate

Maturity Date

Market Value USD


USD% of Net

Assets

880,000 USD Citibank BankofChinaLtd.3.125%23/01/2019

Buy (1.00)% 20/06/2022 (6,362) (6,362) –

220,000 USD Citibank China Government Bond7.5%28/10/2027

Buy (1.00)% 20/06/2022 (3,233) (3,233) –

1,100,000 USD Citibank Korea Government Bond7.125%16/04/2019

Buy (1.00)% 20/06/2022 (24,885) (24,885) (0.01)


(223,798) (223,798) (0.10)


(113,612) (113,612) (0.05)



Global Exposure

USD

Market ValueUSD

% of Net Assets

2,200,000 ForeignExchangeUSD/EUR,Call,0.919,06/11/2017

USD Citibank 2,309,322 6,137 –


USD BankofAmerica

2,485,246 4,283 –

1,100,000 ForeignExchangeUSD/RUB,Call,62.708,14/08/2017

USD Deutsche Bank

1,164,081 7,747 0.01


Swaption Contracts


Global Exposure

USD

Market ValueUSD

5,000,000 CDX.NA.HY.28-V1,Call,1.065,18/10/2017

USD Goldman Sachs

5,000,000 88,229


88,229

(5,000,000) CDX.NA.HY.28-V1,Put,1.010,18/10/2017

USD Goldman Sachs

(5,000,000) (15,865)

Total Short Market value on Swaption Contracts

(15,865)


Cash 12,354,434 5.75Other Assets/(Liabilities) 2,218,733 1.03Total Net Assets 214,805,507 100.00


31T. ROWE PRICE




Brazil 10.48 Mexico 7.72 Argentina 6.96 Venezuela,BolivarianRepublicof 4.96 Turkey 4.88 Serbia 4.55 Indonesia 4.30 Jamaica 3.85 Sri Lanka 3.82 Russia 3.73 Lebanon 3.68 Egypt 3.62 Ukraine 3.42 Dominican Republic 3.37 South Africa 3.37 Kazakhstan 2.28 Colombia 2.10 Ghana 2.00 El Salvador 1.54 Zambia 1.28 Azerbaijan 1.18 IvoryCoast 1.18 Pakistan 1.16 Oman 1.10 Vietnam 1.08 Croatia 1.08 United Arab Emirates 0.94 United States of America 0.56 Peru 0.49 India 0.48 Senegal 0.33 Hong Kong 0.33 Kuwait 0.23 Israel 0.22 China 0.21 Morocco 0.20 Trinidad and Tobago 0.19 Philippines 0.13 Gabon 0.13 Uruguay 0.09 Total Investments 93.22 CashandOtherAssets/(Liabilities) 6.78Total 100.00

§ Security is currently in default.* Security is valued at its fair value under the direction of the Board of Directors.The accompanying notes are an integral part of these financial statements.


32 T. ROWE PRICE



Quantity/Nominal

Value

Market Value USD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingBondsARGENTINA CablevisionSA,Reg.S6.5%15/06/2021

USD 120,000 127,385 0.75

IRSAPropiedadesComercialesSA,Reg.S8.75%23/03/2023

USD 150,000 169,087 0.99

PampaEnergiaSA,Reg.S7.5%24/01/2027

USD 150,000 157,356 0.93

YPFSA,Reg.S8.5%23/03/2021 USD 40,000 44,757 0.26 YPFSA,Reg.S8.75%04/04/2024 USD 150,000 171,352 1.01

669,937 3.94 BRAZIL BraskemFinanceLtd.,Reg.S7.375%

PerpetualUSD 200,000 201,000 1.18

CosanLuxembourgSA,Reg.S7%20/01/2027

USD 200,000 204,703 1.20


USD 200,000 195,371 1.15


USD 85,000 95,307 0.56


USD 220,000 253,434 1.49


USD 75,000 66,400 0.39

ValeOverseasLtd.6.25%10/08/2026 USD 200,000 216,715 1.27 1,232,930 7.24

CHILE EnelAmericasSA4%25/10/2026 USD 100,000 100,824 0.59

100,824 0.59 CHINA ChinaMerchantsFinanceCo.Ltd.,Reg.S4.75%03/08/2025

USD 200,000 215,224 1.26

ProvenHonourCapitalLtd.,Reg.S4.125%19/05/2025

USD 200,000 205,286 1.21

StateGridOverseasInvestment2016Ltd.,144A3.5%04/05/2027

USD 200,000 199,976 1.18

WantWantChinaFinanceLtd.,Reg.S2.875%27/04/2022

USD 200,000 199,957 1.17

820,443 4.82 COLOMBIA BancoBilbaoVizcayaArgentariaColombiaSA,Reg.S4.875%21/04/2025

USD 150,000 156,826 0.92

BancodeBogotaSA,Reg.S6.25%12/05/2026

USD 200,000 213,288 1.25

EcopetrolSA5.875%18/09/2023 USD 80,000 87,595 0.52 457,709 2.69

HONG KONG BankofEastAsiaLtd.(The),Reg.S,FRN4.25%20/11/2024

USD 200,000 202,858 1.19

CKHutchisonInternational17Ltd.,Reg.S3.5%05/04/2027

USD 250,000 252,317 1.48

PCCWCapitalNo.4Ltd.,Reg.S5.75%17/04/2022

USD 200,000 220,849 1.30


USD 200,000 202,495 1.19

878,519 5.16

Emerging Markets Corporate Bond Fund


Thefund’sobjectiveistomaximisethevalueofitssharesthroughbothgrowthinthevalueof,andincomefrom,itsinvestments.Thefundinvestsmainlyinadiversifiedportfolio of corporate bonds from emerging market issuers.Specifically, the fund investsat least two-thirdsof totalassets in debt securities issued by companies that are either incorporated in one of the economically emerging countriesofLatinAmerica,Asia,Europe,AfricaandtheMiddle East or conduct most of their business in such countries.Portfoliodebtsecuritiescanincludefixedandfloating rate bonds, convertible bonds, warrants andothertransferabledebtsecuritiesofanytype,includinghigh yield securities.The funddoesnot investmore than10%of assets inequitiesandequity-relatedsecurities,25%ofassets inconvertible bonds, and one-third of assets in moneymarket securities, with total investment in thesecategories limited to one-third of assets.The fund may use derivatives for hedging, efficientportfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in currencies and debt securities.

EmergingMarketsCorporateBondFund


33T. ROWE PRICE


Emerging Markets Corporate Bond Fund continued


Quantity/Nominal

Value

Market Value USD

% of Net Assets

RUSSIA GazpromOAO,Reg.S6.51%07/03/2022

USD 200,000 221,246 1.30

MetalloinvestFinanceDAC,Reg.S4.85%02/05/2024

USD 200,000 200,388 1.18


USD 240,000 261,833 1.54

VimpelComHoldingsBV,Reg.S5.95%13/02/2023

USD 200,000 213,234 1.25

896,701 5.27 SOUTH AFRICA FirstRandBankLtd.,Reg.S4.25%30/04/2020

USD 200,000 204,932 1.20

MTNMauritiusInvestmentLtd.,Reg.S6.5%13/10/2026

USD 200,000 210,057 1.24

414,989 2.44 TRINIDAD AND TOBAGO ConsolidatedEnergyFinanceSA,144A6.875%15/06/2025

USD 150,000 154,875 0.91

154,875 0.91 TURKEY AkbankTAS,Reg.S,FRN7.2%16/03/2027

USD 200,000 208,036 1.22

TurkiyeGarantiBankasiA/S,Reg.S,FRN6.125%24/05/2027

USD 200,000 198,526 1.17

TurkiyeVakiflarBankasiTAO,Reg.S5.5%27/10/2021

USD 200,000 201,475 1.18

608,037 3.57 UKRAINE MHPSA,Reg.S8.25%02/04/2020 USD 200,000 212,080 1.24 MriyaAgroHoldingplc,Reg.S9.45%19/04/2018§

USD 200,000 13,000 0.08

225,080 1.32 UNITED ARAB EMIRATES DPWorldLtd.,Reg.S6.85%02/07/2037

USD 100,000 117,982 0.69

EmiratesAirline,Reg.S4.5%06/02/2025

USD 152,380 154,382 0.91

EmiratesNBDTier1Ltd.,Reg.S,FRN5.75%Perpetual

USD 250,000 254,581 1.50

526,945 3.10 UNITED KINGDOM StandardCharteredplc,FRN,144A7.75%Perpetual

USD 200,000 215,603 1.27

215,603 1.27 UNITED STATES OF AMERICA KosmosEnergyLtd.,144A7.875%01/08/2021

USD 200,000 205,000 1.20

205,000 1.20 Total Bonds 12,233,792 71.87

EquitiesCOLOMBIA FronteraEnergyCorp. CAD 400 10,417 0.06

10,417 0.06 Total Equities 10,417 0.06 Total Transferable securities


12,244,209 71.93


Quantity/Nominal

Value

Market Value USD

% of Net Assets

INDIA ABJAInvestmentCo.Pte.Ltd.,Reg.S5.95%31/07/2024

USD 200,000 211,575 1.24

DelhiInternationalAirportLtd.,Reg.S6.125%31/10/2026

USD 200,000 214,573 1.26

HPCL-MittalEnergyLtd.,Reg.S5.25%28/04/2027

USD 200,000 206,289 1.21

StateBankofIndia,Reg.S3.25%24/01/2022

USD 200,000 200,910 1.18

TataMotorsLtd.,Reg.S5.75%30/10/2024

USD 200,000 219,132 1.29

1,052,479 6.18 INDONESIA ListrindoCapitalBV,Reg.S4.95%14/09/2026

USD 200,000 202,310 1.19

PakuwonPrimaPte.Ltd.,Reg.S5%14/02/2024

USD 200,000 198,897 1.17

Perusahaan Gas Negara Persero Tbk. PT,Reg.S5.125%16/05/2024

USD 200,000 215,286 1.26

TBGGlobalPte.Ltd.,Reg.S5.25%10/02/2022

USD 200,000 208,069 1.22

824,562 4.84 KAZAKHSTAN HalykSavingsBankofKazakhstanJSC,Reg.S7.25%28/01/2021

USD 200,000 220,028 1.29


USD 200,000 196,947 1.16

416,975 2.45 KUWAIT EquatePetrochemicalBV,Reg.S4.25%03/11/2026

USD 200,000 203,249 1.19

203,249 1.19 LUXEMBOURG AlticeFinancingSA,144A7.5%15/05/2026

USD 200,000 222,526 1.31

MillicomInternationalCellularSA,144A6%15/03/2025

USD 200,000 210,728 1.24

433,254 2.55 MALAYSIA AxiataSPV2Bhd.,Reg.S3.466%19/11/2020

USD 200,000 204,694 1.20

204,694 1.20 MEXICO BBVABancomerSA,Reg.S,FRN5.35%12/11/2029

USD 250,000 253,625 1.49

GrupoCementosdeChihuahuaSABdeCV,Reg.S5.25%23/06/2024

USD 200,000 203,757 1.20

457,382 2.69 MOROCCO OCPSA,Reg.S6.875%25/04/2044 USD 200,000 226,201 1.33

226,201 1.33 PERU BBVABancoContinentalSA,Reg.S,FRN5.25%22/09/2029

USD 140,000 152,292 0.90

152,292 0.90 PHILIPPINES FirstGenCorp.,Reg.S6.5%09/10/2023

USD 200,000 215,238 1.26

FPCFinanceLtd.,Reg.S6%28/06/2019

USD 200,000 211,572 1.24

ICTSITreasuryBV,Reg.S5.875%17/09/2025

USD 200,000 217,759 1.28

SMInvestmentsCorp.,Reg.S4.875%10/06/2024

USD 200,000 210,543 1.24

855,112 5.02


34 T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

SOUTH AFRICA PetraDiamondsUSTreasuryplc,Reg.S7.25%01/05/2022

USD 200,000 205,277 1.21

205,277 1.21 UNITED KINGDOM HSBCHoldingsplc,FRN6.375%

PerpetualUSD 200,000 212,029 1.25

212,029 1.25 UNITED STATES OF AMERICA PacificExplorationandProductionCorp.12%21/02/2021

USD 40,000 45,150 0.27

45,150 0.27 Total Bonds 3,859,195 22.67


38,690 0.23 Total Convertible Bonds 38,690 0.23Total Transferable securities


3,897,885 22.90



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

USD 10,560 CAD 14,000 22/09/2017 Morgan Stanley (256) – Net Unrealised Loss on

Forward Currency Exchange Contracts(256) –



Reference Entity

Buy/Sell

Interest (Paid)/

Received Rate

Maturity Date

Market ValueUSD


USD% of Net

Assets

170,000 USD Barclays Turkey Government Bond11.875%15/01/2030

Buy (1.00)% 20/06/2022 7,180 7,180 0.04


7,180 7,180 0.04


7,180 7,180 0.04



Global Exposure

USD


USD% of Net

Assets

US10YearNote,20/09/2017 (2) USD (251,625) 1,813 0.01 Total Unrealised Gain on



1,813 0.01


Quantity/Nominal

Value

Market Value USD

% of Net Assets

Transferable securities and money market instruments dealt in on another regulated marketBondsARGENTINA BancodeGaliciayBuenosAiresSA,FRN,144A8.25%19/07/2026

USD 200,000 226,258 1.33

BancoMacroSA,Reg.S,FRN6.75%04/11/2026

USD 200,000 209,017 1.23

435,275 2.56 BRAZIL BancoBradescoSA,Reg.S5.75%01/03/2022

USD 200,000 210,149 1.23

BRMallsInternationalFinanceLtd.,144A8.5%Perpetual

USD 25,000 25,100 0.15

BRMallsInternationalFinanceLtd.,Reg.S8.5%Perpetual

USD 96,000 96,384 0.57

331,633 1.95 CHILE BancoSantanderChile,Reg.S3.875%20/09/2022

USD 150,000 156,807 0.92

CencosudSA,Reg.S5.15%12/02/2025

USD 200,000 214,600 1.26

EngieEnergiaChileSA,Reg.S5.625%15/01/2021

USD 200,000 219,415 1.29

VTRFinanceBV,Reg.S6.875%15/01/2024

USD 200,000 212,550 1.25

803,372 4.72 CHINA ENNEnergyHoldingsLtd.,Reg.S6%13/05/2021

USD 200,000 220,433 1.29

220,433 1.29 COLOMBIA GrupoAvalLtd.,Reg.S4.75%26/09/2022

USD 200,000 203,392 1.19

203,392 1.19 COSTA RICA BancoNacionaldeCostaRica,Reg.S5.875%25/04/2021

USD 200,000 209,158 1.23

209,158 1.23 INDIA AdaniPorts&SpecialEconomicZoneLtd.,Reg.S3.95%19/01/2022

USD 200,000 204,482 1.20

204,482 1.20 JAMAICA DigicelGroupLtd.,Reg.S8.25%30/09/2020

USD 200,000 187,719 1.10

187,719 1.10 MEXICO AlfaSABdeCV,Reg.S6.875%25/03/2044

USD 200,000 217,725 1.28

ElementiaSABdeCV,Reg.S5.5%15/01/2025

USD 200,000 204,333 1.20

ServiciosCorporativosJaverSABdeCV,Reg.S9.875%06/04/2021

USD 65,000 67,188 0.39

489,246 2.87 PERU BancodeCreditodelPeru,Reg.S,FRN6.125%24/04/2027

USD 100,000 110,380 0.65

VMHoldingSA,Reg.S5.375%04/05/2027

USD 200,000 201,649 1.18

312,029 1.83


35T. ROWE PRICE





Global Exposure

USD

Market ValueUSD

% of Net Assets


USD BankofAmerica

173,152 2,634 0.01


Swaption Contracts


Global Exposure

USD

Market ValueUSD

350,000 CDX.NA.HY.28-V1,Call,1.065,18/10/2017

USD Goldman Sachs

350,000 6,176


6,176

(350,000) CDX.NA.HY.28-V1,Put,1.010,18/10/2017

USD Goldman Sachs

(350,000) (1,110)


(1,110)


Cash 525,363 3.09Other Assets/(Liabilities) 353,785 2.08Total Net Assets 17,021,242 100.00


Brazil 9.19 India 7.38 Argentina 6.73 China 6.11 Mexico 5.56 Chile 5.31 Russia 5.27 Hong Kong 5.16 Philippines 5.02 Indonesia 4.84 Colombia 3.94 South Africa 3.65 Turkey 3.57 United Arab Emirates 3.10 Peru 2.73 Luxembourg 2.55 United Kingdom 2.52 Kazakhstan 2.45 United States of America 1.47 Morocco 1.33 Ukraine 1.32 Costa Rica 1.23 Malaysia 1.20 Kuwait 1.19 Jamaica 1.10 Trinidad and Tobago 0.91 Total Investments 94.83 CashandOtherAssets/(Liabilities) 5.17Total 100.00

§ Security is currently in default.The accompanying notes are an integral part of these financial statements.


36 T. ROWE PRICE



Quantity/Nominal

Value

Market Value EUR

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingBondsAUSTRALIA NationalAustraliaBankLtd.,Reg.S1.25%18/05/2026

EUR 800,000 815,133 0.71

SGSPAustraliaAssetsPty.Ltd.,Reg.S2%30/06/2022

EUR 800,000 843,985 0.74

TransurbanFinanceCo.Pty.Ltd.2.5%08/10/2020

EUR 400,000 425,597 0.37

TransurbanFinanceCo.Pty.Ltd.,Reg.S1.875%16/09/2024

EUR 500,000 521,444 0.46

2,606,159 2.28 BELGIUM Anheuser-BuschInBevSANV,Reg.S0.875%17/03/2022

EUR 1,200,000 1,225,073 1.07

KBCGroupNV,Reg.S1%26/04/2021

EUR 400,000 408,436 0.36

KBCGroupNV,Reg.S,FRN2.375%25/11/2024

EUR 800,000 833,560 0.73

2,467,069 2.16 BERMUDA XLITLtd.,FRN3.25%29/06/2047 EUR 1,000,000 994,463 0.87

994,463 0.87 DENMARK DanskeBankA/S,Reg.S0.5%06/05/2021

EUR 500,000 504,160 0.44

DanskeBankA/S,Reg.S,FRN3.875%04/10/2023

EUR 500,000 521,858 0.46

TDCA/S,Reg.S1.75%27/02/2027 EUR 600,000 597,783 0.52 1,623,801 1.42

FINLAND CityconOYJ,Reg.S3.75%24/06/2020

EUR 600,000 658,057 0.58

658,057 0.58 FRANCE AirbusGroupFinanceBV,Reg.S1.375%13/05/2031

EUR 600,000 587,819 0.51

ArkemaSA,Reg.S1.5%20/04/2027 EUR 800,000 801,898 0.70 AXASA,Reg.S,FRN3.875%

PerpetualEUR 1,000,000 1,088,555 0.95

BanqueFederativeduCreditMutuelSA,Reg.S2.375%24/03/2026

EUR 700,000 718,386 0.63

BNPParibasSA,Reg.S2.875%27/11/2017

EUR 800,000 810,328 0.71

BPCESA,Reg.S2.875%22/04/2026 EUR 1,200,000 1,273,527 1.12 BPCESA,Reg.S,FRN2.75%08/07/2026

EUR 800,000 842,525 0.74

CreditAgricoleSA,Reg.S2.625%17/03/2027

EUR 600,000 628,472 0.55

ElectricitedeFranceSA,Reg.S1%13/10/2026

EUR 800,000 775,424 0.68

ImerysSA,Reg.S1.5%15/01/2027 EUR 600,000 598,007 0.52 LVMH Moet Hennessy Louis Vuitton SE,Reg.S0.75%26/05/2024

EUR 1,000,000 1,001,097 0.88

RCIBanqueSA,Reg.S2.875%22/01/2018

EUR 300,000 305,004 0.27

RCIBanqueSA,Reg.S1.125%30/09/2019

EUR 600,000 613,809 0.54

SEBSA,Reg.S1.5%31/05/2024 EUR 300,000 302,394 0.26 SocieteFonciereLyonnaiseSA,REIT,Reg.S2.25%16/11/2022

EUR 1,000,000 1,067,045 0.93

SocieteGeneraleSA,Reg.S,FRN2.5%16/09/2026

EUR 1,200,000 1,256,271 1.10

Euro Corporate Bond Fund


Thefund’sobjectiveistomaximisethevalueofitssharesthroughbothgrowthinthevalueof,andincomefrom,itsinvestments.Thefundinvestsmainlyinadiversifiedportfolio of corporate bonds that are denominated in euro.Specifically, the fund investsat least two-thirdsof totalassets in debt securities denominated in euro. The fund may also invest in debt securities issued by Eurozone governmentsandgovernmentagencies,andinsecuritiesdenominated in other currencies than the euro. Portfolio debtsecuritiescanincludefixedandfloatingratebondsas well as preferred stocks and other transferable debt securitiesofanytype,includinghighyieldsecurities.The funddoesnot investmore than10%of assets inequitiesandequity-relatedsecurities,25%ofassets inconvertible bonds, and one-third of assets in moneymarket securities, with total investment in thesecategories limited to one-third of assets.The fund may use derivatives for hedging, efficientportfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in debt securities and credit indices.

EuroCorporateBondFund


37T. ROWE PRICE


Euro Corporate Bond Fund continued


Quantity/Nominal

Value

Market Value EUR

% of Net Assets

ITALY AeroportidiRomaSpA,Reg.S1.625%08/06/2027

EUR 800,000 800,259 0.70

CNHIndustrialFinanceEuropeSA,Reg.S6.25%09/03/2018

EUR 400,000 416,772 0.36

FCABankSpA,Reg.S2.625%17/04/2019

EUR 500,000 521,216 0.46

FCABankSpA,Reg.S1.25%23/09/2020

EUR 500,000 510,107 0.45

FCABankSpA,Reg.S1%15/11/2021

EUR 600,000 602,832 0.53

FerrariNV,Reg.S1.5%16/03/2023 EUR 1,000,000 1,011,520 0.89 IntesaSanpaoloSpA,Reg.S1.375%18/01/2024

EUR 500,000 502,109 0.44

IntesaSanpaoloSpA,Reg.S3.928%15/09/2026

EUR 1,000,000 1,059,000 0.93

LeonardoSpA4.875%24/03/2025 EUR 350,000 427,208 0.37 LeonardoSpA,Reg.S1.5%07/06/2024

EUR 300,000 296,520 0.26

MediobancaSpA,Reg.S0.875%14/11/2017

EUR 800,000 802,992 0.70


EUR 200,000 207,204 0.18


EUR 500,000 517,400 0.45

TelecomItaliaSpA,Reg.S3.625%25/05/2026

EUR 400,000 445,834 0.39

UniCreditSpA0%31/10/2017 EUR 400,000 400,036 0.35 UniCreditSpA,Reg.S2%04/03/2023 EUR 500,000 525,363 0.46 UniCreditSpA,Reg.S,FRN5.75%28/10/2025

EUR 400,000 440,162 0.39

9,486,534 8.31 LUXEMBOURG GELFBondIssuerISA,REIT,Reg.S1.75%22/11/2021

EUR 600,000 623,625 0.55

GELFBondIssuerISA,REIT,Reg.S1.625%20/10/2026

EUR 500,000 494,182 0.43

SELPFinanceSarl,REIT,Reg.S1.25%25/10/2023

EUR 700,000 689,686 0.60

1,807,493 1.58 NETHERLANDS ABNAMROBankNV,Reg.S5%09/02/2022

EUR 800,000 964,108 0.85

ASMLHoldingNV,Reg.S0.625%07/07/2022

EUR 300,000 299,816 0.26

ASMLHoldingNV,Reg.S1.625%28/05/2027

EUR 1,000,000 1,008,024 0.88

CooperatieveRabobankUA4.125%14/07/2025

EUR 1,700,000 2,119,336 1.86

DeltaLloydNV,Reg.S,FRN4.375%Perpetual

EUR 400,000 417,852 0.37

INGBankNV,Reg.S1.875%27/02/2018

EUR 600,000 608,409 0.53

INGGroepNV,Reg.S,FRN2.5%15/02/2029

EUR 800,000 834,734 0.73

LeasePlanCorp.NV,Reg.S1%08/04/2020

EUR 600,000 609,978 0.53

6,862,257 6.01 NEW ZEALAND BNZInternationalFundingLtd.,Reg.S1.25%23/05/2018

EUR 400,000 405,322 0.35

405,322 0.35


Quantity/Nominal

Value

Market Value EUR

% of Net Assets


EUR 1,000,000 1,089,006 0.95

TransportetInfrastructuresGazFranceSA,Reg.S2.2%05/08/2025

EUR 500,000 533,041 0.47

Unibail-RodamcoSE,REIT,Reg.S1.5%29/05/2029

EUR 800,000 794,717 0.70

VeoliaEnvironnementSA,Reg.S1.59%10/01/2028

EUR 500,000 508,561 0.45

15,595,886 13.66 GERMANY DaimlerAG,Reg.S1.4%12/01/2024 EUR 600,000 625,382 0.55 DeutscheBankAG,Reg.S1.125%17/03/2025

EUR 600,000 591,642 0.52

DeutscheTelekomInternationalFinanceBV,Reg.S1.5%03/04/2028

EUR 500,000 497,790 0.44

DVBBankSE1.25%15/09/2021 EUR 600,000 616,517 0.54 E.ONSE,Reg.S0.875%22/05/2024 EUR 1,000,000 989,939 0.87 GrandCityPropertiesSA,Reg.S1.5%17/04/2025

EUR 600,000 601,351 0.53

HeidelbergCementAG,Reg.S1.5%07/02/2025

EUR 100,000 101,373 0.09

HeidelbergCementFinanceLuxembourgSA,Reg.S0.5%18/01/2021

EUR 500,000 502,664 0.44

HeidelbergCementFinanceLuxembourgSA,Reg.S1.625%07/04/2026

EUR 600,000 605,523 0.53

innogyFinanceBV,Reg.S3%17/01/2024

EUR 600,000 679,545 0.59

LandesbankBaden-Wuerttemberg,Reg.S,FRN2.875%27/05/2026

EUR 750,000 777,856 0.68

LEGImmobilienAG,Reg.S1.25%23/01/2024

EUR 500,000 503,321 0.44

ProSiebenSat.1MediaSE,Reg.S2.625%15/04/2021

EUR 900,000 953,932 0.83

SymriseAG,Reg.S1.75%10/07/2019

EUR 800,000 822,976 0.72

VolkswagenInternationalFinanceNV,Reg.S1.125%02/10/2023

EUR 800,000 801,582 0.70

VonoviaFinanceBV,Reg.S1.625%15/12/2020

EUR 500,000 521,615 0.46


EUR 160,000 163,307 0.14


EUR 600,000 600,102 0.53


EUR 600,000 612,643 0.54


EUR 550,000 565,576 0.49


EUR 230,000 236,244 0.21


EUR 270,000 276,023 0.24


EUR 275,000 276,727 0.24

2,730,622 2.39 INDIA NTPCLtd.,Reg.S2.75%01/02/2027 EUR 500,000 526,346 0.46

526,346 0.46 IRELAND ESBFinanceDAC,Reg.S1.75%07/02/2029

EUR 600,000 615,602 0.54

GASNetworksIreland,Reg.S1.375%05/12/2026

EUR 600,000 605,036 0.53

1,220,638 1.07


38 T. ROWE PRICE




Quantity/Nominal

Value

Market Value EUR

% of Net Assets

SWITZERLAND CreditSuisseAG,Reg.S0.625%20/11/2018

EUR 800,000 807,425 0.71

CreditSuisseAG,Reg.S1.375%29/11/2019

EUR 500,000 515,514 0.45

SwissReinsuranceCo.Ltd.,Reg.S,FRN2.6%Perpetual

EUR 500,000 508,961 0.45

UBSAG,Reg.S0.5%15/05/2018 EUR 500,000 503,200 0.44 UBSGroupFundingSwitzerlandAG,Reg.S1.25%01/09/2026

EUR 200,000 197,687 0.17

2,532,787 2.22 UNITED KINGDOM Avivaplc,Reg.S0.1%13/12/2018 EUR 500,000 500,323 0.44 Avivaplc,Reg.S0.625%27/10/2023 EUR 600,000 588,415 0.52 Barclaysplc,Reg.S,FRN2.625%11/11/2025

EUR 400,000 411,962 0.36

BPCapitalMarketsplc,Reg.S1.373%03/03/2022

EUR 750,000 779,282 0.68

BritishTelecommunicationsplc,Reg.S1.75%10/03/2026

EUR 600,000 611,929 0.54

DraxFincoplc,Reg.S4.25%01/05/2022

GBP 145,000 169,608 0.15

FCEBankplc,Reg.S1.75%21/05/2018

EUR 300,000 304,772 0.27

FCEBankplc,Reg.S1.528%09/11/2020

EUR 500,000 517,407 0.45

GlobalSwitchHoldingsLtd.,Reg.S2.25%31/05/2027

EUR 700,000 706,368 0.62

HBOSplc5.374%30/06/2021 EUR 500,000 587,467 0.51 HeathrowFundingLtd.,Reg.S1.875%12/07/2032

EUR 600,000 599,271 0.52

HSBCHoldingsplc,Reg.S0.875%06/09/2024

EUR 1,000,000 989,834 0.87

HSBCHoldingsplc,Reg.S,FRN3.375%10/01/2024

EUR 400,000 418,551 0.37

LeedsBuildingSociety,Reg.S2.625%01/04/2021

EUR 500,000 533,413 0.47

NationwideBuildingSociety,Reg.S,FRN4.125%20/03/2023

EUR 570,000 585,202 0.51

RoyalBankofScotlandGroupplc,Reg.S2.5%22/03/2023

EUR 1,000,000 1,063,067 0.93

RSAInsuranceGroupplc,Reg.S,FRN5.125%10/10/2045

GBP 500,000 638,122 0.56

Skyplc,Reg.S2.25%17/11/2025 EUR 350,000 370,756 0.32 SmithsGroupplc,Reg.S2%23/02/2027

EUR 1,000,000 1,016,959 0.89

StandardCharteredBank,Reg.S5.875%26/09/2017

EUR 300,000 304,138 0.27

StandardCharteredplc,Reg.S,FRN4%21/10/2025

EUR 500,000 538,316 0.47

12,235,162 10.72 UNITED STATES OF AMERICA AllerganFundingSCS1.25%01/06/2024

EUR 1,000,000 996,305 0.87

AllianceDataSystemsCorp.,Reg.S5.25%15/11/2023

EUR 200,000 213,349 0.19

AmericanInternationalGroup,Inc.1.875%21/06/2027

EUR 1,000,000 989,666 0.87

Apple,Inc.0.875%24/05/2025 EUR 1,000,000 993,240 0.87 AT&T,Inc.1.8%04/09/2026 EUR 800,000 793,069 0.69 BankofAmericaCorp.,FRN0.509%28/03/2018

EUR 300,000 300,825 0.26

BankofAmericaCorp.,Reg.S4.625%07/08/2017

EUR 800,000 803,784 0.70


EUR 400,000 427,372 0.37


Quantity/Nominal

Value

Market Value EUR

% of Net Assets

NORWAY DNBBankASA,Reg.S,FRN3%26/09/2023

EUR 500,000 516,644 0.45

DNBBankASA,Reg.S,FRN1.25%01/03/2027

EUR 300,000 303,091 0.27

819,735 0.72 PORTUGAL EDPFinanceBV,Reg.S2.375%23/03/2023

EUR 400,000 425,219 0.37

425,219 0.37 SPAIN AmadeusFinanceBV,Reg.S0.625%02/12/2017

EUR 600,000 601,818 0.53

BancoBilbaoVizcayaArgentariaSA,FRN0.751%09/08/2021

EUR 200,000 190,000 0.17

BancoBilbaoVizcayaArgentariaSA,Reg.S1%20/01/2021

EUR 800,000 818,556 0.72

BancoSantanderSA,Reg.S1.375%09/02/2022

EUR 600,000 615,100 0.54

CaixaBankSA,Reg.S1.125%17/05/2024

EUR 1,000,000 998,227 0.87

DistribuidoraInternacionaldeAlimentacionSA,Reg.S1%28/04/2021

EUR 500,000 508,640 0.45

GasNaturalCapitalMarketsSA,Reg.S1.125%11/04/2024

EUR 700,000 705,056 0.62

IberdrolaInternationalBV,Reg.S1.75%17/09/2023

EUR 1,000,000 1,058,559 0.93

InmobiliariaColonialSA,Reg.S2.728%05/06/2023

EUR 1,000,000 1,076,924 0.94

MadrilenaReddeGasFinanceBV,Reg.S1.375%11/04/2025

EUR 800,000 799,840 0.70

MerlinPropertiesSocimiSA,REIT,Reg.S2.375%23/05/2022

EUR 700,000 739,770 0.65

ProsegurCiadeSeguridadSA,Reg.S2.75%02/04/2018

EUR 400,000 408,018 0.36

SantanderConsumerFinanceSA,Reg.S1.1%30/07/2018

EUR 300,000 303,757 0.27


EUR 700,000 713,536 0.62


EUR 600,000 622,484 0.54

SantanderIssuancesSAU,Reg.S3.125%19/01/2027

EUR 500,000 525,692 0.46

TelefonicaEmisionesSAU,Reg.S4.71%20/01/2020

EUR 400,000 446,682 0.39


EUR 500,000 508,151 0.44

11,640,810 10.20 SWEDEN AkeliusResidentialPropertyAB,Reg.S1.5%23/01/2022

EUR 750,000 764,898 0.67

AkeliusResidentialPropertyAB,Reg.S1.75%07/02/2025

EUR 700,000 700,396 0.61

NordeaBankAB,Reg.S,FRN1.875%10/11/2025

EUR 400,000 415,018 0.37

SkandinaviskaEnskildaBankenAB,Reg.S,FRN2.5%28/05/2026

EUR 500,000 527,110 0.46

2,407,422 2.11


39T. ROWE PRICE




Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



EUR% of Net

Assets

EUR 171,132 GBP 145,000 21/07/2017 BankofAmerica

6,440 0.01

EUR 2,056,153 GBP 1,729,293 21/07/2017 Citibank 92,011 0.08 EUR 310,476 USD 350,000 21/07/2017 HSBC 4,271 – GBP 1,068,436 EUR 1,209,343 21/07/2017 J.P. Morgan 4,192 – SEK 565,900 EUR 58,052 31/07/2017 DeutscheBank 718 – SEK 50 EUR 5 31/07/2017 J.P. Morgan – – Total Unrealised Gain on

Forward Currency Exchange Contracts107,632 0.09

EUR 584,960 USD 670,000 21/07/2017 J.P. Morgan (1,203) – NOK 425,900 EUR 44,700 31/07/2017 DeutscheBank (302) – USD 350,000 EUR 310,095 21/07/2017 Credit Suisse (3,890) – USD 63,633,500 EUR 56,217,809 31/07/2017 Goldman

Sachs(578,878) (0.51)

Total Unrealised Loss on Forward Currency Exchange Contracts

(584,273) (0.51)


(476,641) (0.42)



Reference Entity

Buy/Sell

Interest (Paid)/

Received Rate

Maturity Date

Market Value EUR


EUR% of Net

Assets

4,000,000 EUR Merrill Lynch BancoSantander SA4%20/06/2022

Buy (1.00)% 20/06/2022 (97,093) (97,093) (0.08)


Sell 1.00% 20/06/2022 (45,173) (45,173) (0.04)


(142,266) (142,266) (0.12)


(142,266) (142,266) (0.12)



Global Exposure

EUR


EUR% of Net

Assets

LongGilt,27/09/2017 (6) GBP (855,426) 16,770 0.01 Total Unrealised Gain on



16,770 0.01


Quantity/Nominal

Value

Market Value EUR

% of Net Assets


EUR 600,000 620,021 0.54

BankofAmericaCorp.,Reg.S,FRN1.379%07/02/2025

EUR 800,000 803,844 0.70

BankofAmericaCorp.,Reg.S,FRN1.776%04/05/2027

EUR 800,000 804,932 0.71


EUR 240,000 240,832 0.21


EUR 1,000,000 993,681 0.87

CarnivalCorp.1.125%06/11/2019 EUR 695,000 709,934 0.62 GECapitalEuropeanFundingUnlimitedCo.,Reg.S2.875%18/06/2019

EUR 800,000 843,736 0.74

GeneralMotorsFinancialInternationalBV,Reg.S1.168%18/05/2020

EUR 1,100,000 1,122,935 0.98

GoldmanSachsGroup,Inc.(The),Reg.S0.75%10/05/2019

EUR 500,000 506,572 0.44


EUR 400,000 428,563 0.38


EUR 400,000 432,816 0.38


EUR 500,000 495,219 0.43

GoldmanSachsGroup,Inc.(The),Reg.S3%12/02/2031

EUR 500,000 538,300 0.47

J.P.MorganChase&Co.,Reg.S1.5%26/10/2022

EUR 600,000 624,526 0.55


EUR 600,000 586,444 0.51


EUR 600,000 604,271 0.53

LibertyMutualFinanceEuropeDAC,Reg.S1.75%27/03/2024

EUR 580,000 589,416 0.52

LYBInternationalFinanceIIBV1.875%02/03/2022

EUR 600,000 620,758 0.54

ManpowerGroup,Inc.,Reg.S4.5%22/06/2018

EUR 700,000 730,639 0.64

MetropolitanLifeGlobalFundingI,Reg.S2.375%30/09/2019

EUR 400,000 420,630 0.37

MorganStanley5.5%02/10/2017 EUR 400,000 405,714 0.36 MorganStanley5.375%10/08/2020 EUR 400,000 462,751 0.41 MorganStanley2.375%31/03/2021 EUR 300,000 321,321 0.28 MorganStanley1%02/12/2022 EUR 500,000 503,529 0.44 Parker-HannifinCorp.,Reg.S1.125%01/03/2025

EUR 500,000 498,852 0.44

PerkinElmer,Inc.1.875%19/07/2026 EUR 1,000,000 1,003,189 0.88 PricelineGroup,Inc.(The)0.8%10/03/2022

EUR 800,000 797,262 0.70

PrologisInternationalFundingIISA,Reg.S1.876%17/04/2025

EUR 600,000 613,926 0.54

SchlumbergerFinanceFranceSAS,Reg.S0.625%12/02/2019

EUR 750,000 757,419 0.66

SouthernPowerCo.1.85%20/06/2026

EUR 800,000 806,795 0.71

TrinityAcquisitionplc,Reg.S2.125%26/05/2022

EUR 700,000 727,216 0.64

25,133,653 22.01 Total Bonds 112,372,443 98.42 Total Transferable securities


112,372,443 98.42



40 T. ROWE PRICE



Swaption Contracts


Global Exposure

EUR

Market ValueEUR

12,000,000 iTraxxEuropeSeries27Version1,Call,0.007,20/09/2017

EUR Merrill Lynch 12,000,000 10,127


10,127




United States of America 22.01 France 13.66 United Kingdom 10.72 Spain 10.20 Germany 8.93 Italy 8.31 Netherlands 6.01 Iceland 2.39 Australia 2.28 Switzerland 2.22 Belgium 2.16 Sweden 2.11 Luxembourg 1.58 Denmark 1.42 Ireland 1.07 Bermuda 0.87 Norway 0.72 Finland 0.58 India 0.46 Portugal 0.37 NewZealand 0.35 Total Investments 98.42 CashandOtherAssets/(Liabilities) 1.58Total 100.00

The accompanying notes are an integral part of these financial statements.


41T. ROWE PRICE



Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingBondsARGENTINA CodereFinance2LuxembourgSA,Reg.S6.75%01/11/2021

EUR 14,510,000 14,916,933 1.94

14,916,933 1.94 AUSTRIA ErsteGroupBankAG,Reg.S,FRN8.875%Perpetual

EUR 4,400,000 5,121,028 0.67

5,121,028 0.67 BELGIUM NyrstarNetherlandsHoldingsBV,Reg.S6.875%15/03/2024

EUR 7,500,000 7,629,825 0.99

7,629,825 0.99 BRAZIL PetrobrasGlobalFinanceBV8.75%23/05/2026

USD 3,500,000 3,530,695 0.46


USD 8,750,000 7,190,921 0.94

10,721,616 1.40 CANADA EntertainmentOneLtd.,Reg.S6.875%15/12/2022

GBP 5,200,000 6,500,448 0.85

6,500,448 0.85 CHINA NordAngliaEducationFinanceLLC,Reg.S5.75%15/07/2022

CHF 10,025,000 9,970,191 1.30

9,970,191 1.30 CROATIA Agrokordd,Reg.S9.875%01/05/2019

EUR 3,635,000 656,136 0.09

Agrokordd,Reg.S9.125%01/02/2020

EUR 15,875,000 2,763,123 0.36

3,419,259 0.45 FRANCE ContourGlobalPowerHoldingsSA,Reg.S5.125%15/06/2021

EUR 13,025,000 13,748,734 1.79

HomeViSAS,Reg.S6.875%15/08/2021

EUR 3,475,000 3,621,454 0.47


EUR 7,750,000 8,247,085 1.08

HorizonParentHoldingsSarl,Reg.S8.25%15/02/2022

EUR 11,055,000 11,615,986 1.51

LoxamSAS,Reg.S7%23/07/2022 EUR 4,675,000 4,927,964 0.64 LoxamSAS,Reg.S4.25%15/04/2024

EUR 1,235,000 1,307,488 0.17

LoxamSAS,Reg.S6%15/04/2025 EUR 5,315,000 5,776,927 0.75 MobiluxFinanceSAS,Reg.S5.5%15/11/2024

EUR 8,000,000 8,478,120 1.11

SFRGroupSA,144A7.375%01/05/2026

USD 4,000,000 3,793,110 0.50

SMCPGroupSAS,Reg.S5.875%01/05/2023

EUR 2,025,000 2,211,432 0.29

SynlabUnsecuredBondcoplc,Reg.S8.25%01/07/2023

EUR 12,100,000 13,532,943 1.76

WFSGlobalHoldingSAS,Reg.S9.5%15/07/2022

EUR 13,700,000 15,004,445 1.96

92,265,688 12.03 GERMANY CeramTecGroupGmbH,Reg.S8.25%15/08/2021

EUR 1,900,000 2,000,500 0.26

GarfunkeluxHoldco3SA,Reg.S8.5%01/11/2022

GBP 11,085,000 13,528,670 1.76

IHOVerwaltungsGmbH,Reg.S3.25%15/09/2023

EUR 5,500,000 5,652,927 0.74

European High Yield Bond Fund


The fund’s objective is to maximise the value of itssharesthroughbothgrowthinthevalueof,andincomefrom, its investments. The fund invests mainly in adiversifiedportfolio of high yield corporate bonds thatare denominated in European currencies.Specifically, the fund investsat least two-thirdsof totalassets indebtsecurities thatare ratedbelowBBB-byStandard & Poor’s or have an equivalent rating (or,if unrated, are of equivalent quality), and are issuedby companies and denominated in euro or another European currency. Portfolio debt securities can include fixedandfloatingratebondsaswellaspreferredstocks,convertible bonds and other transferable debt securities of any type.The funddoesnot investmore than10%of assets inequitiesandequity-relatedsecurities,25%ofassets inconvertible bonds, and one-third of assets in moneymarket securities, with total investment in thesecategories limited to one-third of assets.The fund may use derivatives for hedging, efficientportfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in debt securities and credit indices.

EuropeanHighYieldBondFund


42 T. ROWE PRICE


European High Yield Bond Fund continued


Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

SERBIA UnitedGroupBV,Reg.S7.875%15/11/2020

EUR 9,300,000 9,691,251 1.26

9,691,251 1.26 SPAIN BancoBilbaoVizcayaArgentariaSA,Reg.S,FRN8.875%Perpetual

EUR 3,600,000 4,131,396 0.54

CirsaFundingLuxembourgSA,Reg.S5.75%15/05/2021

EUR 2,925,000 3,104,785 0.41

CirsaFundingLuxembourgSA,Reg.S5.875%15/05/2023

EUR 5,125,000 5,392,653 0.70

12,628,834 1.65 SWITZERLAND SIGCombiblocHoldingsSCA,Reg.S7.75%15/02/2023

EUR 9,925,000 10,578,115 1.38

10,578,115 1.38 UNITED KINGDOM AABondCo.Ltd.,Reg.S5.5%31/07/2043

GBP 12,400,000 14,678,557 1.91

ArqivaBroadcastFinanceplc,Reg.S9.5%31/03/2020

GBP 11,135,000 13,509,670 1.76

AstonMartinCapitalHoldingsLtd.,Reg.S5.75%15/04/2022

GBP 4,750,000 5,677,020 0.74

CabotFinancialLuxembourgSA,Reg.S7.5%01/10/2023

GBP 12,700,000 15,604,526 2.03

CognitaFinancingplc,Reg.S7.75%15/08/2021

GBP 3,425,000 4,071,210 0.53

DraxFincoplc,Reg.S4.25%01/05/2022

GBP 4,855,000 5,678,947 0.74

HeathrowFinanceplc,Reg.S5.75%03/03/2025

GBP 1,600,000 2,060,884 0.27

HSSFinancingplc,Reg.S6.75%01/08/2019

GBP 6,273,000 7,126,128 0.93

INEOSGroupHoldingsSA,Reg.S5.375%01/08/2024

EUR 6,300,000 6,679,292 0.87

MarlinIntermediateHoldingsplc,Reg.S10.5%01/08/2020

GBP 1,300,000 1,572,831 0.21

MizzenBondcoLtd.,Reg.S7%01/05/2021

GBP 6,794,725 8,144,808 1.06

MoyParkBondCoplc,Reg.S6.25%29/05/2021

GBP 2,200,000 2,579,926 0.34

NewLookSecuredIssuerplc,Reg.S6.5%01/07/2022

GBP 7,500,000 6,314,073 0.82

NewLookSeniorIssuerplc,Reg.S8%01/07/2023

GBP 380,000 263,158 0.03

PerformGroupFinancingplc,Reg.S8.5%15/11/2020

GBP 2,325,000 2,770,457 0.36

VirginMediaReceivablesFinancingNotesIDAC,Reg.S5.5%15/09/2024

GBP 1,725,000 2,056,284 0.27


GBP 3,500,000 4,106,714 0.54


GBP 6,463,000 7,988,581 1.04

110,883,066 14.45 UNITED STATES OF AMERICA AllianceDataSystemsCorp.,Reg.S4.5%15/03/2022

EUR 3,000,000 3,122,625 0.41

AllianceDataSystemsCorp.,Reg.S5.25%15/11/2023

EUR 9,900,000 10,560,776 1.38

AMCEntertainmentHoldings,Inc.,Reg.S6.375%15/11/2024

GBP 7,675,000 9,370,473 1.22

CarlsonTravel,Inc.,Reg.S,FRN4.75%15/06/2023

EUR 2,550,000 2,582,844 0.34

CatalentPharmaSolutions,Inc.,Reg.S4.75%15/12/2024

EUR 3,000,000 3,221,175 0.42


Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

KirkBeautyOneGmbH,Reg.S8.75%15/07/2023

EUR 16,100,000 17,638,516 2.30

PCFGmbH,Reg.S7.875%01/08/2019

EUR 5,425,000 5,547,063 0.72

SafariHoldingVerwaltungsGmbH,Reg.S8.25%15/02/2021

EUR 3,534,940 3,703,468 0.48

UnitymediaGmbH,Reg.S3.75%15/01/2027

EUR 8,500,000 8,703,915 1.14

56,775,059 7.40 GREECE IntralotCapitalLuxembourgSA,Reg.S6%15/05/2021

EUR 3,600,000 3,706,236 0.48

IntralotCapitalLuxembourgSA,Reg.S6.75%15/09/2021

EUR 5,500,000 5,847,133 0.76

9,553,369 1.24 IRELAND ArdaghPackagingFinanceplc,Reg.S6.75%15/05/2024

EUR 1,625,000 1,819,821 0.24


EUR 4,275,000 4,353,746 0.57

GamenetGroupSpA,Reg.S6%15/08/2021

EUR 11,000,000 11,597,630 1.51

N&WGlobalVendingSpA,Reg.S7%15/10/2023

EUR 15,100,000 16,046,095 2.09

WindAcquisitionFinanceSA,Reg.S7.375%23/04/2021

USD 7,200,000 6,560,584 0.86

38,558,055 5.03 LUXEMBOURG AlticeFinancingSA,144A7.5%15/05/2026

USD 4,000,000 3,897,264 0.51

AlticeFincoSA,144A7.625%15/02/2025

USD 7,000,000 6,521,967 0.85

AlticeFincoSA,Reg.S8.125%15/01/2024

USD 5,000,000 4,749,991 0.62

AlticeLuxembourgSA,Reg.S6.25%15/02/2025

EUR 9,900,000 10,829,561 1.41

AmigoLuxembourgSA,Reg.S7.625%15/01/2024

GBP 15,000,000 17,753,933 2.31

ARDFinanceSA6.625%15/09/2023 EUR 10,000,000 10,662,550 1.39 DEAFinanceSA,Reg.S7.5%15/10/2022

EUR 13,600,000 14,610,004 1.90

LSF9BaltaIssuerSA,Reg.S7.75%15/09/2022

EUR 12,256,930 13,394,925 1.75

SwissportInvestmentsSA,Reg.S6.75%15/12/2021

EUR 4,350,000 4,679,969 0.61

87,100,164 11.35 MEXICO CEMEXFinanceLLC,Reg.S9.375%12/10/2022

USD 3,500,000 3,261,305 0.42

3,261,305 0.42 NETHERLANDS LincolnFinanceLtd.,Reg.S6.875%15/04/2021

EUR 9,700,000 10,421,534 1.36

NyrstarNetherlandsHoldingsBV,Reg.S8.5%15/09/2019

EUR 13,375,000 14,685,884 1.92

SchoellerAllibertGroupBV,Reg.S8%01/10/2021

EUR 13,000,000 14,061,255 1.83

ZiggoBondFinanceBV,144A6%15/01/2027

USD 635,000 563,363 0.07

39,732,036 5.18 PANAMA Cable&WirelessInternationalFinanceBV,Reg.S8.625%25/03/2019

GBP 1,950,000 2,509,165 0.33

2,509,165 0.33


43T. ROWE PRICE




Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

GERMANY UnitymediaGmbH,Reg.S6.125%15/01/2025

USD 3,875,000 3,644,257 0.48

UnitymediaHessenGmbH&Co.KG,144A5%15/01/2025

USD 2,750,000 2,529,306 0.33

6,173,563 0.81 IRELAND ArdaghPackagingFinanceplc,Reg.S6%15/02/2025

USD 3,200,000 2,952,818 0.39

2,952,818 0.39 ITALY InternationalGameTechnologyplc,144A6.5%15/02/2025

USD 3,850,000 3,708,537 0.48

IntesaSanpaoloSpA,FRN,144A7.7%Perpetual

USD 4,250,000 3,865,700 0.50

UniCreditSpA,FRN,144A5.861%19/06/2032

USD 5,000,000 4,502,106 0.59

12,076,343 1.57 LUXEMBOURG AlticeLuxembourgSA,144A7.625%15/02/2025

USD 5,000,000 4,821,557 0.63

ARDFinanceSA7.125%15/09/2023 USD 4,850,000 4,544,380 0.59 WFSGlobalHoldingSAS,Reg.S9.5%15/07/2022

EUR 1,700,000 1,855,125 0.24

11,221,062 1.46 NETHERLANDS ConstelliumNV,144A8%15/01/2023 USD 7,510,000 6,772,521 0.88 ConstelliumNV,Reg.S6.625%01/03/2025

USD 7,090,000 5,843,495 0.76

12,616,016 1.64 PANAMA SableInternationalFinanceLtd.,Reg.S6.875%01/08/2022

USD 7,216,000 6,826,310 0.89

6,826,310 0.89 UNITED KINGDOM Barclaysplc,FRN8.25%Perpetual USD 4,000,000 3,724,526 0.48 RoyalBankofScotlandGroupplc,FRN7.64%Perpetual

USD 3,800,000 3,192,844 0.42

6,917,370 0.90 UNITED STATES OF AMERICA PlatformSpecialtyProductsCorp.,144A10.375%01/05/2021

USD 13,400,000 12,988,012 1.69

12,988,012 1.69 Total Bonds 86,400,236 11.26Total Transferable securities


86,400,236 11.26



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



EUR% of Net

Assets

EUR 10,119,567 CHF 11,011,000 31/07/2017 Credit Suisse 38,719 0.01 EUR 193 CHF 211 31/07/2017 J.P. Morgan – – EUR 262,903 GBP 231,438 31/07/2017 J.P. Morgan 93 – EUR 137,057,717 USD 155,137,000 31/07/2017 Goldman

Sachs1,411,291 0.18

EUR 57,949 USD 66,187 31/07/2017 J.P. Morgan 78 – GBP 41,200 EUR 46,614 31/07/2017 Credit Suisse 171 –


Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

ColfaxCorp.,Reg.S3.25%15/05/2025

EUR 2,900,000 2,964,148 0.39

DarlingGlobalFinanceBV,Reg.S4.75%30/05/2022

EUR 2,550,000 2,687,164 0.35

Federal-MogulLLC,Reg.S5%15/07/2024

EUR 4,000,000 3,908,740 0.51

LeviStrauss&Co.3.375%15/03/2027 EUR 4,750,000 4,812,842 0.63 Netflix,Inc.,Reg.S3.625%15/05/2027

EUR 2,000,000 2,039,490 0.26

PSPCEscrowCorp.,Reg.S6%01/02/2023

EUR 2,850,000 3,002,461 0.39

SilganHoldings,Inc.,Reg.S3.25%15/03/2025

EUR 7,000,000 7,180,110 0.93

VeritasUS,Inc.,Reg.S7.5%01/02/2023

EUR 14,355,000 15,497,658 2.02

WMGAcquisitionCorp.,Reg.S4.125%01/11/2024

EUR 2,000,000 2,118,670 0.27

73,069,176 9.52 Total Bonds 606,704,404 79.08

EquitiesIRELAND SmurfitKappaGroupplc GBP 91,000 2,475,267 0.32

2,475,267 0.32 NETHERLANDS Altice NV 'A' EUR 208,276 4,241,541 0.55 AlticeNV'B' EUR 7,669 156,102 0.02

4,397,643 0.57 UNITED KINGDOM Liberty Global plc 'A' USD 17,000 477,788 0.06 Liberty Global plc 'C' USD 125,700 3,416,694 0.45 Liberty Global plc LiLAC 'A' USD 22,321 422,003 0.06 Liberty Global plc LiLAC 'C' USD 46,568 860,030 0.11

5,176,515 0.68 Total Equities 12,049,425 1.57

WarrantsCZECH REPUBLIC Central European Media Enterprises Ltd.02/05/2018*

USD 20,307 53,554 0.01

53,554 0.01 Total Warrants 53,554 0.01Total Transferable securities


618,807,383 80.66

Transferable securities and money market instruments admitted to an official exchange listingBondsAUSTRALIA FMGResourcesAugust2006Pty.Ltd.,144A9.75%01/03/2022

USD 5,400,000 5,405,816 0.71

5,405,816 0.71 CHILE VTRFinanceBV,Reg.S6.875%15/01/2024

USD 9,500,000 8,841,050 1.15


USD 2,500,000 381,876 0.05

381,876 0.05


44 T. ROWE PRICE



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



EUR% of Net

Assets


1,450,352 0.19

CHF 87,285,948 EUR 80,219,419 31/07/2017 Credit Suisse (306,930) (0.04) CHF 274,897 EUR 252,213 31/07/2017 J.P. Morgan (538) – EUR 11,152 CHF 12,188 31/07/2017 J.P. Morgan (6) – EUR 158,328,242 GBP 139,940,000 31/07/2017 Credit Suisse (581,341) (0.08) EUR 965 GBP 850 31/07/2017 J.P. Morgan – – USD 19,598,442 EUR 17,314,488 31/07/2017 Goldman

Sachs(178,288) (0.02)

USD 156,414 EUR 137,248 31/07/2017 J.P. Morgan (485) – Total Unrealised Loss on



382,764 0.05



Reference Entity

Buy/Sell

Interest (Paid)/

Received Rate

Maturity Date

Market Value EUR


EUR% of Net

Assets

3,000,000 EUR Barclays FiatChryslerFinanceNorthAmerica,Inc.5.625%12/06/2017

Sell 5.00% 20/06/2021 321,889 321,889 0.04


321,889 321,889 0.04


321,889 321,889 0.04



United Kingdom 16.03 Luxembourg 12.81 France 12.03 United States of America 11.21 Germany 8.21 Netherlands 7.39 Italy 6.60 Argentina 1.94 Spain 1.65 Brazil 1.40 Switzerland 1.38 China 1.30 Serbia 1.26 Greece 1.24 Panama 1.22 Chile 1.15 Belgium 0.99 Ireland 0.95 Canada 0.85 Australia 0.71 Austria 0.67 Croatia 0.50 Mexico 0.42 Czech Republic 0.01 Total Investments 91.92 CashandOtherAssets/(Liabilities) 8.08Total 100.00

* Security is valued at its fair value under the direction of the Board of Directors. The accompanying notes are an integral part of these financial statements.


45T. ROWE PRICE



Quantity/Nominal

Value

Market Value USD

% of Net Assets


ARS 8,600,000 531,568 0.25

CodereFinance2LuxembourgSA,Reg.S6.75%01/11/2021

EUR 100,000 117,399 0.05

648,967 0.30 AUSTRALIA AustraliaGovernmentBond,Reg.S3.75%21/04/2037

AUD 264,000 219,880 0.10


EUR 514,000 803,178 0.37

HetaAssetResolutionAG,Reg.S2.375%13/12/2022

EUR 400,000 500,704 0.23

1,303,882 0.60 BELGIUM BelgiumGovernmentBond,Reg.S,144A4.5%28/03/2026

EUR 560,000 858,907 0.40

KBCGroupNV,Reg.S1%26/04/2021

EUR 100,000 116,604 0.05

975,511 0.45 BRAZIL BrazilNotasdoTesouroNacional10%01/01/2023

BRL 853,000 2,666,985 1.22

2,666,985 1.22 CHINA ChinaGovernmentBond3.13%13/04/2022

CNY 7,000,000 1,016,556 0.47

1,016,556 0.47 CYPRUS CyprusGovernmentBond,Reg.S3.875%06/05/2022

EUR 773,000 969,160 0.44


EUR 2,021,000 2,522,164 1.16


EUR 850,000 995,350 0.45


EUR 350,000 450,828 0.21

4,937,502 2.26 CZECH REPUBLIC CzechRepublicGovernmentBond,Reg.S3.875%24/05/2022

EUR 270,000 364,553 0.16

UniCreditBankCzechRepublic&SlovakiaA/S,Reg.S0.625%30/04/2020

EUR 300,000 345,039 0.16

709,592 0.32 DENMARK DenmarkGovernmentBond1.75%15/11/2025

DKK 2,280,000 389,888 0.18

RealkreditDanmarkA/S2%01/04/2024

DKK 2,050,000 342,124 0.16

732,012 0.34 FINLAND CityconOYJ,Reg.S3.75%24/06/2020

EUR 100,000 125,246 0.06

125,246 0.06 FRANCE DexiaCreditLocalSA,Reg.S2.125%12/02/2025

GBP 200,000 267,317 0.12

Global Aggregate Bond Fund


Thefund’sobjectiveistomaximisethevalueofitssharesthroughbothgrowthinthevalueof,andincomefrom,itsinvestments.Thefundinvestsmainlyinadiversifiedportfolio of bonds of all types from issuers around the world.Specifically, the fund invests at least two-thirds oftotal assets in debt securities issued by governments,government agencies, supra-national organizations,companies and banks. Portfolio debt securities can includefixedandfloatingratebondsaswellaspreferredstocks, convertible bonds and other transferable debtsecuritiesofanytype,includinghighyieldsecurities.Thefundmayinvestmorethan20%ofassetsinmortgage-and asset-backed securities.The funddoesnot investmore than10%of assets inequitiesandequity-relatedsecurities,25%ofassets inconvertible bonds, and one-third of assets in moneymarket securities, with total investment in thesecategories limited to one-third of assets.The fund may use derivatives for hedging, efficientportfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in currencies,debtsecuritiesandcreditindices.

GlobalAggregateBondFund


46 T. ROWE PRICE


Global Aggregate Bond Fund continued


Quantity/Nominal

Value

Market Value USD

% of Net Assets

ISRAEL IsraelGovernmentBond1.75%31/08/2025

ILS 15,800,000 4,574,899 2.10

IsraelGovernmentBond,Reg.S2.875%29/01/2024

EUR 130,000 168,196 0.08


EUR 1,350,000 1,565,541 0.72


USD 300,000 292,937 0.13


USD 890,000 846,804 0.39


EUR 100,000 116,300 0.05

FCABankSpA,Reg.S1%15/11/2021

EUR 200,000 229,470 0.11


EUR 200,000 229,355 0.11


EUR 100,000 135,440 0.06


EUR 100,000 120,934 0.06

ItalgasSpA,Reg.S1.625%19/01/2027

EUR 300,000 346,893 0.16


EUR 291,000 362,545 0.17


EUR 1,751,000 2,027,364 0.93


EUR 1,586,000 2,032,978 0.93

ItalyBuoniPoliennaliDelTesoro,Reg.S,144A2.7%01/03/2047

EUR 1,000,000 1,019,868 0.47

ItalyBuoniPoliennaliDelTesoro,Reg.S4.5%01/02/2020

EUR 470,000 596,868 0.27


EUR 100,000 118,170 0.05

TelecomItaliaSpA5.875%19/05/2023

GBP 50,000 74,917 0.03

WindAcquisitionFinanceSA,Reg.S7%23/04/2021

EUR 100,000 119,052 0.05

7,530,154 3.45 JAPAN JapanGovernmentFiveYearBond0.1%20/06/2021

JPY 470,050,000 4,221,246 1.94

JapanGovernmentFiveYearBond0.1%20/12/2021

JPY 454,000,000 4,081,021 1.87

JapanGovernmentFortyYearBond1.4%20/03/2055

JPY 133,150,000 1,346,272 0.62

JapanGovernmentThirtyYearBond2.5%20/09/2037

JPY 130,800,000 1,584,551 0.73


JPY 65,750,000 771,022 0.35


JPY 104,000,000 1,134,427 0.52


JPY 148,600,000 1,533,945 0.70


JPY 282,150,000 2,826,386 1.30


JPY 33,900,000 309,092 0.14

17,807,962 8.17 LITHUANIA LithuaniaGovernmentBond,Reg.S7.375%11/02/2020

USD 697,000 790,105 0.36

790,105 0.36


Quantity/Nominal

Value

Market Value USD

% of Net Assets


EUR 2,560,000 2,793,593 1.28


EUR 2,518,000 3,823,175 1.75

HomeViSAS,Reg.S6.875%15/08/2021

EUR 100,000 119,009 0.06

LoxamSAS,Reg.S7%23/07/2022 EUR 100,000 120,375 0.06 RCIBanqueSA,Reg.S3.25%25/04/2018

GBP 20,000 26,386 0.01


EUR 200,000 248,720 0.11

7,398,575 3.39 GERMANY BundesrepublikDeutschland,Reg.S0.25%15/02/2027

EUR 3,854,000 4,311,874 1.98


EUR 260,000 387,531 0.18

DaimlerAG,Reg.S1.4%12/01/2024 EUR 150,000 178,540 0.08 DaimlerInternationalFinanceBV,Reg.S3.5%06/06/2019

GBP 6,000 8,150 –

JH-HoldingFinanceSA,Reg.S8.25%01/12/2022

EUR 100,000 125,755 0.06

LandwirtschaftlicheRentenbank,Reg.S2.25%23/07/2021

CAD 2,830,000 2,223,093 1.02

PCFGmbH,Reg.S7.875%01/08/2019

EUR 100,000 116,765 0.05

ProSiebenSat.1MediaSE,Reg.S2.625%15/04/2021

EUR 75,000 90,779 0.04

SymriseAG,Reg.S1.75%10/07/2019

EUR 150,000 176,214 0.08

VolkswagenFinancialServicesNV,Reg.S2.25%12/04/2025

GBP 200,000 259,545 0.12

VonoviaFinanceBV,Reg.S,FRN4%Perpetual

EUR 200,000 246,321 0.11

WEPAHygieneprodukteGmbH,Reg.S3.75%15/05/2024

EUR 100,000 119,155 0.06


EUR 270,000 314,826 0.14


EUR 200,000 234,592 0.11


EUR 440,000 513,670 0.24


EUR 400,000 459,653 0.21

1,522,741 0.70 INDIA NTPCLtd.,Reg.S2.75%01/02/2027 EUR 250,000 300,533 0.14

300,533 0.14 INDONESIA IndonesiaGovernmentBond,Reg.S2.875%08/07/2021

EUR 100,000 122,418 0.06

IndonesiaGovernmentBond,Reg.S3.75%14/06/2028

EUR 1,746,000 2,191,587 1.01

PerusahaanPenerbitSBSNIndonesiaIII,Reg.S4.15%29/03/2027

USD 2,000,000 2,037,130 0.93

4,351,135 2.00 IRELAND AIBMortgageBank,Reg.S2.25%26/03/2021

EUR 100,000 123,593 0.06

IrelandGovernmentBond5.4%13/03/2025

EUR 370,000 573,563 0.26

697,156 0.32


47T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

IE2HoldcoSAU,Reg.S2.875%01/06/2026

EUR 100,000 121,689 0.06


EUR 100,000 120,684 0.05

TelefonicaEmisionesSAU5.375%02/02/2018

GBP 50,000 66,521 0.03


EUR 50,000 63,245 0.03

TelefonicaEuropeBV,Reg.S,FRN4.2%Perpetual

EUR 100,000 121,558 0.06

1,122,032 0.51 SRI LANKA SriLankaGovernmentBond,Reg.S6.2%11/05/2027

USD 200,000 200,182 0.09

200,182 0.09 SUPRANATIONAL EuropeanInvestmentBank,Reg.S1.75%12/11/2026

SEK 18,590,000 2,285,013 1.05

2,285,013 1.05 SWEDEN SwedenGovernmentBond3.5%30/03/2039

SEK 1,880,000 298,886 0.14

298,886 0.14 SWITZERLAND SIGCombiblocHoldingsSCA,Reg.S7.75%15/02/2023

EUR 100,000 121,711 0.05

ZurichInsuranceCo.Ltd.,FRN7.5%24/07/2039

EUR 50,000 65,306 0.03


THB 62,600,000 1,778,209 0.82


GBP 100,000 138,550 0.06

Avivaplc,Reg.S,FRN6.875%22/05/2038

EUR 50,000 60,375 0.03

Barclaysplc3.684%10/01/2023 USD 595,000 611,056 0.28 EasternPowerNetworksplc,Reg.S5.75%08/03/2024

GBP 16,000 25,715 0.01

GKNHoldingsplc,Reg.S6.75%28/10/2019

GBP 6,000 8,740 –

GKNHoldingsplc,Reg.S5.375%19/09/2022

GBP 100,000 150,539 0.07

HeathrowFundingLtd.,Reg.S5.225%15/02/2023

GBP 50,000 76,465 0.04

HSBCHoldingsplc2.65%05/01/2022

USD 440,000 439,028 0.20


GBP 22,000 34,915 0.02

ImperialBrandsFinanceplc,144A2.95%21/07/2020

USD 270,000 274,925 0.13

ImperialBrandsFinanceplc6.25%04/12/2018

GBP 16,000 22,252 0.01

InterContinentalHotelsGroupplc,Reg.S3.875%28/11/2022

GBP 100,000 142,238 0.07


GBP 100,000 125,456 0.06

Kennedy Wilson Europe Real Estate plc,Reg.S3.95%30/06/2022

GBP 200,000 266,480 0.12

Marks&Spencerplc,Reg.S3%08/12/2023

GBP 100,000 132,265 0.06

NationwideBuildingSociety,Reg.S6.75%22/07/2020

EUR 50,000 67,677 0.03


Quantity/Nominal

Value

Market Value USD

% of Net Assets

LUXEMBOURG AmigoLuxembourgSA,Reg.S7.625%15/01/2024

GBP 100,000 135,162 0.06

ARDFinanceSA6.625%15/09/2023 EUR 100,000 121,762 0.06 256,924 0.12

MEXICO BBVABancomerSA,144A4.375%10/04/2024

USD 150,000 156,051 0.07

MexicanBonos6.5%09/06/2022 MXN 58,000,000 3,206,646 1.47 MexicanBonos7.5%03/06/2027 MXN 31,620,000 1,851,373 0.85 MexicanBonos7.75%13/11/2042 MXN 22,360,000 1,319,603 0.61

6,533,673 3.00 NETHERLANDS ASMLHoldingNV,Reg.S1.625%28/05/2027

EUR 300,000 345,337 0.16

INGBankNV,Reg.S,FRN4.125%21/11/2023

USD 205,000 209,922 0.10

INGGroepNV,FRN3%11/04/2028 EUR 100,000 122,484 0.05 LincolnFinanceLtd.,Reg.S6.875%15/04/2021

EUR 100,000 122,690 0.06

NetherlandsGovernmentBond5.5%15/01/2028

EUR 980,000 1,677,352 0.77


EUR 100,000 125,388 0.06

ZiggoBondFinanceBV,Reg.S4.625%15/01/2025

EUR 100,000 121,279 0.05

2,724,452 1.25 NEW ZEALAND ChorusLtd.,Reg.S1.125%18/10/2023

EUR 100,000 113,789 0.05

113,789 0.05 NORWAY NorwayGovernmentBond,Reg.S,144A2%24/05/2023

NOK 1,810,000 225,163 0.10


RON 7,340,000 2,118,183 0.97

RomaniaGovernmentBond,Reg.S4.875%07/11/2019

EUR 110,000 139,947 0.07


EUR 90,000 109,405 0.05

2,367,535 1.09 SERBIA SerbiaGovernmentBond,Reg.S7.25%28/09/2021

USD 1,750,000 2,023,735 0.93

UnitedGroupBV,Reg.S7.875%15/11/2020

EUR 100,000 119,000 0.05

2,142,735 0.98 SINGAPORE SingaporeGovernmentBond3.125%01/09/2022

SGD 469,000 366,297 0.17

366,297 0.17 SLOVENIA SloveniaGovernmentBond,Reg.S1.25%22/03/2027

EUR 1,351,000 1,557,904 0.71

1,557,904 0.71 SPAIN BankiaSA4%03/02/2025 EUR 200,000 280,292 0.13 BBVASubordinatedCapitalSAU,Reg.S,FRN3.5%11/04/2024

EUR 100,000 120,056 0.05

CaixaBankSA,Reg.S1.125%17/05/2024

EUR 200,000 227,987 0.10


48 T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

GoldmanSachsGroup,Inc.(The)3%26/04/2022

USD 530,000 535,297 0.25


USD 500,000 497,090 0.23


EUR 350,000 395,865 0.18

HessCorp.4.3%01/04/2027 USD 385,000 377,144 0.17 Humana,Inc.3.85%01/10/2024 USD 160,000 167,115 0.08 KimcoRealtyCorp.,REIT2.8%01/10/2026

USD 180,000 167,275 0.08

LibertyMutualFinanceEuropeDAC,Reg.S1.75%27/03/2024

EUR 180,000 208,890 0.10

LifeTechnologiesCorp.6%01/03/2020

USD 145,000 158,418 0.07

MorganStanley5%02/05/2019 EUR 50,000 62,339 0.03 MorganStanley3.875%27/01/2026 USD 1,530,000 1,574,852 0.72 MPTOperatingPartnershipLP,REIT5.25%01/08/2026

USD 75,000 78,298 0.04

NewellBrands,Inc.5.5%01/04/2046 USD 205,000 246,202 0.11 PerkinElmer,Inc.1.875%19/07/2026 EUR 100,000 114,560 0.05 PricelineGroup,Inc.(The)2.375%23/09/2024

EUR 100,000 121,417 0.06

SimonPropertyGroupLP,REIT2.5%01/09/2020

USD 300,000 303,688 0.14

SouthernCo.(The)2.95%01/07/2023 USD 545,000 543,964 0.25 USTreasury1.25%31/03/2021 USD 4,258,000 4,192,300 1.92 USTreasury1.375%30/06/2023 USD 700,000 675,062 0.31 USTreasury1.625%15/02/2026 USD 6,890,000 6,560,572 3.01 USTreasury2.5%15/02/2045 USD 5,728,000 5,348,968 2.45 USTreasury2.875%15/11/2046 USD 9,990,000 10,063,364 4.62 VerizonCommunications,Inc.4.272%15/01/2036

USD 800,000 773,468 0.35

Visa,Inc.4.3%14/12/2045 USD 160,000 176,301 0.08 WesternGasPartnersLP5.45%01/04/2044

USD 845,000 872,479 0.40

WPXEnergy,Inc.7.5%01/08/2020 USD 100,000 104,968 0.05 44,906,109 20.60

Total Bonds 142,566,157 65.40Total Transferable securities


142,566,157 65.40

Transferable securities and money market instruments dealt in on another regulated marketBondsAUSTRALIA BramblesUSA,Inc.,144A4.125%23/10/2025

USD 95,000 98,099 0.04

NewSouthWalesTreasuryCorp.3%20/03/2028

AUD 175,000 133,964 0.06

NewSouthWalesTreasuryCorp.,Reg.S4%20/05/2026

AUD 1,665,000 1,397,023 0.64

SMARTABSTrust,Series2015-1US'A3A'1.5%14/09/2018

USD 16,051 16,041 0.01


USD 775,000 768,922 0.35

TransurbanFinanceCo.Pty.Ltd.,144A4.125%02/02/2026

USD 35,000 36,484 0.02


USD 120,000 117,511 0.05

WoodsideFinanceLtd.,144A3.65%05/03/2025

USD 100,000 99,790 0.05


Quantity/Nominal

Value

Market Value USD

% of Net Assets


GBP 100,000 96,139 0.04

Nextplc,Reg.S3.625%18/05/2028 GBP 100,000 132,443 0.06 RSAInsuranceGroupplc,Reg.S,FRN5.125%10/10/2045

GBP 100,000 145,742 0.07

Santander UK Group Holdings plc 2.875%05/08/2021

USD 450,000 451,413 0.21

SantanderUKGroupHoldingsplc,Reg.S3.625%14/01/2026

GBP 200,000 276,257 0.13

Skyplc,Reg.S1.875%24/11/2023 EUR 100,000 119,771 0.05 StandardCharteredplc,Reg.S,FRN4%21/10/2025

EUR 100,000 122,947 0.06

Tescoplc5.5%13/12/2019 GBP 20,000 28,322 0.01 TravisPerkinsplc,Reg.S4.5%07/09/2023

GBP 100,000 134,134 0.06

UKTreasury,Reg.S3.75%07/09/2021

GBP 300,000 441,722 0.20

UKTreasury,Reg.S3.5%22/01/2045 GBP 525,000 912,897 0.42 UKTreasury,Reg.S3.5%22/07/2068 GBP 235,000 494,765 0.23 WesternPowerDistributionplc,Reg.S3.625%06/11/2023

GBP 100,000 140,416 0.06

6,073,644 2.79 UNITED STATES OF AMERICA AbbottLaboratories3.75%30/11/2026

USD 630,000 642,509 0.29

AlexandriaRealEstateEquities,Inc.,REIT3.95%15/01/2027

USD 625,000 639,072 0.29


USD 140,000 142,631 0.07

AmericanInternationalGroup,Inc.1.875%21/06/2027

EUR 400,000 452,064 0.21

Arconic,Inc.5.4%15/04/2021 USD 500,000 526,875 0.24 BankofAmericaCorp.5.5%04/12/2019

GBP 12,000 17,176 0.01

BankofAmericaCorp.3.248%21/10/2027

USD 1,880,000 1,819,530 0.83


EUR 50,000 57,368 0.03


EUR 100,000 118,007 0.05


USD 190,000 193,745 0.09


USD 765,000 792,414 0.36


USD 750,000 840,596 0.39


USD 190,000 194,727 0.09


USD 570,000 585,082 0.27

CarnivalCorp.1.125%06/11/2019 EUR 100,000 116,650 0.05 ChubbINAHoldings,Inc.2.3%03/11/2020

USD 265,000 266,981 0.12

Citigroup,Inc.3.2%21/10/2026 USD 785,000 764,323 0.35 CrownCastleInternationalCorp.,REIT5.25%15/01/2023

USD 605,000 673,153 0.31

DiscoverBank3.1%04/06/2020 USD 255,000 260,647 0.12 DiscoverFinancialServices4.1%09/02/2027

USD 235,000 236,368 0.11

EastmanChemicalCo.1.5%26/05/2023

EUR 100,000 117,240 0.05

ExelonCorp.2.85%15/06/2020 USD 455,000 462,542 0.21 FirstEnergyCorp.3.9%15/07/2027 USD 650,000 651,524 0.30 GoldmanSachsGroup,Inc.(The)5.5%12/10/2021

GBP 10,000 14,989 0.01


49T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

BancofAmericaMortgageTrust,FRN,Series2004-A'2A2'3.591%25/02/2034

USD 1,671 1,659 –

BancofAmericaMortgageTrust,FRN,Series2004-H'2A2'3.198%25/09/2034

USD 1,310 1,298 –

BancofAmericaMortgageTrust,FRN,Series2005-J'3A1'3.739%25/11/2035

USD 2,953 3,057 –

BancofAmericaMortgageTrust,FRN,Series2004-I'3A2'3.264%25/10/2034

USD 507 507 –

BarclaysDryrockIssuanceTrust,Series2015-1'A'2.2%15/12/2022

USD 100,000 100,872 0.05

BroadcomCorp.,144A3.875%15/01/2027

USD 325,000 333,869 0.15

CapitalAutoReceivablesAssetTrust,Series2014-1'D'3.39%22/07/2019

USD 150,000 151,675 0.07

CapitalAutoReceivablesAssetTrust,Series2014-2'D'2.81%20/08/2019

USD 278,000 279,775 0.13

CarMaxAutoOwnerTrust,Series2014-1'B'1.69%15/08/2019

USD 10,000 10,004 –

CarMaxAutoOwnerTrust,Series2014-1'C'1.93%15/11/2019

USD 10,000 10,012 –

CCGReceivablesTrust,Series2016-1'A2',144A1.69%14/09/2022

USD 82,759 82,693 0.04

CelgeneCorp.3.875%15/08/2025 USD 330,000 345,236 0.16 Charter Communications Operating LLC4.908%23/07/2025

USD 60,000 64,941 0.03

Charter Communications Operating LLC6.484%23/10/2045

USD 230,000 275,667 0.13

ChaseFundingTrust,Series2002-2'1M1'5.599%25/09/2031

USD 55 55 –

ChaseIssuanceTrust,Series2016-A2'A'1.37%15/06/2021

USD 170,000 168,968 0.08

Citigroup,Inc.,FRN2.15%07/06/2019

USD 500,000 504,673 0.23

COMMMortgageTrust,FRN,Series2015-PC1'AM'4.29%10/07/2050

USD 20,000 21,332 0.01

COMMMortgageTrust,FRN,Series2015-LC21'B'4.455%10/07/2048

USD 70,000 70,514 0.03

COMMMortgageTrust,FRN,Series2015-PC1'B'4.441%10/07/2050

USD 35,000 35,436 0.02

CommercialMortgageTrust,Series2016-CR28'AHR'3.651%10/02/2049

USD 59,460 60,408 0.03

CountrywideAsset-BackedCertificatesTrust,FRN,Series2004-BC1'M2'2.821%25/01/2034

USD 2,917 2,848 –

Credit Suisse Mortgage Capital Certificates,Series2015-GLPB'A',144A3.639%15/11/2034

USD 290,000 305,387 0.14

DBMasterFinanceLLC,Series2015-1A'A2I',144A3.262%20/02/2045

USD 107,525 108,477 0.05

DiamondResortsOwnerTrust,Series2013-2'A',144A2.27%20/05/2026

USD 20,830 20,723 0.01

DollarTree,Inc.5.75%01/03/2023 USD 100,000 105,639 0.05 Domino'sPizzaMasterIssuerLLC,Series2012-1A'A2',144A5.216%25/01/2042

USD 72,242 72,507 0.03

DSLAMortgageLoanTrust,FRN,Series2004-AR1'A1A'2.049%19/09/2044

USD 19,833 19,004 0.01

ElaraHGVTimeshareIssuerLLC,Series2014-A'A',144A2.53%25/02/2027

USD 34,773 34,634 0.02

EnterpriseFleetFinancingLLC,Series2015-1'A2',144A1.3%20/09/2020

USD 56,001 55,963 0.03


Quantity/Nominal

Value

Market Value USD

% of Net Assets


USD 416,000 411,403 0.19

3,079,237 1.41 CANADA Enbridge,Inc.,FRN6%15/01/2077 USD 235,000 247,178 0.11 ProvinceofManitobaCanada2.45%02/06/2025

CAD 325,000 252,474 0.12

ProvinceofOntarioCanada4%02/06/2021

CAD 1,330,000 1,113,659 0.51

ProvinceofOntarioCanada2.6%02/06/2025

CAD 375,000 295,375 0.14

ProvinceofOntarioCanada3.5%02/06/2043

CAD 80,000 67,495 0.03

ProvinceofQuebecCanada5%01/12/2038

CAD 210,000 215,052 0.10

2,191,233 1.01 EGYPT EgyptTreasuryBill0%06/02/2018 EGP 10,600,000 532,870 0.24

532,870 0.24 FRANCE BNPParibasSA,144A2.95%23/05/2022

USD 410,000 414,362 0.19

414,362 0.19ITALY UniCreditSpA,144A4.625%12/04/2027

USD 200,000 211,378 0.10


MYR 4,479,000 1,074,993 0.49


MYR 4,180,000 973,117 0.45

2,048,110 0.94 MEXICO PetroleosMexicanos5.5%04/02/2019

USD 1,000,000 1,045,335 0.48

1,045,335 0.48 SWITZERLAND UBSGroupFundingSwitzerlandAG,144A4.125%24/09/2025

USD 400,000 419,535 0.19

419,535 0.19 UNITED KINGDOM StandardCharteredplc,FRN,144A2.308%19/08/2019

USD 450,000 454,588 0.21

454,588 0.21 UNITED STATES OF AMERICA 225LibertyStreetTrust,Series2016-225L'A',144A3.597%10/02/2036

USD 100,000 104,212 0.05

AllyAutoReceivablesTrust,Series2014-1'D'2.48%15/02/2021

USD 345,000 346,312 0.16

AmericanAirlinesPassThroughTrust,Series2013-2'A'4.95%15/07/2024

USD 152,235 162,702 0.08

AmeriCredit Automobile Receivables Trust,Series2013-5'C'2.29%08/11/2019

USD 40,817 40,911 0.02

BancofAmericaCommercialMortgageTrust,Series2007-5'A4'5.492%10/02/2051

USD 9,320 9,334 –

BancofAmericaCommercialMortgageTrust,FRN,Series2007-4'AM'5.972%10/02/2051

USD 13,122 13,128 0.01


USD 8,007 7,485 –


50 T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

FHLMCREMIC,FRN,Series4566'FA'1.489%15/04/2046

USD 20,945 21,127 0.01

FHLMCREMIC,FRN,Series4648'FA'1.489%15/01/2047

USD 25,258 25,517 0.01

FHLMCREMIC,FRN,Series4614'FG'1.659%15/09/2046

USD 104,245 105,424 0.05

FHLMCREMIC,FRN,Series4604'FH'1.489%15/08/2046

USD 3,130 3,160 –

FHLMCREMIC,FRN,Series4621'FK'1.659%15/10/2046

USD 18,169 18,365 0.01


USD 39,230 39,363 0.02

FHLMCREMIC,FRN,Series4650'FL'1.439%15/01/2047

USD 24,542 24,623 0.01

FHLMCREMIC,FRN,Series4623'MF'1.659%15/10/2046

USD 10,776 10,900 0.01

FNMA1903964.5%01/06/2039 USD 11,231 12,092 0.01 FNMA2544735.5%01/10/2017 USD 57 57 – FNMA2545506.5%01/12/2032 USD 3,613 4,092 – FNMA2547935%01/07/2033 USD 2,241 2,461 – FNMA3577485.5%01/04/2035 USD 1,423 1,595 – FNMA5350417%01/12/2029 USD 1,528 1,783 – FNMA5451207%01/08/2031 USD 326 384 – FNMA5457596.5%01/07/2032 USD 6,804 7,816 – FNMA5458985.5%01/09/2017 USD 18 18 – FNMA5552856%01/03/2033 USD 2,790 3,193 – FNMA5553455.5%01/02/2018 USD 15 15 – FNMA5554176%01/05/2033 USD 1,998 2,283 – FNMA6500756.5%01/07/2032 USD 929 1,043 – FNMA6852025.5%01/04/2018 USD 118 119 – FNMA7251626%01/02/2034 USD 19,422 22,271 0.01 FNMA7252055%01/03/2034 USD 66,069 72,361 0.03 FNMA7252315%01/02/2034 USD 3,833 4,208 – FNMA7252385%01/03/2034 USD 3,686 4,048 – FNMA7255285.5%01/04/2019 USD 371 377 – FNMA7257046%01/08/2034 USD 5,327 6,114 – FNMA7259465.5%01/11/2034 USD 7,921 8,879 – FNMA7353184.5%01/11/2019 USD 1,259 1,289 – FNMA7355026%01/04/2035 USD 1,039 1,189 – FNMA7355785%01/06/2035 USD 808 888 – FNMA7355805%01/06/2035 USD 11,960 13,106 0.01 FNMA7356765%01/07/2035 USD 3,221 3,540 – FNMA7450896%01/12/2035 USD 41,166 47,099 0.02 FNMA,FRN7452163.061%01/11/2035

USD 6,385 6,746 –

FNMA7452466%01/02/2034 USD 4,880 5,579 – FNMA7452755%01/02/2036 USD 1,336 1,469 – FNMA7452795%01/02/2021 USD 2,212 2,292 – FNMA7453555%01/03/2036 USD 2,147 2,360 – FNMA7453924.5%01/12/2020 USD 3,775 3,879 – FNMA7454185.5%01/04/2036 USD 1,820 2,038 – FNMA7454404.5%01/07/2020 USD 2,422 2,481 – FNMA,FRN7457613.046%01/08/2036

USD 5,037 5,357 –

FNMA7898855.5%01/07/2019 USD 646 659 – FNMA7935735.5%01/09/2019 USD 556 568 – FNMA8137645%01/02/2020 USD 2,254 2,322 – FNMA,FRN8465513.461%01/12/2035

USD 622 662 –

FNMA,FRN8484763.111%01/12/2035

USD 1,912 2,009 –

FNMA,FRN8485222.965%01/12/2035

USD 336 354 –


Quantity/Nominal

Value

Market Value USD

% of Net Assets


USD 200,000 200,457 0.09

Expedia,Inc.5%15/02/2026 USD 715,000 769,926 0.35 FHLMC,FRN,Series2017-SC01'M1',144A3.606%25/12/2046

USD 589,309 586,368 0.27

FHLMC,FRN,Series2014-HQ3'M2'3.674%25/10/2024

USD 64,051 64,555 0.03


USD 56,493 56,749 0.03


USD 227,556 235,763 0.11


USD 149,143 150,906 0.07

FHLMC,FRN1B05273.035%01/09/2032

USD 106 109 –

FHLMC,FRN1B32033.369%01/01/2037

USD 1,770 1,901 –

FHLMC,FRN1G06613.348%01/01/2036

USD 351 365 –

FHLMC,FRN1G13263.486%01/11/2036

USD 981 1,025 –

FHLMC,FRN1G13533.536%01/12/2036

USD 928 963 –

FHLMC,FRN1Q01963.783%01/02/2037

USD 5,401 5,772 –

FHLMCA285666.5%01/11/2034 USD 17,840 19,766 0.01 FHLMCA915664.5%01/03/2040 USD 9,469 10,234 0.01 FHLMCA918125%01/04/2040 USD 12,587 13,834 0.01 FHLMCA931015%01/07/2040 USD 6,398 7,025 – FHLMCA958254%01/12/2040 USD 55,728 58,932 0.03 FHLMCA959614%01/12/2040 USD 16,946 17,920 0.01 FHLMCA964134%01/01/2041 USD 6,960 7,360 – FHLMCA970474.5%01/02/2041 USD 23,222 25,046 0.01 FHLMCA970594%01/02/2041 USD 36,455 38,674 0.02 FHLMCB103435%01/11/2018 USD 347 356 – FHLMCC042383.5%01/09/2042 USD 65,754 67,976 0.03 FHLMCC090073.5%01/08/2042 USD 52,038 53,797 0.03 FHLMCC682487%01/06/2032 USD 489 526 – FHLMCC721286%01/10/2032 USD 1,037 1,171 – FHLMCE014975.5%01/11/2018 USD 366 373 – FHLMCE999335%01/10/2018 USD 277 285 – FHLMCG014446.5%01/08/2032 USD 1,946 2,183 – FHLMCG046536%01/08/2038 USD 1,402 1,606 – FHLMCG056594.5%01/10/2039 USD 12,278 13,211 0.01 FHLMCG059346%01/12/2033 USD 3,883 4,432 – FHLMCG060205.5%01/12/2039 USD 954 1,063 – FHLMCG072403%01/12/2042 USD 203,340 204,700 0.09 FHLMCG076494.5%01/05/2042 USD 30,844 33,265 0.02 FHLMCG083534.5%01/07/2039 USD 9,055 9,744 – FHLMCG084354.5%01/02/2041 USD 27,980 30,124 0.01 FHLMCG085343%01/06/2043 USD 18,226 18,339 0.01 FHLMCG087473%01/02/2047 USD 628,728 629,661 0.29 FHLMCG136824.5%01/11/2024 USD 15,571 16,479 0.01 FHLMCG142725%01/07/2025 USD 965 990 – FHLMCG604403.5%01/03/2046 USD 127,773 132,331 0.06 FHLMCJ036406%01/10/2021 USD 1,650 1,724 – FHLMCQ046744%01/12/2041 USD 18,572 19,640 0.01 FHLMCQ112203.5%01/09/2042 USD 55,886 57,773 0.03 FHLMCQ406473.5%01/05/2046 USD 179,138 184,795 0.09 FHLMCU909323%01/02/2043 USD 19,259 19,203 0.01 FHLMCREMIC,FRN,Series4623'EF'1.609%15/10/2046

USD 11,659 11,743 0.01


51T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

FNMAAL69666.5%01/08/2038 USD 6,803 7,803 – FNMAAL71213%01/01/2044 USD 756,726 762,167 0.35 FNMAAL79535%01/07/2045 USD 518,324 567,382 0.26 FNMAAL79913.5%01/01/2046 USD 22,164 22,915 0.01 FNMAAL83103.5%01/03/2044 USD 9,438 9,774 – FNMAAL90623%01/09/2046 USD 24,071 24,039 0.01 FNMAAL91074.5%01/03/2046 USD 1,094,210 1,174,906 0.54 FNMAAL93973%01/10/2046 USD 257,734 258,507 0.12 FNMAAL93993%01/11/2036 USD 30,045 30,653 0.01 FNMAAL94033%01/11/2046 USD 210,836 211,955 0.10 FNMAAL94123%01/11/2036 USD 198,329 202,343 0.09 FNMAAL94133%01/11/2036 USD 276,817 282,420 0.13 FNMAAL95663.5%01/06/2046 USD 72,515 75,132 0.03 FNMAAO29933.5%01/05/2042 USD 76,780 79,367 0.04 FNMAAO67553.5%01/06/2042 USD 17,170 17,760 0.01 FNMAAQ05353%01/11/2042 USD 28,671 28,896 0.01 FNMAAQ88033.5%01/01/2043 USD 38,572 39,896 0.02 FNMAAR26262.5%01/02/2043 USD 286,009 277,744 0.13 FNMAAR92253%01/03/2043 USD 19,714 19,802 0.01 FNMAAS15864.5%01/01/2044 USD 89,631 96,419 0.04 FNMAAS34684%01/10/2044 USD 29,483 31,056 0.01 FNMAAS47943.5%01/04/2045 USD 161,810 167,289 0.08 FNMAAS48353%01/04/2045 USD 23,925 24,058 0.01 FNMAAS58874%01/09/2045 USD 9,256 9,748 – FNMAAS61913.5%01/11/2045 USD 89,357 92,189 0.04 FNMAAS63243.5%01/12/2045 USD 240,515 247,667 0.11 FNMAAS63283.5%01/12/2045 USD 40,491 41,695 0.02 FNMAAS68404%01/03/2046 USD 175,001 185,604 0.09 FNMAAS73974%01/06/2046 USD 148,707 157,717 0.07 FNMAAS83013%01/11/2046 USD 41,133 41,325 0.02 FNMAAS83053%01/11/2046 USD 186,157 186,715 0.09 FNMAAS84833%01/12/2046 USD 244,145 244,729 0.11 FNMAAS85503%01/12/2036 USD 35,962 36,634 0.02 FNMAAS90313%01/06/2033 USD 19,462 19,590 0.01 FNMAAS90323%01/08/2043 USD 34,211 34,184 0.02 FNMAAS90433%01/04/2033 USD 8,626 8,683 – FNMAAS90443%01/08/2043 USD 53,371 53,609 0.02 FNMAAS92363%01/02/2044 USD 15,961 15,949 0.01 FNMAAS92413%01/09/2044 USD 23,548 23,654 0.01 FNMAAT19343.5%01/04/2043 USD 13,652 14,097 0.01 FNMAAU06403.5%01/07/2043 USD 14,762 15,220 0.01 FNMAAU37463.5%01/08/2043 USD 9,092 9,379 – FNMAAU42934%01/09/2043 USD 489,759 516,278 0.24 FNMAAU61983.5%01/08/2043 USD 15,589 16,098 0.01 FNMAAX25014%01/10/2044 USD 21,189 22,320 0.01 FNMAAZ47794%01/10/2045 USD 56,096 59,090 0.03 FNMABC08223.5%01/04/2046 USD 464,937 478,762 0.22 FNMABC08803.5%01/05/2046 USD 270,217 278,237 0.13 FNMABC50743.5%01/07/2044 USD 84,286 87,144 0.04 FNMABC90833%01/12/2046 USD 131,866 132,181 0.06 FNMABC90893%01/12/2046 USD 154,265 154,983 0.07 FNMABD24533%01/01/2047 USD 99,270 99,798 0.05 FNMABD89513%01/11/2046 USD 241,128 241,705 0.11 FNMAMA05005%01/08/2040 USD 800 875 – FNMAMA05165%01/09/2040 USD 2,534 2,773 – FNMAMA09074%01/11/2041 USD 389,092 411,220 0.19 FNMAMA13733.5%01/03/2043 USD 257,848 266,698 0.12 FNMAMA24713.5%01/12/2045 USD 31,975 32,926 0.02 FNMAMA24953.5%01/01/2046 USD 48,972 50,428 0.02


Quantity/Nominal

Value

Market Value USD

% of Net Assets

FNMA8885645%01/10/2021 USD 5,849 6,063 – FNMA8891395.5%01/03/2037 USD 14,875 16,660 0.01 FNMA8891434.5%01/05/2022 USD 1,302 1,338 – FNMA8893966%01/02/2037 USD 4,209 4,799 – FNMA8895655.5%01/08/2037 USD 429 481 – FNMA8895796%01/05/2038 USD 1,156 1,311 – FNMA8899836%01/10/2038 USD 3,125 3,553 – FNMA8902974%01/04/2026 USD 14,829 15,626 0.01 FNMA8906635%01/06/2041 USD 5,841 6,400 – FNMA8907383.5%01/09/2043 USD 20,298 21,006 0.01 FNMA9041086.5%01/11/2036 USD 1,825 2,049 – FNMA,FRN9051963.54%01/12/2036

USD 3,699 3,933 –

FNMA9158316.5%01/03/2037 USD 470 521 – FNMA9298366%01/08/2038 USD 3,806 4,345 – FNMA9327525%01/04/2040 USD 29,139 31,893 0.01 FNMA9423996%01/06/2022 USD 1,662 1,681 – FNMA,FRN9497823.023%01/08/2037

USD 2,339 2,459 –

FNMA9950235.5%01/08/2037 USD 832 932 – FNMA9950516%01/03/2037 USD 2,818 3,220 – FNMA9950976.5%01/10/2037 USD 16,115 18,416 0.01 FNMA9951125.5%01/07/2036 USD 22,361 25,063 0.01 FNMA9952035%01/07/2035 USD 75,420 82,858 0.04 FNMA9957225%01/05/2038 USD 6,539 7,185 – FNMA9958385.5%01/05/2039 USD 4,638 5,178 – FNMAAB02996%01/02/2037 USD 2,707 3,097 – FNMAAB20854%01/01/2041 USD 4,564 4,824 – FNMAAB28195%01/04/2041 USD 7,287 7,980 – FNMAAB58073.5%01/08/2042 USD 22,041 22,794 0.01 FNMAAB85173%01/02/2043 USD 17,973 18,054 0.01 FNMAAB87003%01/03/2043 USD 160,536 162,163 0.07 FNMAAB91773.5%01/04/2043 USD 8,571 8,870 – FNMAAC18774.5%01/09/2039 USD 14,474 15,591 0.01 FNMAAC85185%01/12/2039 USD 1,125 1,231 – FNMAAD02206%01/10/2038 USD 5,225 5,965 – FNMAAD03305%01/02/2038 USD 12,139 13,338 0.01 FNMAAD10454.5%01/02/2040 USD 2,259 2,435 – FNMAAD38125%01/04/2040 USD 875 958 – FNMAAD91945%01/08/2040 USD 1,113 1,218 – FNMAAE01055.5%01/02/2038 USD 2,892 3,237 – FNMAAE01155.5%01/12/2035 USD 14,701 16,482 0.01 FNMAAE06244%01/11/2040 USD 20,970 22,170 0.01 FNMAAE06785%01/10/2034 USD 8,200 9,008 – FNMAAE08016%01/09/2039 USD 3,523 4,000 – FNMAAE09494%01/02/2041 USD 33,042 34,956 0.02 FNMAAE09844.5%01/02/2041 USD 49,136 52,966 0.02 FNMAAL01614%01/04/2041 USD 12,276 12,978 0.01 FNMAAL06095%01/03/2036 USD 1,182 1,299 – FNMAAL17795.5%01/12/2038 USD 9,439 10,581 0.01 FNMAAL24564.5%01/10/2026 USD 16,922 17,846 0.01 FNMAAL25794%01/12/2026 USD 27,118 28,578 0.01 FNMAAL26614%01/10/2026 USD 6,288 6,627 – FNMAAL26934%01/08/2042 USD 77,120 81,499 0.04 FNMAAL30723%01/02/2043 USD 10,299 10,390 0.01 FNMAAL36494%01/12/2042 USD 43,235 45,673 0.02 FNMAAL36573.5%01/06/2043 USD 5,895 6,100 – FNMAAL43014.5%01/04/2042 USD 21,589 23,267 0.01 FNMAAL52245%01/02/2038 USD 5,653 6,210 – FNMAAL69656%01/09/2038 USD 15,669 17,967 0.01


52 T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

GNMAMA08502.5%20/03/2043 USD 200,194 197,292 0.09 GNMAMA10882.5%20/06/2043 USD 30,567 30,124 0.01 GNMAMA19995.5%20/06/2044 USD 36,381 40,706 0.02 GNMAMA31064%20/09/2045 USD 40,150 42,338 0.02 GNMAMA31744%20/10/2045 USD 91,180 96,149 0.04 GNMAMA33114%20/12/2045 USD 489,471 516,148 0.24 GNMAMA37363.5%20/06/2046 USD 598,406 621,714 0.29 GNMAMA42644.5%20/02/2047 USD 270,396 287,966 0.13 GNMAMA43234.5%20/03/2047 USD 5,594,781 5,960,769 2.74 GSMortgage-BackedSecuritiesTrust,FRN,Series2014-EB1A'2A1',144A2.477%25/07/2044

USD 38,870 38,569 0.02

GSAATrust,FRN,Series2005-8'A3'1.646%25/06/2035

USD 33,329 32,799 0.02

GTPAcquisitionPartnersILLC,144A2.35%15/06/2045

USD 300,000 297,064 0.14

HiltonGrandVacationsTrust,Series2014-AA'A',144A1.77%25/11/2026

USD 42,448 41,814 0.02

HOAFundingLLC,Series2014-1A'A2',144A4.846%20/08/2044

USD 94,500 89,717 0.04

Hyundai Auto Lease Securitization Trust,Series2016-C'A3',144A1.49%18/02/2020

USD 125,000 124,790 0.06

J.P.MorganChase&Co.,FRN2.127%22/03/2019

USD 500,000 504,505 0.23

J.P. Morgan Chase Commercial MortgageSecuritiesTrust,Series2016-ATRM'A',144A2.962%05/10/2028

USD 115,000 115,466 0.05

J.P. Morgan Chase Commercial MortgageSecuritiesTrust,Series2013-C16'A4'4.166%15/12/2046

USD 330,000 355,801 0.16

JimmyJohnsFundingLLC,Series2017-1A'A2I',144A3.61%30/07/2047

USD 55,000 55,275 0.03

MadisonParkFundingXIVLtd.,FRN,Series2014-14A'A2R',144A2.276%20/07/2026

USD 250,000 250,116 0.12

MillCityMortgageLoanTrust,FRN,Series2016-1'A1',144A2.5%25/04/2057

USD 83,012 83,445 0.04

MMAFEquipmentFinanceLLC,Series2014-AA'A4',144A1.59%08/02/2022

USD 100,000 99,756 0.05

MorganStanleyBankofAmericaMerrillLynchTrust,Series2013-C9'A4'3.102%15/05/2046

USD 185,000 189,408 0.09

MorganStanleyCapitalITrust,FRN,Series2015-MS1'AS'4.03%15/05/2048

USD 10,000 10,504 0.01


USD 37,337 37,349 0.02

PrologisLP2.25%30/06/2029 GBP 300,000 380,394 0.17 SabinePassLiquefactionLLC5.75%15/05/2024

USD 200,000 222,595 0.10

SabinePassLiquefactionLLC5%15/03/2027

USD 470,000 500,190 0.23

SBATowerTrust,144A2.898%15/10/2044

USD 325,000 327,076 0.15


USD 28,601 28,629 0.01


USD 39,757 39,900 0.02


Quantity/Nominal

Value

Market Value USD

% of Net Assets

FNMAMA25124%01/01/2046 USD 76,338 80,412 0.04 FNMAMA28882.5%01/01/2047 USD 167,801 162,502 0.07 FNMAInterestSTRIP,IO,Series319'2'6.5%25/02/2032

USD 451 108 –

FNMAREMIC,FRN,Series2016-70'F'1.666%25/10/2046

USD 22,257 22,409 0.01

FNMAREMIC,FRN,Series2016-64'FA'1.716%25/09/2046

USD 47,828 48,266 0.02

FNMAREMIC,FRN,Series2016-84'FT'1.716%25/11/2046

USD 25,616 25,856 0.01

FNMAREMIC,FRN,Series2016-79'NF'1.666%25/11/2046

USD 44,918 45,206 0.02

FordCreditAutoOwnerTrust,Series2016-2'A',144A2.03%15/12/2027

USD 185,000 184,078 0.08

GMFFloorplanOwnerRevolvingTrust,Series2016-1'A1',144A1.96%17/05/2021

USD 125,000 125,361 0.06

GNMA,IO,Series2011-41'AI'4.5%20/12/2039

USD 22,655 1,335 –

GNMA,IO,Series2010-103'IN'4.5%20/02/2039

USD 3,665 194 –

GNMA,IO,Series2010-92'PI'4.5%20/11/2037

USD 5,234 59 –

GNMA34906.5%20/12/2033 USD 1,329 1,567 – GNMA35986%20/08/2034 USD 2,768 3,150 – GNMA38195.5%20/02/2036 USD 1,444 1,603 – GNMA44954.5%20/07/2039 USD 32,808 35,423 0.02 GNMA45774.5%20/11/2039 USD 4,023 4,336 – GNMA45785%20/11/2039 USD 9,934 10,942 0.01 GNMA46364.5%20/02/2040 USD 16,624 17,886 0.01 GNMA46975%20/05/2040 USD 6,556 7,217 – GNMA47155%20/06/2040 USD 10,212 11,302 0.01 GNMA48014.5%20/09/2040 USD 16,687 17,959 0.01 GNMA48355%20/10/2040 USD 9,867 10,989 0.01 GNMA49784.5%20/03/2041 USD 4,368 4,699 – GNMA49795%20/03/2041 USD 3,755 4,149 – GNMA50544%20/05/2041 USD 18,111 19,227 0.01 GNMA5204737.5%15/01/2030 USD 572 591 – GNMA5438697.5%15/01/2031 USD 374 387 – GNMA7834033.5%15/09/2041 USD 42,433 44,073 0.02 GNMA7837263.5%20/03/2043 USD 50,228 52,163 0.02 GNMA7841453.5%20/02/2046 USD 71,945 74,964 0.03 GNMAAA58973%15/12/2042 USD 26,089 26,508 0.01 GNMAAJ93343.5%20/10/2044 USD 36,607 38,105 0.02 GNMAAM43853.5%20/05/2045 USD 28,312 29,410 0.01 GNMAAM80533.5%20/05/2045 USD 65,216 67,866 0.03 GNMAAR05563.5%20/01/2046 USD 20,905 21,717 0.01 GNMAAS92163%20/05/2046 USD 24,371 24,784 0.01 GNMAAS92173%20/05/2046 USD 23,684 24,052 0.01 GNMAAS92583%20/07/2046 USD 24,183 24,593 0.01 GNMAAS92593%20/07/2046 USD 23,974 24,348 0.01 GNMAAS92603%20/07/2046 USD 23,695 24,063 0.01 GNMAAT34413%20/07/2046 USD 31,862 32,360 0.02 GNMAAT34423%20/06/2046 USD 24,555 24,925 0.01 GNMAAT41643%20/07/2046 USD 55,797 56,668 0.03 GNMAAT41763%20/07/2046 USD 11,454 11,632 0.01 GNMAAU02553%20/08/2046 USD 24,468 24,842 0.01 GNMAAU02713%20/08/2046 USD 14,514 14,750 0.01 GNMAAV83263%20/09/2046 USD 24,613 25,060 0.01 GNMAMA02214%20/07/2042 USD 28,628 30,313 0.01 GNMAMA03923.5%20/09/2042 USD 184,627 192,425 0.09 GNMAMA06993.5%20/01/2043 USD 49,824 51,928 0.02


53T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

WheelsSPV2LLC,Series2015-1A'A2',144A1.27%22/04/2024

USD 66,428 66,349 0.03


USD 335,000 385,518 0.18



56,950,845 26.13

Units of authorised UCITS or other collective investment undertakingsCollective Investment Schemes - UCITSLUXEMBOURG T.RoweEuroCorporateBondFund-

Class Sd†EUR 113,275 1,377,631 0.63

T.RoweEuropeanHighYieldBondFund-ClassSd†

EUR 100,129 1,167,444 0.54

2,545,075 1.17 Total Collective Investment Schemes - UCITS 2,545,075 1.17 Total Units of authorised UCITS or other





Nominal Value

Market ValueUSD


USD% of Net

Assets


FNMA,3.50%,25/07/2047

USD 1,345,000 1,383,038 (6,620) 0.63


FNMA,4.00%,25/07/2047

USD 5,050,000 5,314,336 (10,703) 2.44


FNMA,4.50%,25/07/2047

USD 2,000,000 2,145,938 (5,547) 0.99

Total To Be Announced Contracts Long Positions 8,843,312 (22,870) 4.06 Net To Be Announced Contracts 8,843,312 (22,870) 4.06


Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

AUD 2,211,000 USD 1,678,317 25/08/2017 Citibank 20,208 0.01 BRL 6,803,872 USD 2,014,172 05/09/2017 Deutsche

Bank13,505 0.01

CAD 130,000 USD 99,482 22/09/2017 J.P. Morgan 955 – CHF 1,326,000 USD 1,372,202 25/08/2017 Credit Suisse 18,350 0.01 CHF 58,000 USD 60,728 25/08/2017 J.P. Morgan 95 – CZK 4,406,000 USD 185,161 18/08/2017 Citibank 7,929 – CZK 23,592,000 USD 965,658 23/01/2018 Bankof

America81,811 0.04

CZK 23,953,000 USD 978,121 23/01/2018 Citibank 85,377 0.04 CZK 4,182,000 USD 174,342 23/01/2018 J.P. Morgan 11,336 0.01 EUR 9,483,683 USD 10,810,554 31/07/2017 Bankof

America35,809 0.02


Quantity/Nominal

Value

Market Value USD

% of Net Assets

SiriusXMRadio,Inc.,144A5.25%15/08/2022

USD 160,000 164,622 0.08

SLMStudentLoanTrust,FRN,Series2008-9'A'2.538%25/04/2023

USD 51,171 52,309 0.02

SMBPrivateEducationLoanTrust,Series2015-A'A2A',144A2.49%15/06/2027

USD 100,000 100,617 0.05

SMBPrivateEducationLoanTrust,Series2015-B'A2A',144A2.98%15/07/2027

USD 100,000 102,522 0.05

SMBPrivateEducationLoanTrust,Series2015-C'A2A',144A2.75%15/07/2027

USD 100,000 101,305 0.05


USD 100,000 100,699 0.05


USD 130,000 129,274 0.06

Synchrony Credit Card Master Note Trust,Series2012-6'B'1.83%17/08/2020

USD 100,000 100,027 0.05

TerwinMortgageTrust,STEP,Series2005-14HE'AF2'4.849%25/08/2036

USD 1,705 1,724 –

TimeWarnerCableLLC6.75%15/06/2039

USD 500,000 611,910 0.28

TowdPointMortgageTrust,FRN,Series2017-1'A1',144A2.75%25/10/2056

USD 189,281 191,383 0.09

TowdPointMortgageTrust,FRN,Series2016-2'A1A',144A2.75%25/08/2055

USD 109,278 110,420 0.05

TowdPointMortgageTrust,FRN,Series2015-3'A1B',144A3%25/03/2054

USD 56,317 57,163 0.03

TowdPointMortgageTrust,FRN,Series2015-4'A1B',144A2.75%25/04/2055

USD 64,677 65,367 0.03


USD 68,363 69,105 0.03

USAirwaysPassThroughTrust,Series2012-2'A'4.625%03/12/2026

USD 25,839 27,835 0.01

USTreasury1.5%15/04/2020 USD 1,950,000 1,950,000 0.89 USTreasuryInflationIndexed0.125%15/04/2018

USD 9,650,000 10,175,005 4.67

VerizonCommunications,Inc.,FRN1.552%15/08/2019

USD 560,000 559,790 0.26

WaMu Mortgage Pass-Through CertificatesTrust,FRN,Series2005-AR12'2A1'3.062%25/09/2035

USD 1,902 1,910 –

WellsFargoCommercialMortgageTrust,Series2015-NXS2'A2'3.02%15/07/2058

USD 45,000 46,005 0.02

WellsFargoCommercialMortgageTrust,FRN,Series2015-NXS2'B'4.394%15/07/2058

USD 20,000 20,536 0.01

WellsFargoCommercialMortgageTrust,FRN,Series2015-LC20'C'4.056%15/04/2050

USD 55,000 51,965 0.02

WellsFargoCommercialMortgageTrust,FRN,Series2015-NXS2'C'4.394%15/07/2058

USD 15,000 14,493 0.01

WellsFargoMortgageBackedSecuritiesTrust,FRN,Series2003-O'5A1'2.898%25/01/2034

USD 4,080 4,188 –

WellsFargoMortgageBackedSecuritiesTrust,FRN,Series2004-G'A3'3.186%25/06/2034

USD 2,868 2,886 –


54 T. ROWE PRICE



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

USD 118,259 RUB 6,852,000 14/07/2017 BankofAmerica

2,870 –

USD 828,911 RUB 48,161,000 14/07/2017 Barclays 17,869 0.01 USD 825,221 RUB 48,161,945 14/07/2017 Citibank 14,163 0.01 USD 832,876 RUB 47,922,000 14/07/2017 Credit Suisse 25,858 0.01 USD 2,148,849 RUB 126,154,000 14/07/2017 HSBC 24,387 0.01 USD 1,921,375 RUB 110,729,000 14/07/2017 J.P. Morgan 56,673 0.02 USD 831,618 RUB 47,922,000 14/07/2017 Morgan

Stanley24,601 0.01

USD 1,024,858 TWD 30,674,000 11/08/2017 Goldman Sachs

16,500 0.01

USD 126,359 ZAR 1,648,412 31/07/2017 J.P. Morgan 1,280 – ZAR 5,255,743 USD 390,225 18/08/2017 Citibank 7,376 –Total Unrealised Gain on


GBP 123,000 USD 160,587 25/08/2017 J.P. Morgan (730) – GBP 2,654,060 USD 3,453,091 25/08/2017 RBS (3,741) – INR 69,500,000 USD 1,075,186 11/08/2017 HSBC (5,053) – JPY 4,046,107,596 USD 36,146,622 31/07/2017 Standard

Chartered(25,709) (0.01)

JPY 409,987,000 USD 3,701,747 25/08/2017 BankofAmerica

(37,902) (0.02)

JPY 819,769,877 USD 7,381,573 25/08/2017 Citibank (55,708) (0.02) JPY 819,974,000 USD 7,405,037 25/08/2017 Deutsche

Bank(77,347) (0.04)

JPY 444,933,000 USD 4,007,623 25/08/2017 HSBC (31,484) (0.01) JPY 312,572,000 USD 2,838,457 25/08/2017 J.P. Morgan (45,159) (0.01) KRW 1,066,353,722 USD 954,189 07/07/2017 Goldman

Sachs(21,975) (0.01)

KRW 147,337,000 USD 130,016 07/07/2017 J.P. Morgan (1,213) – KRW 1,213,690,722 USD 1,067,982 20/10/2017 Bankof

America(5,535) –

RUB 99,347,245 USD 1,688,998 14/07/2017 HSBC (15,968) (0.01) USD 843,820 AUD 1,107,255 31/07/2017 Barclays (7,049) – USD 30,445 AUD 39,958 31/07/2017 J.P. Morgan (261) – USD 1,022,486 AUD 1,370,809 25/08/2017 Bankof

America(30,591) (0.02)

USD 1,021,965 AUD 1,370,000 25/08/2017 HSBC (30,490) (0.02) USD 77,360 AUD 105,000 25/08/2017 J.P. Morgan (3,302) – USD 1,432,242 CAD 1,871,589 31/07/2017 Barclays (12,673) (0.01) USD 52,560 CAD 68,579 31/07/2017 J.P. Morgan (385) – USD 896,892 CAD 1,189,062 22/09/2017 Morgan

Stanley(21,765) (0.01)

USD 291,210 CHF 279,252 31/07/2017 BankofAmerica

(1,188) –

USD 95,178 CHF 91,225 31/07/2017 J.P. Morgan (341) – USD 91,097 DKK 619,854 18/08/2017 Bankof

America(4,343) –

USD 10,845,631 EUR 9,514,455 31/07/2017 BankofAmerica

(35,925) (0.02)

USD 581,750 EUR 516,982 25/08/2017 BankofAmerica

(10,269) –

USD 149,061 EUR 132,000 25/08/2017 Goldman Sachs

(2,098) –

USD 1,510,600 EUR 1,350,094 25/08/2017 HSBC (35,449) (0.02) USD 2,468,669 EUR 2,196,119 25/08/2017 J.P. Morgan (46,198) (0.02) USD 966,002 EUR 883,000 23/01/2018 Bankof

America(53,812) (0.03)

USD 982,338 EUR 903,000 23/01/2018 Citibank (60,575) (0.03) USD 202,755 EUR 187,000 23/01/2018 J.P. Morgan (13,219) (0.01) USD 3,030,761 GBP 2,335,999 31/07/2017 Citibank (3,048) –

Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

EUR 110,027 USD 123,874 25/08/2017 BankofAmerica

2,123 –

EUR 6,767,000 USD 7,635,114 25/08/2017 Citibank 114,061 0.05 EUR 2,340,000 USD 2,630,797 25/08/2017 HSBC 48,835 0.03 EUR 2,089,000 USD 2,356,964 25/08/2017 J.P. Morgan 35,236 0.01 EUR 4,863,792 USD 5,492,413 25/08/2017 Morgan

Stanley77,319 0.04

EUR 904,000 USD 1,016,528 25/08/2017 Standard Chartered

18,680 0.01

EUR 336,000 USD 378,583 23/01/2018 J.P. Morgan 9,478 – GBP 278,837 USD 356,124 25/08/2017 Bankof

America6,266 –

GBP 50,000 USD 63,227 25/08/2017 HSBC 1,756 – GBP 167,000 USD 213,122 25/08/2017 J.P. Morgan 3,920 – GBP 24,920 USD 31,787 25/08/2017 Standard

Chartered600 –

HUF 21,110,000 USD 72,786 14/07/2017 BankofAmerica

5,256 –

HUF 77,634,000 USD 274,309 14/07/2017 J.P. Morgan 12,695 – IDR 27,063,449,600 USD 2,015,299 11/08/2017 Goldman

Sachs4,527 –

ILS 1,521,000 USD 432,552 03/07/2017 Barclays 3,128 – ILS 907,000 USD 252,225 17/08/2017 Deutsche

Bank8,028 0.01

MXN 19,063,925 USD 994,249 14/07/2017 BankofAmerica

61,828 0.03

MXN 8,252,000 USD 456,239 14/07/2017 HSBC 894 – MXN 1,004,000 USD 52,159 14/07/2017 J.P. Morgan 3,459 – MXN 3,753,000 USD 197,303 14/07/2017 Morgan

Stanley10,600 0.01

NZD 384,000 USD 268,315 25/08/2017 J.P. Morgan 12,715 0.01 PLN 145,620 USD 38,963 12/07/2017 J.P. Morgan 398 – RON 5,644,774 USD 1,393,152 14/07/2017 Bankof

America21,889 0.01

RUB 98,486,531 USD 1,628,154 14/07/2017 J.P. Morgan 30,382 0.02 SEK 38,457,105 USD 4,409,333 21/07/2017 Citibank 155,549 0.07 THB 18,107,000 USD 523,248 11/08/2017 HSBC 10,241 0.01 USD 1,567,708 BRL 5,244,297 05/09/2017 Bankof

America4,813 –

USD 2,122,713 BRL 7,106,000 05/09/2017 Deutsche Bank

4,997 –

USD 537,554 BRL 1,800,000 05/09/2017 J.P. Morgan 1,122 – USD 1,576,448 BRL 5,245,000 05/09/2017 Morgan

Stanley13,344 0.01

USD 17,387 COP 50,997,465 08/09/2017 Credit Suisse 853 – USD 2,389,863 JPY 267,511,638 31/07/2017 Standard

Chartered1,700 –

USD 3,702,460 JPY 409,987,000 25/08/2017 Deutsche Bank

38,615 0.02

USD 218,710 JPY 24,105,232 25/08/2017 HSBC 3,294 – USD 24,280 JPY 2,686,434 25/08/2017 J.P. Morgan 273 – USD 1,066,512 KRW 1,213,690,722 07/07/2017 Bankof

America5,495 –

USD 705,942 KRW 804,640,076 31/07/2017 Barclays 2,464 – USD 1,943,989 MXN 35,044,208 14/07/2017 HSBC 2,658 – USD 148,460 MXN 2,671,465 31/07/2017 BNPParibas 906 – USD 45,888 MXN 825,527 31/07/2017 J.P. Morgan 291 – USD 795,649 MYR 3,401,000 08/09/2017 Barclays 6,608 – USD 792,299 MYR 3,395,000 08/09/2017 Goldman

Sachs4,651 –

USD 796,975 MYR 3,400,690 08/09/2017 J.P. Morgan 8,006 –


55T. ROWE PRICE




Global Exposure

USD


USD% of Net

Assets

US5YearNote,29/09/2017 (126) USD (14,867,016) 12,891 0.01 USLongBond,20/09/2017 14 USD 2,159,500 23,297 0.01 USUltraBond,20/09/2017 3 USD 499,688 9,937 – Total Unrealised Gain on


Canada10YearBond,20/09/2017 24 CAD 2,606,977 (74,411) (0.04) Japan10YearBondMini,11/09/2017

79 JPY 10,581,936 (16,415) (0.01)

Korea10YearBond,19/09/2017 13 KRW 1,416,283 (8,979) – Korea3YearBond,19/09/2017 16 KRW 1,528,952 (1,399) – LongGilt,27/09/2017 9 GBP 1,465,292 (29,544) (0.01) US10YearNote,20/09/2017 68 USD 8,555,250 (6,375) – Total Unrealised Loss on

Financial Futures Contracts(137,123) (0.06)


13,059 0.01



Reference Entity

Buy/Sell

Interest (Paid)/

Received Rate

Maturity Date

Market Value USD


USD% of Net

Assets

4,550,000 USD J.P. Morgan CDX.EM.27-V1 Buy (1.00)% 20/06/2022 208,894 208,894 0.09 1,960,000 USD Merrill Lynch CDX.EM.27-V1 Buy (1.00)% 20/06/2022 89,985 89,985 0.04 900,000 EUR Merrill Lynch iTraxx Europe

SubFinancialsSeries 27 Version 1

Buy (1.00)% 20/06/2022 16,242 16,242 0.01

1,060,000 USD Merrill Lynch Turkey Government Bond11.875%15/01/2030

Buy (1.00)% 20/12/2021 32,977 32,977 0.02


348,098 348,098 0.16


Buy (5.00)% 20/06/2022 (581,260) (581,260) (0.27)


Buy (1.00)% 20/06/2022 (207,894) (207,894) (0.10)


Sell 1.00% 20/06/2022 (95,027) (95,027) (0.04)

5,050,000 USD Barclays FordMotorCo.6.5%01/08/2018

Buy (5.00)% 20/06/2022 (874,703) (874,703) (0.40)

5,050,000 USD Barclays General Motors Co.3.5%02/10/2018

Buy (5.00)% 20/06/2022 (849,304) (849,304) (0.39)


(2,608,188) (2,608,188) (1.20)


(2,260,090) (2,260,090) (1.04)

Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

USD 219,196 GBP 169,920 25/08/2017 Citibank (1,641) – USD 155,110 GBP 120,110 25/08/2017 Standard

Chartered(990) –

USD 994,324 IDR 13,438,284,000 11/08/2017 Deutsche Bank

(8,616) (0.01)

USD 433,223 ILS 1,521,000 17/08/2017 Barclays (3,210) – USD 3,964,236 ILS 14,257,100 17/08/2017 J.P. Morgan (126,671) (0.06) USD 863,020 MXN 15,728,112 14/07/2017 Bankof

America(8,264) –

USD 1,365,663 MXN 26,007,000 14/07/2017 Citibank (75,037) (0.04) USD 105,378 MXN 2,004,593 14/07/2017 Deutsche

Bank(5,669) –

USD 1,707,125 MXN 32,587,000 14/07/2017 HSBC (98,084) (0.05) USD 683,216 MXN 13,004,808 14/07/2017 Standard

Chartered(37,206) (0.02)

USD 148,359 MYR 641,000 31/07/2017 Goldman Sachs

(608) –

USD 1,222,842 PLN 4,863,000 12/07/2017 BankofAmerica

(91,641) (0.04)

USD 81,218 PLN 308,000 12/07/2017 HSBC (2,035) – USD 247,331 PLN 920,516 31/07/2017 J.P. Morgan (1,460) – USD 779,981 PLN 3,000,000 18/08/2017 Bankof

America(30,766) (0.02)

USD 779,201 PLN 3,000,000 18/08/2017 Citibank (31,546) (0.02) USD 834,466 PLN 3,206,457 18/08/2017 HSBC (32,075) (0.02) USD 1,625,189 RON 6,891,000 14/07/2017 Bankof

America(102,259) (0.04)

USD 407,044 RON 1,722,000 14/07/2017 Barclays (24,630) (0.01) USD 811,404 RON 3,445,382 14/07/2017 Citibank (52,289) (0.02) USD 514,499 RON 2,163,000 14/07/2017 J.P. Morgan (27,725) (0.01) USD 137,108 RUB 8,193,000 14/07/2017 HSBC (864) – USD 1,676,090 SEK 14,720,007 21/07/2017 Bankof

America(71,184) (0.03)

USD 2,289,675 SEK 19,838,701 21/07/2017 Citibank (65,191) (0.03) USD 2,038,257 SEK 17,942,000 21/07/2017 HSBC (91,470) (0.04) USD 245,367 SEK 2,095,910 31/07/2017 Goldman

Sachs(3,575) –

USD 77,741 SEK 664,113 31/07/2017 J.P. Morgan (1,139) – USD 111,942 SGD 154,789 31/07/2017 J.P. Morgan (570) – USD 144,976 THB 4,928,000 31/07/2017 BNPParibas (219) – USD 797,223 THB 27,062,539 11/08/2017 J.P. Morgan (124) – USD 1,004,406 THB 34,145,480 11/08/2017 Standard


ZAR 847,000 USD 64,957 18/08/2017 J.P. Morgan (881) – Total Unrealised Loss on



(472,866) (0.22)



Global Exposure

USD


USD% of Net

Assets

Euro-Bund,07/09/2017 (21) EUR (3,883,989) 40,288 0.02 Euro-OAT,07/09/2017 (24) EUR (4,070,768) 11,785 0.01 Euro-Schatz,07/09/2017 (33) EUR (4,214,466) 9,421 – US2YearNote,29/09/2017 (226) USD (48,861,906) 42,563 0.02


56 T. ROWE PRICE






Maturity Date

Market Value USD


USD% of Net

Assets

8,350,000 USD J.P. Morgan Pay floating LIBOR3 month Receive fixed 2.13%

09/03/2022 143,753 143,753 0.07

338,000 GBP J.P. Morgan Payfixed1.41%Receive floatingLIBOR6 month

12/06/2047 21,192 21,192 0.01

661,000 GBP J.P. Morgan Payfixed1.5%Receive floatingLIBOR6 month

16/03/2047 20,077 20,077 0.01

7,000,000 HKD Citibank Payfixed1.09%Receive floatingHIBOR3 month

30/06/2021 15,671 15,671 0.01


14/07/2021 9,374 9,374 –

5,500,000 HKD Merrill Lynch Payfixed1.31%Receive floatingHIBOR3 month

06/04/2021 4,778 4,778 –

4,400,000 CZK J.P. Morgan Payfixed0.73%Receive floating PRIBOR6month

07/04/2022 2,137 2,137 –

14,200,000 HKD J.P. Morgan Payfixed1.47%Receive floatingHIBOR3 month

11/03/2021 1,900 1,900 –


218,882 218,882 0.10


07/03/2022 (67,049) (67,049) (0.03)

271,700,000 HUF J.P. Morgan Payfixed2.74%Receive floating BUBOR6month

16/02/2027 (53,144) (53,144) (0.02)


02/12/2021 (48,760) (48,760) (0.02)


01/07/2021 (26,622) (26,622) (0.01)


24/01/2027 (26,049) (26,049) (0.01)


06/02/2027 (25,594) (25,594) (0.01)



Maturity Date

Market Value USD


USD% of Net

Assets


15/02/2027 (22,200) (22,200) (0.01)


15/03/2021 (20,359) (20,359) (0.01)


18/07/2021 (16,168) (16,168) (0.01)


07/04/2021 (15,712) (15,712) (0.01)


16/03/2027 (12,508) (12,508) (0.01)


21/11/2021 (11,371) (11,371) (0.01)


08/12/2020 (3,619) (3,619) –

12,000,000 HKD J.P. Morgan Payfixed1.52%Receive floatingHIBOR3 month

07/12/2020 (3,116) (3,116) –


13/03/2022 (1,847) (1,847) –


(354,118) (354,118) (0.16)


(135,236) (135,236) (0.06)



Global Exposure

USD

Market ValueUSD

% of Net Assets

170 10 Year US Treasury,Call,127.000,21/07/2017

USD Goldman Sachs

21,340,313 15,937 0.01


USD BankofAmerica

4,125,102 7,109 –


57T. ROWE PRICE




Global Exposure

USD

Market ValueUSD

% of Net Assets

6,520,000 ForeignExchangeUSD/SGD,Call,1.413,10/01/2018


6,693,325 38,965 0.02



Geographic Allocation of Portfolio

% of Net Assets

United States of America 41.96 Japan 8.17 Germany 3.78 France 3.58 Italy 3.55 Mexico 3.48 Israel 3.42 United Kingdom 3.00 Cyprus 2.26 Indonesia 2.00 Australia 1.51 Luxembourg 1.29 Netherlands 1.25 Brazil 1.22 Romania 1.09 Supranational 1.05 Canada 1.01 Serbia 0.98 Malaysia 0.94 Thailand 0.82 Slovenia 0.71 Iceland 0.70 Austria 0.60 Spain 0.51 China 0.47 Belgium 0.45 Lithuania 0.36 Denmark 0.34 Czech Republic 0.32 Ireland 0.32 Argentina 0.30 Switzerland 0.27 Egypt 0.24 Singapore 0.17 India 0.14 Sweden 0.14 Norway 0.10 Sri Lanka 0.09 Finland 0.06 NewZealand 0.05 Total Investments 92.70 CashandOtherAssets/(Liabilities) 7.30Total 100.00

† Managed by an affiliate of the Investment Manager, The accompanying notes are an integral part of these financial statements,


58 T. ROWE PRICE


Global High Income Bond Fund


Thefund’sobjectiveistomaximisethevalueofitssharesthroughbothgrowthinthevalueof,andincomefrom,itsinvestments.Thefundinvestsmainlyinadiversifiedportfolioofhighyield corporate bonds from issuers around the world,including emerging markets.Specifically, the fund investsat least two-thirdsof totalassets indebtsecurities thatare ratedbelowBBB-byStandard & Poor’s or have an equivalent rating (or, ifunrated, are of equivalent quality) and are issued bycompanies. Portfolio debt securities can include fixedand floating rate bonds, convertible bonds, preferredstocks,warrantsandother transferabledebtsecuritiesof any type.The funddoesnot investmore than10%of assets inequitiesandequity-relatedsecurities,25%ofassets inconvertible bonds, and one-third of assets in moneymarket securities, with total investment in thesecategories limited to one-third of assets.The fund may use derivatives for hedging, efficientportfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in debt securities and credit indices.


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingBondsARGENTINA PampaEnergiaSA,144A7.5%24/01/2027

USD 150,000 157,327 0.73

YPFSA,144A8.5%23/03/2021 USD 70,000 78,341 0.36 YPFSA,144A8.75%04/04/2024 USD 60,000 68,570 0.32

304,238 1.41 BELGIUM NyrstarNetherlandsHoldingsBV,Reg.S6.875%15/03/2024

EUR 100,000 116,173 0.54

116,173 0.54 BRAZIL CosanLuxembourgSA,144A7%20/01/2027

USD 200,000 204,542 0.95

MinervaLuxembourgSA,144A6.5%20/09/2026

USD 205,000 200,135 0.93


USD 200,000 224,251 1.04


USD 25,000 28,799 0.14


USD 75,000 73,896 0.34


USD 55,000 48,694 0.23

ValeOverseasLtd.6.25%10/08/2026 USD 250,000 270,894 1.26 1,051,211 4.89

COLOMBIA BancodeBogotaSA,144A6.25%12/05/2026

USD 200,000 213,299 0.99

213,299 0.99 CROATIA Agrokordd,Reg.S9.875%01/05/2019

EUR 100,000 20,613 0.10

20,613 0.10 FRANCE CreditAgricoleSA,FRN,144A7.875%

PerpetualUSD 200,000 220,269 1.02


EUR 200,000 239,982 1.12

LoxamSAS,Reg.S6%15/04/2025 EUR 100,000 124,121 0.58 SocieteGeneraleSA,FRN,144A7.375%Perpetual

USD 200,000 215,304 1.00


EUR 125,000 159,649 0.74

959,325 4.46 GERMANY GarfunkeluxHoldco3SA,Reg.S8.5%01/11/2022

GBP 100,000 139,370 0.65


EUR 125,000 156,386 0.73

PCFGmbH,Reg.S7.875%01/08/2019

EUR 125,000 145,957 0.68


EUR 150,000 175,403 0.81

617,116 2.87 GREECE IntralotCapitalLuxembourgSA,Reg.S6.75%15/09/2021

EUR 100,000 121,403 0.56

121,403 0.56

GlobalHighIncomeBondFund


59T. ROWE PRICE


Global High Income Bond Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

INDONESIA ListrindoCapitalBV,Reg.S4.95%14/09/2026

USD 200,000 202,310 0.94

PakuwonPrimaPte.Ltd.,Reg.S5%14/02/2024

USD 200,000 198,897 0.93

401,207 1.87 ITALY BormioliRoccoHoldingsSA,Reg.S10%01/08/2018

EUR 100,000 116,299 0.54


USD 200,000 208,109 0.97

324,408 1.51 KAZAKHSTAN HalykSavingsBankofKazakhstanJSC,Reg.S7.25%28/01/2021

USD 200,000 220,028 1.02

220,028 1.02 LUXEMBOURG AlticeFincoSA,144A7.625%15/02/2025

USD 200,000 212,795 0.99


GBP 200,000 270,324 1.26

ARDFinanceSA6.625%15/09/2023 EUR 200,000 243,524 1.13 LSF9BaltaIssuerSA,Reg.S7.75%15/09/2022

EUR 92,680 115,663 0.54


USD 200,000 210,728 0.98

1,053,034 4.90 MEXICO GrupoCementosdeChihuahuaSABdeCV,Reg.S5.25%23/06/2024

USD 200,000 203,757 0.95

203,757 0.95 NETHERLANDS NyrstarNetherlandsHoldingsBV,Reg.S8.5%15/09/2019

EUR 200,000 250,777 1.17

VimpelComHoldingsBV,Reg.S4.95%16/06/2024

USD 275,000 275,502 1.28

526,279 2.45 SOUTH AFRICA MTNMauritiusInvestmentLtd.,Reg.S6.5%13/10/2026

USD 200,000 210,057 0.98

210,057 0.98 SPAIN CodereFinance2LuxembourgSA,144A7.625%01/11/2021

USD 200,000 198,676 0.92

198,676 0.92 SWITZERLAND CreditSuisseGroupAG,FRN,144A7.5%Perpetual

USD 200,000 224,714 1.04

224,714 1.04 TRINIDAD AND TOBAGO ConsolidatedEnergyFinanceSA,144A6.875%15/06/2025

USD 150,000 154,875 0.72

154,875 0.72 TURKEY TurkiyeGarantiBankasiA/S,Reg.S,FRN6.125%24/05/2027

USD 200,000 198,526 0.92

198,526 0.92 UNITED KINGDOM AABondCo.Ltd.,Reg.S5.5%31/07/2043

GBP 100,000 135,180 0.63


GBP 100,000 140,313 0.65


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

StandardCharteredplc,FRN,144A7.5%Perpetual

USD 200,000 214,765 1.00

VirginMediaFinanceplc,Reg.S6.375%15/10/2024

GBP 100,000 140,047 0.65

630,305 2.93 UNITED STATES OF AMERICA AESCorp.6%15/05/2026 USD 50,000 53,641 0.25 AllyFinancial,Inc.5.75%20/11/2025 USD 125,000 132,027 0.61 CommunityHealthSystems,Inc.6.25%31/03/2023

USD 145,000 150,326 0.70

Crestwood Midstream Partners LP 6.25%01/04/2023

USD 75,000 76,439 0.36

DCPMidstreamOperatingLP8.125%16/08/2030

USD 25,000 28,829 0.13

DPL,Inc.7.25%15/10/2021 USD 75,000 80,292 0.37 Enscoplc8%31/01/2024 USD 85,000 81,048 0.38 FerrellgasLP6.5%01/05/2021 USD 55,000 52,161 0.24 FerrellgasLP6.75%15/06/2023 USD 25,000 23,438 0.11 Freeport-McMoRan,Inc.5.4%14/11/2034

USD 110,000 98,866 0.46

Freeport-McMoRan,Inc.5.45%15/03/2043

USD 10,000 8,645 0.04

IntelsatJacksonHoldingsSA7.25%15/10/2020

USD 115,000 108,789 0.51

KosmosEnergyLtd.,144A7.875%01/08/2021

USD 200,000 205,000 0.95

MatadorResourcesCo.6.875%15/04/2023

USD 150,000 153,480 0.71

MolinaHealthcare,Inc.5.375%15/11/2022

USD 125,000 132,280 0.61

MurphyOilCorp.7.05%01/05/2029 USD 100,000 105,302 0.49 NewAlbertsons,Inc.7.45%01/08/2029

USD 25,000 24,375 0.11

NewAlbertsons,Inc.8%01/05/2031 USD 25,000 24,781 0.12 NRGEnergy,Inc.7.25%15/05/2026 USD 105,000 108,938 0.51 NRGEnergy,Inc.6.625%15/01/2027 USD 105,000 105,362 0.49 NuStarLogisticsLP5.625%28/04/2027

USD 75,000 79,029 0.37

QEPResources,Inc.5.25%01/05/2023

USD 165,000 157,789 0.73

RowanCos.,Inc.7.375%15/06/2025 USD 70,000 65,454 0.30 SprintCommunications,Inc.7%15/08/2020

USD 125,000 137,009 0.64

SprintCommunications,Inc.11.5%15/11/2021

USD 50,000 64,037 0.30

TenetHealthcareCorp.8%01/08/2020

USD 25,000 25,406 0.12

TenetHealthcareCorp.8.125%01/04/2022

USD 125,000 132,850 0.62

Welbilt,Inc.9.5%15/02/2024 USD 25,000 28,973 0.13 WesternDigitalCorp.10.5%01/04/2024

USD 100,000 117,973 0.55

WPXEnergy,Inc.8.25%01/08/2023 USD 55,000 59,417 0.28 2,621,956 12.19

Total Bonds 10,371,200 48.22Total Transferable securities


10,371,200 48.22


60 T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments dealt in on another regulated marketBondsARGENTINA BancoMacroSA,FRN,144A6.75%04/11/2026

USD 225,000 234,626 1.09

234,626 1.09 AUSTRALIA FMGResourcesAugust2006Pty.Ltd.,144A5.125%15/05/2024

USD 145,000 145,323 0.68

145,323 0.68 BRAZIL AvonInternationalOperations,Inc.,144A7.875%15/08/2022

USD 50,000 52,125 0.24

52,125 0.24 CANADA GreatCanadianGamingCorp.,144A6.625%25/07/2022

CAD 150,000 120,368 0.56

MEGEnergyCorp.,144A7%31/03/2024

USD 120,000 92,500 0.43

MEGEnergyCorp.,144A6.5%15/01/2025

USD 45,000 40,928 0.19

SevenGenerationsEnergyLtd.,144A8.25%15/05/2020

USD 50,000 52,261 0.24


USD 75,000 77,158 0.36

TelesatCanada,144A8.875%15/11/2024

USD 45,000 50,490 0.23

ValeantPharmaceuticalsInternational,Inc.,144A5.375%15/03/2020

USD 75,000 72,189 0.34

ValeantPharmaceuticalsInternational,Inc.,144A7%01/10/2020

USD 50,000 49,484 0.23

555,378 2.58 CHILE VTRFinanceBV,Reg.S6.875%15/01/2024

USD 200,000 212,550 0.99

212,550 0.99 COLOMBIA FronteraEnergyCorp.,144A10%02/11/2021

USD 20,000 22,575 0.11

22,575 0.11 IRELAND ParkAerospaceHoldingsLtd.,144A5.25%15/08/2022

USD 30,000 31,612 0.15

ParkAerospaceHoldingsLtd.,144A5.5%15/02/2024

USD 75,000 78,726 0.36

110,338 0.51 ITALY IntesaSanpaoloSpA,FRN,144A7.7%

PerpetualUSD 200,000 207,740 0.97

207,740 0.97 LUXEMBOURG AlticeLuxembourgSA,144A7.625%15/02/2025

USD 200,000 220,241 1.02

220,241 1.02 MEXICO ElementiaSABdeCV,Reg.S5.5%15/01/2025

USD 205,000 209,441 0.97

209,441 0.97 PANAMA SableInternationalFinanceLtd.,144A6.875%01/08/2022

USD 200,000 216,016 1.00

216,016 1.00


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

PERU VMHoldingSA,144A5.375%04/05/2027

USD 200,000 201,772 0.94

201,772 0.94 SOUTH AFRICA PetraDiamondsUSTreasuryplc,Reg.S7.25%01/05/2022

USD 200,000 205,277 0.96

205,277 0.96 UNITED STATES OF AMERICA AdvancedMicroDevices,Inc.7%01/07/2024

USD 20,000 21,172 0.10

AlbertsonsCos.LLC,144A6.625%15/06/2024

USD 50,000 49,750 0.23

AlerisInternational,Inc.,144A9.5%01/04/2021

USD 145,000 148,600 0.69

AlliantHoldingsIntermediateLLC,144A8.25%01/08/2023

USD 125,000 133,125 0.62

AmericanAxle&Manufacturing,Inc.,144A6.25%01/04/2025

USD 145,000 141,897 0.66

AVHomes,Inc.,144A6.625%15/05/2022

USD 75,000 77,438 0.36

BWAYHoldingCo.,144A7.25%15/04/2025

USD 195,000 198,222 0.92

CCMMerger,Inc.,144A6%15/03/2022

USD 95,000 97,612 0.45


USD 100,000 107,150 0.50


USD 15,000 15,942 0.07

CequelCommunicationsHoldingsILLC,144A7.75%15/07/2025

USD 200,000 222,375 1.03


USD 25,000 29,713 0.14

Cheniere Corpus Christi Holdings LLC 5.875%31/03/2025

USD 75,000 80,051 0.37

CheniereCorpusChristiHoldingsLLC,144A5.125%30/06/2027

USD 75,000 76,725 0.36

ChobaniLLC,144A7.5%15/04/2025 USD 145,000 153,337 0.71 CoveyParkEnergyLLC,144A7.5%15/05/2025

USD 95,000 95,238 0.44

CSCHoldingsLLC,144A10.875%15/10/2025

USD 400,000 480,164 2.23

CumberlandFarms,Inc.,144A6.75%01/05/2025

USD 55,000 58,025 0.27

CVRPartnersLP,144A9.25%15/06/2023

USD 125,000 130,123 0.61

DCPMidstreamOperatingLP,144A6.45%03/11/2036

USD 25,000 25,817 0.12

DCPMidstreamOperatingLP,FRN,144A5.85%21/05/2043

USD 120,000 111,600 0.52

DeanFoodsCo.,144A6.5%15/03/2023

USD 140,000 147,350 0.69

EagleHoldingCo.IILLC,144A7.625%15/05/2022

USD 35,000 36,077 0.17

EIGInvestorsCorp.10.875%01/02/2024

USD 145,000 162,337 0.75

ExterranEnergySolutionsLP,144A8.125%01/05/2025

USD 138,000 141,105 0.66

FAGEInternationalSA,144A5.625%15/08/2026

USD 200,000 204,994 0.95

FerrellgasLP6.75%15/01/2022 USD 25,000 23,688 0.11 Freeport-McMoRan,Inc.6.875%15/02/2023

USD 95,000 100,700 0.47

GreystarRealEstatePartnersLLC,144A8.25%01/12/2022

USD 75,000 81,094 0.38


61T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

GrindingMedia,Inc.,144A7.375%15/12/2023

USD 50,000 53,875 0.25

HertzCorp.(The),144A7.625%01/06/2022

USD 160,000 159,994 0.74

HUBInternationalLtd.,144A7.875%01/10/2021

USD 125,000 130,464 0.61

iHeartCommunications,Inc.9%15/12/2019

USD 105,000 83,081 0.39


USD 40,000 29,950 0.14

IntelsatJacksonHoldingsSA,144A9.5%30/09/2022

USD 105,000 126,000 0.59

IntelsatJacksonHoldingsSA,144A8%15/02/2024

USD 175,000 189,000 0.88

Jo-AnnStoresHoldings,Inc.,144A9.75%15/10/2019

USD 125,000 123,125 0.57

KineticConcepts,Inc.,144A12.5%01/11/2021

USD 35,000 39,550 0.18

KissnerHoldingsLP,144A8.375%01/12/2022

USD 130,000 135,525 0.63

Koppers,Inc.,144A6%15/02/2025 USD 90,000 96,075 0.45 LaureateEducation,Inc.,144A8.25%01/05/2025

USD 115,000 122,907 0.57

MicrosemiCorp.,144A9.125%15/04/2023

USD 50,000 57,616 0.27

NCIBuildingSystems,Inc.,144A8.25%15/01/2023

USD 125,000 135,129 0.63

NGLEnergyPartnersLP,144A7.5%01/11/2023

USD 75,000 74,250 0.35


USD 50,000 56,438 0.26

Park-OhioIndustries,Inc.,144A6.625%15/04/2027

USD 40,000 42,075 0.20

PFChang'sChinaBistro,Inc.,144A10.25%30/06/2020

USD 145,000 148,625 0.69

PrimeSecurityServicesBorrowerLLC,144A9.25%15/05/2023

USD 110,000 119,892 0.56

QuickenLoans,Inc.,144A5.75%01/05/2025

USD 15,000 15,454 0.07

RayonierAMProducts,Inc.,144A5.5%01/06/2024

USD 5,000 4,891 0.02

Safeway,Inc.7.25%01/02/2031 USD 25,000 23,677 0.11 ScientificGamesInternational,Inc.10%01/12/2022

USD 205,000 225,099 1.05

ScientificGamesInternational,Inc.,144A7%01/01/2022

USD 110,000 117,631 0.55

SheaHomesLP,144A6.125%01/04/2025

USD 125,000 129,687 0.60

SilverseaCruiseFinanceLtd.,144A7.25%01/02/2025

USD 35,000 37,319 0.17

SLMCorp.5.125%05/04/2022 USD 95,000 97,137 0.45 StandardAeroAviationHoldings,Inc.,144A10%15/07/2023

USD 105,000 116,496 0.54

TallgrassEnergyPartnersLP,144A5.5%15/09/2024

USD 150,000 151,660 0.71

TeamHealthHoldings,Inc.,144A6.375%01/02/2025

USD 140,000 136,850 0.64

TenetHealthcareCorp.,144A7.5%01/01/2022

USD 90,000 97,034 0.45

TIGroupAutomotiveSystemsLLC,144A8.75%15/07/2023

USD 150,000 157,938 0.73

T-MobileUSA,Inc.6%15/04/2024 USD 50,000 53,799 0.25 T-MobileUSA,Inc.6.5%15/01/2026 USD 150,000 165,739 0.77 T-MobileUSA,Inc.5.375%15/04/2027

USD 50,000 53,703 0.25


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

TownsquareMedia,Inc.,144A6.5%01/04/2023

USD 175,000 176,969 0.82


USD 75,000 73,308 0.34


USD 60,000 63,363 0.29

VeritasUS,Inc.,144A7.5%01/02/2023

USD 200,000 215,000 1.00

WesternDigitalCorp.,144A7.375%01/04/2023

USD 75,000 82,335 0.38

ZekelmanIndustries,Inc.,144A9.875%15/06/2023

USD 150,000 168,938 0.79

7,639,019 35.52 Total Bonds 10,232,421 47.58


50,908 0.24 Total Convertible Bonds 50,908 0.24Total Transferable securities


10,283,329 47.82



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

EUR 7,662 USD 8,727 21/07/2017 J.P. Morgan 30 – GBP 43,099 USD 55,107 31/07/2017 HSBC 867 – GBP 109,056 USD 139,151 25/08/2017 Bankof

America2,583 0.01

USD 143,361 GBP 110,125 25/08/2017 DeutscheBank 237 – USD 836,582 GBP 643,000 25/08/2017 RBS 906 0.01 Total Unrealised Gain on


USD 121,525 CAD 160,000 31/07/2017 J.P. Morgan (1,999) (0.01) USD 2,007,066 EUR 1,801,000 21/07/2017 Citibank (51,525) (0.24) Total Unrealised Loss on



(48,901) (0.23)

Cash 242,140 1.13Other Assets/(Liabilities) 610,584 2.83Total Net Assets 21,507,253 100.00


62 T. ROWE PRICE




% of Net Assets

United States of America 47.71 Luxembourg 5.92 Brazil 5.13 France 4.46 United Kingdom 2.93 Germany 2.87 Argentina 2.74 Canada 2.58 Italy 2.48 Netherlands 2.45 South Africa 1.94 Mexico 1.92 Indonesia 1.87 Colombia 1.10 Switzerland 1.04 Kazakhstan 1.02 Panama 1.00 Chile 0.99 Peru 0.94 Spain 0.92 Turkey 0.92 Trinidad and Tobago 0.72 Australia 0.68 Greece 0.56 Belgium 0.54 Ireland 0.51 Croatia 0.10 Total Investments 96.04 CashandOtherAssets/(Liabilities) 3.96Total 100.00



63T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingBondsARGENTINA CodereFinance2LuxembourgSA,Reg.S7.625%01/11/2021

USD 2,250,000 2,237,265 0.12

YPFSA,144A8.75%04/04/2024 USD 8,665,000 9,902,709 0.55 12,139,974 0.67

AUSTRIA ErsteGroupBankAG,Reg.S,FRN8.875%Perpetual

EUR 1,800,000 2,392,367 0.13

2,392,367 0.13 BELGIUM NyrstarNetherlandsHoldingsBV,Reg.S6.875%15/03/2024

EUR 3,250,000 3,775,614 0.21

3,775,614 0.21 BRAZIL MinervaLuxembourgSA,144A7.75%31/01/2023

USD 3,975,000 4,162,540 0.23

MinervaLuxembourgSA,144A6.5%20/09/2026

USD 1,790,000 1,747,523 0.09


USD 2,423,000 2,506,933 0.14


USD 4,970,000 5,725,316 0.31


USD 2,075,000 1,971,904 0.11


USD 3,175,000 2,979,690 0.16

ValeOverseasLtd.5.875%10/06/2021

USD 3,650,000 3,935,686 0.22

ValeOverseasLtd.6.25%10/08/2026 USD 3,500,000 3,792,512 0.21 26,822,104 1.47

CANADA EncanaCorp.8.125%15/09/2030 USD 765,000 978,324 0.05 EncanaCorp.7.2%01/11/2031 USD 690,000 826,047 0.05 EncanaCorp.7.375%01/11/2031 USD 730,000 891,864 0.05 EntertainmentOneLtd.,Reg.S6.875%15/12/2022

GBP 3,000,000 4,282,645 0.23

6,978,880 0.38 CHINA NordAngliaEducationFinanceLLC,Reg.S5.75%15/07/2022

CHF 2,660,000 3,021,006 0.17


EUR 3,525,000 700,642 0.04

700,642 0.04 FRANCE BNPParibasSA,Reg.S,FRN7.375%

PerpetualUSD 4,580,000 5,104,433 0.28

CreditAgricoleSA,FRN,144A7.875%Perpetual

USD 4,200,000 4,625,649 0.25


EUR 2,350,000 2,855,732 0.16


EUR 2,740,000 3,287,750 0.18

LoxamSAS,Reg.S4.25%15/04/2024

EUR 515,000 622,628 0.04

LoxamSAS,Reg.S6%15/04/2025 EUR 750,000 930,906 0.05 SFRGroupSA,Reg.S6.25%15/05/2024

USD 4,990,000 5,282,189 0.29

SocieteGeneraleSA,FRN,144A7.375%Perpetual

USD 4,440,000 4,779,749 0.26

Global High Yield Bond Fund


Thefund’sobjectiveistomaximisethevalueofitssharesthroughbothgrowthinthevalueof,andincomefrom,itsinvestments.Thefundinvestsmainlyinadiversifiedportfolioofhighyield corporate bonds from issuers around the world,including emerging markets.Specifically, the fund investsat least two-thirdsof totalassets indebtsecurities thatare ratedbelowBBB-byStandard & Poor’s or have an equivalent rating (or, ifunrated, are of equivalent quality) and are issued bycompanies. Portfolio debt securities can include fixedand floating rate bonds, convertible bonds, preferredstocks,warrantsandother transferabledebtsecuritiesof any type.The funddoesnot investmore than10%of assets inequitiesandequity-relatedsecurities,25%ofassets inconvertible bonds, and one-third of assets in moneymarket securities, with total investment in thesecategories limited to one-third of assets.The fund may use derivatives for hedging, efficientportfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in debt securities and credit indices.

GlobalHighYieldBondFund


64 T. ROWE PRICE


Global High Yield Bond Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

SWITZERLAND CreditSuisseGroupAG,FRN,144A6.25%Perpetual

USD 3,630,000 3,862,429 0.21

CreditSuisseGroupAG,FRN,144A7.5%Perpetual

USD 385,000 432,575 0.03

SIGCombiblocHoldingsSCA,Reg.S7.75%15/02/2023

EUR 3,800,000 4,625,005 0.25

Transocean,Inc.6.8%15/03/2038 USD 6,435,000 4,715,021 0.26 13,635,030 0.75

TRINIDAD AND TOBAGO ConsolidatedEnergyFinanceSA,144A6.875%15/06/2025

USD 2,270,000 2,343,775 0.13


GBP 7,325,000 10,148,761 0.56

AstonMartinCapitalHoldingsLtd.,144A6.5%15/04/2022

USD 1,165,000 1,217,110 0.07

Barclaysplc,Reg.S,FRN7.875%Perpetual

GBP 3,985,000 5,590,359 0.31


GBP 2,400,000 3,367,511 0.18

Debenhamsplc,Reg.S5.25%15/07/2021

GBP 800,000 1,053,529 0.06

INEOSGroupHoldingsSA,Reg.S5.375%01/08/2024

EUR 4,000,000 4,842,847 0.26

IronMountainEuropeplc,REIT,Reg.S6.125%15/09/2022

GBP 2,175,000 2,984,571 0.16


GBP 4,745,000 4,561,791 0.25

NewLookSeniorIssuerplc,Reg.S8%01/07/2023

GBP 160,000 126,533 0.01


USD 7,020,000 7,538,252 0.41

VirginMediaReceivablesFinancingNotesIDAC,Reg.S5.5%15/09/2024

GBP 1,975,000 2,688,512 0.15

44,119,776 2.42 UNITED STATES OF AMERICA AESCorp.5.5%15/03/2024 USD 7,870,000 8,216,083 0.45 AESCorp.6%15/05/2026 USD 2,050,000 2,199,281 0.12 AGCOCorp.5.875%01/12/2021 USD 3,000,000 3,329,130 0.18 AircastleLtd.5.5%15/02/2022 USD 2,225,000 2,427,709 0.13 AllianceDataSystemsCorp.,Reg.S5.25%15/11/2023

EUR 4,300,000 5,238,174 0.29

AllyFinancial,Inc.5.125%30/09/2024 USD 725,000 764,208 0.04 AllyFinancial,Inc.5.75%20/11/2025 USD 6,860,000 7,245,635 0.40 AMCEntertainmentHoldings,Inc.5.75%15/06/2025

USD 6,625,000 6,885,462 0.38

AMCEntertainmentHoldings,Inc.,Reg.S6.375%15/11/2024

GBP 1,550,000 2,161,054 0.12

AmeriGasPartnersLP5.625%20/05/2024

USD 270,000 279,832 0.01

AmeriGasPartnersLP5.5%20/05/2025

USD 3,175,000 3,218,069 0.18

AtwoodOceanics,Inc.6.5%01/02/2020

USD 2,290,000 2,269,962 0.12


USD 1,270,000 1,423,410 0.08

BoydGamingCorp.6.375%01/04/2026

USD 2,725,000 2,952,769 0.16

CaliforniaResourcesCorp.5%15/01/2020

USD 1,420,000 958,500 0.05

CalpineCorp.5.375%15/01/2023 USD 3,225,000 3,139,667 0.17 CalpineCorp.5.5%01/02/2024 USD 2,720,000 2,568,238 0.14


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets


EUR 1,600,000 2,043,515 0.11

29,532,551 1.62 GERMANY GarfunkeluxHoldco3SA,Reg.S8.5%01/11/2022

GBP 1,875,000 2,613,193 0.14


EUR 1,975,000 2,470,894 0.14

PCFGmbH,Reg.S7.875%01/08/2019

EUR 3,400,000 3,970,024 0.22

SafariHoldingVerwaltungsGmbH,Reg.S8.25%15/02/2021

EUR 1,270,731 1,520,306 0.08


EUR 3,200,000 3,741,938 0.20

14,316,355 0.78 INDONESIA TBGGlobalPte.Ltd.,Reg.S5.25%10/02/2022

USD 1,825,000 1,898,626 0.10


EUR 4,000,000 4,651,979 0.25

InternationalGameTechnologyplc,144A6.25%15/02/2022

USD 4,750,000 5,213,125 0.29


USD 6,025,000 6,269,284 0.34

16,134,388 0.88 JAPAN UniversalEntertainmentCorp.,Reg.S,144A8.5%24/08/2020

USD 3,500,000 3,613,750 0.20

3,613,750 0.20 KAZAKHSTAN HalykSavingsBankofKazakhstanJSC,Reg.S7.25%28/01/2021

USD 640,000 704,090 0.04

704,090 0.04 LUXEMBOURG AlticeFinancingSA,144A7.5%15/05/2026

USD 10,675,000 11,877,326 0.65

AlticeFinancingSA,Reg.S6.5%15/01/2022

USD 5,025,000 5,263,009 0.29

AlticeFincoSA,144A8.125%15/01/2024

USD 5,127,000 5,573,459 0.31

AlticeLuxembourgSA,Reg.S7.75%15/05/2022

USD 5,220,000 5,539,986 0.30


GBP 750,000 1,013,714 0.06


EUR 4,393,032 5,482,439 0.30


USD 1,800,000 1,896,552 0.10

36,646,485 2.01 NETHERLANDS NyrstarNetherlandsHoldingsBV,Reg.S8.5%15/09/2019

EUR 4,850,000 6,081,335 0.33

ZiggoBondFinanceBV,144A6%15/01/2027

USD 4,310,000 4,366,590 0.24

10,447,925 0.57 SPAIN BancoBilbaoVizcayaArgentariaSA,Reg.S,FRN7%Perpetual

EUR 3,600,000 4,218,478 0.23

CodereFinance2LuxembourgSA,144A7.625%01/11/2021

USD 2,275,000 2,259,939 0.13

6,478,417 0.36


65T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

MatadorResourcesCo.6.875%15/04/2023

USD 7,725,000 7,904,220 0.43

MGM Growth Properties Operating PartnershipLP,REIT5.625%01/05/2024

USD 1,650,000 1,806,750 0.10

MGMResortsInternational6%15/03/2023

USD 2,325,000 2,574,019 0.14

MolinaHealthcare,Inc.5.375%15/11/2022

USD 2,300,000 2,433,952 0.13

MPTOperatingPartnershipLP,REIT6.375%01/03/2024

USD 2,125,000 2,313,360 0.13

MurphyOilCorp.6.875%15/08/2024 USD 1,565,000 1,637,147 0.09 NewAlbertsons,Inc.7.45%01/08/2029

USD 1,625,000 1,584,375 0.09

NewAlbertsons,Inc.8%01/05/2031 USD 950,000 941,687 0.05 NobleHoldingInternationalLtd.7.75%15/01/2024

USD 3,315,000 2,639,171 0.14

NRGEnergy,Inc.7.25%15/05/2026 USD 9,900,000 10,271,250 0.56 NRGEnergy,Inc.6.625%15/01/2027 USD 7,250,000 7,275,013 0.40 NuStarLogisticsLP4.8%01/09/2020 USD 400,000 416,802 0.02 NuStarLogisticsLP5.625%28/04/2027

USD 3,130,000 3,298,144 0.18

OutfrontMediaCapitalLLC5.625%15/02/2024

USD 1,325,000 1,389,143 0.08


USD 3,900,000 4,054,070 0.22


USD 1,875,000 1,813,687 0.10

RangeResourcesCorp.4.875%15/05/2025

USD 1,725,000 1,635,981 0.09

RegalEntertainmentGroup5.75%15/03/2022

USD 4,925,000 5,142,217 0.28

RowanCos.,Inc.7.375%15/06/2025 USD 3,635,000 3,398,943 0.19 SESILLC7.125%15/12/2021 USD 1,665,000 1,600,506 0.09 SMEnergyCo.6.5%01/01/2023 USD 5,740,000 5,467,580 0.30 SpringleafFinanceCorp.8.25%15/12/2020

USD 3,350,000 3,771,916 0.21

SprintCapitalCorp.8.75%15/03/2032

USD 4,463,000 5,626,415 0.31

SprintCommunications,Inc.7%15/08/2020

USD 2,250,000 2,466,169 0.13

SprintCommunications,Inc.11.5%15/11/2021

USD 4,050,000 5,186,977 0.28

SprintCorp.7.25%15/09/2021 USD 9,100,000 10,140,858 0.56 SuburbanPropanePartnersLP5.5%01/06/2024

USD 1,075,000 1,073,898 0.06

TargaResourcesPartnersLP6.75%15/03/2024

USD 3,300,000 3,571,220 0.20

TempurSealyInternational,Inc.5.625%15/10/2023

USD 7,425,000 7,728,720 0.42


USD 5,100,000 5,420,280 0.30


USD 6,375,000 6,373,916 0.35

TesoroLogisticsLP6.125%15/10/2021

USD 875,000 910,249 0.05

TesoroLogisticsLP5.25%15/01/2025

USD 2,200,000 2,320,857 0.13

TribuneMediaCo.5.875%15/07/2022

USD 3,990,000 4,184,273 0.23

TronoxFinanceLLC6.375%15/08/2020

USD 3,655,000 3,662,511 0.20

UnitedContinentalHoldings,Inc.6%01/12/2020

USD 3,300,000 3,591,770 0.20

UnitedRentalsNorthAmerica,Inc.5.5%15/05/2027

USD 2,225,000 2,293,875 0.13


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

CarlsonTravel,Inc.,144A6.75%15/12/2023

USD 750,000 766,181 0.04

CenteneCorp.5.625%15/02/2021 USD 1,325,000 1,381,889 0.07 CenteneCorp.6.125%15/02/2024 USD 900,000 973,080 0.05 CenturyLink,Inc.7.5%01/04/2024 USD 6,925,000 7,615,630 0.42 CFIndustries,Inc.7.125%01/05/2020 USD 1,600,000 1,775,032 0.10 CFIndustries,Inc.5.375%15/03/2044 USD 4,035,000 3,601,742 0.20 ChesapeakeEnergyCorp.6.125%15/02/2021

USD 1,800,000 1,763,757 0.10

CNOFinancialGroup,Inc.4.5%30/05/2020

USD 75,000 78,496 –

CNOFinancialGroup,Inc.5.25%30/05/2025

USD 3,750,000 3,974,231 0.22

CommunityHealthSystems,Inc.6.875%01/02/2022

USD 5,025,000 4,391,172 0.24

CommunityHealthSystems,Inc.6.25%31/03/2023

USD 3,475,000 3,602,637 0.20

ContinentalResources,Inc.5%15/09/2022

USD 1,475,000 1,452,388 0.08

Crestwood Midstream Partners LP 6.25%01/04/2023

USD 4,850,000 4,943,047 0.27

CrownCork&SealCo.,Inc.7.375%15/12/2026

USD 250,000 290,666 0.02

DaVita,Inc.5.125%15/07/2024 USD 4,650,000 4,741,001 0.26 DaVita,Inc.5%01/05/2025 USD 4,650,000 4,658,277 0.25 DCPMidstreamOperatingLP8.125%16/08/2030

USD 475,000 547,751 0.03

DPL,Inc.7.25%15/10/2021 USD 4,375,000 4,683,700 0.26 Dynegy,Inc.7.375%01/11/2022 USD 5,200,000 5,174,000 0.28 Dynegy,Inc.5.875%01/06/2023 USD 1,290,000 1,221,811 0.07 EnergyTransferEquityLP5.875%15/01/2024

USD 2,025,000 2,146,510 0.12

EnergyTransferEquityLP5.5%01/06/2027

USD 2,945,000 3,053,126 0.17

Enscoplc8%31/01/2024 USD 5,031,000 4,797,059 0.26 Enscoplc5.75%01/10/2044 USD 505,000 330,391 0.02 FerrellgasLP6.5%01/05/2021 USD 3,475,000 3,295,603 0.18 FerrellgasLP6.75%15/06/2023 USD 925,000 867,188 0.05 Freeport-McMoRan,Inc.4%14/11/2021

USD 1,625,000 1,600,828 0.09


USD 6,845,000 6,152,149 0.34


USD 6,725,000 5,813,628 0.32

Group1Automotive,Inc.5%01/06/2022

USD 2,000,000 2,038,920 0.11

HCA,Inc.5%15/03/2024 USD 7,050,000 7,480,790 0.41 HCA,Inc.5.375%01/02/2025 USD 275,000 290,346 0.02 HCA,Inc.5.25%15/06/2026 USD 3,400,000 3,681,724 0.20 HCA,Inc.5.5%15/06/2047 USD 5,190,000 5,389,607 0.29 HessCorp.7.875%01/10/2029 USD 2,190,000 2,661,113 0.15 IntelsatJacksonHoldingsSA7.25%15/10/2020

USD 6,705,000 6,342,863 0.35


USD 5,700,000 5,842,500 0.32


USD 7,120,000 7,298,000 0.40

LaredoPetroleum,Inc.6.25%15/03/2023

USD 1,030,000 983,650 0.05

Level3Communications,Inc.5.75%01/12/2022

USD 1,875,000 1,946,025 0.11

Level3Financing,Inc.5.625%01/02/2023

USD 3,650,000 3,798,573 0.21

Level3Financing,Inc.5.375%01/05/2025

USD 4,380,000 4,613,388 0.25


66 T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments dealt in on another regulated marketBondsAUSTRALIA FMGResourcesAugust2006Pty.Ltd.,144A9.75%01/03/2022

USD 14,125,000 16,147,559 0.89

FMGResourcesAugust2006Pty.Ltd.,144A4.75%15/05/2022

USD 2,265,000 2,282,746 0.13


USD 3,290,000 3,297,320 0.18

JamesHardieInternationalFinanceDAC,144A5.875%15/02/2023

USD 2,300,000 2,420,750 0.13

24,148,375 1.33 BELGIUM BarryCallebautServicesNV,Reg.S5.5%15/06/2023

USD 9,900,000 10,773,180 0.59

10,773,180 0.59 BRAZIL AvonInternationalOperations,Inc.,144A7.875%15/08/2022

USD 2,675,000 2,788,688 0.15

2,788,688 0.15 CANADA 1011778BCULC,144A4.625%15/01/2022

USD 2,350,000 2,414,625 0.13

AirCanada,Reg.S7.75%15/04/2021 USD 3,150,000 3,622,500 0.20 Bombardier,Inc.,144A8.75%01/12/2021

USD 8,070,000 9,018,507 0.50

Cascades,Inc.,144A5.5%15/07/2022

USD 1,275,000 1,310,063 0.07

Cascades,Inc.,144A5.75%15/07/2023

USD 6,250,000 6,421,875 0.35

HudbayMinerals,Inc.,144A7.25%15/01/2023

USD 1,600,000 1,640,496 0.09

HudbayMinerals,Inc.,144A7.625%15/01/2025

USD 6,640,000 6,996,900 0.38

MasoniteInternationalCorp.,144A5.625%15/03/2023

USD 1,425,000 1,496,250 0.08

MEGEnergyCorp.,144A7%31/03/2024

USD 6,625,000 5,106,782 0.28

MEGEnergyCorp.,144A6.5%15/01/2025

USD 1,080,000 982,276 0.06

NewGold,Inc.,144A6.25%15/11/2022

USD 4,015,000 4,128,865 0.23

NewGold,Inc.,144A6.375%15/05/2025

USD 2,130,000 2,199,225 0.12

Norbord,Inc.,144A6.25%15/04/2023

USD 2,025,000 2,171,813 0.12

RelianceIntermediateHoldingsLP,144A6.5%01/04/2023

USD 2,095,000 2,241,566 0.12


USD 5,075,000 5,304,441 0.29


USD 4,400,000 4,526,632 0.25


USD 1,450,000 1,513,437 0.08

SevenGenerationsEnergyLtd.,Reg.S8.25%15/05/2020

USD 2,250,000 2,351,363 0.13

TelesatCanada,144A8.875%15/11/2024

USD 1,015,000 1,138,820 0.06


USD 3,865,000 3,771,989 0.21

VideotronLtd.,144A5.125%15/04/2027

USD 2,450,000 2,523,500 0.14

70,881,925 3.89


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

VEREITOperatingPartnershipLP,REIT4.125%01/06/2021

USD 1,375,000 1,433,740 0.08


USD 3,320,000 3,513,473 0.19

VistaOutdoor,Inc.5.875%01/10/2023

USD 1,975,000 2,035,010 0.11

Welbilt,Inc.9.5%15/02/2024 USD 2,300,000 2,665,539 0.15 WesternDigitalCorp.10.5%01/04/2024

USD 12,995,000 15,330,591 0.84

WhitingPetroleumCorp.6.25%01/04/2023

USD 1,040,000 962,322 0.05

WilliamLyonHomes,Inc.7%15/08/2022

USD 3,800,000 3,952,000 0.22

WilliamLyonHomes,Inc.5.875%31/01/2025

USD 1,615,000 1,661,173 0.09

WPXEnergy,Inc.8.25%01/08/2023 USD 2,165,000 2,338,871 0.13 Yum!Brands,Inc.6.875%15/11/2037 USD 1,165,000 1,261,043 0.07 Yum!Brands,Inc.5.35%01/11/2043 USD 2,520,000 2,312,012 0.13 ZayoGroupLLC6.375%15/05/2025 USD 5,075,000 5,482,243 0.30

374,207,590 20.53 Total Bonds 609,909,345 33.46

EquitiesCANADA NewGold,Inc. USD 595,500 1,852,005 0.10

1,852,005 0.10 COLOMBIA FronteraEnergyCorp. CAD 107,630 2,802,800 0.16 FronteraEnergyCorp. USD 21,600 560,347 0.03

3,363,147 0.19 UNITED KINGDOM Liberty Global plc LiLAC 'C' USD 2,844 59,980 –

59,980 – UNITED STATES OF AMERICA AllerganplcPreference5.5% USD 1,829 1,589,401 0.09 AmericanTowerCorp.,REITPreference5.5%

USD 10,453 1,276,207 0.07

BectonDickinsonandCo.Preference6.125%

USD 71,450 3,921,890 0.21

HessCorp.Preference8% USD 63,450 3,511,957 0.19 Howard Hughes Corp. (The) USD 15,375 1,871,291 0.10 Lands'End,Inc. USD 1,375 20,213 – LibertyBroadbandCorp.'A' USD 22,675 1,941,207 0.11 LibertyBroadbandCorp.'C' USD 28,825 2,501,145 0.14 NextEraEnergy,Inc.Preference6.123%

USD 107,350 5,771,673 0.32

NRGEnergy,Inc. USD 176,187 3,037,464 0.17 Rowan Cos. plc 'A' USD 145,975 1,500,623 0.08 T-MobileUS,Inc. USD 80,200 4,812,000 0.26 T-MobileUS,Inc.Preference5.5% USD 12,341 1,212,627 0.07

32,967,698 1.81 Total Equities 38,242,830 2.10Total Transferable securities


648,152,175 35.56


67T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

SOUTH AFRICA PetraDiamondsUSTreasuryplc,Reg.S7.25%01/05/2022

USD 6,100,000 6,260,948 0.34

6,260,948 0.34 SWITZERLAND Transocean,Inc.,144A9%15/07/2023

USD 2,845,000 2,947,406 0.16

2,947,406 0.16 TRINIDAD AND TOBAGO ConsolidatedEnergyFinanceSA,Reg.S6.75%15/10/2019

USD 1,870,000 1,919,088 0.11

1,919,088 0.11 UNITED KINGDOM AshteadCapital,Inc.,Reg.S6.5%15/07/2022

USD 2,950,000 3,064,312 0.17

KCADeutagUKFinanceplc,144A9.875%01/04/2022

USD 2,205,000 2,133,337 0.12

VirginMediaSecuredFinanceplc,144A5.25%15/01/2026

USD 2,035,000 2,110,234 0.11

VirginMediaSecuredFinanceplc,144A5.5%15/08/2026

USD 2,900,000 3,040,549 0.17

10,348,432 0.57 UNITED STATES OF AMERICA 24HourFitnessWorldwide,Inc.,144A8%01/06/2022

USD 225,000 209,813 0.01

24HourFitnessWorldwide,Inc.,Reg.S8%01/06/2022

USD 2,775,000 2,587,688 0.14

ADTCorp.(The)6.25%15/10/2021 USD 7,375,000 8,049,075 0.44 AdvancedDisposalServices,Inc.,144A5.625%15/11/2024

USD 2,600,000 2,688,920 0.15

AdvancedMicroDevices,Inc.7%01/07/2024

USD 7,125,000 7,542,489 0.41


USD 4,250,000 4,228,750 0.23


USD 4,275,000 4,087,969 0.22

AlerisInternational,Inc.,144A9.5%01/04/2021

USD 5,470,000 5,605,820 0.31

AllianceDataSystemsCorp.,144A5.875%01/11/2021

USD 3,128,000 3,249,210 0.18

Alliance Resource Operating Partners LP,144A7.5%01/05/2025

USD 2,295,000 2,415,487 0.13

AlliantHoldingsIntermediateLLC,144A8.25%01/08/2023

USD 7,950,000 8,466,750 0.46

AllisonTransmission,Inc.,144A5%01/10/2024

USD 6,190,000 6,375,700 0.35

AMCEntertainmentHoldings,Inc.,144A5.875%15/11/2026

USD 1,675,000 1,754,563 0.10

AMCNetworks,Inc.4.75%15/12/2022

USD 3,000,000 3,088,245 0.17

AmericanAirlinesPassThroughTrust,Series2013-1'B',144A5.625%15/07/2022

USD 714,167 751,304 0.04

AmericanAxle&Manufacturing,Inc.,144A6.25%01/04/2025

USD 9,135,000 8,939,511 0.49

AmericanBuilders&ContractorsSupplyCo.,Inc.,144A5.75%15/12/2023

USD 1,300,000 1,378,000 0.08

AmericanGreetingsCorp.,144A7.875%15/02/2025

USD 1,245,000 1,330,170 0.07

AnteroMidstreamPartnersLP,144A5.375%15/09/2024

USD 2,465,000 2,527,956 0.14

ArchrockPartnersLP6%01/04/2021 USD 1,425,000 1,400,063 0.08 ArchrockPartnersLP6%01/10/2022 USD 2,650,000 2,548,346 0.14


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

CHILE VTRFinanceBV,144A6.875%15/01/2024

USD 535,000 568,713 0.03

VTRFinanceBV,Reg.S6.875%15/01/2024

USD 2,475,000 2,630,306 0.15

3,199,019 0.18 COLOMBIA FronteraEnergyCorp.,Reg.S10%02/11/2021

USD 4,039,000 4,559,021 0.25

4,559,021 0.25 GERMANY UnitymediaGmbH,144A6.125%15/01/2025

USD 450,000 483,174 0.03


USD 4,110,000 4,413,975 0.24

UnitymediaHessenGmbH&Co.KG,Reg.S5%15/01/2025

USD 3,575,000 3,755,234 0.20

8,652,383 0.47 HONG KONG NexteerAutomotiveGroupLtd.,Reg.S5.875%15/11/2021

USD 2,675,000 2,807,680 0.15

2,807,680 0.15 IRELAND ArdaghPackagingFinanceplc,144A7.25%15/05/2024

USD 8,103,000 8,882,914 0.49


USD 2,845,000 2,997,919 0.17


USD 1,455,000 1,527,277 0.08

13,408,110 0.74 ITALY InternationalGameTechnologyplc,144A6.5%15/02/2025

USD 8,550,000 9,405,000 0.51

IntesaSanpaoloSpA,FRN,144A7.7%Perpetual

USD 8,640,000 8,974,368 0.49

UniCreditSpA,Reg.S,FRN8%Perpetual

USD 8,435,000 8,683,284 0.48

27,062,652 1.48 JAMAICA DigicelGroupLtd.,Reg.S8.25%30/09/2020

USD 7,750,000 7,274,111 0.40

7,274,111 0.40 LUXEMBOURG AlticeLuxembourgSA,144A7.625%15/02/2025

USD 16,730,000 18,423,160 1.01

ARDFinanceSA7.125%15/09/2023 USD 5,075,000 5,430,250 0.30 IntelsatJacksonHoldingsSA,144A9.75%15/07/2025

USD 2,370,000 2,375,925 0.13

26,229,335 1.44 NETHERLANDS ConstelliumNV,144A8%15/01/2023 USD 2,175,000 2,239,858 0.12 ConstelliumNV,144A6.625%01/03/2025

USD 6,920,000 6,625,589 0.36

SensataTechnologiesUKFinancingCo.plc,144A6.25%15/02/2026

USD 3,650,000 3,985,070 0.22

UPCBFinanceIVLtd.,144A5.375%15/01/2025

USD 5,095,000 5,349,419 0.29

ZiggoBondFinanceBV,Reg.S5.875%15/01/2025

USD 1,000,000 1,025,000 0.06

19,224,936 1.05 PANAMA SableInternationalFinanceLtd.,Reg.S6.875%01/08/2022

USD 2,350,000 2,538,682 0.14

2,538,682 0.14


68 T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

CumberlandFarms,Inc.,144A6.75%01/05/2025

USD 1,585,000 1,672,175 0.09

CVRPartnersLP,144A9.25%15/06/2023

USD 10,145,000 10,560,742 0.58


USD 1,100,000 1,234,750 0.07


USD 1,550,000 1,600,654 0.09

DCPMidstreamOperatingLP,FRN,144A5.85%21/05/2043

USD 6,095,000 5,668,350 0.31

DeanFoodsCo.,144A6.5%15/03/2023

USD 3,825,000 4,025,813 0.22

DellInternationalLLC,144A5.875%15/06/2021

USD 1,700,000 1,784,685 0.10

DellInternationalLLC,144A7.125%15/06/2024

USD 2,925,000 3,228,366 0.18

DISHDBSCorp.6.75%01/06/2021 USD 3,675,000 4,085,369 0.22 DISHDBSCorp.5.875%15/07/2022 USD 1,685,000 1,815,402 0.10 DISHDBSCorp.7.75%01/07/2026 USD 7,025,000 8,347,140 0.46 EagleHoldingCo.IILLC,144A7.625%15/05/2022

USD 1,235,000 1,272,989 0.07

EcoServicesOperationsLLC,144A8.5%01/11/2022

USD 3,425,000 3,602,312 0.20

EIGInvestorsCorp.10.875%01/02/2024

USD 4,255,000 4,765,600 0.26

EldoradoResorts,Inc.7%01/08/2023 USD 4,425,000 4,806,656 0.26 EldoradoResorts,Inc.,144A6%01/04/2025

USD 755,000 802,187 0.04

EMIMusicPublishingGroupNorthAmericaHoldings,144A7.625%15/06/2024

USD 1,150,000 1,277,961 0.07

EndoDac,144A6%01/02/2025 USD 2,800,000 2,275,028 0.12 EPEnergyLLC,144A8%15/02/2025 USD 470,000 347,800 0.02 Equinix,Inc.,REIT5.375%01/01/2022 USD 2,450,000 2,582,300 0.14 Equinix,Inc.,REIT5.75%01/01/2025 USD 1,325,000 1,431,696 0.08 Equinix,Inc.,REIT5.375%15/05/2027 USD 2,700,000 2,880,684 0.16 EWScrippsCo.(The),144A5.125%15/05/2025

USD 2,900,000 3,016,000 0.17

ExterranEnergySolutionsLP,144A8.125%01/05/2025

USD 2,400,000 2,454,000 0.13

FAGEInternationalSA,144A5.625%15/08/2026

USD 4,350,000 4,458,619 0.24

FerrellgasLP6.75%15/01/2022 USD 590,000 559,025 0.03 FerrellgasPartnersLP,144A8.625%15/06/2020

USD 1,580,000 1,501,000 0.08

FirstDataCorp.,144A5.375%15/08/2023

USD 2,550,000 2,663,488 0.15

FirstDataCorp.,144A7%01/12/2023 USD 6,730,000 7,194,067 0.39 FrontierCommunicationsCorp.8.875%15/09/2020

USD 3,395,000 3,605,863 0.20

Gartner,Inc.,144A5.125%01/04/2025

USD 1,155,000 1,215,637 0.07

GreystarRealEstatePartnersLLC,144A8.25%01/12/2022

USD 2,675,000 2,892,344 0.16

Group1Automotive,Inc.,144A5.25%15/12/2023

USD 2,375,000 2,410,625 0.13

GulfportEnergyCorp.6.625%01/05/2023

USD 3,465,000 3,487,523 0.19

H&EEquipmentServices,Inc.7%01/09/2022

USD 3,475,000 3,635,719 0.20

HarlandClarkeHoldingsCorp.,144A6.875%01/03/2020

USD 1,800,000 1,857,096 0.10

HarlandClarkeHoldingsCorp.,144A8.375%15/08/2022

USD 2,400,000 2,562,000 0.14


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

AVHomes,Inc.,144A6.625%15/05/2022

USD 1,675,000 1,729,437 0.10

Bankrate,Inc.,Reg.S6.125%15/08/2018

USD 3,125,000 3,138,031 0.17

BlockCommunications,Inc.,144A6.875%15/02/2025

USD 2,165,000 2,327,375 0.13

BoozAllenHamilton,Inc.,144A5.125%01/05/2025

USD 2,320,000 2,279,400 0.13

BrandEnergy&InfrastructureServices,Inc.,144A8.5%15/07/2025

USD 2,990,000 3,055,302 0.17


USD 6,570,000 6,721,767 0.37


USD 3,490,000 3,547,672 0.19

CableOne,Inc.,144A5.75%15/06/2022

USD 1,650,000 1,731,444 0.10

Calumet Specialty Products Partners LP,144A11.5%15/01/2021

USD 1,445,000 1,679,813 0.09

CarrizoOil&Gas,Inc.6.25%15/04/2023

USD 1,215,000 1,166,400 0.06

CCMMerger,Inc.,144A6%15/03/2022

USD 3,000,000 3,082,500 0.17


USD 7,600,000 8,139,752 0.45


USD 11,050,000 11,743,995 0.64

CDKGlobal,Inc.,144A4.875%01/06/2027

USD 5,500,000 5,533,000 0.30

CDWLLC5%01/09/2025 USD 6,135,000 6,368,161 0.35 CentralGarden&PetCo.6.125%15/11/2023

USD 5,800,000 6,221,312 0.34


USD 4,828,000 4,940,106 0.27


USD 7,865,000 8,744,897 0.48

ChangeHealthcareHoldingsLLC,144A5.75%01/03/2025

USD 2,060,000 2,090,653 0.11

CheniereCorpusChristiHoldingsLLC,144A5.125%30/06/2027

USD 8,025,000 8,209,575 0.45

Cheniere Corpus Christi Holdings LLC 7%30/06/2024

USD 3,925,000 4,381,124 0.24

Cheniere Corpus Christi Holdings LLC 5.875%31/03/2025

USD 2,225,000 2,374,843 0.13

ChesapeakeEnergyCorp.,Reg.S8%15/12/2022

USD 2,823,000 2,981,794 0.16

ChobaniLLC,144A7.5%15/04/2025 USD 8,260,000 8,734,950 0.48 ClearChannelWorldwideHoldings,Inc.6.5%15/11/2022

USD 3,025,000 3,111,863 0.17

ClubCorpClubOperations,Inc.,144A8.25%15/12/2023

USD 1,120,000 1,215,592 0.07

CommScopeTechnologiesLLC,144A6%15/06/2025

USD 5,000,000 5,393,750 0.30

ConsolidatedContainerCo.LLC,Reg.S10.125%15/07/2020

USD 3,925,000 4,034,900 0.22

CoveyParkEnergyLLC,144A7.5%15/05/2025

USD 4,120,000 4,130,300 0.23

CrownRockLP,144A7.125%15/04/2021

USD 2,575,000 2,619,547 0.14

CrownRockLP,144A7.75%15/02/2023

USD 6,750,000 7,066,575 0.39


USD 3,855,000 4,472,166 0.25


USD 3,225,000 3,551,096 0.19


USD 11,105,000 13,330,553 0.73


69T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

MicrosemiCorp.,144A9.125%15/04/2023

USD 7,050,000 8,123,821 0.45

MPHAcquisitionHoldingsLLC,144A7.125%01/06/2024

USD 1,200,000 1,271,544 0.07

MSCI,Inc.,144A5.25%15/11/2024 USD 2,225,000 2,361,838 0.13 MSCI,Inc.,144A5.75%15/08/2025 USD 2,675,000 2,888,973 0.16 MSCI,Inc.,144A4.75%01/08/2026 USD 1,590,000 1,634,894 0.09 NavientCorp.8%25/03/2020 USD 2,525,000 2,820,741 0.15 Netflix,Inc.5.75%01/03/2024 USD 1,895,000 2,072,656 0.11 NexstarBroadcasting,Inc.,144A5.625%01/08/2024

USD 3,725,000 3,779,720 0.21

NFPCorp.,144A6.875%15/07/2025 USD 3,860,000 3,908,250 0.21 NGLEnergyPartnersLP,144A7.5%01/11/2023

USD 5,025,000 4,974,750 0.27

NGLEnergyPartnersLP,144A6.125%01/03/2025

USD 1,295,000 1,197,875 0.07

NovelisCorp.,144A6.25%15/08/2024

USD 3,475,000 3,625,294 0.20

NovelisCorp.,144A5.875%30/09/2026

USD 1,875,000 1,935,938 0.11

NRGEnergy,Inc.6.625%15/03/2023 USD 5,550,000 5,709,673 0.31 OrchestraBorrowerLLC,144A6.75%15/06/2022

USD 3,510,000 3,628,462 0.20

Ortho-ClinicalDiagnostics,Inc.,144A6.625%15/05/2022

USD 2,425,000 2,318,870 0.13


USD 1,775,000 2,003,531 0.11

PactivLLC7.95%15/12/2025 USD 1,575,000 1,773,600 0.10 Park-OhioIndustries,Inc.,144A6.625%15/04/2027

USD 945,000 994,022 0.05

PDCEnergy,Inc.,144A6.125%15/09/2024

USD 980,000 997,150 0.05

PermianResourcesLLC,144A7.125%01/11/2020

USD 3,025,000 2,494,234 0.14

PFChang'sChinaBistro,Inc.,144A10.25%30/06/2020

USD 1,525,000 1,563,125 0.09


USD 5,825,000 6,447,401 0.35


USD 2,325,000 2,399,261 0.13

PostHoldings,Inc.,144A5.5%01/03/2025

USD 1,765,000 1,823,898 0.10

PostHoldings,Inc.,144A8%15/07/2025

USD 1,715,000 1,978,681 0.11

PostHoldings,Inc.,144A5.75%01/03/2027

USD 1,755,000 1,823,006 0.10

PQCorp.,144A6.75%15/11/2022 USD 1,725,000 1,858,687 0.10 PrimeSecurityServicesBorrowerLLC,144A9.25%15/05/2023

USD 5,395,000 5,880,145 0.32

QuickenLoans,Inc.,144A5.75%01/05/2025

USD 3,715,000 3,827,416 0.21

RackspaceHosting,Inc.,144A8.625%15/11/2024

USD 3,825,000 4,078,406 0.22

RayonierAMProducts,Inc.,144A5.5%01/06/2024

USD 210,000 205,407 0.01

ReynoldsGroupIssuer,Inc.,144A7%15/07/2024

USD 2,800,000 3,005,800 0.17

RiverbedTechnology,Inc.,144A8.875%01/03/2023

USD 2,710,000 2,762,981 0.15

RockiesExpressPipelineLLC,144A6%15/01/2019

USD 822,000 853,343 0.05

RPCrownParentLLC,144A7.375%15/10/2024

USD 3,300,000 3,440,250 0.19

RSIHomeProducts,Inc.,144A6.5%15/03/2023

USD 3,900,000 4,124,250 0.23


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

HDSupply,Inc.,144A5.25%15/12/2021

USD 3,725,000 3,913,392 0.21

HertzCorp.(The),144A7.625%01/06/2022

USD 4,500,000 4,499,842 0.25

Hill-RomHoldings,Inc.,144A5.75%01/09/2023

USD 1,425,000 1,505,128 0.08

HowardHughesCorp.(The),144A5.375%15/03/2025

USD 12,265,000 12,632,950 0.69

HubHoldingsLLC,144A8.125%15/07/2019

USD 3,575,000 3,580,970 0.20

Hughes Satellite Systems Corp. 6.625%01/08/2026

USD 4,355,000 4,639,033 0.25

HuntingtonIngallsIndustries,Inc.,144A5%15/11/2025

USD 2,275,000 2,448,355 0.13

IASISHealthcareLLC8.375%15/05/2019

USD 7,320,000 7,344,156 0.40

IcahnEnterprisesLP6.25%01/02/2022

USD 4,780,000 5,008,508 0.27


USD 8,175,000 6,468,469 0.36

InSiteIssuerLLC,Series2016-1A'C',144A6.414%15/11/2046

USD 1,330,000 1,378,093 0.08

IntelsatJacksonHoldingsSA,144A9.5%30/09/2022

USD 2,475,000 2,970,000 0.16

IntelsatJacksonHoldingsSA,144A8%15/02/2024

USD 6,175,000 6,669,000 0.37

IronMountainCanadaOperationsULC,REIT,144A5.375%15/09/2023

CAD 2,675,000 2,154,295 0.12

Jo-AnnStoresHoldings,Inc.,144A9.75%15/10/2019

USD 6,595,000 6,496,075 0.36

Jo-AnnStoresLLC,144A8.125%15/03/2019

USD 475,000 474,406 0.03

JosephTRyerson&Son,Inc.,144A11%15/05/2022

USD 7,120,000 8,022,389 0.44

KenanAdvantageGroup,Inc.(The),144A7.875%31/07/2023

USD 1,675,000 1,756,656 0.10

KFCHoldingCo.,144A5%01/06/2024

USD 1,275,000 1,323,635 0.07

KFCHoldingCo.,144A5.25%01/06/2026

USD 6,800,000 7,132,554 0.39

KineticConcepts,Inc.,144A12.5%01/11/2021

USD 2,585,000 2,921,050 0.16

KissnerHoldingsLP,144A8.375%01/12/2022

USD 5,110,000 5,327,175 0.29

Koppers,Inc.,144A6%15/02/2025 USD 3,125,000 3,335,938 0.18 LadderCapitalFinanceHoldingsLLLP,144A5.875%01/08/2021

USD 1,875,000 1,924,219 0.11

LambWestonHoldings,Inc.,144A4.625%01/11/2024

USD 2,375,000 2,449,219 0.13

LaureateEducation,Inc.,144A8.25%01/05/2025

USD 5,145,000 5,498,744 0.30

LINTelevisionCorp.5.875%15/11/2022

USD 2,425,000 2,547,656 0.14

LiveNationEntertainment,Inc.,144A4.875%01/11/2024

USD 100,000 101,761 0.01

LPLHoldings,Inc.,144A5.75%15/09/2025

USD 4,350,000 4,534,875 0.25

LTFMergerSub,Inc.,144A8.5%15/06/2023

USD 6,295,000 6,761,019 0.37

MatchGroup,Inc.6.75%15/12/2022 USD 2,950,000 3,079,063 0.17 MatchGroup,Inc.6.375%01/06/2024 USD 3,345,000 3,649,730 0.20 MDCPartners,Inc.,144A6.5%01/05/2024

USD 9,020,000 8,891,645 0.49

MercerInternational,Inc.7.75%01/12/2022

USD 1,700,000 1,825,945 0.10

MicronTechnology,Inc.,144A5.25%01/08/2023

USD 1,775,000 1,837,240 0.10


70 T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

United Airlines Pass Through Trust,Series2014-2'B'4.625%03/03/2024

USD 621,779 641,987 0.04

UnivarUSA,Inc.,144A6.75%15/07/2023

USD 3,665,000 3,797,783 0.21

UnivisionCommunications,Inc.,144A5.125%15/02/2025

USD 8,619,000 8,543,584 0.47

UnivisionCommunications,Inc.,Reg.S6.75%15/09/2022

USD 304,000 316,850 0.02


USD 4,320,000 4,562,158 0.25

VB-S1IssuerLLC,Series2016-1A'F',144A6.901%15/06/2046

USD 960,000 997,447 0.05

VeriSign,Inc.5.25%01/04/2025 USD 305,000 327,285 0.02 VeriSign,Inc.,144A4.75%15/07/2027

USD 2,780,000 2,813,026 0.15

VeritasUS,Inc.,144A7.5%01/02/2023

USD 5,775,000 6,208,125 0.34

VeritasUS,Inc.,144A10.5%01/02/2024

USD 14,075,000 15,447,313 0.85

WatcoCos.LLC,144A6.375%01/04/2023

USD 2,475,000 2,573,579 0.14

WesternDigitalCorp.,144A7.375%01/04/2023

USD 2,745,000 3,013,447 0.17

ZayoGroupLLC,144A5.75%15/01/2027

USD 1,290,000 1,351,275 0.07

ZekelmanIndustries,Inc.,144A9.875%15/06/2023

USD 5,100,000 5,743,875 0.32

796,917,365 43.72 Total Bonds 1,041,941,336 57.16Total Transferable securities


1,041,941,336 57.16

Other transferable securities and money market instrumentsEquitiesIRELAND Smurfit-StoneContainerCorp.Preference*

USD 7,275 – –

– – Total Equities – – Total Other transferable securities

and money market instruments– –



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

EUR 2,023,000 USD 2,274,430 21/07/2017 Goldman Sachs

37,913 –

EUR 9,181,428 USD 9,904,505 21/07/2017 J.P. Morgan 590,110 0.03 EUR 60,399,100 USD 64,628,305 21/07/2017 Standard

Chartered4,409,460 0.24

EUR 1,140,737 USD 1,279,467 25/08/2017 BankofAmerica

26,839 –

EUR 3,824,380 USD 4,298,583 25/08/2017 Citibank 80,874 0.01 EUR 557,319 USD 627,316 25/08/2017 HSBC 10,893 – EUR 4,589,597 USD 5,001,514 25/08/2017 J.P. Morgan 254,225 0.01


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

SabreGLBL,Inc.,144A5.375%15/04/2023

USD 1,175,000 1,217,089 0.07

ScientificGamesInternational,Inc.,144A7%01/01/2022

USD 5,625,000 6,015,234 0.33

ScientificGamesInternational,Inc.10%01/12/2022

USD 16,455,000 18,068,330 0.99

SemGroupCorp.,144A6.375%15/03/2025

USD 3,490,000 3,394,025 0.19

SeminoleHardRockEntertainment,Inc.,144A5.875%15/05/2021

USD 2,820,000 2,852,374 0.16

SheaHomesLP,144A5.875%01/04/2023

USD 1,800,000 1,862,100 0.10

Shearer'sFoodsLLC,144A9%01/11/2019

USD 2,250,000 2,340,382 0.13

Shingle Springs Tribal Gaming Authority,144A9.75%01/09/2021

USD 3,700,000 3,911,159 0.21

SilverseaCruiseFinanceLtd.,144A7.25%01/02/2025

USD 895,000 954,294 0.05

SinclairTelevisionGroup,Inc.,144A5.875%15/03/2026

USD 5,285,000 5,423,731 0.30

SiriusXMRadio,Inc.,144A6%15/07/2024

USD 4,030,000 4,302,025 0.24

SiriusXMRadio,Inc.,144A5%01/08/2027

USD 1,655,000 1,669,481 0.09

SonicAutomotive,Inc.5%15/05/2023 USD 3,225,000 3,083,906 0.17 SonicAutomotive,Inc.,144A6.125%15/03/2027

USD 2,845,000 2,834,331 0.16

SPXFLOW,Inc.,144A5.625%15/08/2024

USD 3,925,000 4,063,788 0.22

SPXFLOW,Inc.,144A5.875%15/08/2026

USD 3,950,000 4,095,716 0.22

SS&CTechnologiesHoldings,Inc.5.875%15/07/2023

USD 1,975,000 2,102,388 0.12

StandardAeroAviationHoldings,Inc.,144A10%15/07/2023

USD 8,245,000 9,147,745 0.50

SummitMaterialsLLC,144A5.125%01/06/2025

USD 1,575,000 1,618,312 0.09

SurgeryCenterHoldings,Inc.,144A8.875%15/04/2021

USD 2,150,000 2,330,987 0.13

SurgeryCenterHoldings,Inc.,144A6.75%01/07/2025

USD 960,000 963,101 0.05

TallgrassEnergyPartnersLP,144A5.5%15/09/2024

USD 6,205,000 6,273,689 0.34

TapstoneEnergyLLC,144A9.75%01/06/2022

USD 2,680,000 2,313,175 0.13

TargaResourcesPartnersLP5.25%01/05/2023

USD 4,175,000 4,270,545 0.23

TargaResourcesPartnersLP,144A5.125%01/02/2025

USD 4,200,000 4,341,750 0.24

TaylorMorrisonCommunities,Inc.,144A5.875%15/04/2023

USD 2,250,000 2,407,500 0.13

TeamHealthHoldings,Inc.,144A6.375%01/02/2025

USD 3,130,000 3,059,575 0.17

TenetHealthcareCorp.,144A7.5%01/01/2022

USD 1,450,000 1,563,332 0.09

THCEscrowCorp.III,144A5.125%01/05/2025

USD 3,575,000 3,583,937 0.20

TIGroupAutomotiveSystemsLLC,144A8.75%15/07/2023

USD 4,480,000 4,717,082 0.26

T-MobileUSA,Inc.4%15/04/2022 USD 4,880,000 5,079,153 0.28 T-MobileUSA,Inc.6.5%15/01/2024 USD 825,000 888,504 0.05 T-MobileUSA,Inc.6%15/04/2024 USD 1,925,000 2,071,271 0.11 T-MobileUSA,Inc.6.375%01/03/2025

USD 1,575,000 1,705,749 0.09

T-MobileUSA,Inc.6.5%15/01/2026 USD 7,000,000 7,734,475 0.42 TownsquareMedia,Inc.,144A6.5%01/04/2023

USD 3,927,000 3,971,179 0.22


71T. ROWE PRICE



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

EUR 307,335 USD 352,617 25/08/2017 BankofAmerica

(675) –

EUR 225 USD 259 17/11/2017 J.P. Morgan – – NOK 1,011,472 USD 122,795 21/07/2017 J.P. Morgan (2,231) – NOK 4,376,090 USD 524,734 25/08/2017 J.P. Morgan (2,762) – NOK 188,566,700 USD 22,730,080 25/08/2017 UBS (238,193) (0.01) NOK 294,842 USD 35,465 17/11/2017 J.P. Morgan (240) – USD 5,445,939 CAD 7,220,000 22/09/2017 Morgan Stanley (132,155) (0.01) USD 2,994,836 CHF 2,894,000 25/08/2017 Credit Suisse (40,048) – USD 294,318 EUR 270,762 21/07/2017 Canadian

ImperialBankof Commerce

(15,170) –

USD 3,060,944 EUR 2,735,832 21/07/2017 J.P. Morgan (66,184) – USD 37,134,280 EUR 32,839,862 25/08/2017 Citibank (472,020) (0.03) USD 36,210,370 EUR 32,066,000 25/08/2017 Morgan Stanley (509,749) (0.03) USD 3,615,055 GBP 2,799,206 21/07/2017 Citibank (19,030) – USD 36,007,437 GBP 28,122,481 21/07/2017 HSBC (502,741) (0.03) USD 286,750 GBP 222,302 21/07/2017 J.P. Morgan (1,855) – USD 1,358,493 NOK 11,564,175 21/07/2017 J.P. Morgan (19,927) – USD 185,877 SEK 1,617,392 21/07/2017 J.P. Morgan (6,109) – Total Unrealised Loss on



21,903,799 1.20



Reference Entity

Buy/Sell

Interest (Paid)/

Received Rate

Maturity Date

Market ValueUSD


USD

% of Net

Assets

625,000 EUR Goldman Sachs

TVNFinanceCorp.IIIAB7.375%15/12/2020

Sell 5.00% 20/06/2019 68,407 68,407 –


68,407 68,407 –

33,000,000 USD J.P. Morgan CDX.NA.HY. 28-V1

Buy (5.00)% 20/06/2022 (2,256,656) (2,256,656) (0.12)


(2,256,656) (2,256,656) (0.12)


(2,188,249) (2,188,249) (0.12)

Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

EUR 58,058,000 USD 62,608,586 25/08/2017 Societe Generale

3,876,060 0.21

EUR 67,184,501 USD 72,509,545 22/09/2017 HSBC 4,542,856 0.25 EUR 2,105,141 USD 2,264,526 22/09/2017 J.P. Morgan 149,812 0.01 EUR 41,494,700 USD 44,540,452 20/10/2017 DeutscheBank 3,124,649 0.17 EUR 3,609,921 USD 3,946,639 20/10/2017 J.P. Morgan 200,088 – EUR 455 USD 491 20/10/2017 Morgan Stanley 32 – EUR 1,141,456 USD 1,271,432 17/11/2017 J.P. Morgan 41,870 – EUR 43,964,800 USD 48,300,547 17/11/2017 Standard

Chartered2,283,104 0.13

EUR 58,811,800 USD 66,808,735 19/01/2018 HSBC 1,100,233 0.06 EUR 2,768,136 USD 3,151,420 19/01/2018 J.P. Morgan 44,900 – GBP 405,496 USD 516,870 21/07/2017 Bankof

America9,568 –

GBP 109,204 USD 137,973 21/07/2017 HSBC 3,802 – NOK 205,969,600 USD 24,087,194 21/07/2017 Societe

Generale463,834 0.03

NOK 2,285,780 USD 271,161 25/08/2017 J.P. Morgan 1,482 – NOK 199,066,135 USD 23,211,387 22/09/2017 J.P. Morgan 544,964 0.03 NOK 1,484 USD 171 20/10/2017 HSBC 6 – NOK 7,109,115 USD 826,268 20/10/2017 J.P. Morgan 22,592 – NOK 189,732,700 USD 22,071,438 20/10/2017 RBS 583,474 0.03 NOK 3,134,071 USD 371,532 17/11/2017 J.P. Morgan 2,902 – NOK 194,246,500 USD 22,496,555 17/11/2017 RBS 710,424 0.04 NOK 197,318,300 USD 23,408,067 19/01/2018 Bankof

America196,077 0.01

NOK 5,297,007 USD 630,537 19/01/2018 J.P. Morgan 3,117 – SEK 4,321,364 USD 493,206 21/07/2017 J.P. Morgan 19,743 – SEK 14,759,800 USD 1,652,472 21/07/2017 Societe

Generale99,525 0.01

SEK 5,591,702 USD 628,166 25/08/2017 J.P. Morgan 36,901 – SEK 12,129,700 USD 1,380,776 25/08/2017 Skandinaviska

Enskilda Banken

61,907 0.01

SEK 17,423,997 USD 1,954,871 22/09/2017 J.P. Morgan 120,862 0.01 SEK 4,910,108 USD 558,417 20/10/2017 J.P. Morgan 27,527 – SEK 10,100,000 USD 1,130,011 20/10/2017 RBS 75,266 0.01 SEK 15,678,200 USD 1,777,641 17/11/2017 Goldman

Sachs96,546 0.01

SEK 2,512,565 USD 289,937 17/11/2017 J.P. Morgan 10,418 – SEK 14,202,400 USD 1,651,173 19/01/2018 Bankof

America53,139 –

SEK 3,971,505 USD 462,437 19/01/2018 J.P. Morgan 14,150 – USD 229,331 GBP 176,281 21/07/2017 Citibank 473 – USD 1,355,735 GBP 1,044,106 21/07/2017 HSBC 218 – USD 11,372 NOK 94,957 21/07/2017 J.P. Morgan 53 – Total Unrealised Gain on



72 T. ROWE PRICE



Swaption Contracts


Global Exposure

USD

Market ValueUSD

90,000,000 CDX.NA.HY.28-V1,Call,1.060,16/08/2017

USD Barclays 90,000,000 586,130


586,130

(90,000,000) CDX.NA.HY.28-V1,Put,0.010,16/08/2017

USD Barclays (90,000,000) (136,137)


(136,137)


Cash 97,498,373 5.35Other Assets/(Liabilities) 35,271,716 1.93Total Net Assets 1,822,863,600 100.00


United States of America 66.06 Canada 4.37 Luxembourg 3.45 United Kingdom 2.99 Italy 2.36 Netherlands 1.62 Brazil 1.62 France 1.62 Australia 1.33 Germany 1.25 Switzerland 0.91 Belgium 0.80 Ireland 0.74 Argentina 0.67 Colombia 0.44 Jamaica 0.40 Spain 0.36 South Africa 0.34 Trinidad and Tobago 0.24 Japan 0.20 Chile 0.18 China 0.17 Hong Kong 0.15 Panama 0.14 Austria 0.13 Indonesia 0.10 Kazakhstan 0.04 Croatia 0.04 Total Investments 92.72 CashandOtherAssets/(Liabilities) 7.28Total 100.00



73T. ROWE PRICE


Global Investment Grade Corporate Bond Fund


Thefund’sobjectiveistomaximisethevalueofitssharesthroughbothgrowthinthevalueof,andincomefrom,itsinvestments.The fund invests mainly in a diversified portfolio ofinvestment-grade corporate bonds from issuers around theworld,includingemergingmarkets.Specifically, the fund investsat least two-thirdsof totalassets indebtsecurities thatare ratedBBB-orhigherbyStandard&Poor’sorhaveanequivalent rating (or,ifunrated,areofequivalentquality)andare issuedbycompanies. Portfolio debt securities can include fixedand floating rate bonds, convertible bonds, warrantsand other transferable debt securities of any type,including high-yield securities. The fund may also invest inpreferredstocks,hybridsandpreferredsecurities,aswell as government securities.The funddoesnot investmore than10%of assets inequitiesandequity-relatedsecurities,25%ofassets inconvertible bonds, and one-third of assets in moneymarket securities, with total investment in thesecategories limited to one-third of assets.The fund may use derivatives for hedging, efficientportfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in debt securities and credit indices.


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingBondsAUSTRALIA SGSPAustraliaAssetsPty.Ltd.,Reg.S5.125%11/02/2021

GBP 100,000 146,321 0.61

146,321 0.61 CHINA AlibabaGroupHoldingLtd.3.6%28/11/2024

USD 430,000 443,605 1.86

CRCCYupengLtd.,Reg.S,FRN3.95%Perpetual

USD 290,000 295,456 1.24

CSCECFinanceCaymanIILtd.,Reg.S2.7%14/06/2021

USD 200,000 199,142 0.83

StateGridOverseasInvestment2016Ltd.,Reg.S1.25%19/05/2022

EUR 300,000 347,701 1.46

WantWantChinaFinanceLtd.,Reg.S2.875%27/04/2022

USD 240,000 239,949 1.00

1,525,853 6.39 FRANCE AXASA,Reg.S,FRN3.941%

PerpetualEUR 285,000 354,267 1.49

CreditAgricoleSA,FRN,144A7.875%Perpetual

USD 200,000 220,269 0.92


EUR 100,000 124,360 0.52

698,896 2.93 GERMANY RWEAG,Reg.S,FRN2.75%21/04/2075

EUR 300,000 347,612 1.46

347,612 1.46 HONG KONG LinkFinanceCayman2009Ltd.(The),REIT,Reg.S3.6%03/09/2024

USD 200,000 205,806 0.86


USD 200,000 202,495 0.85

408,301 1.71 ICELAND IslandsbankiHF,Reg.S1.75%07/09/2020

EUR 400,000 469,185 1.97


EUR 100,000 114,914 0.48

584,099 2.45 INDIA AdaniPorts&SpecialEconomicZoneLtd.,Reg.S3.5%29/07/2020

USD 220,000 222,381 0.93

NTPCLtd.,Reg.S2.75%01/02/2027 EUR 150,000 180,320 0.76 402,701 1.69

ISRAEL TevaPharmaceuticalFinanceNetherlandsIIBV,Reg.S1.25%31/03/2023

EUR 270,000 304,448 1.27

304,448 1.27 LITHUANIA LithuaniaGovernmentBond,Reg.S7.375%11/02/2020

USD 150,000 170,037 0.71

170,037 0.71 MEXICO AmericaMovilSABdeCV5%27/10/2026

GBP 170,000 265,916 1.11

MexicoGovernmentBond2.75%22/04/2023

EUR 200,000 246,949 1.03

PetroleosMexicanos,Reg.S8.25%02/06/2022

GBP 150,000 240,540 1.01

753,405 3.15

GlobalInvestmentGradeCorporateBondFund


74 T. ROWE PRICE


Global Investment Grade Corporate Bond Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

NETHERLANDS INGGroepNV,FRN2.445%29/03/2022

USD 200,000 203,051 0.85

203,051 0.85 SOUTH AFRICA MTNMauritiusInvestmentLtd.,Reg.S6.5%13/10/2026

USD 200,000 210,057 0.88

210,057 0.88 SOUTH KOREA KoreaDevelopmentBank(The),FRN1.905%27/02/2022

USD 400,000 400,824 1.68

400,824 1.68 SPAIN CaixaBankSA,Reg.S,FRN6.75%

PerpetualEUR 200,000 241,664 1.01

MadrilenaReddeGasFinanceBV,Reg.S1.375%11/04/2025

EUR 160,000 182,677 0.76


EUR 100,000 120,684 0.51

545,025 2.28 SWEDEN AkeliusResidentialPropertyAB,Reg.S1.75%07/02/2025

EUR 250,000 285,651 1.20

285,651 1.20 UNITED KINGDOM BankofScotlandplc6.375%16/08/2019

GBP 210,000 301,042 1.26

GlobalSwitchHoldingsLtd.,Reg.S2.25%31/05/2027

EUR 150,000 172,852 0.73


GBP 170,000 269,802 1.13


GBP 130,000 186,608 0.78

Marks&Spencerplc,Reg.S3%08/12/2023

GBP 100,000 132,265 0.55

RoyalBankofScotlandGroupplc,Reg.S2.5%22/03/2023

EUR 155,000 188,167 0.79

RSAInsuranceGroupplc,Reg.S,FRN5.125%10/10/2045

GBP 100,000 145,742 0.61

SantanderUKGroupHoldingsplc,Reg.S,FRN6.75%Perpetual

GBP 200,000 270,877 1.14


USD 200,000 215,603 0.90

WesternPowerDistributionplc,Reg.S3.625%06/11/2023

GBP 150,000 210,625 0.88

2,093,583 8.77 UNITED STATES OF AMERICA AlexandriaRealEstateEquities,Inc.,REIT3.95%15/01/2027

USD 195,000 199,390 0.84

Arconic,Inc.5.4%15/04/2021 USD 295,000 310,856 1.30 BankofAmericaCorp.3.248%21/10/2027

USD 295,000 285,511 1.20


EUR 290,000 329,076 1.38


USD 240,000 248,600 1.04


USD 160,000 179,327 0.75


USD 65,000 66,617 0.28


USD 160,000 164,234 0.69


USD 185,000 184,816 0.78

CarpenterTechnologyCorp.5.2%15/07/2021

USD 195,000 203,682 0.85


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Citigroup,Inc.3.2%21/10/2026 USD 275,000 267,757 1.12 ContinentalResources,Inc.5%15/09/2022

USD 185,000 182,164 0.76


USD 110,000 113,112 0.47

DeltaAirLines,Inc.3.625%15/03/2022

USD 195,000 200,638 0.84

DiscoverFinancialServices4.1%09/02/2027

USD 330,000 331,921 1.39

EnbridgeEnergyPartnersLP7.375%15/10/2045

USD 205,000 265,943 1.12

EssexPortfolioLP,REIT3.625%01/05/2027

USD 310,000 310,019 1.30

FederalRealtyInvestmentTrust,REIT2.55%15/01/2021

USD 250,000 250,874 1.05


GBP 150,000 224,830 0.94

HessCorp.5.8%01/04/2047 USD 175,000 177,012 0.74 MorganStanley2.625%09/03/2027 GBP 300,000 389,591 1.63 MPTOperatingPartnershipLP,REIT4%19/08/2022

EUR 200,000 252,760 1.06

ONEOK,Inc.6%15/06/2035 USD 320,000 343,864 1.44 PricelineGroup,Inc.(The)2.375%23/09/2024

EUR 320,000 388,536 1.63

SouthernCo.(The)2.95%01/07/2023 USD 110,000 109,791 0.46 SouthernPowerCo.1.85%20/06/2026

EUR 155,000 178,507 0.75

WesternGasPartnersLP5.45%01/04/2044

USD 165,000 170,366 0.71

6,329,794 26.52 Total Bonds 15,409,658 64.55

EquitiesUNITED STATES OF AMERICA BectonDickinsonandCo.Preference6.125%

USD 1,582 86,836 0.37

86,836 0.37 Total Equities 86,836 0.37Total Transferable securities


15,496,494 64.92

Transferable securities and money market instruments dealt in on another regulated marketBondsAUSTRALIA FMGResourcesAugust2006Pty.Ltd.,144A9.75%01/03/2022

USD 225,000 257,218 1.08


USD 65,000 65,509 0.27

SydneyAirportFinanceCo.Pty.Ltd.,Reg.S3.9%22/03/2023

USD 190,000 198,862 0.83

WEAFinanceLLC,REIT,144A3.25%05/10/2020

USD 210,000 213,758 0.90


USD 25,000 24,947 0.10


USD 147,000 145,376 0.61

905,670 3.79 CANADA Enbridge,Inc.,FRN6%15/01/2077 USD 180,000 189,328 0.79 ThomsonReutersCorp.3.309%12/11/2021

CAD 500,000 400,810 1.68

590,138 2.47


75T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

FRANCE BNPParibasSA,144A3.8%10/01/2024

USD 320,000 333,155 1.40

333,155 1.40 ITALY UniCreditSpA,144A4.625%12/04/2027

USD 200,000 211,347 0.88

211,347 0.88 MEXICO BBVABancomerSA,Reg.S6.5%10/03/2021

USD 220,000 242,749 1.02

242,749 1.02 SWITZERLAND UBSGroupFundingSwitzerlandAG,144A3.491%23/05/2023

USD 200,000 205,148 0.86

UBSGroupFundingSwitzerlandAG,144A4.125%24/09/2025

USD 255,000 267,486 1.12

472,634 1.98 UNITED STATES OF AMERICA AmericanAirlinesPassThroughTrust,Series2016-2'A'3.65%15/12/2029

USD 73,050 74,146 0.31

AmericanAirlinesPassThroughTrust,Series2016-1'B'5.25%15/07/2025

USD 94,327 98,449 0.41

American Airlines Pass Through Trust,Series2017-1B'B'4.95%15/08/2026

USD 120,000 124,200 0.52


USD 175,000 181,787 0.76

BroadcomCorp.,144A3.875%15/01/2027

USD 95,000 97,593 0.41


USD 230,000 275,666 1.16

CKERestaurantHoldings,Inc.,Series2013-1A'A2',144A4.474%20/03/2043

USD 182,400 182,335 0.77

DBMasterFinanceLLC,Series2015-1A'A2I',144A3.262%20/02/2045

USD 195,500 197,232 0.83

DeltaAirLinesPassThroughTrust,Series2015-1'B'4.25%30/01/2025

USD 351,527 362,512 1.52

ExpressScriptsHoldingCo.3%15/07/2023

USD 385,000 385,212 1.61

GoldmanSachsGroup,Inc.(The),FRN2.276%26/04/2022

USD 325,000 327,541 1.37

GrainSpectrumFundingIILLC,144A3.29%10/10/2034

USD 94,352 93,997 0.39


USD 445,000 452,060 1.89


USD 90,000 90,450 0.38

SabinePassLiquefactionLLC5.875%30/06/2026

USD 125,000 140,229 0.59

SabinePassLiquefactionLLC,144A4.2%15/03/2028

USD 190,000 191,901 0.81


USD 400,000 402,555 1.69


USD 50,000 59,945 0.25


USD 205,000 250,883 1.05

USTreasury1.75%31/05/2022 USD 350,000 348,455 1.46 USTreasury2.375%15/05/2027 USD 105,000 105,878 0.44 WendysFundingLLC,Series2015-1A'A2I',144A3.371%15/06/2045

USD 196,500 198,799 0.83


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets


USD 175,000 201,390 0.84



7,598,908 31.83



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

EUR 209,691 USD 236,027 25/08/2017 HSBC 4,098 0.02 EUR 25,000 USD 28,092 25/08/2017 J.P. Morgan 537 – EUR 154,107 USD 172,391 25/08/2017 Morgan Stanley 4,083 0.02 GBP 216,106 USD 274,760 21/07/2017 Citibank 5,801 0.02 GBP 141,100 USD 180,412 31/07/2017 HSBC 2,838 0.01 Total Unrealised Gain on


USD 401,280 CAD 532,000 22/09/2017 Morgan Stanley (9,738) (0.04) USD 2,295,477 EUR 2,031,000 25/08/2017 Citibank (30,306) (0.13) USD 262,656 EUR 233,000 25/08/2017 J.P. Morgan (4,162) (0.02) USD 2,727,900 EUR 2,417,109 25/08/2017 Morgan Stanley (40,033) (0.17) USD 3,052,669 GBP 2,385,000 21/07/2017 HSBC (43,672) (0.18) USD 65,817 GBP 51,532 21/07/2017 J.P. Morgan (1,084) – Total Unrealised Loss on



(111,638) (0.47)



Global Exposure

USD


USD% of Net

Assets

LongGilt,27/09/2017 (3) GBP (488,431) 4,074 0.02 US5YearNote,29/09/2017 (5) USD (589,961) 1,289 – USLongBond,20/09/2017 3 USD 462,750 6,656 0.03 USUltraBond,20/09/2017 5 USD 832,813 6,399 0.03 Total Unrealised Gain on


Euro-Bund,07/09/2017 3 EUR 554,855 (5,893) (0.03) Total Unrealised Loss on



12,525 0.05


76 T. ROWE PRICE





Reference Entity

Buy/Sell

Interest (Paid)/

Received Rate

Maturity Date

Market Value USD


USD% of Net

Assets

565,000 USD Morgan Stanley

Simon Property Group LP 4.375%01/03/2021

Sell 1.00% 20/06/2022 4,118 4,118 0.02


4.118 4,118 0.02


Buy (5.00)% 20/06/2022 (93,343) (93,343) (0.39)

375,000 USD Barclays FordMotorCo.6.5%01/08/2018

Buy (5.00)% 20/06/2022 (64,953) (64,953) (0.27)


FordMotorCo.6.5%01/08/2018

Buy (5.00)% 20/06/2022 (34,642) (34,642) (0.15)

375,000 USD Barclays General Motors Co.3.5%02/10/2018

Buy (5.00)% 20/06/2022 (63,067) (63,067) (0.26)


General Motors Co.3.5%02/10/2018

Buy (5.00)% 20/06/2022 (33,636) (33,636) (0.14)

220,000 USD Morgan Stanley

KinderMorgan,Inc.3.05%01/12/2019

Buy (1.00)% 20/06/2022 (61) (61) –

360,000 USD Barclays Kroger Co. (The)6.15%15/01/2020

Sell 1.00% 20/06/2022 (1,177) (1,177) (0.01)


(290,879) (290,879) (1.22)


(286,761) (286,761) (1.20)



United States of America 47.18 United Kingdom 8.77 China 6.39 Australia 4.40 France 4.33 Mexico 4.17 Canada 2.47 Iceland 2.45 Spain 2.28 Switzerland 1.98 Hong Kong 1.71 India 1.69 South Korea 1.68 Germany 1.46 Israel 1.27 Sweden 1.20 Italy 0.88 South Africa 0.88 Netherlands 0.85 Lithuania 0.71 Total Investments 96.75 CashandOtherAssets/(Liabilities) 3.25Total 100.00



77T. ROWE PRICE



Quantity/Nominal

Value

Market Value USD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingBondsAUSTRALIA SGSPAustraliaAssetsPty.Ltd.,Reg.S3.3%09/04/2023

USD 400,000 405,734 0.11

405,734 0.11 BELGIUM Anheuser-BuschInBevFinance,Inc.4.9%01/02/2046

USD 1,689,000 1,910,732 0.51

SolvayFinanceAmericaLLC,144A4.45%03/12/2025

USD 550,000 585,332 0.16

2,496,064 0.67 BERMUDA BermudaGovernmentBond,144A4.854%06/02/2024

USD 405,000 440,067 0.12

440,067 0.12 CANADA ProvinceofOntarioCanada2.5%10/09/2021

USD 230,000 233,610 0.06

ThomsonReutersCorp.3.35%15/05/2026

USD 290,000 290,462 0.08

524,072 0.14 CHINA AlibabaGroupHoldingLtd.3.125%28/11/2021

USD 740,000 756,076 0.20

AlibabaGroupHoldingLtd.3.6%28/11/2024

USD 865,000 892,369 0.24

CCCITreasureLtd.,Reg.S,FRN3.5%Perpetual

USD 200,000 201,972 0.05

CNOOCFinance2015USALLC3.5%05/05/2025

USD 450,000 450,860 0.12

CRCCYupengLtd.,Reg.S,FRN3.95%Perpetual

USD 350,000 356,585 0.10

StateGridOverseasInvestment2016Ltd.,144A2.75%04/05/2022

USD 725,000 723,046 0.20

TencentHoldingsLtd.,Reg.S3.8%11/02/2025

USD 1,380,000 1,439,485 0.39

4,820,393 1.30 HONG KONG IFCDevelopmentCorporateTreasuryLtd.,Reg.S2.375%21/05/2019

USD 300,000 300,525 0.08

300,525 0.08 INDONESIA IndonesiaGovernmentBond,144A3.7%08/01/2022

USD 200,000 206,039 0.06

PertaminaPerseroPT,144A6.45%30/05/2044

USD 400,000 455,244 0.12

661,283 0.18 IRELAND ShireAcquisitionsInvestmentsIrelandDAC2.4%23/09/2021

USD 160,000 158,550 0.04

ShireAcquisitionsInvestmentsIrelandDAC2.875%23/09/2023

USD 680,000 674,907 0.18

ShireAcquisitionsInvestmentsIrelandDAC3.2%23/09/2026

USD 715,000 700,629 0.19

1,534,086 0.41 ISRAEL TevaPharmaceuticalFinanceIVBV3.65%10/11/2021

USD 515,000 532,054 0.14


USD 340,000 331,995 0.09


USD 550,000 523,306 0.14

1,387,355 0.37

US Aggregate Bond Fund


Thefund’sobjectiveistomaximisethevalueofitssharesthroughbothgrowthinthevalueof,andincomefrom,itsinvestments.The fund investsmainly inadiversifiedportfolioofUSbonds.Specifically, the fund investsat least two-thirdsof totalassets in debt securities denominated in US dollars,whichmay include securities issued by governments,government agencies, supra-national organizations,companies and banks. Portfolio debt securities can also includefixedandfloatingratebonds,convertiblebonds,warrants and other transferable debt securities of any type,includinghighyieldsecurities.Thefundmayinvestmorethan20%ofassetsinmortgage-andasset-backedsecurities.The funddoesnot investmore than10%of assets inequitiesandequity-relatedsecurities,25%ofassets inconvertible bonds, and one-third of assets in moneymarket securities, with total investment in thesecategories limited to one-third of assets.The fund may use derivatives for hedging, efficientportfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in debt securities.

USAggregateBondFund


78 T. ROWE PRICE


US Aggregate Bond Fund continued


Quantity/Nominal

Value

Market Value USD

% of Net Assets


USD 3,490,000 3,561,981 0.96


USD 105,000 109,010 0.03


USD 385,000 372,616 0.10


USD 480,000 481,272 0.13


USD 205,000 209,041 0.06


USD 620,000 621,919 0.17


USD 565,000 585,247 0.16


USD 105,000 104,663 0.03


USD 315,000 334,593 0.09


USD 295,000 330,635 0.09


USD 70,000 71,742 0.02

BostonPropertiesLP,REIT3.65%01/02/2026

USD 365,000 371,223 0.10

BostonPropertiesLP,REIT2.75%01/10/2026

USD 730,000 689,646 0.18


USD 650,000 667,199 0.18


USD 115,000 114,059 0.03


USD 335,000 334,667 0.09


USD 332,000 325,367 0.09

CapitalOneBankUSANA3.375%15/02/2023

USD 615,000 620,596 0.17

CCHoldingsGSVLLC,REIT3.849%15/04/2023

USD 710,000 748,546 0.20

Citigroup,Inc.3.5%15/05/2023 USD 1,215,000 1,235,698 0.33 CNAFinancialCorp.5.875%15/08/2020

USD 625,000 688,972 0.18


USD 195,000 216,967 0.06


USD 810,000 832,915 0.22

CVSHealthCorp.3.5%20/07/2022 USD 145,000 150,911 0.04 CVSHealthCorp.5%01/12/2024 USD 110,000 122,113 0.03 CVSHealthCorp.3.875%20/07/2025 USD 124,000 129,442 0.03 DDRCorp.,REIT4.25%01/02/2026 USD 235,000 231,216 0.06 DeltaAirLines,Inc.3.625%15/03/2022

USD 495,000 509,313 0.14


USD 1,300,000 1,290,419 0.35


USD 470,000 472,735 0.13

EnLinkMidstreamPartnersLP4.85%15/07/2026

USD 225,000 233,928 0.06

EQTCorp.4.875%15/11/2021 USD 115,000 123,776 0.03 EssexPortfolioLP,REIT3.375%15/04/2026

USD 440,000 433,235 0.12

ExelonCorp.5.15%01/12/2020 USD 135,000 145,479 0.04 FirstEnergyCorp.3.9%15/07/2027 USD 335,000 335,786 0.09 GATXCorp.2.5%15/03/2019 USD 150,000 151,177 0.04 GATXCorp.2.5%30/07/2019 USD 180,000 181,335 0.05 GATXCorp.4.85%01/06/2021 USD 150,000 162,799 0.04 GATXCorp.3.25%30/03/2025 USD 260,000 255,654 0.07


Quantity/Nominal

Value

Market Value USD

% of Net Assets

MEXICO BBVABancomerSA,144A4.375%10/04/2024

USD 295,000 306,900 0.08


USD 225,000 228,319 0.06


USD 585,000 609,175 0.17

1,144,394 0.31 NETHERLANDS AerCapIrelandCapitalDAC3.95%01/02/2022

USD 815,000 851,072 0.23

AerCapIrelandCapitalDAC3.5%26/05/2022

USD 165,000 169,570 0.04

AerCapIrelandCapitalDAC4.625%01/07/2022

USD 405,000 434,875 0.12

INGBankNV,Reg.S,FRN4.125%21/11/2023

USD 500,000 512,005 0.14

1,967,522 0.53 PANAMA AutoridaddelCanaldePanama,144A4.95%29/07/2035

USD 200,000 219,000 0.06

219,000 0.06 SPAIN BancoSantanderSA3.5%11/04/2022

USD 400,000 409,718 0.11

409,718 0.11 UNITED KINGDOM BarclaysBankplc5.14%14/10/2020 USD 560,000 600,802 0.16 Barclaysplc3.684%10/01/2023 USD 895,000 919,141 0.25 HeathrowFundingLtd.,144A4.875%15/07/2023

USD 180,000 194,264 0.05


USD 335,000 339,201 0.09


USD 495,000 493,906 0.13

ImperialBrandsFinanceplc,144A4.25%21/07/2025

USD 645,000 682,736 0.18

RoyalBankofScotlandGroupplc3.875%12/09/2023

USD 495,000 505,850 0.14


USD 70,000 71,083 0.02


USD 550,000 551,727 0.15

WPPFinance20103.75%19/09/2024

USD 500,000 515,057 0.14

4,873,767 1.31 UNITED STATES OF AMERICA AbbottLaboratories3.75%30/11/2026

USD 855,000 872,121 0.23

AbbVie,Inc.3.2%14/05/2026 USD 520,000 515,024 0.14 AbbVie,Inc.4.45%14/05/2046 USD 435,000 450,123 0.12 AlexandriaRealEstateEquities,Inc.,REIT3.95%15/01/2027

USD 530,000 541,933 0.14


USD 110,000 112,067 0.03

Anthem,Inc.3.5%15/08/2024 USD 1,200,000 1,229,610 0.33 Anthem,Inc.4.65%15/01/2043 USD 500,000 543,992 0.15 Arconic,Inc.5.72%23/02/2019 USD 130,000 135,605 0.04 Arconic,Inc.6.15%15/08/2020 USD 385,000 416,000 0.11 Arconic,Inc.5.87%23/02/2022 USD 295,000 316,747 0.08 ArrowElectronics,Inc.3.5%01/04/2022

USD 85,000 86,851 0.02

ArrowElectronics,Inc.4%01/04/2025 USD 225,000 229,818 0.06 Avnet,Inc.4.625%15/04/2026 USD 845,000 877,224 0.24


79T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets


USD 715,000 805,487 0.22


USD 695,000 718,394 0.19


USD 620,000 616,392 0.16


USD 205,000 266,155 0.07

GreatPlainsEnergy,Inc.3.15%01/04/2022

USD 645,000 653,479 0.17

GreatPlainsEnergy,Inc.4.85%01/04/2047

USD 130,000 133,999 0.04

HarrisCorp.3.832%27/04/2025 USD 930,000 964,424 0.26 HessCorp.4.3%01/04/2027 USD 460,000 450,614 0.12 Humana,Inc.3.85%01/10/2024 USD 895,000 934,801 0.25 Humana,Inc.3.95%15/03/2027 USD 110,000 114,815 0.03 Humana,Inc.4.95%01/10/2044 USD 250,000 282,914 0.08 InternationalPaperCo.4.4%15/08/2047

USD 915,000 930,921 0.25

InterpublicGroupofCos.,Inc.(The)4%15/03/2022

USD 845,000 887,444 0.24

InterpublicGroupofCos.,Inc.(The)3.75%15/02/2023

USD 70,000 72,896 0.02

InterpublicGroupofCos.,Inc.(The)4.2%15/04/2024

USD 585,000 617,757 0.17

J.P.MorganChase&Co.3.9%15/07/2025

USD 150,000 156,459 0.04


USD 240,000 238,974 0.06

KeysightTechnologies,Inc.4.6%06/04/2027

USD 705,000 741,170 0.20

KilroyRealtyLP,REIT4.375%01/10/2025

USD 440,000 462,339 0.12

KimcoRealtyCorp.,REIT3.8%01/04/2027

USD 600,000 601,848 0.16

LifeTechnologiesCorp.6%01/03/2020

USD 310,000 338,687 0.09

LockheedMartinCorp.3.6%01/03/2035

USD 900,000 891,904 0.24

Marsh&McLennanCos.,Inc.4.35%30/01/2047

USD 135,000 144,520 0.04

MartinMariettaMaterials,Inc.4.25%02/07/2024

USD 370,000 390,383 0.10

MeadJohnsonNutritionCo.4.125%15/11/2025

USD 355,000 382,896 0.10

MorganStanley3.75%25/02/2023 USD 690,000 718,421 0.19 MorganStanley3.7%23/10/2024 USD 885,000 909,590 0.24 MorganStanley3.125%27/07/2026 USD 295,000 286,910 0.08 MorganStanley4.35%08/09/2026 USD 810,000 843,275 0.23 MorganStanley3.625%20/01/2027 USD 1,580,000 1,594,307 0.43 MPTOperatingPartnershipLP,REIT5.25%01/08/2026

USD 75,000 78,298 0.02

NewellBrands,Inc.5.5%01/04/2046 USD 180,000 216,177 0.06 NiSourceFinanceCorp.4.375%15/05/2047

USD 475,000 490,839 0.13

OmnicomGroup,Inc.3.65%01/11/2024

USD 775,000 797,149 0.21

RegencyCentersLP,REIT3.6%01/02/2027

USD 175,000 175,093 0.05

ReinsuranceGroupofAmerica,Inc.6.45%15/11/2019

USD 145,000 158,025 0.04

ReinsuranceGroupofAmerica,Inc.5%01/06/2021

USD 105,000 114,343 0.03

ReinsuranceGroupofAmerica,Inc.4.7%15/09/2023

USD 170,000 184,025 0.05

ReynoldsAmerican,Inc.4%12/06/2022

USD 115,000 122,217 0.03


Quantity/Nominal

Value

Market Value USD

% of Net Assets

ReynoldsAmerican,Inc.3.25%01/11/2022

USD 90,000 90,719 0.02


USD 200,000 214,695 0.06


USD 400,000 489,138 0.13

SouthernCo.(The)2.95%01/07/2023 USD 665,000 663,736 0.18 SouthernCo.(The)3.25%01/07/2026 USD 634,000 623,076 0.17 SpectraEnergyPartnersLP3.375%15/10/2026

USD 750,000 736,669 0.20

TysonFoods,Inc.4.55%02/06/2047 USD 165,000 172,558 0.05 USTreasury1.25%31/10/2018 USD 6,475,000 6,469,309 1.74 USTreasury1.5%31/05/2019 USD 4,775,000 4,787,777 1.29 USTreasury2%31/08/2021 USD 21,635,000 21,851,350 5.87 USTreasury2.25%15/02/2027 USD 2,225,000 2,218,568 0.60 USTreasury5.375%15/02/2031 USD 410,000 552,123 0.15 USTreasury2.75%15/08/2042 USD 700,000 692,617 0.19 USTreasury3.375%15/05/2044 USD 510,000 563,789 0.15 USTreasury2.5%15/02/2045 USD 1,480,000 1,382,066 0.37 USTreasury3%15/11/2045 USD 1,000,000 1,031,719 0.28 USTreasury2.5%15/02/2046 USD 2,425,000 2,260,365 0.61 USTreasury2.5%15/05/2046 USD 4,190,000 3,901,283 1.05 USTreasury2.875%15/11/2046 USD 10,160,000 10,234,612 2.75 USTreasuryInflationIndexed0.125%15/07/2026

USD 2,423,000 2,390,219 0.64


USD 810,000 857,203 0.23

VerizonCommunications,Inc.5.25%16/03/2037

USD 910,000 979,092 0.26

VerizonCommunications,Inc.4.862%21/08/2046

USD 665,000 663,946 0.18

Visa,Inc.4.3%14/12/2045 USD 1,205,000 1,327,769 0.36 VulcanMaterialsCo.4.5%15/06/2047 USD 500,000 505,338 0.14 WesternGasPartnersLP4%01/07/2022

USD 140,000 143,674 0.04

WesternGasPartnersLP5.45%01/04/2044

USD 290,000 299,431 0.08



131,660,169 35.38

Transferable securities and money market instruments dealt in on another regulated marketBondsAUSTRALIA BramblesUSA,Inc.,144A4.125%23/10/2025

USD 85,000 87,773 0.02

OriginEnergyFinanceLtd.,144A3.5%09/10/2018

USD 405,000 409,427 0.11


USD 208,219 208,057 0.06


USD 34,109 34,086 0.01


USD 550,000 545,400 0.15


USD 695,000 689,550 0.18


USD 150,000 156,361 0.04


USD 605,000 592,452 0.16


80 T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

WEAFinanceLLC,REIT,144A3.25%05/10/2020

USD 350,000 356,263 0.10


USD 155,000 154,674 0.04


USD 672,000 664,574 0.18

3,898,617 1.05 CANADA CenovusEnergy,Inc.,144A4.25%15/04/2027

USD 540,000 516,105 0.14

CenovusEnergy,Inc.,144A5.4%15/06/2047

USD 560,000 522,681 0.14

Enbridge,Inc.,FRN6%15/01/2077 USD 380,000 399,692 0.11 Toronto-DominionBank(The),FRN3.625%15/09/2031

USD 710,000 704,235 0.19

2,142,713 0.58 CHILE BancoSantanderChile,144A3.875%20/09/2022

USD 150,000 156,823 0.04

CencosudSA,Reg.S5.15%12/02/2025

USD 450,000 482,850 0.13

639,673 0.17 CHINA Baidu,Inc.2.875%06/07/2022 USD 575,000 572,229 0.15

572,229 0.15 FRANCE BNPParibasSA,144A2.95%23/05/2022

USD 495,000 500,267 0.13

BNPParibasSA,144A3.8%10/01/2024

USD 355,000 369,594 0.10

BPCESA,144A3%22/05/2022 USD 610,000 616,167 0.17 1,486,028 0.40

ITALY EnelFinanceInternationalNV,144A3.625%25/05/2027

USD 905,000 899,009 0.24

EnelFinanceInternationalNV,144A4.75%25/05/2047

USD 200,000 206,352 0.06

UniCreditSpA,144A4.625%12/04/2027

USD 200,000 211,347 0.06

1,316,708 0.36 MEXICO PetroleosMexicanos3.5%18/07/2018

USD 600,000 607,626 0.16


USD 45,000 45,498 0.01


USD 505,000 547,556 0.15

PetroleosMexicanos,144A5.375%13/03/2022

USD 105,000 110,710 0.03

TrustF/1401,REIT,Reg.S5.25%15/12/2024

USD 600,000 630,273 0.17

1,941,663 0.52 SINGAPORE HPHTFinance15Ltd.,144A2.25%17/03/2018

USD 200,000 200,008 0.05

200,008 0.05 SWITZERLAND HolcimUSFinanceSarl&CieSCS,144A6%30/12/2019

USD 135,000 146,338 0.04


USD 700,000 718,018 0.19


USD 820,000 859,942 0.23

1,724,298 0.46


Quantity/Nominal

Value

Market Value USD

% of Net Assets

UNITED KINGDOM HSBCHoldingsplc,FRN6.375%

PerpetualUSD 200,000 212,029 0.06

NationwideBuildingSociety,144A3.9%21/07/2025

USD 395,000 414,740 0.11

ReckittBenckiserTreasuryServicesplc,144A3%26/06/2027

USD 945,000 934,468 0.25

WPPFinance20104.75%21/11/2021

USD 355,000 385,191 0.10

1,946,428 0.52 UNITED STATES OF AMERICA 225LibertyStreetTrust,Series2016-225L'A',144A3.597%10/02/2036

USD 100,000 104,212 0.03

ActivisionBlizzard,Inc.4.5%15/06/2047

USD 395,000 396,461 0.11

AllyAutoReceivablesTrust,Series2017-2'B'2.33%15/06/2022

USD 45,000 45,222 0.01

AllyAutoReceivablesTrust,Series2017-3'B'2.24%15/07/2022

USD 1,035,000 1,036,440 0.28

AllyMasterOwnerTrust,Series2015-3'A'1.63%15/05/2020

USD 575,000 575,236 0.15

AmericanAirlinesPassThroughTrust,Series2013-1'A'4%15/01/2027

USD 61,922 64,863 0.02


USD 152,235 162,701 0.04

American Airlines Pass Through Trust,Series2014-1'B'4.375%01/04/2024

USD 128,554 129,924 0.04

AmericanAirlinesPassThroughTrust,Series2015-1'B'3.7%01/11/2024

USD 40,336 40,296 0.01


USD 521,090 531,512 0.14

American Airlines Pass Through Trust,Series2017-1B'B'4.95%15/08/2026

USD 305,000 315,675 0.09

AmeriCredit Automobile Receivables Trust,Series2013-5'D'2.86%09/12/2019

USD 345,000 348,091 0.09


USD 350,000 351,078 0.09


USD 525,000 527,039 0.14


USD 20,345 20,337 0.01


USD 152,000 153,270 0.04

AmeriCredit Automobile Receivables Trust,Series2015-3'B'2.08%08/09/2020

USD 170,000 170,607 0.05


USD 55,000 55,087 0.01


USD 345,000 349,658 0.09


USD 85,000 85,950 0.02

Apple,Inc.3%09/02/2024 USD 3,330,000 3,385,445 0.91 ARIFleetLeaseTrust,Series2016-A'A3',144A2.11%15/07/2024

USD 300,000 300,574 0.08

ARIFleetLeaseTrust,Reg.S,Series2017-A'A2'1.91%15/04/2026

USD 525,000 524,914 0.14


81T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

ARIFleetLeaseTrust,Reg.S,Series2017-AX'A3'2.28%15/04/2026

USD 610,000 610,914 0.16

AscensionHealth3.945%15/11/2046 USD 390,000 377,216 0.10 Ascentium Equipment Receivables Trust,Series2016-1A'A3',144A1.92%10/12/2019

USD 170,000 170,048 0.05

Ascentium Equipment Receivables Trust,Series2017-1A'A2',144A1.87%10/07/2019

USD 40,000 40,002 0.01

Ascentium Equipment Receivables Trust,Series2017-1A'A3',144A2.29%10/06/2021

USD 40,000 40,079 0.01

AvisBudgetRentalCarFundingAESOPLLC,Series2013-1A'A',144A1.92%20/09/2019

USD 420,000 419,962 0.11


USD 160,000 161,729 0.04


USD 1,135,000 1,138,546 0.31


USD 120,000 119,841 0.03

BancofAmericaCommercialMortgageTrust,Series2007-5'A4'5.492%10/02/2051

USD 29,126 29,169 0.01


USD 110,106 80,707 0.02


USD 121,383 121,437 0.03

BancofAmericaMortgageTrust,FRN,Series2004-A'2A2'3.591%25/02/2034

USD 7,521 7,465 –

BancofAmericaMortgageTrust,FRN,Series2004-B'2A2'3.619%25/03/2034

USD 44,347 44,828 0.01

BancofAmericaMortgageTrust,FRN,Series2004-D'2A2'3.699%25/05/2034

USD 98,606 99,416 0.03

BancofAmericaMortgageTrust,FRN,Series2004-H'2A2'3.198%25/09/2034

USD 59,273 58,744 0.02

BancofAmericaMortgageTrust,FRN,Series2004-I'3A2'3.264%25/10/2034

USD 19,480 19,471 0.01


USD 112,718 105,372 0.03


USD 50,204 51,965 0.01


USD 675,000 686,934 0.18


USD 595,000 618,077 0.17

BANKTrust,Series2017-BNK5'C'4.259%15/06/2060

USD 145,000 148,695 0.04


USD 325,000 329,492 0.09


USD 100,000 100,872 0.03


USD 410,000 410,087 0.11

BayAreaTollAuthority'F-2'6.263%01/04/2049

USD 255,000 364,051 0.10


Quantity/Nominal

Value

Market Value USD

% of Net Assets

BaylorScott&WhiteHoldings3.967%15/11/2046

USD 375,000 373,364 0.10

BayviewOpportunityMasterFundIVbTrust,FRN,Series2017-SPL4'A',144A3.5%28/01/2055

USD 264,508 272,964 0.07

BearStearnsCommercialMortgageSecuritiesTrust,FRN,Series2007-PW17'A4'5.694%11/06/2050

USD 35,693 35,877 0.01

BroadcomCorp.,144A3.625%15/01/2024

USD 610,000 625,159 0.17

BroadcomCorp.,144A3.875%15/01/2027

USD 205,000 210,594 0.06

BXPTrust,Series2017-GM'A',144A3.379%13/06/2039

USD 735,000 751,883 0.20

CapitalAutoReceivablesAssetTrust,Series2014-1'C'2.84%22/04/2019

USD 30,000 30,132 0.01

Capital Auto Receivables Asset Trust,Series2015-2'A3'1.73%20/09/2019

USD 240,000 240,270 0.06


USD 225,000 225,206 0.06


USD 25,000 25,010 0.01

CarMaxAutoOwnerTrust,Series2014-1'C'1.93%15/11/2019

USD 35,000 35,042 0.01

CarMaxAutoOwnerTrust,Series2016-1'A4'1.88%15/06/2021

USD 340,000 340,384 0.09


USD 90,000 90,012 0.02

CarMaxAutoOwnerTrust,Series2016-4'A3'1.4%15/08/2021

USD 585,000 580,665 0.16

CCGReceivablesTrust,Series2015-1'B',144A2.6%17/01/2023

USD 375,000 375,864 0.10


USD 182,069 181,925 0.05


USD 335,000 334,673 0.09

CelgeneCorp.3.625%15/05/2024 USD 400,000 414,380 0.11 CelgeneCorp.3.875%15/08/2025 USD 890,000 931,091 0.25 Charter Communications Operating LLC4.908%23/07/2025

USD 1,010,000 1,093,168 0.29


USD 960,000 1,150,608 0.31

ChaseIssuanceTrust,Series2015-A2'A2'1.59%18/02/2020

USD 265,000 265,273 0.07

Chicago Metropolitan Water Reclamation5.72%01/12/2038

USD 410,000 502,303 0.14

ChicagoOHareInternationalAirport'B'6.395%01/01/2040

USD 170,000 231,627 0.06

Chrysler Capital Auto Receivables Trust,Series2016-BA'A2',144A1.36%15/01/2020

USD 158,812 158,642 0.04

Chrysler Capital Auto Receivables Trust,Series2016-BA'A3',144A1.64%15/07/2021

USD 165,000 164,622 0.04


USD 625,000 652,942 0.18

CitigroupCommercialMortgageTrust,Series2015-GC27'AS'3.571%10/02/2048

USD 110,000 112,734 0.03


USD 175,000 184,211 0.05

Citigroup,Inc.,FRN3.887%10/01/2028

USD 1,330,000 1,357,604 0.36

City of Los Angeles Department of Airports7.053%15/05/2040

USD 70,000 98,705 0.03


82 T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

CityofNewYork6.271%01/12/2037 USD 165,000 224,260 0.06 CLNSTrust,FRN,Series2017-IKPR'A',144A1%11/06/2032

USD 470,000 470,881 0.13

CNHEquipmentTrust,Series2014-C'A4'1.65%15/09/2021

USD 1,025,000 1,025,208 0.28

CNHEquipmentTrust,Series2015-A'A4'1.85%15/04/2021

USD 1,009,000 1,011,923 0.27

CNHEquipmentTrust,Series2016-C'A3'1.44%15/12/2021

USD 240,000 238,496 0.06

ComcastCorp.3.3%01/02/2027 USD 770,000 782,847 0.21 COMMMortgageTrust,Series2014-UBS5'A4'3.838%10/09/2047

USD 395,000 416,474 0.11

COMMMortgageTrust,Series2014-UBS6'A5'3.644%10/12/2047

USD 580,000 602,179 0.16

COMMMortgageTrust,Series2015-CR26'A4'3.63%10/10/2048

USD 345,000 359,246 0.10

COMMMortgageTrust,FRN,Series2014-TWC'A',144A1.84%13/02/2032

USD 100,000 100,274 0.03

COMMMortgageTrust,FRN,Series2014-UBS4'C'4.625%10/08/2047

USD 150,000 151,984 0.04

COMMMortgageTrust,FRN,Series2015-LC21'B'4.455%10/07/2048

USD 170,000 171,248 0.05

COMMMortgageTrust,FRN,Series2015-PC1'AM'4.29%10/07/2050

USD 50,000 53,331 0.01

COMMMortgageTrust,FRN,Series2015-PC1'B'4.441%10/07/2050

USD 85,000 86,060 0.02

CommercialMortgageTrust,Series2016-CR28'AHR'3.651%10/02/2049

USD 128,831 130,884 0.04

Commonwealth of Virginia TransportationBoard5.35%15/05/2035

USD 265,000 317,868 0.09

Continental Airlines Pass Through Trust,Series2012-1'A'4.15%11/10/2025

USD 36,141 38,038 0.01

Credit Suisse Commercial Mortgage Trust,FRN,Series2008-C1'A3'6.302%15/02/2041

USD 189,380 189,676 0.05

Credit Suisse Mortgage Capital Certificates,Series2015-GLPB'A',144A3.639%15/11/2034

USD 410,000 431,753 0.12

Credit Suisse Mortgage Capital Certificates,FRN,Series2015-GLPB'B',144A3.811%15/11/2034

USD 170,000 178,799 0.05

CrownCastleTowersLLC,144A6.113%15/01/2040

USD 113,000 121,650 0.03


USD 25,000 25,660 0.01


USD 255,000 261,420 0.07

CSAILCommercialMortgageTrust,Series2015-C3'A4'3.718%15/08/2048

USD 590,000 617,249 0.17

CSAILCommercialMortgageTrust,Series2017-C8'A4'3.392%15/06/2050

USD 920,000 941,030 0.25

DBCGMortgageTrust,FRN,Series2017-BBG'A',144A1.8%15/06/2034

USD 985,000 986,849 0.27

DeltaAirLinesPassThroughTrust,Series2010-2'A'4.95%23/11/2020

USD 28,532 29,709 0.01

DeltaAirLinesPassThroughTrust,Series2011-1'A'5.3%15/10/2020

USD 31,373 33,020 0.01

Delta Air Lines Pass Through Trust,Series2015-1'AA'3.625%30/01/2029

USD 112,363 116,015 0.03

DenverCity&CountySchool4.242%15/12/2037

USD 70,000 73,231 0.02


Quantity/Nominal

Value

Market Value USD

% of Net Assets


USD 105,190 104,653 0.03


USD 32,402 32,227 0.01


USD 74,483 73,509 0.02

DistrictofColumbia5.591%01/12/2034

USD 60,000 74,740 0.02

Domino'sPizzaMasterIssuerLLC,Series2012-1A'A2',144A5.216%25/01/2042

USD 173,381 174,016 0.05

EastBayMunicipalUtilityDistrictWaterSystem5.874%01/06/2040

USD 515,000 682,751 0.18

ElaraHGVTimeshareIssuerLLC,Series2014-A'A',144A2.53%25/02/2027

USD 34,773 34,634 0.01


USD 163,802 163,691 0.04


USD 560,000 559,474 0.15


USD 444,232 443,934 0.12


USD 100,000 100,049 0.03

Expedia,Inc.5%15/02/2026 USD 1,070,000 1,177,828 0.32 ExpressScriptsHoldingCo.4.5%25/02/2026

USD 1,645,000 1,743,379 0.47

ExpressScriptsHoldingCo.4.8%15/07/2046

USD 220,000 225,064 0.06

FHLMC,SeriesK025'A1'1.875%25/04/2022

USD 91,225 91,249 0.02

FHLMC,SeriesK502'A2'1.426%25/08/2017

USD 7,074 7,068 –


USD 250,000 256,913 0.07


USD 256,202 258,221 0.07


USD 56,493 56,749 0.02


USD 250,000 256,122 0.07


USD 180,252 184,637 0.05


USD 1,031,522 1,068,725 0.29


USD 149,143 150,906 0.04


USD 250,000 254,825 0.07

FHLMC,FRN,Series2015-HQA1'M2'3.674%25/03/2028

USD 183,520 188,215 0.05


USD 739,431 764,727 0.21


USD 250,000 260,344 0.07


USD 430,000 440,868 0.12


USD 247,773 251,441 0.07


USD 250,000 250,768 0.07

FHLMCA265866%01/09/2034 USD 2,968 3,386 – FHLMCA713756%01/01/2038 USD 1,683 1,898 – FHLMCA718036%01/01/2038 USD 1,235 1,393 – FHLMCA900534.5%01/12/2039 USD 59,037 63,783 0.02 FHLMCA919475%01/04/2040 USD 11,340 12,457 – FHLMCA934514.5%01/08/2040 USD 214,765 231,200 0.06


83T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

FHLMCA941854%01/10/2040 USD 2,972 3,143 – FHLMCA942514%01/10/2040 USD 1,979 2,092 – FHLMCA945764%01/10/2040 USD 939 993 – FHLMCA947134%01/11/2040 USD 1,802 1,905 – FHLMCA957344%01/12/2040 USD 15,811 16,834 – FHLMCA963124%01/01/2041 USD 69,055 73,027 0.02 FHLMCA976204.5%01/03/2041 USD 2,314 2,496 – FHLMCC017876%01/02/2034 USD 56,216 64,011 0.02 FHLMCC090363.5%01/03/2043 USD 198,896 205,606 0.06 FHLMCE013415.5%01/03/2018 USD 1,417 1,428 – FHLMCE014975.5%01/11/2018 USD 936 953 – FHLMCG017776%01/02/2035 USD 47,034 53,080 0.01 FHLMCG018996%01/09/2035 USD 16,236 18,456 0.01 FHLMCG027126%01/12/2028 USD 8,046 9,161 – FHLMCG035516%01/11/2037 USD 58,982 66,872 0.02 FHLMCG048145.5%01/10/2038 USD 210,112 234,334 0.06 FHLMCG055354.5%01/07/2039 USD 117,995 126,977 0.03 FHLMCG056594.5%01/10/2039 USD 171,551 184,589 0.05 FHLMCG059555%01/08/2040 USD 109,986 120,635 0.03 FHLMCG059585%01/08/2040 USD 283,028 310,791 0.08 FHLMCG062314%01/12/2040 USD 106,947 113,099 0.03 FHLMCG062524%01/02/2041 USD 2,975 3,156 – FHLMCG065064%01/12/2040 USD 559 591 – FHLMCG075434.5%01/08/2041 USD 27,967 30,264 0.01 FHLMCG080166%01/10/2034 USD 267,468 304,434 0.08 FHLMCG085343%01/06/2043 USD 318,956 320,929 0.09 FHLMCG086774%01/11/2045 USD 987,061 1,040,411 0.28 FHLMCG600383.5%01/01/2044 USD 162,922 168,423 0.05 FHLMCG601804.5%01/05/2042 USD 136,093 146,476 0.04 FHLMCG603344.5%01/10/2041 USD 100,863 108,554 0.03 FHLMCG604403.5%01/03/2046 USD 1,145,550 1,186,417 0.32 FHLMCJ036406%01/10/2021 USD 17,225 17,991 0.01 FHLMCJ151394%01/05/2026 USD 47,034 49,453 0.01 FHLMCQ046744%01/12/2041 USD 42,683 45,139 0.01 FHLMCQ144263%01/01/2043 USD 436,016 438,983 0.12 FHLMCQ406473.5%01/05/2046 USD 422,583 435,926 0.12 FHLMCU909323%01/02/2043 USD 42,370 42,247 0.01 FHLMCU910903%01/03/2043 USD 19,361 19,305 0.01 FHLMCV800253%01/04/2043 USD 35,574 35,822 0.01 FHLMCREMIC,FRN,Series4566'FA'1.489%15/04/2046

USD 204,352 206,125 0.06

FHLMCREMIC,FRN,Series4614'FG'1.659%15/09/2046

USD 364,856 368,982 0.10


USD 195,502 197,614 0.05

FHLMCREMIC,FRN,Series4623'EF'1.609%15/10/2046

USD 125,452 126,353 0.03

FHLMCREMIC,FRN,Series4623'MF'1.659%15/10/2046

USD 115,950 117,279 0.03

FHLMCREMIC,FRN,Series4650'FL'1.439%15/01/2047

USD 241,029 241,824 0.07


USD 99,144 99,481 0.03

FirstEnergyTransmissionLLC,144A4.35%15/01/2025

USD 480,000 503,453 0.14

FNMA7.125%15/01/2030 USD 100,000 146,353 0.04 FNMA1903605%01/08/2035 USD 24,532 26,950 0.01 FNMA2548695.5%01/09/2033 USD 82,151 92,116 0.02 FNMA2549035%01/10/2033 USD 14,911 16,375 – FNMA5457596.5%01/07/2032 USD 26,063 29,938 0.01 FNMA5555265.5%01/05/2018 USD 976 981 – FNMA7250275%01/11/2033 USD 15,682 17,220 –


Quantity/Nominal

Value

Market Value USD

% of Net Assets

FNMA7252296%01/03/2034 USD 79,541 91,174 0.02 FNMA7252325%01/03/2034 USD 6,488 7,125 – FNMA7252385%01/03/2034 USD 26,809 29,438 0.01 FNMA7254235.5%01/05/2034 USD 200,637 224,899 0.06 FNMA7350616%01/11/2034 USD 8,946 10,247 – FNMA7351156%01/12/2034 USD 2,842 3,258 – FNMA7351415.5%01/01/2035 USD 49,034 54,965 0.01 FNMA7353184.5%01/11/2019 USD 4,714 4,827 – FNMA7355005.5%01/05/2035 USD 16,920 18,965 0.01 FNMA7355026%01/04/2035 USD 5,293 6,059 – FNMA7355755.5%01/12/2018 USD 300 301 – FNMA7355785%01/06/2035 USD 41,225 45,293 0.01 FNMA7355795%01/06/2035 USD 6,469 7,109 – FNMA7355805%01/06/2035 USD 3,721 4,078 – FNMA7355915%01/06/2035 USD 1,821 2,001 – FNMA7356675%01/07/2035 USD 12,305 13,517 – FNMA7356695%01/04/2035 USD 9,985 10,967 – FNMA7356765%01/07/2035 USD 558,199 613,392 0.17 FNMA7359975.5%01/11/2035 USD 15,503 17,390 – FNMA7454285.5%01/01/2036 USD 102,726 115,134 0.03 FNMA7454586%01/04/2036 USD 272 311 – FNMA7459476.5%01/10/2036 USD 4,319 4,967 – FNMA7504126.5%01/11/2033 USD 16,059 17,802 – FNMA8881745.5%01/06/2035 USD 474,758 532,434 0.14 FNMA8882235.5%01/01/2036 USD 19,129 21,444 0.01 FNMA8882845.5%01/04/2037 USD 72,282 80,773 0.02 FNMA8883435%01/11/2035 USD 472,955 519,933 0.14 FNMA8884305%01/11/2033 USD 15,749 17,295 – FNMA8885675.5%01/12/2036 USD 130,306 145,898 0.04 FNMA8891175%01/10/2035 USD 233,303 256,202 0.07 FNMA8892985%01/12/2036 USD 50,413 55,425 0.02 FNMA8893075%01/07/2037 USD 18,888 20,740 0.01 FNMA8894795%01/07/2037 USD 154,250 169,526 0.05 FNMA8895796%01/05/2038 USD 3,852 4,369 – FNMA8898295%01/07/2035 USD 171,539 189,589 0.05 FNMA8902634%01/11/2025 USD 77,080 81,230 0.02 FNMA8905274.5%01/09/2042 USD 78,375 84,488 0.02 FNMA8905653%01/11/2043 USD 204,070 205,548 0.06 FNMA8907383.5%01/09/2043 USD 215,156 222,650 0.06 FNMA9007245.5%01/08/2021 USD 2,698 2,833 – FNMA9016466.5%01/12/2036 USD 1,296 1,447 – FNMA9023826.5%01/11/2036 USD 10,135 11,548 – FNMA9060646%01/01/2037 USD 876 1,001 – FNMA9330516.5%01/10/2037 USD 53,201 61,500 0.02 FNMA9424776%01/08/2022 USD 2,087 2,217 – FNMA9484106%01/08/2022 USD 1,895 1,984 – FNMA9950245.5%01/08/2037 USD 216,160 242,213 0.07 FNMA9950516%01/03/2037 USD 66,162 75,604 0.02 FNMA9951125.5%01/07/2036 USD 33,027 37,019 0.01 FNMA9951135.5%01/09/2036 USD 203,131 227,695 0.06 FNMA9952035%01/07/2035 USD 94,466 103,782 0.03 FNMA9953885.5%01/08/2037 USD 10,324 11,566 – FNMA9954345%01/09/2023 USD 34,202 35,205 0.01 FNMA9956296.5%01/12/2032 USD 29,367 33,906 0.01 FNMAAA43284%01/04/2024 USD 55,695 58,480 0.02 FNMAAB56143.5%01/07/2042 USD 543,117 561,661 0.15 FNMAAB56153.5%01/07/2042 USD 42,531 43,988 0.01 FNMAAB58073.5%01/08/2042 USD 85,014 87,919 0.02 FNMAAB63173.5%01/09/2042 USD 22,611 23,389 0.01 FNMAAB64913%01/10/2042 USD 59,630 60,235 0.02


84 T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

FNMAAB66703%01/10/2042 USD 45,944 46,409 0.01 FNMAAB67683%01/10/2042 USD 75,907 76,503 0.02 FNMAAB77333%01/01/2043 USD 227,409 229,058 0.06 FNMAAB78463%01/02/2043 USD 122,760 123,723 0.03 FNMAAB88983%01/04/2043 USD 225,945 227,560 0.06 FNMAAC32375%01/10/2039 USD 364,196 402,594 0.11 FNMAAC95804.5%01/02/2040 USD 806,446 869,242 0.23 FNMAAC95825.5%01/01/2040 USD 54,488 60,720 0.02 FNMAAD01636%01/11/2034 USD 263,325 302,385 0.08 FNMAAD02206%01/10/2038 USD 352,359 402,214 0.11 FNMAAE06244%01/11/2040 USD 83,518 88,298 0.02 FNMAAE06984.5%01/12/2040 USD 33,842 36,483 0.01 FNMAAE77234%01/11/2040 USD 62,132 65,715 0.02 FNMAAH11114%01/12/2040 USD 390,899 413,279 0.11 FNMAAH33944%01/01/2041 USD 111,669 118,059 0.03 FNMAAH58594%01/02/2041 USD 115,543 122,196 0.03 FNMAAL00654.5%01/04/2041 USD 118,496 127,735 0.03 FNMAAL02515%01/07/2037 USD 3,629 3,987 – FNMAAL05465%01/07/2041 USD 133,438 145,896 0.04 FNMAAL08034%01/09/2041 USD 224,465 237,290 0.06 FNMAAL11054.5%01/12/2040 USD 85,080 91,920 0.02 FNMAAL13714%01/01/2027 USD 142,379 150,102 0.04 FNMAAL15244.5%01/12/2040 USD 24,082 25,962 0.01 FNMAAL15775%01/01/2042 USD 25,279 27,651 0.01 FNMAAL19384%01/12/2026 USD 41,030 43,236 0.01 FNMAAL25794%01/12/2026 USD 158,795 167,344 0.05 FNMAAL26454.5%01/01/2027 USD 161,235 170,131 0.05 FNMAAL26614%01/10/2026 USD 16,677 17,576 – FNMAAL31925%01/05/2042 USD 121,115 132,631 0.04 FNMAAL36573.5%01/06/2043 USD 62,501 64,669 0.02 FNMAAL40103.5%01/07/2043 USD 40,598 42,006 0.01 FNMAAL43014.5%01/04/2042 USD 57,718 62,204 0.02 FNMAAL52245%01/02/2038 USD 13,045 14,331 – FNMAAL53625%01/09/2039 USD 200,966 220,710 0.06 FNMAAL55905.5%01/09/2041 USD 9,239 10,356 – FNMAAL60785%01/03/2042 USD 28,196 30,856 0.01 FNMAAL61673.5%01/01/2044 USD 39,134 40,474 0.01 FNMAAL65495%01/07/2042 USD 277,767 304,122 0.08 FNMAAL67154%01/02/2045 USD 368,995 388,688 0.10 FNMAAL69666.5%01/08/2038 USD 40,818 46,817 0.01 FNMAAL70335%01/06/2039 USD 24,057 26,444 0.01 FNMAAL70355%01/12/2038 USD 34,310 37,689 0.01 FNMAAL71213%01/01/2044 USD 1,392,663 1,402,677 0.38 FNMAAL73894%01/03/2029 USD 109,373 115,234 0.03 FNMAAL83103.5%01/03/2044 USD 100,056 103,620 0.03 FNMAAL90274%01/09/2046 USD 37,736 39,743 0.01 FNMAAL90613%01/08/2046 USD 59,573 59,513 0.02 FNMAAL90623%01/09/2046 USD 62,585 62,502 0.02 FNMAAL90746%01/05/2041 USD 395,863 451,896 0.12 FNMAAL92673%01/10/2046 USD 2,121,560 2,131,417 0.57 FNMAAL93973%01/10/2046 USD 391,445 392,619 0.11 FNMAAL94123%01/11/2036 USD 622,906 635,515 0.17 FNMAAL94133%01/11/2036 USD 257,660 262,875 0.07 FNMAAL95473%01/11/2046 USD 576,205 579,314 0.16 FNMAAL95663.5%01/06/2046 USD 889,962 922,079 0.25 FNMAAL97163.5%01/12/2044 USD 405,016 418,619 0.11 FNMAAL98783%01/02/2037 USD 931,027 949,870 0.26 FNMAAO41633.5%01/06/2042 USD 34,353 35,529 0.01 FNMAAO67553.5%01/06/2042 USD 48,077 49,728 0.01 FNMAAQ05322.5%01/11/2042 USD 49,347 47,837 0.01


Quantity/Nominal

Value

Market Value USD

% of Net Assets

FNMAAQ05353%01/11/2042 USD 44,600 44,950 0.01 FNMAAQ72773.5%01/12/2042 USD 116,890 120,905 0.03 FNMAAQ73162.5%01/01/2043 USD 320,676 311,403 0.08 FNMAAQ88033.5%01/01/2043 USD 63,118 65,284 0.02 FNMAAQ97353.5%01/01/2043 USD 141,688 146,551 0.04 FNMAAR26262.5%01/02/2043 USD 171,605 166,647 0.04 FNMAAR90483%01/03/2043 USD 16,656 16,731 – FNMAAR91393%01/03/2043 USD 17,460 17,538 – FNMAAR91882.5%01/03/2043 USD 62,712 60,898 0.02 FNMAAR92253%01/03/2043 USD 55,199 55,446 0.02 FNMAAS05634.5%01/09/2043 USD 303,146 325,860 0.09 FNMAAS11334.5%01/11/2043 USD 138,744 149,101 0.04 FNMAAS22754.5%01/04/2044 USD 118,750 127,719 0.03 FNMAAS47943.5%01/04/2045 USD 966,817 999,553 0.27 FNMAAS48353%01/04/2045 USD 23,925 24,058 0.01 FNMAAS48642.5%01/05/2030 USD 694,786 701,893 0.19 FNMAAS51843.5%01/06/2045 USD 1,985,715 2,044,964 0.55 FNMAAS52982.5%01/07/2030 USD 259,560 262,217 0.07 FNMAAS57133.5%01/09/2045 USD 509,402 528,424 0.14 FNMAAS58874%01/09/2045 USD 44,856 47,242 0.01 FNMAAS63134%01/12/2045 USD 334,840 354,275 0.10 FNMAAS63243.5%01/12/2045 USD 2,432,380 2,504,706 0.67 FNMAAS63283.5%01/12/2045 USD 477,797 492,004 0.13 FNMAAS63494%01/12/2045 USD 348,842 369,953 0.10 FNMAAS63514%01/12/2045 USD 46,474 48,946 0.01 FNMAAS65633.5%01/01/2046 USD 22,292 23,050 0.01 FNMAAS68404%01/03/2046 USD 532,724 565,001 0.15 FNMAAS72692.5%01/06/2031 USD 58,280 58,710 0.02 FNMAAS80673%01/10/2046 USD 2,251,793 2,262,274 0.61 FNMAAS81942.5%01/10/2031 USD 209,820 211,507 0.06 FNMAAS83013%01/11/2046 USD 401,316 403,184 0.11 FNMAAS83053%01/11/2046 USD 282,612 283,459 0.08 FNMAAS83183%01/11/2046 USD 1,884,733 1,889,240 0.51 FNMAAS84533%01/12/2046 USD 1,037,720 1,040,563 0.28 FNMAAS84703%01/12/2046 USD 845,668 850,164 0.23 FNMAAS84713%01/12/2046 USD 557,032 559,624 0.15 FNMAAS84853%01/12/2046 USD 843,232 848,150 0.23 FNMAAS88922.5%01/02/2032 USD 1,444,928 1,455,566 0.39 FNMAAS90313%01/06/2033 USD 19,462 19,590 0.01 FNMAAS90323%01/08/2043 USD 83,783 83,716 0.02 FNMAAS90433%01/04/2033 USD 8,626 8,683 – FNMAAS90443%01/08/2043 USD 147,981 148,642 0.04 FNMAAS92363%01/02/2044 USD 15,961 15,949 – FNMAAS92413%01/09/2044 USD 28,744 28,873 0.01 FNMAAT02382.5%01/03/2043 USD 56,058 54,438 0.01 FNMAAT19343.5%01/04/2043 USD 26,337 27,197 0.01 FNMAAT20163%01/04/2043 USD 222,379 223,988 0.06 FNMAAT27172.5%01/05/2043 USD 170,034 165,120 0.04 FNMAAT27233%01/05/2043 USD 385,458 388,232 0.10 FNMAAU06403.5%01/07/2043 USD 31,773 32,759 0.01 FNMAAU42934%01/09/2043 USD 1,387,445 1,462,569 0.39 FNMAAU61983.5%01/08/2043 USD 35,542 36,703 0.01 FNMAAX25014%01/10/2044 USD 102,239 107,695 0.03 FNMAAX25093%01/10/2029 USD 484,180 497,822 0.13 FNMAAZ08143.5%01/07/2045 USD 219,110 226,045 0.06 FNMAAZ08802.5%01/07/2030 USD 85,029 85,899 0.02 FNMAAZ21183%01/10/2030 USD 67,911 69,824 0.02 FNMAAZ26673.5%01/10/2045 USD 83,459 86,103 0.02 FNMAAZ47794%01/10/2045 USD 691,851 728,776 0.20 FNMAAZ73533.5%01/11/2045 USD 1,207,304 1,243,203 0.33


85T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

FNMABC08223.5%01/04/2046 USD 650,051 669,380 0.18 FNMABC08803.5%01/05/2046 USD 645,772 664,939 0.18 FNMABC47143%01/10/2046 USD 1,380,731 1,384,872 0.37 FNMABC50743.5%01/07/2044 USD 911,205 942,095 0.25 FNMABC83952.5%01/05/2046 USD 67,499 65,274 0.02 FNMABC90893%01/12/2046 USD 235,302 236,397 0.06 FNMABC95563%01/11/2046 USD 177,386 178,329 0.05 FNMABD24403.5%01/01/2047 USD 224,209 230,876 0.06 FNMABD24533%01/01/2047 USD 151,362 152,167 0.04 FNMABD84643%01/11/2046 USD 263,279 264,679 0.07 FNMABD84963%01/12/2046 USD 143,140 143,901 0.04 FNMABE05183%01/11/2046 USD 98,032 98,266 0.03 FNMABE12143%01/11/2046 USD 119,485 120,120 0.03 FNMAMA05614%01/11/2040 USD 226,310 239,357 0.06 FNMAMA05834%01/12/2040 USD 149,570 158,163 0.04 FNMAMA09074%01/11/2041 USD 31,750 33,556 0.01 FNMAMA09714%01/02/2042 USD 47,240 49,922 0.01 FNMAMA10863.5%01/06/2042 USD 57,781 59,741 0.02 FNMAMA14373.5%01/05/2043 USD 85,571 88,501 0.02 FNMAMA24713.5%01/12/2045 USD 191,852 197,557 0.05 FNMAMA24953.5%01/01/2046 USD 767,228 790,042 0.21 FNMAMA28302.5%01/12/2031 USD 1,316,935 1,326,631 0.36 FNMAMA28343.5%01/12/2046 USD 1,128,576 1,162,134 0.31 FNMAMA29304%01/03/2047 USD 982,009 1,034,420 0.28 FNMAMA29593.5%01/04/2047 USD 83,080 85,550 0.02 FNMAMA29604%01/04/2047 USD 492,994 519,305 0.14 FNMAMA29744.5%01/04/2047 USD 376,696 404,529 0.11 FNMAMA30263.5%01/06/2047 USD 2,406,934 2,478,503 0.67 FNMAMA30573.5%01/07/2047 USD 1,830,000 1,884,414 0.51 FNMAMA30603%01/07/2032 USD 425,000 437,147 0.12 FNMAMA30762.5%01/07/2032 USD 535,000 538,939 0.14 FNMA,FRN7631992.735%01/10/2033

USD 12,711 13,151 –

FNMA,FRN8485222.965%01/12/2035

USD 11,833 12,442 –

FNMAConnecticutAvenueSecurities,FRN,Series2014-C04'1M1'2.974%25/11/2024

USD 2,384 2,384 –


USD 135,301 137,261 0.04


USD 136,392 137,873 0.04

FNMAREMIC,FRN,Series2016-63'AF'1.716%25/09/2046

USD 490,624 495,211 0.13


USD 514,635 519,350 0.14

FNMAREMIC,FRN,Series2016-70'F'1.666%25/10/2046

USD 239,487 241,125 0.06

FNMAREMIC,FRN,Series2016-79'NF'1.666%25/11/2046

USD 483,324 486,419 0.13

FNMAREMIC,FRN,Series2016-84'FT'1.716%25/11/2046

USD 275,637 278,221 0.07

FNMAREMIC,FRN,Series2016-103'LF'1.716%25/01/2047

USD 90,939 91,794 0.02


USD 195,244 196,900 0.05

FordCreditAutoOwnerTrust,Series2013-B'D'1.82%15/11/2019

USD 380,000 380,032 0.10

FordCreditAutoOwnerTrust,Series2013-C'D'2.5%15/01/2020

USD 245,000 245,448 0.07

FordCreditAutoOwnerTrust,Series2014-C'A4'1.56%15/02/2020

USD 40,000 40,017 0.01


Quantity/Nominal

Value

Market Value USD

% of Net Assets

FordCreditAutoOwnerTrust,Series2016-A'A4'1.6%15/06/2021

USD 235,000 234,449 0.06

FordCreditFloorplanMasterOwnerTrust,Series2012-5'A'1.49%15/09/2019

USD 435,000 435,015 0.12

FordCreditFloorplanMasterOwnerTrust,Series2017-1'B'2.25%15/05/2022

USD 335,000 335,154 0.09

George Washington University (The) 3.545%15/09/2046

USD 200,000 186,034 0.05

GMFinancialAutomobileLeasingTrust,Series2015-3'A4'1.81%20/11/2019

USD 360,000 360,591 0.10

GMFinancialAutomobileLeasingTrust,Series2016-2'B'2.08%20/03/2020

USD 205,000 204,405 0.06

GMFinancialAutomobileLeasingTrust,Series2016-2'C'2.58%20/03/2020

USD 125,000 125,050 0.03

GMFFloorplanOwnerRevolvingTrust,Series2016-1'A1',144A1.96%17/05/2021

USD 310,000 310,895 0.08

GMFFloorplanOwnerRevolvingTrust,Series2016-1'B',144A2.41%17/05/2021

USD 100,000 100,430 0.03

GMFFloorplanOwnerRevolvingTrust,Series2017-1'B',144A2.58%18/01/2022

USD 550,000 554,561 0.15

GNMA,IO,Series2010-92'PI'4.5%20/11/2037

USD 28,182 317 –

GNMA,IO,Series2010-103'IN'4.5%20/02/2039

USD 7,697 407 –

GNMA,IO,Series2011-41'AI'4.5%20/12/2039

USD 138,885 8,184 –

GNMA,IO,Series2011-88'EI'4.5%20/11/2039

USD 21,317 1,461 –

GNMA,IO,Series2012-94'BI'4%20/05/2037

USD 141,095 15,298 –

GNMA,IO,Series2013-24'OI'4%20/02/2043

USD 58,777 11,871 –

GNMA,IO,Series2013-82'IG'3.5%20/05/2043

USD 179,488 34,830 0.01

GNMA33065.5%20/11/2032 USD 87,327 97,706 0.03 GNMA34906.5%20/12/2033 USD 87,140 102,696 0.03 GNMA36116%20/09/2034 USD 52,658 61,073 0.02 GNMA40606%20/12/2037 USD 6,160 6,955 – GNMA45584.5%20/10/2039 USD 129,131 139,428 0.04 GNMA45595%20/10/2039 USD 26,403 28,728 0.01 GNMA45774.5%20/11/2039 USD 13,076 14,093 – GNMA47155%20/06/2040 USD 19,495 21,577 0.01 GNMA47725%20/08/2040 USD 13,727 15,090 – GNMA48014.5%20/09/2040 USD 53,895 58,001 0.02 GNMA48344.5%20/10/2040 USD 44,483 48,017 0.01 GNMA48544.5%20/11/2040 USD 46,513 50,143 0.01 GNMA49464.5%20/02/2041 USD 171,350 184,340 0.05 GNMA49784.5%20/03/2041 USD 47,824 51,454 0.01 GNMA49795%20/03/2041 USD 106,498 117,684 0.03 GNMA50544%20/05/2041 USD 78,482 83,316 0.02 GNMA7109275%15/10/2039 USD 15,396 16,927 – GNMA7233395%15/09/2039 USD 27,960 31,054 0.01 GNMA7828885%15/02/2040 USD 41,644 46,637 0.01 GNMA7828895%15/02/2040 USD 41,644 46,658 0.01 GNMA7834033.5%15/09/2041 USD 84,495 87,759 0.02 GNMA7837263.5%20/03/2043 USD 118,720 123,295 0.03 GNMA7839725%15/12/2039 USD 164,036 181,058 0.05 GNMA7840125.5%15/10/2038 USD 11,202 12,627 –


86 T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

GNMA7840574.5%15/09/2045 USD 341,616 368,650 0.10 GNMA7840695%15/06/2040 USD 71,986 79,214 0.02 GNMA7841453.5%20/02/2046 USD 325,867 339,545 0.09 GNMAAA33423%15/10/2042 USD 12,471 12,681 – GNMAAA64033%15/05/2043 USD 16,900 17,184 – GNMAAD17322.5%15/02/2043 USD 58,136 57,028 0.02 GNMAAJ93343.5%20/10/2044 USD 32,946 34,295 0.01 GNMAAL45083.5%20/02/2045 USD 68,716 71,517 0.02 GNMAAM43853.5%20/05/2045 USD 24,268 25,208 0.01 GNMAAM49313.5%20/04/2045 USD 23,956 24,929 0.01 GNMAAM80533.5%20/05/2045 USD 52,988 55,141 0.02 GNMAAR05563.5%20/01/2046 USD 20,905 21,716 0.01 GNMAAR76323.5%20/02/2046 USD 362,529 377,442 0.10 GNMAAS81863.5%20/05/2046 USD 24,522 25,486 0.01 GNMAAS91763.5%20/05/2046 USD 23,603 24,585 0.01 GNMAAS92163%20/05/2046 USD 38,994 39,655 0.01 GNMAAS92173%20/05/2046 USD 23,684 24,052 0.01 GNMAAS92583%20/07/2046 USD 33,856 34,430 0.01 GNMAAS92593%20/07/2046 USD 68,087 69,150 0.02 GNMAAS92603%20/07/2046 USD 65,056 66,068 0.02 GNMAAT34413%20/07/2046 USD 94,619 96,100 0.03 GNMAAT34423%20/06/2046 USD 72,681 73,778 0.02 GNMAAT40413.5%20/05/2046 USD 4,452 4,637 – GNMAAT41643%20/07/2046 USD 132,758 134,830 0.04 GNMAAT41763%20/07/2046 USD 25,772 26,173 0.01 GNMAAU02553%20/08/2046 USD 29,362 29,810 0.01 GNMAAU02713%20/08/2046 USD 50,315 51,134 0.01 GNMAAU20163%20/08/2046 USD 57,341 58,129 0.02 GNMAAV83263%20/09/2046 USD 29,536 30,072 0.01 GNMAAV83273%20/09/2046 USD 32,032 32,553 0.01 GNMAMA02214%20/07/2042 USD 151,855 160,790 0.04 GNMAMA03183.5%20/08/2042 USD 152,574 159,018 0.04 GNMAMA03923.5%20/09/2042 USD 50,772 52,917 0.01 GNMAMA03934%20/09/2042 USD 10,123 10,718 – GNMAMA04602.5%20/10/2042 USD 259,431 255,670 0.07 GNMAMA05354%20/11/2042 USD 92,991 98,462 0.03 GNMAMA06232.5%20/12/2042 USD 611,894 603,023 0.16 GNMAMA06253.5%20/12/2042 USD 65,715 68,491 0.02 GNMAMA06972.5%20/01/2043 USD 379,537 374,035 0.10 GNMAMA06993.5%20/01/2043 USD 958,511 998,998 0.27 GNMAMA07833.5%20/02/2043 USD 52,528 54,747 0.01 GNMAMA10123.5%20/05/2043 USD 320,431 333,967 0.09 GNMAMA10882.5%20/06/2043 USD 142,868 140,797 0.04 GNMAMA11552.5%20/07/2043 USD 90,299 88,990 0.02 GNMAMA12853.5%20/09/2043 USD 500,272 521,406 0.14 GNMAMA16784%20/02/2044 USD 357,370 377,408 0.10 GNMAMA22223%20/09/2044 USD 211,442 214,717 0.06 GNMAMA28965.5%20/06/2045 USD 202,744 222,010 0.06 GNMAMA30333%20/08/2045 USD 816,073 827,937 0.22 GNMAMA31064%20/09/2045 USD 86,036 90,725 0.02 GNMAMA31744%20/10/2045 USD 356,484 375,912 0.10 GNMAMA33114%20/12/2045 USD 464,208 489,508 0.13 GNMAMA33774%20/01/2046 USD 368,907 389,013 0.10 GNMAMA35213.5%20/03/2046 USD 335,753 348,831 0.09 GNMAMA36644%20/05/2046 USD 581,223 612,901 0.16 GNMAMA40022.5%20/10/2046 USD 232,879 228,124 0.06 GNMAMA40683%20/11/2046 USD 655,745 665,278 0.18 GNMAMA41974%20/01/2047 USD 1,974,812 2,082,937 0.56 GNMAMA42644.5%20/02/2047 USD 1,449,863 1,544,078 0.42 GNMAMA43234.5%20/03/2047 USD 711,418 757,956 0.20


Quantity/Nominal

Value

Market Value USD

% of Net Assets

GNMAMA43834%20/04/2047 USD 1,682,611 1,777,659 0.48 GNMAMA43844.5%20/04/2047 USD 3,626,753 3,864,416 1.04 GNMAMA44513.5%20/05/2047 USD 706,474 733,992 0.20 GNMAMA44524%20/05/2047 USD 1,680,617 1,776,071 0.48 GNMAMA44534.5%20/05/2047 USD 140,698 149,972 0.04 GrainSpectrumFundingLLC,144A4%10/10/2033

USD 195,000 195,012 0.05

GSMortgageSecuritiesTrust,Series2015-GC34'A4'3.506%10/10/2048

USD 155,000 160,024 0.04

GSMortgageSecuritiesTrust,Series2015-GC28'A5'3.396%10/02/2048

USD 500,000 512,925 0.14

GSMortgage-BackedSecuritiesTrust,FRN,Series2014-EB1A'2A1',144A2.477%25/07/2044

USD 50,531 50,140 0.01

GSAATrust,FRN,Series2005-8'A3'1.646%25/06/2035

USD 43,131 42,446 0.01


USD 55,955 55,119 0.01


USD 91,495 91,629 0.02

HOAFundingLLC,Series2014-1A'A2',144A4.846%20/08/2044

USD 155,925 148,033 0.04

HospitalityMortgageTrust,FRN,Series2017-HIT'A',144A1.85%08/05/2030

USD 100,000 100,188 0.03

Hyundai Auto Lease Securitization Trust,Series2015-B'A4',144A1.66%15/07/2019

USD 310,000 310,203 0.08

Hyundai Auto Lease Securitization Trust,Series2016-A'A4',144A1.8%16/12/2019

USD 240,000 240,452 0.06

Hyundai Auto Lease Securitization Trust,Series2017-A'A3',144A1.88%17/08/2020

USD 355,000 355,520 0.10

Hyundai Auto Lease Securitization Trust,Series2017-B'A3',144A1.97%15/07/2020

USD 1,095,000 1,095,971 0.29

HyundaiAutoReceivablesTrust,Series2016-A'A4'1.73%16/05/2022

USD 305,000 304,782 0.08

INVISTAFinanceLLC,144A4.25%15/10/2019

USD 60,000 61,453 0.02


USD 620,000 641,533 0.17


USD 1,780,000 1,808,240 0.49

J.P. Morgan Chase Commercial MortgageSecuritiesTrust,Series2013-LC11'A5'2.96%15/04/2046

USD 145,000 147,139 0.04

J.P. Morgan Chase Commercial MortgageSecuritiesTrust,Series2016-ATRM'A',144A2.962%05/10/2028

USD 590,000 592,391 0.16

J.P. Morgan Chase Commercial MortgageSecuritiesTrust,Series2016-JP3'A5'2.87%15/08/2049

USD 350,000 345,049 0.09

J.P. Morgan Chase Commercial MortgageSecuritiesTrust,FRN,Series2006-LDP7'AM'5.943%17/04/2045

USD 7,887 7,897 –

J.P. Morgan Chase Commercial MortgageSecuritiesTrust,FRN,Series2016-JP3'B'3.397%15/08/2049

USD 170,000 167,571 0.05


USD 95,000 95,475 0.03


87T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

JobsOhioBeverageSystem'B'4.532%01/01/2035

USD 155,000 166,715 0.04

JohnDeereOwnerTrust,Series2015-A'A4'1.65%15/12/2021

USD 115,000 115,089 0.03

JPMBBCommercialMortgageSecuritiesTrust,Series2014-C22'A4'3.801%15/09/2047

USD 430,000 452,002 0.12


USD 215,000 226,821 0.06


USD 460,000 483,442 0.13

JPMDBCommercialMortgageSecuritiesTrust,Series2016-C2'A1'1.423%15/06/2049

USD 259,522 257,561 0.07

KaiserFoundationHospitals,Inc.3.5%01/04/2022

USD 250,000 261,583 0.07

KubotaCreditOwnerTrust,Series2015-1A'A3',144A1.54%15/03/2019

USD 396,574 396,650 0.11

KubotaCreditOwnerTrust,Series2016-1A'A3',144A1.5%15/07/2020

USD 120,000 119,338 0.03

LibertyMutualGroup,Inc.,144A4.85%01/08/2044

USD 485,000 520,679 0.14

Los Angeles Community College District6.75%01/08/2049

USD 150,000 229,469 0.06

Maryland State Transportation Authority5.754%01/07/2041

USD 85,000 106,723 0.03

Maryland State Transportation Authority5.888%01/07/2043

USD 165,000 216,932 0.06

MerrillLynchMortgageTrust,Series2008-C1'A4'5.69%12/02/2051

USD 36,162 36,317 0.01

Metropolitan Transportation Authority 7.336%15/11/2039

USD 80,000 120,326 0.03

MicrosoftCorp.2.4%06/02/2022 USD 3,350,000 3,387,219 0.91 MicrosoftCorp.3.3%06/02/2027 USD 680,000 701,682 0.19 MillCityMortgageLoanTrust,FRN,Series2016-1'A1',144A2.5%25/04/2057

USD 136,970 137,684 0.04

MillCityMortgageLoanTrust,FRN,Series2017-2'A1',144A2.75%25/07/2059

USD 430,000 434,407 0.12


USD 110,000 109,732 0.03


USD 100,000 100,037 0.03


USD 335,000 332,643 0.09


USD 100,000 100,026 0.03

MorganStanleyBankofAmericaMerrillLynchTrust,Series2015-C27'AS'4.068%15/12/2047

USD 115,000 119,802 0.03

MorganStanleyBankofAmericaMerrillLynchTrust,Series2016-C30'A5'2.86%15/09/2049

USD 525,000 515,474 0.14

MorganStanleyBankofAmericaMerrillLynchTrust,FRN,Series2015-C24'AS'4.036%15/05/2048

USD 60,000 63,344 0.02

MorganStanleyBankofAmericaMerrillLynchTrust,FRN,Series2015-C24'B'4.352%15/05/2048

USD 110,000 110,978 0.03


Quantity/Nominal

Value

Market Value USD

% of Net Assets

MorganStanleyBankofAmericaMerrillLynchTrust,FRN,Series2015-C24'C'4.352%15/05/2048

USD 80,000 76,156 0.02

MorganStanleyCapitalITrust,Series2017-H1'A5'3.53%15/06/2050

USD 1,250,000 1,294,508 0.35

MorganStanleyCapitalITrust,Series2017-H1'AS'3.773%15/06/2050

USD 165,000 171,147 0.05

MorganStanleyCapitalITrust,Series2017-H1'B'4.075%15/06/2050

USD 180,000 186,680 0.05

MorganStanleyCapitalITrust,FRN,Series2015-MS1'AS'4.03%15/05/2048

USD 20,000 21,009 0.01

MortgageITTrust,FRN,Series2005-2'1M1'1.684%25/05/2035

USD 219,629 208,898 0.06

MVWOwnerTrust,Series2013-1A'A',144A2.15%22/04/2030

USD 461,110 459,916 0.12

MVWOwnerTrust,Series2014-1A'A',144A2.25%22/09/2031

USD 46,383 46,119 0.01


USD 37,337 37,349 0.01

NewYorkCityTransitionalFinanceAuthority5.508%01/08/2037

USD 175,000 220,073 0.06

New York City Water & Sewer System 5.952%15/06/2042

USD 320,000 433,206 0.12

New York State Dormitory Authority 3.879%01/07/2046

USD 550,000 529,573 0.14

NissanAutoLeaseTrust,Series2017-A'A3'1.91%15/04/2020

USD 485,000 484,748 0.13

Nissan Auto Receivables Owner Trust,Series2016-C'A3'1.18%15/01/2021

USD 250,000 248,330 0.07

NissanMasterOwnerTrust,Series2015-A'A2'1.44%15/01/2020

USD 185,000 184,926 0.05

NissanMasterOwnerTrust,FRN,Series2017-B'A'1.419%18/04/2022

USD 440,000 440,056 0.12

North Carolina Eastern Municipal PowerAgency1.561%01/07/2017

USD 60,000 60,000 0.02

North Carolina Eastern Municipal PowerAgency2.003%01/07/2018

USD 5,000 5,023 –

O'ReillyAutomotive,Inc.4.875%14/01/2021

USD 175,000 188,363 0.05

PalisadesCenterTrust,Series2016-PLSD'A',144A2.713%13/04/2033

USD 445,000 448,137 0.12

Port Authority of New York and New Jersey4.458%01/10/2062

USD 330,000 362,508 0.10

PricelineGroup,Inc.(The)3.65%15/03/2025

USD 365,000 375,193 0.10

PricelineGroup,Inc.(The)3.6%01/06/2026

USD 680,000 690,363 0.19

PrincipalFinancialGroup,Inc.,FRN4.7%15/05/2055

USD 620,000 641,579 0.17

QVC,Inc.3.125%01/04/2019 USD 300,000 303,696 0.08 QVC,Inc.5.125%02/07/2022 USD 90,000 95,471 0.03 QVC,Inc.4.375%15/03/2023 USD 225,000 228,228 0.06 SabinePassLiquefactionLLC5%15/03/2027

USD 1,595,000 1,697,455 0.46

SabinePassLiquefactionLLC,144A4.2%15/03/2028

USD 640,000 646,403 0.17

San Diego County Water Authority FinancingCorp.'B'6.138%01/05/2049

USD 70,000 95,372 0.03


USD 70,000 70,483 0.02

Santander Drive Auto Receivables Trust,Series2015-4'C'2.97%15/03/2021

USD 302,000 305,879 0.08


88 T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets


USD 80,000 81,852 0.02

Santander Drive Auto Receivables Trust,Series2017-1'A2'1.49%18/02/2020

USD 155,000 154,972 0.04

Santander Drive Auto Receivables Trust,Series2017-1'B'2.1%15/06/2021

USD 60,000 60,021 0.02

Santander Drive Auto Receivables Trust,Series2017-1'C'2.58%16/05/2022

USD 70,000 70,132 0.02


USD 175,000 176,118 0.05


USD 300,000 306,237 0.08


USD 440,000 445,460 0.12


USD 150,000 152,903 0.04


USD 25,268 25,276 0.01


USD 480,492 480,960 0.13


USD 109,291 109,223 0.03


USD 357,809 359,099 0.10

SierraTimeshareReceivablesFundingLLC,FRN,Series2014-2A'A',144A2.05%20/06/2031

USD 298,045 297,670 0.08

SiriusXMRadio,Inc.,144A5.25%15/08/2022

USD 380,000 390,978 0.11

SLMStudentLoanTrust,FRN,Series2008-4'A4'2.688%25/07/2022

USD 452,504 464,046 0.12

SLMStudentLoanTrust,FRN,Series2008-5'A4'2.738%25/07/2023

USD 310,974 319,719 0.09

SLMStudentLoanTrust,FRN,Series2008-9'A'2.538%25/04/2023

USD 358,198 366,165 0.10


USD 130,000 130,802 0.04


USD 150,000 153,783 0.04


USD 185,000 187,414 0.05


USD 105,000 105,734 0.03


USD 835,000 825,503 0.22

South Carolina State Public Service Authority'D'2.388%01/12/2023

USD 240,000 226,548 0.06

South Carolina State Public Service Authority'D'4.77%01/12/2045

USD 162,000 159,761 0.04

SpringleafFundingTrust,Series2016-AA'A',144A2.9%15/11/2029

USD 230,000 231,326 0.06

StateBoardofAdministrationFinanceCorp.2.163%01/07/2019

USD 110,000 110,760 0.03

StateBoardofAdministrationFinanceCorp.2.995%01/07/2020

USD 365,000 373,428 0.10


Quantity/Nominal

Value

Market Value USD

% of Net Assets

SunTrustAutoReceivablesTrust,Series2015-1A'A4',144A1.78%15/01/2021

USD 495,000 495,547 0.13

Synchrony Credit Card Master Note Trust,Series2012-2'A'2.22%15/01/2022

USD 300,000 302,425 0.08


USD 250,000 249,982 0.07


USD 315,000 314,450 0.08


USD 205,000 204,970 0.06

Synchrony Credit Card Master Note Trust,Series2014-1'C'1.91%15/11/2020

USD 135,000 135,018 0.04


USD 300,000 303,833 0.08


USD 438,000 525,118 0.14


USD 10,000 12,877 –


USD 490,000 599,672 0.16


USD 123,897 125,759 0.03


USD 135,821 137,272 0.04


USD 399,925 404,267 0.11


USD 125,454 126,783 0.03


USD 155,400 157,233 0.04

TowdPointMortgageTrust,FRN,Series2016-2'A1A',144A2.75%25/08/2055

USD 241,972 244,502 0.07

TowdPointMortgageTrust,FRN,Series2016-4'M1',144A3.25%25/07/2056

USD 285,000 284,782 0.08

TowdPointMortgageTrust,FRN,Series2016-5'A1',144A2.5%25/10/2056

USD 891,673 895,740 0.24

TrinityAcquisitionplc3.5%15/09/2021

USD 315,000 322,872 0.09

United Airlines Pass Through Trust,Series2014-2'B'4.625%03/03/2024

USD 377,356 389,620 0.10

University of North Carolina at Chapel Hill3.847%01/12/2034

USD 210,000 225,002 0.06


USD 88,592 95,434 0.03


USD 100,694 104,973 0.03

USTreasuryInflationIndexed0.625%15/01/2026

USD 3,256,800 3,381,323 0.91

USAAAutoOwnerTrust,Series2016-1'B'1.82%15/10/2023

USD 535,000 531,163 0.14

UtahTransitAuthority'B'5.937%15/06/2039

USD 145,000 188,024 0.05

UtilityDebtSecuritizationAuthority,Series2013-T'T1'2.042%15/06/2021

USD 94,000 93,980 0.03


89T. ROWE PRICE




Quantity/Nominal

Value

Market Value USD

% of Net Assets

VerizonOwnerTrust,Series2016-2A'C',144A2.36%20/05/2021

USD 180,000 180,260 0.05

VerizonOwnerTrust,Series2017-1A'A',144A2.06%20/09/2021

USD 415,000 417,227 0.11

VerizonOwnerTrust,Series2017-1A'B',144A2.45%20/09/2021

USD 125,000 125,890 0.03

VerizonOwnerTrust,Series2017-1A'C',144A2.65%20/09/2021

USD 165,000 166,452 0.04

VolvoFinancialEquipmentLLC,Series2016-1A'A3',144A1.67%18/02/2020

USD 320,000 320,266 0.09

WabtecCorp.,144A3.45%15/11/2026

USD 635,000 628,513 0.17

WaMu Mortgage Pass-Through CertificatesTrust,FRN,Series2005-AR8'2AC2'1.484%25/07/2045

USD 267,737 264,267 0.07

WellsFargo&Co.,FRN2.263%24/01/2023

USD 215,000 217,385 0.06

WellsFargo&Co.,FRN3.584%22/05/2028

USD 965,000 976,377 0.26

WellsFargoCommercialMortgageTrust,Series2015-C29'A4'3.637%15/06/2048

USD 275,000 287,289 0.08

WellsFargoCommercialMortgageTrust,Series2015-NXS2'A2'3.02%15/07/2058

USD 105,000 107,345 0.03

WellsFargoCommercialMortgageTrust,Series2016-C34'A4'3.096%15/06/2049

USD 800,000 802,342 0.22

WellsFargoCommercialMortgageTrust,FRN,Series2015-LC20'C'4.056%15/04/2050

USD 105,000 99,207 0.03

WellsFargoCommercialMortgageTrust,FRN,Series2015-NXS2'AS'4.039%15/07/2058

USD 35,000 37,076 0.01

WellsFargoCommercialMortgageTrust,FRN,Series2015-NXS2'B'4.394%15/07/2058

USD 50,000 51,340 0.01

WellsFargoCommercialMortgageTrust,FRN,Series2015-NXS2'C'4.394%15/07/2058

USD 30,000 28,987 0.01

WellsFargoCommercialMortgageTrust,FRN,Series2017-C38'B'0%15/07/2050

USD 930,000 955,584 0.26

WendysFundingLLC,Series2015-1A'A2I',144A3.371%15/06/2045

USD 525,638 531,788 0.14

WFRBSCommercialMortgageTrust,Series2013-C18'A3'3.651%15/12/2046

USD 100,000 104,645 0.03

WFRBSCommercialMortgageTrust,FRN,Series2014-C19'B'4.723%15/03/2047

USD 79,000 84,479 0.02

WFRBSCommercialMortgageTrust,FRN,Series2014-C22'AS'4.069%15/09/2057

USD 1,000,000 1,053,104 0.28

WheelsSPV2LLC,Series2015-1A'A2',144A1.27%22/04/2024

USD 66,428 66,349 0.02

WillisNorthAmerica,Inc.3.6%15/05/2024

USD 85,000 86,050 0.02

WorldFinancialNetworkCreditCardMasterTrust,Series2013-A'A'1.61%15/12/2021

USD 1,080,000 1,080,233 0.29

World Omni Auto Receivables Trust,Series2015-A'A3'1.34%15/05/2020

USD 115,329 115,270 0.03

World Omni Auto Receivables Trust,Series2016-A'A4'1.95%16/05/2022

USD 225,000 224,925 0.06

207,216,334 55.68 Total Bonds 223,084,699 59.94


Quantity/Nominal

Value

Market Value USD

% of Net Assets

Certificates of DepositSWITZERLAND CreditSuisseAG,FRN2.028%12/09/2017

USD 810,000 811,316 0.21

811,316 0.21 Total Certificates of Deposit 811,316 0.21

Commercial PapersUNITED STATES OF AMERICA AierEyeHospitalGroupCo.Ltd.0%07/08/2017

USD 885,000 883,253 0.24

AXAFinancial,Inc.0%30/08/2017 USD 680,000 680,000 0.18 FordMotorCreditCo.0%01/09/2017 USD 430,000 428,694 0.12

1,991,947 0.54 Total Commercial Papers 1,991,947 0.54 Total Transferable securities


225,887,962 60.69




Nominal Value

Market ValueUSD


USD% of Net

Assets


FNMA,2.50%,25/07/2032

USD 3,295,000 3,315,079 (6,676) 0.89


FNMA,3.50%,25/07/2047

USD 1,410,000 1,449,877 (6,863) 0.39


FNMA,4.00%,25/07/2047

USD 350,000 368,320 (588) 0.10


FNMA,4.50%,25/07/2047

USD 340,000 364,809 (943) 0.10

Total To Be Announced Contracts Long Positions 5,498,085 (15,070) 1.48Net To Be Announced Contracts 5,498,085 (15,070) 1.48


Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

EUR 9,622,274 USD 10,579,017 31/07/2017 Citibank 425,851 0.12 EUR 407,363 USD 448,921 31/07/2017 J.P. Morgan 16,975 – EUR 9,357,600 USD 10,541,692 31/08/2017 Credit Suisse 177,295 0.05 EUR 732,657 USD 824,003 31/08/2017 J.P. Morgan 15,245 – EUR 30,157,431 USD 34,202,948 29/09/2017 Citibank 397,432 0.11 GBP 5,669,338 USD 7,248,872 31/07/2017 HSBC 114,007 0.03Total Unrealised Gain on


USD 36,061 EUR 31,945 31/07/2017 J.P. Morgan (475) – USD 2,234 GBP 1,724 31/07/2017 J.P. Morgan (5) – Total Unrealised Loss on



1,146,325 0.31


90 T. ROWE PRICE





Global Exposure

USD


USD% of Net

Assets

US10YearNote,20/09/2017 (31) USD (3,900,187) 2,664 – US5YearNote,29/09/2017 (10) USD (1,179,922) 2,656 – USLongBond,20/09/2017 48 USD 7,404,000 106,500 0.03 Total Unrealised Gain on


US10YearUltraNote,20/09/2017 (116) USD (15,681,750) (22,214) (0.01) US2YearNote,29/09/2017 50 USD 10,810,156 (3,906) – Total Unrealised Loss on



85,700 0.02



United States of America 85.90 United Kingdom 1.83 China 1.45 Australia 1.16 Mexico 0.83 Canada 0.72 Switzerland 0.67 Belgium 0.67 Netherlands 0.53 Ireland 0.41 France 0.40 Israel 0.37 Italy 0.36 Indonesia 0.18 Chile 0.17 Bermuda 0.12 Spain 0.11 Hong Kong 0.08 Panama 0.06 Singapore 0.05 Total Investments 96.07 CashandOtherAssets/(Liabilities) 3.93Total 100.00



91T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesCHINA 3SBio,Inc. HKD 3,525,500 4,681,683 0.70 58.com,Inc.,ADR USD 143,472 6,203,729 0.93 AlibabaGroupHoldingLtd.,ADR USD 244,060 34,278,227 5.14 Anhui Conch Cement Co. Ltd. 'H' HKD 2,273,000 7,912,948 1.19 Baidu,Inc.,ADR USD 61,180 10,940,819 1.64 ChinaInternationalTravelServiceCorp.Ltd.'A'**

CNY 1,793,512 7,974,889 1.20

China Mengniu Dairy Co. Ltd. HKD 2,800,000 5,495,647 0.82 China Unicom Hong Kong Ltd. HKD 5,986,000 8,906,086 1.33 FoshanHaitianFlavouring&FoodCo.Ltd.'A'**

CNY 1,106,270 6,655,417 1.00

Kunlun Energy Co. Ltd. HKD 4,716,000 4,003,061 0.60 KweichowMoutaiCo.Ltd.'A'** CNY 64,070 4,459,966 0.67 OznerWaterInternationalHolding

Ltd.HKD 3,163,000 657,461 0.10

SinoBiopharmaceuticalLtd. HKD 13,101,000 11,594,289 1.74 Skyworth Digital Holdings Ltd. HKD 9,488,000 5,900,875 0.88 Tencent Holdings Ltd. HKD 1,075,900 38,581,208 5.78 Uni-President China Holdings Ltd. HKD 6,065,000 4,905,859 0.74 Weifu High-Technology Group Co. Ltd.'A'**

CNY 1,822,336 6,961,153 1.04

Weifu High-Technology Group Co. Ltd.'B'

HKD 1,492,400 3,532,555 0.53

Yum!ChinaHoldings,Inc. USD 295,700 11,473,160 1.72 YunnanBaiyaoGroupCo.Ltd.'A'** CNY 626,300 8,668,209 1.30 ZhouHeiYaInternationalHoldings

Co. Ltd.HKD 2,497,500 2,512,020 0.38

196,299,261 29.43 HONG KONG AIAGroupLtd. HKD 2,317,600 16,960,763 2.54 CK Hutchison Holdings Ltd. HKD 1,166,168 14,655,392 2.20 Jardine Strategic Holdings Ltd. USD 348,000 14,511,335 2.18 PacificTextilesHoldingsLtd. HKD 2,621,000 3,026,344 0.45 StellaInternationalHoldingsLtd. HKD 3,064,000 5,496,007 0.82 Sun Art Retail Group Ltd. HKD 11,298,500 9,004,253 1.35 Trinity Ltd. HKD 5,204,000 323,426 0.05

63,977,520 9.59 INDIA Dr Reddy's Laboratories Ltd. INR 128,834 5,368,169 0.80 HDFCBankLtd. INR 538,825 13,875,139 2.08 HousingDevelopmentFinanceCorp.

Ltd.INR 434,502 10,852,282 1.63

ICICIBankLtd. INR 1,077,029 4,849,111 0.73 InfosysLtd. INR 879,441 12,721,848 1.91 ITCLtd. INR 1,419,262 7,103,983 1.07 KotakMahindraBankLtd. INR 517,596 7,650,879 1.15 Mahindra & Mahindra Ltd. INR 452,535 9,437,067 1.41 NTPC Ltd. INR 1,584,701 3,895,734 0.58 Tata Motors Ltd. INR 1,910,360 7,776,497 1.17 Wipro Ltd. INR 1,291,872 5,161,853 0.77

88,692,562 13.30 INDONESIA BankCentralAsiaTbk.PT IDR 10,526,300 14,404,346 2.16 Hero Supermarket Tbk. PT IDR 9,261,080 834,716 0.13 Sarana Menara Nusantara Tbk. PT IDR 12,691,900 3,612,011 0.54

18,851,073 2.83

Asian ex-Japan Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinadiversifiedportfolioofstocksof companies in Asia (excluding Japan).Specifically, the fund investsat least two-thirdsof totalassets in equity and equity-related securities issued by companies that are either incorporated in any Asian country except Japan or conduct most of their business in such countries. Types of securities may include common stocks,preferredstocks,warrants,AmericanDepositoryReceipts(ADRs),EuropeanDepositoryReceipts(EDRs)and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

Asianex-JapanEquityFund


92 T. ROWE PRICE


Asian ex-Japan Equity Fund continued

Cash 23,654,585 3.55Other Assets/(Liabilities) 694,423 0.10Total Net Assets 666,952,967 100.00


China 29.43 South Korea 17.94 India 13.30 Taiwan 13.22 Hong Kong 9.59 United Kingdom 3.10 Indonesia 2.83 Thailand 2.07 Singapore 1.65 Malaysia 1.29 Sri Lanka 0.97 Philippines 0.96 Total Investments 96.35 CashandOtherAssets/(Liabilities) 3.65Total 100.00

** China A shares held through the QFII are subject to certain restrictions. See note 3. The accompanying notes are an integral part of these financial statements.


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

MALAYSIA BritishAmericanTobaccoMalaysiaBhd.

MYR 389,600 3,941,185 0.59

MalaysiaAirportsHoldingsBhd. MYR 2,343,800 4,674,488 0.70 8,615,673 1.29

PHILIPPINES SMInvestmentsCorp. PHP 174,020 2,769,413 0.42 Universal Robina Corp. PHP 1,121,520 3,620,167 0.54

6,389,580 0.96 SINGAPORE DBSGroupHoldingsLtd. SGD 556,200 8,388,494 1.26 Singapore Post Ltd. SGD 2,709,200 2,618,692 0.39

11,007,186 1.65 SOUTH KOREA GS Retail Co. Ltd. KRW 219,853 9,918,527 1.49 Hyundai Motor Co. KRW 55,138 7,692,312 1.15 KEPCO Plant Service & Engineering

Co. Ltd.KRW 135,743 5,243,114 0.79

Korea Electric Power Corp. KRW 189,540 6,763,534 1.01 KT Corp. KRW 250,561 8,054,745 1.21 KT&G Corp. KRW 75,182 7,698,739 1.15 LG Chem Ltd. KRW 26,998 6,875,223 1.03 LIGNex1Co.Ltd. KRW 67,773 4,386,256 0.66 NAVER Corp. KRW 11,744 8,612,726 1.29 Netmarble Games Corp. KRW 54,800 7,426,188 1.11 Samsung Electronics Co. Ltd. KRW 19,939 41,517,731 6.23 Samsung Electronics Co. Ltd.

PreferenceKRW 3,355 5,471,499 0.82

119,660,594 17.94 SRI LANKA CommercialBankofCeylonplc LKR 3,383,341 3,067,151 0.46 John Keells Holdings plc LKR 2,899,253 3,376,011 0.51

6,443,162 0.97 TAIWAN Catcher Technology Co. Ltd. TWD 1,131,000 13,559,030 2.03 DeltaElectronics,Inc. TWD 960,900 5,273,644 0.79 Giant Manufacturing Co. Ltd. TWD 463,000 2,651,297 0.40 Largan Precision Co. Ltd. TWD 52,000 8,311,110 1.25 MeridaIndustryCo.Ltd. TWD 604,000 3,240,241 0.49 President Chain Store Corp. TWD 973,000 8,749,689 1.31 Realtek Semiconductor Corp. TWD 2,282,000 8,230,996 1.23 Taiwan Semiconductor

Manufacturing Co. Ltd.TWD 4,670,275 32,055,636 4.81

Wistron NeWeb Corp. TWD 2,046,000 6,102,202 0.91 88,173,845 13.22

THAILAND BECWorldPCL THB 6,990,100 4,326,322 0.65 BECWorldPCL,NVDR THB 637,100 394,216 0.06 CP ALL PCL THB 4,911,300 9,082,938 1.36

13,803,476 2.07 UNITED KINGDOM HSBCHoldingsplc HKD 1,473,600 13,714,336 2.06 Standard Chartered plc GBP 686,535 6,975,691 1.04

20,690,027 3.10 Total Equities 642,603,959 96.35 Total Transferable securities


642,603,959 96.35



93T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesCHINA 58.com,Inc.,ADR USD 809 34,981 1.14 AlibabaGroupHoldingLtd.,ADR USD 974 136,798 4.46 Anhui Conch Cement Co. Ltd. 'H' HKD 18,500 64,404 2.10 Baidu,Inc.,ADR USD 255 45,602 1.49 China Unicom Hong Kong Ltd. HKD 44,000 65,464 2.13 China Vanke Co. Ltd. 'H' HKD 55,000 155,839 5.08 JD.com,Inc.,ADR USD 567 22,283 0.73 JiangsuHengruiMedicineCo.Ltd.'A'** CNY 4,800 35,820 1.17 MideaGroupCo.Ltd.'A'** CNY 10,600 67,281 2.19 NetEase,Inc.,ADR USD 137 41,279 1.35 ShanghaiJahwaUnitedCo.Ltd.'A'** CNY 11,100 53,121 1.73 Tencent Holdings Ltd. HKD 4,400 157,782 5.15 Weifu High-Technology Group Co. Ltd. 'B'

HKD 17,900 42,370 1.38

Yum!ChinaHoldings,Inc. USD 3,432 133,162 4.34 YunnanBaiyaoGroupCo.Ltd.'A'** CNY 4,500 62,281 2.03

1,118,467 36.47 HONG KONG AIAGroupLtd. HKD 13,600 99,528 3.25 CK Hutchison Holdings Ltd. HKD 2,000 25,134 0.82 DairyFarmInternationalHoldingsLtd. USD 7,800 61,494 2.00 Sun Art Retail Group Ltd. HKD 78,000 62,162 2.03

248,318 8.10 INDIA Asian Paints Ltd. INR 1,580 26,951 0.88 Colgate-PalmoliveIndiaLtd. INR 1,433 24,622 0.80 HousingDevelopmentFinanceCorp.

Ltd.INR 1,802 45,007 1.47

InfosysLtd.,ADR USD 2,807 41,866 1.37 ITCLtd. INR 6,668 33,376 1.09 KotakMahindraBankLtd. INR 5,134 75,889 2.47 Tata Motors Ltd. INR 13,034 53,058 1.73

300,769 9.81 INDONESIA BankCentralAsiaTbk.PT IDR 28,800 39,410 1.28 Sumber Alfaria Trijaya Tbk. PT IDR 485,900 20,790 0.68 TelekomunikasiIndonesiaPerseroTbk.PT,ADR

USD 822 27,882 0.91

88,082 2.87 MALAYSIA BritishAmericanTobaccoMalaysiaBhd.

MYR 3,200 32,371 1.05

MalaysiaAirportsHoldingsBhd. MYR 24,900 49,661 1.62 82,032 2.67

NETHERLANDS ASML Holding NV EUR 415 54,476 1.78

54,476 1.78 PHILIPPINES BDOUnibank,Inc. PHP 12,439 30,562 1.00 JollibeeFoodsCorp. PHP 3,830 15,471 0.50 Philippine Seven Corp. PHP 12,930 46,279 1.51

92,312 3.01 SINGAPORE DBSGroupHoldingsLtd. SGD 3,900 58,819 1.92

58,819 1.92

Asian Opportunities Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinadiversifiedportfolioofstocksof companies in Asia.Specifically, the fund investsat least two-thirdsof totalassets in equity and equity-related securities issued by companies that are either incorporated in any Asian country or conduct most of their business in such countries. Types of securities may include common stocks,preferredstocks,warrants,AmericanDepositoryReceipts(ADRs),EuropeanDepositoryReceipts(EDRs)and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

AsianOpportunitiesEquityFund


94 T. ROWE PRICE


Asian Opportunities Equity Fund continued


% of Net Assets

China 36.47 South Korea 18.69 Taiwan 12.14 India 9.81 Hong Kong 8.10 Philippines 3.01 Indonesia 2.87 Malaysia 2.67 Sri Lanka 2.12 Singapore 1.92 Netherlands 1.78 Thailand 1.67 Total Investments 101.25 CashandOtherAssets/(Liabilities) (1.25)Total 100.00



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

SOUTH KOREA AMOREPACIFICGroup KRW 596 67,808 2.21 Hyundai Motor Co. KRW 385 53,712 1.75 KEPCO Plant Service & Engineering

Co. Ltd.KRW 623 24,064 0.78

Korea Electric Power Corp. KRW 1,372 48,958 1.60 LG Chem Ltd. KRW 113 28,776 0.94 LIGNex1Co.Ltd. KRW 478 30,936 1.01 NAVER Corp. KRW 83 60,870 1.99 Netmarble Games Corp. KRW 229 31,033 1.01 POSCO KRW 124 31,141 1.02 Samsung Electronics Co. Ltd. KRW 94 195,730 6.38

573,028 18.69 SRI LANKA John Keells Holdings plc LKR 55,962 65,165 2.12

65,165 2.12 TAIWAN Catcher Technology Co. Ltd. TWD 4,000 47,954 1.56 FarEasToneTelecommunicationsCo.

Ltd.TWD 19,000 48,425 1.58

Pegatron Corp. TWD 20,000 62,785 2.05 President Chain Store Corp. TWD 5,000 44,962 1.46 TaiwanFamilyMartCo.Ltd. TWD 5,000 33,646 1.10 Taiwan Semiconductor Manufacturing Co.Ltd.,ADR

USD 3,854 134,582 4.39

372,354 12.14 THAILAND Airports of Thailand PCL THB 26,100 36,346 1.19 SiamCementPCL(The),NVDR THB 1,000 14,851 0.48

51,197 1.67 Total Equities 3,105,019 101.25 Total Transferable securities


3,105,019 101.25




95T. ROWE PRICE



Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesDENMARK NovoNordiskA/S'B' DKK 24,349 915,545 1.02 SimCorpA/S DKK 28,545 1,510,170 1.69

2,425,715 2.71 FINLAND Konecranes OYJ EUR 30,846 1,144,387 1.28

1,144,387 1.28 FRANCE Air Liquide SA EUR 19,836 2,159,149 2.41 BNPParibasSA EUR 52,899 3,367,550 3.76 BureauVeritasSA EUR 65,737 1,277,270 1.42 Cie Plastic Omnium SA EUR 43,377 1,393,269 1.55 Dassault Aviation SA EUR 1,178 1,453,770 1.62 IliadSA EUR 9,088 1,878,944 2.10 LVMH Moet Hennessy Louis Vuitton

SEEUR 10,368 2,284,589 2.55

Maisons du Monde SA EUR 29,030 989,488 1.10 Schneider Electric SE EUR 29,965 2,023,536 2.26 SEBSA EUR 11,519 1,810,211 2.02 TOTAL SA EUR 45,184 1,971,830 2.20 Unibail-RodamcoSE,REIT EUR 8,219 1,829,138 2.04

22,438,744 25.03 GERMANY Allianz SE EUR 14,814 2,571,710 2.87 GEA Group AG EUR 34,825 1,256,312 1.40 SAP SE EUR 20,691 1,898,606 2.12 Telefonica Deutschland Holding AG EUR 389,565 1,704,347 1.90 Wirecard AG EUR 29,291 1,637,953 1.83

9,068,928 10.12 IRELAND Kingspan Group plc EUR 44,144 1,324,320 1.48

1,324,320 1.48 ITALY Eni SpA EUR 77,092 1,016,072 1.13 Hera SpA EUR 587,930 1,581,532 1.76 IntesaSanpaoloSpA EUR 598,925 1,673,396 1.87 ItalgasSpA EUR 519,036 2,302,444 2.57

6,573,444 7.33 NETHERLANDS ABNAMROGroupNV,CVA EUR 73,603 1,716,422 1.92 Koninklijke Vopak NV EUR 33,400 1,371,404 1.53 Wolters Kluwer NV EUR 36,221 1,345,067 1.50

4,432,893 4.95 NORWAY DNBASA NOK 73,451 1,086,729 1.21

1,086,729 1.21 SPAIN BankiaSA EUR 306,638 1,314,250 1.46 CaixaBankSA EUR 335,099 1,408,086 1.57 Cellnex Telecom SA EUR 113,853 2,064,155 2.30 Euskaltel SA EUR 163,811 1,540,642 1.72 GamesaCorp,TechnologicaSA EUR 74,241 1,388,307 1.55 Gestamp Automocion SA EUR 197,624 1,207,483 1.35

8,922,923 9.95

Continental European Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinadiversifiedportfolioofstocksof companies in Europe (excluding the UK).Specifically, the fund investsat least two-thirdsof totalassets in equity and equity-related securities issued by companies that are either incorporated in any European country (excluding the United Kingdom) or conduct most of their business in such countries. Types of securities may include common stocks, preferredstocks,warrants,AmericanDepositoryReceipts(ADRs),European Depository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

ContinentalEuropeanEquityFund


96 T. ROWE PRICE


Continental European Equity Fund continued


% of Net Assets

France 25.03 Switzerland 23.62 Germany 10.12 Spain 9.95 Sweden 8.36 Italy 7.33 Netherlands 4.95 Denmark 2.71 Ireland 1.48 Finland 1.28 Norway 1.21 United Kingdom 1.15 Total Investments 97.19 CashandOtherAssets/(Liabilities) 2.81Total 100.00

The accompanying notes are an integral part of these financial statements,


Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

SWEDEN ComHemHoldingAB SEK 244,675 2,990,405 3.34 NordeaBankAB SEK 141,424 1,586,028 1.77 SkandinaviskaEnskildaBankenAB'A' SEK 130,686 1,393,681 1.55 ThuleGroupAB SEK 92,616 1,523,369 1.70

7,493,483 8.36 SWITZERLAND Dufry AG CHF 14,786 2,144,882 2.39 JuliusBaerGroupLtd, CHF 31,271 1,451,019 1.62 Nestle SA CHF 75,208 5,785,291 6.45 Novartis AG CHF 53,901 3,971,148 4.43 Roche Holding AG CHF 20,337 4,541,508 5.07 UBSGroupAG CHF 63,016 945,264 1.05 ZurichInsuranceGroupAG CHF 9,122 2,339,277 2.61

21,178,389 23.62 UNITED KINGDOM Liberty Global plc 'A' USD 20,986 589,816 0.66 Liberty Global plc 'C' USD 16,385 445,366 0.49



87,125,137 97.19



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



EUR% of Net

Assets

EUR 512,237 CHF 557,360 31/07/2017 Credit Suisse 1,960 – EUR 59,595 DKK 443,100 31/07/2017 DeutscheBank – – EUR 24,874 NOK 237,000 31/07/2017 DeutscheBank 168 – EUR 93 USD 106 31/07/2017 J.P. Morgan 1 –Total Unrealised Gain on

Forward Currency Exchange Contracts2,129 –

EUR 176,239 SEK 1,718,000 31/07/2017 DeutscheBank (2,180) – USD 2,378,000 EUR 2,100,874 31/07/2017 Goldman

Sachs(21,633) (0.02)


(23,813) (0.02)


(21,684) (0.02)



97T. ROWE PRICE



Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesCZECH REPUBLIC MonetaMoneyBankA/S CZK 28,204 82,403 1.23

82,403 1.23 GEORGIA BGEOGroupplc GBP 2,984 119,784 1.79 Georgia Healthcare Group plc GBP 26,324 107,749 1.61 TBCBankGroupplc GBP 7,718 139,080 2.07

366,613 5.47 HUNGARY OTPBankplc HUF 5,252 154,590 2.30

154,590 2.30 NETHERLANDS Atrium European Real Estate Ltd. EUR 16,583 64,342 0.96 DP Eurasia NV GBP 26,231 53,647 0.80

117,989 1.76 POLAND AmRest Holdings SE PLN 1,406 115,637 1.72 BankPekaoSA PLN 2,269 67,083 1.00 BankZachodniWBKSA PLN 1,055 85,720 1.28 CCC SA PLN 1,740 93,249 1.39 PowszechnyZakladUbezpieczenSA PLN 9,523 101,258 1.51

462,947 6.90 ROMANIA BancaTransilvaniaSA RON 100,002 58,816 0.88 BRD-GroupeSocieteGeneraleSA RON 63,295 188,914 2.81 MED Life SA RON 7,839 61,588 0.92

309,318 4.61 RUSSIA Acron PJSC RUB 1,094 50,296 0.75 BankStPetersburgPJSC USD 237,128 197,992 2.95 Detsky Mir PJSC RUB 27,570 38,258 0.57 EtalonGroupLtd.,GDR USD 27,304 85,597 1.28 LUKOILPJSC RUB 15,542 661,250 9.86 Magnit PJSC RUB 3,028 409,264 6.10 MagnitPJSC,GDR USD 267 7,903 0.12 Mail.RuGroupLtd.,GDRPreference USD 6,869 157,776 2.35 MDMedicalGroupInvestmentsplc,

GDRUSD 15,585 139,137 2.07

MMCNorilskNickelPJSC,ADR USD 6,392 77,104 1.15 MoscowExchangeMICEX-RTSPJSC RUB 125,250 193,517 2.88 NovatekPJSC,GDR USD 1,986 194,085 2.89 PhosAgroPJSC,GDR USD 5,921 69,219 1.03 Sberbank of Russia PJSC RUB 196,160 422,712 6.30 SberbankofRussiaPJSC,ADR USD 24,955 225,193 3.36 Tatneft PJSC RUB 55,400 304,721 4.54 Unipro PJSC RUB 1,180,000 43,560 0.65 X5RetailGroupNV,GDR USD 12,413 376,208 5.61 Yandex NV 'A' USD 4,400 100,795 1.50

3,754,587 55.96 SWEDEN VostokNewVenturesLtd.,SDR SEK 12,189 85,118 1.27

85,118 1.27 SWITZERLAND Wizz Air Holdings plc GBP 2,600 71,697 1.07

71,697 1.07

Emerging Europe Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinadiversifiedportfolioofstocksof companies in the developing countries of Europe.Specifically, the fund investsat least two-thirdsof totalassets in equity and equity-related securities issued by companies that are either incorporated in the developing countriesofcentralandEasternEurope,includingthoseof the former Soviet Union, and the Mediterraneanregion, or conduct most of their business in suchcountries. Types of securities may include common stocks,preferredstocks,warrants,AmericanDepositoryReceipts(ADRs),EuropeanDepositoryReceipts(EDRs)and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

EmergingEuropeEquityFund


98 T. ROWE PRICE


Emerging Europe Equity Fund continued


% of Net Assets

Russia 55.96 Turkey 15.58 Poland 6.90 Georgia 5.47 Romania 4.61 United States of America 2.92 Hungary 2.30 Netherlands 1.76 Sweden 1.27 Czech Republic 1.23 Switzerland 1.07 Ukraine 0.54 Total Investments 99.61 CashandOtherAssets/(Liabilities) 0.39Total 100.00



Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

TURKEY Akbank TAS TRY 85,463 209,149 3.12 ArcelikA/S TRY 7,266 46,731 0.70 AvivaSAEmeklilikveHayatA/S TRY 12,128 61,713 0.92 BIMBirlesikMagazalarA/S TRY 11,898 193,228 2.88 Emlak Konut Gayrimenkul Yatirim OrtakligiA/S,REIT

TRY 66,419 48,730 0.73

FordOtomotivSanayiAS TRY 3,764 40,235 0.60 LogoYazilimSanayiveTicaretA/S TRY 5,691 83,153 1.24 Selcuk Ecza Deposu Ticaret ve Sanayi A/S

TRY 96,232 97,409 1.45

TurkiyeGarantiBankasiA/S TRY 50,829 124,139 1.85 UlkerBiskuviSanayiA/S TRY 25,336 140,516 2.09

1,045,003 15.58 UKRAINE MHPSA,GDR USD 4,232 36,355 0.54

36,355 0.54 UNITED STATES OF AMERICA EPAMSystems,Inc. USD 2,678 196,143 2.92



6,682,763 99.61


Cash 110,198 1.64Other Assets/(Liabilities) (83,961) (1.25)

Total Net Assets 6,709,000 100.00


99T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesARGENTINA MercadoLibre,Inc. USD 86,900 21,748,463 1.21 TenarisSA,ADR USD 235,100 7,323,365 0.41

29,071,828 1.62 BELGIUM Anheuser-BuschInBevSANV EUR 60,182 6,677,363 0.37

6,677,363 0.37 BRAZIL BancoBradescoSAPreference BRL 1,971,523 16,616,467 0.93 BRMallsParticipacoesSA BRL 2,732,099 9,705,913 0.54 BRFSA BRL 637,912 7,438,420 0.41 ItauUnibancoHoldingSAPreference BRL 5,546,424 61,574,807 3.43 Lojas Renner SA BRL 5,781,738 46,983,280 2.62 Multiplan Empreendimentos ImobiliariosSA

BRL 468,423 9,207,711 0.51

Raia Drogasil SA BRL 1,709,122 36,332,331 2.02 TelefonicaBrasilSA,ADRPreference USD 222,946 3,027,607 0.17

190,886,536 10.63 CHILE BancoSantanderChile,ADR USD 717,843 18,204,498 1.01 SACIFalabella CLP 1,254,161 10,166,730 0.57

28,371,228 1.58 CHINA 58.com,Inc.,ADR USD 137,000 5,923,880 0.33 AlibabaGroupHoldingLtd.,ADR USD 607,363 85,304,133 4.75 AnhuiConchCementCo.Ltd.'A'** CNY 2,421,446 8,123,401 0.45 Anhui Conch Cement Co. Ltd. 'H' HKD 1,650,500 5,745,852 0.32 Baidu,Inc.,ADR USD 189,100 33,816,753 1.89 China Longyuan Power Group Corp.

Ltd. 'H'HKD 9,155,000 6,670,055 0.37

China Mengniu Dairy Co. Ltd. HKD 8,174,000 16,043,365 0.89 CSPC Pharmaceutical Group Ltd. HKD 8,472,000 12,392,230 0.69 Ctrip.comInternationalLtd.,ADR USD 93,965 5,098,541 0.29 HenganInternationalGroupCo.Ltd. HKD 2,629,500 19,416,126 1.08 Huaneng Renewables Corp. Ltd. 'H' HKD 20,810,000 6,431,968 0.36 KweichowMoutaiCo.Ltd.'A'** CNY 169,546 11,802,238 0.66 PingAnInsuranceGroupCo.ofChinaLtd.'A'**

CNY 541,800 3,965,814 0.22

PingAnInsuranceGroupCo.ofChinaLtd. 'H'

HKD 4,163,600 27,486,672 1.53

Sunny Optical Technology Group Co. Ltd.

HKD 1,566,000 14,067,643 0.78

Tencent Holdings Ltd. HKD 3,295,700 118,182,069 6.58 VipshopHoldingsLtd.,ADR USD 624,400 6,565,566 0.37

387,036,306 21.56COLOMBIA GrupoAvalAccionesyValoresSA,

ADR PreferenceUSD 853,809 7,035,386 0.39

7,035,386 0.39

Emerging Markets Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinadiversifiedportfolioofstocksof emerging market companies.Specifically, the fund investsat least two-thirdsof totalassets in equity and equity-related securities issued by companies that are either incorporated in one of the economicallyemergingcountriesofLatinAmerica,Asia,Europe,AfricaandtheMiddleEastorconductmostoftheir business in such countries. Types of securities may include common stocks, preferred stocks, warrants,American Depository Receipts (ADRs), EuropeanDepository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

EmergingMarketsEquityFund


100 T. ROWE PRICE


Emerging Markets Equity Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

SOUTH KOREA AMOREPACIFICGroup KRW 69,565 7,914,506 0.44 Hyundai Glovis Co. Ltd. KRW 21,932 3,011,847 0.17 Hyundai Motor Co. KRW 108,825 15,182,194 0.85 LG Household & Health Care Ltd. KRW 45,550 39,621,869 2.21 NAVER Corp. KRW 25,794 18,916,609 1.05 Samsung Electronics Co. Ltd. KRW 46,066 95,920,347 5.34 Samsung Electronics Co. Ltd.

PreferenceKRW 10,501 17,125,549 0.95

197,692,921 11.01 TAIWAN Catcher Technology Co. Ltd. TWD 3,344,000 40,089,653 2.23 DeltaElectronics,Inc. TWD 1,108,268 6,082,434 0.34 Largan Precision Co. Ltd. TWD 197,000 31,486,321 1.75 President Chain Store Corp. TWD 1,693,000 15,224,280 0.85 QuantaComputer,Inc. TWD 4,200,000 9,952,345 0.55 Taiwan Semiconductor Manufacturing

Co. Ltd.TWD 11,313,050 77,650,033 4.33

Uni-President Enterprises Corp. TWD 6,610,783 13,273,582 0.74 193,758,648 10.79

THAILAND Airports of Thailand PCL THB 8,159,000 11,362,003 0.63 CP ALL PCL THB 14,744,500 27,268,416 1.52

38,630,419 2.15 TURKEY BIMBirlesikMagazalarA/S TRY 933,803 17,318,187 0.97

17,318,187 0.97 UNITED ARAB EMIRATES DP World Ltd. USD 555,218 11,615,161 0.65 Emaar Malls PJSC AED 9,214,663 6,322,411 0.35 FirstAbuDhabiBankPJSC AED 5,884,852 16,823,934 0.94

34,761,506 1.94 Total Equities 1,734,007,510 96.60 Total Transferable securities


1,734,007,510 96.60




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

HONG KONG AIAGroupLtd. HKD 6,769,800 49,543,051 2.76

49,543,051 2.76 INDIA AxisBankLtd. INR 2,334,610 18,678,218 1.04 Glenmark Pharmaceuticals Ltd. INR 614,241 6,011,639 0.33 HDFCBankLtd. INR 419,281 10,796,793 0.60 HousingDevelopmentFinanceCorp.

Ltd.INR 1,315,526 32,857,063 1.83

ICICIBankLtd. INR 3,504,203 15,776,982 0.88 InfosysLtd. INR 2,490,558 36,028,000 2.01 MarutiSuzukiIndiaLtd. INR 128,525 14,345,493 0.80 NTPC Ltd. INR 2,603,189 6,399,523 0.36 PowerGridCorp.ofIndiaLtd. INR 3,003,896 9,782,557 0.54 Tata Consultancy Services Ltd. INR 189,386 6,918,902 0.39 Tata Motors Ltd. INR 2,322,046 15,532,902 0.87 YesBankLtd. INR 539,534 12,209,392 0.68

185,337,464 10.33 INDONESIA AstraInternationalTbk.PT IDR 28,295,000 19,039,639 1.06 BankCentralAsiaTbk.PT IDR 18,016,100 24,653,501 1.37 Matahari Department Store Tbk. PT IDR 5,730,700 6,088,440 0.34

49,781,580 2.77 MEXICO Fresnilloplc GBP 566,038 10,972,449 0.61 GrupoAeroportuariodelSuresteSABdeCV,ADR

USD 10,700 2,252,350 0.13

GrupoFinancieroSantanderMexicoSABdeCV,ADR'B'

USD 1,048,700 10,057,033 0.56

Wal-MartdeMexicoSABdeCV MXN 10,964,040 25,502,153 1.42 48,783,985 2.72

PERU Credicorp Ltd. USD 53,400 9,625,350 0.54

9,625,350 0.54 PHILIPPINES BDOUnibank,Inc. PHP 3,604,847 8,856,811 0.49 GTCapitalHoldings,Inc. PHP 325,550 7,800,607 0.44 SMInvestmentsCorp. PHP 1,435,488 22,844,841 1.27 Universal Robina Corp. PHP 5,089,740 16,429,227 0.92

55,931,486 3.12 RUSSIA MagnitPJSC,GDR USD 748,856 25,311,333 1.41 Mail.RuGroupLtd.,GDRPreference USD 156,562 4,106,621 0.23 SberbankofRussiaPJSC,ADR USD 4,223,713 43,525,362 2.42 X5RetailGroupNV,GDR USD 54,662 1,891,852 0.11 Yandex NV 'A' USD 276,700 7,238,472 0.40

82,073,640 4.57 SOUTH AFRICA Aspen Pharmacare Holdings Ltd. ZAR 730,882 15,999,609 0.89 BidCorp.Ltd. ZAR 281,661 6,422,476 0.36 Clicks Group Ltd. ZAR 620,932 6,611,443 0.37 FirstRandLtd. ZAR 7,222,054 26,144,752 1.46 Mr Price Group Ltd. ZAR 693,421 8,250,001 0.46 Naspers Ltd. 'N' ZAR 76,998 14,927,259 0.83 Sanlam Ltd. ZAR 2,755,353 13,712,886 0.76 Shoprite Holdings Ltd. ZAR 1,161,939 17,514,860 0.98 Woolworths Holdings Ltd. ZAR 2,577,291 12,107,340 0.67

121,690,626 6.78


101T. ROWE PRICE


Emerging Markets Equity Fund continued


China 21.56 South Korea 11.01 Taiwan 10.79 Brazil 10.63 India 10.33 South Africa 6.78 Russia 4.57 Philippines 3.12 Indonesia 2.77 Hong Kong 2.76 Mexico 2.72 Thailand 2.15 United Arab Emirates 1.94 Argentina 1.62 Chile 1.58 Turkey 0.97 Peru 0.54 Colombia 0.39 Belgium 0.37 Total Investments 96.60 CashandOtherAssets/(Liabilities) 3.40Total 100.00



102 T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesAUSTRIA ErsteGroupBankAG EUR 1,982 76,445 2.08

76,445 2.08 BRAZIL BancoBradescoSAPreference BRL 9,567 80,633 2.19 EDP-EnergiasdoBrasilSA BRL 8,574 36,210 0.99 GrupoBTGPactual BRL 16,600 75,019 2.04 Marcopolo SA Preference BRL 58,017 48,548 1.32 PetroleoBrasileiroSAPreference BRL 11,200 41,413 1.13 TIMParticipacoesSA,ADR USD 3,480 50,947 1.39 Transmissora Alianca de Energia

Eletrica SABRL 5,600 37,166 1.01

369,936 10.07 CHILE ItauCorpBanca,ADR USD 545 7,292 0.20 ItauCorpBanca,ADR USD 2,349 31,430 0.85

38,722 1.05 CHINA AgriculturalBankofChinaLtd.'H' HKD 176,000 83,277 2.27 Anhui Conch Cement Co. Ltd. 'H' HKD 24,000 83,551 2.28 ChinaLifeInsuranceCo.Ltd.'H' HKD 25,000 76,413 2.08 ChinaOverseasLand&Investment

Ltd.HKD 14,000 41,042 1.12

China Unicom Hong Kong Ltd. HKD 54,000 80,342 2.19 FosunInternationalLtd. HKD 55,500 86,812 2.36 HuanengPowerInternational,Inc.'H' HKD 70,000 48,630 1.32 Kunlun Energy Co. Ltd. HKD 84,000 71,301 1.94 Lonking Holdings Ltd. HKD 157,000 49,357 1.34 PICCProperty&CasualtyCo.Ltd.'H' HKD 48,000 80,279 2.19 Uni-President China Holdings Ltd. HKD 82,000 66,328 1.81 YY,Inc.,ADR USD 1,235 70,766 1.93

838,098 22.83 EGYPT OCINV EUR 1,505 33,204 0.90 Telecom Egypt Co. EGP 62,819 35,639 0.97

68,843 1.87 HONG KONG OrientOverseasInternationalLtd. HKD 9,000 64,611 1.76 PacificTextilesHoldingsLtd. HKD 45,000 51,959 1.41

116,570 3.17 INDIA GAILIndiaLtd.,GDR USD 309 10,197 0.28 ICICIBankLtd.,ADR USD 8,554 76,601 2.09 StateBankofIndia,GDR USD 872 37,191 1.01

123,989 3.38 INDONESIA BankNegaraIndonesiaPerseroTbk.

PTIDR 97,000 48,611 1.32

48,611 1.32 MALAYSIA CIMBGroupHoldingsBhd. MYR 44,486 68,222 1.86

68,222 1.86 MEXICO ConcentradoraFibraDanhosSAdeCV,REIT

MXN 39,210 70,327 1.92

MexichemSABdeCV MXN 25,132 67,730 1.84 138,057 3.76

Emerging Markets Value Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinawidelydiversifiedportfolioofstocks of emerging market companies.Specifically, the fund investsat least two-thirdsof totalassets in equity and equity-related securities issued by companies that are either incorporated in one of economicallyemergingcountriesofLatinAmerica,Asia,Europe,AfricaandtheMiddleEastorconductmostoftheir business in such countries. Types of securities may include common stocks, preferred stocks, warrants,American Depository Receipts (ADRs), EuropeanDepository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

EmergingMarketsValueEquityFund


103T. ROWE PRICE


Emerging Markets Value Equity Fund continued



China 22.83 South Korea 12.89 Brazil 10.07 Taiwan 8.92 Russia 6.47 South Africa 5.51 Mexico 3.76 India 3.38 Thailand 3.24 Hong Kong 3.17 Austria 2.08 Egypt 1.87 Malaysia 1.86 United Kingdom 1.85 United Arab Emirates 1.57 Romania 1.54 Indonesia 1.32 Chile 1.05 Turkey 0.99 Saudi Arabia 0.82 Philippines 0.80 Peru 0.77 Total Investments 96.76CashandOtherAssets/(Liabilities) 3.24 Total 100.00



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

PERU Southern Copper Corp. USD 810 28,204 0.77

28,204 0.77 PHILIPPINES LTGroup,Inc. PHP 100,700 29,317 0.80

29,317 0.80 ROMANIA BRD-GroupeSocieteGeneraleSA RON 16,566 56,463 1.54

56,463 1.54 RUSSIA Mail.RuGroupLtd.,GDRPreference USD 2,482 65,103 1.77 SberbankofRussiaPJSC,ADR USD 4,199 43,271 1.18 Unipro PJSC RUB 1,221,000 51,473 1.40 VEONLtd.,ADR USD 19,997 77,588 2.12

237,435 6.47 SAUDI ARABIA SaudiBritishBank(The) SAR 4,200 30,038 0.82

30,038 0.82 SOUTH AFRICA BarclaysAfricaGroupLtd. ZAR 4,529 49,304 1.34 BraitSE ZAR 9,540 44,430 1.21 Sanlam Ltd. ZAR 3,916 19,489 0.53 Telkom SA SOC Ltd. ZAR 18,940 89,047 2.43

202,270 5.51 SOUTH KOREA CJ Corp. KRW 320 53,037 1.44 Hyundai Motor Co. KRW 328 45,759 1.25 KT Corp. KRW 1,815 58,347 1.59 Netmarble Games Corp. KRW 265 35,911 0.98 POSCO KRW 170 42,693 1.16 Samsung Electronics Co. Ltd. KRW 114 237,375 6.47

473,122 12.89 TAIWAN Catcher Technology Co. Ltd. TWD 6,000 71,931 1.96 CathayFinancialHoldingCo.Ltd. TWD 40,000 65,941 1.80 MegaFinancialHoldingCo.Ltd. TWD 46,000 38,299 1.04 Pegatron Corp. TWD 22,000 69,064 1.88 Taiwan Semiconductor Manufacturing

Co. Ltd.TWD 12,000 82,365 2.24

327,600 8.92 THAILAND BangkokBankPCL,NVDR THB 5,300 28,890 0.79 BECWorldPCL THB 33,500 20,734 0.56 Land&HousesPCL,NVDR THB 235,900 69,503 1.89

119,127 3.24 TURKEY Akbank TAS TRY 12,950 36,191 0.99

36,191 0.99 UNITED ARAB EMIRATES AbuDhabiCommercialBankPJSC AED 30,239 57,715 1.57

57,715 1.57 UNITED KINGDOM Standard Chartered plc GBP 6,688 67,955 1.85



3,552,930 96.76



104 T. ROWE PRICE



Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesDENMARK NovoNordiskA/S'B' DKK 109,374 4,112,564 0.80 SimCorpA/S DKK 146,213 7,735,382 1.50

11,847,946 2.30 FINLAND Konecranes OYJ EUR 172,329 6,393,406 1.24

6,393,406 1.24 FRANCE Air Liquide SA EUR 80,675 8,781,474 1.70 BNPParibasSA EUR 180,067 11,463,065 2.22 BureauVeritasSA EUR 370,783 7,204,314 1.40 Cie Plastic Omnium SA EUR 185,639 5,962,725 1.16 Dassault Aviation SA EUR 4,175 5,152,367 1.00 IliadSA EUR 46,380 9,589,065 1.86 LVMH Moet Hennessy Louis Vuitton

SEEUR 52,110 11,482,438 2.23

Schneider Electric SE EUR 158,037 10,672,239 2.07 SEBSA EUR 53,048 8,336,493 1.62 TOTAL SA EUR 229,641 10,021,533 1.94 Unibail-RodamcoSE,REIT EUR 47,143 10,491,675 2.04

99,157,388 19.24 GERMANY Allianz SE EUR 78,605 13,645,828 2.65 SAP SE EUR 100,804 9,249,775 1.79 Telefonica Deutschland Holding AG EUR 1,573,637 6,884,662 1.33 Wirecard AG EUR 167,456 9,364,139 1.82

39,144,404 7.59 IRELAND Kingspan Group plc EUR 212,592 6,377,760 1.24

6,377,760 1.24 ITALY Eni SpA EUR 687,018 9,054,897 1.76 Hera SpA EUR 2,324,207 6,252,117 1.21 IntesaSanpaoloSpA EUR 2,549,528 7,123,381 1.38 ItalgasSpA EUR 1,849,628 8,204,950 1.59

30,635,345 5.94 NETHERLANDS ABNAMROGroupNV,CVA EUR 353,755 8,249,567 1.60 Koninklijke Vopak NV EUR 135,172 5,550,162 1.08 Wolters Kluwer NV EUR 199,690 7,415,488 1.44

21,215,217 4.12 NORWAY DNBASA NOK 257,399 3,808,294 0.74

3,808,294 0.74 SPAIN BankiaSA EUR 1,505,081 6,450,777 1.25 CaixaBankSA EUR 1,555,415 6,535,854 1.27 Cellnex Telecom SA EUR 540,300 9,795,639 1.90 Euskaltel SA EUR 530,268 4,987,170 0.97 Gamesa Corp. Technologica SA EUR 363,948 6,805,828 1.32 Gestamp Automocion SA EUR 872,830 5,332,991 1.03

39,908,259 7.74 SWEDEN ComHemHoldingAB SEK 946,772 11,571,397 2.24 NordeaBankAB SEK 536,172 6,013,009 1.17 SkandinaviskaEnskildaBankenAB'A' SEK 607,987 6,483,786 1.26

24,068,192 4.67

European Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinadiversifiedportfolioofstocksof European companies.Specifically, the fund investsat least two-thirdsof totalassets in equity and equity-related securities issued by companies that are either incorporated in Europe or conduct most of their business there. Types of securities mayincludecommonstocks,preferredstocks,warrants,American Depository Receipts (ADRs), EuropeanDepository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities. The fund may invest in Russia.Thefundmayusederivativesforhedgingandefficientportfolio management.

EuropeanEquityFund


105T. ROWE PRICE


European Equity Fund continued


Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

SWITZERLAND Dufry AG CHF 68,751 9,973,135 1.94 JuliusBaerGroupLtd. CHF 92,025 4,270,092 0.83 Nestle SA CHF 345,540 26,580,274 5.16 Novartis AG CHF 253,496 18,676,281 3.62 Roche Holding AG CHF 81,773 18,260,942 3.54 ZurichInsuranceGroupAG CHF 48,674 12,482,127 2.42

90,242,851 17.51 UNITED KINGDOM AstraZenecaplc GBP 135,448 7,968,767 1.55 BritishAmericanTobaccoplc GBP 362,738 21,720,016 4.21 Experian plc GBP 436,958 7,873,451 1.53 GlaxoSmithKline plc GBP 434,296 8,119,704 1.58 Greene King plc GBP 888,717 6,765,420 1.31 Johnson Matthey plc GBP 206,639 6,827,523 1.32 Liberty Global plc 'A' USD 161,100 4,527,746 0.88 Liberty Global plc 'C' USD 134,900 3,666,763 0.71 LloydsBankingGroupplc GBP 13,878,728 10,509,141 2.04 Next plc GBP 116,217 5,161,689 1.00 Playtech plc GBP 828,250 9,005,957 1.75 Prudential plc GBP 602,138 12,150,537 2.36 RoyalDutchShellplc'B' GBP 230,296 5,432,523 1.05 Vodafone Group plc GBP 7,350,703 18,269,784 3.54



500,798,083 97.16




United Kingdom 24.83 France 19.24 Switzerland 17.51 Spain 7.74 Germany 7.59 Italy 5.94 Sweden 4.67 Netherlands 4.12 Denmark 2.30 Finland 1.24 Ireland 1.24 Norway 0.74 Total Investments 97.16 CashandOtherAssets/(Liabilities) 2.84Total 100.00



106 T. ROWE PRICE



Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesCHINA Hutchison China MediTech Ltd. GBP 51,690 2,126,041 2.38

2,126,041 2.38 DENMARK AmbuA/S'B' DKK 22,764 1,279,636 1.43 AsetekA/S NOK 56,500 660,258 0.74

1,939,894 2.17 FINLAND Asiakastieto Group OYJ EUR 31,469 682,877 0.76 Huhtamaki OYJ EUR 17,336 596,185 0.67 Tokmanni Group Corp. EUR 87,875 630,064 0.71

1,909,126 2.14 FRANCE BioMerieux EUR 3,797 725,796 0.81 Edenred EUR 31,840 731,365 0.82 GecinaSA,REIT EUR 7,120 979,000 1.10 Maisons du Monde SA EUR 32,222 1,098,287 1.23 SPIESA EUR 35,244 930,618 1.04

4,465,066 5.00 GERMANY ADO Properties SA EUR 12,059 442,204 0.49 AIXTRONSE EUR 42,750 265,050 0.30 Aumann AG EUR 8,114 479,943 0.54 CTS Eventim AG & Co. KGaA EUR 20,687 801,311 0.90 MPC Muenchmeyer Petersen Capital

AGEUR 82,641 492,540 0.55

Norma Group SE EUR 32,305 1,470,847 1.64 Scout24 AG EUR 30,067 968,909 1.08 Stabilus SA EUR 4,138 281,881 0.31 Takkt AG EUR 30,638 667,602 0.75 Tele Columbus AG EUR 99,023 955,968 1.07 va-Q-tec AG EUR 40,438 841,110 0.94 Wirecard AG EUR 36,082 2,017,705 2.26

9,685,070 10.83 IRELAND Cairn Homes plc EUR 645,616 970,038 1.08 DCC plc GBP 13,137 1,041,857 1.17 PaddyPowerBetfairplc EUR 8,477 796,499 0.89

2,808,394 3.14 ITALY Amplifon SpA EUR 84,670 985,559 1.10 BancaGeneraliSpA EUR 26,790 705,649 0.79 BrunelloCucinelliSpA EUR 19,712 456,136 0.51 Cassiopea SpA CHF 24,275 765,371 0.86 FinecoBankBancaFinecoSpA EUR 135,241 945,334 1.06 Yoox Net-A-Porter Group SpA EUR 42,536 1,023,416 1.14

4,881,465 5.46 LUXEMBOURG EurofinsScientificSE EUR 2,473 1,225,619 1.37

1,225,619 1.37 NETHERLANDS AalbertsIndustriesNV EUR 25,600 893,824 1.00 AvantiumHoldingBV EUR 45,220 474,810 0.53 DP Eurasia NV GBP 243,877 498,769 0.56 FlowTraders EUR 12,037 293,161 0.33 IMCDGroupNV EUR 17,271 821,322 0.92 IntertrustNV EUR 51,614 916,149 1.02

European Smaller Companies Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinadiversifiedportfolioofstocksof smaller publicly traded European companies.Specifically, the fund investsat least two-thirdsof totalassets in equity and equity-related securities issued by companies that are either incorporated in Europe or conductmost of their business there, and that, at thetimeofpurchase,areno larger than those in theS&PPanEuropeSmallCap Index.Typesof securitiesmayinclude common stocks, preferred stocks, warrants,American Depository Receipts (ADRs), EuropeanDepository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities. The fund may invest in Russia.Thefundmayusederivativesforhedgingandefficientportfolio management.

EuropeanSmallerCompaniesEquityFund


107T. ROWE PRICE


European Smaller Companies Equity Fund continued


Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

IPGroupplc GBP 392,423 586,323 0.66 IQEplc GBP 1,751,796 1,711,743 1.91 Jimmy Choo plc GBP 246,577 581,336 0.65 Joules Group plc GBP 343,380 1,178,252 1.32 Just Eat plc GBP 171,710 1,275,153 1.43 LivaNova plc USD 11,906 643,176 0.72 Majestic Wine plc GBP 147,854 544,673 0.61 OxfordInstrumentsplc GBP 78,330 937,158 1.05 Paysafe Group plc GBP 174,584 1,011,652 1.13 Playtech plc GBP 147,353 1,602,239 1.79 RathboneBrothersplc GBP 24,719 711,976 0.80 Renishaw plc GBP 13,911 573,116 0.64 Spirax-Sarco Engineering plc GBP 11,801 718,687 0.80 TedBakerplc GBP 24,178 658,209 0.74 Tyman plc GBP 297,741 1,215,324 1.36 Victrex plc GBP 57,877 1,240,236 1.39 WANdisco plc GBP 197,323 1,340,712 1.50 Xaar plc GBP 146,655 627,362 0.70 Xafinityplc GBP 323,508 599,141 0.67 YouGov plc GBP 254,118 825,768 0.92



87,533,776 97.92




United Kingdom 29.98 Sweden 13.85 Germany 10.83 Netherlands 8.60 Spain 6.55 Italy 5.46 France 5.00 Switzerland 4.47 Ireland 3.14 China 2.38 Denmark 2.17 Finland 2.14 Luxembourg 1.37 Russia 0.73 Norway 0.72 Turkey 0.53 Total Investments 97.92 CashandOtherAssets/(Liabilities) 2.08Total 100.00



Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

Kendrion NV EUR 19,085 688,587 0.77 Koninklijke Volkerwessels NV EUR 26,449 644,959 0.72 Shop Apotheke Europe NV EUR 15,530 612,659 0.69 Takeaway.comHoldingBV EUR 24,721 930,498 1.04 VanLanschotNV,CVA EUR 37,423 912,373 1.02

7,687,111 8.60 NORWAY XXL ASA NOK 76,748 640,626 0.72

640,626 0.72 RUSSIA Mail.RuGroupLtd.,GDRPreference USD 28,435 653,131 0.73

653,131 0.73 SPAIN AmadeusITGroupSA EUR 23,068 1,211,762 1.35 AxiarePatrimonioSOCIMISA,REIT EUR 119,471 1,775,339 1.99 BarondeLey EUR 5,750 649,750 0.73 Global Dominion Access SA EUR 144,469 559,095 0.62 Grifols SA EUR 35,754 878,833 0.98 LaboratoriosFarmaceuticosRoviSA EUR 42,302 784,279 0.88

5,859,058 6.55 SWEDEN AhlsellAB SEK 95,271 570,822 0.64 AmbeaAB SEK 92,996 936,699 1.05 AvanzaBankHoldingAB SEK 22,122 848,106 0.95 BooztAB SEK 100,000 841,102 0.94 DometicGroupAB SEK 97,450 743,255 0.83 ElektaAB'B' SEK 78,466 654,276 0.73 InternationellaEngelskaSkolaniSverigeHoldingIIAB

SEK 85,132 609,966 0.68

InwidoAB SEK 38,355 469,968 0.53 Kambi Group plc SEK 148,979 1,434,838 1.61 LeoVegasAB SEK 255,335 1,657,121 1.85 LindabInternationalAB SEK 81,961 765,548 0.86 MuntersGroupAB SEK 75,000 568,523 0.64 OriflameHoldingAG SEK 21,537 710,056 0.79 ThuleGroupAB SEK 49,698 817,444 0.91 VostokNewVenturesLtd.,SDR SEK 107,912 753,574 0.84

12,381,298 13.85 SWITZERLAND DKSH Holding AG CHF 13,138 935,475 1.05 Dufry AG CHF 7,574 1,098,697 1.23 Tecan Group AG CHF 7,438 1,226,008 1.37 VAT Group AG CHF 6,783 738,741 0.82

3,998,921 4.47 TURKEY UlkerBiskuviSanayiA/S TRY 84,860 470,642 0.53

470,642 0.53 UNITED KINGDOM Abcam plc GBP 115,674 1,274,207 1.42 AlfaFinancialSoftwareHoldingsplc GBP 41,546 221,530 0.25 Ascential plc GBP 354,513 1,301,042 1.45 Ebiquity plc GBP 473,782 624,443 0.70 Eve Sleep plc GBP 484,700 534,197 0.60 EVR Holdings plc GBP 5,000,000 491,692 0.55 FirstDerivativesplc GBP 13,373 433,346 0.48 Genus plc GBP 26,739 538,047 0.60 Horizon Discovery Group plc GBP 209,900 492,480 0.55 Huntsworth plc GBP 1,244,518 820,136 0.92 Hurricane Energy plc GBP 1,612,135 595,307 0.67 IntermediateCapitalGroupplc GBP 94,138 893,651 1.00


108 T. ROWE PRICE



Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesARGENTINA Tenaris SA EUR 752 10,257 0.13

10,257 0.13 AUSTRIA ANDRITZAG EUR 250 13,195 0.17 ErsteGroupBankAG EUR 1,003 33,876 0.44 voestalpine AG EUR 124 5,044 0.06

52,115 0.67 BELGIUM Anheuser-BuschInBevSANV EUR 1,023 99,395 1.28 GroupeBruxellesLambertSA EUR 73 6,198 0.08 KBCGroupNV EUR 132 8,810 0.12 Telenet Group Holding NV EUR 424 23,468 0.30

137,871 1.78 DENMARK APMoller-MaerskA/S'B' DKK 11 19,334 0.25 CarlsbergA/S'B' DKK 63 5,901 0.08 ColoplastA/S'B' DKK 181 13,339 0.17 DanskeBankA/S DKK 522 17,571 0.23 GenmabA/S DKK 99 18,493 0.24 GNStoreNordA/S DKK 197 5,065 0.06 ISSA/S DKK 45 1,543 0.02 NovoNordiskA/S'B' DKK 831 31,246 0.40 PandoraA/S DKK 193 15,807 0.20 TDCA/S DKK 1,721 8,776 0.11 VestasWindSystemsA/S DKK 218 17,561 0.23

154,636 1.99 FINLAND FortumOYJ EUR 440 6,090 0.08 KoneOYJ'B' EUR 483 21,498 0.28 Nokia OYJ EUR 4,035 21,729 0.28 Nokian Renkaat OYJ EUR 108 3,903 0.05 Sampo OYJ 'A' EUR 1,737 78,530 1.01 Stora Enso OYJ 'R' EUR 141 1,592 0.02 UPM-Kymmene OYJ EUR 494 12,330 0.16 Wartsila OYJ EUR 85 4,390 0.05

150,062 1.93 FRANCE Accor SA EUR 159 6,560 0.09 Air Liquide SA EUR 464 50,506 0.65 Air Liquide SA 'L' EUR 130 14,151 0.18 Airbus SE EUR 704 51,110 0.66 ArcelorMittal EUR 595 11,906 0.15 AXA SA EUR 2,991 72,592 0.94 BNPParibasSA EUR 1,564 99,564 1.28 BureauVeritasSA EUR 256 4,974 0.06 Capgemini SE EUR 85 7,688 0.10 Carrefour SA EUR 527 11,707 0.15 Christian Dior SE EUR 66 16,724 0.22 Cie de Saint-Gobain EUR 349 16,422 0.21 Cie Generale des Etablissements

MichelinEUR 173 20,328 0.26

Credit Agricole SA EUR 918 13,091 0.17 Danone SA EUR 595 39,585 0.51 Dassault Aviation SA EUR 12 14,809 0.19 Edenred EUR 564 12,955 0.17

European Structured Research Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinawidelydiversifiedportfolioof stocks of European companies selected by the investment manager’s team of research analysts (asopposed to a single portfolio manager).Specifically, the fund invests at least two-thirds oftotal assets in equity and equity-related securities of companies that are either incorporated in Europe or conduct most of their business there. Types of securities mayincludecommonstocks,preferredstocks,warrants,American Depository Receipts (ADRs), EuropeanDepository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities. The fund may invest in Russia.Thefundmayusederivativesforhedgingandefficientportfolio management.

EuropeanStructuredResearchEquityFund


109T. ROWE PRICE


European Structured Research Equity Fund continued


Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

OSRAM Licht AG EUR 90 6,301 0.08 Porsche Automobil Holding SE

PreferenceEUR 142 7,028 0.09

RWE AG EUR 466 8,211 0.11 SAP SE EUR 843 77,354 1.00 Siemens AG EUR 799 96,639 1.24 Telefonica Deutschland Holding AG EUR 5,605 24,522 0.32 ThyssenKrupp AG EUR 472 11,731 0.15 Vonovia SE EUR 480 16,481 0.21

777,829 10.03 IRELAND CRH plc EUR 809 25,451 0.33 DCC plc GBP 83 6,583 0.08 PaddyPowerBetfairplc EUR 74 6,953 0.09 Ryanair Holdings plc EUR 1,034 18,493 0.24

57,480 0.74 ITALY Atlantia SpA EUR 366 9,004 0.12 BancaMediolanumSpA EUR 5,232 37,932 0.49 CNHIndustrialNV EUR 1,023 10,164 0.13 Enel SpA EUR 7,495 35,361 0.46 FerrariNV EUR 118 8,944 0.11 FiatChryslerAutomobilesNV EUR 46 428 0.01 IntesaSanpaoloSpA EUR 15,832 44,235 0.57 Luxottica Group SpA EUR 154 7,900 0.10 Moncler SpA EUR 522 10,785 0.14 Prysmian SpA EUR 505 12,999 0.17 Rizzoli Corriere Della Sera Mediagroup

SpAEUR 56 67 –

SalvatoreFerragamoSpA EUR 484 11,263 0.14 Snam SpA EUR 2,036 7,883 0.10 TelecomItaliaSpA EUR 8,664 7,009 0.09 TelecomItaliaSpASavingShare EUR 41,197 26,675 0.34 Terna Rete Elettrica Nazionale SpA EUR 1,381 6,565 0.08 UniCredit SpA EUR 4,498 74,172 0.96

311,386 4.01 MEXICO Fresnilloplc GBP 187 3,174 0.04

3,174 0.04 NETHERLANDS Akzo Nobel NV EUR 259 19,782 0.26 Altice NV 'A' EUR 2,393 48,733 0.63 AlticeNV'B' EUR 609 12,396 0.16 ASML Holding NV EUR 480 55,176 0.71 Heineken NV EUR 181 15,499 0.20 Koninklijke Ahold Delhaize NV EUR 835 14,099 0.18 Koninklijke DSM NV EUR 659 41,972 0.54 Koninklijke Philips NV EUR 943 29,445 0.38 Koninklijke Vopak NV EUR 292 11,990 0.15 NXP Semiconductors NV USD 333 31,834 0.41 Randstad Holding NV EUR 50 2,553 0.03 UnileverNV,CVA EUR 2,145 103,797 1.34

387,276 4.99 NORWAY DNBASA NOK 2,030 30,034 0.39 Norsk Hydro ASA NOK 1,275 6,169 0.08 Orkla ASA NOK 777 6,863 0.09

43,066 0.56


Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

ElectricitedeFranceSA EUR 290 2,780 0.04 Engie SA EUR 1,400 18,641 0.24 EssilorInternationalSA EUR 184 20,682 0.27 Eutelsat Communications SA EUR 493 11,132 0.14 GecinaSA,REIT EUR 39 5,363 0.07 Groupe Eurotunnel SE EUR 458 4,314 0.06 IliadSA EUR 209 43,211 0.56 Kering EUR 50 15,080 0.19 Klepierre,REIT EUR 240 8,633 0.11 Legrand SA EUR 330 20,265 0.26 L'Oreal SA EUR 199 36,536 0.47 LVMH Moet Hennessy Louis Vuitton

SEEUR 241 53,104 0.68

Metropole Television SA EUR 198 4,030 0.05 Pernod Ricard SA EUR 184 21,776 0.28 Peugeot SA EUR 289 5,032 0.07 Renault SA EUR 135 10,696 0.14 Rexel SA EUR 594 8,536 0.11 Safran SA EUR 481 38,937 0.50 Sanofi EUR 674 57,047 0.74 Schneider Electric SE EUR 701 47,339 0.61 Societe Generale SA EUR 293 13,992 0.18 Sodexo SA EUR 89 10,155 0.13 SPIESA EUR 795 20,992 0.27 Suez EUR 291 4,746 0.06 Thales SA EUR 60 5,676 0.07 TOTAL SA EUR 3,563 155,489 2.00 Unibail-RodamcoSE,REIT EUR 97 21,587 0.28 Valeo SA EUR 229 13,580 0.18 Veolia Environnement SA EUR 429 7,984 0.10 Vinci SA EUR 444 33,336 0.43 ZodiacAerospace EUR 567 13,472 0.17

1,198,815 15.45 GERMANY adidas AG EUR 74 12,502 0.16 Allianz SE EUR 338 58,677 0.76 BASFSE EUR 483 39,413 0.51 BayerAG EUR 525 59,824 0.77 BayerischeMotorenWerkeAG EUR 275 22,437 0.29 BayerischeMotorenWerkeAG

PreferenceEUR 52 3,760 0.05

BeiersdorfAG EUR 220 20,295 0.26 Commerzbank AG EUR 1,081 11,377 0.15 Covestro AG EUR 195 12,365 0.16 Daimler AG EUR 716 45,487 0.59 DeutscheBoerseAG EUR 346 31,957 0.41 E.ON SE EUR 1,929 16,082 0.21 FraportAGFrankfurtAirportServices

WorldwideEUR 52 4,011 0.05

FreseniusMedicalCareAG&Co.KGaA

EUR 494 41,748 0.54

FreseniusSE&Co.KGaA EUR 529 39,828 0.51 GEA Group AG EUR 490 17,677 0.23 HeidelbergCement AG EUR 147 12,495 0.16 Henkel AG & Co. KGaA Preference EUR 45 5,438 0.07 HUGOBOSSAG EUR 49 3,039 0.04 InfineonTechnologiesAG EUR 843 15,697 0.20 KIONGroupAG EUR 62 4,152 0.05 Linde AG EUR 279 46,593 0.60 MAN SE EUR 34 3,199 0.04 METRO AG EUR 51 1,509 0.02


110 T. ROWE PRICE




Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

PORTUGAL EDP - Energias de Portugal SA EUR 2,263 6,490 0.08 Galp Energia SGPS SA EUR 791 10,477 0.14

16,967 0.22 SPAIN AbertisInfraestructurasSA EUR 632 10,251 0.13 ACS Actividades de Construccion y

Servicios SAEUR 182 6,223 0.08

ACS Actividades de Construccion y ServiciosSARights11/07/2017

EUR 182 130 –

Aena SA EUR 64 10,982 0.14 AmadeusITGroupSA EUR 818 42,969 0.55 BancoBilbaoVizcayaArgentariaSA EUR 6,796 50,073 0.65 BancoSantanderSA EUR 16,681 97,751 1.26 BankiaSA EUR 2,920 12,515 0.16 CaixaBankSA EUR 5,655 23,762 0.31 DistribuidoraInternacionalde

Alimentacion SAEUR 639 3,513 0.04

Enagas SA EUR 209 5,175 0.07 Endesa SA EUR 285 5,831 0.07 FerrovialSA EUR 391 7,621 0.10 Gas Natural SDG SA EUR 329 6,777 0.09 Grifols SA EUR 876 21,532 0.28 IberdrolaSA EUR 5,548 38,753 0.50 IndustriadeDisenoTextilSA EUR 475 16,164 0.21 Red Electrica Corp. SA EUR 420 7,743 0.10 Telefonica SA EUR 8,339 75,985 0.98

443,750 5.72 SWEDEN AlfaLavalAB SEK 293 5,233 0.07 AssaAbloyAB'B' SEK 1,349 26,027 0.34 AtlasCopcoAB'A' SEK 661 22,266 0.29 AtlasCopcoAB'B' SEK 367 11,128 0.14 BolidenAB SEK 268 6,434 0.08 ElectroluxAB SEK 225 6,453 0.08 EssityAB'B' SEK 2,215 53,798 0.69 GetingeAB'B' SEK 182 3,137 0.04 Hennes&MauritzAB'B' SEK 1,212 26,807 0.35 HexagonAB'B' SEK 626 26,197 0.34 InvestorAB'B' SEK 425 18,001 0.23 KinnevikAB'B' SEK 232 6,235 0.08 LundinPetroleumAB SEK 265 4,488 0.06 MillicomInternationalCellularSA,SDR SEK 39 2,009 0.03 NordeaBankAB SEK 5,062 56,769 0.73 SandvikAB SEK 600 8,237 0.11 SkandinaviskaEnskildaBankenAB'A' SEK 825 8,798 0.11 SkanskaAB'B' SEK 374 7,779 0.10 SKFAB'B' SEK 954 16,970 0.22 SvenskaHandelsbankenAB'A' SEK 1,487 18,699 0.24 SwedbankAB'A' SEK 557 11,944 0.15 SwedishMatchAB SEK 177 5,477 0.07 TelefonaktiebolagetLMEricsson'B' SEK 2,679 16,872 0.22 VolvoAB'B' SEK 1,057 15,827 0.20

385,585 4.97 SWITZERLAND ABBLtd. CHF 2,053 44,681 0.58 Adecco Group AG CHF 51 3,417 0.04 CieFinanciereRichemontSA CHF 438 31,909 0.41 Credit Suisse Group AG CHF 1,761 22,693 0.29 DKSH Holding AG CHF 161 11,464 0.15


Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

Geberit AG CHF 39 16,037 0.21 JuliusBaerGroupLtd. CHF 907 42,086 0.54 LafargeHolcim Ltd. CHF 349 17,663 0.23 Lonza Group AG CHF 172 32,601 0.42 Nestle SA CHF 3,986 306,618 3.95 Novartis AG CHF 2,343 172,620 2.22 Partners Group Holding AG CHF 17 9,312 0.12 Roche Holding AG CHF 896 200,088 2.58 Schindler Holding AG CHF 20 3,716 0.05 SGS SA CHF 1 2,133 0.03 Swatch Group AG (The) CHF 24 7,831 0.10 UBSGroupAG CHF 2,592 38,881 0.50 Wolseley plc GBP 304 16,303 0.21 ZurichInsuranceGroupAG CHF 345 88,473 1.14

1,068,526 13.77 UNITED KINGDOM 3i Group plc GBP 893 9,203 0.12 Aggreko plc GBP 223 2,341 0.03 Anglo American plc GBP 1,404 16,487 0.21 AssociatedBritishFoodsplc GBP 331 11,098 0.14 AstraZenecaplc GBP 1,922 113,076 1.46 Aviva plc GBP 6,768 40,756 0.53 BabcockInternationalGroupplc GBP 534 5,345 0.07 BAESystemsplc GBP 4,407 31,788 0.41 Barclaysplc GBP 13,915 32,403 0.42 BHPBillitonplc GBP 2,459 33,136 0.43 BPplc GBP 21,193 107,600 1.39 BritishAmericanTobaccoplc GBP 3,031 181,490 2.34 BritishLandCo.plc(The),REIT GBP 988 6,777 0.09 BTGroupplc GBP 3,195 10,689 0.14 BTGplc GBP 2,320 18,584 0.24 BurberryGroupplc GBP 1,631 31,114 0.40 Capita plc GBP 4,055 31,975 0.41 Centrica plc GBP 5,277 12,117 0.16 ConvaTec Group plc GBP 1,072 3,870 0.05 Diageo plc GBP 3,552 92,346 1.19 DirectLineInsuranceGroupplc GBP 10,348 42,009 0.54 Experian plc GBP 907 16,343 0.21 G4S plc GBP 1,037 3,871 0.05 GKN plc GBP 1,598 5,926 0.08 GlaxoSmithKline plc GBP 6,009 112,346 1.45 Glencore plc GBP 12,192 40,235 0.52 Hammersonplc,REIT GBP 269 1,751 0.02 HSBCHoldingsplc GBP 19,903 162,006 2.09 IMIplc GBP 199 2,700 0.03 ImperialBrandsplc GBP 572 22,620 0.29 InterContinentalHotelsGroupplc GBP 90 4,383 0.06 IntertekGroupplc GBP 152 7,320 0.09 Investecplc GBP 623 4,063 0.05 J Sainsbury plc GBP 2,832 8,173 0.11 Johnson Matthey plc GBP 881 29,109 0.38 Kingfisherplc GBP 2,171 7,479 0.10 LandSecuritiesGroupplc,REIT GBP 1,199 13,868 0.18 Liberty Global plc 'A' USD 452 12,704 0.16 Liberty Global plc 'C' USD 570 15,493 0.20 LloydsBankingGroupplc GBP 81,207 61,491 0.79 London Stock Exchange Group plc GBP 274 11,348 0.15 Marks & Spencer Group plc GBP 6,273 24,019 0.31 MelroseIndustriesplc GBP 3 8 –


111T. ROWE PRICE




Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

Mondi plc GBP 317 7,229 0.09 National Grid plc GBP 3,473 37,835 0.49 Next plc GBP 554 24,605 0.32 Persimmon plc GBP 289 7,424 0.10 Prudential plc GBP 5,362 108,200 1.39 Randgold Resources Ltd. GBP 122 9,468 0.12 ReckittBenckiserGroupplc GBP 631 55,728 0.72 Rio Tinto plc GBP 1,256 46,558 0.60 Rolls-Royce Holdings plc GBP 3,902 39,768 0.51 Rolls-RoyceHoldingsplc'C'* GBP 331,712 377 – RoyalBankofScotlandGroupplc GBP 762 2,167 0.03 Royal Dutch Shell plc 'A' GBP 852 19,821 0.26 RoyalDutchShellplc'B' GBP 6,095 143,777 1.85 RSAInsuranceGroupplc GBP 1,127 7,920 0.10 Serco Group plc GBP 5,791 7,593 0.10 Severn Trent plc GBP 227 5,677 0.07 Shire plc GBP 1,247 60,046 0.77 SignetJewelersLtd.* GBP 138 7,613 0.10 Sky plc GBP 2,488 28,043 0.36 Smith & Nephew plc GBP 1,557 23,529 0.30 Smiths Group plc GBP 431 7,796 0.10 SportsDirectInternationalplc GBP 756 2,522 0.03 SSE plc GBP 1,020 16,967 0.22 Standard Chartered plc GBP 1,334 11,869 0.15 Taylor Wimpey plc GBP 3,475 7,004 0.09 Tesco plc GBP 4,294 8,323 0.11 Travis Perkins plc GBP 243 4,026 0.05 Unilever plc GBP 1,808 85,745 1.11 United Utilities Group plc GBP 625 6,224 0.08 Vodafone Group plc GBP 41,163 102,308 1.32 Whitbread plc GBP 174 7,902 0.10 William Hill plc GBP 851 2,448 0.03 Worldpay Group plc GBP 1,124 4,014 0.05 WPP plc GBP 1,493 27,498 0.35



7,538,279 97.16

Transferable securities and money market instruments dealt in on another regulated marketEquitiesFRANCE Credit Agricole SA EUR 968 13,803 0.18

13,803 0.18 Total Equities 13,803 0.18 Total Transferable securities


13,803 0.18




% of Net Assets

United Kingdom 30.16 France 15.63 Switzerland 13.77 Germany 10.03 Spain 5.72 Netherlands 4.99 Sweden 4.97 Italy 4.01 Denmark 1.99 Finland 1.93 Belgium 1.78 Ireland 0.74 Austria 0.67 Norway 0.56 Portugal 0.22 Argentina 0.13 Mexico 0.04 Total Investments 97.34 CashandOtherAssets/(Liabilities) 2.66Total 100.00



112 T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesARGENTINA GrupoClarinSA,GDR'B' USD 109,308 3,120,743 1.46 GrupoFinancieroGaliciaSA,ADR USD 305,417 12,891,652 6.05 GrupoSupervielleSA,ADR USD 161,600 2,908,800 1.36 ImportadorayExportadoradelaPatagoniaSA'B'

ARS 145,852 206,689 0.10

IRSAInversionesyRepresentacionesSA,ADR

USD 44,890 1,057,159 0.50

IRSAPropiedadesComercialesSA,ADR

USD 25,782 1,418,010 0.67

MercadoLibre,Inc. USD 8,134 2,035,696 0.96 TenarisSA,ADR USD 69,710 2,171,467 1.02 YPFSA,ADR USD 518,125 11,310,669 5.31

37,120,885 17.43 BAHRAIN AluminiumBahrainBSC BHD 948,298 1,146,253 0.54

1,146,253 0.54 BANGLADESH BRACBankLtd. BDT 3,803,056 3,812,748 1.79 EasternBankLtd. BDT 3,023,579 1,313,508 0.62 GrameenPhone Ltd. BDT 535,208 2,281,951 1.07 OlympicIndustriesLtd. BDT 280,343 965,501 0.45

8,373,708 3.93 BOTSWANA Letshego Holdings Ltd. BWP 4,061,550 850,526 0.40

850,526 0.40 CANADA Africa Oil Corp. SEK 722,870 1,069,768 0.50 FirstQuantumMineralsLtd. CAD 128,270 1,069,882 0.50

2,139,650 1.00 GEORGIA BGEOGroupplc GBP 47,552 2,179,816 1.03 Georgia Healthcare Group plc GBP 351,777 1,644,291 0.77

3,824,107 1.80 KENYA ARM Cement Ltd. KES 52,351 10,359 – Safaricom Ltd. KES 22,846,400 5,016,946 2.36

5,027,305 2.36 KUWAIT BurganBankSAK KWD 1,037,708 1,107,934 0.52 Human Soft Holding Co. KSC KWD 298,960 4,124,941 1.94 NationalBankofKuwaitSAKP KWD 6,888,270 15,274,580 7.17

20,507,455 9.63 MOROCCO AttijariwafaBank MAD 82,656 3,810,553 1.79 Societe d'Exploitation des Ports MAD 84,035 1,253,317 0.59

5,063,870 2.38 NIGERIA Dangote Cement plc NGN 212,689 124,749 0.06 GuarantyTrustBankplc NGN 3,318,967 330,667 0.15 GuarantyTrustBankplc,GDR USD 198,089 1,129,250 0.53 Nestle Nigeria plc NGN 366,278 944,267 0.44 NigerianBreweriesplc NGN 3,137,483 1,445,327 0.68 ZenithBankplc NGN 1,703,029 101,793 0.05

4,076,053 1.91

Frontier Markets Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinadiversifiedportfolioofstocksof frontier markets companies.Specifically, the fund invests at least two-thirds oftotal assets in equity and equity-related securities of companies that are either incorporated in those countries that arenot in theMSCIACWorld Indexorconduct most of their business in such countries. Types of securities may include common stocks, preferredstocks,warrants,AmericanDepositoryReceipts(ADRs),European Depository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

FrontierMarketsEquityFund


113T. ROWE PRICE


Frontier Markets Equity Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

VIETNAM AsiaCommercialBank VND 150,940 189,055 0.09 BankforForeignTradeofVietnamJSC VND 2,042,380 3,460,256 1.62 DHG Pharmaceutical JSC VND 657,995 3,612,541 1.70 FPTCorp. VND 262,836 541,733 0.25 Hoa Phat Group JSC VND 1,155,239 1,627,182 0.76 Hoa Phat Group JSC Rights 17/07/2017

VND 361,479 38,161 0.02

MilitaryCommercialJointStockBank VND 2,087,250 2,157,572 1.01 MobileWorldInvestmentCorp. VND 82,740 393,137 0.19 NamLongInvestmentCorp. VND 1,683,306 2,110,550 0.99 Vietnam Dairy Products JSC VND 1,406,488 9,749,407 4.58 Vingroup JSC VND 1,391,679 2,613,957 1.23

26,493,551 12.44 ZAMBIA StandardCharteredBankZambiaplc ZMW 988,841 210,048 0.10

210,048 0.10

Total Equities 176,370,984 82.80 Total Transferable securities


176,370,984 82.80

Units of authorised UCITS or other collective investment undertakingsCollective Investment Schemes - AIFROMANIA FondulProprietateaSA RON 17,474,516 3,643,626 1.71

3,643,626 1.71 Total Collective Investment Schemes - AIF 3,643,626 1.71 Total Units of authorised UCITS or other



Cash 43,897,683 20.61Other Assets/(Liabilities) (10,900,804) (5.12)Total Net Assets 213,011,489 100.00


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

PAKISTAN DG Khan Cement Co. Ltd. PKR 598,900 1,217,557 0.57 HabibBankLtd. PKR 588,600 1,510,977 0.71 Hum Network Ltd. PKR 2,882,000 322,639 0.15 MCBBankLtd. PKR 1,177,800 2,363,326 1.11 Nestle Pakistan Ltd. PKR 15,260 1,484,092 0.70 Oil & Gas Development Co. Ltd. PKR 562,800 755,037 0.35

7,653,628 3.59 ROMANIA BancaTransilvaniaSA RON 5,838,936 3,921,695 1.84 BRD-GroupeSocieteGeneraleSA RON 1,206,698 4,112,850 1.93 MED Life SA RON 239,194 2,146,044 1.01 NewEuropePropertyInvestmentsplc ZAR 99,657 1,289,108 0.60

11,469,697 5.38 SAUDI ARABIA Almarai Co. SAR 65,395 1,681,959 0.79 BanqueSaudiFransi SAR 197,680 1,629,937 0.77 BupaArabiaforCooperativeInsurance

Co.SAR 45,877 1,609,487 0.76

HerfyFoodServicesCo. SAR 70,898 1,066,495 0.50 Mouwasat Medical Services Co. SAR 54,454 2,296,797 1.08 SambaFinancialGroup SAR 263,846 1,821,593 0.85 Saudi Arabian Mining Co. SAR 72,578 947,385 0.44 SaudiBasicIndustriesCorp. SAR 40,606 1,108,057 0.52 Savola Group (The) SAR 156,983 2,108,596 0.99

14,270,306 6.70 SINGAPORE Yoma Strategic Holdings Ltd. SGD 4,555,333 1,937,289 0.91

1,937,289 0.91 SOUTH AFRICA MTN Group Ltd. ZAR 193,976 1,692,601 0.79

1,692,601 0.79 SRI LANKA Ceylon Cold Stores plc LKR 509,243 2,927,111 1.38 CommercialBankofCeylonplc LKR 2,074,565 1,880,687 0.88 Dialog Axiata plc LKR 20,766,272 1,622,893 0.76 HattonNationalBankplc LKR 974,508 1,530,780 0.72 Hemas Holdings plc LKR 1,560,418 1,555,845 0.73 John Keells Holdings plc LKR 4,849,972 5,647,509 2.65 LionBreweryCeylonplc LKR 152,568 427,250 0.20 Nestle Lanka plc LKR 15,377 203,291 0.10

15,795,366 7.42 TANZANIA, UNITED REPUBLIC OF NationalMicrofinanceBankplc TZS 95,458 117,428 0.05

117,428 0.05 UGANDA Umeme Ltd. UGX 1,563,360 185,077 0.09

185,077 0.09 UNITED ARAB EMIRATES Aramex PJSC AED 2,158,721 3,044,591 1.43 Lamprell plc GBP 804,575 1,077,864 0.51

4,122,455 1.94 UNITED KINGDOM KAZMineralsplc GBP 162,021 1,103,667 0.52 Tullow Oil plc GBP 803,774 1,568,516 0.73

2,672,183 1.25 UNITED STATES OF AMERICA PriceSmart,Inc. USD 18,757 1,621,543 0.76

1,621,543 0.76


114 T. ROWE PRICE


Frontier Markets Equity Fund continued


Argentina 17.43 Vietnam 12.44 Kuwait 9.63 Sri Lanka 7.42 Romania 7.09 Saudi Arabia 6.70 Bangladesh 3.93 Pakistan 3.59 Morocco 2.38 Kenya 2.36 United Arab Emirates 1.94 Nigeria 1.91 Georgia 1.80 United Kingdom 1.25 Canada 1.00 Singapore 0.91 South Africa 0.79 United States of America 0.76 Bahrain 0.54 Botswana 0.40 Zambia 0.10 Uganda 0.09 Tanzania,UnitedRepublicof 0.05 Total Investments 84.51 CashandOtherAssets/(Liabilities) 15.49Total 100.00



115T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesAUSTRALIA JamesHardieIndustriesplc,CDI AUD 523,272 8,260,097 2.25

8,260,097 2.25 BRAZIL Lojas Renner SA BRL 441,083 3,584,307 0.98

3,584,307 0.98 CHINA AlibabaGroupHoldingLtd.,ADR USD 72,995 10,252,148 2.80 Baidu,Inc.,ADR USD 19,359 3,461,970 0.94 SinoBiopharmaceuticalLtd. HKD 3,269,000 2,893,041 0.79 Tencent Holdings Ltd. HKD 97,000 3,478,369 0.95

20,085,528 5.48 FRANCE BNPParibasSA EUR 68,860 5,005,927 1.37 TOTAL SA EUR 105,256 5,245,447 1.43

10,251,374 2.80 INDIA AxisBankLtd. INR 623,693 4,989,902 1.36 HDFCBankLtd. INR 206,373 5,314,256 1.45

10,304,158 2.81 INDONESIA BankCentralAsiaTbk.PT IDR 4,097,300 5,606,807 1.53

5,606,807 1.53 ITALY IntesaSanpaoloSpA EUR 1,556,719 4,966,924 1.35

4,966,924 1.35 JAPAN Asics Corp. JPY 195,700 3,641,412 0.99 Calbee,Inc. JPY 175,300 6,910,660 1.88

Chugai Pharmaceutical Co. Ltd. JPY 145,100 5,451,546 1.49 FastRetailingCo.Ltd. JPY 13,600 4,549,922 1.24 Keyence Corp. JPY 6,000 2,644,681 0.72 Nintendo Co. Ltd. JPY 19,400 6,518,889 1.78 Persol Holdings Co. Ltd. JPY 190,100 3,574,747 0.98 Recruit Holdings Co. Ltd. JPY 273,900 4,722,614 1.29

38,014,471 10.37 NETHERLANDS ASML Holding NV EUR 21,194 2,782,100 0.76

2,782,100 0.76 SOUTH KOREA Samsung Electronics Co. Ltd. KRW 3,545 7,381,532 2.01

7,381,532 2.01 SPAIN GrifolsSA,ADRPreference USD 351,861 7,424,267 2.03

7,424,267 2.03 SWEDEN AssaAbloyAB'B' SEK 298,692 6,580,882 1.80 HexagonAB'B' SEK 99,876 4,772,885 1.30

11,353,767 3.10 SWITZERLAND Roche Holding AG CHF 28,330 7,224,548 1.97

7,224,548 1.97 TAIWAN Catcher Technology Co. Ltd. TWD 305,000 3,656,502 1.00

3,656,502 1.00

Global Focused Growth Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.The fund invests mainly in a diversified portfolio ofstocks that have the potential for above average and sustainable rates of earnings growth. The companies may be anywhere in the world, including emergingmarkets.Specifically, the fund investsat least two-thirdsof totalassets in equity and equity-related securities of listed companies. Types of securities may include common stocks,preferredstocks,warrants,AmericanDepositoryReceipts(ADRs),EuropeanDepositoryReceipts(EDRs)and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

GlobalFocusedGrowthEquityFund


116 T. ROWE PRICE


Global Focused Growth Equity Fund continued


Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

IDR 3,059,788,883 USD 230,061 03/07/2017 J.P. Morgan (520) – Net Unrealised Loss on




United States of America 53.37 Japan 10.37 United Kingdom 6.65 China 5.48 Sweden 3.10 India 2.81 France 2.80 Australia 2.25 Spain 2.03 South Korea 2.01 Switzerland 1.97 Indonesia 1.53 Italy 1.35 Taiwan 1.00 Brazil 0.98 United Arab Emirates 0.82 Netherlands 0.76 Total Investments 99.28 CashandOtherAssets/(Liabilities) 0.72Total 100.00



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

UNITED ARAB EMIRATES DP World Ltd. USD 144,485 3,022,626 0.82

3,022,626 0.82 UNITED KINGDOM Liberty Global plc 'C' USD 187,687 5,825,804 1.59 Petra Diamonds Ltd. GBP 1,492,527 2,089,542 0.57 ReckittBenckiserGroupplc GBP 74,314 7,494,924 2.04 Shire plc GBP 163,167 8,972,235 2.45

24,382,505 6.65 UNITED STATES OF AMERICA Alphabet,Inc.'A' USD 7,462 6,990,551 1.91 Amazon.com,Inc. USD 9,923 9,703,603 2.65 Apple,Inc. USD 82,940 11,979,024 3.27 BectonDickinsonandCo. USD 29,448 5,765,918 1.57 BluebirdBio,Inc. USD 32,734 3,518,905 0.96 Charles Schwab Corp. (The) USD 179,900 7,739,298 2.11 CharterCommunications,Inc.'A' USD 11,170 3,757,365 1.02 ChipotleMexicanGrill,Inc. USD 11,137 4,673,642 1.27 CMEGroup,Inc. USD 28,047 3,514,570 0.96 Coach,Inc. USD 246,868 11,755,854 3.21 EOGResources,Inc. USD 39,800 3,598,318 0.98 FirstRepublicBank USD 45,300 4,548,120 1.24 Illumina,Inc. USD 36,513 6,453,308 1.76 J.P. Morgan Chase & Co. USD 90,600 8,295,336 2.26 LBrands,Inc. USD 205,947 11,143,792 3.04 Microsoft Corp. USD 80,900 5,588,572 1.52 Middleby Corp. (The) USD 30,997 3,759,626 1.03 Netflix,Inc. USD 23,200 3,466,776 0.95 NextEraEnergy,Inc. USD 40,615 5,740,524 1.57 PayPalHoldings,Inc. USD 138,739 7,428,086 2.03 PhilipMorrisInternational,Inc. USD 50,500 5,925,670 1.62 PricelineGroup,Inc.(The) USD 1,985 3,732,038 1.02 salesforce.com,Inc. USD 114,563 9,925,738 2.71 Snap,Inc.'A' USD 31,700 564,577 0.15 Splunk,Inc. USD 97,718 5,585,561 1.52 Starbucks Corp. USD 108,911 6,396,343 1.74 TD Ameritrade Holding Corp. USD 134,702 5,776,022 1.58 Tesla,Inc. USD 9,636 3,487,172 0.95 UltimateSoftwareGroup,Inc.(The) USD 30,573 6,430,113 1.75 VertexPharmaceuticals,Inc. USD 38,510 4,928,125 1.34 Vulcan Materials Co. USD 38,470 4,873,764 1.33 Workday,Inc.'A' USD 35,350 3,395,014 0.93 Zoetis,Inc. USD 83,600 5,225,000 1.42



363,967,838 99.28



117T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesARGENTINA MercadoLibre,Inc. USD 20,320 5,085,486 1.11

5,085,486 1.11 AUSTRALIA JamesHardieIndustriesplc,CDI AUD 97,128 1,533,212 0.33

1,533,212 0.33 AUSTRIA ErsteGroupBankAG EUR 46,155 1,780,184 0.39

1,780,184 0.39 BRAZIL BBSeguridadeParticipacoesSA BRL 182,700 1,564,676 0.34 Raia Drogasil SA BRL 157,400 3,345,992 0.73

4,910,668 1.07 CANADA AlimentationCouche-Tard,Inc.'B' CAD 21,740 1,043,194 0.23 ARC Resources Ltd. CAD 78,130 1,022,418 0.22 FirstQuantumMineralsLtd. CAD 102,650 856,189 0.19 Seven Generations Energy Ltd. 'A' CAD 203,660 3,488,540 0.76

6,410,341 1.40 CHINA AlibabaGroupHoldingLtd.,ADR USD 73,860 10,373,637 2.26 Ctrip.comInternationalLtd.,ADR USD 76,470 4,149,262 0.90 JiangsuHengruiMedicineCo.Ltd.'A'** CNY 235,300 1,755,907 0.38 SuofeiyaHomeCollectionCo.Ltd.'A'** CNY 236,402 1,429,380 0.31 Tencent Holdings Ltd. HKD 140,100 5,023,912 1.10 VipshopHoldingsLtd.,ADR USD 112,330 1,181,150 0.26 YunnanBaiyaoGroupCo.Ltd.'A'** CNY 169,200 2,341,786 0.51

26,255,034 5.72 DENMARK ChrHansenHoldingA/S DKK 55,192 4,015,905 0.87

4,015,905 0.87 FRANCE Air Liquide SA EUR 13,641 1,695,608 0.37 BNPParibasSA EUR 33,511 2,436,155 0.53 Dassault Systemes SE EUR 36,607 3,277,412 0.72 Legrand SA EUR 49,196 3,450,006 0.75 TOTAL SA EUR 56,531 2,817,230 0.61

13,676,411 2.98 GERMANY FreseniusMedicalCareAG&Co.

KGaAEUR 32,980 3,182,802 0.69

Wirecard AG EUR 32,944 2,103,751 0.46 5,286,553 1.15

HONG KONG AIAGroupLtd. HKD 691,000 5,056,907 1.10 SamsoniteInternationalSA HKD 320,100 1,338,012 0.29

6,394,919 1.39 INDIA BritanniaIndustriesLtd. INR 58,017 3,311,007 0.72 Godrej Consumer Products Ltd. INR 206,940 3,098,136 0.67 HDFCBankLtd. INR 216,297 5,569,806 1.21 HousingDevelopmentFinanceCorp.

Ltd.INR 172,004 4,296,036 0.94

KotakMahindraBankLtd. INR 381,235 5,635,250 1.23 YesBankLtd. INR 213,007 4,820,245 1.05

26,730,480 5.82

Global Growth Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.The fund invests mainly in a diversified portfolio ofstocks of companies that have the potential for above-average and sustainable rates of earnings growth. The companies may be anywhere in the world, includingemerging markets.Specifically, the fund investsat least two-thirdsof totalassets in equity and equity-related securities of listed companieswhosemarketcapitalisation,at the timeofpurchase, falls within or above the range covered bythe MSCI All Country World Large Cap Index. Typesof securities may include common stocks, preferredstocks,warrants,AmericanDepositoryReceipts(ADRs),European Depository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

GlobalGrowthEquityFund


118 T. ROWE PRICE


Global Growth Equity Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Nestle SA CHF 56,589 4,971,003 1.08 Roche Holding AG CHF 14,528 3,704,844 0.81

14,043,245 3.06 THAILAND CentralPattanaPCL,NVDR THB 614,900 1,254,668 0.27 CP ALL PCL THB 1,072,700 1,983,847 0.43

3,238,515 0.70 TURKEY BIMBirlesikMagazalarA/S TRY 98,271 1,822,521 0.40 UlkerBiskuviSanayiA/S TRY 372,254 2,357,644 0.51

4,180,165 0.91 UNITED ARAB EMIRATES DP World Ltd. USD 48,389 1,012,298 0.22

1,012,298 0.22 UNITED KINGDOM BritishAmericanTobaccoplc GBP 58,856 4,024,470 0.88 Diageo plc GBP 125,898 3,737,787 0.81 Liberty Global plc 'C' USD 91,970 2,854,749 0.62 Prudential plc GBP 117,594 2,709,789 0.59 Rolls-Royce Holdings plc GBP 295,018 3,433,589 0.75 Rolls-RoyceHoldingsplc'C'* GBP 22,502,669 29,197 0.01 Shire plc GBP 67,964 3,737,208 0.81 Unilever plc GBP 59,660 3,231,045 0.70

23,757,834 5.17 UNITED STATES OF AMERICA Alphabet,Inc.'C' USD 13,563 12,419,368 2.70 Altaba,Inc. USD 144,330 7,832,789 1.71 Amazon.com,Inc. USD 13,032 12,743,862 2.78 AmericanAirlinesGroup,Inc. USD 58,590 2,924,227 0.64 Anthem,Inc. USD 13,640 2,570,458 0.56 BallCorp. USD 58,304 2,458,097 0.54 BectonDickinsonandCo. USD 22,617 4,428,409 0.96 BoeingCo.(The) USD 16,810 3,342,668 0.73 Charles Schwab Corp. (The) USD 112,662 4,846,719 1.06 Chubb Ltd. USD 17,716 2,579,627 0.56 Citigroup,Inc. USD 74,860 5,012,251 1.09 CitizensFinancialGroup,Inc. USD 94,470 3,352,740 0.73 Coach,Inc. USD 54,250 2,583,385 0.56 Colgate-Palmolive Co. USD 28,260 2,101,131 0.46 Danaher Corp. USD 40,978 3,454,855 0.75 ElectronicArts,Inc. USD 17,440 1,853,523 0.40 EOGResources,Inc. USD 22,290 2,015,239 0.44 Equifax,Inc. USD 26,430 3,642,847 0.79 EsteeLauderCos.,Inc.(The)'A' USD 20,880 2,003,645 0.44 Facebook,Inc.'A' USD 49,910 7,513,951 1.64 FifthThirdBancorp USD 173,990 4,516,780 0.98 FirstRepublicBank USD 41,181 4,134,572 0.90 Fiserv,Inc. USD 20,150 2,465,755 0.54 HCAHealthcare,Inc. USD 26,288 2,302,303 0.50 HenrySchein,Inc. USD 12,370 2,264,205 0.49 HiltonWorldwideHoldings,Inc. USD 31,620 1,979,096 0.43 HomeDepot,Inc.(The) USD 28,560 4,371,108 0.95 IllinoisToolWorks,Inc. USD 22,960 3,291,086 0.72 IntuitiveSurgical,Inc. USD 3,370 3,141,480 0.68 J.P. Morgan Chase & Co. USD 48,080 4,402,205 0.96 LBrands,Inc. USD 46,500 2,516,115 0.55 MarriottInternational,Inc.'A' USD 29,920 3,018,330 0.66 Marsh&McLennanCos.,Inc. USD 23,470 1,833,242 0.40 Mastercard,Inc.'A' USD 13,300 1,619,408 0.35


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

INDONESIA BankCentralAsiaTbk.PT IDR 4,635,700 6,343,561 1.38 BankRakyatIndonesiaPerseroTbk.PT IDR 1,402,800 1,616,447 0.35 Jasa Marga Persero Tbk. PT IDR 2,347,897 941,988 0.20 KalbeFarmaTbk.PT IDR 22,982,400 2,805,432 0.61 Matahari Department Store Tbk. PT IDR 3,008,900 3,196,731 0.70 Sumber Alfaria Trijaya Tbk. PT IDR 46,713,400 1,998,678 0.44 Surya Citra Media Tbk. PT IDR 4,326,100 846,754 0.18

17,749,591 3.86 JAPAN Calbee,Inc. JPY 69,700 2,747,707 0.60 Chugai Pharmaceutical Co. Ltd. JPY 91,000 3,418,957 0.74 FANUCCorp. JPY 19,000 3,676,621 0.80 Keyence Corp. JPY 10,100 4,451,880 0.97 SoftBankGroupCorp. JPY 67,200 5,472,820 1.19

19,767,985 4.30 MEXICO ConcentradoraFibraDanhosSAdeCV,REIT

MXN 1,802,891 3,233,650 0.70


USD 218,437 2,094,811 0.46

5,328,461 1.16 NETHERLANDS ASMLHoldingNV,NYRS USD 19,410 2,549,309 0.56 Heineken NV EUR 22,592 2,209,182 0.48 Koninklijke DSM NV EUR 18,585 1,351,714 0.29

6,110,205 1.33 NIGERIA Nestle Nigeria plc NGN 315,205 812,600 0.18

812,600 0.18 PERU Credicorp Ltd. USD 30,160 5,436,340 1.18 InRetailPeruCorp. USD 283,102 4,954,285 1.08

10,390,625 2.26 PHILIPPINES AllianceGlobalGroup,Inc. PHP 2,849,400 806,862 0.18 AyalaLand,Inc. PHP 3,624,700 2,853,456 0.62 BDOUnibank,Inc. PHP 1,030,581 2,532,052 0.55 SMInvestmentsCorp. PHP 484,020 7,702,858 1.68

13,895,228 3.03 SINGAPORE Jardine Cycle & Carriage Ltd. SGD 58,000 1,870,598 0.41

1,870,598 0.41 SOUTH KOREA AMOREPACIFICGroup KRW 7,325 833,375 0.18

833,375 0.18 SPAIN BancoBilbaoVizcayaArgentariaSA EUR 250,362 2,106,536 0.46 GrifolsSA,ADRPreference USD 132,867 2,803,494 0.61

4,910,030 1.07 SWEDEN AssaAbloyAB'B' SEK 169,322 3,730,559 0.81 BolidenAB SEK 33,408 915,910 0.20 HexagonAB'B' SEK 77,386 3,698,131 0.81 SvenskaHandelsbankenAB'A' SEK 146,814 2,108,271 0.46

10,452,871 2.28 SWITZERLAND DKSH Holding AG CHF 18,657 1,517,036 0.33 JuliusBaerGroupLtd. CHF 72,664 3,850,362 0.84


119T. ROWE PRICE


Global Growth Equity Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Merck&Co.,Inc. USD 63,660 4,089,518 0.89 Microsoft Corp. USD 77,330 5,341,956 1.16 Morgan Stanley USD 96,000 4,310,400 0.94 NextEraEnergy,Inc. USD 13,140 1,857,208 0.40 O'ReillyAutomotive,Inc. USD 7,300 1,579,720 0.34 PayPalHoldings,Inc. USD 51,500 2,757,310 0.60 PhilipMorrisInternational,Inc. USD 33,400 3,919,156 0.85 Pioneer Natural Resources Co. USD 7,700 1,228,997 0.27 PricelineGroup,Inc.(The) USD 2,141 4,025,337 0.88 RedHat,Inc. USD 31,940 3,058,574 0.67 ResMed,Inc. USD 24,040 1,870,072 0.41 RoperTechnologies,Inc. USD 27,579 6,373,783 1.39 salesforce.com,Inc. USD 55,800 4,834,512 1.05 Sensata Technologies Holding NV USD 48,040 2,041,220 0.44 Snap,Inc.'A' USD 50,420 897,980 0.20 State Street Corp. USD 29,538 2,656,943 0.58 Stryker Corp. USD 29,140 4,055,122 0.88 SVBFinancialGroup USD 5,200 913,380 0.20 TD Ameritrade Holding Corp. USD 106,620 4,571,866 1.00 Tesla,Inc. USD 11,609 4,201,181 0.91 UnitedHealthGroup,Inc. USD 24,660 4,583,061 1.00 VertexPharmaceuticals,Inc. USD 14,038 1,796,443 0.39 Visa,Inc.'A' USD 32,530 3,065,302 0.67 Vulcan Materials Co. USD 31,230 3,956,529 0.86 WalgreensBootsAlliance,Inc. USD 46,250 3,602,875 0.78 Workday,Inc.'A' USD 34,900 3,351,796 0.73

216,475,717 47.14 VIETNAM Masan Group Corp. VND 441,745 816,121 0.18



457,724,657 99.67



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

USD 18,263,539 JPY 2,007,762,000 19/07/2017 Goldman Sachs

349,672 0.08


349,672 0.08

USD 4,570,109 EUR 4,071,000 19/07/2017 Citibank (82,613) (0.02) USD 2,292,433 GBP 1,797,000 19/07/2017 Bankof

America(40,366) (0.01)


(122,979) (0.03)


226,693 0.05

Cash 86,081 0.02Other Assets/(Liabilities) 1,407,969 0.31Total Net Assets 459,218,707 100.00


United States of America 47.14 India 5.82 China 5.72 United Kingdom 5.17 Japan 4.30 Indonesia 3.86 Switzerland 3.06 Philippines 3.03 France 2.98 Sweden 2.28 Peru 2.26 Canada 1.40 Hong Kong 1.39 Netherlands 1.33 Mexico 1.16 Germany 1.15 Argentina 1.11 Brazil 1.07 Spain 1.07 Turkey 0.91 Denmark 0.87 Thailand 0.70 Singapore 0.41 Austria 0.39 Australia 0.33 United Arab Emirates 0.22 South Korea 0.18 Vietnam 0.18 Nigeria 0.18 Total Investments 99.67 CashandOtherAssets/(Liabilities) 0.33Total 100.00

* Security is valued at its fair value under the direction of the Board of Directors.** China A shares held through the QFII are subject to certain restrictions. See note 3.The accompanying notes are an integral part of these financial statements.


120 T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingBondsUNITED STATES OF AMERICA CFIndustries,Inc.5.375%15/03/2044 USD 677,000 604,307 0.19

604,307 0.19Total Bonds 604,307 0.19

EquitiesARGENTINA Tenaris SA EUR 165,268 2,574,270 0.81

2,574,270 0.81 AUSTRALIA ALS Ltd. AUD 182,747 1,047,373 0.33 Evolution Mining Ltd. AUD 592,809 1,095,279 0.34 IncitecPivotLtd. AUD 535,871 1,407,124 0.44 IndependenceGroupNL AUD 717,186 1,739,417 0.54 Orora Ltd. AUD 720,060 1,584,763 0.50 Woodside Petroleum Ltd. AUD 91,323 2,098,807 0.66

8,972,763 2.81 AUSTRIA ANDRITZAG EUR 23,571 1,420,687 0.44

1,420,687 0.44 BELGIUM Umicore SA EUR 18,117 1,260,988 0.39

1,260,988 0.39 CANADA Advantage Oil & Gas Ltd. CAD 238,798 1,584,580 0.50 Agrium,Inc. USD 36,200 3,261,620 1.02 ARC Resources Ltd. CAD 212,700 2,783,417 0.87 Canadian Natural Resources Ltd. USD 57,600 1,681,344 0.53 Enbridge,Inc. USD 50,733 2,032,364 0.64 Encana Corp. USD 257,400 2,234,232 0.70 FirstQuantumMineralsLtd. CAD 105,300 878,292 0.27 Franco-NevadaCorp. CAD 17,900 1,296,339 0.40 Kelt Exploration Ltd. CAD 281,100 1,336,062 0.42 Lundin Mining Corp. CAD 276,265 1,571,007 0.49 NewGold,Inc. USD 361,400 1,123,954 0.35 Osisko Gold Royalties Ltd. CAD 84,300 1,034,212 0.32 Seven Generations Energy Ltd. 'A' CAD 170,800 2,925,673 0.91 SuncorEnergy,Inc. USD 69,100 2,037,068 0.64 TransCanada Corp. USD 64,800 3,095,496 0.97

28,875,660 9.03 CHILE Antofagasta plc GBP 132,595 1,385,798 0.43

1,385,798 0.43DENMARK VestasWindSystemsA/S DKK 10,327 949,977 0.30

949,977 0.30 EGYPT OCINV EUR 35,888 791,785 0.25

791,785 0.25FRANCE Air Liquide SA EUR 10,947 1,360,738 0.43 Legrand SA EUR 31,704 2,223,330 0.69 TOTAL SA EUR 292,593 14,581,411 4.56

18,165,479 5.68

Global Natural Resources Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinawidelydiversifiedportfolioof stocks of natural resources or commodities-related companies. The companies may be anywhere in the world,includingemergingmarkets.Specifically, the fund invests at least two-thirds oftotal assets in equity and equity-related securities of companies that own or develop natural resources and other basic commodities, such as common stocks,preferred stocks, warrants, American DepositoryReceipts(ADRs),EuropeanDepositoryReceipts(EDRs)and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

GlobalNaturalResourcesEquityFund


121T. ROWE PRICE


Global Natural Resources Equity Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

BakerHughes,Inc. USD 116,500 6,291,000 1.97 BallCorp. USD 99,360 4,189,018 1.31 BemisCo.,Inc. USD 42,000 1,942,080 0.61 Cal-MaineFoods,Inc. USD 35,647 1,393,798 0.44 CarlisleCos.,Inc. USD 16,300 1,549,967 0.48 CentennialResourceDevelopment,Inc.'A'

USD 159,859 2,501,793 0.78

CFIndustriesHoldings,Inc. USD 139,106 3,815,678 1.19 Chevron Corp. USD 21,422 2,239,027 0.70 Cimarex Energy Co. USD 16,410 1,544,509 0.48 CMS Energy Corp. USD 36,800 1,715,800 0.54 ComstockResources,Inc. USD 52,743 363,399 0.11 ConchoResources,Inc. USD 57,300 6,906,942 2.16 ContinentalResources,Inc. USD 77,000 2,440,900 0.76 DiamondbackEnergy,Inc. USD 26,000 2,275,000 0.71 Dril-Quip,Inc. USD 20,638 1,011,262 0.32 DTEEnergyCo.Preference6.5% USD 26,700 1,471,170 0.46 EdisonInternational USD 41,600 3,280,992 1.03 EIduPontdeNemours&Co. USD 56,763 4,561,475 1.43 EOGResources,Inc. USD 92,200 8,335,802 2.61 Eversource Energy USD 16,500 1,007,490 0.31 Exxon Mobil Corp. USD 117,810 9,549,679 2.99 FlowserveCorp. USD 73,200 3,382,572 1.06 Frank'sInternationalNV USD 92,100 757,062 0.24 GraniteConstruction,Inc. USD 39,000 1,872,000 0.59 Halliburton Co. USD 42,900 1,827,325 0.57 Hess Corp. USD 37,600 1,642,368 0.51 InternationalPaperCo. USD 12,300 688,308 0.21 JacobsEngineeringGroup,Inc. USD 21,900 1,184,133 0.37 JaggedPeakEnergy,Inc. USD 116,800 1,528,912 0.48 Kosmos Energy Ltd. USD 358,964 2,243,525 0.70 Marathon Petroleum Corp. USD 124,280 6,468,774 2.02 MartinMariettaMaterials,Inc. USD 8,400 1,857,156 0.58 Matador Resources Co. USD 67,864 1,426,501 0.45 MuellerWaterProducts,Inc.'A' USD 116,100 1,376,946 0.43 MurphyUSA,Inc. USD 29,800 2,176,294 0.68 NextEraEnergy,Inc.Preference6.123%

USD 51,518 2,769,865 0.87

NiSource,Inc. USD 68,000 1,741,480 0.54 NobleEnergy,Inc. USD 47,800 1,369,948 0.43 NRGEnergy,Inc. USD 41,100 708,564 0.22 Occidental Petroleum Corp. USD 147,136 8,835,517 2.76 OceaneeringInternational,Inc. USD 54,800 1,254,372 0.39 ParsleyEnergy,Inc.'A' USD 84,070 2,310,244 0.72 PG&E Corp. USD 33,500 2,232,440 0.70 Pilgrim's Pride Corp. USD 43,100 946,045 0.30 Pioneer Natural Resources Co. USD 41,800 6,671,698 2.09 PolyOne Corp. USD 26,100 1,022,859 0.32 PPGIndustries,Inc. USD 30,300 3,337,545 1.04 Praxair,Inc. USD 17,500 2,312,625 0.72 RPMInternational,Inc. USD 121,032 6,599,875 2.06 RSPPermian,Inc. USD 60,300 1,921,158 0.60 SandersonFarms,Inc. USD 14,300 1,683,968 0.53 Schlumberger Ltd. USD 38,974 2,559,422 0.80 Sherwin-Williams Co. (The) USD 9,800 3,448,718 1.08 Tesoro Corp. USD 6,963 649,857 0.20 TPG Pace Energy Holdings Corp. USD 82,300 851,805 0.27 USSilicaHoldings,Inc. USD 43,400 1,564,570 0.49 ValmontIndustries,Inc. USD 8,000 1,193,200 0.37 Valvoline,Inc. USD 106,631 2,530,354 0.79


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

GERMANY Henkel AG & Co. KGaA Preference EUR 9,781 1,349,835 0.42 Krones AG EUR 14,327 1,647,539 0.52 Linde AG EUR 14,244 2,716,435 0.85 Symrise AG EUR 23,954 1,709,657 0.53

7,423,466 2.32ITALY BuzziUnicemSpA EUR 44,791 1,116,594 0.35 ItalgasSpA EUR 206,034 1,043,714 0.33

2,160,308 0.68LUXEMBOURG Orion Engineered Carbons SA USD 37,066 732,054 0.23

732,054 0.23MEXICO Fresnilloplc GBP 80,521 1,560,871 0.49

1,560,871 0.49NETHERLANDS Akzo Nobel NV EUR 44,631 3,892,845 1.22 Corbion NV EUR 54,456 1,741,535 0.54 Koninklijke Vopak NV EUR 75,118 3,522,199 1.10 SBMOffshoreNV EUR 87,911 1,414,005 0.44

10,570,584 3.30NORWAY Aker Solutions ASA NOK 270,121 1,210,808 0.38 YaraInternationalASA NOK 59,426 2,216,252 0.69

3,427,060 1.07PERU Southern Copper Corp. USD 86,200 3,001,484 0.94

3,001,484 0.94PORTUGAL Galp Energia SGPS SA EUR 224,251 3,391,855 1.06

3,391,855 1.06SPAIN Gamesa Corp. Technologica SA EUR 39,819 850,321 0.27 Red Electrica Corp. SA EUR 127,956 2,693,734 0.84 Vidrala SA EUR 23,672 1,676,013 0.52

5,220,068 1.63SWEDEN BolidenAB SEK 124,248 3,406,372 1.06 LundinPetroleumAB SEK 75,462 1,459,476 0.46 SandvikAB SEK 104,277 1,634,688 0.51

6,500,536 2.03UNITED KINGDOM BPplc GBP 887,958 5,148,273 1.61 Cairn Energy plc GBP 578,904 1,293,442 0.40 Centamin plc GBP 453,942 914,112 0.29 CrodaInternationalplc GBP 59,644 3,015,814 0.94 National Grid plc GBP 215,308 2,678,524 0.84 Pentair plc USD 47,800 3,176,788 0.99 Randgold Resources Ltd. GBP 31,214 2,766,161 0.86 RoyalDutchShellplc'B' GBP 106,472 2,868,148 0.90 Victrex plc GBP 79,539 1,946,387 0.61

23,807,649 7.44UNITED STATES OF AMERICA AGCO Corp. USD 29,200 1,967,496 0.61 AirProducts&Chemicals,Inc. USD 64,507 9,194,183 2.87 Arconic,Inc. USD 87,400 1,967,374 0.61 Atmos Energy Corp. USD 72,753 6,062,507 1.90 Axalta Coating Systems Ltd. USD 28,800 925,344 0.29


122 T. ROWE PRICE


Global Natural Resources Equity Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Vulcan Materials Co. USD 53,000 6,714,570 2.10 WestarEnergy,Inc. USD 12,600 672,588 0.21 WeyerhaeuserCo.,REIT USD 47,233 1,572,859 0.49

184,411,707 57.65Total Equities 316,605,049 98.98Total Transferable securities


317,209,356 99.17




United States of America 57.84 Canada 9.03 United Kingdom 7.44 France 5.68 Netherlands 3.30 Australia 2.81 Germany 2.32 Sweden 2.03 Spain 1.63 Norway 1.07 Portugal 1.06 Peru 0.94 Argentina 0.81 Italy 0.68 Mexico 0.49 Austria 0.44 Chile 0.43 Belgium 0.39 Denmark 0.30 Egypt 0.25 Luxembourg 0.23Total Investments 99.17 CashandOtherAssets/(Liabilities) 0.83Total 100.00



123T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesAUSTRALIA CharterHallRetailREIT AUD 156,805 490,810 1.17 ScentreGroup,REIT AUD 292,008 909,378 2.18 VicinityCentres,REIT AUD 411,986 814,107 1.95

2,214,295 5.30 BRAZIL IguatemiEmpresadeShopping

Centers SABRL 33,300 327,437 0.79

Multiplan Empreendimentos ImobiliariosSA

BRL 5,954 117,037 0.28

444,474 1.07CANADA BoardwalkRealEstateInvestmentTrust,REIT

CAD 7,305 266,350 0.64

CanadianRealEstateInvestmentTrust,REIT

CAD 9,100 321,653 0.77

588,003 1.41FRANCE GecinaSA,REIT EUR 5,506 864,550 2.07 Klepierre,REIT EUR 19,218 789,404 1.89 Unibail-RodamcoSE,REIT EUR 2,689 683,391 1.64

2,337,345 5.60 HONG KONG Hongkong Land Holdings Ltd. USD 130,500 961,049 2.30 Hysan Development Co. Ltd. HKD 133,000 634,954 1.52 Sun Hung Kai Properties Ltd. HKD 78,000 1,147,106 2.75 Wharf Holdings Ltd. (The) HKD 32,500 269,586 0.65

3,012,695 7.22JAPAN Mitsubishi Estate Co. Ltd. JPY 44,700 836,661 2.00 MitsuiFudosanCo.Ltd. JPY 43,200 1,036,071 2.48 MitsuiFudosanLogisticsPark,Inc.,REIT

JPY 111 332,678 0.80

MoriHillsREITInvestmentCorp. JPY 430 530,001 1.27 NipponAccommodationsFund,Inc.,REIT

JPY 202 846,615 2.03

NipponPrologisREIT,Inc. JPY 173 369,424 0.88 3,951,450 9.46

MEXICO ConcentradoraFibraDanhosSAdeCV,REIT

MXN 267,600 479,965 1.15

479,965 1.15 SINGAPORE CapitaLandMallTrust,REIT SGD 462,700 664,309 1.59

664,309 1.59 SPAIN InmobiliariaColonialSA EUR 60,734 530,849 1.27

530,849 1.27 SWEDEN HufvudstadenAB'A' SEK 24,013 398,078 0.95

398,078 0.95 SWITZERLAND PSP Swiss Property AG CHF 12,439 1,164,844 2.79

1,164,844 2.79

Global Real Estate Securities Fund


Thefund’sobjectiveistoincreasethevalueofitssharesinthelongtermthroughbothgrowthinthevalueof,andincomefrom,itsinvestments.The fund invests mainly in a diversified portfolio ofsecurities issued by real-estate related companies. The companies may be anywhere in the world, includingemerging markets.Specifically, the fund invests at least two-thirds oftotal assets in equity and equity-related securities of companiesthatcommitmostoftheirassetsto,orderivemostoftheirrevenuesorprofitsfrom,real-estaterelatedactivities.Theseactivitiesmayincludeowning,operating,managing,financing,servicing,developing,acquiringorselling real estate. The portfolio may include investments inrealestateoperatingcompanies(REOCs),realestateinvestmenttrusts(REITs)orsimilarentities.The fund may invest in common stocks, preferredstocks,warrants,AmericanDepositoryReceipts(ADRs),European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

GlobalRealEstateSecuritiesFund


124 T. ROWE PRICE


Global Real Estate Securities Fund continued


% of Net Assets

United States of America 51.84 Japan 9.46 Hong Kong 7.22 United Kingdom 6.65 France 5.60 Australia 5.30 Switzerland 2.79 Singapore 1.59 Canada 1.41 Spain 1.27 Mexico 1.15 Brazil 1.07 Sweden 0.95Total Investments 96.30 CashandOtherAssets/(Liabilities) 3.70Total 100.00



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

UNITED KINGDOM DerwentLondonplc,REIT GBP 14,685 505,306 1.21 GreatPortlandEstatesplc,REIT GBP 75,718 586,517 1.41 Shaftesburyplc,REIT GBP 78,640 994,845 2.38 UNITEGroupplc(The),REIT GBP 82,808 689,787 1.65

2,776,455 6.65 UNITED STATES OF AMERICA AcadiaRealtyTrust,REIT USD 16,400 461,168 1.10 AmericanCampusCommunities,Inc.,REIT

USD 17,510 832,951 1.99

AvalonBayCommunities,Inc.,REIT USD 10,957 2,110,757 5.05 BostonProperties,Inc.,REIT USD 8,708 1,073,261 2.57 DouglasEmmett,Inc.,REIT USD 19,890 761,787 1.82 EquityResidential,REIT USD 29,650 1,964,906 4.71 EssexPropertyTrust,Inc.,REIT USD 4,671 1,214,880 2.91 FederalRealtyInvestmentTrust,REIT USD 6,247 796,992 1.91 GGP,Inc.,REIT USD 53,849 1,277,837 3.06 HiltonWorldwideHoldings,Inc. USD 5,004 313,200 0.75 KilroyRealtyCorp.,REIT USD 6,150 463,587 1.11 MacerichCo.(The),REIT USD 11,409 668,796 1.60 Prologis,Inc.,REIT USD 29,221 1,713,519 4.10 PublicStorage,REIT USD 4,302 897,655 2.15 Rayonier,Inc.,REIT USD 15,600 446,472 1.07 RegencyCentersCorp.,REIT USD 18,420 1,164,328 2.79 SimonPropertyGroup,Inc.,REIT USD 4,616 751,346 1.80 SLGreenRealtyCorp.,REIT USD 13,509 1,430,603 3.43 SunstoneHotelInvestors,Inc.,REIT USD 23,500 383,285 0.92 TaubmanCenters,Inc.,REIT USD 6,200 372,186 0.89 UrbanEdgeProperties,REIT USD 22,700 545,708 1.31 VornadoRealtyTrust,REIT USD 14,906 1,390,581 3.33 WeyerhaeuserCo.,REIT USD 18,380 612,054 1.47



40,210,621 96.30




125T. ROWE PRICE


Global Technology Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinadiversifiedportfolioofstocksof technology development or utilization companies,with a focus on leading global technology companies. Thecompaniesmaybeanywhereintheworld,includingemerging markets.Specifically, the fund invests at least two-thirds oftotal assets in equity and equity-related securities of technology-focused companies, such as commonstocks,preferredstocks,warrants,AmericanDepositoryReceipts(ADRs),EuropeanDepositoryReceipts(EDRs)and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesCHINA AlibabaGroupHoldingLtd.,ADR USD 172,970 24,293,636 4.82 Ctrip.comInternationalLtd.,ADR USD 249,810 13,554,691 2.69 NetEase,Inc.,ADR USD 21,106 6,359,449 1.26 Tencent Holdings Ltd. HKD 382,600 13,719,835 2.73

57,927,611 11.50 JAPAN SoftBankGroupCorp. JPY 58,200 4,739,853 0.94

4,739,853 0.94 SPAIN AmadeusITGroupSA EUR 102,540 6,151,083 1.22

6,151,083 1.22 SWEDEN HexagonAB'B' SEK 93,481 4,467,280 0.89

4,467,280 0.89 TAIWAN DeltaElectronics,Inc. TWD 614,000 3,369,776 0.67 Taiwan Semiconductor Manufacturing

Co. Ltd.TWD 3,600,000 24,709,527 4.91

28,079,303 5.58 UNITED KINGDOM Liberty Global plc 'C' USD 778,016 24,149,617 4.79

24,149,617 4.79 UNITED STATES OF AMERICA Alphabet,Inc.'C' USD 49,130 44,987,358 8.93 Amazon.com,Inc. USD 15,300 14,961,717 2.97 Athenahealth,Inc. USD 12,300 1,703,796 0.34 Atlassian Corp. plc 'A' USD 63,445 2,219,306 0.44 BroadcomLtd. USD 40,903 9,567,621 1.90 CadenceDesignSystems,Inc. USD 125,638 4,203,219 0.83 CoStarGroup,Inc. USD 9,470 2,478,488 0.49 CoupaSoftware,Inc. USD 42,190 1,221,822 0.24 ElectronicArts,Inc. USD 226,317 24,052,971 4.78 EllieMae,Inc. USD 50,754 5,577,357 1.11 GuidewireSoftware,Inc. USD 29,460 2,024,786 0.40 Intuit,Inc. USD 190,900 25,555,783 5.07 KLA-Tencor Corp. USD 25,982 2,397,099 0.48 Marvell Technology Group Ltd. USD 795,520 13,102,215 2.60 MicrochipTechnology,Inc. USD 191,415 14,861,461 2.95 Microsemi Corp. USD 153,760 7,142,152 1.42 Microsoft Corp. USD 262,420 18,127,974 3.60 MuleSoft,Inc.'A' USD 9,171 227,991 0.04 Netflix,Inc. USD 113,190 16,913,982 3.36 PaloAltoNetworks,Inc. USD 57,604 7,788,637 1.55 Paylocity Holding Corp. USD 63,152 2,822,263 0.56 PricelineGroup,Inc.(The) USD 3,161 5,943,059 1.18 Proofpoint,Inc. USD 83,664 7,248,649 1.44 salesforce.com,Inc. USD 560,674 48,576,795 9.64 Splunk,Inc. USD 259,590 14,838,164 2.95 Symantec Corp. USD 89,760 2,526,744 0.50 TableauSoftware,Inc.'A' USD 70,888 4,383,005 0.87 Twilio,Inc.'A' USD 91,600 2,641,744 0.52 UltimateSoftwareGroup,Inc.(The) USD 94,367 19,847,268 3.94 Visa,Inc.'A' USD 124,300 11,712,789 2.33 Workday,Inc.'A' USD 239,355 22,987,654 4.56 Zendesk,Inc. USD 48,370 1,337,914 0.27

363,981,783 72.26

GlobalTechnologyEquityFund


126 T. ROWE PRICE


Global Technology Equity Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Total Equities 489,496,530 97.18Total Transferable securities


489,496,530 97.18



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

CHF 350,184 USD 365,179 31/07/2017 BankofAmerica

1,489 –

CHF 13,000 USD 13,498 31/07/2017 J.P. Morgan 115 – EUR 13,634,000 USD 15,541,547 31/07/2017 Bankof

America51,480 0.01

EUR 1,242,442 USD 1,405,317 31/07/2017 J.P. Morgan 15,647 – USD 7,372 JPY 825,000 31/07/2017 J.P. Morgan 7 – USD 157,626 JPY 17,644,000 31/07/2017 Standard

Chartered112 –


68,850 0.01

USD 4,559 EUR 4,000 31/07/2017 J.P. Morgan (16) – USD 145,869 SEK 1,246,000 31/07/2017 Goldman

Sachs(2,125) –

USD 6,789 SEK 58,000 31/07/2017 J.P. Morgan (100) – USD 975,479 TWD 29,677,000 31/07/2017 Barclays (187) –Total Unrealised Loss on

Forward Currency Exchange Contracts(2,428) –


66,422 0.01



United States of America 72.26 China 11.50 Taiwan 5.58 United Kingdom 4.79 Spain 1.22 Japan 0.94 Sweden 0.89 Total Investments 97.18 CashandOtherAssets/(Liabilities) 2.82Total 100.00



127T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesAUSTRIA ErsteGroupBankAG EUR 3,883 149,766 1.26

149,766 1.26 BRAZIL GrupoBTGPactual BRL 15,500 70,048 0.59

70,048 0.59 CANADA Franco-NevadaCorp. CAD 1,790 129,634 1.09

129,634 1.09 CHINA ChinaOverseasLand&Investment

Ltd.HKD 30,000 87,947 0.74

87,947 0.74 DENMARK PandoraA/S DKK 821 76,784 0.65

76,784 0.65 FINLAND Caverion Corp. EUR 10,472 83,591 0.70

83,591 0.70 FRANCE ElectricitedeFranceSA EUR 8,116 88,854 0.75SPIESA EUR 3,957 119,317 1.01 Tarkett SA EUR 1,203 56,194 0.47 TOTAL SA EUR 2,554 127,279 1.07 Veolia Environnement SA EUR 5,024 106,770 0.90

498,414 4.20 GERMANY Commerzbank AG EUR 9,317 111,982 0.94

111,982 0.94 HONG KONG CK Hutchison Holdings Ltd. HKD 11,552 145,176 1.22

145,176 1.22 INDIA AxisBankLtd.,GDR USD 2,523 100,668 0.85

100,668 0.85 IRELAND BankofIreland EUR 316,891 83,232 0.70

83,232 0.70 ITALY BPERBanca EUR 18,916 95,694 0.81 Leonardo SpA EUR 7,061 117,483 0.99

213,177 1.80 JAPAN AstellasPharma,Inc. JPY 10,500 128,916 1.09 BenesseHoldings,Inc. JPY 2,700 102,259 0.86 Dai-ichiLifeHoldings,Inc. JPY 5,400 98,068 0.83 Electric Power Development Co. Ltd. JPY 4,000 99,266 0.84 MINEBEAMITSUMI,Inc. JPY 5,300 85,624 0.72 Mitsubishi Motors Corp. JPY 14,100 93,320 0.79 Nippon Telegraph & Telephone Corp. JPY 3,700 175,033 1.47 Panasonic Corp. JPY 8,400 114,512 0.96 Renesas Electronics Corp. JPY 3,700 32,390 0.27 ShikokuElectricPowerCo.,Inc. JPY 7,500 88,697 0.75 SoftBankGroupCorp. JPY 1,300 105,873 0.89 Yamato Holdings Co. Ltd. JPY 4,700 95,655 0.80

1,219,613 10.27

Global Value Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinawidelydiversifiedportfolioof undervalued stocks of companies anywhere in the world,includingemergingmarkets.Specifically, the fund investsat least two-thirdsof totalassets in undervalued equity and equity-related securities such as common stocks, preferred stocks, warrants,American Depository Receipts (ADRs), EuropeanDepository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

GlobalValueEquityFund


128 T. ROWE PRICE


Global Value Equity Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

MetLife,Inc. USD 2,674 147,605 1.24 Microsoft Corp. USD 3,646 251,866 2.12 Morgan Stanley USD 3,247 145,790 1.23 Perrigo Co. plc USD 899 68,099 0.57 PG&E Corp. USD 3,107 207,051 1.74 PhilipMorrisInternational,Inc. USD 2,211 259,439 2.18 QUALCOMM,Inc. USD 2,969 164,008 1.38 Southern Co. (The) USD 3,047 147,383 1.24 TempurSealyInternational,Inc. USD 1,284 68,566 0.58 ThermoFisherScientific,Inc. USD 751 131,252 1.11 T-MobileUS,Inc. USD 1,822 109,320 0.92 TysonFoods,Inc.'A' USD 2,196 136,459 1.15 UnitedContinentalHoldings,Inc. USD 1,412 106,775 0.90 UnitedHealthGroup,Inc. USD 985 183,062 1.54 Viacom,Inc.'B' USD 3,539 118,840 1.00 Vulcan Materials Co. USD 800 101,352 0.85 WellsFargo&Co. USD 3,768 208,898 1.76 XL Group Ltd. USD 2,970 131,244 1.11



11,896,194 100.20



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

CNH 495,754 USD 70,947 19/01/2018 J.P. Morgan 1,118 0.01 USD 52,790 KRW 58,997,000 08/09/2017 J.P. Morgan 1,184 0.01Total Unrealised Gain on


USD 43,095 CNH 303,354 19/01/2018 J.P. Morgan (1,002) (0.01) USD 27,138 CNH 192,400 19/01/2018 Standard

Chartered(830) (0.01)


(1,832) (0.02)


470 –



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

MEXICO ConcentradoraFibraDanhosSAdeCV,REIT

MXN 38,900 69,771 0.59

69,771 0.59 NETHERLANDS Altice NV 'A' EUR 3,879 90,210 0.76

90,210 0.76 SOUTH KOREA Korea Electric Power Corp. KRW 2,531 90,316 0.76 KT Corp. KRW 427 13,727 0.12 Samsung Electronics Co. Ltd. KRW 53 110,358 0.93

214,401 1.81 SWEDEN MillicomInternationalCellularSA,SDR SEK 1,706 100,381 0.85 NordeaBankAB SEK 11,164 142,974 1.20

243,355 2.05 SWITZERLAND Roche Holding AG CHF 1,024 261,134 2.20 ZurichInsuranceGroupAG CHF 495 144,960 1.22

406,094 3.42 UNITED ARAB EMIRATES Emaar Properties PJSC AED 43,498 92,141 0.78 Lamprell plc GBP 16,441 22,025 0.18

114,166 0.96 UNITED KINGDOM AstraZenecaplc GBP 2,661 178,778 1.51 BAESystemsplc GBP 20,344 167,573 1.41 BritishAmericanTobaccoplc GBP 3,363 229,956 1.94 Cobham plc GBP 53,567 90,146 0.76 CYBGplc GBP 26,344 95,332 0.80 GlaxoSmithKline plc GBP 8,391 179,151 1.51 Liberty Global plc 'C' USD 3,903 121,149 1.02

1,062,085 8.95 UNITED STATES OF AMERICA Aetna,Inc. USD 1,166 177,803 1.50 AllyFinancial,Inc. USD 4,747 99,260 0.84 AmericanAirlinesGroup,Inc. USD 1,557 77,710 0.65 AmericanInternationalGroup,Inc. USD 1,979 124,776 1.05 AmeripriseFinancial,Inc. USD 797 101,857 0.86 Anthem,Inc. USD 967 182,231 1.53 Apple,Inc. USD 1,645 237,587 2.00 Aramark USD 3,947 160,998 1.36 BankofNewYorkMellonCorp.(The) USD 3,199 163,277 1.37 BungeLtd. USD 1,153 84,192 0.71 CFIndustriesHoldings,Inc. USD 3,019 82,811 0.70 CharterCommunications,Inc.'A' USD 422 141,952 1.20 Chubb Ltd. USD 1,226 178,518 1.50 CiscoSystems,Inc. USD 5,248 165,338 1.39 Citigroup,Inc. USD 3,072 205,686 1.73 Comcast Corp. 'A' USD 5,457 213,041 1.79 CSRA,Inc. USD 4,021 127,868 1.08 EIduPontdeNemours&Co. USD 1,767 141,996 1.20 EOGResources,Inc. USD 1,737 157,042 1.32 Exelon Corp. USD 3,886 140,013 1.18 FNFGroup USD 2,913 131,318 1.11 Harris Corp. USD 1,635 179,049 1.51 Hess Corp. USD 2,167 94,655 0.80 J.P. Morgan Chase & Co. USD 2,952 270,285 2.28 JohnsonControlsInternationalplc USD 3,415 147,152 1.24 Merck&Co.,Inc. USD 3,933 252,656 2.13


129T. ROWE PRICE


Global Value Equity Fund continued


United States of America 56.65 Japan 10.27 United Kingdom 8.95 France 4.20 Switzerland 3.42 Sweden 2.05 South Korea 1.81 Italy 1.80 Austria 1.26 Hong Kong 1.22 Canada 1.09 United Arab Emirates 0.96 Germany 0.94 India 0.85 Netherlands 0.76 China 0.74 Finland 0.70 Ireland 0.70 Denmark 0.65 Brazil 0.59 Mexico 0.59Total Investments 100.20CashandOtherAssets/(Liabilities) (0.20)Total 100.00



130 T. ROWE PRICE



Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesJAPAN Asics Corp. JPY 16,900 275,369 0.66 AstellasPharma,Inc. JPY 33,700 362,324 0.87 BenefitOne,Inc. JPY 14,600 512,491 1.24 Calbee,Inc. JPY 14,100 486,750 1.17 Central Japan Railway Co. JPY 1,300 186,182 0.45 Chugai Pharmaceutical Co. Ltd. JPY 23,200 763,290 1.84 CyberAgent,Inc. JPY 10,700 291,731 0.70 Daiichikosho Co. Ltd. JPY 3,700 152,451 0.37 DaikinIndustriesLtd. JPY 9,900 889,066 2.14 Daio Paper Corp. JPY 72,600 860,307 2.07 Disco Corp. JPY 1,400 196,377 0.47 Don Quijote Holdings Co. Ltd. JPY 5,500 183,200 0.44 Eiken Chemical Co. Ltd. JPY 17,200 456,436 1.10 Ezaki Glico Co. Ltd. JPY 4,200 198,562 0.48 FamilyMartUNYHoldingsCo.Ltd. JPY 5,100 256,277 0.62 FANUCCorp. JPY 5,200 881,146 2.12 FUJIFILMHoldingsCorp. JPY 12,700 401,436 0.97 FujitecCo.Ltd. JPY 48,200 553,218 1.33 GMOPaymentGateway,Inc. JPY 10,700 520,696 1.26 HikariTsushin,Inc. JPY 6,500 600,725 1.45 Hitachi Metals Ltd. JPY 47,500 581,329 1.40 Honda Motor Co. Ltd. JPY 14,700 351,816 0.85 HoshinoResortsREIT,Inc. JPY 111 500,216 1.21 Hoshizaki Corp. JPY 12,000 953,066 2.30 Istyle,Inc. JPY 24,300 168,828 0.41 IsuzuMotorsLtd. JPY 62,200 675,345 1.63 Jamco Corp. JPY 16,400 316,605 0.76 JapanTobacco,Inc. JPY 27,800 857,483 2.07 JINS,Inc. JPY 6,900 337,721 0.81 Kadokawa Dwango JPY 27,100 307,723 0.74 Keyence Corp. JPY 3,100 1,196,555 2.88 Komatsu Ltd. JPY 17,400 389,408 0.94 Kubota Corp. JPY 49,700 734,937 1.77 Mabuchi Motor Co. Ltd. JPY 10,800 472,998 1.14 MiracaHoldings,Inc. JPY 5,900 233,066 0.56 Mitsubishi Electric Corp. JPY 74,700 945,167 2.28 MitsubishiHeavyIndustriesLtd. JPY 128,000 460,832 1.11 Mitsubishi Motors Corp. JPY 69,300 401,643 0.97 MitsuiFudosanLogisticsPark,Inc.,REIT

JPY 164 430,421 1.04

Miura Co. Ltd. JPY 59,400 1,016,861 2.45 MoriHillsREITInvestmentCorp. JPY 287 309,770 0.75 Murata Manufacturing Co. Ltd. JPY 4,600 614,999 1.48 Nakanishi,Inc. JPY 11,900 423,539 1.02 Nidec Corp. JPY 3,200 288,191 0.69 Nifco,Inc. JPY 6,800 320,764 0.77 Nintendo Co. Ltd. JPY 2,400 706,207 1.70 Nippon Ceramic Co. Ltd. JPY 10,500 215,004 0.52 Nippon Kanzai Co. Ltd. JPY 16,800 261,074 0.63 Nippon Seiki Co. Ltd. JPY 21,000 371,156 0.89 Nippon Telegraph & Telephone Corp. JPY 30,900 1,280,050 3.09 NTTDOCOMO,Inc. JPY 39,500 819,816 1.98 Olympus Corp. JPY 17,301 555,522 1.34 Persol Holdings Co. Ltd. JPY 18,000 296,404 0.71 Pigeon Corp. JPY 12,400 394,698 0.95 PolaOrbisHoldings,Inc. JPY 19,300 447,072 1.08

Japanese Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinawidelydiversifiedportfolioofstocks of companies in Japan.Specifically, the fund invests at least two-thirds oftotal assets in equity and equity-related securities of companies that are either incorporated in Japan or conduct most of their business there. Types of securities mayincludecommonstocks,preferredstocks,warrants,American Depository Receipts (ADRs), EuropeanDepository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

JapaneseEquityFund


131T. ROWE PRICE


Japanese Equity Fund continued


Quantity/Nominal

Value

Market ValueEUR

% of Net Assets

Recruit Holdings Co. Ltd. JPY 36,900 557,142 1.34 Renesas Electronics Corp. JPY 25,500 195,478 0.47 SakataINXCorp. JPY 15,400 215,685 0.52 Sanwa Holdings Corp. JPY 20,000 185,311 0.45 Seria Co. Ltd. JPY 19,600 831,415 2.00 SHO-BONDHoldingsCo.Ltd. JPY 4,700 208,447 0.50 Skylark Co. Ltd. JPY 22,200 279,958 0.68 SMC Corp. JPY 800 213,862 0.52 SMS Co. Ltd. JPY 24,800 660,974 1.59 SoftBankGroupCorp. JPY 23,200 1,654,546 3.99 Solasto Corp. JPY 14,400 168,851 0.41 Start Today Co. Ltd. JPY 33,600 726,460 1.75 Sumitomo Densetsu Co. Ltd. JPY 26,900 341,838 0.82 SumitomoElectricIndustriesLtd. JPY 40,700 551,557 1.33 Sumitomo Seika Chemicals Co. Ltd. JPY 7,900 340,261 0.82 SuntoryBeverage&FoodLtd. JPY 14,900 608,003 1.47 Suzuki Motor Corp. JPY 24,300 1,014,363 2.45 TechnoProHoldings,Inc. JPY 7,100 250,916 0.61 THK Co. Ltd. JPY 31,100 774,935 1.87 TokioMarineHoldings,Inc. JPY 17,400 634,167 1.53 VT Holdings Co. Ltd. JPY 64,500 279,551 0.67 Welcia Holdings Co. Ltd. JPY 8,000 260,107 0.63 Yamato Holdings Co. Ltd. JPY 26,800 477,632 1.15 Yumeshin Holdings Co. Ltd. JPY 27,900 162,899 0.39 ZenkokuHoshoCo.Ltd. JPY 16,500 592,651 1.43



39,851,329 96.06




Japan 96.06Total Investments 96.06CashandOtherAssets/(Liabilities) 3.94Total 100.00



132 T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesARGENTINA GrupoClarinSA,GDR'B' USD 1,413 40,341 0.68 GrupoSupervielleSA,ADR USD 2,400 43,200 0.73 IRSAPropiedadesComercialesSA,

ADRUSD 550 30,250 0.51

MercadoLibre,Inc. USD 466 116,626 1.97 TenarisSA,ADR USD 760 23,674 0.40 YPFSA,ADR USD 1,800 39,294 0.66

293,385 4.95 BRAZIL AmbevSA,ADR USD 54,500 299,477 5.05 BancoBradescoSAPreference BRL 62,530 527,018 8.90 BBSeguridadeParticipacoesSA BRL 18,800 161,007 2.72 BM&FBovespaSA BRL 25,055 149,408 2.52 BRMallsParticipacoesSA BRL 26,330 93,539 1.58 BrasilBrokersParticipacoesSA BRL 35,660 12,604 0.21 BrasilBrokersParticipacoesSARights19/07/2017

BRL 12,164 220 –

BRFSA BRL 15,526 181,042 3.06 CCR SA BRL 27,298 136,478 2.30 EDP-EnergiasdoBrasilSA BRL 11,570 48,862 0.82 Energisa SA BRL 1,622 11,613 0.20 Ez Tec Empreendimentos e

Participacoes SABRL 5,900 31,779 0.54

FibriaCeluloseSA,ADR USD 7,100 72,065 1.22 IguatemiEmpresadeShopping

Centers SABRL 11,600 114,062 1.92

ItauUnibancoHoldingSAPreference BRL 53,656 595,674 10.05 Linx SA BRL 14,351 75,433 1.27 Lojas Renner SA BRL 48,854 396,995 6.70 Marcopolo SA Preference BRL 76,200 63,763 1.08 Multiplan Empreendimentos ImobiliariosSA

BRL 3,797 74,637 1.26

Odontoprev SA BRL 8,000 28,880 0.49 PetroleoBrasileiroSA,ADRPreference USD 5,900 43,601 0.74 Raia Drogasil SA BRL 9,300 197,698 3.34 TIMParticipacoesSA,ADR USD 4,035 59,072 1.00

3,374,927 56.97 CHILE BancoSantanderChile,ADR USD 3,095 78,489 1.33 Embotelladora Andina SA Preference

'A'CLP 8,682 30,772 0.52

ItauCorpBanca CLP 4,453,745 39,718 0.67 Parque Arauco SA CLP 11,611 29,293 0.49 SACIFalabella CLP 17,399 141,043 2.38

319,315 5.39 COLOMBIA Grupo Aval Acciones y Valores SA

PreferenceCOP 36,633 15,038 0.25

GrupoAvalAccionesyValoresSA,ADR Preference

USD 7,900 65,096 1.10

80,134 1.35

Latin American Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinawidelydiversifiedportfolioofstocks of companies in Latin America.Specifically, the fund invests at least two-thirds oftotal assets in equity and equity-related securities of companies that are either incorporated in Latin America or conduct most of their business there. Types of securities may include common stocks, preferredstocks,warrants,AmericanDepositoryReceipts(ADRs),European Depository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

LatinAmericanEquityFund


133T. ROWE PRICE


Latin American Equity Fund continued


Brazil 56.97 Mexico 22.11 Peru 5.81 Chile 5.39 Argentina 4.95 Colombia 1.35 United Kingdom 0.67 United States of America 0.58 Total Investments 97.83CashandOtherAssets/(Liabilities) 2.17Total 100.00



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

MEXICO AlseaSABdeCV MXN 32,500 124,428 2.10 ArcaContinentalSABdeCV MXN 17,900 135,433 2.29 ConcentradoraFibraDanhosSAdeCV,REIT

MXN 61,400 110,126 1.86

ElPuertodeLiverpoolSABdeCV'C1' MXN 7,500 60,258 1.02 Fresnilloplc GBP 1,909 37,005 0.62 Grupo Comercial Chedraui SA de CV MXN 14,100 29,178 0.49 GrupoFinancieroSantanderMexicoSABdeCV,ADR'B'

USD 8,120 77,871 1.31

GrupoMexicoSABdeCV MXN 48,000 133,620 2.25 InfraestructuraEnergeticaNovaSAB

de CVMXN 13,700 73,561 1.24

MexichemSABdeCV MXN 27,165 73,209 1.24 Promotora y Operadora de InfraestructuraSABdeCV

MXN 9,525 115,367 1.95

TelesitesSABdeCV MXN 57,031 41,929 0.71 UnifinFinancieraSABdeCVSOFOM

ENRMXN 284 758 0.01

Wal-MartdeMexicoSABdeCV MXN 127,800 297,260 5.021,310,003 22.11

PERU Alicorp SAA PEN 12,781 32,327 0.55 CiadeMinasBuenaventuraSAA,ADR USD 4,000 44,520 0.75 Credicorp Ltd. USD 1,056 190,344 3.21 InRetailPeruCorp. USD 2,947 51,572 0.87 Southern Copper Corp. USD 740 25,767 0.43

344,530 5.81 UNITED KINGDOM Liberty Global plc LiLAC 'C' USD 1,870 39,438 0.67

39,438 0.67 UNITED STATES OF AMERICA PriceSmart,Inc. USD 398 34,407 0.58

34,407 0.58Total Equities 5,796,139 97.83Total Transferable securities


5,796,139 97.83




134 T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesBOTSWANA Letshego Holdings Ltd. BWP 162,041 34,055 0.53

34,055 0.53 CANADA Africa Oil Corp. SEK 23,649 35,081 0.54

35,081 0.54 EGYPT CommercialInternationalBankEgyptSAE,GDR

USD 28,176 126,088 1.95

EgyptianFinancialGroup-HermesHolding Co.

EGP 24,035 32,391 0.50

ElSewedy Electric Co. EGP 12,981 67,291 1.04 IntegratedDiagnosticsHoldingsplc USD 24,719 98,258 1.52 OCINV EUR 2,198 48,678 0.75 Oriental Weavers EGP 40,057 39,858 0.61 Telecom Egypt Co. EGP 76,018 43,127 0.66

455,691 7.03 KENYA ARM Cement Ltd. KES 21,249 4,508 0.07 Safaricom Ltd. KES 264,700 58,703 0.91

63,211 0.98 KUWAIT BurganBankSAK KWD 36,118 38,691 0.60 Human Soft Holding Co. KSC KWD 11,968 165,683 2.56 NationalBankofKuwaitSAKP KWD 66,706 148,414 2.29

352,788 5.45 MOROCCO AttijariwafaBank MAD 1,108 51,449 0.79

51,449 0.79 NIGERIA Dangote Cement plc NGN 84,428 53,331 0.82 GuarantyTrustBankplc NGN 533,618 58,706 0.91 Nestle Nigeria plc NGN 5,296 14,852 0.23 NigerianBreweriesplc NGN 63,187 30,906 0.48

157,795 2.44 QATAR DohaBankQSC QAR 3,689 30,277 0.47 Gulf Warehousing Co. QAR 2,444 31,567 0.49 Ooredoo QSC QAR 2,123 52,501 0.81 Qatar Electricity & Water Co. QSC QAR 635 32,449 0.50

146,794 2.27 SAUDI ARABIA Almarai Co. SAR 5,679 146,056 2.25 BanqueSaudiFransi SAR 21,012 173,242 2.67 BupaArabiaforCooperativeInsurance

Co.SAR 2,707 94,964 1.47

HerfyFoodServicesCo. SAR 5,689 85,573 1.32 Mouwasat Medical Services Co. SAR 3,403 143,526 2.22 NationalCommercialBank SAR 12,977 183,779 2.84 SambaFinancialGroup SAR 28,024 193,467 2.99 Saudi Arabian Mining Co. SAR 6,012 78,473 1.21 SaudiBasicIndustriesCorp. SAR 8,258 225,332 3.48 SaudiBritishBank(The) SAR 23,958 171,339 2.64 Savola Group (The) SAR 9,533 128,041 1.98 Yanbu National Petrochemical Co. SAR 6,072 90,330 1.39

1,714,122 26.46

Middle East & Africa Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinadiversifiedportfolioofstocksof companies in the developing countries of the Middle East and Africa.Specifically, the fund invests at least two-thirds oftotal assets in equity and equity-related securities of companies that are either incorporated in the developing countries of the Middle East and Africa or conduct most of their business in such countries. Types of securities mayincludecommonstocks,preferredstocks,warrants,American Depository Receipts (ADRs), EuropeanDepository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

MiddleEast&AfricaEquityFund


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Middle East & Africa Equity Fund continued



South Africa 36.54 Saudi Arabia 26.46 United Arab Emirates 13.97 Egypt 7.03 Kuwait 5.45 United Kingdom 3.62 Nigeria 2.44 Qatar 2.27 Kenya 0.98 Morocco 0.79 Zambia 0.64 Canada 0.54 Botswana 0.53 Uganda 0.47 Tanzania,UnitedRepublicof 0.41Total Investments 102.14CashandOtherAssets/(Liabilities) (2.14)Total 100.00



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

SOUTH AFRICA Ascendis Health Ltd. ZAR 10,895 18,002 0.28 Aspen Pharmacare Holdings Ltd. ZAR 8,463 184,025 2.84 AVILtd. ZAR 11,100 80,253 1.24 BarclaysAfricaGroupLtd. ZAR 9,385 103,314 1.59 BidCorp.Ltd. ZAR 6,912 156,121 2.41 BraitSE ZAR 14,154 65,740 1.02 CapitecBankHoldingsLtd. ZAR 1,641 102,758 1.59 FirstRandLtd. ZAR 48,678 177,188 2.74 FoschiniGroupLtd.(The) ZAR 4,742 49,269 0.76 Life Healthcare Group Holdings Ltd. ZAR 22,402 43,994 0.68 Mr Price Group Ltd. ZAR 10,308 122,372 1.89 MTN Group Ltd. ZAR 17,788 154,140 2.38 Naspers Ltd. 'N' ZAR 3,125 609,647 9.41 PSG Group Ltd. ZAR 1,361 24,755 0.38 Sanlam Ltd. ZAR 10,472 52,618 0.81 Sasol Ltd. ZAR 5,407 149,890 2.31 Shoprite Holdings Ltd. ZAR 6,158 94,151 1.45 Vodacom Group Ltd. ZAR 9,582 119,215 1.84 Woolworths Holdings Ltd. ZAR 12,669 59,876 0.92

2,367,328 36.54 TANZANIA, UNITED REPUBLIC OF NationalMicrofinanceBankplc TZS 21,848 26,900 0.41

26,900 0.41 UGANDA Umeme Ltd. UGX 268,363 30,417 0.47

30,417 0.47 UNITED ARAB EMIRATES AbuDhabiCommercialBankPJSC AED 47,053 89,804 1.39 ADESInternationalHoldingLtd. USD 3,591 45,965 0.71 Air Arabia PJSC AED 108,125 30,027 0.46 Aramex PJSC AED 126,190 177,970 2.75 DP World Ltd. USD 6,545 136,921 2.11 Emaar Malls PJSC AED 74,473 51,096 0.79 Emaar Properties PJSC AED 62,682 132,774 2.05 EmiratesNBDPJSC AED 27,683 61,352 0.95 FirstAbuDhabiBankPJSC AED 41,541 118,757 1.83 Lamprell plc GBP 45,678 60,492 0.93

905,158 13.97 UNITED KINGDOM Anglo American plc ZAR 6,390 85,936 1.33 Centamin plc GBP 12,256 24,728 0.38 Petra Diamonds Ltd. GBP 44,704 61,582 0.95 Tullow Oil plc GBP 31,124 62,473 0.96

234,719 3.62 ZAMBIA StandardCharteredBankZambiaplc ZMW 197,618 41,750 0.64

41,750 0.64 Total Equities 6,617,258 102.14Total Transferable securities


6,617,258 102.14



136 T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesCANADA CanadianPacificRailwayLtd. USD 8,200 1,311,016 0.26

1,311,016 0.26 IRELAND Shireplc,ADR USD 1,845 304,277 0.06

304,277 0.06 UNITED KINGDOM Delphi Automotive plc USD 19,400 1,696,142 0.33

1,696,142 0.33 UNITED STATES OF AMERICA ActivisionBlizzard,Inc. USD 800 45,848 0.01 Aetna,Inc. USD 32,150 4,902,554 0.96 AgilentTechnologies,Inc. USD 4,400 260,084 0.05 AlaskaAirGroup,Inc. USD 52,300 4,696,540 0.92 AlexionPharmaceuticals,Inc. USD 46,948 5,723,900 1.12 Allergan plc USD 18,692 4,559,540 0.89 Alphabet,Inc.'A' USD 13,850 12,974,957 2.53 Alphabet,Inc.'C' USD 25,489 23,339,768 4.56 Amazon.com,Inc. USD 48,100 47,036,509 9.18 AmericanAirlinesGroup,Inc. USD 169,700 8,469,727 1.65 AmericanTowerCorp.,REIT USD 69,850 9,281,668 1.81 AmeripriseFinancial,Inc. USD 340 43,452 0.01 AnalogDevices,Inc. USD 9,700 751,362 0.15 Apple,Inc. USD 59,000 8,521,370 1.66 AutoZone,Inc. USD 1,800 1,018,602 0.20 BallCorp. USD 37,734 1,590,865 0.31 BankofNewYorkMellonCorp.(The) USD 8,800 449,152 0.09 BectonDickinsonandCo. USD 33,221 6,504,672 1.27 Biogen,Inc. USD 14,900 4,056,376 0.79 BoeingCo.(The) USD 46,300 9,206,755 1.80 Bristol-MyersSquibbCo. USD 1,300 72,722 0.01 BroadcomLtd. USD 16,800 3,929,688 0.77 Celgene Corp. USD 41,460 5,401,409 1.05 Charles Schwab Corp. (The) USD 69,900 3,007,098 0.59 CharterCommunications,Inc.'A' USD 284 95,532 0.02 Chubb Ltd. USD 1,600 232,976 0.05 Cigna Corp. USD 27,400 4,583,472 0.90 Citigroup,Inc. USD 20,900 1,399,359 0.27 CitizensFinancialGroup,Inc. USD 50,500 1,792,245 0.35 CMEGroup,Inc. USD 6,000 751,860 0.15 Coach,Inc. USD 22,700 1,080,974 0.21 Comcast Corp. 'A' USD 6,500 253,760 0.05 ConstellationBrands,Inc.'A' USD 5,400 1,045,008 0.20 Costco Wholesale Corp. USD 500 79,690 0.02 CSX Corp. USD 7,400 401,524 0.08 Danaher Corp. USD 93,810 7,909,121 1.54 DeltaAirLines,Inc. USD 1,000 54,140 0.01 DENTSPLYSIRONA,Inc. USD 900 58,212 0.01 Dollar General Corp. USD 14,100 1,005,894 0.20 Domino'sPizza,Inc. USD 1,301 275,474 0.05 EIduPontdeNemours&Co. USD 500 40,180 0.01 ElectronicArts,Inc. USD 34,600 3,677,288 0.72 Equifax,Inc. USD 12,600 1,736,658 0.34 Equinix,Inc.,REIT USD 4,037 1,715,241 0.34 Facebook,Inc.'A' USD 184,900 27,836,695 5.44 FedExCorp. USD 1,000 216,930 0.04

US Blue Chip Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinadiversifiedportfolioofstocksof large and medium sized “blue chip” companies in the United States.Specifically, the fund invests at least two-thirds oftotal assets in equity and equity-related securities of companies that are either incorporated in the United States of America or conduct most of their business there,thathaveamarketcapitalisationequaltoorgreaterthanthecompaniesintheRussellMid-capIndexorS&PMid-cap 400 Index, and that have a leading marketposition, seasoned management and strong financialfundamentals. Types of securities may include common stocks,preferredstocks,warrants,AmericanDepositoryReceipts(ADRs),EuropeanDepositoryReceipts(EDRs)and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

USBlueChipEquityFund


137T. ROWE PRICE


US Blue Chip Equity Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

State Street Corp. USD 58,700 5,280,065 1.03 Stryker Corp. USD 53,800 7,486,808 1.46 TD Ameritrade Holding Corp. USD 161,200 6,912,256 1.35 Tesla,Inc. USD 14,866 5,379,857 1.05 ThermoFisherScientific,Inc. USD 31,635 5,528,849 1.08 UnionPacificCorp. USD 340 36,747 0.01 UnitedContinentalHoldings,Inc. USD 28,600 2,162,732 0.42 UnitedHealthGroup,Inc. USD 72,900 13,548,465 2.65 Vantiv,Inc.'A' USD 700 44,317 0.01 VertexPharmaceuticals,Inc. USD 47,900 6,129,763 1.20 Visa,Inc.'A' USD 178,580 16,827,593 3.29 Wabtec Corp. USD 3,300 301,554 0.06 WalgreensBootsAlliance,Inc. USD 42,800 3,334,120 0.65 Walt Disney Co. (The) USD 400 42,276 0.01 Willis Towers Watson plc USD 15,734 2,306,604 0.45 Workday,Inc.'A' USD 25,559 2,454,686 0.48 Yum!Brands,Inc. USD 52,800 3,896,112 0.76 Zoetis,Inc. USD 18,100 1,131,250 0.22



508,337,570 99.26




United States of America 98.61 United Kingdom 0.33 Canada 0.26 Ireland 0.06Total Investments 99.26CashandOtherAssets/(Liabilities) 0.74Total 100.00



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

FidelityNationalInformationServices,Inc.

USD 31,800 2,712,540 0.53

FirstRepublicBank USD 24,174 2,427,070 0.47 Fiserv,Inc. USD 46,040 5,633,915 1.10 FleetCorTechnologies,Inc. USD 4,700 687,469 0.13 FortiveCorp. USD 65,805 4,158,876 0.81 General Dynamics Corp. USD 100 19,826 – GlobalPayments,Inc. USD 12,800 1,160,960 0.23 GoldmanSachsGroup,Inc.(The) USD 400 89,952 0.02 Harris Corp. USD 2,600 284,726 0.06 HenrySchein,Inc. USD 200 36,608 0.01 HiltonWorldwideHoldings,Inc. USD 33,899 2,121,738 0.41 HomeDepot,Inc.(The) USD 44,100 6,749,505 1.32 HoneywellInternational,Inc. USD 18,400 2,452,904 0.48 Humana,Inc. USD 21,500 5,181,930 1.01 IHSMarkitLtd. USD 26,424 1,167,941 0.23 Illumina,Inc. USD 1,285 227,111 0.04 IntercontinentalExchange,Inc. USD 102,100 6,733,495 1.31 Intuit,Inc. USD 23,290 3,117,832 0.61 IntuitiveSurgical,Inc. USD 8,448 7,875,141 1.54 J.P. Morgan Chase & Co. USD 49,900 4,568,844 0.89 JohnsonControlsInternationalplc USD 1,463 63,041 0.01 KLA-Tencor Corp. USD 10,000 922,600 0.18 Lowe'sCos.,Inc. USD 18,946 1,459,031 0.28 MarriottInternational,Inc.'A' USD 39,159 3,950,360 0.77 Marsh&McLennanCos.,Inc. USD 19,900 1,554,389 0.30 Mastercard,Inc.'A' USD 114,600 13,953,696 2.72 McDonald's Corp. USD 7,800 1,194,882 0.23 Merck&Co.,Inc. USD 21,800 1,400,432 0.27 MGMResortsInternational USD 70,800 2,242,236 0.44 MicrochipTechnology,Inc. USD 20,000 1,552,800 0.30 Microsoft Corp. USD 277,200 19,148,976 3.74 MonsterBeverageCorp. USD 2,200 110,462 0.02 Morgan Stanley USD 259,800 11,665,020 2.28 Netflix,Inc. USD 34,700 5,185,221 1.01 NextEraEnergy,Inc. USD 8,600 1,215,524 0.24 Northrop Grumman Corp. USD 4,600 1,181,786 0.23 Norwegian Cruise Line Holdings Ltd. USD 600 32,610 0.01 O'ReillyAutomotive,Inc. USD 13,807 2,987,835 0.58 PayPalHoldings,Inc. USD 102,200 5,471,788 1.07 PhilipMorrisInternational,Inc. USD 55,800 6,547,572 1.28 PPGIndustries,Inc. USD 400 44,060 0.01 PricelineGroup,Inc.(The) USD 13,100 24,629,572 4.81 Progressive Corp. (The) USD 22,700 1,007,426 0.20 Raytheon Co. USD 400 64,332 0.01 RedHat,Inc. USD 39,500 3,782,520 0.74 RegeneronPharmaceuticals,Inc. USD 300 149,652 0.03 RockwellCollins,Inc. USD 5,200 548,600 0.11 RoperTechnologies,Inc. USD 12,500 2,888,875 0.56 RossStores,Inc. USD 47,400 2,729,292 0.53 Royal Caribbean Cruises Ltd. USD 25,400 2,772,410 0.54 S&PGlobal,Inc. USD 6,600 964,062 0.19 salesforce.com,Inc. USD 105,000 9,097,200 1.78 SBACommunicationsCorp.,REIT USD 2,100 282,072 0.06 ServiceNow,Inc. USD 67,430 7,073,407 1.38 Sherwin-Williams Co. (The) USD 3,700 1,302,067 0.25 Snap,Inc.'A' USD 2,600 46,306 0.01 StanleyBlack&Decker,Inc. USD 4,000 562,360 0.11 Starbucks Corp. USD 50,100 2,942,373 0.57


138 T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesCANADA TransCanada Corp. USD 78,342 3,742,397 1.19 WasteConnections,Inc. USD 80,410 5,157,498 1.65

8,899,895 2.84 UNITED STATES OF AMERICA AgilentTechnologies,Inc. USD 72,412 4,280,273 1.37 Alphabet,Inc.'C' USD 11,333 10,377,401 3.31 Amazon.com,Inc. USD 5,479 5,357,859 1.71 AmericanInternationalGroup,Inc. USD 52,778 3,327,653 1.06 AmericanTowerCorp.,REIT USD 30,347 4,032,509 1.29 AmericanWaterWorksCo.,Inc. USD 15,902 1,246,558 0.40 Apple,Inc. USD 72,323 10,445,611 3.33 AutoZone,Inc. USD 8,993 5,089,049 1.62 BallCorp. USD 185,937 7,839,104 2.50 BectonDickinsonandCo. USD 54,479 10,666,988 3.40 CiscoSystems,Inc. USD 155,494 4,898,839 1.56 Comcast Corp. 'A' USD 181,228 7,075,141 2.26 Danaher Corp. USD 102,952 8,679,883 2.77 EIduPontdeNemours&Co. USD 68,091 5,471,793 1.75 EOGResources,Inc. USD 44,389 4,013,210 1.28 Facebook,Inc.'A' USD 34,305 5,164,618 1.65 Fiserv,Inc. USD 27,666 3,385,488 1.08 FortiveCorp. USD 67,145 4,243,564 1.35 General Dynamics Corp. USD 21,691 4,300,458 1.37 Hess Corp. USD 75,975 3,318,588 1.06 HomeDepot,Inc.(The) USD 40,607 6,214,901 1.98 HoneywellInternational,Inc. USD 54,578 7,275,793 2.32 IntercontinentalExchange,Inc. USD 65,172 4,298,093 1.37 J.P. Morgan Chase & Co. USD 155,036 14,195,096 4.53 KeyCorp USD 236,024 4,404,208 1.40 Marsh&McLennanCos.,Inc. USD 66,523 5,196,112 1.66 Medtronic plc USD 103,661 9,219,609 2.94 Merck&Co.,Inc. USD 98,508 6,328,154 2.02 Microsoft Corp. USD 122,620 8,470,590 2.70 MondelezInternational,Inc.'A' USD 103,139 4,478,295 1.43 Morgan Stanley USD 119,926 5,384,677 1.72 NextEraEnergy,Inc. USD 39,655 5,604,838 1.79 Occidental Petroleum Corp. USD 87,725 5,267,886 1.68 PepsiCo,Inc. USD 95,538 11,085,274 3.54 PG&E Corp. USD 68,867 4,589,297 1.46 PhilipMorrisInternational,Inc. USD 85,330 10,012,622 3.19 PricelineGroup,Inc.(The) USD 2,255 4,239,671 1.35 QUALCOMM,Inc. USD 72,474 4,003,464 1.28 salesforce.com,Inc. USD 36,518 3,163,920 1.01 Southern Co. (The) USD 102,747 4,969,872 1.59 ThermoFisherScientific,Inc. USD 29,475 5,151,346 1.64 T-MobileUS,Inc. USD 13,087 785,220 0.25 Twenty-FirstCenturyFox,Inc.'A' USD 201,992 5,686,075 1.81 UnitedHealthGroup,Inc. USD 41,644 7,739,537 2.47 Visa,Inc.'A' USD 99,679 9,392,752 3.00 WellsFargo&Co. USD 187,568 10,398,770 3.32 Willis Towers Watson plc USD 28,750 4,214,750 1.34 Xilinx,Inc. USD 10,590 679,878 0.22 XL Group Ltd. USD 154,540 6,829,123 2.18

292,494,410 93.31

US Equity Fund (3)


Thefund'sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinadiversifiedportfolioofstocksof companies in the United States.Specifically, the fund invests at least two-thirds oftotal assets in equity and equity-related securities of companies that are either incorporated in the United States of America or conduct most of their business there and that have a market capitalisation equal to or greater than the companies in theRussell 1000 Index. Typesof securities may include common stocks, preferredstocks,warrants,AmericanDepositoryReceipts(ADRs),European Depository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

USEquityFund(3)


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US Equity Fund (3) continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Total Equities 301,394,305 96.15Total Transferable securities


301,394,305 96.15



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

EUR 603,575 USD 683,192 31/07/2017 Goldman Sachs

7,108 –


7,108 –

USD 2,966 EUR 2,603 31/07/2017 J.P. Morgan (10) – Total Unrealised Loss on

Forward Currency Exchange Contracts(10) 0.00


7,098 –



United States of America 93.31 Canada 2.84Total Investments 96.15CashandOtherAssets/(Liabilities) 3.85Total 100.00

(3) Formerly known as US Large Cap Equity Fund.The accompanying notes are an integral part of these financial statements.


140 T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesCANADA RestaurantBrandsInternational,Inc. USD 24,992 1,549,754 0.12 WasteConnections,Inc. USD 197,250 12,651,615 0.97

14,201,369 1.09 UNITED STATES OF AMERICA Aetna,Inc. USD 52,465 8,000,388 0.61 AlaskaAirGroup,Inc. USD 164,868 14,805,146 1.13 AlexionPharmaceuticals,Inc. USD 125,120 15,254,630 1.17 AlnylamPharmaceuticals,Inc. USD 34,061 2,677,195 0.21 Alphabet,Inc.'A' USD 65,500 61,361,710 4.70 Alphabet,Inc.'C' USD 37,051 33,926,860 2.60 Amazon.com,Inc. USD 103,000 100,722,670 7.72 AmericanAirlinesGroup,Inc. USD 433,149 21,618,466 1.66 Anthem,Inc. USD 71,857 13,541,452 1.04 Apple,Inc. USD 372,500 53,800,175 4.12 BectonDickinsonandCo. USD 117,460 22,998,668 1.76 Biogen,Inc. USD 53,299 14,510,120 1.11 BoeingCo.(The) USD 228,306 45,398,648 3.48 Celgene Corp. USD 54,800 7,139,344 0.55 Centene Corp. USD 83,063 6,648,362 0.51 Charles Schwab Corp. (The) USD 196,046 8,433,899 0.65 Cigna Corp. USD 110,200 18,434,256 1.41 CitizensFinancialGroup,Inc. USD 167,100 5,930,379 0.45 CrownCastleInternationalCorp.,REIT USD 77,900 7,791,558 0.60 Danaher Corp. USD 150,400 12,680,224 0.97 Dollar General Corp. USD 279,200 19,918,128 1.53 ElectronicArts,Inc. USD 80,400 8,544,912 0.66 Facebook,Inc.'A' USD 504,500 75,952,475 5.82 FirstRepublicBank USD 142,800 14,337,120 1.10 FortiveCorp. USD 105,850 6,689,720 0.51 FortuneBrandsHome&Security,Inc. USD 83,370 5,445,728 0.42 HiltonWorldwideHoldings,Inc. USD 211,879 13,261,507 1.02 HomeDepot,Inc.(The) USD 121,500 18,595,575 1.43 Humana,Inc. USD 73,174 17,636,397 1.35 IncyteCorp. USD 50,600 6,436,320 0.49 IntercontinentalExchange,Inc. USD 287,950 18,990,302 1.46 Intuit,Inc. USD 121,209 16,226,249 1.24 IntuitiveSurgical,Inc. USD 36,043 33,598,924 2.58 KLA-Tencor Corp. USD 48,830 4,505,056 0.35 Merck&Co.,Inc. USD 214,500 13,779,480 1.06 MGMResortsInternational USD 317,928 10,068,780 0.77 Microsoft Corp. USD 776,200 53,619,896 4.11 Morgan Stanley USD 623,356 27,988,684 2.15 Netflix,Inc. USD 53,600 8,009,448 0.61 NVIDIACorp. USD 19,100 2,762,433 0.21 O'ReillyAutomotive,Inc. USD 33,300 7,206,120 0.55 PayPalHoldings,Inc. USD 580,700 31,090,678 2.38 PhilipMorrisInternational,Inc. USD 175,600 20,604,904 1.58 PricelineGroup,Inc.(The) USD 38,500 72,384,620 5.55 QUALCOMM,Inc. USD 234,261 12,940,578 0.99 RedHat,Inc. USD 174,800 16,738,848 1.28 RossStores,Inc. USD 134,800 7,761,784 0.59 salesforce.com,Inc. USD 268,800 23,288,832 1.79 ServiceNow,Inc. USD 155,555 16,317,719 1.25 Snap,Inc.'A' USD 261,100 4,650,191 0.36 Starbucks Corp. USD 219,905 12,915,021 0.99

US Large Cap Growth Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.The fund invests mainly in a diversified portfolio ofstocks from large capitalization companies in the United States that have the potential for above-average and sustainable rates of earnings growth.Specifically, the fund invests at least two-thirds oftotal assets in equity and equity-related securities of companies that are either incorporated in the United States of America or conduct most of their business there and that have a market capitalisation equal to or greater than the companies in theRussell 1000 Index. Typesof securities may include common stocks, preferredstocks,warrants,AmericanDepositoryReceipts(ADRs),European Depository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

USLargeCapGrowthEquityFund


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US Large Cap Growth Equity Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Stryker Corp. USD 137,587 19,146,607 1.47 TD Ameritrade Holding Corp. USD 249,025 10,678,192 0.82 Tesla,Inc. USD 34,710 12,561,202 0.96 T-MobileUS,Inc. USD 227,500 13,650,000 1.05 UnitedHealthGroup,Inc. USD 207,300 38,526,705 2.95 VertexPharmaceuticals,Inc. USD 157,144 20,109,718 1.54 Visa,Inc.'A' USD 608,200 57,310,686 4.39 Workday,Inc.'A' USD 9,200 883,568 0.07 Xilinx,Inc. USD 167,934 10,781,363 0.83 Yum!Brands,Inc. USD 75,200 5,549,008 0.43

1,267,137,628 97.14 Total Equities 1,281,338,997 98.23 Total Transferable securities


1,281,338,997 98.23



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets


20,682 –


20,682 –






142 T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesCANADA Canadian Natural Resources Ltd. USD 216,300 6,313,797 0.73 CanadianPacificRailwayLtd. USD 37,950 6,067,446 0.71 TransCanada Corp. USD 144,241 6,890,393 0.80

19,271,636 2.24 SWITZERLAND TE Connectivity Ltd. USD 89,750 7,027,425 0.81

7,027,425 0.81 UNITED STATES OF AMERICA Aetna,Inc. USD 98,950 15,088,886 1.75 American Express Co. USD 100,450 8,409,674 0.98 AmericanInternationalGroup,Inc. USD 68,100 4,293,705 0.50 AmeripriseFinancial,Inc. USD 74,150 9,476,370 1.10 AnalogDevices,Inc. USD 6,600 511,236 0.06 Apache Corp. USD 157,150 7,511,770 0.87 Apple,Inc. USD 65,050 9,395,172 1.09 AppliedMaterials,Inc. USD 191,350 7,910,409 0.92 BankofNewYorkMellonCorp.(The) USD 302,200 15,424,288 1.79 BectonDickinsonandCo. USD 23,973 4,693,913 0.54 BectonDickinsonandCo.Preference6.125%

USD 31,617 1,735,457 0.20

BoeingCo.(The) USD 70,300 13,979,155 1.62 Bristol-MyersSquibbCo. USD 35,400 1,980,276 0.23 BungeLtd. USD 113,500 8,287,770 0.96 Carnival Corp. USD 106,600 7,007,884 0.81 CFIndustriesHoldings,Inc. USD 218,450 5,992,083 0.70 Chevron Corp. USD 100,000 10,452,000 1.21 CiscoSystems,Inc. USD 440,500 13,877,952 1.61 Citigroup,Inc. USD 255,150 17,083,568 1.98 Comcast Corp. 'A' USD 383,750 14,981,600 1.74 Coty,Inc.'A' USD 165,657 3,117,665 0.36 Cummins,Inc. USD 33,650 5,445,916 0.63 EIduPontdeNemours&Co. USD 143,900 11,563,804 1.34 Emerson Electric Co. USD 59,595 3,536,963 0.41 EQT Corp. USD 85,127 5,012,278 0.58 Exelon Corp. USD 340,750 12,277,222 1.42 Exxon Mobil Corp. USD 219,425 17,786,590 2.06 FifthThirdBancorp USD 616,900 16,014,724 1.86 General Electric Co. USD 439,050 11,891,669 1.38 General Motors Co. USD 104,950 3,672,201 0.43 GileadSciences,Inc. USD 89,450 6,348,266 0.74 Hess Corp. USD 196,550 8,585,304 1.00 Hologic,Inc. USD 183,400 8,377,712 0.97 IllinoisToolWorks,Inc. USD 72,150 10,341,981 1.20 IntelCorp. USD 53,100 1,789,470 0.21 InternationalPaperCo. USD 130,100 7,280,396 0.84 InvescoLtd. USD 149,400 5,261,868 0.61 J.P. Morgan Chase & Co. USD 390,800 35,781,648 4.15 Johnson & Johnson USD 135,100 17,954,790 2.08 JohnsonControlsInternationalplc USD 307,730 13,260,086 1.54 Kohl's Corp. USD 115,750 4,412,390 0.51 Las Vegas Sands Corp. USD 94,650 6,016,901 0.70 Loews Corp. USD 210,000 9,842,700 1.14 Lowe'sCos.,Inc. USD 108,206 8,332,944 0.97 Marsh&McLennanCos.,Inc. USD 144,764 11,307,516 1.31 Mattel,Inc. USD 243,800 5,146,618 0.60 Medtronic plc USD 186,325 16,571,746 1.92

US Large Cap Value Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.The fund invests mainly in a diversified portfolio ofstocks from large capitalization companies in the United States that are selling at discounted valuations relativetotheirhistoricalaverageand/ortheaverageoftheir industries.Specifically, the fund invests at least two-thirds oftotal assets in equity and equity-related securities of companies that are either incorporated in the United States of America or conduct most of their business there and that have a market capitalisation equal to or greater than the companies in theRussell 1000 Index. Typesof securities may include common stocks, preferredstocks,warrants,AmericanDepositoryReceipts(ADRs),European Depository Receipts (EDRs) and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

USLargeCapValueEquityFund


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US Large Cap Value Equity Fund continued


% of Net Assets

United States of America 94.36 Canada 2.24 Switzerland 0.81Total Investments 97.41 CashandOtherAssets/(Liabilities) 2.59Total 100.00



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Merck&Co.,Inc. USD 257,350 16,532,164 1.92 MetLife,Inc. USD 277,450 15,315,240 1.78 Microsoft Corp. USD 331,640 22,909,691 2.66 Morgan Stanley USD 458,550 20,588,895 2.39 News Corp. 'A' USD 412,200 5,618,286 0.65 NextEraEnergy,Inc.Preference6.123%

USD 127,545 6,857,457 0.80

Occidental Petroleum Corp. USD 224,200 13,463,210 1.56 PepsiCo,Inc. USD 115,050 13,349,251 1.55 Perrigo Co. plc USD 89,350 6,768,263 0.79 Pfizer,Inc. USD 496,400 16,684,004 1.94 PG&E Corp. USD 358,150 23,867,116 2.77 PhilipMorrisInternational,Inc. USD 167,800 19,689,652 2.28 Procter & Gamble Co. (The) USD 89,479 7,800,779 0.91 QUALCOMM,Inc. USD 211,600 11,688,784 1.36 Raytheon Co. USD 35,172 5,656,713 0.66 Southern Co. (The) USD 223,950 10,832,461 1.26 Southwest Airlines Co. USD 147,084 9,147,154 1.06 Stericycle,Inc. USD 90,639 7,023,616 0.81 TexasInstruments,Inc. USD 71,150 5,474,281 0.64 ThermoFisherScientific,Inc. USD 32,350 5,653,810 0.66 Twenty-FirstCenturyFox,Inc.'B' USD 489,550 13,560,535 1.57 TysonFoods,Inc.'A' USD 230,300 14,310,842 1.66 United Technologies Corp. USD 77,850 9,516,384 1.10 USBancorp USD 253,450 13,204,745 1.53 VEREIT,Inc.,REIT USD 668,709 5,496,788 0.64 VerizonCommunications,Inc. USD 234,550 10,408,156 1.21 Vulcan Materials Co. USD 46,207 5,853,965 0.68 Wal-MartStores,Inc. USD 126,300 9,621,408 1.12 WellsFargo&Co. USD 415,050 23,010,372 2.67 WestarEnergy,Inc. USD 55,239 2,948,658 0.34 WeyerhaeuserCo.,REIT USD 164,300 5,471,190 0.63 XL Group Ltd. USD 222,622 9,837,666 1.14



839,485,133 97.41



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

EUR 49,631 USD 56,113 31/07/2017 J.P. Morgan 649 – Net Unrealised Gain on

Forward Currency Exchange Contracts649 –



144 T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesCANADA Computer Modelling Group Ltd. CAD 169,300 1,327,198 0.12 DescartesSystemsGroup,Inc.(The) USD 269,400 6,506,010 0.61 FirstServiceCorp. USD 41,000 2,626,870 0.25 Franco-NevadaCorp. CAD 86,700 6,278,915 0.59 Seven Generations Energy Ltd. 'A' CAD 290,000 4,967,477 0.46 Stella-Jones,Inc. CAD 49,600 1,691,566 0.16 WasteConnections,Inc. USD 225,850 14,486,019 1.36

37,884,055 3.55 UNITED STATES OF AMERICA AcadiaHealthcareCo.,Inc. USD 52,600 2,584,764 0.24 ACADIAPharmaceuticals,Inc. USD 40,600 1,152,228 0.11 AcceleronPharma,Inc. USD 39,200 1,203,048 0.11 AlamoGroup,Inc. USD 11,400 1,036,944 0.10 AlaskaAirGroup,Inc. USD 99,845 8,966,081 0.84 Alliant Energy Corp. USD 219,600 8,915,760 0.83 AllyFinancial,Inc. USD 102,100 2,134,911 0.20 AmericanCampusCommunities,Inc.,REIT

USD 203,700 9,690,009 0.91

AmericanWaterWorksCo.,Inc. USD 45,500 3,566,745 0.33 Arthur J Gallagher & Co. USD 185,000 10,589,400 0.99 Assured Guaranty Ltd. USD 49,000 2,059,470 0.19 Atmos Energy Corp. USD 216,800 18,065,944 1.69 BallCorp. USD 599,700 25,283,352 2.37 BankUnited,Inc. USD 231,900 7,821,987 0.73 BeaconRoofingSupply,Inc. USD 135,279 6,596,204 0.62 BlackKnightFinancialServices,Inc.'A' USD 174,700 7,127,760 0.67 BluebirdBio,Inc. USD 30,400 3,268,000 0.31 BrightHorizonsFamilySolutions,Inc. USD 138,200 10,720,174 1.00 BrukerCorp. USD 131,951 3,805,467 0.36 BungeLtd. USD 135,400 9,886,908 0.93 BurlingtonStores,Inc. USD 94,382 8,698,245 0.81 BWXTechnologies,Inc. USD 243,666 11,827,548 1.11 CableOne,Inc. USD 19,500 13,890,240 1.30 CadenceDesignSystems,Inc. USD 119,400 3,994,527 0.37 California Water Service Group USD 81,600 3,002,880 0.28 Cal-MaineFoods,Inc. USD 90,259 3,529,127 0.33 Casey'sGeneralStores,Inc. USD 80,000 8,518,400 0.80 CBOEHoldings,Inc. USD 85,300 7,787,890 0.73 Centene Corp. USD 90,008 7,204,240 0.67 CentennialResourceDevelopment,Inc.'A'

USD 143,463 2,245,196 0.21

Chegg,Inc. USD 534,700 6,619,586 0.62 Chesapeake Utilities Corp. USD 93,850 7,085,675 0.66 ChoiceHotelsInternational,Inc. USD 47,900 3,070,390 0.29 Church&DwightCo.,Inc. USD 136,000 7,066,560 0.66 CliftonBancorp,Inc. USD 66,100 1,107,175 0.10 CNAFinancialCorp. USD 233,259 11,336,387 1.06 Coach,Inc. USD 263,000 12,524,060 1.17 Coherent,Inc. USD 53,900 12,208,350 1.14 ConchoResources,Inc. USD 15,500 1,868,370 0.18 ConnecticutWaterService,Inc. USD 26,800 1,500,800 0.14 CoreLogic,Inc. USD 136,500 5,921,370 0.55 CoStarGroup,Inc. USD 69,300 18,137,196 1.70 CSRA,Inc. USD 364,200 11,581,560 1.08 CSWIndustrials,Inc. USD 68,400 2,671,020 0.25

US Smaller Companies Equity Fund


Thefund’sobjectiveistoincreasethevalueofitsshares,over the long term, through growth in the value of itsinvestments.Thefundinvestsmainlyinawidelydiversifiedportfolioof stocks from smaller capitalization companies in the United States.Specifically, the fund investsat least two-thirdsof totalassets in equity and equity-related securities of companies that are either incorporated in the United States of Americaorconductmostoftheirbusinessthereandthat,atthetimeofpurchase,haveamarketcapitalisationthatis equal to or smaller than the companies in the Russell 2500 Index. Typesof securitiesmay includecommonstocks,preferredstocks,warrants,AmericanDepositoryReceipts(ADRs),EuropeanDepositoryReceipts(EDRs)and Global Depository Receipts (GDRs).The fund does not invest more than one-third of its assets in debt and money market securities.Thefundmayusederivativesforhedgingandefficientportfolio management.

USSmallerCompaniesEquityFund


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US Smaller Companies Equity Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Ollie'sBargainOutletHoldings,Inc. USD 90,200 3,720,750 0.35 ONEGas,Inc. USD 152,600 10,620,960 0.99 PacificPremierBancorp,Inc. USD 216,000 7,992,000 0.75 Park Sterling Corp. USD 309,480 3,679,717 0.34 ParsleyEnergy,Inc.'A' USD 196,000 5,386,080 0.50 PaycomSoftware,Inc. USD 49,300 3,332,680 0.31 PCSBFinancialCorp. USD 30,533 532,496 0.05 PDFSolutions,Inc. USD 66,700 1,117,225 0.10 PennyMacFinancialServices,Inc.'A' USD 114,797 1,928,590 0.18 PerkinElmer,Inc. USD 55,700 3,795,955 0.36 PinnacleFinancialPartners,Inc. USD 85,000 5,342,250 0.50 PinnacleFoods,Inc. USD 74,900 4,494,749 0.42 PostHoldings,Inc. USD 23,700 1,852,155 0.17 PriceSmart,Inc. USD 19,585 1,693,123 0.16 Proofpoint,Inc. USD 108,400 9,391,776 0.88 Prothena Corp. plc USD 39,386 2,112,271 0.20 PSBusinessParks,Inc.,REIT USD 80,800 10,719,736 1.00 QuintilesIMSHoldings,Inc. USD 35,199 3,153,830 0.30 RadianGroup,Inc. USD 222,600 3,626,154 0.34 Rambus,Inc. USD 222,400 2,555,376 0.24 RedRobinGourmetBurgers,Inc. USD 34,500 2,311,500 0.22 REVGroup,Inc. USD 99,800 2,796,396 0.26 RPMInternational,Inc. USD 216,300 11,794,839 1.10 SafetyInsuranceGroup,Inc. USD 73,900 5,088,015 0.48 SageTherapeutics,Inc. USD 25,200 1,970,892 0.18 SantanderConsumerUSAHoldings,Inc. USD 40,431 514,687 0.05 SeacoastBankingCorp.ofFlorida USD 190,308 4,597,841 0.43 ServiceNow,Inc. USD 85,700 8,989,930 0.84 SiteOneLandscapeSupply,Inc. USD 121,900 6,270,536 0.59 SLGreenRealtyCorp.,REIT USD 59,500 6,301,050 0.59 SLM Corp. USD 1,152,500 13,265,275 1.24 Sonic Corp. USD 146,500 3,907,155 0.37 South State Corp. USD 75,100 6,462,355 0.61 SouthernFirstBancshares,Inc. USD 28,149 1,042,921 0.10 SparkTherapeutics,Inc. USD 40,500 2,376,945 0.22 Splunk,Inc. USD 144,500 8,259,620 0.77 SS&CTechnologiesHoldings,Inc. USD 268,400 10,290,456 0.96 StateAutoFinancialCorp. USD 230,993 6,052,017 0.57 STERISplc USD 65,300 5,331,745 0.50 StonegateBank USD 23,000 1,062,600 0.10 SVBFinancialGroup USD 7,600 1,334,940 0.13 Synopsys,Inc. USD 89,800 6,562,584 0.61 Team,Inc. USD 64,800 1,532,520 0.14 TeledyneTechnologies,Inc. USD 76,200 9,620,250 0.90 Teleflex,Inc. USD 29,300 6,034,335 0.57 TempurSealyInternational,Inc. USD 63,715 3,402,381 0.32 TerrenoRealtyCorp.,REIT USD 302,800 10,125,632 0.95 TESARO,Inc. USD 30,321 4,239,785 0.40 TileShopHoldings,Inc. USD 544,600 11,028,150 1.03 Toro Co. (The) USD 18,975 1,311,362 0.12 TowneBank USD 224,200 6,950,200 0.65 TransUnion USD 405,100 17,840,604 1.67 TreeHouseFoods,Inc. USD 29,400 2,413,740 0.23 TRIPointeGroup,Inc. USD 86,300 1,128,804 0.11 TriumphGroup,Inc. USD 68,400 2,171,700 0.20 UltimateSoftwareGroup,Inc.(The) USD 46,100 9,695,752 0.91 Valvoline,Inc. USD 285,719 6,780,112 0.63 Vantiv,Inc.'A' USD 170,000 10,762,700 1.01 VeriSign,Inc. USD 11,296 1,053,013 0.10


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Denny's Corp. USD 383,800 4,505,812 0.42 DiamondbackEnergy,Inc. USD 60,300 5,276,250 0.49 DouglasEmmett,Inc.,REIT USD 235,000 9,000,500 0.84 DrPepperSnappleGroup,Inc. USD 55,400 5,065,222 0.47 EastWestBancorp,Inc. USD 96,200 5,598,840 0.52 Edgewell Personal Care Co. USD 45,900 3,468,204 0.32 EllieMae,Inc. USD 68,900 7,571,421 0.71 EnsignGroup,Inc.(The) USD 41,329 913,371 0.09 Entegris,Inc. USD 385,900 8,586,275 0.80 Envision Healthcare Corp. USD 192,719 12,075,773 1.13 ESCOTechnologies,Inc. USD 147,500 8,820,500 0.83 Five9,Inc. USD 421,500 8,982,165 0.84 FNFGroup USD 288,000 12,983,040 1.22 FortuneBrandsHome&Security,Inc. USD 119,383 7,798,098 0.73 Gentherm,Inc. USD 220,400 8,562,540 0.80 GibraltarIndustries,Inc. USD 113,700 4,024,980 0.38 Graco,Inc. USD 12,375 1,353,701 0.13 GrubHub,Inc. USD 151,500 6,599,340 0.62 GuarantyBancorp USD 62,500 1,665,625 0.16 HealthcareRealtyTrust,Inc.,REIT USD 341,400 11,675,880 1.09 HealthcareServicesGroup,Inc. USD 106,000 4,945,960 0.46 HMS Holdings Corp. USD 175,500 3,232,710 0.30 Hologic,Inc. USD 284,000 12,973,120 1.21 HomeBancShares,Inc. USD 262,296 6,536,416 0.61 Horizon Global Corp. USD 186,800 2,618,936 0.25 Hubbell,Inc. USD 28,000 3,182,200 0.30 IncyteCorp. USD 20,300 2,582,160 0.24 InfinityProperty&CasualtyCorp. USD 11,800 1,118,050 0.10 InphiCorp. USD 26,700 921,417 0.09 Insmed,Inc. USD 199,600 3,439,108 0.32 InsteelIndustries,Inc. USD 69,700 2,298,009 0.22 IronMountain,Inc.,REIT USD 137,305 4,669,743 0.44 IronwoodPharmaceuticals,Inc. USD 105,900 1,983,507 0.19 JackHenry&Associates,Inc. USD 28,500 2,962,860 0.28 JackintheBox,Inc. USD 73,600 7,238,560 0.68 JBHuntTransportServices,Inc. USD 68,800 6,273,872 0.59 JohnBeanTechnologiesCorp. USD 86,600 8,382,880 0.79 K2MGroupHoldings,Inc. USD 296,300 7,102,311 0.67 KeysightTechnologies,Inc. USD 42,800 1,659,784 0.16 KilroyRealtyCorp.,REIT USD 39,600 2,985,048 0.28 KinsaleCapitalGroup,Inc. USD 47,700 1,774,917 0.17 KitePharma,Inc. USD 34,167 3,571,818 0.33 KMGChemicals,Inc. USD 92,600 4,490,174 0.42 Knowles Corp. USD 94,600 1,626,174 0.15 LibertyBroadbandCorp.'C' USD 113,400 9,839,718 0.92 LiveOakBancshares,Inc. USD 91,700 2,260,405 0.21 Mattel,Inc. USD 120,900 2,552,199 0.24 MEDNAX,Inc. USD 90,800 5,536,076 0.52 Michael'sCos.,Inc.(The) USD 119,931 2,222,321 0.21 Middleby Corp. (The) USD 31,424 3,811,417 0.36 MineralsTechnologies,Inc. USD 23,200 1,691,280 0.16 MKSInstruments,Inc. USD 20,600 1,393,590 0.13 MolinaHealthcare,Inc. USD 31,000 2,156,360 0.20 National Commerce Corp. USD 25,953 1,031,632 0.10 NationalInstrumentsCorp. USD 54,900 2,195,451 0.21 NeurocrineBiosciences,Inc. USD 69,000 3,173,310 0.30 NiSource,Inc. USD 232,400 5,951,764 0.56 Novanta,Inc. USD 362,900 12,973,675 1.21 OldDominionFreightLine,Inc. USD 66,000 6,274,620 0.59


146 T. ROWE PRICE


US Smaller Companies Equity Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

VeriskAnalytics,Inc. USD 46,300 3,882,718 0.36 Vulcan Materials Co. USD 90,900 11,516,121 1.08 Wabtec Corp. USD 98,300 8,982,654 0.84 Watsco,Inc. USD 29,500 4,535,920 0.42 WebsterFinancialCorp. USD 104,084 5,410,286 0.51 Welbilt,Inc. USD 192,100 3,619,164 0.34 WellCareHealthPlans,Inc. USD 40,200 7,203,438 0.67 WestPharmaceuticalServices,Inc. USD 85,300 8,029,289 0.75 WesternAllianceBancorp USD 141,400 6,965,364 0.65 Xencor,Inc. USD 91,232 1,922,258 0.18 ZillowGroup,Inc.'A' USD 59,224 2,844,529 0.27 ZillowGroup,Inc.'C' USD 52,310 2,527,096 0.24 Zynga,Inc.'A' USD 729,000 2,617,110 0.25

993,812,196 93.06 Total Equities 1,031,696,251 96.61Total Transferable securities


1,031,696,251 96.61

Other transferable securities and money market instrumentsEquitiesUNITED STATES OF AMERICA PensonTechnologiesLLC'B'* USD 502,728 179,826 0.02

179,826 0.02 Total Equities 179,826 0.02 Total Other transferable securities

and money market instruments179,826 0.02



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets


75,027 0.01

EUR 47,128 USD 53,284 31/07/2017 J.P. Morgan 616 – GBP 44,944 USD 57,466 31/07/2017 HSBC 904 – Net Unrealised Gain on


Cash 28,267,375 2.65Other Assets/(Liabilities) 7,762,296 0.72Total Net Assets 1,067,905,748 100.00



* Security is valued at its fair value under the direction of the Board of DirectorsThe accompanying notes are an integral part of these financial statements.


147T. ROWE PRICE



Quantity/Nominal

Value

Market ValueUSD

% of Net Assets


ARS 450,000 27,814 0.05


USD 150,000 161,692 0.29

189,506 0.34 AUSTRALIA AustraliaGovernmentBond,Reg.S4.25%21/04/2026

AUD 21,000 18,285 0.03

AustraliaGovernmentBond,Reg.S3.75%21/04/2037

AUD 18,000 14,992 0.03


EUR 31,000 48,441 0.09

48,441 0.09 BELGIUM BelgiumGovernmentBond,Reg.S,144A4.5%28/03/2026

EUR 23,000 35,276 0.06

35,276 0.06 BRAZIL BrazilGovernmentBond4.25%07/01/2025

USD 200,000 196,910 0.35


BRL 71,500 226,617 0.41


BRL 43,000 134,444 0.24

557,971 1.00 CANADA CanadaGovernmentBond1.5%01/06/2026

CAD 187,000 141,942 0.26

CanadaGovernmentBond3.5%01/12/2045

CAD 47,000 46,401 0.08

188,343 0.34 CYPRUS CyprusGovernmentBond,Reg.S3.875%06/05/2022

EUR 50,000 62,688 0.11


EUR 95,000 118,558 0.22


EUR 44,000 51,524 0.09


EUR 20,000 25,762 0.05

258,532 0.47 CZECH REPUBLIC CzechRepublicGovernmentBond,Reg.S3.875%24/05/2022

EUR 20,000 27,004 0.05

27,004 0.05 DENMARK DenmarkGovernmentBond1.75%15/11/2025

DKK 200,000 34,201 0.06

34,201 0.06 DOMINICAN REPUBLIC Dominican Republic Government Bond,Reg.S5.5%27/01/2025

USD 100,000 103,600 0.19

103,600 0.19

Global Allocation Fund


The fund’s objective is to maximise the value of itsshares,overthelongterm,throughbothgrowthinthevalueof,andincomefrom,itsinvestments.Thefundinvestsmainlyinadiversifiedportfolioofbonds,stocks and other investments from issuers around the world,includingemergingmarkets.Specifically,thefundinvestsinequityandequityrelatedsecurities of companies as well as a wide range of debt securities of issuers across sectors and credit quality. Portfoliodebt securitiescan includefixedandfloatingrate bonds, convertible bonds, warrants and othertransferabledebtsecuritiesofany type, includinghighyield securities. Asset-backed securities and mortgage-backedsecuritieswillnotexceed20%ofthenetassetsofthefund.Thefundmayusederivativesforhedging,efficientportfoliomanagementand toseekgains.Thefund may also use derivatives to create synthetic short positions in currencies and debt securities.

GlobalAllocationFund


148 T. ROWE PRICE


Global Allocation Fund continued


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

FRANCE FranceGovernmentBondOAT,Reg.S0.25%25/11/2026

EUR 85,000 92,756 0.17


EUR 128,000 194,347 0.35


EUR 200,000 243,041 0.44

LoxamSAS,Reg.S6%15/04/2025 EUR 100,000 124,121 0.22 654,265 1.18

GERMANY Bundesobligation,Reg.S0%09/04/2021

EUR 84,000 97,300 0.17


EUR 147,000 164,465 0.30


EUR 36,000 53,658 0.10

315,423 0.57 GREECE IntralotCapitalLuxembourgSA,Reg.S6%15/05/2021

EUR 100,000 117,566 0.21

117,566 0.21 INDONESIA IndonesiaGovernmentBond,Reg.S6.625%17/02/2037

USD 100,000 124,119 0.22

IndonesiaTreasury7%15/05/2022 IDR 2,660,000,000 202,543 0.36 PerusahaanPenerbitSBSNIndonesiaIII,Reg.S4.15%29/03/2027

USD 200,000 203,713 0.37

530,375 0.95 IRELAND IrelandGovernmentBond5.4%13/03/2025

EUR 17,000 26,353 0.05

26,353 0.05 ISRAEL IsraelGovernmentBond1.75%31/08/2025

ILS 800,000 231,640 0.42


EUR 100,000 115,966 0.21

347,606 0.63 ITALY ItalyBuoniPoliennaliDelTesoro0.7%01/05/2020

EUR 120,000 138,940 0.25


EUR 38,000 42,104 0.08

ItalyBuoniPoliennaliDelTesoro,Reg.S,144A2.7%01/03/2047

EUR 55,000 56,093 0.10

237,137 0.43 IVORY COAST IvoryCoastGovernmentBond,STEP,Reg.S5.75%31/12/2032

USD 96,500 92,952 0.17

92,952 0.17 JAMAICA JamaicaGovernmentBond9.25%17/10/2025

USD 100,000 128,202 0.23

128,202 0.23 JAPAN JapanGovernmentFiveYearBond0.1%20/06/2021

JPY 25,650,000 230,348 0.41

JapanGovernmentFiveYearBond0.1%20/12/2021

JPY 22,000,000 197,758 0.36

JapanGovernmentFortyYearBond1.4%20/03/2055

JPY 6,950,000 70,271 0.13

JapanGovernmentTenYearBond0.4%20/03/2025

JPY 51,200,000 470,161 0.85


JPY 5,650,000 68,446 0.12


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets


JPY 8,400,000 91,627 0.16


JPY 22,750,000 227,894 0.41


JPY 2,250,000 20,515 0.04

1,377,020 2.48 LUXEMBOURG AlticeFincoSA,144A7.625%15/02/2025

USD 200,000 212,795 0.38


GBP 100,000 135,162 0.24


EUR 92,680 115,663 0.21

463,620 0.83 MEXICO MexicanBonos6.5%09/06/2022 MXN 6,645,000 367,382 0.66 MexicanBonos7.5%03/06/2027 MXN 1,460,000 85,484 0.15 MexicanBonos7.75%13/11/2042 MXN 1,180,000 69,639 0.13 MexicoGovernmentBond4%02/10/2023

USD 50,000 52,487 0.09

574,992 1.03 NETHERLANDS NetherlandsGovernmentBond5.5%15/01/2028

EUR 49,000 83,868 0.15


EUR 100,000 125,388 0.23

209,256 0.38 POLAND PolandGovernmentBond4%25/10/2023

PLN 620,000 178,372 0.32


RON 710,000 201,585 0.36

RomaniaGovernmentBond5.85%26/04/2023

RON 350,000 101,003 0.18


EUR 16,000 19,450 0.04

322,038 0.58 RUSSIA RussianFederalBond-OFZ7.6%20/07/2022

RUB 3,000,000 50,254 0.09


RUB 5,500,000 96,566 0.17

146,820 0.26 SERBIA SerbiaGovernmentBond,Reg.S7.25%28/09/2021

USD 200,000 231,284 0.42

231,284 0.42 SLOVENIA SloveniaGovernmentBond,Reg.S1.25%22/03/2027

EUR 72,000 83,027 0.15

83,027 0.15 SOUTH AFRICA SouthAfricaGovernmentBond7.25%15/01/2020

ZAR 1,490,000 112,597 0.20


USD 100,000 109,447 0.20

222,044 0.40 SUPRANATIONAL EuropeanInvestmentBank,Reg.S1.75%12/11/2026

SEK 390,000 47,937 0.09

47,937 0.09


149T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

SWEDEN SwedenGovernmentBond1%12/11/2026

SEK 350,000 42,803 0.08

SwedenGovernmentBond3.5%30/03/2039

SEK 150,000 23,847 0.04


THB 3,150,000 89,479 0.16

89,479 0.16 UKRAINE UkraineGovernmentBond,Reg.S7.75%01/09/2021

USD 100,000 101,842 0.18

101,842 0.18 UNITED KINGDOM InterContinentalHotelsGroupplc,Reg.S2.125%24/08/2026

GBP 100,000 125,456 0.23

Kennedy Wilson Europe Real Estate plc,Reg.S3.95%30/06/2022

GBP 100,000 133,240 0.24

UKTreasury,Reg.S1.5%22/07/2026 GBP 118,000 157,168 0.28 UKTreasury,Reg.S4.25%07/12/2046

GBP 47,000 93,340 0.17

UKTreasury,Reg.S3.5%22/07/2068 GBP 27,000 56,845 0.10 VirginMediaSecuredFinanceplc,Reg.S6.25%28/03/2029

GBP 200,000 282,304 0.51

848,353 1.53 UNITED STATES OF AMERICA DPL,Inc.7.25%15/10/2021 USD 100,000 107,056 0.19 NRGEnergy,Inc.7.25%15/05/2026 USD 130,000 134,875 0.24 USTreasury1.25%31/03/2021 USD 1,272,000 1,252,374 2.25 USTreasury1.375%30/06/2023 USD 128,000 123,440 0.22 USTreasury1.625%15/02/2026 USD 798,000 759,846 1.37 USTreasury3.125%15/02/2043 USD 5,000 5,286 0.01 USTreasury3.375%15/05/2044 USD 24,000 26,531 0.05 USTreasury2.5%15/02/2045 USD 260,000 242,795 0.44 USTreasury2.875%15/11/2046 USD 517,000 520,797 0.94

3,173,000 5.71 Total Bonds 12,061,764 21.72

EquitiesARGENTINA MercadoLibre,Inc. USD 162 40,544 0.07 Tenaris SA EUR 170 2,648 0.01 TenarisSA,ADR USD 501 15,606 0.03

58,798 0.11 AUSTRALIA AdelaideBrightonLtd. AUD 1,358 5,881 0.01 ALS Ltd. AUD 2,355 13,497 0.02 Amcor Ltd. AUD 1,628 20,299 0.04 Aristocrat Leisure Ltd. AUD 1,933 33,560 0.06 Australia&NewZealandBanking

Group Ltd.AUD 1,860 41,110 0.07

BHPBillitonLtd. AUD 1,884 33,685 0.06 BramblesLtd. AUD 1,569 11,743 0.02 CharterHallRetailREIT AUD 1,471 4,604 0.01 CommonwealthBankofAustralia AUD 433 27,598 0.05 Computershare Ltd. AUD 1,744 18,978 0.03 CSL Ltd. AUD 234 24,850 0.05 Evolution Mining Ltd. AUD 1,367 2,526 – FortescueMetalsGroupLtd. AUD 250 1,005 – FreelancerLtd. AUD 1,597 965 – Greencross Ltd. AUD 1,018 4,739 0.01 Healthscope Ltd. AUD 7,353 12,509 0.02


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

IlukaResourcesLtd. AUD 1,235 8,256 0.02 IncitecPivotLtd. AUD 3,323 8,726 0.02 IndependenceGroupNL AUD 2,841 6,890 0.01 InsuranceAustraliaGroupLtd. AUD 1,217 6,349 0.01 JamesHardieIndustriesplc,CDI AUD 1,725 27,230 0.05 LendLease Group AUD 799 10,236 0.02 Macquarie Group Ltd. AUD 231 15,742 0.03 Mantra Group Ltd. AUD 2,265 5,314 0.01 MYOBGroupLtd. AUD 4,831 12,715 0.02 NationalAustraliaBankLtd. AUD 1,716 39,090 0.07 Orora Ltd. AUD 523 1,151 – REA Group Ltd. AUD 233 11,906 0.02 Rio Tinto Ltd. AUD 328 15,979 0.03 ScentreGroup,REIT AUD 2,769 8,623 0.02 South32 Ltd. AUD 2,171 4,467 0.01 SpeedCastInternational,Ltd. AUD 1,837 5,397 0.01 Steadfast Group Ltd. AUD 2,917 5,972 0.01 Suncorp Group Ltd. AUD 2,035 23,218 0.04 Syrah Resources Ltd. AUD 2,183 4,654 0.01 VicinityCentres,REIT AUD 3,975 7,855 0.01 WestpacBankingCorp. AUD 916 21,476 0.04 Woodside Petroleum Ltd. AUD 64 1,471 – Woolworths Ltd. AUD 1,262 24,791 0.05 WorleyParsons Ltd. AUD 690 5,967 0.01

541,024 0.97 AUSTRIA ANDRITZAG EUR 17 1,025 –

1,025 – BELGIUM Anheuser-BuschInBevSANV EUR 116 12,871 0.02 Umicore SA EUR 12 835 –

13,706 0.02 BRAZIL BancoBradescoSAPreference BRL 4,070 34,303 0.06 BRMallsParticipacoesSA BRL 6,327 22,477 0.04 BRFSA BRL 1,100 12,827 0.02 IguatemiEmpresadeShopping

Centers SABRL 300 2,950 0.01

ItauUnibancoHoldingSAPreference BRL 11,080 123,007 0.22 Lojas Renner SA BRL 11,930 96,945 0.18 Multiplan Empreendimentos ImobiliariosSA

BRL 1,059 20,816 0.04

Raia Drogasil SA BRL 3,400 72,277 0.13 TelefonicaBrasilSA,ADRPreference USD 460 6,247 0.01

391,849 0.71 CANADA Advantage Oil & Gas Ltd. CAD 167 1,108 – Agnico Eagle Mines Ltd. USD 255 11,447 0.02 Agrium,Inc. USD 24 2,162 – AlimentationCouche-Tard,Inc.'B' CAD 279 13,388 0.02 ARC Resources Ltd. CAD 143 1,871 – AsankoGold,Inc. CAD 78 118 – B2GoldCorp. CAD 171 481 – BankofNovaScotia(The) CAD 649 39,114 0.07 BarrickGoldCorp. CAD 576 9,182 0.02 BCE,Inc. USD 285 12,865 0.02 BoardwalkRealEstateInvestmentTrust,REIT

CAD 81 2,953 0.01

CanadianImperialBankofCommerce CAD 386 31,457 0.06 Canadian National Railway Co. CAD 459 37,169 0.07 Canadian Natural Resources Ltd. USD 3,382 98,721 0.18


150 T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

CanadianPacificRailwayLtd. USD 356 56,917 0.10 CanadianRealEstateInvestmentTrust,REIT

CAD 94 3,323 0.01

Canadian Tire Corp. Ltd. 'A' CAD 130 14,825 0.03 CCLIndustries,Inc.'B' CAD 77 3,861 0.01 CGIGroup,Inc.'A' CAD 414 21,077 0.04 ConstellationSoftware,Inc. CAD 40 21,034 0.04 ContinentalGold,Inc. CAD 42 123 – Crescent Point Energy Corp. CAD 283 2,181 – Enbridge,Inc. USD 31 1,242 – Encana Corp. USD 159 1,380 – Enercare,Inc. CAD 241 3,676 0.01 FirstQuantumMineralsLtd. CAD 121 1,009 – Fortis,Inc. CAD 314 11,041 0.02 FortunaSilverMines,Inc. CAD 100 488 – Franco-NevadaCorp. CAD 140 10,139 0.02 Franco-NevadaCorp. USD 318 23,042 0.04 Goldcorp,Inc. USD 72 929 – GuyanaGoldfields,Inc. CAD 28 129 – IndustrialAllianceInsurance&FinancialServices,Inc.

CAD 291 12,634 0.02

InterPipelineLtd. CAD 1,042 20,349 0.04 Kelt Exploration Ltd. CAD 204 970 – Lucara Diamond Corp. CAD 400 846 – Lundin Mining Corp. CAD 334 1,899 – ManulifeFinancialCorp. CAD 1,350 25,374 0.05 Metro,Inc. CAD 506 16,601 0.03 NewGold,Inc. USD 858 2,668 0.01 OceanaGold Corp. CAD 532 1,634 – Onex Corp. CAD 315 25,003 0.05 Open Text Corp. USD 584 18,285 0.03 Osisko Gold Royalties Ltd. CAD 27 331 – Pan American Silver Corp. USD 50 841 – RestaurantBrandsInternational,Inc. CAD 287 17,787 0.03 RestaurantBrandsInternational,Inc. USD 159 9,860 0.02 RichmontMines,Inc. CAD 13 99 – RoyalBankofCanada USD 1,217 88,695 0.16 Saputo,Inc. CAD 180 5,700 0.01 SEMAFO,Inc. CAD 100 230 – Seven Generations Energy Ltd. 'A' CAD 345 5,910 0.01 SilvercorpMetals,Inc. USD 14 45 – SuncorEnergy,Inc. CAD 955 28,148 0.05 SuncorEnergy,Inc. USD 49 1,445 – Toronto-DominionBank(The) USD 1,331 66,923 0.12 TransCanada Corp. USD 2,270 108,438 0.20 Veresen,Inc. CAD 496 6,981 0.01 WasteConnections,Inc. USD 1,500 96,210 0.17 Wesdome Gold Mines Ltd. CAD 149 356 – WestFraserTimberCo.Ltd. CAD 52 2,468 – Winpak Ltd. CAD 182 8,136 0.02

1,013,318 1.82 CHILE Antofagasta plc GBP 158 1,651 – BancoSantanderChile,ADR USD 1,348 34,185 0.06 SACIFalabella CLP 2,710 21,969 0.04

57,805 0.10 CHINA 58.com,Inc.,ADR USD 347 15,004 0.03 AlibabaGroupHoldingLtd.,ADR USD 2,686 377,249 0.68 Anhui Conch Cement Co. Ltd. 'H' HKD 8,500 29,591 0.05


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Baidu,Inc.,ADR USD 389 69,565 0.12 China Longyuan Power Group Corp.

Ltd. 'H'HKD 17,000 12,386 0.02

China Mengniu Dairy Co. Ltd. HKD 17,000 33,366 0.06 CSPC Pharmaceutical Group Ltd. HKD 18,000 26,329 0.05 Ctrip.comInternationalLtd.,ADR USD 187 10,147 0.02 HenganInternationalGroupCo.Ltd. HKD 5,500 40,612 0.07 Huaneng Renewables Corp. Ltd. 'H' HKD 46,000 14,218 0.02 Kweichow Moutai Co. Ltd. 'A' CNY 400 27,844 0.05 PingAnInsuranceGroupCo.ofChina

Ltd. 'H'HKD 9,000 59,415 0.11

Sunny Optical Technology Group Co. Ltd.

HKD 3,000 26,949 0.05

Tencent Holdings Ltd. HKD 6,800 243,844 0.44 TencentHoldingsLtd.,ADR USD 2,430 87,237 0.16 VipshopHoldingsLtd.,ADR USD 1,557 16,372 0.03

1,090,128 1.96 COLOMBIA GrupoAvalAccionesyValoresSA,

ADR PreferenceUSD 1,700 14,008 0.03

14,008 0.03 DENMARK NovoNordiskA/S'B' DKK 1,326 56,936 0.11 SimCorpA/S DKK 1,849 111,708 0.20 VestasWindSystemsA/S DKK 12 1,104 –

169,748 0.31 EGYPT OCINV EUR 29 640 –

640 – FINLAND Konecranes OYJ EUR 2,121 89,860 0.16

89,860 0.16 FRANCE Air Liquide SA EUR 1,001 124,427 0.22 BNPParibasSA EUR 2,217 161,170 0.29 BureauVeritasSA EUR 4,564 101,267 0.18 Cie Plastic Omnium SA EUR 2,285 83,813 0.15 Dassault Aviation SA EUR 51 71,874 0.13 GecinaSA,REIT EUR 53 8,322 0.02 IliadSA EUR 571 134,813 0.24 Klepierre,REIT EUR 176 7,229 0.01 Legrand SA EUR 23 1,613 – LVMH Moet Hennessy Louis Vuitton

SEEUR 641 161,295 0.29

Schneider Electric SE EUR 1,945 149,992 0.27 SEBSA EUR 653 117,187 0.21 TOTAL SA EUR 3,015 150,253 0.27 TOTALSA,ADR USD 3,397 169,103 0.31 Unibail-RodamcoSE,REIT EUR 603 153,248 0.28

1,595,606 2.87 GERMANY Allianz SE EUR 968 191,900 0.35 Henkel AG & Co. KGaA Preference EUR 5 690 – Krones AG EUR 11 1,265 – Linde AG EUR 10 1,907 – SAP SE EUR 1,241 130,040 0.23 Symrise AG EUR 16 1,142 – Telefonica Deutschland Holding AG EUR 19,372 96,784 0.18 Wirecard AG EUR 2,061 131,612 0.24

555,340 1.00


151T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

HONG KONG AIAGroupLtd. HKD 31,800 232,720 0.42 CK Hutchison Holdings Ltd. HKD 3,000 37,701 0.07 DairyFarmInternationalHoldingsLtd. USD 10,000 78,839 0.14 Hongkong Land Holdings Ltd. USD 1,500 11,047 0.02 Hysan Development Co. Ltd. HKD 1,000 4,774 0.01 Sun Hung Kai Properties Ltd. HKD 1,000 14,706 0.03 Wharf Holdings Ltd. (The) HKD 1,000 8,295 0.01

388,082 0.70 INDIA AxisBankLtd.,GDR USD 1,397 55,740 0.10 DrReddy'sLaboratoriesLtd.,ADR USD 380 15,975 0.03 HDFCBankLtd.,ADR USD 835 71,676 0.13 ICICIBankLtd.,ADR USD 5,600 50,148 0.09 InfosysLtd.,ADR USD 8,030 119,768 0.21 TataMotorsLtd.,ADR USD 1,815 60,313 0.11

373,620 0.67 INDONESIA AstraInternationalTbk.PT IDR 54,300 36,538 0.07 BankCentralAsiaTbk.PT IDR 38,700 52,958 0.10 Matahari Department Store Tbk. PT IDR 12,700 13,493 0.02

102,989 0.19 IRELAND Kingspan Group plc EUR 2,617 89,655 0.16

89,655 0.16 ITALY BuzziUnicemSpA EUR 15 374 – Eni SpA EUR 8,457 127,287 0.23 FerrariNV USD 427 37,038 0.06 Hera SpA EUR 28,612 87,892 0.16 IntesaSanpaoloSpA EUR 31,385 100,138 0.18 ItalgasSpA EUR 22,895 115,980 0.21

468,709 0.84 JAPAN Asics Corp. JPY 1,300 24,189 0.04 AstellasPharma,Inc. JPY 2,600 31,922 0.06 BenefitOne,Inc. JPY 1,100 44,094 0.08 Calbee,Inc. JPY 1,100 43,364 0.08 Central Japan Railway Co. JPY 100 16,355 0.03 Chugai Pharmaceutical Co. Ltd. JPY 1,800 67,628 0.12 CyberAgent,Inc. JPY 800 24,908 0.04 Daiichikosho Co. Ltd. JPY 300 14,116 0.03 DaikinIndustriesLtd. JPY 800 82,043 0.15 Daio Paper Corp. JPY 5,600 75,780 0.14 Disco Corp. JPY 100 16,018 0.03 Don Quijote Holdings Co. Ltd. JPY 400 15,215 0.03 Dowa Holdings Co. Ltd. JPY 1,000 7,612 0.01 Eiken Chemical Co. Ltd. JPY 1,300 39,395 0.07 Ezaki Glico Co. Ltd. JPY 300 16,196 0.03 FamilyMartUNYHoldingsCo.Ltd. JPY 400 22,954 0.04 FANUCCorp. JPY 400 77,403 0.14 FUJIFILMHoldingsCorp. JPY 1,000 36,096 0.06 FujitecCo.Ltd. JPY 3,700 48,496 0.09 GMOPaymentGateway,Inc. JPY 800 44,457 0.08 HikariTsushin,Inc. JPY 500 52,769 0.10 Hitachi Metals Ltd. JPY 3,600 50,313 0.09 Honda Motor Co. Ltd. JPY 1,200 32,797 0.06 HoshinoResortsREIT,Inc. JPY 9 46,316 0.08 Hoshizaki Corp. JPY 900 81,627 0.15


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Istyle,Inc. JPY 1,900 15,074 0.03 IsuzuMotorsLtd. JPY 4,800 59,515 0.11 Jamco Corp. JPY 1,300 28,660 0.05 JapanTobacco,Inc. JPY 2,100 73,969 0.13 JINS,Inc. JPY 500 27,947 0.05 Kadokawa Dwango JPY 2,100 27,231 0.05 Keyence Corp. JPY 200 88,156 0.16 Komatsu Ltd. JPY 1,300 33,224 0.06 Kubota Corp. JPY 3,800 64,169 0.12 Mabuchi Motor Co. Ltd. JPY 800 40,011 0.07 Maruichi Steel Tube Ltd. JPY 200 5,831 0.01 MiracaHoldings,Inc. JPY 400 18,044 0.03 Mitsubishi Electric Corp. JPY 5,800 83,804 0.15 Mitsubishi Estate Co. Ltd. JPY 400 7,487 0.01 MitsubishiHeavyIndustriesLtd. JPY 10,000 41,113 0.07 Mitsubishi Motors Corp. JPY 5,300 35,078 0.06 MitsuiFudosanCo.Ltd. JPY 400 9,593 0.02 MitsuiFudosanLogisticsPark,Inc.,REIT

JPY 14 41,959 0.08

Miura Co. Ltd. JPY 4,600 89,926 0.16 MoriHillsREITInvestmentCorp. JPY 27 33,279 0.06 Murata Manufacturing Co. Ltd. JPY 300 45,802 0.08 Nakanishi,Inc. JPY 900 36,580 0.07 Nidec Corp. JPY 200 20,569 0.04 Nifco,Inc. JPY 500 26,934 0.05 Nintendo Co. Ltd. JPY 200 67,205 0.12 NipponAccommodationsFund,Inc.,REIT

JPY 2 8,382 0.02

Nippon Ceramic Co. Ltd. JPY 800 18,707 0.03 Nippon Kanzai Co. Ltd. JPY 1,300 23,070 0.04 NipponPrologisREIT,Inc. JPY 2 4,271 0.01 Nippon Seiki Co. Ltd. JPY 2,000 40,366 0.07 Nippon Telegraph & Telephone Corp. JPY 2,400 113,535 0.20 NTTDOCOMO,Inc. JPY 3,000 71,104 0.13 Olympus Corp. JPY 1,330 48,768 0.09 Persol Holdings Co. Ltd. JPY 1,400 26,326 0.05 Pigeon Corp. JPY 900 32,714 0.06 PolaOrbisHoldings,Inc. JPY 1,500 39,679 0.07 Recruit Holdings Co. Ltd. JPY 2,700 46,554 0.08 Renesas Electronics Corp. JPY 1,900 16,633 0.03 SakataINXCorp. JPY 1,500 23,991 0.04 Sanwa Holdings Corp. JPY 1,600 16,929 0.03 Seria Co. Ltd. JPY 1,500 72,661 0.13 SHO-BONDHoldingsCo.Ltd. JPY 400 20,259 0.04 Skylark Co. Ltd. JPY 1,700 24,482 0.04 SMC Corp. JPY 100 30,528 0.05 SMS Co. Ltd. JPY 1,900 57,828 0.10 SoftBankGroupCorp. JPY 1,800 146,593 0.26 Solasto Corp. JPY 1,100 14,729 0.03 Start Today Co. Ltd. JPY 2,600 64,194 0.12 Sumitomo Densetsu Co. Ltd. JPY 2,100 30,475 0.05 SumitomoElectricIndustriesLtd. JPY 3,100 47,974 0.09 Sumitomo Seika Chemicals Co. Ltd. JPY 600 29,511 0.05 SuntoryBeverage&FoodLtd. JPY 1,100 51,258 0.09 Suzuki Motor Corp. JPY 1,900 90,572 0.16 TechnoProHoldings,Inc. JPY 500 20,179 0.04 THK Co. Ltd. JPY 2,400 68,292 0.12 TokioMarineHoldings,Inc. JPY 1,300 54,106 0.10 VT Holdings Co. Ltd. JPY 5,100 25,242 0.05 Welcia Holdings Co. Ltd. JPY 600 22,277 0.04


152 T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

Yamato Holdings Co. Ltd. JPY 2,100 42,739 0.08 Yumeshin Holdings Co. Ltd. JPY 2,200 14,669 0.03 ZenkokuHoshoCo.Ltd. JPY 1,300 53,322 0.10

3,546,142 6.39 LUXEMBOURG Orion Engineered Carbons SA USD 43 849 –

849 – MEXICO ConcentradoraFibraDanhosSAdeCV,REIT

MXN 2,500 4,484 0.01

Fresnilloplc GBP 1,559 30,221 0.05 GrupoAeroportuariodelSuresteSABdeCV,ADR

USD 20 4,210 0.01


USD 2,200 21,098 0.04

GrupoMexicoSABdeCV MXN 1,450 4,036 0.01 Wal-MartdeMexicoSABdeCV MXN 22,600 52,567 0.09

116,616 0.21 MONACO Endeavour Mining Corp. CAD 34 594 –

594 – NETHERLANDS ABNAMROGroupNV,CVA EUR 4,355 115,976 0.21 Akzo Nobel NV EUR 31 2,704 – ASMLHoldingNV,NYRS USD 238 31,259 0.06 Corbion NV EUR 34 1,087 – Koninklijke Vopak NV EUR 1,716 80,461 0.15 NXP Semiconductors NV USD 771 84,170 0.15 SBMOffshoreNV EUR 64 1,029 – Wolters Kluwer NV EUR 2,458 104,236 0.19

420,922 0.76 NORWAY Aker Solutions ASA NOK 232 1,040 – DNBASA NOK 3,119 52,698 0.10 YaraInternationalASA NOK 35 1,305 –

55,043 0.10 PERU Credicorp Ltd. USD 90 16,222 0.03 Southern Copper Corp. USD 61 2,124 –

18,346 0.03 PHILIPPINES BDOUnibank,Inc. PHP 8,468 20,805 0.04 GTCapitalHoldings,Inc. PHP 710 17,012 0.03 SMInvestmentsCorp. PHP 2,920 46,470 0.08 Universal Robina Corp. PHP 10,780 34,797 0.06

119,084 0.21 PORTUGAL Galp Energia SGPS SA EUR 152 2,299 –

2,299 – RUSSIA MagnitPJSC,GDR USD 1,518 51,308 0.09 Mail.RuGroupLtd.,GDRPreference USD 200 5,246 0.01 SberbankofRussiaPJSC,ADR USD 8,097 83,440 0.15 X5RetailGroupNV,GDR USD 111 3,842 0.01 Yandex NV 'A' USD 674 17,632 0.03

161,468 0.29 SINGAPORE CapitaLandMallTrust,REIT SGD 4,500 6,461 0.01 DBSGroupHoldingsLtd. SGD 5,000 75,409 0.14

81,870 0.15


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

SOUTH AFRICA AngloGold Ashanti Ltd. ZAR 62 606 – Aspen Pharmacare Holdings Ltd. ZAR 1,548 33,887 0.06 BidCorp.Ltd. ZAR 558 12,724 0.02 Clicks Group Ltd. ZAR 1,253 13,341 0.02 FirstRandLtd. ZAR 13,595 49,216 0.09 Mr Price Group Ltd. ZAR 1,325 15,764 0.03 Naspers Ltd. 'N' ZAR 159 30,825 0.06 Sanlam Ltd. ZAR 5,564 27,691 0.05 Shoprite Holdings Ltd. ZAR 2,224 33,524 0.06 Sibanye Gold Ltd. ZAR 664 770 – Woolworths Holdings Ltd. ZAR 5,563 26,133 0.05

244,481 0.44 SOUTH KOREA AMOREPACIFICGroup KRW 127 14,449 0.03 Hyundai Glovis Co. Ltd. KRW 48 6,592 0.01 Hyundai Motor Co. KRW 217 30,274 0.05 KoreaZincCo.Ltd. KRW 13 5,186 0.01 LG Household & Health Care Ltd. KRW 96 83,506 0.15 NAVER Corp. KRW 49 35,935 0.07 Samsung Electronics Co. Ltd. KRW 94 195,730 0.35 Samsung Electronics Co. Ltd.

PreferenceKRW 23 37,510 0.07

409,182 0.74 SPAIN Acerinox SA EUR 130 1,781 – BankiaSA EUR 18,528 90,684 0.16 CaixaBankSA EUR 19,634 94,214 0.17 Cellnex Telecom SA EUR 6,651 137,700 0.25 Euskaltel SA EUR 6,528 70,112 0.13 Gamesa Corp. Technologica SA EUR 4,525 96,630 0.18 Gestamp Automocion SA EUR 10,633 74,190 0.13 InmobiliariaColonialSA EUR 536 4,685 0.01 Red Electrica Corp. SA EUR 88 1,853 – Vidrala SA EUR 16 1,133 –

572,982 1.03 SWEDEN BolidenAB SEK 232 6,360 0.01 ComHemHoldingAB SEK 11,655 162,669 0.29 HufvudstadenAB'A' SEK 223 3,697 0.01 LundinPetroleumAB SEK 50 967 – NordeaBankAB SEK 6,517 83,461 0.15 SandvikAB SEK 133 2,085 – SkandinaviskaEnskildaBankenAB'A' SEK 7,484 91,142 0.17

350,381 0.63 SWITZERLAND Dufry AG CHF 846 140,144 0.25 JuliusBaerGroupLtd. CHF 1,114 59,029 0.11 Nestle SA CHF 4,254 373,688 0.67 Novartis AG CHF 3,121 262,581 0.47 PSP Swiss Property AG CHF 111 10,395 0.02 Roche Holding AG CHF 1,007 256,799 0.46 TE Connectivity Ltd. USD 970 75,951 0.14 ZurichInsuranceGroupAG CHF 599 175,416 0.32

1,354,003 2.44


153T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

TAIWAN Catcher Technology Co. Ltd. TWD 7,000 83,920 0.15 DeltaElectronics,Inc. TWD 2,000 10,977 0.02 President Chain Store Corp. TWD 3,000 26,978 0.05 QuantaComputer,Inc. TWD 9,000 21,326 0.04 Taiwan Semiconductor Manufacturing

Co. Ltd.TWD 23,000 157,866 0.29

Uni-President Enterprises Corp. TWD 15,000 30,118 0.05 331,185 0.60

THAILAND Airports of Thailand PCL THB 15,000 20,889 0.04 CP ALL PCL THB 29,400 54,372 0.10

75,261 0.14 TURKEY BIMBirlesikMagazalarA/S TRY 1,722 31,936 0.06

31,936 0.06 UNITED ARAB EMIRATES DP World Ltd. USD 1,232 25,774 0.05 Emaar Malls PJSC AED 21,651 14,855 0.03 FirstAbuDhabiBankPJSC AED 10,862 31,053 0.05

71,682 0.13 UNITED KINGDOM Acacia Mining plc GBP 76 294 – AstraZenecaplc GBP 1,667 111,997 0.20 BPplc GBP 589 3,415 0.01 BritishAmericanTobaccoplc GBP 4,465 305,309 0.55 Cairn Energy plc GBP 363 811 – Centamin plc GBP 491 989 – CrodaInternationalplc GBP 42 2,124 – DerwentLondonplc,REIT GBP 129 4,439 0.01 Experian plc GBP 5,379 110,682 0.20 GlaxoSmithKline plc GBP 5,346 114,139 0.21 GreatPortlandEstatesplc,REIT GBP 664 5,143 0.01 Greene King plc GBP 10,940 95,104 0.17 Johnson Matthey plc GBP 2,544 95,988 0.17 Liberty Global plc 'A' USD 1,951 62,617 0.11 Liberty Global plc 'C' USD 1,670 51,837 0.09 LloydsBankingGroupplc GBP 170,851 147,736 0.27 National Grid plc GBP 150 1,866 – Next plc GBP 1,431 72,579 0.13 Pentair plc USD 33 2,193 0.01 Petra Diamonds Ltd. GBP 935 1,309 – Playtech plc GBP 10,196 126,604 0.23 Prudential plc GBP 7,412 170,799 0.31 Randgold Resources Ltd. GBP 161 14,268 0.03 Rio Tinto plc GBP 700 29,632 0.05 RoyalDutchShellplc'B' GBP 2,908 78,336 0.14 RoyalDutchShellplc,ADR'A' USD 783 41,632 0.08 Shaftesburyplc,REIT GBP 711 8,995 0.02 UNITEGroupplc(The),REIT GBP 730 6,081 0.01 Victrex plc GBP 59 1,444 – Vodafone Group plc GBP 90,489 256,833 0.46

1,925,195 3.47 UNITED STATES OF AMERICA AcadiaRealtyTrust,REIT USD 143 4,021 0.01 Aetna,Inc. USD 1,261 192,290 0.35 AGCO Corp. USD 21 1,415 – AirProducts&Chemicals,Inc. USD 44 6,271 0.01 AlaskaAirGroup,Inc. USD 1,041 93,482 0.17 AlexionPharmaceuticals,Inc. USD 770 93,878 0.17


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

AlnylamPharmaceuticals,Inc. USD 217 17,056 0.03 Alphabet,Inc.'A' USD 418 391,591 0.71 Alphabet,Inc.'C' USD 223 204,197 0.37 Amazon.com,Inc. USD 639 624,872 1.13 AmericanAirlinesGroup,Inc. USD 2,759 137,702 0.25 AmericanCampusCommunities,Inc.,REIT

USD 155 7,373 0.01

American Express Co. USD 965 80,790 0.15 AmericanInternationalGroup,Inc. USD 647 40,793 0.07 AmeripriseFinancial,Inc. USD 707 90,355 0.16 Anthem,Inc. USD 460 86,687 0.16 Apache Corp. USD 1,326 63,383 0.11 Apple,Inc. USD 2,942 424,913 0.77 AppliedMaterials,Inc. USD 1,825 75,445 0.14 Arconic,Inc. USD 301 6,775 0.01 ArgonautGold,Inc. CAD 18 33 – Atmos Energy Corp. USD 48 4,000 0.01 AvalonBayCommunities,Inc.,REIT USD 104 20,035 0.04 Axalta Coating Systems Ltd. USD 34 1,092 – BakerHughes,Inc. USD 81 4,374 0.01 BallCorp. USD 70 2,951 0.01 BankofNewYorkMellonCorp.(The) USD 2,877 146,842 0.27 BectonDickinsonandCo. USD 959 187,772 0.34 BectonDickinsonandCo.Preference6.125%

USD 299 16,412 0.03

BemisCo.,Inc. USD 32 1,480 – Biogen,Inc. USD 341 92,834 0.17 BoeingCo.(The) USD 2,122 421,960 0.76 BostonProperties,Inc.,REIT USD 74 9,120 0.02 Bristol-MyersSquibbCo. USD 336 18,796 0.03 BungeLtd. USD 1,082 79,008 0.14 Cal-MaineFoods,Inc. USD 24 938 – CarlisleCos.,Inc. USD 11 1,046 – Carnival Corp. USD 983 64,622 0.12 Celgene Corp. USD 333 43,383 0.08 Centene Corp. USD 531 42,501 0.08 CentennialResourceDevelopment,Inc.'A'

USD 108 1,690 –

CFIndustriesHoldings,Inc. USD 2,169 59,496 0.11 Charles Schwab Corp. (The) USD 1,226 52,743 0.10 Chevron Corp. USD 15 1,568 – Cigna Corp. USD 706 118,100 0.21 Cimarex Energy Co. USD 11 1,035 – CiscoSystems,Inc. USD 4,189 131,974 0.24 Citigroup,Inc. USD 2,429 162,634 0.29 CitizensFinancialGroup,Inc. USD 1,074 38,116 0.07 CMS Energy Corp. USD 25 1,166 – Comcast Corp. 'A' USD 3,544 138,358 0.25 CompassMineralsInternational,Inc. USD 14 922 – ComstockResources,Inc. USD 65 448 – ConchoResources,Inc. USD 39 4,701 0.01 ContinentalResources,Inc. USD 38 1,205 – Coty,Inc.'A' USD 1,591 29,943 0.05 CrownCastleInternationalCorp.,REIT USD 496 49,610 0.09 Cummins,Inc. USD 311 50,332 0.09 Danaher Corp. USD 957 80,685 0.15 DiamondbackEnergy,Inc. USD 15 1,312 – Dollar General Corp. USD 1,717 122,491 0.22 DouglasEmmett,Inc.,REIT USD 174 6,664 0.01 Dril-Quip,Inc. USD 23 1,127 – DTEEnergyCo.Preference6.5% USD 29 1,598 –


154 T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

EdisonInternational USD 30 2,366 – EIduPontdeNemours&Co. USD 1,411 113,388 0.20 ElectronicArts,Inc. USD 489 51,971 0.09 EOGResources,Inc. USD 60 5,425 0.01 EQT Corp. USD 801 47,163 0.09 EquityResidential,REIT USD 267 17,694 0.03 EssexPropertyTrust,Inc.,REIT USD 43 11,184 0.02 Eversource Energy USD 11 672 – Exelon Corp. USD 3,231 116,413 0.21 Exxon Mobil Corp. USD 1,895 153,609 0.28 Facebook,Inc.'A' USD 2,548 383,601 0.69 FederalRealtyInvestmentTrust,REIT USD 55 7,017 0.01 FifthThirdBancorp USD 5,856 152,022 0.27 FirstRepublicBank USD 892 89,557 0.16 FlowserveCorp. USD 57 2,634 0.01 FortiveCorp. USD 640 40,448 0.07 FortuneBrandsHome&Security,Inc. USD 488 31,876 0.06 Frank'sInternationalNV USD 101 830 – General Electric Co. USD 4,127 111,780 0.20 General Motors Co. USD 958 33,520 0.06 GGP,Inc.,REIT USD 491 11,651 0.02 GileadSciences,Inc. USD 864 61,318 0.11 GraniteConstruction,Inc. USD 27 1,296 – Halliburton Co. USD 29 1,235 – Hess Corp. USD 1,504 65,695 0.12 Hexcel Corp. USD 18 950 – HiltonWorldwideHoldings,Inc. USD 1,389 86,937 0.16 Hologic,Inc. USD 1,724 78,752 0.14 HomeDepot,Inc.(The) USD 750 114,787 0.21 Humana,Inc. USD 450 108,459 0.20 IllinoisToolWorks,Inc. USD 685 98,188 0.18 IncyteCorp. USD 317 40,322 0.07 IntercontinentalExchange,Inc. USD 1,768 116,600 0.21 InternationalPaperCo. USD 1,257 70,342 0.13 Intuit,Inc. USD 746 99,867 0.18 IntuitiveSurgical,Inc. USD 225 209,743 0.38 InvescoLtd. USD 1,362 47,970 0.09 J.P. Morgan Chase & Co. USD 3,697 338,497 0.61 JacobsEngineeringGroup,Inc. USD 15 811 – JaggedPeakEnergy,Inc. USD 84 1,100 – Johnson & Johnson USD 1,278 169,846 0.31 JohnsonControlsInternationalplc USD 2,892 124,616 0.22 KilroyRealtyCorp.,REIT USD 54 4,071 0.01 Kohl's Corp. USD 1,059 40,369 0.07 Kosmos Energy Ltd. USD 235 1,469 – Las Vegas Sands Corp. USD 863 54,861 0.10 Loews Corp. USD 2,002 93,834 0.17 Lowe'sCos.,Inc. USD 1,025 78,935 0.14 MacerichCo.(The),REIT USD 106 6,214 0.01 Marathon Petroleum Corp. USD 86 4,476 0.01 Marsh&McLennanCos.,Inc. USD 1,375 107,401 0.19 MartinMariettaMaterials,Inc. USD 6 1,327 – Matador Resources Co. USD 46 967 – Mattel,Inc. USD 2,358 49,777 0.09 Medtronic plc USD 1,778 158,135 0.29 Merck&Co.,Inc. USD 3,804 244,369 0.44 MetLife,Inc. USD 2,642 145,838 0.26 MGMResortsInternational USD 2,011 63,688 0.12 Microsoft Corp. USD 8,104 559,824 1.01 Morgan Stanley USD 8,260 370,874 0.67


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

MuellerWaterProducts,Inc.'A' USD 77 913 – MurphyUSA,Inc. USD 21 1,534 – Netflix,Inc. USD 321 47,967 0.09 News Corp. 'A' USD 3,844 52,394 0.09 NextEraEnergy,Inc.Preference6.123%

USD 1,277 68,658 0.12

NiSource,Inc. USD 49 1,255 – NobleEnergy,Inc. USD 32 917 – NRGEnergy,Inc. USD 49 845 – Nucor Corp. USD 130 7,669 0.01 NVIDIACorp. USD 101 14,608 0.03 Occidental Petroleum Corp. USD 1,684 101,124 0.18 OceaneeringInternational,Inc. USD 38 870 – O'ReillyAutomotive,Inc. USD 204 44,146 0.08 ParsleyEnergy,Inc.'A' USD 49 1,347 – PayPalHoldings,Inc. USD 3,635 194,618 0.35 PepsiCo,Inc. USD 1,081 125,428 0.23 Perrigo Co. plc USD 853 64,615 0.12 Pfizer,Inc. USD 4,736 159,177 0.29 PG&E Corp. USD 3,436 228,975 0.41 PhilipMorrisInternational,Inc. USD 2,683 314,823 0.57 Pilgrim's Pride Corp. USD 37 812 – Pioneer Natural Resources Co. USD 28 4,469 0.01 PolyOne Corp. USD 30 1,176 – PPGIndustries,Inc. USD 22 2,423 – Praxair,Inc. USD 13 1,718 – PricelineGroup,Inc.(The) USD 239 449,349 0.81 Procter & Gamble Co. (The) USD 862 75,149 0.14 Prologis,Inc.,REIT USD 280 16,419 0.03 PublicStorage,REIT USD 38 7,929 0.01 QUALCOMM,Inc. USD 2,017 111,419 0.20 Rayonier,Inc.,REIT USD 140 4,007 0.01 Raytheon Co. USD 336 54,039 0.10 RedHat,Inc. USD 1,069 102,367 0.18 RegencyCentersCorp.,REIT USD 166 10,493 0.02 Reliance Steel & Aluminum Co. USD 50 3,720 0.01 ResMed,Inc.,CDI AUD 3,814 29,487 0.05 RossStores,Inc. USD 840 48,367 0.09 RoyalGold,Inc. USD 23 1,790 – RPMInternational,Inc. USD 87 4,744 0.01 RSPPermian,Inc. USD 46 1,466 – salesforce.com,Inc. USD 1,669 144,602 0.26 SandersonFarms,Inc. USD 10 1,178 – Schlumberger Ltd. USD 27 1,773 – ServiceNow,Inc. USD 973 102,068 0.18 Sherwin-Williams Co. (The) USD 4 1,408 – SimonPropertyGroup,Inc.,REIT USD 41 6,674 0.01 SLGreenRealtyCorp.,REIT USD 120 12,708 0.02 Snap,Inc.'A' USD 1,671 29,760 0.05 Southern Co. (The) USD 2,096 101,384 0.18 Southwest Airlines Co. USD 1,397 86,879 0.16 Starbucks Corp. USD 1,349 79,227 0.14 Stericycle,Inc. USD 650 50,368 0.09 Stryker Corp. USD 880 122,461 0.22 SunstoneHotelInvestors,Inc.,REIT USD 217 3,539 0.01 TaubmanCenters,Inc.,REIT USD 57 3,422 0.01 TD Ameritrade Holding Corp. USD 1,537 65,907 0.12 Tesla,Inc. USD 210 75,997 0.14 Tesoro Corp. USD 8 747 – TexasInstruments,Inc. USD 662 50,934 0.09


155T. ROWE PRICE




Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

ThermoFisherScientific,Inc. USD 309 54,004 0.10 T-MobileUS,Inc. USD 1,456 87,360 0.16 TPG Pace Energy Holdings Corp. USD 91 942 – Twenty-FirstCenturyFox,Inc.'B' USD 4,601 127,448 0.23 TysonFoods,Inc.'A' USD 2,181 135,527 0.24 United Technologies Corp. USD 743 90,824 0.16 UnitedHealthGroup,Inc. USD 1,296 240,862 0.43 UrbanEdgeProperties,REIT USD 196 4,712 0.01 USBancorp USD 2,382 124,102 0.22 USSilicaHoldings,Inc. USD 23 829 – ValmontIndustries,Inc. USD 5 746 – Valvoline,Inc. USD 74 1,756 – VEREIT,Inc.,REIT USD 6,214 51,079 0.09 VerizonCommunications,Inc. USD 2,228 98,867 0.18 VertexPharmaceuticals,Inc. USD 976 124,899 0.23 Visa,Inc.'A' USD 3,801 358,168 0.65 VornadoRealtyTrust,REIT USD 135 12,594 0.02 Vulcan Materials Co. USD 493 62,458 0.11 Wal-MartStores,Inc. USD 1,211 92,253 0.17 WellsFargo&Co. USD 3,921 217,380 0.39 WestarEnergy,Inc. USD 532 28,398 0.05 WeyerhaeuserCo.,REIT USD 1,756 58,475 0.11 Workday,Inc.'A' USD 61 5,858 0.01 Xilinx,Inc. USD 1,075 69,015 0.12 XL Group Ltd. USD 2,149 94,964 0.17 Yum!Brands,Inc. USD 489 36,083 0.07



44,520,047 80.16

Transferable securities and money market instruments dealt in on another regulated marketBondsAUSTRALIA NewSouthWalesTreasuryCorp.,Reg.S4%20/05/2026

AUD 70,000 58,734 0.11

58,734 0.11 CANADA ValeantPharmaceuticalsInternational,Inc.,144A7%01/10/2020

USD 90,000 89,072 0.16


MYR 1,162,000 270,167 0.48


MYR 340,000 81,602 0.15

351,769 0.63 MEXICO PetroleosMexicanos5.5%04/02/2019

USD 50,000 52,267 0.09


USD 150,000 157,956 0.29

210,223 0.38 PERU PeruGovernmentBond,Reg.S8.2%12/08/2026

PEN 215,000 79,906 0.14

79,906 0.14


Quantity/Nominal

Value

Market ValueUSD

% of Net Assets

UNITED STATES OF AMERICA AllyAutoReceivablesTrust,Series2014-1'D'2.48%15/02/2021

USD 20,000 20,076 0.04


USD 135,000 144,652 0.26

FHLMCG086813.5%01/12/2045 USD 100,631 103,659 0.19 FHLMC,FRN,Series2017-SC01'M1',144A3.606%25/12/2046

USD 29,222 29,076 0.05

FNMA7451485%01/01/2036 USD 19,848 21,816 0.04 FNMAAS53844%01/07/2045 USD 112,508 118,494 0.21 FNMAMA25783.5%01/04/2046 USD 41,962 43,210 0.08 FNMAMA26703%01/07/2046 USD 206,203 206,696 0.37 FNMAMA29604%01/04/2047 USD 269,175 283,541 0.51 GNMAMA31744%20/10/2045 USD 79,415 83,743 0.15 GNMAMA33763.5%20/01/2046 USD 116,308 120,839 0.22 GNMAMA40714.5%20/11/2046 USD 101,263 107,811 0.19 GNMAMA43234.5%20/03/2047 USD 391,181 416,771 0.75 TowdPointMortgageTrust,FRN,Series2017-1'A1',144A2.75%25/10/2056

USD 92,332 93,357 0.17

USTreasury1.5%15/04/2020 USD 115,000 115,000 0.21 USTreasuryInflationIndexed0.125%15/04/2018

USD 490,000 516,658 0.93



3,215,103 5.79

Units of authorised UCITS or other collective investment undertakingsCollective Investment Schemes - UCITSLUXEMBOURG T.RoweGlobalHighIncomeBondFund-ClassSd†

USD 51,716 555,950 1.00

T.RoweGlobalHighYieldBondFund- Class Sd†

USD 23,268 222,671 0.40

T.RoweDynamicGlobalBondFund-Class Sd†

USD 440,580 4,392,587 7.91

5,171,208 9.31 Total Collective Investment Schemes - UCITS 5,171,208 9.31 Total Units of authorised UCITS or other




Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

AUD 108,000 USD 81,980 25/08/2017 Citibank 987 – BRL 368,885 USD 109,202 05/09/2017 DeutscheBank 732 – CHF 130,000 USD 135,461 19/07/2017 Barclays 543 – CZK 1,150,000 USD 47,071 23/01/2018 Bankof

America3,988 0.01

CZK 1,148,000 USD 46,879 23/01/2018 Citibank 4,092 0.01 CZK 296,000 USD 11,984 23/01/2018 J.P. Morgan 1,158 – EUR 7,000 USD 7,838 21/07/2017 J.P. Morgan 163 – EUR 95,000 USD 106,718 25/08/2017 Citibank 2,071 0.01 EUR 85,000 USD 95,713 25/08/2017 HSBC 1,624 – GBP 109,056 USD 139,151 25/08/2017 Bankof

America2,583 0.01


156 T. ROWE PRICE



Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

GBP 13,540 USD 17,447 25/08/2017 J.P. Morgan 151 – HUF 2,304,000 USD 8,369 14/07/2017 J.P. Morgan 149 – IDR 1,370,093,770 USD 102,025 11/08/2017 Goldman

Sachs229 –

IDR 50,418,000 USD 3,746 11/08/2017 J.P. Morgan 17 – ILS 50,700 USD 14,412 03/07/2017 J.P. Morgan 110 – MXN 73,000 USD 3,798 14/07/2017 Citibank 246 – MXN 1,245,705 USD 66,168 14/07/2017 J.P. Morgan 2,840 0.01 PLN 7,920 USD 2,119 12/07/2017 J.P. Morgan 22 – RON 327,262 USD 80,770 14/07/2017 Bankof

America1,269 –

RUB 5,065,168 USD 83,736 14/07/2017 J.P. Morgan 1,563 – SEK 1,562,107 USD 179,105 21/07/2017 Citibank 6,318 0.01 USD 81,580 BRL 273,000 05/09/2017 DeutscheBank 221 – USD 191,038 BRL 636,650 05/09/2017 J.P. Morgan 1,304 – USD 1,275,247 GBP 980,160 25/08/2017 RBS 1,381 – USD 3,584,608 JPY 394,366,000 19/07/2017 Bankof

America65,954 0.12

USD 72,138 JPY 8,044,000 19/07/2017 J.P. Morgan 367 – USD 259,419 JPY 28,732,000 25/08/2017 Bankof

America2,656 0.01

USD 517,297 JPY 57,449,066 25/08/2017 Citibank 3,904 0.01 USD 259,478 JPY 28,732,000 25/08/2017 DeutscheBank 2,714 0.01 USD 258,982 JPY 28,747,000 25/08/2017 HSBC 2,085 0.01 USD 10,713 JPY 1,181,125 25/08/2017 J.P. Morgan 158 – USD 10,489 KRW 11,857,000 07/07/2017 J.P. Morgan 123 – USD 72,925 KRW 81,617,950 07/07/2017 Morgan Stanley 1,574 – USD 82,253 KRW 93,474,950 20/10/2017 Bankof

America426 –

USD 99,658 MXN 1,796,537 14/07/2017 HSBC 136 – USD 42,787 RUB 2,486,000 14/07/2017 Barclays 922 – USD 42,585 RUB 2,485,362 14/07/2017 Citibank 731 – USD 110,579 RUB 6,491,000 14/07/2017 HSBC 1,270 – USD 100,659 RUB 5,816,000 14/07/2017 J.P. Morgan 2,716 – USD 85,823 RUB 4,946,000 14/07/2017 Morgan Stanley 2,532 – USD 51,821 TWD 1,551,000 11/08/2017 Goldman

Sachs834 –


122,863 0.22

COP 5,631,876 USD 1,921 08/09/2017 Citibank (95) – INR 3,500,000 USD 54,146 11/08/2017 HSBC (254) – JPY 5,861,000 USD 53,685 25/08/2017 J.P. Morgan (1,309) – KRW 93,474,950 USD 82,140 07/07/2017 Bankof

America(423) –

RUB 4,088,384 USD 69,389 14/07/2017 HSBC (539) – USD 566,694 AUD 748,000 19/07/2017 Citibank (8,205) (0.02) USD 124,298 AUD 166,641 25/08/2017 Bankof

America(3,719) (0.01)

USD 123,829 AUD 166,000 25/08/2017 HSBC (3,694) (0.01) USD 5,206 AUD 7,000 25/08/2017 J.P. Morgan (172) – USD 27,778 BRL 94,000 05/09/2017 J.P. Morgan (236) – USD 408,707 CAD 539,000 19/07/2017 HSBC (7,313) (0.01) USD 296,986 CAD 393,732 22/09/2017 Morgan Stanley (7,207) (0.01) USD 1,357,934 CHF 1,314,000 19/07/2017 HSBC (16,753) (0.03) USD 38,166 CHF 37,000 19/07/2017 J.P. Morgan (543) – USD 184,197 DKK 1,220,000 19/07/2017 Citibank (3,324) (0.01) USD 33,538 DKK 228,199 18/08/2017 Bankof

America(1,599) –

USD 3,380,152 EUR 3,011,000 19/07/2017 Citibank (61,103) (0.11) USD 88,182 EUR 79,000 19/07/2017 J.P. Morgan (2,107) – USD 728,829 EUR 654,000 21/07/2017 Citibank (18,710) (0.03)

Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD% of Net

Assets

USD 634,053 EUR 561,000 25/08/2017 Citibank (8,371) (0.02) USD 7,309 EUR 6,547 25/08/2017 HSBC (189) – USD 99,061 EUR 88,366 25/08/2017 J.P. Morgan (2,131) – USD 633,370 EUR 560,879 25/08/2017 Morgan Stanley (8,916) (0.02) USD 5,622 EUR 5,000 25/08/2017 Standard

Chartered(103) –

USD 47,042 EUR 43,000 23/01/2018 BankofAmerica

(2,621) (0.01)

USD 47,866 EUR 44,000 23/01/2018 Citibank (2,952) (0.01) USD 9,744 EUR 9,000 23/01/2018 J.P. Morgan (651) – USD 1,802,564 GBP 1,413,000 19/07/2017 Bankof

America(31,741) (0.06)

USD 12,932 GBP 10,000 25/08/2017 J.P. Morgan (65) – USD 52,335 IDR 707,305,000 11/08/2017 DeutscheBank (454) – USD 222,351 ILS 798,450 17/08/2017 J.P. Morgan (6,755) (0.01) USD 40,819 MXN 743,897 14/07/2017 Bankof

America(391) –

USD 38,704 MXN 737,000 14/07/2017 Citibank (2,123) (0.01) USD 92,629 MXN 1,768,000 14/07/2017 HSBC (5,312) (0.01) USD 44,455 MXN 846,000 14/07/2017 J.P. Morgan (2,411) (0.01) USD 38,670 MXN 736,071 14/07/2017 Standard


USD 19,583 MYR 84,674 11/08/2017 Barclays (85) – USD 108,264 MYR 469,000 11/08/2017 Citibank (673) – USD 38,895 MYR 168,000 11/08/2017 J.P. Morgan (127) – USD 38,806 MYR 168,000 11/08/2017 Morgan Stanley (217) – USD 70,408 PLN 280,000 12/07/2017 Bankof

America(5,276) (0.01)

USD 147,393 PLN 566,362 18/08/2017 HSBC (5,665) (0.01) USD 84,195 RON 357,000 14/07/2017 Bankof

America(5,298) –

USD 21,038 RON 89,000 14/07/2017 Barclays (1,273) – USD 20,983 RON 89,000 14/07/2017 Citibank (1,328) – USD 47,739 RON 201,662 14/07/2017 J.P. Morgan (2,813) – USD 337,586 SEK 2,928,000 19/07/2017 Citibank (9,926) (0.02) USD 31,900 SEK 280,159 21/07/2017 Bankof

America(1,355) –

USD 155,238 SEK 1,345,044 21/07/2017 Citibank (4,420) (0.01) USD 103,606 SEK 912,000 21/07/2017 HSBC (4,649) (0.01) USD 70,346 SGD 97,000 19/07/2017 HSBC (146) – USD 40,034 THB 1,358,993 11/08/2017 J.P. Morgan (6) – USD 50,623 THB 1,720,964 11/08/2017 Standard

Chartered(82) –


(257,936) (0.46)


(135,073) (0.24)



Global Exposure

USD


USD% of Net

Assets

Euro-OAT,07/09/2017 (1) EUR (169,615) 491 – LongGilt,27/09/2017 (2) GBP (325,621) 6,309 0.01 US2YearNote,29/09/2017 (8) USD (1,729,625) 1,750 – US5YearNote,29/09/2017 (11) USD (1,297,914) 1,156 – USUltraBond,20/09/2017 1 USD 166,563 3,312 0.01Total Unrealised Gain on



157T. ROWE PRICE




Global Exposure

USD


USD% of Net

Assets

Korea3YearBond,19/09/2017 3 KRW 286,678 (262) – US10YearNote,20/09/2017 5 USD 629,063 (469) –Total Unrealised Loss on

Financial Futures Contracts (731) –


12,287 0.02



Reference Entity

Buy/Sell

Interest (Paid)/

Received Rate

Maturity Date

Market Value USD


USD% of Net

Assets

105,000 USD Merrill Lynch CDX.EM.27-V1 Buy (1.00)% 20/06/2022 4,821 4,821 0.01 100,000 USD J.P. Morgan CDX.EM.27-V1 Buy (1.00)% 20/06/2022 4,591 4,591 0.01 480,000 USD J.P. Morgan CDX.NA.IG.28-V1 Sell 1.00% 20/06/2022 8,793 8,793 0.02 260,000 EUR J.P. Morgan iTraxx Europe

Series 26 Version 1

Sell 1.00% 20/12/2021 6,855 6,855 0.01

75,000 USD Merrill Lynch Turkey Government Bond11.875%15/01/2030

Buy (1.00)% 20/12/2021 2,333 2,333 –


27.393 27.393 0.05

90,000 EUR J.P. Morgan iTraxx Europe Crossover Series 26 Version 1

Buy (5.00)% 20/12/2021 (12,234) (12,234) (0.02)


(12,234) (12,234) (0.02


15,159 15,159 0.03




Maturity Date

Market Value USD


USD

% of Net

Assets

605,000 USD J.P. Morgan Pay floating LIBOR3monthReceive fixed 2.13%

09/03/2022 10,415 10,415 0.02

2,500,000 HKD Citibank Payfixed1.09%Receive floating HIBOR3month

12/08/2021 6,055 6,055 0.01

17,000 GBP J.P. Morgan Payfixed1.41%Receive floating LIBOR6month

12/06/2047 1,066 1,066 –

32,300 GBP J.P. Morgan Payfixed1.5%Receive floating LIBOR6month

16/03/2047 981 981 –

750,000 CZK J.P. Morgan Payfixed0.73%Receive floating PRIBOR6month

07/04/2022 364 364 –


18,881 18,881 0.03


16/02/2027 (2,621) (2,621) (0.01)



Maturity Date

Market Value USD


USD

% of Net

Assets

1,900,000 HKD Citibank Payfixed1.82%Receive floating HIBOR3month

02/12/2021 (2,504) (2,504) (0.01)

560,000 HKD Citibank Payfixed2.13%Receive floating HIBOR3month

07/03/2022 (1,707) (1,707) –


24/01/2027 (1,250) (1,250) –


06/02/2027 (1,213) (1,213) –


15/02/2027 (1,097) (1,097) –

400,000 HKD Merrill Lynch Payfixed1.82%Receive floating HIBOR3month

04/05/2022 (487) (487) –


16/03/2027 (450) (450) –

400,000 HKD Citibank Payfixed1.77%Receive floating HIBOR3month

21/11/2021 (429) (429) –


13/03/2022 (88) (88) –


(11,846) (11,846) (0.02)

Net Unrealised Gain on Interest Rate Swap Contracts

7,035 7,035 0.01



Global Exposure

USD

Market ValueUSD

% of Net Assets

8 10YearUSTreasury,Call,127.000,21/07/2017

USD Goldman Sachs

1,004,250 750 –


USD BankofAmerica

213,894 369 –

330,000 ForeignExchangeUSD/SGD,Call,1.413,10/01/2018


338,773 1,972 0.01




158 T. ROWE PRICE




United States of America 38.08 Luxembourg 10.14 Japan 8.87 United Kingdom 5.00 France 4.05 Switzerland 2.44 Canada 2.32 China 1.96 Brazil 1.71 Mexico 1.62 Germany 1.57 Italy 1.27 Indonesia 1.14 Australia 1.14 Netherlands 1.14 Spain 1.03 South Africa 0.84 Sweden 0.75 South Korea 0.74 Hong Kong 0.70 India 0.67 Malaysia 0.63 Israel 0.63 Taiwan 0.60 Romania 0.58 Russia 0.55 Cyprus 0.47 Argentina 0.45 Serbia 0.42 Denmark 0.37 Poland 0.32 Thailand 0.30 Jamaica 0.23 Philippines 0.21 Greece 0.21 Ireland 0.21 Dominican Republic 0.19 Ukraine 0.18 Peru 0.17 IvoryCoast 0.17 Finland 0.16 Slovenia 0.15Singapore 0.15 United Arab Emirates 0.13 Chile 0.10 Norway 0.10 Austria 0.09 Supranational 0.09 Belgium 0.08 Turkey 0.06 Czech Republic 0.05 Colombia 0.03 Portugal – Egypt – Monaco –Total Investments 95.26CashandOtherAssets/(Liabilities) 4.74Total 100.00

† Managed by an affiliate of the Investment Adviser.The accompanying notes are an integral part of these financial statements.


159T. ROWE PRICE

Abbreviations and Currencies Definitions

ABBREVIATIONS AND CURRENCIES DEFINITIONS

Abbreviations

144A: security may be offered and sold only to ‘qualified institutional buyers’ under Rule 144A of the Securities Act of 1933STEP: stepped coupon bond for which the coupon rate of interest will adjust on specified future date(s)FRN: variable rate, rate shown is effective rate at period-endReg.S.: Bonds sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.ADR: American Depositary ReceiptsCV: convertible bondFHLMC: Federal Home Loan Mortgage CorporationFNMA: Federal National Mortgage AssociationGDR: Global Depositary ReceiptsGNMA: Government National Mortgage AssociationMTN: Medium Term NoteREIT: Real Estate Investment Trust

Currencies Definitions

AED: United Arab Emirates DirhamARS: Argentine PesoAUD: Australian DollarBDT: Bangladeshi TakaBRL: Brazilian RealBWP: Botswanan PulaCAD: Canadian DollarCHF: Swiss FrancCLP: Chilean PesoCNH: Chinese YuanCNY: Chinese RenminbiCOP: Colombian PesoCZK: Czech KorunaDKK: Danish KroneEGP: Egyptian PoundEUR: European Union EuroGBP: Great Britain PoundHKD: Hong Kong DollarHUF: Hungarian ForintIDR: Indonesian RupiahILS: Israeli New ShekelINR: Indian RupeeJPY: Japanese YenKES: Kenyan ShillingKRW: South Korean WonKWD: Kuwaiti DinarLKR: Sri Lankan RupeeMAD: Moroccan DirhamMXN: Mexican PesoMYR: Malaysian RinggitNGN: Nigerian NairaNOK: Norwegian KroneNZD: New Zealand DollarPEN: Peruvian New SolPHP: Philippine PesoPKR: Pakistani RupeePLN: Polish ZlotyQAR: Qatari RialRON: New Romanian LeuRSD: Serbian DinarRUB: Russian RubleSAR: Saudi Arabian RiyalSEK: Swedish KronaSGD: Singapore DollarTHB: Thai Baht

TRY: Turkish LiraTWD: Taiwan DollarTZS: Tanzanian ShillingUGX: Ugandan ShillingUSD: United States DollarVND: Vietnamese DongZAR: South African RandZMW: Zambian Kwacha


160 T. ROWE PRICE

Statement of Net AssetsAs at 30 June 2017

Diversified Income Bond Fund(1)

Dynamic Global Bond Fund(2)

Emerging Local Markets

Bond FundEmerging Markets

Bond Fund

Emerging Markets Corporate

Bond Fund

BaseCurrency USD USD USD USD USD

AssetsInvestmentsatcost 17,311,503 1,121,680,246 51,308,548 196,275,612 15,800,452Unrealised appreciation (depreciation) 1,007,627 23,679,203 (94,136) 3,956,728 341,642Investmentsatmarketvalue 18,319,130 1,145,359,449 51,214,412 200,232,340 16,142,094InvestmentinToBeAnnouncedContractsatmarketvalue 1,468,191 - - - - Cash at banks 3,007,064 153,071,502 1,219,782 12,354,434 525,363Receivables for investments sold 236,450 - 313,023 248,638 200,500Dividends and interest receivable 229,025 8,567,044 791,399 3,091,469 231,547Subscriptions receivable - 1,563,433 152,184 473,122 - Unrealised gain on open forward currency exchange contracts 90,082 28,627,847 519,561 2,644,101 - Options at market value 450 595,699 2,671 106,396 8,810Unrealised gain on open futures contracts 9,204 1,513,939 27,761 45,609 1,813Swap contracts at market value 2,570 5,083,905 95,501 110,186 7,180Cash (and foreign currency) deposits on futures contracts 35,312 2,666,542 26,022 - - Other assets 39,981 31,883 8,011 19,786 11,312Total assets 23,437,459 1,347,081,243 54,370,327 219,326,081 17,128,619 LiabilitiesPayables for investments purchased 1,710,783 3,936,709 1,549,277 3,567,130 - Redemptions payable - 1,553,285 - 31,267 - Unrealised loss on open forward currency exchange contracts 231,611 27,004,379 646,983 377,240 256 Management company fee 8,756 454,844 15,006 85,422 13,805Options at market value - - - 15,865 1,110Swap contracts at market value 136,770 34,924,265 25,716 223,798 - Deposits on futures contracts 42,268 3,349,885 36,366 73,734 1,031Unrealised loss on open futures contracts 4,366 1,256,486 - - - Bankoverdraft 167 6,581,387 321,031 - - Other liabilities 69,962 402,789 73,103 146,118 91,175Total liabilities 2,204,683 79,464,029 2,667,482 4,520,574 107,377 Net assets 21,232,776 1,267,617,214 51,702,845 214,805,507 17,021,242

(1) Formerly known as Global Multi-Sector Bond Fund.(2) Formerly known as Global Unconstrained Bond Fund.


FINANCIAL STATEMENTSStatement of Net Assets


161T. ROWE PRICE

Statement of Net Assets continuedAs at 30 June 2017






BaseCurrency EUR EUR USD USD USD

AssetsInvestmentsatcost 109,917,062 712,830,314 199,442,766 20,166,325 1,643,428,713Unrealised appreciation (depreciation) 2,455,381 (7,622,695) 2,619,311 488,204 46,664,798Investmentsatmarketvalue 112,372,443 705,207,619 202,062,077 20,654,529 1,690,093,511InvestmentinToBeAnnouncedContractsatmarketvalue - - 8,843,312 - - Cash at banks 2,176,035 41,665,506 14,587,614 242,140 97,498,842Receivables for investments sold 603,540 1,678,856 3,068,437 209,825 1,813,553Dividends and interest receivable 962,105 13,427,651 1,250,272 439,735 28,407,789Subscriptions receivable 744 10,139,422 1,466,108 139,000 4,529,984Unrealised gain on open forward currency exchange contracts 107,632 1,450,352 1,226,905 4,623 23,932,888Options at market value 10,127 - 62,011 - 586,130Unrealised gain on open futures contracts 16,770 - 150,182 - - Swap contracts at market value - 321,889 566,980 - 68,407Cash (and foreign currency) deposits on futures contracts - - 568,250 - - Other assets 13,641 25,072 11,794 25,979 63,462Total assets 116,263,037 773,916,367 233,863,942 21,715,831 1,846,994,566 LiabilitiesPayables for investments purchased 1,195,692 1,948,619 9,682,324 48,775 14,784,316Redemptions payable 706 2,886,579 81 - 2,940,132Unrealised loss on open forward currency exchange contracts 584,273 1,067,588 1,699,771 53,524 2,029,089Management company fee 31,397 429,182 63,173 10,317 1,307,425Options at market value - - - - 136,137Swap contracts at market value 142,266 - 2,962,306 - 2,256,656Deposits on futures contracts 3,136 - 579,090 - - Unrealised loss on open futures contracts - - 137,123 - - Bankoverdraft 1,567 - 610,562 - 469 Other liabilities 128,084 395,135 159,061 95,962 676,742Total liabilities 2,087,121 6,727,103 15,893,491 208,578 24,130,966 Net assets 114,175,916 767,189,264 217,970,451 21,507,253 1,822,863,600



162 T. ROWE PRICE


Global Investment Grade Corporate

Bond FundUS Aggregate

Bond FundAsian ex-Japan

Equity FundAsian Opportunities

Equity Fund

Continental European

Equity Fund

BaseCurrency USD USD USD USD EUR

AssetsInvestmentsatcost 22,573,092 356,310,859 538,901,556 2,562,933 77,832,957Unrealised appreciation (depreciation) 522,310 1,237,272 103,702,403 542,086 9,292,180Investmentsatmarketvalue 23,095,402 357,548,131 642,603,959 3,105,019 87,125,137InvestmentinToBeAnnouncedContractsatmarketvalue - 5,498,085 - - - Cash at banks 1,304,926 13,262,287 23,654,585 31,920 2,384,813Receivables for investments sold - 4,037,807 3,477,177 5,392 - Dividends and interest receivable 252,838 2,029,212 1,539,834 5,439 288,683Subscriptions receivable - 2,476,232 1,139,358 - 32 Unrealised gain on open forward currency exchange contracts 17,357 1,146,805 - - 2,129Options at market value - - - - - Unrealised gain on open futures contracts 18,418 111,820 - - - Swap contracts at market value 4,118 - - - - Cash (and foreign currency) deposits on futures contracts - - - - - Other assets 24,639 12,908 7,297 47,555 6,208Total assets 24,717,698 386,123,287 672,422,210 3,195,325 89,807,002 LiabilitiesPayables for investments purchased 301,908 12,848,044 4,136,834 31,405 8,453Redemptions payable - 787,526 262,770 - 382 Unrealised loss on open forward currency exchange contracts 128,995 480 - - 23,813Management company fee 7,703 104,002 670,973 2,559 48,660Options at market value - - - - - Swap contracts at market value 290,879 - - - - Deposits on futures contracts 24,209 42,417 - - - Unrealised loss on open futures contracts 5,893 26,120 - - - Bankoverdraft 20 - - 187 - Other liabilities 86,973 132,655 398,666 94,503 78,487Total liabilities 846,580 13,941,244 5,469,243 128,654 159,795 Net assets 23,871,118 372,182,043 666,952,967 3,066,671 89,647,207



163T. ROWE PRICE






European Smaller Companies

Equity Fund

BaseCurrency EUR USD USD EUR EUR

AssetsInvestmentsatcost 6,135,822 1,382,573,351 3,110,614 462,386,052 64,347,107Unrealised appreciation (depreciation) 546,941 351,434,159 442,316 38,412,031 23,186,669Investmentsatmarketvalue 6,682,763 1,734,007,510 3,552,930 500,798,083 87,533,776InvestmentinToBeAnnouncedContractsatmarketvalue - - - - - Cash at banks 110,198 62,220,511 153,060 13,709,153 2,422,910Receivables for investments sold - 257,554 - - - Dividends and interest receivable 27,917 5,825,774 18,943 2,278,282 161,299Subscriptions receivable - 8,359,091 10,000 1,083,375 3,219Unrealised gain on open forward currency exchange contracts - - - - - Options at market value - - - - - Unrealised gain on open futures contracts - - - - - Swap contracts at market value - - - - - Cash (and foreign currency) deposits on futures contracts - - - - - Other assets 7,063 3,123 20,112 18,321 7,393Total assets 6,827,941 1,810,673,563 3,755,045 517,887,214 90,128,597 LiabilitiesPayables for investments purchased 51,469 7,665,702 17,796 38,127 557,829Redemptions payable - 5,618,954 - 1,658,318 706 Unrealised loss on open forward currency exchange contracts - - - - - Management company fee 8,050 1,562,886 3,026 471,364 79,280Options at market value - - - - - Swap contracts at market value - - - - - Deposits on futures contracts - - - - - Unrealised loss on open futures contracts - - - - - Bankoverdraft - - - - - Other liabilities 59,422 721,758 62,442 281,134 99,778Total liabilities 118,941 15,569,300 83,264 2,448,943 737,593 Net assets 6,709,000 1,795,104,263 3,671,781 515,438,271 89,391,004



164 T. ROWE PRICE


European Structured

Research Equity Fund


Global Focused Growth

Equity FundGlobal Growth

Equity Fund

Global Natural Resources

Equity Fund

Global Real Estate

Securities Fund

BaseCurrency EUR USD USD USD USD USD

AssetsInvestmentsatcost 6,257,735 176,138,035 321,146,301 385,876,611 303,014,521 37,945,308Unrealised appreciation (depreciation) 1,294,347 3,876,575 42,821,537 71,848,046 14,194,835 2,265,313Investmentsatmarketvalue 7,552,082 180,014,610 363,967,838 457,724,657 317,209,356 40,210,621InvestmentinToBeAnnouncedContractsatmarketvalue - - - - - - Cash at banks 220,304 44,095,454 2,334,378 86,081 1,330,988 1,580,064Receivables for investments sold 17,458 196,766 1,761,483 1,441,436 1,655,738 - Dividends and interest receivable 29,829 101,051 596,708 348,314 585,968 110,494Subscriptions receivable - 24,759,789 318,459 337 72,720 - Unrealised gain on open forward currency exchange contracts - - - 349,672 - - Options at market value - - - - - - Unrealised gain on open futures contracts - - - - - - Swap contracts at market value - - - - - - Cash (and foreign currency) deposits on futures contracts - - - - - - Other assets 5,665 46,845 11,030 19,785 132,192 10,815Total assets 7,825,338 249,214,515 368,989,896 459,970,282 320,986,962 41,911,994 LiabilitiesPayables for investments purchased 19,555 35,820,585 1,964,095 200,832 376,521 - Redemptions payable - - 33,464 1,186 187,200 - Unrealised loss on open forward currency exchange contracts - - 520 122,979 - - Management company fee 3,571 39,356 226,501 190,300 330,015 31,462Options at market value - - - - - - Swap contracts at market value - - - - - - Deposits on futures contracts - - - - - - Unrealised loss on open futures contracts - - - - - - Bankoverdraft - 197,771 - - - - Other liabilities 43,924 145,314 171,325 236,278 214,607 124,262Total liabilities 67,050 36,203,026 2,395,905 751,575 1,108,343 155,724 Net assets 7,758,288 213,011,489 366,593,991 459,218,707 319,878,619 41,756,270



165T. ROWE PRICE






Middle East & Africa

Equity FundUS Blue Chip

Equity Fund

BaseCurrency USD USD EUR USD USD USD

AssetsInvestmentsatcost 460,247,300 11,070,196 39,078,498 5,207,723 5,664,725 370,530,867Unrealised appreciation (depreciation) 29,249,230 825,998 772,831 588,416 952,533 137,806,703Investmentsatmarketvalue 489,496,530 11,896,194 39,851,329 5,796,139 6,617,258 508,337,570InvestmentinToBeAnnouncedContractsatmarketvalue - - - - - - Cash at banks 18,081,417 179,844 1,538,651 160,817 19,725 4,624,925Receivables for investments sold 1,504,974 4,448 - 32,723 55,731 477,070Dividends and interest receivable 781,098 10,726 54,953 12,411 6,210 185,252Subscriptions receivable 3,083,131 274,526 189,344 - - 616,618Unrealised gain on open forward currency exchange contracts 68,850 2,302 - - - - Options at market value - - - - - - Unrealised gain on open futures contracts - - - - - - Swap contracts at market value - - - - - - Cash (and foreign currency) deposits on futures contracts - - - - - - Other assets 21,377 11,269 9,980 9,218 8,667 22,561Total assets 513,037,377 12,379,309 41,644,257 6,011,308 6,707,591 514,263,996 LiabilitiesPayables for investments purchased 7,213,756 398,383 26,665 11,325 65,645 1,156,331Redemptions payable 1,487,466 - 490 11,324 79,700 422,977Unrealised loss on open forward currency exchange contracts 2,428 1,832 - - - - Management company fee 473,245 8,562 24,832 5,084 6,698 248,515Options at market value - - - - - - Swap contracts at market value - - - - - - Deposits on futures contracts - - - - - - Unrealised loss on open futures contracts - - - - - - Bankoverdraft - - - - - - Other liabilities 167,890 98,330 108,352 59,112 76,859 288,089Total liabilities 9,344,785 507,107 160,339 86,845 228,902 2,115,912 Net assets 503,692,592 11,872,202 41,483,918 5,924,463 6,478,689 512,148,084



166 T. ROWE PRICE


US Equity Fund(3)


US Large Cap Value

Equity Fund

US Smaller Companies

Equity FundGlobal

Allocation FundCombined total

of all funds+

BaseCurrency USD USD USD USD USD USD

AssetsInvestmentsatcost 273,926,735 904,581,862 709,616,447 831,673,982 48,430,299 12,105,231,376Unrealised appreciation (depreciation) 27,467,570 376,757,135 129,868,686 200,202,095 4,476,059 1,657,783,555Investmentsatmarketvalue 301,394,305 1,281,338,997 839,485,133 1,031,876,077 52,906,358 13,763,014,931InvestmentinToBeAnnouncedContractsatmarketvalue - - - - - 15,809,588Cash at banks 17,505,283 26,490,933 19,054,750 28,267,375 2,239,460 622,530,838Receivables for investments sold 1,879,688 272,929 965,416 20,393,716 512,370 47,649,185Dividends and interest receivable 292,635 519,546 2,960,027 346,326 181,531 79,395,408Subscriptions receivable 1,014,683 616,925 6,590,813 3,307,096 16,935 74,017,314Unrealised gain on open forward currency exchange contracts 7,108 20,682 649 76,547 122,863 60,640,429Options at market value - - - - 3,091 1,376,823Unrealised gain on open futures contracts - - - - 13,018 1,910,915Swap contracts at market value - - - - 46,274 6,352,705Cash (and foreign currency) deposits on futures contracts - - - - 21,104 3,317,230Other assets 9,192 43,694 29,116 31,236 13,107 854,540Total assets 322,102,894 1,309,303,706 869,085,904 1,084,298,373 56,076,111 14,676,869,906 LiabilitiesPayables for investments purchased 8,239,488 336,354 5,415,707 6,620,739 104,094 132,597,303Redemptions payable 77,618 2,954,591 1,072,239 8,287,224 - 31,001,703Unrealised loss on open forward currency exchange contracts 10 - - - 257,936 34,471,586Management company fee 183,985 1,063,335 463,371 1,030,659 30,148 9,893,105Options at market value - - - - - 153,112Swap contracts at market value - - - - 24,080 41,006,932Deposits on futures contracts - - - - 29,474 4,182,055Unrealised loss on open futures contracts - - - - 731 1,430,719Bankoverdraft - - - - - 7,713,383Other liabilities 141,705 479,054 311,805 454,003 93,439 7,637,842Total liabilities 8,642,806 4,833,334 7,263,122 16,392,625 539,902 270,087,740 Net assets 313,460,088 1,304,470,372 861,822,782 1,067,905,748 55,536,209 14,406,782,166

(3) Formerly known as US Large Cap Equity Fund.+ Represents the combined total of T. Rowe Price Funds SICAV translated into US Dollars.



167T. ROWE PRICE

Statement of Operations and Changes in Net AssetsFor the period ended 30 June 2017



Emerging Local Markets

Bond FundEmerging Markets

Bond Fund

Emerging Markets Corporate

Bond Fund

BaseCurrency USD USD USD USD USD

IncomeInterest(netofwithholdingtaxes) 374,267 10,683,546 453,407 8,105,211 430,932Dividends (net of withholding taxes) 47,085 - 9,858 - - Interestonswaps 1,610 - 234 - - Other income - 7,179 - 1,510 - Total Income 422,962 10,690,725 463,499 8,106,721 430,932 ExpensesManagementcompanyFee 51,828 2,014,803 52,186 491,838 81,686DepositaryFee 3,210 117,118 11,072 25,830 3,174Accounting and shareholder servicing 34,310 120,380 27,732 42,826 35,375Professional services 16,913 4,246 7,653 3,233 7,979Taxe d'Abonnement 16,724 113,372 10,287 36,254 22,377Interestonswaps 28,445 8,235,594 5,373 54,756 859 Interestcharges 10 16,094 1,406 82 15 Other expenses 8,611 80,600 8,750 30,814 9,980Total Expenses 160,051 10,702,207 124,459 685,633 161,445 Net investment income (loss) before expenses waived or borne bytheInvestmentManager

262,911 (11,482) 339,040 7,421,088 269,487

ExpenseswaivedorbornebytheInvestmentManager 69,207 39,100 57,199 80,673 67,521Net Investment Income (loss) 332,118 27,618 396,239 7,501,761 337,008 Net realised gain (loss) on:Swing Pricing - 1,893,357 84,006 184,922 - Investments(netofforeigntaxes) 241,251 15,818,453 (14,626) 3,942,324 196,254ToBeAnnouncedcontracts 48,648 - - - - Forwardcurrencyexchangecontracts (422,685) 7,791,949 130,027 3,319,622 3,326Futurescontracts 52,294 885,548 (19,825) 140,428 (8,824)Options - (1,559,600) 2,030 (28,440) - Swaps 93,603 15,625,583 (58,467) 85,375 6,194Foreigncurrencytransactions (4,388) (2,855,854) (8,998) (33,529) (780)Net realised gain (loss) 8,723 37,599,436 114,147 7,610,702 196,170 Net change in unrealised appreciation (depreciation) on:Investments(netofforeigntaxes) 861,133 32,331,896 916,867 3,129,330 367,228ToBeAnnouncedcontracts (21,995) - - - - Forwardcurrencyexchangecontracts (50,338) (6,498,480) (146,655) 3,052,949 (6,921)Futurescontracts (7,691) 336,628 26,238 45,609 641 Options (9,588) (1,705,452) 1,497 (77,994) 849 Swaps (137,678) (32,060,662) 59,417 (104,987) (18,502)Other assets and liabilities denominated in foreign currency 10,408 639,143 5,640 (2,813) 12 Net change in unrealised appreciation (depreciation) 644,251 (6,956,927) 863,004 6,042,094 343,307

Net increase (decrease) in net assets as a result of operations

985,092 30,670,127 1,373,390 21,154,557 876,485

Distributions:Net decrease in net assets as a result of distributions - (28,583) (846) (22,825) (16,022)Capital transactions:Proceeds received on subscription of shares 228,670 1,139,959,876 38,218,491 38,690,333 160,644Payments for redemption of shares (185,000) (275,264,055) (46,000) (49,782,832) (136,170)Net increase (decrease) in net assets as a result of capital transactions

43,670 864,695,821 38,172,491 (11,092,499) 24,474

Total increase (decrease) in net assets 1,028,762 895,337,365 39,545,035 10,039,233 884,937 Net assets at the beginning of the period 20,204,014 372,279,849 12,157,810 204,766,274 16,136,305Translationdifference - - - - - Net assets at the end of the period 21,232,776 1,267,617,214 51,702,845 214,805,507 17,021,242

(1) Formerly known as Global Multi-Sector Bond Fund.(2) Formerly known as Global Unconstrained Bond Fund.


Statement of Operations and Changes in Net Assets


168 T. ROWE PRICE

Statement of Operations and Changes in Net Assets continuedFor the period ended 30 June 2017






BaseCurrency EUR EUR USD USD USD

IncomeInterest(netofwithholdingtaxes) 1,056,662 21,798,445 2,309,049 672,059 53,082,377Dividends (net of withholding taxes) - 61,082 44,561 4,848 261,021Interestonswaps 10,222 75,833 8,764 - 425,719Other income - 15,904 413 - 57,482Total Income 1,066,884 21,951,264 2,362,787 676,907 53,826,599 ExpensesManagementcompanyFee 195,512 2,527,619 348,534 56,991 7,792,322DepositaryFee 14,848 78,246 28,372 1,305 96,848Accounting and shareholder servicing 39,704 100,479 47,816 35,925 179,998Professional services 4,214 3,521 4,233 5,918 3,759Taxe d'Abonnement 28,851 136,148 39,124 20,658 332,763Interestonswaps 20,489 - 499,231 - 501,691Interestcharges 6,916 57,315 4,220 33 637 Other expenses 20,061 122,701 28,417 12,740 208,002Total Expenses 330,595 3,026,029 999,947 133,570 9,116,020 Net investment income (loss) before expenses waived or borne bytheInvestmentManager

736,289 18,925,235 1,362,840 543,337 44,710,579

ExpenseswaivedorbornebytheInvestmentManager 57,614 26,683 44,114 66,375 31,317Net Investment Income (loss) 793,903 18,951,918 1,406,954 609,712 44,741,896 Net realised gain (loss) on:Swing Pricing 4,899 - 10,327 4,374 - Investments(netofforeigntaxes) 953,342 2,611,187 90,312 410,604 17,993,118ToBeAnnouncedcontracts - - 43,987 - - Forwardcurrencyexchangecontracts (3,088,198) 9,514,999 822,121 (129,975) (24,476,695)Futurescontracts (67,692) - (317,520) - - Options (93,819) - (521,084) - 155,800Swaps 34,110 - 1,928,237 - 2,252,461Foreigncurrencytransactions (2,253) (293,745) (617,777) (1,505) 182,317Net realised gain (loss) (2,259,611) 11,832,441 1,438,603 283,498 (3,892,999)Net change in unrealised appreciation (depreciation) on:Investments(netofforeigntaxes) (248,467) (24,420,853) 8,831,226 266,512 21,527,709ToBeAnnouncedcontracts - - (16,064) - - Forwardcurrencyexchangecontracts (904,803) 1,076,993 (44,680) (49,201) 48,755,639Futurescontracts 49,126 - 18,776 - - Options 20,360 - (36,575) - (98,412)Swaps (49,631) 51,878 (2,768,873) - (2,991,217)Other assets and liabilities denominated in foreign currency 2,500 (212,307) (6,106) 3,095 103,410Net change in unrealised appreciation (depreciation) (1,130,915) (23,504,289) 5,977,704 220,406 67,297,129


(2,596,623) 7,280,070 8,823,261 1,113,616 108,146,026

Distributions:Net decrease in net assets as a result of distributions (10,023) (604,523) (305) (24,740) (4,579,933)Capital transactions:Proceeds received on subscription of shares 4,491,445 358,334,283 48,106,167 3,237,274 270,444,109Payments for redemption of shares (2,029,519) (278,966,490) (22,597,362) (120,489) (231,049,018)Net increase (decrease) in net assets as a result of capital transactions

2,461,926 79,367,793 25,508,805 3,116,785 39,395,091

Total increase (decrease) in net assets (144,720) 86,043,340 34,331,761 4,205,661 142,961,184 Net assets at the beginning of the period 114,320,636 681,145,924 183,638,690 17,301,592 1,679,902,416Translationdifference - - - - - Net assets at the end of the period 114,175,916 767,189,264 217,970,451 21,507,253 1,822,863,600



169T. ROWE PRICE






Equity Fund

Continental European Equity

Fund

BaseCurrency USD USD USD USD EUR

IncomeInterest(netofwithholdingtaxes) 377,723 4,656,064 1,328 25 - Dividends (net of withholding taxes) - 1,466 4,704,525 21,547 2,199,360Interestonswaps 9,049 - - - - Other income - 6,413 - - - Total Income 386,772 4,663,943 4,705,853 21,572 2,199,360 ExpensesManagementcompanyFee 44,420 541,335 3,713,882 13,963 292,220DepositaryFee 11,360 14,764 78,915 7,364 9,819Accounting and shareholder servicing 30,570 40,289 74,793 30,209 27,865Professional services 5,442 3,233 16,584 6,841 5,834Taxe d'Abonnement 15,391 26,401 87,360 14,426 9,161Interestonswaps 36,621 - - - - Interestcharges 89 39 - - 6,936Other expenses 11,702 45,110 104,384 24,468 26,976Total Expenses 155,595 671,171 4,075,918 97,271 378,811 Net investment income (loss) before expenses waived or borne bytheInvestmentManager

231,177 3,992,772 629,935 (75,699) 1,820,549

ExpenseswaivedorbornebytheInvestmentManager 63,166 13,047 18,336 81,722 32,381Net Investment Income (loss) 294,343 4,005,819 648,271 6,023 1,852,930 Net realised gain (loss) on:Swing Pricing 2,200 98,101 398,614 - 21,635Investments(netofforeigntaxes) 23,721 (1,450,654) 24,164,171 77,537 4,718,885ToBeAnnouncedcontracts - 56,649 - - - Forwardcurrencyexchangecontracts (353,806) (268,586) (50,215) (200) (76,537)Futurescontracts 13,690 (395,826) - - - Options 2,658 (9,172) - - - Swaps 170,884 - - - - Foreigncurrencytransactions 12,278 34,421 95,945 40 (12,984)Net realised gain (loss) (128,375) (1,935,067) 24,608,515 77,377 4,650,999 Net change in unrealised appreciation (depreciation) on:Investments(netofforeigntaxes) 939,890 6,278,063 104,851,796 520,588 3,327,096ToBeAnnouncedcontracts - (12,790) - - - Forwardcurrencyexchangecontracts (78,407) 4,970,101 - - (23,542)Futurescontracts 40,532 76,636 - - - Options - (2,031) - - - Swaps (163,236) - - - - Other assets and liabilities denominated in foreign currency 5,156 4 17,100 424 (280)Net change in unrealised appreciation (depreciation) 743,935 11,309,983 104,868,896 521,012 3,303,274


909,903 13,380,735 130,125,682 604,412 9,807,203

Distributions:Net decrease in net assets as a result of distributions - (709,868) (28) - - Capital transactions:Proceeds received on subscription of shares 1,355,479 112,248,840 89,274,524 80,148 2,320,759Payments for redemption of shares (90,000) (90,833,659) (130,052,024) (44,000) (28,620,850)Net increase (decrease) in net assets as a result of capital transactions

1,265,479 21,415,181 (40,777,500) 36,148 (26,300,091)

Total increase (decrease) in net assets 2,175,382 34,086,048 89,348,154 640,560 (16,492,888)Net assets at the beginning of the period 21,695,736 338,095,995 577,604,813 2,426,111 106,140,095Translationdifference - - - - - Net assets at the end of the period 23,871,118 372,182,043 666,952,967 3,066,671 89,647,207



170 T. ROWE PRICE







Equity Fund

BaseCurrency EUR USD USD EUR EUR

IncomeInterest(netofwithholdingtaxes) 4 22,552 3 - 2 Dividends (net of withholding taxes) 101,295 17,017,136 49,453 12,330,185 978,574Interestonswaps - - - - - Other income - 20,162 - 12,990 - Total Income 101,299 17,059,850 49,456 12,343,175 978,576 ExpensesManagementcompanyFee 49,520 8,646,916 16,052 2,814,638 449,192DepositaryFee 2,814 260,014 4,522 55,732 9,840Accounting and shareholder servicing 23,463 160,602 27,628 53,894 28,724Professional services 11,329 4,233 10,402 3,243 6,020Taxe d'Abonnement 8,956 164,002 1,227 121,103 24,403Interestonswaps - - - - - Interestcharges 202 17 1 39,627 4,127Other expenses 12,363 203,553 22,862 72,798 16,384Total Expenses 108,647 9,439,337 82,694 3,161,035 538,690 Net investment income (loss) before expenses waived or borne bytheInvestmentManager

(7,348) 7,620,513 (33,238) 9,182,140 439,886

ExpenseswaivedorbornebytheInvestmentManager 54,168 27,056 64,886 5,811 33,461Net Investment Income (loss) 46,820 7,647,569 31,648 9,187,951 473,347 Net realised gain (loss) on:Swing Pricing - 141,305 2,638 18,761 19,396Investments(netofforeigntaxes) 80,140 12,371,144 204,991 16,303,817 3,533,261ToBeAnnouncedcontracts - - - - - Forwardcurrencyexchangecontracts 429 (76,687) 141 (673) 2,253Futurescontracts - - - - - Options - - - - - Swaps - - - - - Foreigncurrencytransactions (2,068) (10,092) (277) (33,485) (21,129)Net realised gain (loss) 78,501 12,425,670 207,493 16,288,420 3,533,781 Net change in unrealised appreciation (depreciation) on:Investments(netofforeigntaxes) (395,763) 261,462,019 261,250 18,688,294 10,810,619ToBeAnnouncedcontracts - - - - - Forwardcurrencyexchangecontracts - - - - - Futurescontracts - - - - - Options - - - - - Swaps - - - - - Other assets and liabilities denominated in foreign currency (198) 110,620 (75) (8,364) (1,244)Net change in unrealised appreciation (depreciation) (395,961) 261,572,639 261,175 18,679,930 10,809,375


(270,640) 281,645,878 500,316 44,156,301 14,816,503

Distributions:Net decrease in net assets as a result of distributions - (40,844) - (145,758) - Capital transactions:Proceeds received on subscription of shares 2,201 250,880,410 763,333 111,159,588 6,323,020Payments for redemption of shares - (127,984,474) (176,500) (176,499,585) (10,558,604)Net increase (decrease) in net assets as a result of capital transactions

2,201 122,895,936 586,833 (65,339,997) (4,235,584)

Total increase (decrease) in net assets (268,439) 404,500,970 1,087,149 (21,329,454) 10,580,919 Net assets at the beginning of the period 6,977,439 1,390,603,293 2,584,632 536,767,725 78,810,085Translationdifference - - - - - Net assets at the end of the period 6,709,000 1,795,104,263 3,671,781 515,438,271 89,391,004



171T. ROWE PRICE


European Structured

Research Equity Fund


Global Focused Growth

Equity FundGlobal Growth

Equity Fund


Equity Fund

Global Real Estate

Securities Fund

BaseCurrency EUR USD USD USD USD USD

IncomeInterest(netofwithholdingtaxes) 33 22 97 84 19,437 10 Dividends (net of withholding taxes) 162,427 488,362 2,087,494 3,192,129 3,732,989 557,940Interestonswaps - - - - - - Other income - - 867 13,445 1,294 - Total Income 162,460 488,384 2,088,458 3,205,658 3,753,720 557,950 ExpensesManagementcompanyFee 20,869 144,222 1,148,348 1,063,679 1,521,106 184,308DepositaryFee 1,168 11,238 28,170 49,462 22,844 10,491Accounting and shareholder servicing 20,964 31,285 39,874 51,793 59,536 33,436Professional services 10,211 6,058 3,470 3,233 3,233 7,125Taxe d'Abonnement 1,793 19,007 39,816 41,620 94,544 26,637Interestonswaps - - - - - - Interestcharges 411 12,373 1,559 4,106 411 35 Other expenses 12,739 37,400 54,910 74,900 48,363 15,485Total Expenses 68,155 261,583 1,316,147 1,288,793 1,750,037 277,517 Net investment income (loss) before expenses waived or borne bytheInvestmentManager

94,305 226,801 772,311 1,916,865 2,003,683 280,433

ExpenseswaivedorbornebytheInvestmentManager 43,003 85,224 24,751 17,944 136,307 69,471Net Investment Income (loss) 137,308 312,025 797,062 1,934,809 2,139,990 349,904 Net realised gain (loss) on:Swing Pricing - 1,614,142 51,576 - 39,433 - Investments(netofforeigntaxes) 163,489 255,449 16,970,407 15,625,958 7,277,801 27,997ToBeAnnouncedcontracts - - - - - - Forwardcurrencyexchangecontracts (14) 49,536 85,392 358,652 (42,708) (3,078)Futurescontracts - - - - - - Options - - - - - - Swaps - - - - - - Foreigncurrencytransactions (368) 85,086 (73,550) (81,142) 37,774 7,591Net realised gain (loss) 163,107 2,004,213 17,033,825 15,903,468 7,312,300 32,510 Net change in unrealised appreciation (depreciation) on:Investments(netofforeigntaxes) 240,523 3,134,423 30,588,007 57,211,820 (21,818,775) 770,224ToBeAnnouncedcontracts - - - - - - Forwardcurrencyexchangecontracts - - (520) (1,106,864) - - Futurescontracts - - - - - - Options - - - - - - Swaps - - - - - - Other assets and liabilities denominated in foreign currency (429) 14,067 17,747 3,337 128 344 Net change in unrealised appreciation (depreciation) 240,094 3,148,490 30,605,234 56,108,293 (21,818,647) 770,568


540,509 5,464,728 48,436,121 73,946,570 (12,366,357) 1,152,982

Distributions:Net decrease in net assets as a result of distributions - - - - - - Capital transactions:Proceeds received on subscription of shares - 195,252,695 95,092,039 5,300,039 34,664,894 3,130,137Payments for redemption of shares - (1,523,193) (14,630,842) (5,195,247) (99,490,751) (401,394)Net increase (decrease) in net assets as a result of capital transactions

- 193,729,502 80,461,197 104,792 (64,825,857) 2,728,743

Total increase (decrease) in net assets 540,509 199,194,230 128,897,318 74,051,362 (77,192,214) 3,881,725 Net assets at the beginning of the period 7,217,779 13,817,259 237,696,673 385,167,345 397,070,833 37,874,545Translationdifference - - - - - - Net assets at the end of the period 7,758,288 213,011,489 366,593,991 459,218,707 319,878,619 41,756,270



172 T. ROWE PRICE







Equity FundUS Blue Chip

Equity Fund

BaseCurrency USD USD EUR USD USD USD

IncomeInterest(netofwithholdingtaxes) 11,204 - 9 6 4 61 Dividends (net of withholding taxes) 1,318,812 87,379 200,507 64,187 137,592 1,648,402Interestonswaps - - - - - - Other income - - - - - 12,938Total Income 1,330,016 87,379 200,516 64,193 137,596 1,661,401 ExpensesManagementcompanyFee 1,673,260 34,560 92,079 30,176 41,442 1,450,252DepositaryFee 14,505 6,496 9,351 1,587 1,281 19,176Accounting and shareholder servicing 47,152 32,690 27,629 25,136 28,133 74,095Professional services 8,340 7,282 7,893 7,808 8,809 4,233Taxe d'Abonnement 91,053 20,733 20,588 8,614 12,512 138,265Interestonswaps - - - - - - Interestcharges 7 12 2,115 - 1,100 136 Other expenses 41,605 10,625 20,145 8,763 13,400 76,372Total Expenses 1,875,922 112,398 179,800 82,084 106,677 1,762,529 Net investment income (loss) before expenses waived or borne bytheInvestmentManager

(545,906) (25,019) 20,716 (17,891) 30,919 (101,128)

ExpenseswaivedorbornebytheInvestmentManager 27,832 73,404 73,483 48,799 60,124 44,344Net Investment Income (loss) (518,074) 48,385 94,199 30,908 91,043 (56,784)Net realised gain (loss) on:Swing Pricing 174,203 9,397 42,967 - 1,600 6,622Investments(netofforeigntaxes) 25,970,938 159,136 36,149 121,701 124,460 27,039,257ToBeAnnouncedcontracts - - - - - - Forwardcurrencyexchangecontracts 813,946 (7,288) (338,350) (27) 5,727 (3,734)Futurescontracts - - - - - - Options - - - - - - Swaps - - - - - - Foreigncurrencytransactions (184,768) 3,796 218,912 (645) (16,738) 206 Net realised gain (loss) 26,774,319 165,041 (40,322) 121,029 115,049 27,042,351 Net change in unrealised appreciation (depreciation) on:Investments(netofforeigntaxes) 30,025,917 441,286 (104,627) 528,347 366,314 56,536,326ToBeAnnouncedcontracts - - - - - - Forwardcurrencyexchangecontracts 77,133 (1,743) - - 8 - Futurescontracts - - - - - - Options - - - - - - Swaps - - - - - - Other assets and liabilities denominated in foreign currency (1,510) (230) (771) (603) (126) (5)Net change in unrealised appreciation (depreciation) 30,101,540 439,313 (105,398) 527,744 366,196 56,536,321


56,357,785 652,739 (51,521) 679,681 572,288 83,521,888

Distributions:Net decrease in net assets as a result of distributions - - - - - - Capital transactions:Proceeds received on subscription of shares 466,781,356 7,827,103 38,060,898 296,835 75,039 102,430,938Payments for redemption of shares (109,011,061) (51,152) (430,084) (146,430) (574,507) (153,989,815)Net increase (decrease) in net assets as a result of capital transactions

357,770,295 7,775,951 37,630,814 150,405 (499,468) (51,558,877)

Total increase (decrease) in net assets 414,128,080 8,428,690 37,579,293 830,086 72,820 31,963,011 Net assets at the beginning of the period 89,564,512 3,443,512 3,904,625 5,094,377 6,405,869 480,185,073Translationdifference - - - - - - Net assets at the end of the period 503,692,592 11,872,202 41,483,918 5,924,463 6,478,689 512,148,084



173T. ROWE PRICE


US Equity Fund(3)


US Large Cap Value

Equity Fund


Equity FundGlobal

Allocation FundCombined total of

all funds+

BaseCurrency USD USD USD USD USD USD

IncomeInterest(netofwithholdingtaxes) 4 101 12,825 26,731 214,079 106,214,483Dividends (net of withholding taxes) 1,518,160 3,970,341 7,710,926 4,242,544 424,299 70,713,674Interestonswaps - - - - 3,870 542,478Other income 1,527 36,805 19,857 23,063 - 234,259Total Income 1,519,691 4,007,247 7,743,608 4,292,338 642,248 177,704,894 ExpensesManagementcompanyFee 840,888 6,177,286 2,840,763 6,794,686 176,623 54,967,238DepositaryFee 8,982 46,586 30,316 43,926 12,360 1,168,270Accounting and shareholder servicing 41,881 144,123 98,212 146,877 28,038 2,120,351Professional services 2,971 3,470 3,470 3,233 6,202 236,230Taxe d'Abonnement 45,528 223,710 126,411 206,167 15,393 2,390,653Interestonswaps - - - - 7,702 9,392,470Interestcharges - - 3 8 127 169,981Other expenses 33,192 158,716 113,482 155,460 15,793 1,987,994Total Expenses 973,442 6,753,891 3,212,657 7,350,357 262,238 72,433,187 Net investment income (loss) before expenses waived or borne bytheInvestmentManager

546,249 (2,746,644) 4,530,951 (3,058,019) 380,010 105,271,707

ExpenseswaivedorbornebytheInvestmentManager 27,527 25,238 25,096 13,101 50,027 1,806,751Net Investment Income (loss) 573,776 (2,721,406) 4,556,047 (3,044,918) 430,037 107,078,458 Net realised gain (loss) on:Swing Pricing 75,933 164,118 20,253 155,920 - 5,249,678Investments(netofforeigntaxes) 7,518,537 113,500,388 25,520,713 89,780,291 855,163 435,585,649ToBeAnnouncedcontracts - - - - - 149,284Forwardcurrencyexchangecontracts (58,172) 87,317 3,015 390,669 (355,139) (5,872,086)Futurescontracts - - - - (35,894) 240,733Options - - - - (26,957) (2,086,409)Swaps - - - - 20,246 20,161,071Foreigncurrencytransactions (459) 142 262 22,550 (13,280) (3,580,764)Net realised gain (loss) 7,535,839 113,751,965 25,544,243 90,349,430 444,139 449,847,156 Net change in unrealised appreciation (depreciation) on:Investments(netofforeigntaxes) 15,500,169 94,976,794 16,197,708 1,720,363 4,015,822 741,295,669ToBeAnnouncedcontracts - - - - - (50,849)Forwardcurrencyexchangecontracts 118,686 32,832 1,112 111,205 (583,358) 48,713,543Futurescontracts - - - - 18,676 609,268Options - - - - (1,809) (1,907,457)Swaps - - - - (40,610) (38,223,914)Other assets and liabilities denominated in foreign currency 267 18 1,204 (5,301) 1,855 677,678Net change in unrealised appreciation (depreciation) 15,619,122 95,009,644 16,200,024 1,826,267 3,410,576 751,113,938


23,728,737 206,040,203 46,300,314 89,130,779 4,284,752 1,308,039,552

Distributions:Net decrease in net assets as a result of distributions - - - - - (6,247,707)Capital transactions:Proceeds received on subscription of shares 145,870,043 192,943,288 195,751,882 188,778,671 715,046 4,192,676,226Payments for redemption of shares (55,538,258) (362,602,593) (145,048,368) (322,595,930) (1,713,166) (2,739,437,990)Net increase (decrease) in net assets as a result of capital transactions

90,331,785 (169,659,305) 50,703,514 (133,817,259) (998,120) 1,453,238,236

Total increase (decrease) in net assets 114,060,522 36,380,898 97,003,828 (44,686,480) 3,286,632 2,755,030,081 Net assets at the beginning of the period 199,399,566 1,268,089,474 764,818,954 1,112,592,228 52,249,577 11,512,622,926Translationdifference - - - - - 139,129,159Net assets at the end of the period 313,460,088 1,304,470,372 861,822,782 1,067,905,748 55,536,209 14,406,782,166

(3) Formerly known as US Large Cap Equity Fund. + Represents the combined total of T. Rowe Price Funds SICAV translated into US Dollars.



174 T. ROWE PRICE

Statement of Changes in Number of SharesFor the period ended 30 June 2017






Class AShares outstanding at the beginning of the period 500 500,217 – 62,134 612,287Number of shares issued 7,440 577,452 – 47,082 208Number of shares redeemed – (199,874) – (6,802) –Shares outstanding at the end of the period 7,940 877,795 – 102,414 612,495Class A (EUR)Shares outstanding at the beginning of the period – – – 460 448Number of shares issued – – – 13,109 3,891Number of shares redeemed – – – (845) –Shares outstanding at the end of the period – – – 12,724 4,339Class A 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class AdShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ad (EUR)Shares outstanding at the beginning of the period – – – – 564Number of shares issued – – – – 3,941Number of shares redeemed – – – – (104)Shares outstanding at the end of the period – – – – 4,401Class Adh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – 8,593,555 – – –Number of shares redeemed – (459,962) – – –Shares outstanding at the end of the period – 8,133,593* – – –Class Adh (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (CHF)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (EUR)Shares outstanding at the beginning of the period – 1,659,731 – – –Number of shares issued – 973,312 – – –Number of shares redeemed – (647,201) – – –Shares outstanding at the end of the period – 1,985,842 – – –Class Ah (EUR) 10 Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (NOK)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (SEK)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class IShares outstanding at the beginning of the period 1,999,000 14,467,631 1,016,459 1,291,420 599,622Number of shares issued – 9,173,848 1,870,251 384,000 –Number of shares redeemed (17,530) (10,604,855) (3,525) (118,475) (9,825)Shares outstanding at the end of the period 1,981,470 13,036,624 2,883,185 1,556,945 589,797

(1) Formerly known as Global Multi-Sector Bond Fund.(2) Formerly known as Global Unconstrained Bond Fund.* Please refer to note 1 on pages 230 – 232 for further details about the launch date.


Statement of Changes in Number of Shares


175T. ROWE PRICE

Statement of Changes in Number of Shares continuedFor the period ended 30 June 2017






Class I (CAD) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – 1,207,621 – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – 1,207,621* – –Class I (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I 9Shares outstanding at the beginning of the period – – – – –Number of shares issued 9,281 – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period 9,281* – – – –Class I 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class IdShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Idh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – 1,371,638 – – –Number of shares redeemed – (4,726) – – –Shares outstanding at the end of the period – 1,366,912* – – –Class Ih (AUD) 10Shares outstanding at the beginning of the period – 6,933 – – –Number of shares issued – 27,295,716 – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – 27,302,649 – – –Class Ih (EUR)Shares outstanding at the beginning of the period – 4,340,719 – – –Number of shares issued – 16,455,386 – – –Number of shares redeemed – (11,894,325) – – –Shares outstanding at the end of the period – 8,901,780 – – –Class Ih (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – 468 – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – 468* – – –Class Ih (GBP)Shares outstanding at the beginning of the period – 22,270 – 11,787,317 –Number of shares issued – – – 1,099,250 –Number of shares redeemed – – – (2,847,493) –Shares outstanding at the end of the period – 22,270 – 10,039,074 –Class Ih (GBP) 9Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –




176 T. ROWE PRICE







Class Ih (GBP) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – 11,716,129 – – –Number of shares redeemed – (190,698) – – –Shares outstanding at the end of the period – 11,525,431* – – –Class Ih (SEK)Shares outstanding at the beginning of the period – 9,484,407 – – –Number of shares issued – 22,114,508 – – –Number of shares redeemed – (38,154) – – –Shares outstanding at the end of the period – 31,560,761 – – –Class Ih (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class JShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class JdShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class QShares outstanding at the beginning of the period 500 494,801 – 83,533 –Number of shares issued 5,296 111,219 – 179,867 –Number of shares redeemed – (48,156) – (6,839) –Shares outstanding at the end of the period 5,796 557,864 – 256,561 –Class Q (EUR)Shares outstanding at the beginning of the period – – 13,642 570,921 400Number of shares issued – – 18,231 664,336 3,100Number of shares redeemed – – – (180,664) –Shares outstanding at the end of the period – – 31,873 1,054,593 3,500Class Q (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Q (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Q 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class QdShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qd (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qd 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –




177T. ROWE PRICE







Class Qdh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – 211,409 – – –Number of shares redeemed – (12,266) – – –Shares outstanding at the end of the period – 199,143* – – –Class Qdh (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (CHF)Shares outstanding at the beginning of the period – 414,742 – – –Number of shares issued – 567,956 – – –Number of shares redeemed – (6,656) – – –Shares outstanding at the end of the period – 976,042 – – –Class Qh (EUR)Shares outstanding at the beginning of the period – 900,583 – – –Number of shares issued – 2,248,842 – – –Number of shares redeemed – (1,050,821) – – –Shares outstanding at the end of the period – 2,098,604 – – –Class Qh (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – 6,073,783 – – –Number of shares redeemed – (19,121) – – –Shares outstanding at the end of the period – 6,054,662* – – –Class Qh (GBP)Shares outstanding at the beginning of the period – 441,975 – – –Number of shares issued – 160,319 – – –Number of shares redeemed – (35,267) – – –Shares outstanding at the end of the period – 567,027 – – –Class Qh (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class SShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class S 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class SdShares outstanding at the beginning of the period – 380,548 511 82,471 60,346Number of shares issued – 64,457 5,793 41,309 2,292Number of shares redeemed – – – (69,476) –Shares outstanding at the end of the period – 445,005 6,304 54,304 62,638Class Sd 12Shares outstanding at the beginning of the period – – – – –Number of shares issued – 1,410,481 – – –Number of shares redeemed – (26,190) – – –Shares outstanding at the end of the period – 1,384,291* – – –Class Sh (JPY)Shares outstanding at the beginning of the period – 99,998 – – –Number of shares issued – 98,230 – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – 198,228 – – –Class ZShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –




178 T. ROWE PRICE







Class AShares outstanding at the beginning of the period 193,638 5,492,774 78,036 500 12,171,586Number of shares issued 26,397 2,914,475 4,743 9,150 2,150,732Number of shares redeemed (100,902) (4,007,742) (18,908) – (2,187,957)Shares outstanding at the end of the period 119,133 4,399,507 63,871 9,650 12,134,361Class A (EUR)Shares outstanding at the beginning of the period – – 8,458 – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – 8,458 – –Class A 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – 5,000Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – 5,000*Class AdShares outstanding at the beginning of the period – 731,800 – – 9,959,484Number of shares issued – 539,153 – – 1,388,558Number of shares redeemed – (57,736) – – (935,115)Shares outstanding at the end of the period – 1,213,217 – – 10,412,927Class Ad (EUR)Shares outstanding at the beginning of the period – – – 1,438 –Number of shares issued – – – 23,679 –Number of shares redeemed – – – (10,094) –Shares outstanding at the end of the period – – – 15,023 –Class Adh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Adh (USD)Shares outstanding at the beginning of the period – 740,496 – – –Number of shares issued – 777,639 – – –Number of shares redeemed – (266,154) – – –Shares outstanding at the end of the period – 1,251,981 – – –Class Ah (CHF)Shares outstanding at the beginning of the period – 1,038,481 – – –Number of shares issued – 171,234 – – –Number of shares redeemed – (96,503) – – –Shares outstanding at the end of the period – 1,113,212 – – –Class Ah (EUR)Shares outstanding at the beginning of the period – – – – 15,926,748Number of shares issued – – – – 2,645,398Number of shares redeemed – – – – (3,674,122)Shares outstanding at the end of the period – – – – 14,898,024Class Ah (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – 4,473Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – 4,473*Class Ah (NOK)Shares outstanding at the beginning of the period – – – – 5,389,736Number of shares issued 4,223 – – – 357,475Number of shares redeemed – – – – (370,901)Shares outstanding at the end of the period 4,223* – – – 5,376,310Class Ah (SEK)Shares outstanding at the beginning of the period – – – – 779,262Number of shares issued 5,613 – – – 217,137Number of shares redeemed – – – – (205,381)Shares outstanding at the end of the period 5,613* – – – 791,018Class IShares outstanding at the beginning of the period 1,502,600 20,452,707 7,817,557 1,493,502 17,424,318Number of shares issued 188,404 12,213,312 2,089,283 248,050 2,671,104Number of shares redeemed (21,616) (7,141,748) (46,504) – (1,371,820)Shares outstanding at the end of the period 1,669,388 25,524,271 9,860,336 1,741,552 18,723,602

* Please refer to note 1 on pages 230 – 232 for further details about the launch date.



179T. ROWE PRICE






Class I (CAD) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I 9Shares outstanding at the beginning of the period 500 – – – –Number of shares issued 3,936 – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period 4,436 – – – –Class I 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class IdShares outstanding at the beginning of the period – 301,665 – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – 301,665 – – –Class Idh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (AUD) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (EUR)Shares outstanding at the beginning of the period – – 95,646 – 182,930Number of shares issued – – 1,442,904 – 21,299Number of shares redeemed – – (479,871) – (16,383)Shares outstanding at the end of the period – – 1,058,679 – 187,846Class Ih (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (GBP) 9Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –





180 T. ROWE PRICE






Class Ih (GBP) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (SEK)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (USD)Shares outstanding at the beginning of the period 5,226,990 – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period 5,226,990 – – – –Class JShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class JdShares outstanding at the beginning of the period – – – – 5,099,459Number of shares issued – – – – 152,290Number of shares redeemed – – – – (332,987)Shares outstanding at the end of the period – – – – 4,918,762Class QShares outstanding at the beginning of the period 110,571 11,460,175 – 47,116 8,173,657Number of shares issued 21,660 4,388,886 – 3,610 2,747,730Number of shares redeemed (3,200) (5,651,218) – (500) (801,283)Shares outstanding at the end of the period 129,031 10,197,843 – 50,226 10,120,104Class Q (EUR)Shares outstanding at the beginning of the period – – 465,531 – –Number of shares issued – – 57,084 – –Number of shares redeemed – – (32,340) – –Shares outstanding at the end of the period – – 490,275 – –Class Q (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Q (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Q 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class QdShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qd (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qd 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –





181T. ROWE PRICE






Class Qdh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qdh (GBP)Shares outstanding at the beginning of the period – – – 4,102 –Number of shares issued – 4,048 – 141 –Number of shares redeemed – – – (11) –Shares outstanding at the end of the period – 4,048* – 4,232 –Class Qh (CHF)Shares outstanding at the beginning of the period – 5,512,278 – – –Number of shares issued – 2,130,340 – – –Number of shares redeemed – (861,041) – – –Shares outstanding at the end of the period – 6,781,577 – – –Class Qh (EUR)Shares outstanding at the beginning of the period – – 795,626 – –Number of shares issued – – 8,196 – –Number of shares redeemed – – (630,038) – –Shares outstanding at the end of the period – – 173,784 – –Class Qh (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (USD)Shares outstanding at the beginning of the period – 528,576 – – –Number of shares issued – 257,690 – – –Number of shares redeemed – (225,262) – – –Shares outstanding at the end of the period – 561,004 – – –Class SShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class S 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class SdShares outstanding at the beginning of the period 112,752 97,513 506 50,175 118,649Number of shares issued 1,418 4,516 4,894 2,862 5,130Number of shares redeemed – – – – (33,487)Shares outstanding at the end of the period 114,170 102,029 5,400 53,037 90,292Class Sd 12Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Sh (JPY)Shares outstanding at the beginning of the period – – 419,794 – –Number of shares issued – – – – –Number of shares redeemed – – (887) – –Shares outstanding at the end of the period – – 418,907 – –Class ZShares outstanding at the beginning of the period 906,694 – 368,485 – 1,243,072Number of shares issued – – 1,202 – –Number of shares redeemed – – (367,654) – –Shares outstanding at the end of the period 906,694 – 2,033 – 1,243,072





182 T. ROWE PRICE





Equity FundContinental European

Equity Fund

Class AShares outstanding at the beginning of the period 3,589 – 11,346,727 500 –Number of shares issued 117,615 – 2,841,583 2,785 –Number of shares redeemed – – (1,305,354) – –Shares outstanding at the end of the period 121,204 – 12,882,956 3,285 –Class A (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class A 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class AdShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ad (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Adh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Adh (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (CHF)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (NOK)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (SEK)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class IShares outstanding at the beginning of the period 1,994,327 14,953,231 20,895,938 198,500 7,520,755Number of shares issued – 9,033,436 2,215,402 – –Number of shares redeemed (8,043) (2,079,053) (2,297,555) (3,346) (1,939,384)Shares outstanding at the end of the period 1,986,284 21,907,614 20,813,785 195,154 5,581,371

* Please refer to note 1 on page 230 – 232 for further details about the launch date.




183T. ROWE PRICE






Equity Fund

Class I (CAD) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I (EUR)Shares outstanding at the beginning of the period – – 9,475 – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – 9,475 – –Class I (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I 9Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I 10Shares outstanding at the beginning of the period – – 6,754,256 – –Number of shares issued – – 344,029 – –Number of shares redeemed – – (6,233,518) – –Shares outstanding at the end of the period – – 864,767 – –Class IdShares outstanding at the beginning of the period – – 1,505 – –Number of shares issued – – 3,731 – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – 5,236 – –Class Idh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (AUD) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (EUR)Shares outstanding at the beginning of the period – 8,838,798 – – –Number of shares issued – 374,402 – – –Number of shares redeemed – (4,913,078) – – –Shares outstanding at the end of the period – 4,300,122 – – –Class Ih (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (GBP) 9Shares outstanding at the beginning of the period 13,573 – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period 13,573 – – – –





184 T. ROWE PRICE






Equity Fund

Class Ih (GBP) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (SEK)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class JShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class JdShares outstanding at the beginning of the period – 4,672,065 – – –Number of shares issued – 79,133 – – –Number of shares redeemed – (324,192) – – –Shares outstanding at the end of the period – 4,427,006 – – –Class QShares outstanding at the beginning of the period 500 – 2,436,318 29,222 –Number of shares issued 4,025 – 469,043 – –Number of shares redeemed – – (263,640) – –Shares outstanding at the end of the period 4,525 – 2,641,721 29,222 –Class Q (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Q (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Q (GBP)Shares outstanding at the beginning of the period – – 15,975 462 149,147Number of shares issued – – 322 2,105 40,603Number of shares redeemed – – (705) – (70,247)Shares outstanding at the end of the period – – 15,592 2,567 119,503Class Q 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class QdShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qd (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qd 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –





185T. ROWE PRICE






Equity Fund

Class Qdh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qdh (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (CHF)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (GBP)Shares outstanding at the beginning of the period – 653,622 – – –Number of shares issued – 67,697 – – –Number of shares redeemed – (174,732) – – –Shares outstanding at the end of the period – 546,587 – – –Class Qh (USD)Shares outstanding at the beginning of the period – – – – 92,399Number of shares issued – – – – 159,645Number of shares redeemed – – – – (37,818)Shares outstanding at the end of the period – – – – 214,226Class SShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class S 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class SdShares outstanding at the beginning of the period – 506 – – –Number of shares issued – 4,491 – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – 4,997 – – –Class Sd 12Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Sh (JPY)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class ZShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –





186 T. ROWE PRICE






Equity Fund

Class AShares outstanding at the beginning of the period 196,298 7,470,885 500 21,690,679 290,872Number of shares issued 131 1,628,193 6,071 2,639,191 111,039Number of shares redeemed – (258,201) – (3,884,393) (103,698)Shares outstanding at the end of the period 196,429 8,840,877 6,571 20,445,477 298,213Class A (EUR)Shares outstanding at the beginning of the period – 469 – – –Number of shares issued – 5,780 – – –Number of shares redeemed – (1,701) – – –Shares outstanding at the end of the period – 4,548 – – –Class A 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class AdShares outstanding at the beginning of the period – 314,904 – 1,115,397 –Number of shares issued – 72,749 – 10,967 –Number of shares redeemed – (56,297) – (167,155) –Shares outstanding at the end of the period – 331,356 – 959,209 –Class Ad (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Adh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Adh (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (CHF)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (NOK)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (SEK)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class IShares outstanding at the beginning of the period 195,000 35,369,132 207,985 7,290,462 1,329,379Number of shares issued – 5,768,391 54,388 2,705,711 6,768Number of shares redeemed – (2,306,620) (3,306) (2,413,062) (93,877)Shares outstanding at the end of the period 195,000 38,830,903 259,067 7,583,111 1,242,270





187T. ROWE PRICE






Equity Fund

Class I (CAD) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I (EUR)Shares outstanding at the beginning of the period – 1,117,448 – – –Number of shares issued – 23,026 – – –Number of shares redeemed – (946,489) – – –Shares outstanding at the end of the period – 193,985 – – –Class I (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – 297,929 –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – 297,929* –Class I 9Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I 10Shares outstanding at the beginning of the period – 9,819,859 – – –Number of shares issued – 938,018 – – –Number of shares redeemed – (1,485,961) – – –Shares outstanding at the end of the period – 9,271,916 – – –Class IdShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Idh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (AUD) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (GBP) 9Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –





188 T. ROWE PRICE






Equity Fund

Class Ih (GBP) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (SEK)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class JShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class JdShares outstanding at the beginning of the period – 646,494 – – –Number of shares issued – 4,757 – – –Number of shares redeemed – (90,575) – – –Shares outstanding at the end of the period – 560,676 – – –Class QShares outstanding at the beginning of the period – 5,720,266 21,787 12,209,056 686,112Number of shares issued – 974,292 – 2,309,971 36,654Number of shares redeemed – (1,287,744) (10,000) (6,736,413) (77,424)Shares outstanding at the end of the period – 5,406,814 11,787 7,782,614 645,342Class Q (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Q (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Q (GBP)Shares outstanding at the beginning of the period – 889,239 – – 59,556Number of shares issued – 55,779 – – 12,994Number of shares redeemed – (78,432) – – (11,039)Shares outstanding at the end of the period – 866,586 – – 61,511Class Q 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class QdShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qd (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qd 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –





189T. ROWE PRICE






Equity Fund

Class Qdh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qdh (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (CHF)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class SShares outstanding at the beginning of the period – 2,422,735 – – –Number of shares issued – – – – –Number of shares redeemed – (10,265) – – –Shares outstanding at the end of the period – 2,412,470 – – –Class S 10Shares outstanding at the beginning of the period – – – 2,057,005 –Number of shares issued – – – 473,904 –Number of shares redeemed – – – (703,867) –Shares outstanding at the end of the period – – – 1,827,042 –Class SdShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Sd 12Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Sh (JPY)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class ZShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –





190 T. ROWE PRICE






Equity Fund

Class AShares outstanding at the beginning of the period – 91,500 404,731 57,411 7,897,755Number of shares issued – 7,565 74,992 77,311 850,309Number of shares redeemed – (12,000) (8,210) (10,601) (3,581,817)Shares outstanding at the end of the period – 87,065 471,513 124,121 5,166,247Class A (EUR)Shares outstanding at the beginning of the period – – 554 – 1,926Number of shares issued – – 53,415 – 6,590Number of shares redeemed – – (3,931) – (874)Shares outstanding at the end of the period – – 50,038 – 7,642Class A 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class AdShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ad (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Adh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Adh (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (CHF)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (NOK)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ah (SEK)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class IShares outstanding at the beginning of the period 375,000 1,026,328 12,788,795 4,176,641 8,972,003Number of shares issued – 5,097,591 4,355,613 22,852 293,071Number of shares redeemed – (83,643) (670,773) (49,957) (1,608,398)Shares outstanding at the end of the period 375,000 6,040,276 16,473,635 4,149,536 7,656,676





191T. ROWE PRICE






Equity Fund

Class I (CAD) 10Shares outstanding at the beginning of the period – – – 16,089,284 –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – 16,089,284 –Class I (EUR)Shares outstanding at the beginning of the period – – – – 5,554Number of shares issued – – – – 4,240Number of shares redeemed – – – – (179)Shares outstanding at the end of the period – – – – 9,615Class I (GBP)Shares outstanding at the beginning of the period – – – 747,854 –Number of shares issued – – – 280 –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – 748,134 –Class I (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I 9Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class I 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class IdShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Idh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (AUD) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (GBP) 9Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –





192 T. ROWE PRICE






Equity Fund

Class Ih (GBP) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (SEK)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Ih (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class JShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class JdShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class QShares outstanding at the beginning of the period – 289,566 – – –Number of shares issued – 94,062 – – –Number of shares redeemed – (45,272) – – –Shares outstanding at the end of the period – 338,356 – – –Class Q (EUR)Shares outstanding at the beginning of the period – – 113,593 262,225 916,156Number of shares issued – – 179,697 6,055 69,219Number of shares redeemed – – (110,917) (127,373) (556,881)Shares outstanding at the end of the period – – 182,373 140,907 428,494Class Q (EUR) 10Shares outstanding at the beginning of the period – – – – 16,221,057Number of shares issued – – – – 1,709,146Number of shares redeemed – – – – (3,348,906)Shares outstanding at the end of the period – – – – 14,581,297Class Q (GBP)Shares outstanding at the beginning of the period – 35,419 316,994 529,439 266,933Number of shares issued – 13,766 230,775 92,141 82,388Number of shares redeemed – (6,348) (2,696) (48,526) (184,898)Shares outstanding at the end of the period – 42,837 545,073 573,054 164,423Class Q 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class QdShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qd (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qd 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –





193T. ROWE PRICE






Equity Fund

Class Qdh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qdh (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (CHF)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (EUR)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (EUR) 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (GBP)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Qh (USD)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class SShares outstanding at the beginning of the period – – – 5,690,304 –Number of shares issued – 13,626,989 – – –Number of shares redeemed – – – (10,729) –Shares outstanding at the end of the period – 13,626,989* – 5,679,575 –Class S 10Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class SdShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Sd 12Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class Sh (JPY)Shares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –Class ZShares outstanding at the beginning of the period – – – – –Number of shares issued – – – – –Number of shares redeemed – – – – –Shares outstanding at the end of the period – – – – –





194 T. ROWE PRICE

Global Real Estate

Securities Fund






Equity Fund

Class AShares outstanding at the beginning of the period 307,551 2,408,225 99,999 147,711 2,843 328,768Number of shares issued 76,548 14,211,557 35,800 243,481 27,153 9,261Number of shares redeemed (1,928) (2,248,063) – (30,239) (13,147) (75,823)Shares outstanding at the end of the period 382,171 14,371,719 135,799 360,953 16,849 262,206Class A (EUR)Shares outstanding at the beginning of the period – – 448 – – –Number of shares issued – – 3,520 – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – 3,968 – – –Class A 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class AdShares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ad (EUR)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Adh (EUR)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Adh (USD)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ah (CHF)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – 34,261 – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – 34,261* – – – –Class Ah (EUR)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – 33,359 – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – 33,359* – – – –Class Ah (EUR) 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ah (NOK)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ah (SEK)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class IShares outstanding at the beginning of the period 1,220,045 1,476,651 99,668 136,032 740,925 372,579Number of shares issued 23,272 9,221,820 431,794 2,548,439 – 425Number of shares redeemed (9,250) (4,198,171) (2,604) (3,976) – –Shares outstanding at the end of the period 1,234,067 6,500,300 528,858 2,680,495 740,925 373,004





195T. ROWE PRICE


Global Real Estate

Securities Fund






Equity Fund

Class I (CAD) 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class I (EUR)Shares outstanding at the beginning of the period 1,105 80,460 4,398 – – –Number of shares issued 4,754 394,650 – – – –Number of shares redeemed (79) (277,810) – – – –Shares outstanding at the end of the period 5,780 197,300 4,398 – – –Class I (GBP)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class I (USD)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – 167,361 – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – 167,361* – –Class I 9Shares outstanding at the beginning of the period – 723,991 – – – –Number of shares issued – 495,336 – – – –Number of shares redeemed – (500) – – – –Shares outstanding at the end of the period – 1,218,827 – – – –Class I 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class IdShares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Idh (EUR)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ih (AUD) 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ih (EUR)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ih (EUR) 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ih (GBP)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ih (GBP) 9Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –




196 T. ROWE PRICE


Global Real Estate

Securities Fund






Equity Fund

Class Ih (GBP) 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ih (SEK)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ih (USD)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class JShares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class JdShares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class QShares outstanding at the beginning of the period 9,924 2,824,206 – 42,032 – –Number of shares issued 5,962 6,718,209 – 361 – –Number of shares redeemed (9,310) (771,928) – (2,075) – –Shares outstanding at the end of the period 6,576 8,770,487 – 40,318 – –Class Q (EUR)Shares outstanding at the beginning of the period – – 20,847 – – 10,056Number of shares issued – – 739 – – –Number of shares redeemed – – (400) – – –Shares outstanding at the end of the period – – 21,186 – – 10,056Class Q (EUR) 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Q (GBP)Shares outstanding at the beginning of the period 14,154 – – – – –Number of shares issued 30,461 – – – – –Number of shares redeemed (1,532) – – – – –Shares outstanding at the end of the period 43,083 – – – – –Class Q 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class QdShares outstanding at the beginning of the period – – – – – –Number of shares issued – 13,653 – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – 13,653* – – – –Class Qd (GBP)Shares outstanding at the beginning of the period – 86,150 – – – –Number of shares issued – 1,145,204 – – – –Number of shares redeemed – (72,146) – – – –Shares outstanding at the end of the period – 1,159,208 – – – –Class Qd 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –




197T. ROWE PRICE


Global Real Estate

Securities Fund






Equity Fund

Class Qdh (EUR)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Qdh (GBP)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Qh (CHF)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Qh (EUR)Shares outstanding at the beginning of the period – 132,322 – – – –Number of shares issued – 1,020,030 – – – –Number of shares redeemed – (43,413) – – – –Shares outstanding at the end of the period – 1,108,939 – – – –Class Qh (EUR) 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Qh (GBP)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Qh (USD)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class SShares outstanding at the beginning of the period – – – – – –Number of shares issued – 482,166 – – – –Number of shares redeemed – (33,406) – – – –Shares outstanding at the end of the period – 448,760* – – – –Class S 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class SdShares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Sd 12Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Sh (JPY)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class ZShares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –




198 T. ROWE PRICE


US Blue Chip Equity Fund US Equity Fund(3)


US Large Cap Value

Equity Fund


Equity FundGlobal

Allocation Fund

Class AShares outstanding at the beginning of the period 1,809,257 560,806 23,117,119 6,371,575 12,030,254 500Number of shares issued 299,494 482,763 2,246,521 287,972 1,506,094 60,308Number of shares redeemed (347,157) (104,529) (5,943,408) (1,675,612) (4,880,445) (1,664)Shares outstanding at the end of the period 1,761,594 939,040 19,420,232 4,983,935 8,655,903 59,144Class A (EUR)Shares outstanding at the beginning of the period 460 460 – – 660,298 –Number of shares issued 11,788 27,988 – – 788,482 –Number of shares redeemed (3,064) (11,469) – – (573,847) –Shares outstanding at the end of the period 9,184 16,979 – – 874,933 –Class A 10Shares outstanding at the beginning of the period 22,870,319 – – – – –Number of shares issued 1,802,380 – – – – –Number of shares redeemed (8,274,862) – – – – –Shares outstanding at the end of the period 16,397,837 – – – – –Class AdShares outstanding at the beginning of the period 500 – – – – –Number of shares issued 3,886 – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period 4,386 – – – – –Class Ad (EUR)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Adh (EUR)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Adh (USD)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ah (CHF)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ah (EUR)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – 4,641 –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – 4,641* –Class Ah (EUR) 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ah (NOK)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ah (SEK)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class IShares outstanding at the beginning of the period 6,015,639 6,668,640 11,514,611 12,579,668 10,631,363 5,000,371Number of shares issued 1,099,757 2,718,833 2,709,832 2,973,194 1,386,512 1,216Number of shares redeemed (2,021,988) (1,685,647) (2,871,540) (2,532,827) (1,861,217) (155,413)Shares outstanding at the end of the period 5,093,408 7,701,826 11,352,903 13,020,035 10,156,658 4,846,174

(3) Formerly known as US Large Cap Equity Fund.* Please refer to note 1 on page 230 – 232 for further details about the launch date.



199T. ROWE PRICE




US Large Cap Value

Equity Fund


Equity FundGlobal

Allocation Fund

Class I (CAD) 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class I (EUR)Shares outstanding at the beginning of the period 460 – – – – –Number of shares issued 3,676 – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period 4,136 – – – – –Class I (GBP)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class I (USD)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class I 9Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class I 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class IdShares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Idh (EUR)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ih (AUD) 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ih (EUR)Shares outstanding at the beginning of the period – 156,986 174,153 9,577 521,219 –Number of shares issued – 53,275 56,002 – 89,343 –Number of shares redeemed – (156,502) (84,698) (4,897) (125,839) –Shares outstanding at the end of the period – 53,759 145,457 4,680 484,723 –Class Ih (EUR) 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ih (GBP)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ih (GBP) 9Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –




200 T. ROWE PRICE




US Large Cap Value

Equity Fund


Equity FundGlobal

Allocation Fund

Class Ih (GBP) 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ih (SEK)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Ih (USD)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class JShares outstanding at the beginning of the period 2,526,786 – 4,980,165 6,422,963 – –Number of shares issued 129,094 – 366,208 1,319,007 – –Number of shares redeemed – – (135,195) (128,601) – –Shares outstanding at the end of the period 2,655,880 – 5,211,178 7,613,369 – –Class JdShares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class QShares outstanding at the beginning of the period 3,605,885 500 7,426,724 6,587,128 5,722,737 500Number of shares issued 1,127,620 4,650,156 513,693 1,901,866 1,399,736 3,989Number of shares redeemed (743,389) (123,903) (4,477,152) (1,280,023) (1,067,801) –Shares outstanding at the end of the period 3,990,116 4,526,753 3,463,265 7,208,971 6,054,672 4,489Class Q (EUR)Shares outstanding at the beginning of the period 740,638 – 2,539,165 – – –Number of shares issued 2,361,523 – 131,787 – – –Number of shares redeemed (753,668) – (297,846) – – –Shares outstanding at the end of the period 2,348,493 – 2,373,106 – – –Class Q (EUR) 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Q (GBP)Shares outstanding at the beginning of the period 43,552 35,231 239,413 68,809 1,765,780 –Number of shares issued 23,911 26,002 390,657 26,836 686,269 –Number of shares redeemed (6,358) (11,092) (61,837) (33,410) (396,190) –Shares outstanding at the end of the period 61,105 50,141 568,233 62,235 2,055,859 –Class Q 10Shares outstanding at the beginning of the period – – – 3,185,685 – –Number of shares issued – – – 1,114,613 – –Number of shares redeemed – – – (339,245) – –Shares outstanding at the end of the period – – – 3,961,053 – –Class QdShares outstanding at the beginning of the period 500 – – – – –Number of shares issued 20,922 – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period 21,422 – – – – –Class Qd (GBP)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Qd 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – 3,848,130 – –Number of shares redeemed – – – (1,894) – –Shares outstanding at the end of the period – – – 3,846,236* – –




201T. ROWE PRICE




US Large Cap Value

Equity Fund


Equity FundGlobal

Allocation Fund

Class Qdh (EUR)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Qdh (GBP)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Qh (CHF)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Qh (EUR)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Qh (EUR) 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Qh (GBP)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – 4,306 –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – 4,306* –Class Qh (USD)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class SShares outstanding at the beginning of the period – – – – 4,300 –Number of shares issued – – – – 335,150 –Number of shares redeemed – – – – (4,300) –Shares outstanding at the end of the period – – – – 335,150 –Class S 10Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class SdShares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Sd 12Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class Sh (JPY)Shares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –Class ZShares outstanding at the beginning of the period – – – – – –Number of shares issued – – – – – –Number of shares redeemed – – – – – –Shares outstanding at the end of the period – – – – – –




202 T. ROWE PRICE

Statement of NAV per Share and Net Asset Statistics






USD USD USD USD USD

(Amounts in USD unless otherwise noted)Net asset value per Class A share as at:30 June 2017 10.56 10.40 – 19.93 13.2031 December 2016 10.10 10.58 – 18.81 12.5531 December 2015 – 10.18 – 16.47 11.42Net asset value per Class A (EUR) share as at:30 June 2017 – – – 10.65 EUR 10.14 EUR31 December 2016 – – – 10.87EUR** 10.44 EUR31 December 2015 – – – – –Net asset value per Class A 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ad share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ad (EUR) share as at:30 June 2017 – – – – 9.99 EUR31 December 2016 – – – – 10.47 EUR31 December 2015 – – – – 9.60 EURNet asset value per Class Adh (EUR) share as at:30 June 2017 – 9.85 EUR – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Adh (USD) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (CHF) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (EUR) share as at:30 June 2017 – 10.16 EUR – – –31 December 2016 – 10.44 EUR – – –31 December 2015 – 10.16 EUR – – –Net asset value per Class Ah (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (NOK) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (SEK) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I share as at:30 June 2017 10.59 10.52 13.12 24.05 13.8031 December 2016 10.10 10.68 11.81 22.62 13.0731 December 2015 – 10.21 10.59 19.68 11.81Net asset value per Class I (CAD) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I (EUR) share as at:30 June 2017 – – 9.73 EUR – –31 December 2016 – – – – –31 December 2015 – – – – –

(1) Formerly known as Global Multi-Sector Bond Fund.(2) Formerly known as Global Unconstrained Bond Fund.** The NAV per share presented in the financial statements differs from the published NAV per share. The difference has been validated in accordance with the circular 2002/77.


Statement of NAV per Share and Net Asset Statistics


203T. ROWE PRICE

Statement of NAV per Share and Net Asset Statistics continued






USD USD USD USD USD

Net asset value per Class I (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I (USD) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I 9 share as at:30 June 2017 10.27 – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Id share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – 10.42 –Net asset value per Class Idh (EUR) share as at:30 June 2017 – 9.81 EUR – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (AUD) 10 share as at:30 June 2017 – 9.89 AUD – – –31 December 2016 – 10.00 AUD – – –31 December 2015 – – – – –Net asset value per Class Ih (EUR) share as at:30 June 2017 – 10.27 EUR – – –31 December 2016 – 10.51 EUR – – –31 December 2015 – 10.19 EUR – – –Net asset value per Class Ih (EUR) 10 share as at:30 June 2017 – 98.13 EUR – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (GBP) share as at:30 June 2017 – 10.44GBP – 11.93GBP –31 December 2016 – 10.65GBP – 11.27GBP –31 December 2015 – 10.22GBP – 9.80GBP –Net asset value per Class Ih (GBP) 9 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (GBP) 10 share as at:30 June 2017 – 9.86GBP – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (SEK) share as at:30 June 2017 – 100.90 SEK – – –31 December 2016 – 103.33 SEK – – –31 December 2015 – – – – –Net asset value per Class Ih (USD) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class J share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –




204 T. ROWE PRICE







USD USD USD USD USD

Net asset value per Class Jd share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Q share as at:30 June 2017 10.59 10.51 – 12.27 –31 December 2016 10.10 10.67 – 11.55 –31 December 2015 – 10.22 – 10.06 –Net asset value per Class Q (EUR) share as at:30 June 2017 – – 10.87 EUR 13.31 EUR 12.75 EUR31 December 2016 – – 10.59 EUR 13.55 EUR 13.08 EUR31 December 2015 – – 9.22 EUR 11.43 EUR 11.46 EURNet asset value per Class Q (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Q (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Q 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qd share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qd (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qd 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qdh (EUR) share as at:30 June 2017 – 9.77 EUR – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qdh (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qh (CHF) share as at:30 June 2017 – 9.80CHF – – –31 December 2016 – 10.07CHF – – –31 December 2015 – – – – –Net asset value per Class Qh (EUR) share as at:30 June 2017 – 9.86 EUR – – –31 December 2016 – 10.10 EUR – – –31 December 2015 – – – – –Net asset value per Class Qh (EUR) 10 share as at:30 June 2017 – 9.96 EUR – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qh (GBP) share as at:30 June 2017 – 10.41GBP – – –31 December 2016 – 10.63GBP – – –31 December 2015 – 10.21GBP – – –




205T. ROWE PRICE







USD USD USD USD USD

Net asset value per Class Qh (USD) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class S share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class S 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Sd share as at:30 June 2017 – 9.97 7.87 10.17 10.2731 December 2016 – 10.16 7.30 9.89 9.9431 December 2015 – – 6.92 9.28 9.40Net asset value per Class Sd 12 share as at:30 June 2017 – 9.87 – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Sh (JPY) share as at:30 June 2017 – 10,051.00JPY – – –31 December 2016 – 10,258.00JPY – – –31 December 2015 – – – – –Net asset value per Class Z share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net assets as at:30 June 2017 21,232,776 1,267,617,214 51,702,845 214,805,507 17,021,24231 December 2016 20,204,014 372,279,849 12,157,810 204,766,274 16,136,30531 December 2015 – 27,633,403 10,730,587 166,699,002 14,094,254




206 T. ROWE PRICE







EUR EUR USD USD USD

(Amounts in USD unless otherwise noted)Net asset value per Class A share as at:30 June 2017 15.65 EUR 17.12 EUR 17.16 11.35 28.4431 December 2016 15.50 EUR 16.92 EUR 16.54* 10.74 27.2531 December 2015 14.88 EUR 15.44 EUR 16.14 9.33 23.91Net asset value per Class A (EUR) share as at:30 June 2017 – – 9.52 EUR – –31 December 2016 – – 9.93EUR* – –31 December 2015 – – – – –Net asset value per Class A 10 share as at:30 June 2017 – – – – 9.9831 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ad share as at:30 June 2017 – 10.23 EUR – – 12.5031 December 2016 – 10.36 EUR – – 12.2731 December 2015 – 9.94 EUR – – 11.35Net asset value per Class Ad (EUR) share as at:30 June 2017 – – – 9.93 EUR –31 December 2016 – – – 10.47 EUR –31 December 2015 – – – 9.31 EUR –Net asset value per Class Adh (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Adh (USD) share as at:30 June 2017 – 10.51 – – –31 December 2016 – 10.55 – – –31 December 2015 – 9.97 – – –Net asset value per Class Ah (CHF) share as at:30 June 2017 – 11.02CHF – – –31 December 2016 – 10.93CHF – – –31 December 2015 – 10.03CHF – – –Net asset value per Class Ah (EUR) share as at:30 June 2017 – – – – 23.42 EUR31 December 2016 – – – – 22.66 EUR31 December 2015 – – – – 20.14 EURNet asset value per Class Ah (EUR) 10 share as at:30 June 2017 – – – – 9.97 EUR31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (NOK) share as at:30 June 2017 101.16 NOK – – – 220.73 NOK31 December 2016 – – – – 211.79 NOK31 December 2015 – – – – 186.04 NOKNet asset value per Class Ah (SEK) share as at:30 June 2017 100.73 SEK – – – 131.77 SEK31 December 2016 – – – – 127.58 SEK31 December 2015 – – – – 113.70 SEKNet asset value per Class I share as at:30 June 2017 19.79 EUR 17.74 EUR 15.50 11.50 30.5531 December 2016 19.56 EUR 17.48 EUR 14.90* 10.84 29.1931 December 2015 18.65 EUR 15.85 EUR 14.48 9.36 25.46Net asset value per Class I (CAD) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –

* Official Net Asset Value per Share including a Swing Pricing Adjustment.



207T. ROWE PRICE







EUR EUR USD USD USD

Net asset value per Class I (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I (USD) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I 9 share as at:30 June 2017 10.22 EUR – – – –31 December 2016 10.10 EUR – – – –31 December 2015 – – – – –Net asset value per Class I 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Id share as at:30 June 2017 – 10.04 EUR – – –31 December 2016 – 10.17 EUR – – –31 December 2015 – – 10.30 – –Net asset value per Class Idh (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (AUD) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (EUR) share as at:30 June 2017 – – 10.09 EUR – 10.85 EUR31 December 2016 – – 10.08EUR* – 10.47 EUR31 December 2015 – – – – 9.29 EURNet asset value per Class Ih (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (GBP) 9 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (GBP) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (SEK) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (USD) share as at:30 June 2017 12.21 – – – –31 December 2016 11.95 – – – –31 December 2015 11.25 – – – –Net asset value per Class J share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –




208 T. ROWE PRICE







EUR EUR USD USD USD

Net asset value per Class Jd share as at:30 June 2017 – – – – 9.9731 December 2016 – – – – 9.7931 December 2015 – – – – 9.05Net asset value per Class Q share as at:30 June 2017 11.30 EUR 12.34 EUR – 11.48 12.5731 December 2016 11.17 EUR 12.16 EUR – 10.83 12.0231 December 2015 10.66 EUR 11.03 EUR – 9.36 10.48Net asset value per Class Q (EUR) share as at:30 June 2017 – – 11.31 EUR – –31 December 2016 – – 11.78EUR* – –31 December 2015 – – 11.10 EUR – –Net asset value per Class Q (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Q (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Q 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qd share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qd (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qd 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qdh (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qdh (GBP) share as at:30 June 2017 – 9.95GBP – 10.11GBP –31 December 2016 – – – 9.90GBP –31 December 2015 – – – 9.15GBP –Net asset value per Class Qh (CHF) share as at:30 June 2017 – 11.02CHF – – –31 December 2016 – 10.89CHF – – –31 December 2015 – 9.94CHF – – –Net asset value per Class Qh (EUR) share as at:30 June 2017 – – 10.48 EUR – –31 December 2016 – – 10.47EUR* – –31 December 2015 – – 10.12 EUR – –Net asset value per Class Qh (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qh (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –




209T. ROWE PRICE







EUR EUR USD USD USD

Net asset value per Class Qh (USD) share as at:30 June 2017 – 11.41 – – –31 December 2016 – 11.15 – – –31 December 2015 – 9.98 – – –Net asset value per Class S share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class S 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Sd share as at:30 June 2017 10.64 EUR 10.21 EUR 9.42 10.75 9.5731 December 2016 10.58 EUR 10.34 EUR 9.13* 10.46 9.4031 December 2015 10.25 EUR 9.91 EUR 9.01 – 8.68Net asset value per Class Sd 12 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Sh (JPY) share as at:30 June 2017 – – 11,576.00JPY – –31 December 2016 – – 11,532.00JPY* – –31 December 2015 – – 11,107.00JPY – –Net asset value per Class Z share as at:30 June 2017 22.69 EUR – 25.14 – 35.3431 December 2016 22.36 EUR – 24.11* – 33.6531 December 2015 21.22 EUR – 23.29 – 29.16Net assets as at:30 June 2017 114,175,916EUR 767,189,264EUR 217,970,451 21,507,253 1,822,863,60031 December 2016 114,320,636EUR 681,145,924EUR 183,638,690 17,301,592 1,679,902,41631 December 2015 101,011,429EUR 275,457,183EUR 77,642,534 14,323,547 1,438,844,542




210 T. ROWE PRICE







Equity Fund

USD USD USD USD EUR

(Amounts in USD unless otherwise noted)Net asset value per Class A share as at:30 June 2017 11.10 – 13.90 12.84 –31 December 2016 10.68 – 11.26 10.33 –31 December 2015 10.02 – 11.24 10.09 –Net asset value per Class A (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class A 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ad share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ad (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Adh (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Adh (USD) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (CHF) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (NOK) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (SEK) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I share as at:30 June 2017 11.22 11.82 21.34 13.23 15.30 EUR31 December 2016 10.77 11.51 17.21 10.60 13.68 EUR31 December 2015 10.05 11.25 17.01 10.25 13.80 EURNet asset value per Class I (CAD) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I (EUR) share as at:30 June 2017 – – 12.71 EUR – –31 December 2016 – – 11.09 EUR – –31 December 2015 – – – – –

** The NAV per share presented in the financial statements differs from the published NAV per share. The difference has been validated in accordance with the circular 2002/77.



211T. ROWE PRICE







Equity Fund

USD USD USD USD EUR

Net asset value per Class I (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I (USD) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I 9 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I 10 share as at:30 June 2017 – – 12.07 – –31 December 2016 – – 9.71 – –31 December 2015 – – 9.57 – –Net asset value per Class Id share as at:30 June 2017 – – 12.17 – –31 December 2016 – – 9.81 – –31 December 2015 – – 9.80 – –Net asset value per Class Idh (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (AUD) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (EUR) share as at:30 June 2017 – 11.74 EUR – – –31 December 2016 – 11.54 EUR – – –31 December 2015 – 11.43 EUR – – –Net asset value per Class Ih (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (GBP) 9 share as at:30 June 2017 10.42GBP – – – –31 December 2016 10.05GBP – – – –31 December 2015 – – – – –Net asset value per Class Ih (GBP) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (SEK) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (USD) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class J share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –




212 T. ROWE PRICE







Equity Fund

USD USD USD USD EUR

Net asset value per Class Jd share as at:30 June 2017 – 10.88 – – –31 December 2016 – 10.72 – – –31 December 2015 – 10.71 – – –Net asset value per Class Q share as at:30 June 2017 11.21 – 12.34 13.20 –31 December 2016 10.76 – 9.96 10.58 –31 December 2015 10.05 – 9.85 10.24 –Net asset value per Class Q (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Q (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Q (GBP) share as at:30 June 2017 – – 15.88GBP 17.17GBP 15.99GBP31 December 2016 – – 13.42GBP 14.42GBP 13.84GBP31 December 2015 – – 11.11GBP 11.68GBP 12.06GBPNet asset value per Class Q 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qd share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qd (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qd 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qdh (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qdh (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qh (CHF) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qh (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qh (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qh (GBP) share as at:30 June 2017 – 10.41GBP – – –31 December 2016 – 10.19GBP – – –31 December 2015 – 10.00GBP – – –




213T. ROWE PRICE







Equity Fund

USD USD USD USD EUR

Net asset value per Class Qh (USD) share as at:30 June 2017 – – – – 10.9931 December 2016 – – – – 9.6731 December 2015 – – – – 9.63Net asset value per Class S share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class S 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Sd share as at:30 June 2017 – 9.98 – – –31 December 2016 – 9.84 – – –31 December 2015 – 9.84 – – –Net asset value per Class Sd 12 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Sh (JPY) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Z share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net assets as at:30 June 2017 23,871,118 372,182,043 666,952,967 3,066,671 89,647,207EUR31 December 2016 21,695,736 338,095,995 577,604,813 2,426,111 106,140,095EUR31 December 2015 20,109,617 176,566,408 602,893,660 2,195,094 169,577,486EUR




214 T. ROWE PRICE







Equity Fund

EUR USD USD EUR EUR

(Amounts in USD unless otherwise noted)Net asset value per Class A share as at:30 June 2017 16.41 EUR 26.69 13.01 13.17 EUR 47.12 EUR31 December 2016 17.12 EUR 22.38 11.09 12.09 EUR 39.61 EUR31 December 2015 13.92 EUR 20.12 10.03 13.20 EUR 40.10 EURNet asset value per Class A (EUR) share as at:30 June 2017 – 11.88 EUR – – –31 December 2016 – 10.78EUR** – – –31 December 2015 – – – – –Net asset value per Class A 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ad share as at:30 June 2017 – 10.58 – 9.44 EUR –31 December 2016 – 8.88 – 8.80 EUR –31 December 2015 – 8.01 – 9.73 EUR –Net asset value per Class Ad (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Adh (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Adh (USD) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (CHF) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (NOK) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (SEK) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I share as at:30 June 2017 17.87 EUR 34.19 13.24 14.61 EUR 51.00 EUR31 December 2016 18.55 EUR 28.53 11.23 13.35 EUR 42.67 EUR31 December 2015 14.94 EUR 25.41 10.05 14.44 EUR 42.81 EURNet asset value per Class I (CAD) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I (EUR) share as at:30 June 2017 – 13.17 EUR – – –31 December 2016 – 11.90 EUR – – –31 December 2015 – – – – –




215T. ROWE PRICE







Equity Fund

EUR USD USD EUR EUR

Net asset value per Class I (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I (USD) share as at:30 June 2017 – – – 11.44 –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I 9 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I 10 share as at:30 June 2017 – 12.20 – – –31 December 2016 – 10.16 – – –31 December 2015 – 9.02 – – –Net asset value per Class Id share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Idh (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (AUD) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (GBP) 9 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (GBP) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (SEK) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (USD) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class J share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –




216 T. ROWE PRICE







Equity Fund

EUR USD USD EUR EUR

Net asset value per Class Jd share as at:30 June 2017 – 8.46 – – –31 December 2016 – 7.08 – – –31 December 2015 – 6.35 – – –Net asset value per Class Q share as at:30 June 2017 – 11.36 13.22 12.90 EUR 16.70 EUR31 December 2016 – 9.49 11.21 11.79 EUR 13.98 EUR31 December 2015 – 8.45 10.05 12.76 EUR 14.03 EURNet asset value per Class Q (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Q (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Q (GBP) share as at:30 June 2017 – 15.58GBP – – 17.22GBP31 December 2016 – 13.63GBP – – 13.95GBP31 December 2015 – 10.17GBP – – 12.09GBPNet asset value per Class Q 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qd share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qd (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qd 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qdh (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qdh (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qh (CHF) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qh (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qh (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qh (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –




217T. ROWE PRICE







Equity Fund

EUR USD USD EUR EUR

Net asset value per Class Qh (USD) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class S share as at:30 June 2017 – 11.77 – – –31 December 2016 – 9.78 – – –31 December 2015 – 8.62 – – –Net asset value per Class S 10 share as at:30 June 2017 – – – 12.58 EUR –31 December 2016 – – – 11.46 EUR –31 December 2015 – – – 12.32 EUR –Net asset value per Class Sd share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Sd 12 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Sh (JPY) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Z share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net assets as at:30 June 2017 6,709,000EUR 1,795,104,263 3,671,781 515,438,271EUR 89,391,004EUR31 December 2016 6,977,439EUR 1,390,603,293 2,584,632 536,767,725EUR 78,810,085EUR31 December 2015 5,646,726EUR 1,141,945,430 2,224,869 642,304,033EUR 70,846,910EUR




218 T. ROWE PRICE







Equity Fund

EUR USD USD USD USD

(Amounts in USD unless otherwise noted)Net asset value per Class A share as at:30 June 2017 – 10.89* 35.21 33.21 7.4631 December 2016 – 9.21 29.78 28.03 7.7431 December 2015 – 8.45 28.39 27.60 6.25Net asset value per Class A (EUR) share as at:30 June 2017 – – 12.57 EUR – 10.15 EUR31 December 2016 – – 11.50 EUR – 11.42 EUR31 December 2015 – – – – –Net asset value per Class A 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ad share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ad (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Adh (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Adh (USD) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (CHF) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (NOK) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ah (SEK) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I share as at:30 June 2017 20.69 EUR 11.21* 20.21 36.02 11.5631 December 2016 19.25 EUR 9.43 17.01 30.26 11.9531 December 2015 18.77 EUR 8.57 16.06 29.52 9.56Net asset value per Class I (CAD) 10 share as at:30 June 2017 – – – 12.42 CAD –31 December 2016 – – – 10.80 CAD –31 December 2015 – – – – –Net asset value per Class I (EUR) share as at:30 June 2017 – – – – 11.02 EUR31 December 2016 – – – – 12.33 EUR31 December 2015 – – – – –




219T. ROWE PRICE







Equity Fund

EUR USD USD USD USD

Net asset value per Class I (GBP) share as at:30 June 2017 – – – 32.27GBP –31 December 2016 – – – 28.41GBP –31 December 2015 – – – 23.20GBP –Net asset value per Class I (USD) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I 9 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class I 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Id share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Idh (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (AUD) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (GBP) 9 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (GBP) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (SEK) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Ih (USD) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class J share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –




220 T. ROWE PRICE







Equity Fund

EUR USD USD USD USD

Net asset value per Class Jd share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Q share as at:30 June 2017 – 11.19* – – –31 December 2016 – 9.41 – – –31 December 2015 – 8.56 – – –Net asset value per Class Q (EUR) share as at:30 June 2017 – – 15.44 EUR 14.15 EUR 11.55 EUR31 December 2016 – – 14.07 EUR 12.87 EUR 12.93 EUR31 December 2015 – – 12.89 EUR 12.18 EUR 10.03 EURNet asset value per Class Q (EUR) 10 share as at:30 June 2017 – – – – 11.07 EUR31 December 2016 – – – – 12.37 EUR31 December 2015 – – – – –Net asset value per Class Q (GBP) share as at:30 June 2017 – 14.65GBP* 18.66GBP 18.51GBP 12.29GBP31 December 2016 – 12.92GBP 16.46GBP 16.29GBP 13.31GBP31 December 2015 – 9.83GBP 13.02GBP 13.31GBP –Net asset value per Class Q 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qd share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qd (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qd 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qdh (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qdh (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qh (CHF) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qh (EUR) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qh (EUR) 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Qh (GBP) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –




221T. ROWE PRICE







Equity Fund

EUR USD USD USD USD

Net asset value per Class Qh (USD) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class S share as at:30 June 2017 – 10.37* – 18.33 –31 December 2016 – – – 15.34 –31 December 2015 – – – 14.85 –Net asset value per Class S 10 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Sd share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Sd 12 share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Sh (JPY) share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net asset value per Class Z share as at:30 June 2017 – – – – –31 December 2016 – – – – –31 December 2015 – – – – –Net assets as at:30 June 2017 7,758,288EUR 213,011,489 366,593,991 459,218,707 319,878,61931 December 2016 7,217,779EUR 13,817,259 237,696,673 385,167,345 397,070,83331 December 2015 7,037,155EUR 8,560,272 169,696,869 383,254,269 250,330,120




222 T. ROWE PRICE


Global Real Estate

Securities Fund






Equity Fund

USD USD USD EUR USD USD

(Amounts in USD unless otherwise noted)Net asset value per Class A share as at:30 June 2017 23.70 14.73 16.63 11.30 EUR 11.02 7.9531 December 2016 23.09 11.54 15.17 10.71 EUR 9.78 7.3031 December 2015 22.89 11.00 13.99 9.43 EUR 7.49 6.88Net asset value per Class A (EUR) share as at:30 June 2017 – – 11.20 EUR – – –31 December 2016 – – 11.07 EUR – – –31 December 2015 – – – – – –Net asset value per Class A 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ad share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ad (EUR) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Adh (EUR) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Adh (USD) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ah (CHF) share as at:30 June 2017 – 10.42CHF – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ah (EUR) share as at:30 June 2017 – 10.43 EUR – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ah (EUR) 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ah (NOK) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ah (SEK) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class I share as at:30 June 2017 25.68 15.02 17.34 13.13 EUR 7.75 11.4731 December 2016 24.91 11.71 15.75 12.39 EUR 6.84 10.4731 December 2015 24.45 11.06 14.39 10.80 EUR 5.19 9.78Net asset value per Class I (CAD) 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class I (EUR) share as at:30 June 2017 10.14 EUR 14.33 EUR 11.91 EUR – – –31 December 2016 10.64 EUR 12.10 EUR 11.71 EUR – – –31 December 2015 – – – – – –

* Official Net Asset Value per Share including a Swing Pricing Adjustment. ** The NAV per share presented in the financial statements differs from the published NAV per share. The difference has been validated in accordance with the circular 2002/77.



223T. ROWE PRICE

Global Real Estate

Securities Fund






Equity Fund


Net asset value per Class I (GBP) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class I (USD) share as at:30 June 2017 – – – 10.76 – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class I 9 share as at:30 June 2017 – 13.86 – – – –31 December 2016 – 10.80 – – – –31 December 2015 – – – – – –Net asset value per Class I 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Id share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Idh (EUR) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ih (AUD) 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ih (EUR) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ih (EUR) 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ih (GBP) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ih (GBP) 9 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ih (GBP) 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ih (SEK) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ih (USD) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class J share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –





224 T. ROWE PRICE

Global Real Estate

Securities Fund






Equity Fund


Net asset value per Class Jd share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Q share as at:30 June 2017 9.79 15.00 – 16.04 EUR – –31 December 2016 9.49 11.70 – 15.15 EUR – –31 December 2015 – 11.05 – 13.22 EUR – –Net asset value per Class Q (EUR) share as at:30 June 2017 – – 13.74 EUR – – 10.04 EUR31 December 2016 – – 13.51 EUR – – 9.99 EUR31 December 2015 – – 11.98 EUR – – 8.98 EURNet asset value per Class Q (EUR) 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Q (GBP) share as at:30 June 2017 15.70GBP – – – – –31 December 2016 15.95GBP – – – – –31 December 2015 13.11GBP – – – – –Net asset value per Class Q 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Qd share as at:30 June 2017 – 10.93 – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Qd (GBP) share as at:30 June 2017 – 13.47GBP – – – –31 December 2016 – 11.01GBP – – – –31 December 2015 – – – – – –Net asset value per Class Qd 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Qdh (EUR) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Qdh (GBP) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Qh (CHF) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Qh (EUR) share as at:30 June 2017 – 13.04 EUR – – – –31 December 2016 – 10.26 EUR – – – –31 December 2015 – – – – – –Net asset value per Class Qh (EUR) 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Qh (GBP) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –





225T. ROWE PRICE

Global Real Estate

Securities Fund






Equity Fund


Net asset value per Class Qh (USD) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class S share as at:30 June 2017 – 11.16 – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class S 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Sd share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Sd 12 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Sh (JPY) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Z share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net assets as at:30 June 2017 41,756,270 503,692,592 11,872,202 41,483,918EUR 5,924,463 6,478,68931 December 2016 37,874,545 89,564,512 3,443,512 3,904,625EUR 5,094,377 6,405,86931 December 2015 37,412,483 12,445,604 3,051,848 2,853,218EUR 4,852,526 8,832,872





226 T. ROWE PRICE




US Large Cap Value

Equity Fund


Equity FundGlobal

Allocation Fund

USD USD USD USD USD USD

(Amounts in USD unless otherwise noted)Net asset value per Class A share as at:30 June 2017 38.52 28.23 31.64 29.91 39.25 11.2331 December 2016 32.88 25.55 26.90 28.36 36.36 10.4131 December 2015 33.15 24.28 26.49 24.85 31.91 –Net asset value per Class A (EUR) share as at:30 June 2017 12.28 EUR 11.23 EUR – – 17.47 EUR –31 December 2016 11.33EUR** 10.99EUR** – – 17.52 EUR –31 December 2015 – – – – 14.91 EUR –Net asset value per Class A 10 share as at:30 June 2017 11.97 – – – – –31 December 2016 10.17 – – – – –31 December 2015 – – – – – –Net asset value per Class Ad share as at:30 June 2017 11.61 – – – – –31 December 2016 9.91 – – – – –31 December 2015 10.00 – – – – –Net asset value per Class Ad (EUR) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Adh (EUR) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Adh (USD) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ah (CHF) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ah (EUR) share as at:30 June 2017 – – – – 10.15 EUR –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ah (EUR) 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ah (NOK) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ah (SEK) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class I share as at:30 June 2017 12.39 30.40 37.82 27.53 53.27 11.3131 December 2016 10.53 27.38 32.01 25.99 49.18 10.4531 December 2015 10.53 25.78 31.24 22.57 42.85 –Net asset value per Class I (CAD) 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class I (EUR) share as at:30 June 2017 12.44 EUR – – – – –31 December 2016 11.45 EUR – – – – –31 December 2015 – – – – – –

(3) Formerly known as US Large Cap Equity Fund.** The NAV per share presented in the financial statements differs from the published NAV per share. The difference has been validated in accordance with the circular 2002/77.



227T. ROWE PRICE



US Large Cap Value

Equity Fund


Equity FundGlobal

Allocation Fund


Net asset value per Class I (GBP) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class I (USD) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class I 9 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class I 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Id share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Idh (EUR) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ih (AUD) 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ih (EUR) share as at:30 June 2017 – 11.25 EUR 12.05 EUR 10.57 EUR 13.08 EUR –31 December 2016 – 10.22 EUR 10.29 EUR 10.07 EUR 12.18 EUR –31 December 2015 – – 10.16 EUR – 10.75 EUR –Net asset value per Class Ih (EUR) 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ih (GBP) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ih (GBP) 9 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ih (GBP) 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ih (SEK) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Ih (USD) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class J share as at:30 June 2017 27.49 – 27.91 19.44 – –31 December 2016 23.28 – 23.54 18.29 – –31 December 2015 23.11 – 22.82 15.78 – –





228 T. ROWE PRICE



US Large Cap Value

Equity Fund


Equity FundGlobal

Allocation Fund


Net asset value per Class Jd share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Q share as at:30 June 2017 17.85 11.20 20.19 16.52 16.34 11.3031 December 2016 15.18 10.10 17.09 15.59 15.09 10.4431 December 2015 15.17 – 16.69 13.55 13.16 –Net asset value per Class Q (EUR) share as at:30 June 2017 14.41 EUR – 10.92 EUR – – –31 December 2016 13.27 EUR – 10.00 EUR – – –31 December 2015 12.87 EUR – – – – –Net asset value per Class Q (EUR) 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Q (GBP) share as at:30 June 2017 18.76GBP 18.64GBP 18.58GBP 17.27GBP 22.21GBP –31 December 2016 16.72GBP 17.60GBP 16.48GBP 17.09GBP 21.49GBP –31 December 2015 14.00GBP 13.87GBP 13.48GBP 12.43GBP 15.69GBP –Net asset value per Class Q 10 share as at:30 June 2017 – – – 11.78 – –31 December 2016 – – – 11.11 – –31 December 2015 – – – – – –Net asset value per Class Qd share as at:30 June 2017 11.78 – – – – –31 December 2016 10.01 – – – – –31 December 2015 10.02 – – – – –Net asset value per Class Qd (GBP) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Qd 10 share as at:30 June 2017 – – – 10.18 – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Qdh (EUR) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Qdh (GBP) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Qh (CHF) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Qh (EUR) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Qh (EUR) 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Qh (GBP) share as at:30 June 2017 – – – – 10.40GBP –31 December 2016 – – – – – –31 December 2015 – – – – – –





229T. ROWE PRICE



US Large Cap Value

Equity Fund


Equity FundGlobal

Allocation Fund


Net asset value per Class Qh (USD) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class S share as at:30 June 2017 – – – – 12.18 –31 December 2016 – – – – 11.19 –31 December 2015 – – – – 9.67 –Net asset value per Class S 10 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Sd share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Sd 12 share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Sh (JPY) share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net asset value per Class Z share as at:30 June 2017 – – – – – –31 December 2016 – – – – – –31 December 2015 – – – – – –Net assets as at:30 June 2017 512,148,084 313,460,088 1,304,470,372 861,822,782 1,067,905,748 55,536,20931 December 2016 480,185,073 199,399,566 1,268,089,474 764,818,954 1,112,592,228 52,249,57731 December 2015 406,427,711 7,615,337 1,688,397,950 630,685,054 867,671,891 –





Notes to the Financial StatementsAs at 30 June 2017

230 T. ROWE PRICE

1. THE COMPANYT.RowePriceFundsSICAV(the“Company”) isanopen-endedinvestmentcompany organised under the laws of the Grand Duchy of Luxembourg as aSociétéd’InvestissementàCapitalVariable(“SICAV”)andwasauthorisedunder Part I of the Law of 17 December 2010, as amended, relating toUndertakingsforCollectiveInvestment.TheCompanywasincorporatedon5June2001andqualifiesasanUndertakings forCollective Investment inTransferableSecurities(“UCITS”).

On1October2014,theCompanyhasappointedT.RowePrice(Luxembourg)Management S.à r.l. as its management company (the “Management Company”),responsibleformanagement,administrationanddistributionofthe Company.

The Company is structured to provide both institutional and individual investors with a choice of investment portfolios (“Fund(s)”) each offeringdifferent investmentobjectivesdesigned tomeet specific riskexpectationsanddiversificationrequirements.Duringtheperiodended30June2017,thefollowingFundshadthefollowingsharesoutstanding:

Fund Class Inception date Currency

DiversifiedIncomeBondFund(1) A 15 December 2016 USD

I 15 December 2016 USD

I9 23 March 2017 USD

Q 15 December 2016 USD

DynamicGlobalBondFund(2) A 10 June 2015 USD

Adh (EUR) 13 March 2017 EUR

Ah (EUR) 10 June 2015 EUR

I 10 June 2015 USD

Idh(EUR) 24February2017 EUR

Ih(AUD)10 22 December 2016 AUD

Ih(EUR) 10 June 2015 EUR

Ih(EUR)10 26 January 2017 EUR

Ih(GBP) 10 June 2015 GBP

Ih(GBP)10 27February2017 GBP

Ih(SEK) 16February2016 SEK

Q 10 June 2015 USD

Qdh (EUR) 11 January 2017 EUR

Qh(CHF) 6 July 2016 CHF

Qh (EUR) 6 July 2016 EUR

Qh (EUR) 10 31 March 2017 EUR

Qh(GBP) 10 June 2015 GBP

Sd 27 June 2016 USD

Sd 12 17February2017 USD

Sh (JPY) 31 May 2016 JPY

EmergingLocalMarketsBondFund I 9 August 2007 USD

I(EUR) 16 June 2017 EUR

Q (EUR) 28 October 2014 EUR

Sd 22 July 2014 USD


EmergingMarketsBondFund A 27 June 2006 USD

A (EUR) 30 June 2016 EUR


Ih(GBP) 9 April 2015 GBP

Q 16 December 2015 USD


Sd 19February2014 USD

Emerging Markets Corporate BondFund

A 18 May 2011 USD

A (EUR) 20 September 2016 EUR

Ad (EUR) 5 August 2015 EUR

I 18 May 2011 USD



EuroCorporateBondFund A 9 November 2004 EUR

Ah (NOK) 7 March 2017 NOK

Ah (SEK) 7 March 2017 SEK

I 5February2002 EUR

Ih(USD) 7 December 2012 USD

I9 2 December 2016 EUR

Q 11February2014 EUR

Sd 14February2014 EUR

Z 20 June 2001 EUR

EuropeanHighYieldBondFund A 20 September 2011 EUR

Ad 8 December 2014 EUR

Adh (USD) 8 December 2014 USD

Ah(CHF) 7 September 2015 CHF

I 20 September 2011 EUR

Id 3 November 2016 EUR

Q 11February2014 EUR

Qdh(GBP) 16 March 2017 GBP

Qh(CHF) 20 July 2015 CHF

Qh (USD) 18 November 2015 USD

Sd 14February2014 EUR

GlobalAggregateBondFund A 28 March 2003 USD



Ih(EUR) 16 December 2016 EUR


Qh (EUR) 8 December 2014 EUR

Sd 22 July 2014 USD

Sh (JPY) 21 September 2012 JPY

Z 9 July 2001 USD

NotestotheFinancialStatements


231T. ROWE PRICE

Notes to the Financial Statements continuedAs at 30 June 2017


GlobalHighIncomeBondFund A 4 June 2015 USD

Ad (EUR) 5 August 2015 EUR

I 4 June 2015 USD

Q 4 June 2015 USD

Qdh(GBP) 10 June 2015 GBP

Sd 27 June 2016 USD

GlobalHighYieldBondFund A 17 August 2001 USD

A 10 16 June 2017 USD

Ad 2 June 2009 USD

Ah (EUR) 2 April 2003 EUR

Ah (EUR) 10 16 June 2017 EUR

Ah (NOK) 15 July 2004 NOK

Ah (SEK) 26 June 2012 SEK

I 4 March 2002 USD

Ih(EUR) 9 July 2014 EUR

Jd 5 December 2003 USD

Q 14 January 2013 USD


Z 28 June 2001 USD

GlobalInvestmentGradeCorporateBondFund

A 8 June 2015 USD

I 8 June 2015 USD

Ih(GBP)9 20 December 2016 GBP

Q 8 June 2015 USD

USAggregateBondFund I 7 June 2011 USD

Ih(EUR) 1 June 2011 EUR

Jd 5 December 2003 USD

Qh(GBP) 28 August 2015 GBP

Sd 22 July 2014 USD

Asianex-JapanEquityFund A 28 January 2008 USD


I(EUR) 16 March 2016 EUR

Id 11 October 2013 USD

I10 18 December 2014 USD


Q(GBP) 31 March 2014 GBP

AsianOpportunitiesEquityFund A 21 May 2014 USD

I 21 May 2014 USD

Q 21 May 2014 USD

Q(GBP) 21 May 2014 GBP

ContinentalEuropeanEquityFund I 26February2007 EUR

Q(GBP) 24 May 2013 GBP

Qh (USD) 4 May 2015 USD

EmergingEuropeEquityFund A 11 November 2008 EUR

I 11 November 2008 EUR


EmergingMarketsEquityFund A 26 October 2004 USD


Ad 9 March 2011 USD


I10 18 December 2014 USD


Jd 31 October 2007 USD


Q(GBP) 5 September 2013 GBP

S 30 June 2015 USD

EmergingMarketsValueEquityFund A 14 September 2015 USD

I 14 September 2015 USD

Q 14 September 2015 USD

EuropeanEquityFund A 3 May 2007 EUR

Ad 3 July 2015 EUR

I 26February2007 EUR

I(USD) 20February2017 USD

Q 16 October 2013 EUR

S 10 27 October 2014 EUR

European Smaller Companies EquityFund

A 26 November 2008 EUR

I 26 November 2008 EUR

Q 4 December 2013 EUR

Q(GBP) 31 January 2014 GBP

European Structured Research EquityFund

I 7 January 2005 EUR

FrontierMarketsEquityFund A 24 June 2014 USD

I 24 June 2014 USD

Q 24 June 2014 USD

Q(GBP) 24 June 2014 GBP

S 18 May 2017 USD

GlobalFocusedGrowthEquityFund A 28 March 2003 USD


I 12 January 2006 USD



GlobalGrowthEquityFund A 27 October 2008 USD

I 27 October 2008 USD

I(CAD)10 31 March 2016 CAD

I(GBP) 10 July 2009 GBP


Q(GBP) 28 August 2013 GBP

S 11 March 2011 USD


232 T. ROWE PRICE



GlobalNaturalResourcesEquityFund A 5 November 2007 USD


I 15 November 2006 USD


Q (EUR) 18 January 2013 EUR

Q (EUR) 10 2 August 2016 EUR

Q(GBP) 18 March 2016 GBP

GlobalRealEstateSecuritiesFund A 27 October 2008 USD

I 27 October 2008 USD


Q 1 July 2016 USD


GlobalTechnologyEquityFund A 15 June 2015 USD

Ah(CHF) 28 April 2017 CHF

Ah (EUR) 28 April 2017 EUR

I 15 June 2015 USD

I9 21 April 2016 USD


Q 15 June 2015 USD

Qd 31 March 2017 USD

Qh (EUR) 21 July 2016 EUR

Qd(GBP) 21 July 2016 GBP

S 23February2017 USD

GlobalValueEquityFund A 28 November 2012 USD

A (EUR) 20 September 2016 EUR

I 28 November 2012 USD



JapaneseEquityFund A 11 April 2006 EUR

I 16 December 2005 EUR

I(USD) 20February2017 USD

Q 28 October 2014 EUR

LatinAmericanEquityFund A 19 June 2009 USD

I 24 April 2008 USD

MiddleEast&AfricaEquityFund A 24 December 2007 USD



USBlueChipEquityFund A 5February2003 USD

A 10 1 September 2016 USD


Ad 30 October 2015 USD

I 4 May 2015 USD


J 20February2007 USD

Q 13 May 2013 USD

Q (EUR) 2 December 2014 EUR


Qd 30 October 2015 USD


USEquityFund (3) A 26 June 2009 USD


I 26 June 2009 USD

Ih(EUR) 8 July 2016 EUR

Q 29 November 2016 USD


USLargeCapGrowthEquityFund A 13 November 2003 USD

I 31 July 2003 USD

Ih(EUR) 18 November 2015 EUR



Q (EUR) 18 November 2016 EUR


USLargeCapValueEquityFund A 3 January 2003 USD

I 27 March 2002 USD

Ih(EUR) 7 December 2016 EUR



Q 10 15 June 2016 USD


Qd 10 28February2017 USD

USSmallerCompaniesEquityFund A 31 July 2001 USD

A (EUR) 22 May 2013 EUR

Ah (EUR) 10 May 2017 EUR


Ih(EUR) 31 March 2014 EUR

Q 8 May 2013 USD


Qh(GBP) 15February2017 GBP

S 30 November 2015 USD

GlobalAllocationFund A 8 July 2016 USD

I 8 July 2016 USD

Q 8 July 2016 USD

(1)FormerlyknownasGlobalMulti-SectorBondFund.(2)FormerlyknownasGlobalUnconstrainedBondFund.(3)FormerlyknownasUSLargeCapEquityFund.

Asat30June2017,uptosixclassesofsharesmaybeofferedtoinvestors(“Class”):ClassAShares,Class IShares,ClassJShares,ClassQShares,ClassSShares andClassZShares. The sharesof anyClassmay furtherbe sub-divided into categories of shares that either distribute income (“Distributing Shares”) or accumulated income (“Accumulating Shares”),and may be hedged (“Hedged Shares”) or denominated into a currency otherthanthecurrencyofdenominationforaparticularFund.OutstandingAd,AdhandAhSharesrepresentDistributingSharesandHedgedShares,respectively,ofClassA.ClassASharesisavailableforallinvestors.ClassQis available for (i) distributors who have separate fee arrangements with their underlying clients or (ii) any other investor at the discretion of the Management Company.ClassI,J,S,andZSharesarereservedforinstitutionalinvestors.Class Id, Jd and Sd Shares are Distributing Shares of Class I, J and S,respectively,andmaybeofferedtoinvestorsinallFunds.Classwithnumberasasuffix indicates that thesharesare reservedshares.Thesesharesarelimitedtoparticularinvestors,distributors,orcountries.Reservedshareshave


233T. ROWE PRICE

thesamecharacteristicsastheircorrespondingnon-reservedshares,exceptthat reserved shares may seek income from additional sources and distribute it more frequently (if they are distributing shares), and the ManagementCompany may waive more of its fees. All classes belonging to the same Fundwillbecommonly invested inadherencewiththespecific investmentobjective of the relevant Fund butmay differwith regard to fee structure,minimumsubscriptionamount,dividendpolicy,currencyhedging,orotherparticularfeaturesdescribedintheCompany’sprospectus.

2. SIGNIFICANT ACCOUNTING POLICIESa) General

These financial statements are prepared in accordance with accountingprinciples generally accepted in the Grand Duchy of Luxembourg.

b) Valuation of Securities

In determining the value of the assets of the Funds, securities which arequotedordealt inonanofficialexchangeoranotherregulatedmarketarevalued at the latest available sale price, or official closing price for certainmarkets,on theofficialexchangeormarketwhich isnormally theprincipalmarket for such securities.

Securitieswhicharenotquotedordealt inonanofficialexchangeoranotherregulatedmarket,aswellassecuritieswhicharesoquotedordealt inbut forwhich the lastsaleprice isnotavailable,andsecurities forwhich the lastsaleprice is not representative of fair value are valued in good faith by and under the directionoftheBoardofDirectorsonthebasisofreasonablyexpectedsaleprices.

Short-term debt investments purchased with original maturities less than oneyeararevaluedatamortisedcost,whichapproximatesfairvaluewhencombinedwithaccruedinterest.However,ifamortisedcostisdeemednottoreflectfairvalue,thesecuritiesarevaluedatfairvalueasdeterminedingoodfaithbyandunderthedirectionoftheBoardofDirectors.

c) Conversion of Foreign Currencies

ThebooksandrecordsofeachFundarekept inthebasecurrencyofthatFund.Amountsdenominatedinothercurrenciesaretranslatedintothebasecurrencyon the followingbasis: (i) investment valuations andother assetsand liabilities initially expressed in other currencies are converted each business day into the base currency using currency prevailing on each such businessday, and (ii) purchasesand salesof foreign investments, incomeand expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of such transactions.

Netrealisedgainsandlossesonforeigncurrencytransactionsrepresent:

(i) foreign exchange gains and losses from the holding and sale of foreign currencies,(ii)gainsandlossesbetweentradedateandsettlementdateonsecuritiestransactions,and(iii)gainsandlossesarisingfromthedifferencebetween amounts of dividends and interest recorded and the amounts actually received. The Funds do not isolate that portion of the results ofoperations resulting from changes in foreign exchange rates on investments from thefluctuationsarising fromchanges inmarketpricesof investmentsheld during the period.

The reference currency of the Company’s combined statements is theUSdollar(“USD”).ForthoseFundsandShareClassesthataredenominatedinabasecurrencyotherthanUSD,financialstatementitemsaretranslatedonthefollowingbasis:(i)assetsandliabilitiesareconvertedatcurrencyexchangeratesprevailingonthedateofthefinancialstatements,and(ii)balancesintheStatement of Operations and Changes in Net Assets are converted at the

averagecurrencyexchangeratefortheperiod.Exchangerates,expressedas1USDequivalent,usedinsuchtranslationsareasfollows:

Currency At 30 June 2017

Average for the period ended

30 June 2017

CAD 1.2960 NA

CHF 0.9568 NA

EUR 0.8757 0.9230

NOK 8.3927 NA

SEK 8.4331 NA

JPY 112.16 NA

GBP 0.7707 NA

d) Securities Transactions and Investment Income

Securities transactions are recorded on a trade date basis. Realised gains and losses are determined on the basis of the average cost of securities sold.

Dividend income is accrued on the ex-dividend date. Interest income andexpenses are recorded on the accrual basis. Premiums and discounts on debt securities are recognised in income on a straight-line basis.

Cash at banks includes cash balances in time deposits ranging from overnight tothreemonthsindurationwithvariousfinancialinstitutionsmeetingcertaincreditstandards.EachFundcouldexperienceadelayinrecoveringthevalueof these deposits and a possible loss of income or value if the counterparty failstoreturndepositedamounts.Earnings,netoffees,areaccrueddailyasinterest income and bank overdraft charges are included in other expenses in the accompanying Statement of Operations and Changes in Net Assets.

e) Class Accounting and Formation Expenses

Expenses incurred by each Class are charged directly to the Class to which theyrelate.ExpensescommontoallClasses,investmentincomeandrealisedand unrealised gains and losses are allocated daily to each Class based on relative net assets.

The costs and expenses incurred in connection with the formation of a new Fundandtheinitialissuanceofsharesmaybedeferredandamortisedovera period not exceeding five years against the assets of that Fund and insuchamounts ineachyearasdeterminedbytheBoardofDirectorsonanequitable basis.

f) Collateral

Asat30June2017, thecollateral receivedorpaidwhich iscomposedofcash collateral granted to or received from brokers and counterparties for the purposeoftransactionsinOTCderivativesisasfollows:

Name of Sub-fundsSub-fund Currency

Counter-party/Broker

Type of Collateral

Collateral Amount

received (in Sub-fund

currency)

Collateral Amount paid (in

Sub-fund currency)

Dynamic Global BondFund

USD BankofAmerica

Cash – 4,950,000


USD BarclaysBank

Cash – 11,640,000


USD Citibank Cash – 3,108,644


USD Goldman Sachs

Cash 450,000 –



234 T. ROWE PRICE

Name of Sub-fundsSub-fund Currency

Counter-party/Broker

Type of Collateral

Collateral Amount

received (in Sub-fund

currency)

Collateral Amount paid (in

Sub-fund currency)


USD HSBCBank Cash – 2,120,000


USD J.P. Morgan Cash 25,354,000 –


USD Morgan Stanley

Cash 1,810,000 –


USD RBS Cash 1,390,000 –



Cash 1,700,000 –

Emerging Markets BondFund

USD Citibank Cash – 71,000

Euro Corporate BondFund

EUR HSBCBank Cash – 586,711

European High Yield BondFund

EUR BarclaysBank

Cash 246,000 –


EUR Deutsche Bank

Cash 2,697,000 –


EUR J.P. Morgan Cash 8,757 –

Global Aggregate BondFund

USD BarclaysBank

Cash – 1,800,000




USD HSBCBank Cash – 280,000

Global High Yield BondFund

USD BarclaysBank

Cash 390,000 –




USD Deutsche Bank

Cash 2,890,000 –


USD Goldman Sachs

Cash 120,000 –


USD HSBCBank Cash 4,700,000 –


USD J.P. Morgan Cash 1,620,000 –


USD Morgan Stanley

Cash – 426,000


USD RBS Cash 1,060,000 –



Cash 6,320,000 –

USAggregateBondFund USD Citibank Cash 230,000 –

USAggregateBondFund USD Goldman Sachs

Cash 1,370,000 –

USAggregateBondFund USD J.P. Morgan Cash 38,000 –

3. INVESTMENT TRANSACTIONSa) Derivatives

EachFundmayenterintoforwardcurrencyexchange,financialfutures,optionandswapcontractswhich,exceptforpurchasedoptions,representmarketrisk inexcessof theamount reflected in theStatementofNetAssets.Theamountof thecontracts represents theextentofeachFund’sparticipationin these financial instruments. Forward currency exchange and financialfutures contracts are valued daily using prevailing forward exchange rates andcurrentsettlementprices, respectively.Optionandswapcontractsarevalued daily using an independent pricing service. Changes in contract value are recorded daily as unrealised gains or losses until termination or maturity. Realized gains or losses are recorded on termination of derivatives contracts. Net periodic receipts or payments required by swap contracts are accrued daily as interest income or interest expense on swaps.

Market risks associated with such contracts arise due to the possible movements in foreignexchange rates, interest rates, credit quality, indicesand security values underlying these instruments. Other market and credit risks include the possibility that there may be an illiquid market for the contracts,thatachangeinthevalueofthecontractsmaynotdirectlycorrelatewithchangesinthevalueofcurrencies,indices,orsecuritiesbeinghedgedorthat the counterparty to a contract defaults on its obligation to perform under thetermsofthecontract.OpencontractsattributabletoallclassesofaFund,ifapplicable,arereflectedineachFund’sScheduleofInvestments.

TheFundsmaydepositcashintoanaccountheldatthebrokerinordertomeetinitial margin requirements on open future contracts and to keep additional Fundsavailabletosettlefuturevariationmarginliabilities.Thedepositsheldatthe broker are included in Deposits on futures in the Statement of Net Assets.

Hedged Share Classes are intended to reduce a Shareholder’s currencyexposuretothosenetassetsattributabletothespecificHedgedShareClassthatarenotdenominatedinthatspecifichedgeopenshareclasscurrency.Asat30June2017,theunrealisedgain(loss)onforwardcurrencyexchangecontracts reflected in the Statement of Net Assets includes contractsattributable to Hedged Shares. Detail of forward currency exchange contracts isalsodisclosedintheScheduleofInvestments.

b) China A shares

The fund invests in certain Chinese equity securities (A shares) that have limited availability to investors outside of China. The fund gains access to the A-share market either through the Shanghai-Hong Kong Stock Connect program (Stock Connect) or through a wholly owned subsidiary of Price Associates, which serves as the registered Qualified Foreign InstitutionalInvestor(QFII)forallparticipatingT.RowePrice-sponsoredproducts(eachaparticipatingaccount).RelatedtoAsharesheldthroughtheQFII,investmentdecisionsarespecifictoeachparticipatingaccount,andeachaccountbearsthe economic consequences of its holdings and transactions in A shares. Further,thefund’sabilitytorepatriatecashassociatedwithitsAsharesheldthroughtheQFIIissubjecttocertainrestrictionsandadministrativeprocessesinvolving theChinesegovernment;consequently, the fundmayexperiencesubstantial delays in gaining access to its assets or incur a loss of value in the event of noncompliance with governmental requirements. A shares acquiredthroughtheQFIIarevaluedusingtheonshorerenminbiexchangerate(CNY),andthoseacquiredthroughStockConnectarevaluedusingtheoffshorerenminbiexchangerate(CNH).CNYandCNHexchangeratesmaydiffer;accordingly,Asharesof thesameissuepurchasedthroughdifferentchannelsmaynothavethesamevalue.Generally,thefundisnotsubjecttocapital gain tax related to its A share investments.



235T. ROWE PRICE

c) TBA Purchase Commitments

CertainFundsmayenterintotobeannounced(“TBA”)purchasecommitments,pursuant to which they agreed to purchase mortgage-backed securities for a fixedunitprice,withpaymentanddeliveryatascheduledfuturedatebeyondthe customary settlement period for such mortgage-backed securities. With TBAtransactions, theparticularsecurities tobedeliveredarenot identifiedat the tradedate;however,deliveredsecuritiesmustmeetspecified terms,including issuer, rate andmortgage term, andbewithin industry-accepted“gooddelivery”standards.TheFundsgenerallyenterintoTBAtransactionswith the intention of taking possession of the underlying mortgage securities. Untilsettlement,theFundsmaintaincashreservesandliquidassetssufficienttosettleitsTBAcommitments.

d) Portfolio Turnover Ratios

Portfolio turnoverratios,ascalculatedunder themethodprescribedby the“Commission de Surveillance du Secteur Financier”, for the period ended30June2017,areasfollows:

FundPortfolio

Turnover Ratio

DiversifiedIncomeBondFund(1) 261.95

DynamicGlobalBondFund(2) 271.04

EmergingLocalMarketsBondFund 132.57

EmergingMarketsBondFund 152.02

EmergingMarketsCorporateBondFund 273.16

EuroCorporateBondFund 143.59

EuropeanHighYieldBondFund (20.43)

GlobalAggregateBondFund 418.24

GlobalHighIncomeBondFund 222.54

GlobalHighYieldBondFund 66.99

GlobalInvestmentGradeCorporateBondFund 263.81

USAggregateBondFund 432.53

Asianex-JapanEquityFund 71.93

AsianOpportunitiesEquityFund 130.32

ContinentalEuropeanEquityFund 94.35

EmergingEuropeEquityFund 100.36

EmergingMarketsEquityFund 3.22

EmergingMarketsValueEquityFund 130.84

EuropeanEquityFund 73.86

EuropeanSmallerCompaniesEquityFund 29.49

EuropeanStructuredResearchEquityFund 53.28

FrontierMarketsEquityFund (73.16)

GlobalFocusedGrowthEquityFund 198.91

GlobalGrowthEquityFund 145.29

GlobalNaturalResourcesEquityFund (28.14)

GlobalRealEstateSecuritiesFund 44.48

GlobalTechnologyEquityFund 190.20

GlobalValueEquityFund 180.05

JapaneseEquityFund 8.24

LatinAmericanEquityFund 62.00

MiddleEast&AfricaEquityFund 138.68


FundPortfolio

Turnover Ratio

USBlueChipEquityFund (76.54)

USEquityFund(3) 84.36

USLargeCapGrowthEquityFund 39.09

USLargeCapValueEquityFund (9.19)

USSmallerCompaniesEquityFund 60.66

GlobalAllocationFund 98.58

(1)ThisFundwaslaunchedon15December2016andwasformerlyknownas GlobalMulti-SectorBondFund.(2)FormerlyknownasGlobalUnconstrainedBondFund.(3)FormerlyknownasUSLargeCapEquityFund.

4. DIVIDENDSThe Company intends to declare and distribute dividends representing substantially all of the net investment income attributable to Distributing Shares. Dividends in respect of these Shares will be declared in the currency ofdenominationoftherelevantClassandwillberecordedonex-date.InterimdividendsinrespectoftheDistributingSharesofanyparticularFundmaybepaid from the attributable net investment income and realised capital gains with afrequencyandatsuchintervalsastheBoardofDirectorsmaydecide.

The following dividend payments were made during the period ended 30June2017:

Fund Class CurrencyAmount

per Share Ex-date

DynamicGlobalBondFund(1)

Sd USD 0.009425 22 March 2017

Sd USD 0.056120 21 June 2017

EmergingLocalMarketsBondFund

Sd USD 0.144276 22 March 2017

Sd USD 0.122559 21 June 2017

EmergingMarketsBondFund

Sd USD 0.201179 22 March 2017

Sd USD 0.176871 21 June 2017

EmergingMarketsCorporateBondFund

Ad EUR 0.030426 23 January 2017

Ad EUR 0.025842 17February2017

Ad EUR 0.036670 22 March 2017

Ad EUR 0.030149 21 April 2017

Ad EUR 0.031031 22 May 2017

Ad EUR 0.032751 21 June 2017

Sd USD 0.126041 22 March 2017

Sd USD 0.130574 21 June 2017

EuroCorporateBondFund

Sd EUR 0.042423 22 March 2017

Sd EUR 0.045909 21 June 2017


236 T. ROWE PRICE



per Share Ex-date

EuropeanHighYieldBondFund

Ad EUR 0.040765 23 January 2017


Ad EUR 0.048706 22 March 2017

Ad EUR 0.040743 21 April 2017

Ad EUR 0.039925 22 May 2017

Ad EUR 0.038898 21 June 2017

Adh USD 0.041897 23 January 2017

Adh USD 0.036451 17February2017

Adh USD 0.050652 22 March 2017

Adh USD 0.041930 21 April 2017

Adh USD 0.041945 22 May 2017

Adh USD 0.039648 21 June 2017

Id EUR 0.139195 22 March 2017

Id EUR 0.133601 21 June 2017

Qdh GBP 0.142684 21 June 2017

Sd EUR 0.157209 22 March 2017

Sd EUR 0.151429 21 June 2017

GlobalAggregateBondFund

Sd USD 0.043878 22 March 2017

Sd USD 0.052438 21 June 2017

GlobalHighIncomeBondFund

Ad EUR 0.045584 23 January 2017


Ad EUR 0.050175 22 March 2017

Ad EUR 0.045145 21 April 2017

Ad EUR 0.041316 22 May 2017

Ad EUR 0.044550 21 June 2017

Qdh GBP 0.048021 23 January 2017

Qdh GBP 0.071739 17February2017

Qdh GBP 0.053048 22 March 2017

Qdh GBP 0.046829 21 April 2017

Qdh GBP 0.045277 22 May 2017

Qdh GBP 0.050132 21 June 2017

Sd USD 0.202780 22 March 2017

Sd USD 0.170547 21 June 2017

GlobalHighYieldBondFund

Ad USD 0.053626 23 January 2017

Ad USD 0.044219 17February2017

Ad USD 0.061682 22 March 2017

Ad USD 0.046525 21 April 2017

Ad USD 0.046338 22 May 2017

Ad USD 0.050972 21 June 2017

Jd USD 0.052846 23 January 2017

Jd USD 0.044216 17February2017

Jd USD 0.060279 22 March 2017

Jd USD 0.047105 21 April 2017


per Share Ex-date

Jd USD 0.046701 22 May 2017

Jd USD 0.051504 21 June 2017

Sd USD 0.150121 22 March 2017

Sd USD 0.138540 21 June 2017

USAggregateBondFund

Jd USD 0.025198 23 January 2017


Jd USD 0.029689 22 March 2017

Jd USD 0.025597 21 April 2017

Jd USD 0.025212 22 May 2017

Jd USD 0.026069 21 June 2017

Sd USD 0.069482 22 March 2017

Sd USD 0.069097 21 June 2017

Asianex-JapanEquityFund

Id USD 0.005305 21 June 2017

EmergingMarketsEquityFund

Ad USD 0.006267 21 June 2017


Jd USD 0.046335 22 May 2017

EuropeanEquityFund

Ad EUR 0.015625 22 March 2017

Ad EUR 0.133720 21 June 2017

(1)FormerlyknownasGlobalUnconstrainedBondFund.

5. DEPOSITARY FEESTheCompanyissubjecttoanannualdepositaryfee,baseduponareducingscale,from0.017%to0.0005%dependinguponthevalueoftheassetsheldin depositary. This fee is calculated and accrued each business day and paid monthly in arrears.

6. ACCOUNTING AND SHAREHOLDER SERVICINGAccounting and Shareholder Servicing in the Statement of Operations and Changes in Net Assets include transfer agent fees, domiciliary fees andadministration fee.

The Company is subject to an annual administration fee, based upon areducing scale, from 0.07% to 0.01% depending upon the value of theCompany’snetassets.EachFundis,however,subjecttoaminimumannualadministrationfeeofUSD40,000.This fee iscalculatedandaccruedeachbusiness day and paid monthly.

7. TAXATIONUndercurrentlawandpractice,theCompanyisnotliableforanyLuxembourgincometax,noraredividendspaidbytheCompanysubjecttoanyLuxembourgwithholdingtax.Additionally,noLuxembourgtaxispayableontherealisedorunrealised capital appreciation of the assets of the Company.

a) Taxe d’Abonnement

For theperiodended30June2017, theFundwassubject toa tax (“Taxed’Abonnement”)of0.05%perannum in respect toClassAandQShares(“AdvisersClasses”)and0.01%perannum in respect toClass I,J,Sand


237T. ROWE PRICE

FundClass

A*Class

I**Class Q***

GlobalInvestmentGradeCorporateBondFund 0.75% § 0.40% 0.40%

USAggregateBondFund 0.75% § 0.40% 0.40%

Asianex-JapanEquityFund 1.90% 1.00% 1.00%

AsianOpportunitiesEquityFund 1.90% 1.00% 1.00%

ContinentalEuropeanEquityFund 1.50% 0.65% 0.65%

EmergingEuropeEquityFund 1.90% 1.00% 1.00%

EmergingMarketsEquityFund 1.90% 1.00% 1.00%

EmergingMarketsValueEquityFund 1.90% 1.00% 1.00%

EuropeanEquityFund 1.50% 0.65% 0.65%

EuropeanSmallerCompaniesEquityFund 1.80% 0.95% 0.95%

EuropeanStructuredResearchEquityFund 1.20% 0.55% 0.55%

FrontierMarketsEquityFund 2.00% 1.10% 1.10%

GlobalFocusedGrowthEquityFund 1.60% 0.75% 0.75%

GlobalGrowthEquityFund 1.60% 0.75% 0.75%

GlobalNaturalResourcesEquityFund 1.60% 0.75% 0.75%

GlobalRealEstateSecuritiesFund 1.60% 0.75% 0.75%

GlobalTechnologyEquityFund 1.75% 0.85% 0.85%

GlobalValueEquityFund 1.60% 0.75% 0.75%

JapaneseEquityFund 1.60% 0.75% 0.75%

LatinAmericanEquityFund 1.90% 1.00% 1.00%

MiddleEast&AfricaEquityFund 1.90% 1.00% 1.00%

USBlueChipEquityFund 1.50% 0.65% 0.65%

USEquityFund (3) 1.50% 0.65% 0.65%

USLargeCapGrowthEquityFund 1.50% 0.65% 0.65%

USLargeCapValueEquityFund 1.50% 0.65% 0.65%

USSmallerCompaniesEquityFund 1.60% 0.95% 0.95%

GlobalAllocationFund 1.40% 0.65% 0.65%

(1)FormerlyknownasGlobalMulti-SectorBondFund.(2)FormerlyknownasGlobalUnconstrainedBondFund.(3)FormerlyknownasUSLargeCapEquityFund.§ThemanagementfeerateforClassAwas0.90%until31/03/2017,since01/04/2017themanagementfeerateis0.75%.*IncludesA10,A(EUR),Ad,Ad(EUR),Adh(EUR),Adh(USD),Ah(CHF),Ah(EUR)10,Ah (NOK) and Ah (SEK) Shares.**IncludesI(CAD)10,I10,I9,I(EUR),I(GBP),I(USD),Id,Idh(EUR),Ih(AUD)10,Ih(EUR),Ih(EUR)10,Ih(GBP),Ih(GBP)9,Ih(GBP)10,Ih(SEK)andIh(USD)Shares.***IncludesQ10,Q(EUR),Q(EUR)10,Q(GBP),Qd,Qd10,Qd(GBP),Qdh(EUR),Qdh(GBP),Qh(CHF),Qh(EUR),Qh(EUR)10,Qh(GBP),Qh(USD)Shares.ThereisnoManagementCompanyFeechargeddirectlytoJ,SandZShareClasses.

ZShares (“InstitutionalClasses”),asprovidedby the relevantLuxembourglaws.TheTaxed’Abonnementispayablequarterlyonthebasisofthevalueof the net assets of each class at the end of the relevant calendar quarter.

b) Provision for Foreign Taxes

EachFundissubjecttoforeignincometaxesimposedbycertaincountriesinwhich it invests.Taxesattributableto incomeareaccruedbyeachFundasareductionofincome.CapitalgainsrealisedbyaFundupondispositionof securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. All taxes are computed in accordance withtheapplicableforeigntaxlaw,and,totheextentpermitted,capitallossesareusedtooffsetcapitalgains.Totheextentthattaxratesvarybaseduponholdingperiod,eachFundaccruesadeferredtaxliabilityusingtheminimumapplicable tax rate.

Current and deferred tax expenses attributable to net capital gains are reflectednetofeligiblerefundsasacomponentofrealisedand/orchangeinunrealised,respectively,gain(loss)frominvestments.Fortheperiodended30June2017,notaxamountsattributabletoIndiancapitalgainsarenettedwith net realised and unrealised gain (loss) on investments in the Asian ex-JapanEquityFund,EmergingMarketsEquityFund,GlobalFocusedGrowthEquityFundandGlobalGrowthEquityFund,aspresentedintheStatementof Operations and Changes in Net Assets. As at 30 June 2017, none oftheseFundshadadeferredtaxliabilityrelatedtoIndiancapitalgaintaxesonunrealisedgains,buthad the followingcapital losscarry forwards tooffsetfuturerealisedgainsonIndiansecuritiessubjecttoIndiancapitalgaintaxes:

Asianex-JapanEquityFund USD 9,327,929EmergingMarketsEquityFund USD 3,251,481GlobalFocusedGrowthEquityFund USD 3,984,021GlobalGrowthEquityFund USD 944,777

Thecapitallosscarryforwardswouldbeeligibletobesetoffagainsttherealisedgainsforaperiodof8yearsfromtheyearwhenthelosswasfirstincurred.

8. RELATED PARTY TRANSACTIONSa) Management Company Fee

TheFundsaremanagedbyT.RowePrice(Luxembourg)ManagementS.àr.l. (the “Management Company”). The Management Company is entitled to receivefromtheCompanyaManagementCompanyFee.TheManagementCompanypays the InvestmentManageroutof theManagementCompanyFee.This fee ispayablemonthly inarrearsandcalculatedon thedailynetassetsofeachFundatthefollowingannualrates:

FundClass

A*Class

I**Class Q***

DiversifiedIncomeBondFund(1) 1.00% 0.50% 0.50%

DynamicGlobalBondFund (2) 1.00% 0.50% 0.50%

EmergingLocalMarketsBondFund 1.25% 0.65% 0.65%

EmergingMarketsBondFund 1.25% 0.65% 0.65%

EmergingMarketsCorporateBondFund 1.35% 0.70% 0.70%

EuroCorporateBondFund 0.75% § 0.40% 0.40%

EuropeanHighYieldBondFund 1.15% 0.60% 0.60%

GlobalAggregateBondFund 0.75% § 0.45% 0.45%

GlobalHighIncomeBondFund 1.15% 0.60% 0.60%

GlobalHighYieldBondFund 1.15% 0.60% 0.60%



238 T. ROWE PRICE


b) Expense Waivers

Class A and Q SharesClass A is available to all investors. Class Q is available for (i) distributors who have separate fee arrangements with their underlying clients or (ii) any other investorat thediscretionof theManagementCompany. In thecaseofanyindividualFund,theInvestmentManagermay,forsuchtimeasitconsidersappropriate,choosetowaiveallorpartofthefeeswhichitisentitledtoreceiveand/or reimburse theClass certainother expenses in order to reduce theimpact such fees and expenses may have on the performance of the Class.

Class I SharesClass I Shares are available to Institutional Investors only and are subjectboth to theManagementCompanyFeeandtheoperating&administrativeexpenses attributable to them.

Class S SharesThefeesattributabletoClassSShareschargedbytheInvestmentManagerforitsservicesarebornebytheInvestmentManager.ClassSSharesareonlyavailable to institutional investors having a professional services arrangement with the InvestmentManager.The InvestmentManagermay, forsuch timeas it considers appropriate, choose to reimburse the Class certain otherexpenses in order to reduce the impact such expenses may have on the performance of the Class.

While expense waivers are not contractual and are not guaranteed to continue inthefuture,thefollowingexpenselimitswereappliedtocertainclassesFortheperiodended30June2017:

Expense WaiversThe following expense limits were applied to certain classes for the period ended30June2017:

Fund ClassTotal Expense

Ratio*Expense

Limit

DiversifiedIncomeBondFund(1) A 1.17 1.17

I 0.60 0.60

I9** 0.40 0.40

Q 0.67 0.67

DynamicGlobalBondFund(2) A 1.17 1.17

Adh(EUR)** 1.11 1.17

Ah (EUR) 1.17 1.17

I 0.58 0.60

Idh(EUR)** 0.60 0.60

Ih(AUD)10 0.27 0.30

Ih(EUR) 0.59 0.60

Ih(EUR)10** 0.30 0.30

Ih(GBP) 0.60 0.60

Ih(GBP)10** 0.37 0.40

Ih(SEK) 0.58 0.60

Q 0.67 0.67

Qdh(EUR)** 0.67 0.67

Qh(CHF) 0.67 0.67

Qh (EUR) 0.67 0.67

Qh(EUR)10** 0.49 0.67

Qh(GBP) 0.67 0.67

Sd 0.10 0.10

Sd12** 0.10 0.10

Sh (JPY) 0.10 0.10


Ratio*Expense

Limit

EmergingLocalMarketsBondFund I 0.75 0.75

I(EUR)** 0.75 0.75

Q (EUR) 0.82 0.82

Sd 0.10 0.10

EmergingMarketsBondFund A 1.42 1.42

A (EUR) 1.42 1.42

I 0.75 0.75

Ih(GBP) 0.40 0.40

Q 0.82 0.82

Q (EUR) 0.82 0.82

Sd 0.10 0.10

EmergingMarketsCorporateBondFund A 1.52 1.52

A (EUR) 1.52 1.52

Ad (EUR) 1.52 1.52

I 0.80 0.80

Q (EUR) 0.87 0.87

Sd 0.10 0.10

EuroCorporateBondFund A § 0.92 0.92

Ah (NOK) §** 0.92 0.92

Ah (SEK) §** 0.92 0.92

I 0.50 0.50

Ih(USD) 0.50 0.50

I9 0.33 0.33

Q 0.57 0.57

Sd 0.10 0.10

Z - -

EuropeanHighYieldBondFund A 1.30 1.32

Ad 1.32 1.32

Adh (USD) 1.32 1.32

Ah(CHF) 1.32 1.32

I 0.68 0.70

Id 0.70 0.70

Q 0.73 0.77

Qdh(GBP)** 0.77 0.77

Qh(CHF) 0.74 0.77

Qh (USD) 0.77 0.77

Sd 0.10 0.10

GlobalAggregateBondFund A § 0.92 0.92

A (EUR) § 0.92 0.92

I 0.55 0.55

Ih(EUR) 0.55 0.55

Q (EUR) 0.62 0.62

Qh (EUR) 0.62 0.62

Sd 0.10 0.10

Sh (JPY) 0.10 0.10

Z - -


239T. ROWE PRICE


Ratio*Expense

Limit

GlobalHighIncomeBondFund A 1.32 1.32

Ad (EUR) 1.32 1.32

I 0.70 0.70

Q 0.77 0.77

Qdh(GBP) 0.77 0.77

Sd 0.10 0.10

GlobalHighYieldBondFund A 1.25 1.32

A10** 0.57 0.57

Ad 1.25 1.32

Ah (EUR) 1.25 1.32

Ah(EUR)10** 0.57 0.57

Ah (NOK) 1.25 1.32

Ah (SEK) 1.32 1.32

I 0.66 0.70

Ih(EUR) 0.67 0.67

Jd 0.03 0.03

Q 0.71 0.77

Sd 0.10 0.10

Z - -

GlobalInvestmentGradeCorporate BondFund

A § 0.92 0.92

I 0.50 0.50

Ih(GBP)9 0.33 0.33

Q 0.57 0.57

USAggregateBondFund I 0.47 0.50

Ih(EUR) 0.48 0.50

Jd 0.04 0.04

Qh(GBP) 0.57 0.57

Sd 0.10 0.10

Asianex-JapanEquityFund A 2.04 2.07

I 1.09 1.10

I(EUR) 1.10 1.10

Id 1.10 1.10

I10 0.72 0.73

Q 1.17 1.17

Q(GBP) 1.17 1.17

AsianOpportunitiesEquityFund A 2.07 2.07

I 1.10 1.10

Q 1.17 1.17

Q(GBP) 1.17 1.17

ContinentalEuropeanEquityFund I 0.75 0.75

Q(GBP) 0.82 0.82

Qh (USD) 0.82 0.82

EmergingEuropeEquityFund A 2.07 2.07

I 1.10 1.10



Ratio*Expense

Limit

EmergingMarketsEquityFund A 2.03 2.07

A (EUR) 2.07 2.07

Ad 2.07 2.07

I 1.08 1.10

I10 0.69 0.69

I(EUR) 1.10 1.10

Jd 0.05 0.05

Q 1.16 1.17

Q(GBP) 1.17 1.17

S 0.10 0.10

EmergingMarketsValueEquityFund A 2.07 2.07

I 1.10 1.10

Q 1.17 1.17

EuropeanEquityFund A 1.62 1.67

Ad 1.67 1.67

I 0.74 0.75

I(USD)** 0.75 0.75

Q 0.78 0.82

S 10 0.08 0.10

EuropeanSmallerCompaniesEquityFund A 1.97 1.97

I 1.05 1.05

Q 1.12 1.12

Q(GBP) 1.12 1.12

EuropeanStructuredResearchEquityFund I 0.65 0.65

FrontierMarketsEquityFund A 2.17 2.17

I 1.20 1.20

Q 1.27 1.27

Q(GBP) 1.27 1.27

S** 0.10 0.10

GlobalFocusedGrowthEquityFund A 1.77 1.77

A (EUR) 1.77 1.77

I 0.84 0.85

Q (EUR) 0.92 0.92

Q(GBP) 0.92 0.92

GlobalGrowthEquityFund A 1.77 1.77

I 0.83 0.85

I(CAD)10 0.58 0.58

I(GBP) 0.85 0.85

Q (EUR) 0.92 0.92

Q(GBP) 0.92 0.92

S 0.08 0.10


240 T. ROWE PRICE



Ratio*Expense

Limit

GlobalNaturalResourcesEquityFund A 1.77 1.77

A (EUR) 1.77 1.77

I 0.83 0.85

I(EUR) 0.85 0.85

Q (EUR) 0.88 0.92

Q (EUR) 10 0.72 0.92

Q(GBP) 0.92 0.92

GlobalRealEstateSecuritiesFund A 1.77 1.77

I 0.85 0.85

I(EUR) 0.85 0.85

Q 0.92 0.92

Q(GBP) 0.92 0.92

GlobalTechnologyEquityFund A 1.89 1.92

Ah(CHF)** 1.92 1.92

Ah(EUR)** 1.92 1.92

I 0.94 0.95

I9 0.75 0.75

I(EUR) 0.95 0.95

Q 0.99 1.02

Qd** 1.02 1.02

Qh (EUR) 1.02 1.02

Qd(GBP) 1.02 1.02

S** 0.10 0.10

GlobalValueEquityFund A 1.77 1.77

A (EUR) 1.77 1.77

I 0.85 0.85

I(EUR) 0.85 0.85

Q (EUR) 0.92 0.92

JapaneseEquityFund A 1.77 1.77

I 0.85 0.85

I(USD)** 0.85 0.85

Q 0.92 0.92

LatinAmericanEquityFund A 2.07 2.07

I 1.10 1.10

MiddleEast&AfricaEquityFund A 2.07 2.07

I 1.10 1.10

Q (EUR) 1.12 1.17

USBlueChipEquityFund A 1.60 1.67

A 10 0.52 0.57

A (EUR) 1.67 1.67

Ad 1.67 1.67

I 0.74 0.75

I(EUR) 0.75 0.75

J 0.03 0.03

Q 0.77 0.82

Q (EUR) 0.81 0.82

Q(GBP) 0.82 0.82

Qd 0.82 0.82


Ratio*Expense

Limit

USEquityFund(3) A 1.67 1.67

A (EUR) 1.67 1.67

I 0.73 0.75

Ih(EUR) 0.75 0.75

Q 0.82 0.82

Q(GBP) 0.82 0.82

USLargeCapGrowthEquityFund A 1.60 1.67

I 0.71 0.75

Ih(EUR) 0.75 0.75

J 0.03 0.03

Q 0.76 0.82

Q (EUR) 0.81 0.82

Q(GBP) 0.82 0.82

USLargeCapValueEquityFund A 1.61 1.67

I 0.71 0.75

Ih(EUR) 0.75 0.75

J 0.03 0.03

Q 0.76 0.82

Q 10 0.54 0.57

Q(GBP) 0.82 0.82

Qd10** 0.52 0.57

USSmallerCompaniesEquityFund A 1.71 1.77

A (EUR) 1.77 1.77

Ah(EUR)** 1.77 1.77

I 1.01 1.05

Ih(EUR) 1.05 1.05

Q 1.09 1.12

Q(GBP) 1.12 1.12

Qh(GBP)** 1.12 1.12

S 0.10 0.10

GlobalAllocationFund A 1.57 1.57

I 0.75 0.75

Q 0.82 0.82

(1)FormerlyknownasGlobalMulti-SectorBondFund.(2)FormerlyknownasGlobalUnconstrainedBondFund.(3)FormerlyknownasUSLargeCapEquityFund.§ThemanagementfeerateforClassAwas0.90%until31/03/2017,since01/04/2017themanagementfeerateis0.75%.*TheTotalExpenseRatioexpressesthetotalfeesandexpensesbornebyaparticularClass,netofanyexpenseswaived,duringtheperiodended30June2017asapercentage of the average net assets of that Class.**Classinceptedduringtheperiodended30June2017;theTotalExpenseRatioindicatedisanannualisedfigure.


241T. ROWE PRICE


c) Related Party shareholder

The InvestmentManager or its affiliatesmay invest in a new Fund for thepurpose of providing seed capital (“Direct Investment”), with the intent ofremaininginvesteduntiltheFundhassubstantialnetassets.Additionally,otherFundsandaccountsmanagedbytheInvestmentManageroritsaffiliatesmayinvest in theFunds(“AffiliatedAccounts”).However,noaffiliatedpartymayinvest for thepurposeofexercisingmanagementorcontroloveranyFundortheCompany.Asat30June2017,thefollowingFundshadapercentageoftheirnetassetsexpressedinU.S.DollarsheldbytheInvestmentManageroritsaffiliates.

Fund Name Percentage

DiversifiedIncomeBondFund (1) 100%

EmergingLocalMarketsBondFund 90%

EmergingMarketsBondFund 5%

EmergingMarketsCorporateBondFund 95%

EuroCorporateBondFund 91%

GlobalAggregateBondFund 20%

GlobalHighIncomeBondFund 80%

GlobalInvestmentGradeCorporateBondFund 94%

AsianOpportunitiesEquityFund 86%

ContinentalEuropeanEquityFund 72%

EmergingEuropeEquityFund 100%

EmergingMarketsValueEquityFund 72%

EuropeanSmallerCompaniesEquityFund 76%

EuropeanStructuredResearchEquityFund 100%

FrontierMarketsEquityFund 9%

GlobalRealEstateSecuritiesFund 81%

GlobalTechnologyEquityFund 1%

GlobalValueEquityFund 29%

JapaneseEquityFund 56%

LatinAmericanEquityFund 97%

MiddleEast&AfricaEquityFund 78%

USEquityFund (2) 39%

GlobalAllocationFund 51%

(1)FormerlyknownasGlobalMulti-SectorBondFund(2)FormerlyknownasUSLargeCapEquityFund.

Affiliated Investments

GlobalHighYieldBondFund 3%

USAggregateBondFund 13%

USBlueChipEquityFund 14%

USLargeCapGrowthEquityFund 11%

USLargeCapValueEquityFund 17%

On6June2016,T.RowePriceAssociates, Inc. (PriceAssociates)offered,and the company’s Board of Directors accepted, a voluntary payment tocompensatetheUSLargeCapValueEquityFundforalossofvalueonitsinvestment in Dell as a result of the its ineligibility to pursue an appraisal action inDelawarecourtduetoaproxyvotingerrorin2013(theOffer).ThepaymentfromPriceAssociateswasreceivedincashon10June2016.Subsequently,

afinalsettlementtotheappraisalactionwasnegotiatedwithDell,pursuanttowhichtheUSLargeCapValueEquityFundreceivedtheoriginalmergerconsideration plus negotiated interest. The negotiated interest, net ofcontingentlegalfees,approximated$0.75perDellshareandwasreceivedon 30 June 2016; the original merger consideration was received on 7July2016.ThesettlementfromDellisreflectedasnetrealizedgain(loss)oninvestmentsintheaccompanyingfinancialstatements.ThepaymentfromPriceAssociates,reducedbythesettlementfromDellinaccordancewiththetermsoftheOffer,was$1,322,990andincreasedtheUSLargeCapValueEquityFund’stotalreturnby0.19%,0.22%,0.18%,0.26%,and0.24%fortheAClass,IClass,JClass,QClass,andQ(GBP)Class,respectivelyfortheperiod from 31 December 2015 to 31 December 2016. An appeal is currently pending; the amount paid by Price Associates may be further increased or decreasedinthefuture,intheeventthereisacourt-determinedchangeinthefairvaluationofDellsharesonappeal,orpaymentisreceivedbytheUSLargeCapValueEquityFundfromanyothersourcetocompensateforthelossofvalue on its Dell shares.

9. CROSS INVESTMENTS BETWEEN SUB-FUNDSAsat30June2017,foursub-fundsoftheSICAVinvestinothersub-fundsoftheSICAV.

Investing sub-funds Investee sub-funds

Investment amount (in USD)

% of net assets of the

investing sub-funds

DiversifiedIncome BondFund(1)

EmergingMarketsBondFund-Class Sd

22,361 0.10

DiversifiedIncome BondFund (1)

Emerging Markets Corporate BondFund-ClassSd

629,887 2.97

DiversifiedIncome BondFund(1)

GlobalHighYieldBondFund-Class Sd

624,125 2.94

Emerging Local Markets BondFund

EmergingMarketsBondFund-Class Sd

519,839 1.01


EuroCorporateBondFund-Class Sd

1,377,631 0.63


EuropeanHighYieldBondFund-ClassSd

1,167,444 0.54

GlobalAllocationFund DynamicGlobalBondFund(2) - Class Sd

4,392,587 7.91

GlobalAllocationFund GlobalHighIncomeBondFund-ClassSd

555,950 1.00

GlobalAllocationFund GlobalHighYieldBondFund-Class Sd

222,671 0.40

(1)FormerlyknownasGlobalMulti-SectorBondFund.(2)FormerlyknownasGlobalUnconstrainedBondFund.

The amount of cross investments is presented in the consolidated statement of net assets as at 30 June 2017 and in the statement of operations and changes in net assets for the period ended 30 June 2017.

ThisamountrepresentsatotalofUSD9,512,495andrepresents0.07%oftheSICAV’scombinednetassets.USD14,397,269,671istheSICAV’scombinednet assets amount without the cross investments.


242 T. ROWE PRICE


10. PERFORMANCE SUMMARY

Fund ClassFrom 30/06/2016

to 30/06/2017From 30/06/2015

to 30/06/2016From 30/06/2014

to 30/06/2015

DiversifiedIncomeBondFund(1) A 5.60% N/A N/AI 5.90% N/A N/AI9 2.70% * N/A N/AQ 5.90% N/A N/A

DynamicGlobalBondFund(2) A 0.39% 4.12% (0.50)%Adh (EUR) (1.50)% * N/A N/AAh (EUR) (1.36)% 3.62% (0.60)%

I 0.86% 4.82% (0.50)%Idh(EUR) (1.90)% * N/A N/AIh(AUD)10 (1.10)% * N/A N/AIh(EUR) (0.77)% 4.02% (0.50)%

Ih(EUR)10 (1.87)% * N/A N/AIh(GBP) 0.10% 4.82% (0.50)%

Ih(GBP)10 (1.40)% * N/A N/AIh(SEK) (0.87)% 1.79% N/A

Q 0.77% 4.82% (0.50)%Qdh (EUR) (2.30)% * N/A N/AQh(CHF) (2.00)% * N/A N/AQh (EUR) (1.40)% * N/A N/A

Qh (EUR) 10 (0.40)% * N/A N/AQh(GBP) 0.00% 4.62% (0.50)%

Sd 1.37% (0.30)% N/ASd 12 (1.30)% * N/A N/A

Sh (JPY) (0.15)% 0.66% N/AEmergingLocalMarketsBondFund I 9.24% 0.92% (15.42)%

I(EUR) (2.70)% * N/A N/AQ (EUR) 6.26% 1.69% 0.60%

Sd 10.06% 1.56% (15.68)%EmergingMarketsBondFund A 9.33% 9.89% (4.49)%

A (EUR) 6.50% 0.00% N/AI 10.07% 10.63% (3.85)%Id N/A 10.69% (3.89)%

Ih(GBP) 9.55% 11.01% (1.90)%Q 9.95% 11.60% N/A

Q (EUR) 7.17% 11.29% 11.60%Sd 10.84% 11.42% (3.20)%

EmergingMarketsCorporateBondFund A 6.80% 4.92% (0.76)%A (EUR) 1.40% * N/A N/A

Ad (EUR) 6.81% 5.39% N/AI 7.64% 5.60% 0.00%

Q (EUR) 4.68% 6.38% 14.50%Sd 8.39% 6.37% 0.66%

EuroCorporateBondFund A 1.89% 4.07% 1.03%Ah (NOK) 1.16% * N/A N/AAh (SEK) 0.73% * N/A N/A

I 2.49% 4.66% 1.60%Ih(USD) 4.27% 5.59% 1.74%

I9 2.20% * N/A N/AQ 2.45% 4.55% 1.54%Sd 2.91% 5.06% 2.06%Z 3.00% 5.21% 2.15%

EuropeanHighYieldBondFund A 7.94% 3.86% 2.35%Ad 7.89% 3.83% 3.49%

Adh (USD) 9.84% 5.50% 2.76%Ah(CHF) 7.30% 2.70% N/A

I 8.57% 4.54% 2.96%Id 3.89% * N/A N/AQ 8.53% 4.50% 2.84%

Qdh(GBP) 0.92% * N/A N/AQh(CHF) 7.93% 2.10% N/AQh (USD) 10.35% 3.40% N/A

Sd 9.21% 5.20% 3.54%


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to 30/06/2017From 30/06/2015

to 30/06/2016From 30/06/2014

to 30/06/2015

GlobalAggregateBondFund A (2.61)% 8.10% (6.64)%A (EUR) (4.80)% 0.00% N/A

I (2.15)% 8.64% (6.12)%Id N/A 8.70% (6.14)%

Ih(EUR) 0.90% * N/A N/AQ (EUR) (4.80)% 9.29% 8.70%

Qh (EUR) (2.15)% 6.36% 0.70%Sd (1.60)% 9.11% (5.67)%

Sh (JPY) (1.57)% 6.64% 3.95%Z (1.60)% 9.23% (5.61)%

GlobalHighIncomeBondFund A 12.94% 1.41% (0.90)%Ad (EUR) 12.78% 2.05% N/A

I 13.64% 2.12% (0.90)%Q 13.55% 2.02% (0.90)%

Qdh(GBP) 12.53% 1.63% (0.25)%Sd 14.41% 0.70% N/A

GlobalHighYieldBondFund A 11.62% (0.51)% (0.89)%A 10 (0.20)% * N/A N/AAd 11.62% (0.55)% (0.87)%

Ah (EUR) 9.75% (1.30)% (1.05)%Ah (EUR) 10 (0.30)% * N/A N/AAh (NOK) 11.42% (0.26)% 0.19%Ah (SEK) 9.52% (1.61)% (0.82)%

I 12.27% 0.07% (0.29)%Ih(EUR) 9.93% (0.70)% (0.60)%

Jd 12.94% 0.69% 0.36%Q 12.13% 0.09% (0.36)%Sd 12.89% 0.69% 0.16%Z 13.02% 0.74% 0.36%

GlobalInvestmentGradeCorporateBondFund A 3.93% 7.44% (0.60)%I 4.47% 8.05% (0.60)%

Ih(GBP)9 4.20% * N/A N/AQ 4.38% 8.05% (0.60)%

USAggregateBondFund I 0.00% 5.63% 1.36%Ih(EUR) (1.84)% 4.82% 1.06%

Jd 0.37% 6.19% 1.78%Qh(GBP) (0.95)% 5.10% N/A

Sd 0.29% 6.00% 1.67%Asianex-JapanEquityFund A 23.12% (9.54)% 0.81%

I 24.21% (8.62)% 1.73%I(EUR) 21.05% 5.00% N/AId 24.27% (8.55)% 1.75%I10 24.69% (8.42)% 5.70%Q 24.14% (8.72)% 1.68%

Q(GBP) 28.58% 7.11% 10.02%AsianOpportunitiesEquityFund A 25.88% (9.33)% 8.91%

I 27.09% (8.52)% 10.06%Q 27.05% (8.62)% 9.96%

Q(GBP) 31.47% 7.22% 19.06%ContinentalEuropeanEquityFund I 20.95% (9.71)% 17.04%

Q(GBP) 28.64% 4.98% 3.77%Qh (USD) 23.76% (8.64)% (2.80)%

EmergingEuropeEquityFund A 14.36% (6.27)% (14.71)%I 15.44% (5.32)% (13.90)%

EmergingMarketsEquityFund A 21.98% (7.17)% (3.32)%A (EUR) 18.80% 0.00% N/A

Ad 21.89% (7.17)% (3.45)%I 23.16% (6.25)% (2.44)%

I10 23.61% (5.91)% 4.90%I(EUR) 19.84% 9.90% N/A

Jd 24.45% (5.20)% (1.44)%Q 23.07% (6.33)% (2.56)%

Q(GBP) 27.39% 9.78% 5.49%S 24.29% (5.30)% N/A

EmergingMarketsValueEquityFund A 29.07% 0.80% N/AI 30.31% 1.60% N/AQ 30.25% 1.50% N/A


244 T. ROWE PRICE



to 30/06/2017From 30/06/2015

to 30/06/2016From 30/06/2014

to 30/06/2015

EuropeanEquityFund A 13.73% (14.66)% 18.62%Ad 13.74% (14.60)% N/AI 14.77% (13.87)% 19.68%

I(USD) 14.40% * N/A N/AQ 14.77% (13.94)% 19.49%

S 10 15.52% (13.30)% 25.60%EuropeanSmallerCompaniesEquityFund A 32.51% (4.36)% 17.10%

I 33.72% (3.47)% 18.19%Q 33.60% (3.47)% 18.05%

Q(GBP) 42.20% 12.23% 4.86%EuropeanStructuredResearchEquityFund I 20.01% (13.58)% 14.39%FrontierMarketsEquityFund A 24.17% (7.39)% (4.73)%

I 25.39% (6.49)% (3.82)%Q 25.31% (6.59)% (3.82)%

Q(GBP) 29.88% 9.51% 3.94%S 3.70% * N/A N/A

GlobalFocusedGrowthEquityFund A 28.50% (3.04)% 6.00%A (EUR) 25.70% 0.00% N/A

I 29.72% (2.14)% 6.99%Q (EUR) 26.14% (1.45)% 24.20%Q(GBP) 34.24% 14.59% 15.74%

GlobalGrowthEquityFund A 22.55% (5.61)% 4.90%I 23.74% (4.71)% 5.89%

I(CAD)10 23.83% 0.30% N/AI(GBP) 28.11% 11.71% 14.58%Q (EUR) 20.32% (4.08)% 22.60%Q(GBP) 28.01% 11.66% 14.50%

S 24.61% (3.92)% 6.69%GlobalNaturalResourcesEquityFund A 4.04% (4.65)% (23.27)%

A (EUR) 1.50% 0.00% N/AI 5.00% (3.76)% (22.55)%

I(EUR) 2.23% 7.80% N/AQ (EUR) 2.12% (3.08)% (5.51)%

Q (EUR) 10 (2.89)% * N/A N/AQ(GBP) 8.66% 13.10% N/A

GlobalRealEstateSecuritiesFund A (1.62)% 7.21% 0.54%I (0.70)% 8.20% 1.44%

I(EUR) (3.24)% 4.80% N/AQ (2.10)% * N/A N/A

Q(GBP) 2.88% 26.74% 9.75%GlobalTechnologyEquityFund A 39.49% 6.77% (1.10)%

AH(CHF) 4.20% * N/A N/AAH (EUR) 4.30% * N/A N/A

I 40.77% 7.89% (1.10)%I9 41.14% (1.80)% N/A

I(EUR) 37.00% 4.60% N/AQ 40.71% 7.79% (1.10)%

Qd 9.30% * N/A N/AQh (EUR) 30.40% * N/A N/AQd(GBP) 34.70% * N/A N/A

S 11.60% * N/A N/AGlobalValueEquityFund A 20.95% (7.28)% 2.28%

A (EUR) 12.00% * N/A N/AI 21.94% (6.32)% 3.20%

I(EUR) 18.74% 0.30% N/AQ (EUR) 18.65% (5.70)% 22.80%

JapaneseEquityFund A 15.31% 4.59% 28.36%I 16.40% 5.52% 29.58%

I(USD) 7.60% * N/A N/AQ 16.23% 5.50% 30.80%

LatinAmericanEquityFund A 13.96% (1.73)% (22.27)%I 15.16% (0.74)% (21.44)%

MiddleEast&AfricaEquityFund A 14.72% (20.53)% 1.75%I 15.86% (19.71)% 2.84%

Q (EUR) 12.94% (19.33)% 10.20%


245T. ROWE PRICE



to 30/06/2017From 30/06/2015

to 30/06/2016From 30/06/2014

to 30/06/2015

USBlueChipEquityFund A 26.05% (2.83)% 12.08%A 10 19.70% * N/A N/A

A (EUR) 22.80% 0.00% N/AAd 25.92% (7.80)% N/AI 27.08% (2.01)% (0.50)%

I(EUR) 23.66% 0.60% N/AJ 27.98% (1.24)% 13.81%Q 27.05% (2.02)% 13.00%

Q (EUR) 23.58% (1.27)% 18.10%Q(GBP) 31.46% 14.90% 22.24%

Qd 27.08% (7.30)% N/AUSEquityFund(3) A 15.27% 4.52% 8.67%

A (EUR) 12.30% 0.00% N/AI 16.39% 5.49% 9.70%

Ih(EUR) 12.50% * N/A N/AQ 12.00% * N/A N/A

Q(GBP) 20.41% 23.64% 18.67%USLargeCapGrowthEquityFund A 29.46% (3.25)% 9.87%

I 30.64% (2.39)% 10.88%Ih(EUR) 28.46% (6.20)% N/A

J 31.53% (1.71)% 11.58%Q 30.60% (2.46)% 10.84%

Q (EUR) 9.20% * N/A N/AQ(GBP) 35.13% 14.30% 19.82%

USLargeCapValueEquityFund A 17.20% (0.27)% 1.87%I 18.21% 0.69% 2.80%

Ih(EUR) 5.70% * N/A N/AJ 19.04% 1.30% 3.53%Q 18.17% 0.65% 2.74%

Q 10 18.39% (0.50)% N/AQ(GBP) 22.31% 17.86% 11.13%Qd 10 1.80% * N/A N/A

USSmallerCompaniesEquityFund A 18.72% (0.24)% 7.28%A (EUR) 15.54% 0.40% 30.84%

Ah (EUR) 1.50% * N/A N/AI 19.55% 0.45% 8.06%

Ih(EUR) 17.63% (0.18)% 7.84%Q 19.39% 0.37% 7.90%

Q(GBP) 23.73% 17.63% 16.76%Qh(GBP) 4.00% * N/A N/A

S 20.59% 1.00% N/AGlobalAllocationFund A 12.30% * N/A N/A

I 13.10% * N/A N/AQ 13.00% * N/A N/A

*ReturnsfortheT.RowePriceFundsSICAVarepresentedfortheperiodsinceinceptionforthoseclasseswithoperationslessthanoneyear.(1)FormerlyknownasGlobalMulti-SectorBondFund.(2)FormerlyknownasGlobalUnconstrainedBondFund.(3)FormerlyknownasUSLargeCapEquityFund.

11. SWING PRICINGThe actual total cost of purchasing or selling the underlying securities in a fund may be higher or lower than the mid-market value used in calculating the NAV.Thedifferenceisaresultofdealingcharges,commissionsanddealingspreadsaswell asothermarket and tradingconsiderationsandcan,overtime,haveamateriallydisadvantageouseffectonashareholder’sinterestinafund if not otherwise accounted for in the calculation of the NAV.

Topreventthiseffect,knownas“dilution”,onbusinessdayswhenwebelievethattradinginafund’sshareswillprecipitatesignificantpurchasesorsalesofunderlyingsecurities,wemayadjustthefund’sNAVbyanamountestimatedtomorecloselyreflecttheactualpricesandcostsoftheunderlyingtransactions.This is often referred to as swingpricing. These adjustment amounts, calledswingfactors,canvarywithmarketconditionsandtransactionvolumesandthismeans that the amount of dilution adjustment applied can change at any time.

Itisnotpossibletopredictaccuratelywhetherapriceswingwilloccuratanypointintime.Ingeneral,theNAVwillbeadjustedupwardwhenthereisstrongdemand to buy fund shares and downward when there is strong demand to redeem fund shares. Swing pricing is intended to protect the interests of all shareholdersbymitigatingthenegativeimpactofdilutiononthefund’sreturns.

The estimated swing factors, based on the securities held and marketconditions are disclosed in the latest prospectus. These estimates are reviewedregularlyandcanchangeatanytime.Asat30June2017,thenetassetvalueofFrontierMarketsEquityFundwasadjustedbecauseofalargeredemption exceeding the threshold.

12. TRANSACTION COSTSThe transaction costs are costs incurred by the Funds in connectionwithtransactions on securities and derivatives instruments. They consist of commissions and taxes relating to these transactions.


246 T. ROWE PRICE


Fortheperiodended30June2017,theamountsareasfollows:

Fund Name Currency

Total Transaction

Costs

DiversifiedIncomeBondFund(1) USD 196

DynamicGlobalBondFund(2) USD 25,357

EmergingLocalMarketsBondFund USD 120

EmergingMarketsBondFund USD 470

EmergingMarketsCorporateBondFund USD 59

EuroCorporateBondFund EUR 36

EuropeanHighYieldBondFund EUR 7,161

GlobalAggregateBondFund USD 9,985

GlobalHighIncomeBondFund USD -

GlobalHighYieldBondFund USD 21,951

GlobalInvestmentGradeCorporateBondFund USD 308

USAggregateBondFund USD 4,290

Asianex-JapanEquityFund USD 1,242,289

AsianOpportunitiesEquityFund USD 3,304

ContinentalEuropeanEquityFund EUR 57,177

EmergingEuropeEquityFund EUR 4,373

EmergingMarketsEquityFund USD 1,000,856

EmergingMarketsValueEquityFund USD 5,293

EuropeanEquityFund EUR 413,588

EuropeanSmallerCompaniesEquityFund EUR 29,291

EuropeanStructuredResearchEquityFund EUR 3,489

FrontierMarketsEquityFund USD 644,545

GlobalFocusedGrowthEquityFund USD 218,109

GlobalGrowthEquityFund USD 327,898

GlobalNaturalResourcesEquityFund USD 241,760

GlobalRealEstateSecuritiesFund USD 13,738

GlobalTechnologyEquityFund USD 274,856

GlobalValueEquityFund USD 12,442

JapaneseEquityFund EUR 18,587

LatinAmericanEquityFund USD 3,091

MiddleEast&AfricaEquityFund USD 13,333

USBlueChipEquityFund USD 51,361

USEquityFund(3) USD 50,811

USLargeCapGrowthEquityFund USD 180,404

USLargeCapValueEquityFund USD 113,962

USSmallerCompaniesEquityFund USD 484,952

GlobalAllocationFund USD 10,354

(1)FormerlyknownasGlobalMulti-SectorBondFund.(2)FormerlyknownasGlobalUnconstrainedBondFund.(3)FormerlyknownasUSLargeCapEquityFund.

There are no brokerage fees charged separately for transactions on fixedincome instruments and derivatives (except for futures). The transaction costs areincludedinthetransactionprice,whichisknownas“markedup”.

PERFORMANCE DISCLOSUREPast performance is not indicative of current or future performance. InvestmentintheSharesoftheFundsissubjecttorisks,includingpossibleloss of principal amount invested. Performance data provided for the FundsisbasedonthebasecurrencyofdenominationoftherelevantFundshares (unless otherwise noted) and include changes in principal value and reinvested dividends but does not take into account any commissions and costsincurredontheissueandredemptionofFundshares.Forperformancecalculation purposes, securities are valued using prices as of the close ofeach primary market on 30 June 2017.

The Management Company fees and administration agent fees attributable toClassJShares,ManagementCompany fees to theClassSSharesandManagementCompany fees toClassZSharesarenotchargeddirectly totheShareClasses.Therefore,performanceofthoseSharesisshowngrossofsuchcharges.Investorsshouldunderstandthatreturnswouldbereducedbysuchchargesiftheywere.ClassJ,SandZSharesareavailableforaninitialpurchaseof10million,10millionand25millioninbasecurrency,respectively,and are only available to institutional investors having a professional services arrangementwiththeInvestmentManager.ForavailabilityofotherClassesofSharesandtheirrespectivefeesandexpenses,pleaserefertotheProspectusorcontacttheFunds’Distributor.


247T. ROWE PRICE

Risk Measurement and Global Exposure Appendix

The global exposure is calculated for all sub-funds regardless of their investment strategies. The methods used to measure the global exposure are the commitmentapproachorthe(absoluteorrelative)VaRapproachaccordingtotheCSSFCircular11/512.ThecommitmentapproachisusedbyalloftheequityFunds.TheFundsinthetablehereafterusetheVaRapproach.

VaR Ratio Data

Funds

Global Exposure

Methodology

Level of Leverage %

(Av) Lowest Highest Average Reference Portfolio

DiversifiedIncomeBondFund(1) Relative VaR 96% 0.55 0.77 0.62 BloombergBarclaysMultiverseUSDHedged

DynamicGlobalBondFund(2) Absolute VaR 353% 1.30 2.96 2.26 N/A

EmergingLocalMarketsBondFund Relative VaR 140% 0.98 1.17 1.06 JPMorganGBI-EMGlobalDiversifiedReturnsIndex

EmergingMarketsBondFund Relative VaR 126% 1.13 1.23 1.19 JPMorganEmergingMarketsGlobalDiversifiedBondIndex

EmergingMarketsCorporateBondFund Relative VaR 5% 1.08 1.44 1.30 JPMorganCEMBIBroadDiversifiedIndex

EuroCorporateBondFund Relative VaR 43% 0.94 1.05 1.00 BarclaysEuro-AggregateCorporateBond ReturnsIndex

EuropeanHighYieldBondFund Relative VaR 55% 0.81 1.05 0.94 BofAMerillLynchEuropeanCurrencyHighYieldConstrainedBondIndexex.Sub-Financials

GlobalAggregateBondFund Relative VaR 180% 0.94 1.14 1.06 BarclaysGlobalAggregateBondReturnsIndex

GlobalHighIncomeBondFund Relative VaR 24% 0.86 1.04 0.98 BankofAmericaMerrillLynchGlobalHighYieldIndex,hedged in USD

GlobalHighYieldBondFund Relative VaR 51% 0.79 0.87 0.83 JPMorganGlobalHighYieldBondIndex

GlobalInvestmentGradeCorporateBondFund Relative VaR 85% 0.80 0.94 0.86 BarclaysGlobalAggregateCorporateBondIndex, hedged in USD

USAggregateBondFund Relative VaR 54% 0.90 1.01 0.94 BarclaysUSAggregateBondReturnsIndex

GlobalAllocationFund * Relative VaR 67% 0.97 0.98 0.98 MSCIAllcountryWorldIndexwithDevelopedMarket 100%hedgedtoUSO(60%)/BloombergBarclaysGlobalAggregateBondUSOHedgedlndeX(28%)/3MonthLIBOR(12%)

(1) Formerly known as Global Multi-Sector Bond Fund.(2) Formerly known as Global Unconstrained Bond Fund.* Global Allocation Fund was previously under the Commitment method and started to be under Relative VaR since 20/06/2017.


248 T. ROWE PRICE

Further Information

STATEMENT OF CHANGES IN PORTFOLIOA statement giving the changes in the portfolio of investments for the period ended 30 June 2017 can be obtained free of charge from the registered officeoftheCompany.AdditionalinformationregardingtheportfolioofeachFundmayberequestedfromtheregisteredofficeoftheCompany.

SOFT COMMISSIONTheInvestmentManageranditsdelegatescurrentlyusefullservicebroker-dealers that provide bundled proprietary research and have also entered into commission sharing arrangements on a limited basis for the purchase of independent, third-party vendor research all subject to best executionobligations. Lower commissions may be available from other brokers that do notprovideresearch.Inaddition,theInvestmentManageranditsdelegatespay directly for other services such as market data services.

GENERAL INFORMATIONThe Company’s articles of incorporation (“Articles of Incorporation”) maybeamendedfromtimetotimebyameetingofShareholders,subjecttothequorum and majority requirements as provided for by Luxembourg law. Any amendment thereto shall be published in theMémorial, in a Luxembourgdailynewspaperand,ifnecessary,intheofficialpublicationsspecifiedfortherespective countries in which Company shares are sold. Such amendments becomelegallybindingonallShareholders, followingtheirapprovalbytheGeneral Meeting of Shareholders.

AnyamendmentsaffectingtherightsoftheholdersofsharesofanyClassvis-à-vis those of any other Class shall be subject further to the said quorum and majority requirements in respect of each relevant Class.

TheCompany is a single legal entity.However, eachFund is regardedasbeing separate from the others and is liable for all of its own obligations,unlessothertermshavebeenspecificallyagreedwithitscreditors.

The Annual General Meeting of Shareholders of the Company will be held in Luxembourgat11:30a.m.onthelastFridayofAprilineachyear(orifsuchdayisnotabankbusinessdayinLuxembourg,onthenextfollowingbankbusiness day in Luxembourg).

Notices of all Annual General Meetings are sent by mail to all registered Shareholders at their registered address at least eight days prior to each such meeting,andnoticesofallextraordinarygeneralmeetingsat least21daysprior to each such meeting. Such notice will indicate the time and place of suchmeeting and the conditions of admission thereto, will contain theagenda and will refer to the requirements of Luxembourg law with regard to the necessary quorum and majorities at such meeting. To the extent required byLuxembourglaw,furthernoticeswillbepublishedintheMémorialandinone Luxembourg newspaper.

Theannualreport,containingtheauditedcombinedfinancialaccountsoftheCompanyexpressedinUSdollarsandofeachFundexpressedintherelevantcurrencyofdenomination,with respect to theprecedingfinancial yearwillbemadeavailableattroweprice.comandattheregisteredofficewithinfourmonthsoftheendofthefinancialyear.

Unauditedsemi-annualreportswillalsobesent,ondemand,toShareholderswhosenamesappearintheregisterandwillbemadeavailableattheCompany’sregisteredofficewithintwomonthsoftheendoftheyeartowhichtheyrelate.

The Company has regulatory approvals to market itself to both retail and institutional clients in nineteen countries. These are Austria, France,Estonia, Denmark, Finland, Germany, Iceland, Italy, Ireland, Latvia,Lithuania,Luxembourg,TheNetherlands,Norway,Portugal,Spain,Sweden,Switzerland and the UK. The Company has also been granted limited,institutional-only registrations in Singapore. In addition, a selection ofsub-fundshasbeenapprovedfordistributioninTaiwan,Peru(Pensionfundsonly),SouthKorea,SouthAfricaandHongKong.

Copies of the Company’s latest Prospectus, Key Investor InformationDocument, Application Form, Articles of Incorporation and the latestannual and (where applicable) semi-annual reports may be obtained free of chargefromtheofficesoftheAdministratorortheDistributor.Furthermore,the Company’s latest Prospectus, Key Investor Information Document,ApplicationForm,ArticlesofIncorporationandthelatestannualand(whereapplicable) semi-annual reportsmaybedownloaded from theDistributor’swebsiteatwww.troweprice.com,wherethedailyissueandredemptionpricesare also published.

KIIDisavailabletotheinvestorsatwww.trpfundssicavkiid.com.

Additional Information on the Management Company:

The Management Company has committed to adhere to the Association oftheLuxembourgFundIndustry(ALFI)CodeofConductforLuxembourgInvestmentFunds.Thepurposeof theALFICodeofConduct is toprovidepersons responsible for the management and supervision of a fund with a framework of high-level principles and best practice recommendations for the governance of Luxembourg investment funds.

Information about Remuneration

As required by the law of 17 December 2010 relating to Undertakings for Collective Investment, as amended, (the “Law of 2010”) theManagementCompany shall provide general information relating to the financial andnon-financialcriteriaof theremunerationpoliciesandpractices for relevantcategories of staff to enable investors to assess the incentives created. Inaccordance with the principles set out in art. 111bis and 111ter of the Law of2010, theManagementCompanyshalldiscloseat least the informationnecessarytoprovideanunderstandingoftheriskprofileoftheCompanyandthemeasuresitadoptstoavoidormanageconflictsofinterest.Assuch,theManagement Company has established a Remuneration Policy Statement (RPS)settingoutpolicies,practicesandprocedurestocomplywiththeLawof 2010.

The RPS is designed to reward individuals who contribute to the long-term value creation for all clients and investors. The Management Company seekstoaccomplishthisthroughabalanceofshort-termfixedandvariablecompensations, and long-term equity-based incentives. Further, the RPSis intended to be consistent with, and promotes sound and effective riskmanagement and does not encourage risk-taking that is inconsistent with the riskprofile, rules or governingdocuments of the fundsmanaged. TheBoard of theManagement Company reviews the RPS annually to ensureremunerationpracticesareconsistentwiththefirm’sriskprofile.TheRPSisavailable on request to all investors in the funds the Management Company manages.

TheManagementCompanyhaspaidthefollowingamountstoitsidentifiedstaffs,asdefinedintheLawof2010,fortheyearended31December2016.AsrequiredbyArticle151(3)a)andb)of theLawof2010, theaggregateamount of remuneration is to be broken down by a) fixed and variableamountsandb)seniormanagementandnon-seniormanagementidentifiedstaffsof theManagementCompanywhoseactionshaveamaterial impacton the risk profile of the funds. However, the Management Company’scompensation systemsdonot allow for such amounts to be identifiedperfundmanaged.Therefore,thefiguresshowthetotalremunerationofthestaffof the Management Company fully or partly involved in the activities of the funds the Management Company manages and which is attributable to such activitiesare:

•Numberofidentifiedstaffsis10

•Total gross amount of the remuneration of the identified staff fully orpartly involved in the activities of the funds the Management Company manages (including the Company) which is attributable to such activities is EUR1,065,706


249T. ROWE PRICE

Further Information continued

•AggregateamountofseniormanagementisEUR1,065,706

-IncludingafixedcompensationofEUR365,997and-A short-term variable compensation of EUR 418,124 and a long-termvariablecompensationofEUR281,585

• Aggregate amount of non-senior management having a material impact on theriskprofileoftheCompanyisEUR0.00.

Additional Information for Investors in the Federal Republic of Germany:

REPRESENTATIVE AND PAYING AGENT

JP Morgan AGJunghofstraße 1460311FrankfurtamMain,Germany

1. TheSICAVhasappointedtheabovepartyaspayingandinformationagentintheFederalRepublicofGermany(the“GermanPayingandInformationAgent”).

2. Requests for the transfer, redemptionandconversionof sharescanbefiledattheGermanPayingandInformationAgent.Redemptionproceeds,distributionsorotherpayments,willbepaidtotheshareholder, inEuro,throughtheGermanPayingandInformationAgent,onrequest.

3. The prospectus, the key investor information document for each fund,thearticlesofincorporationoftheSICAV,aswellas,thesemi-annualandannual reports,areobtainable fromtheGermanPayingand InformationAgent, free of charge in hard copy. Further information, as requiredunder applicable law, including the documents listed in “Notices andPublications”,under“TheSICAV”, inthisprospectus, isalsoavailabletoshareholdersorpotentialinvestors,freeofcharge.Noticestoshareholderswill be communicated by mail.

4. TheNAVofallfundsaswellasthepurchase,redemptionandconversionprices are available free of charge on every bank business day at the GermanPayingandInformationAgent.AnynoticestoshareholderswillbeavailableuponrequestattheGermanPayingandInformationAgentfreeofcharge.Inaddition,thesubscription,conversionandredemptionpricestogetherwiththeinterimprofitandtotalprofitvalue,whicharecalculatedfortheholdersoftheforeigninvestmentsharesafter31stDecember1993,are published on every day the stock exchange is open on the website “www.fundinfo.com”.

5. In addition, shareholders in the Federal Republic of Germany willbe informed by an additional publication on the SICAV’s websitetroweprice.com/institutionalinanyofthefollowingcases:

• suspension of the redemption of shares• termination of the management of the fund or its liquidation• any amendments to the articles of incorporation that are inconsistent

withthepreviousinvestmentprinciples,thataffectmaterialshareholderrights or that relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool

• merger of the fund with one or more other funds• thechangeofthefundintoafeederfundorthemodificationtoamaster

fund

Additional Information for Investors in Switzerland:

REPRESENTATIVEFirstIndependentFundServicesLtdKlausstrasse 33CH-8008Zurich,Switzerland

PAYING AGENTNeueHelvetischeBankAGSeefeldstrasse 215CH-8008Zurich,Switzerland

LOCATION WHERE THE RELEVANT DOCUMENTS MAY BE OBTAINED

Theprospectus,thekeyinvestorinformationdocuments,articlesofassociation,the annual and semi-annual reports as well as a list of all portfolio changes during the reporting period may be obtained free of charge from the Representative.

PUBLICATIONS

The net asset value together with the reference stating “excluding commissions” shall be published daily on the fundinfo.com website.

PLACE OF PERFORMANCE AND PLACE OF JURISDICTION

In respect of the shares distributed in and from Switzerland, the place ofperformanceandjurisdictionistheregisteredofficeoftheRepresentative.

PAYMENT OF RETROCESSIONS AND REBATES

The management company does not pay retrocessions. The investment managermay,atitsowninitiativeandexpense,makeretrocessionpaymentstointermediariesandplatforms,includingitsaffiliates.Suchpaymentsmaybemade as remuneration for distribution activity in respect of fund shares in and from Switzerland. Distribution is understood in particular as being any activity aimedatpromoting thedistributionof fund shares, suchas the issuingofmarketingmaterials,trainingofdistributionstaff,theorganisingofeventsetc.

The recipients of the retrocessions must ensure transparent disclosure and inform investors, unsolicited and free of charge, about the amountof remuneration they may receive for distribution. Retrocessions are not deemedtoberebateseveniftheyareultimatelypassedon,infullorinpart,to the investors.

Onrequest,therecipientsofretrocessionsmustdisclosetheamountstheyactually receive for distributing the collective investment schemes of the investors concerned.

In the case of distribution activity in or from Switzerland, the investmentmanagermay,uponrequest,payrebatesdirectlytoinvestors.Thepurposeof rebates is to reduce the fees or costs incurred by the investor in question. Rebatesarepermittedprovidedthat:

• they are paid from fees received by the investment manager and therefore do not represent an additional charge on the fund assets; and

• they are granted on the basis of terms set out in a written agreement entered into between the investor and the investment manager.

• all investors who meet these objective criteria and demand rebates are also granted these within the same timeframe and to the same extent.

The objective criteria for the granting of rebates by the Management Company areasfollows:

• Agree to the terms and conditions set out in a written agreement to be entered into between the investor and the investment manager.

• Amount invested•Investmentbehaviourshownbytheinvestor•Investmentperiod• Share class purchased

At the request of the investor, the InvestmentManagermust disclose theamounts of such rebates free of charge.

The portfolio turnover ratios, the total expense ratio and the performancesummarydisclosed in thefinancialstatementsnoteshavebeencalculatedin accordance with the Swiss Funds & Asset Management AssociationGuidelines.

T. Rowe Price Funds SICAV - Fundsquare

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