Semrep 2015 06 30 en 00 2015 09 01 5077884 PDF

T.
Rowe Price Funds SICAV

An open-ended investment company organised
under the laws of Luxembourg
Unaudited Semi-Annual Report

30 June 2015
R.C.S. B-82218
T. Rowe Price Funds SICAV - Unaudited Semi-Annual Report - June 2015
Table of Contents
2 Management and Administration 125 Financial Statements
125 Statement of Net Assets
4 Schedule of Investments
132 Statement of Operations and
Changes in Net Assets
Bond Funds
139 Statement of Changes in Number of Shares
4 Emerging Local Markets Bond Fund
160 Statement of NAV per Share
9 Emerging Markets Bond Fund
and Net Asset Statistics
15 Emerging Markets Corporate Bond Fund
174 Notes to the Financial Statements
18 Euro Corporate Bond Fund
23 European High Yield Bond Fund 188 Risk Measurement and Global Exposure
27 Global Aggregate Bond Fund Appendix
38 Global High Income Bond Fund
42 Global High Yield Bond Fund 189 Further Information
52 Global Investment Grade Corporate Bond Fund
55 Global Unconstrained Bond Fund
58 US Aggregate Bond Fund
Equity Funds
69 Asian ex-Japan Equity Fund
71 Asian Opportunities Equity Fund
73 Continental European Equity Fund
75 Emerging Europe Equity Fund
77 Emerging Markets Equity Fund
80 European Equity Fund
82 European Smaller Companies Equity Fund
84 European Structured Research Equity Fund
88 Frontier Markets Equity Fund
91 Global Focused Growth Equity Fund
93 Global Growth Equity Fund
96 Global Natural Resources Equity Fund
99 Global Real Estate Securities Fund
101 Global Technology Equity Fund
103 Global Value Equity Fund
106 Japanese Equity Fund
108 Latin American Equity Fund
110 Middle East & Africa Equity Fund
112 US Blue Chip Equity Fund
114 US Large Cap Equity Fund
116 US Large Cap Growth Equity Fund
118 US Large Cap Value Equity Fund
120 US Smaller Companies Equity Fund
No subscriptions can be received on the basis of this report alone. Subscriptions for shares of each fund are only valid if made on the basis of the latest Prospectus or the Key Investor
Information Documents (‘’KIID’’) of T.Rowe Price Funds SICAV (as applicable) together with the latest audited annual report (and, if published, subsequent semi-annual report).
T. ROWE PRICE 1
Management and Administration
REGISTERED OFFICE BOARD OF MANAGERS

European Bank and Business Center OF THE MANAGEMENT COMPANY
6C route de Trèves Robert Higginbotham (Chairman)
L-2633 Senningerberg Head of Global Investment Services
Grand Duchy of Luxembourg T. Rowe Price International Ltd
60 Queen Victoria Street
BOARD OF DIRECTORS London, EC4N 4TZ
United Kingdom
Robert Higginbotham (Chairman)
Head of Global Investment Services David Oestreicher
T. Rowe Price International Ltd Chief Legal Counsel
60 Queen Victoria Street T. Rowe Price Associates, Inc.
London, EC4N 4TZ 100 East Pratt Street
United Kingdom Baltimore, Maryland 21202
Christopher D. Alderson United States of America
Head of International Equity Paul Wojcik
T. Rowe Price International Ltd Chief Risk Officer
60 Queen Victoria Street T. Rowe Price Associates, Inc.
London, EC4N 4TZ 100 East Pratt Street
United Kingdom Baltimore, Maryland 21202
Peter Preisler United States of America
Head of Investment Services, EMEA
T. Rowe Price International Ltd PERSONS CONDUCTING THE BUSINESS OF THE
Tuborg Havnevej 19 MANAGEMENT COMPANY
2900 Hellerup
Ian Hoddy
Denmark
Head of Product Management – Investment Funds, EMEA & APAC
Timothy D. Noel T. Rowe Price (Luxembourg) Management S.à r.l.
Head of Portfolio Specialists 35 Boulevard Prince Henri
T. Rowe Price Associates, Inc. L-1724 Luxembourg
100 East Pratt Street Grand Duchy of Luxembourg
Baltimore, Maryland 21202
Jeremy Fisher
United States of America
Director of International Compliance
Christopher J. Rothery T. Rowe Price International Ltd
Portfolio Manager 60 Queen Victoria Street
T. Rowe Price International Ltd London, EC4N 4TZ
60 Queen Victoria Street United Kingdom
London, EC4N 4TZ
Christopher Edge
United Kingdom
Head of Equity Risk
Ian Hoddy T. Rowe Price Associates, Inc.
Head of Product Management – Investment Funds, EMEA & APAC 100 East Pratt Street
T. Rowe Price (Luxembourg) Management S.à r.l. Baltimore, Maryland 21202
35 Boulevard Prince Henri United States of America
L-1724 Luxembourg
Claude Schortgen
Grand Duchy of Luxembourg
Senior Product Manager – Investment Funds, EMEA & APAC
T. Rowe Price (Luxembourg) Management S.à r.l.
MANAGEMENT COMPANY 35 Boulevard du Prince Henri
T. Rowe Price (Luxembourg) Management S.à r.l. L-1724 Luxembourg
European Bank & Business Center Grand Duchy of Luxembourg
6C route de Trèves
L-2633 Senningerberg CUSTODIAN
JP Morgan Bank Luxembourg S.A.
European Bank and Business Center
6C route de Trèves
L-2633 Senningerberg
2 T. ROWE PRICE
Management and Administration continued
DOMICILIARY, ADMINISTRATION, REGISTRAR, PAYING AGENT IN SWEDEN

TRANSFER AND PAYING AGENT Skandinaviska Enskilda Banken AB (publ)
JP Morgan Bank Luxembourg S.A. Kungsträdgårdsgatan
European Bank and Business Center SE-106 40 Stockholm
6C route de Trèves Sweden
L-2633 Senningerberg
Grand Duchy of Luxembourg FACILITIES AGENT IN IRELAND
J.P. Morgan Bank Administration Services (Ireland) Limited
CENTRALIZING CORRESPONDENT IN FRANCE J.P. Morgan House
Société Générale International Financial Services Centre
29, boulevard Haussmann Dublin 1
75009 Paris Ireland
France
TAX REPRESENTATIVE IN AUSTRIA
REPRESENTATIVE AND PAYING AGENT IN GERMANY Deloitte Tax Wirtschaftsprüfungs GmbH
JP Morgan AG Renngasse 1 / Freyung
Junghofstraße 14 A-1013 Wien
60311 Frankfurt am Main Austria
Germany
INVESTMENT MANAGER AND DISTRIBUTOR
REPRESENTATIVE AND PAYING AGENT IN DENMARK T. Rowe Price International Ltd
Nordea Bank Danmark A/S 60 Queen Victoria Street
Strandgade 3 London, EC4N 4TZ
DK-0900 United Kingdom
Copenhagen C
Denmark INVESTMENT SUB-MANAGERS
T. Rowe Price Associates, Inc.
REPRESENTATIVE IN SWITZERLAND 100 East Pratt Street
First Independent Fund Services Ltd Baltimore, Maryland 21202
Klausstrasse 33 United States of America
8008 Zürich
Switzerland T. Rowe Price Hong Kong Limited
21/F Jardine House
1 Connaught Place
PAYING AGENT IN SWITZERLAND Central, Hong Kong
JP Morgan Chase Bank, National Association, Columbus
T. Rowe Price Singapore Private Ltd.
(Until 27 May 2015)
(Until 27 May 2015)
Zurich Branch
290 Orchard Road
Dreikönigstrasse 21
14-04 Paragon
8002 Zürich
238859 Singapore
Switzerland
Neue Helvetische Bank AG AUDITOR
(From 27 May 2015)
Seefeldstrasse 215 PricewaterhouseCoopers, Société coopérative
8002 Zürich 2, rue Gerhard Mercator
Switzerland B.P. 1443
L-1014 Luxembourg
PAYING AGENT IN AUSTRIA
Raiffeisen Bank International AG LEGAL ADVISER
Am Stadtpark 9, A-1030 Wien
Austria Linklaters LLP
35 avenue J.F. Kennedy
L-1855 Luxembourg
PAYING AGENT IN BELGIUM Grand Duchy of Luxembourg
BNP Paribas Securities Services
Boulevard Louis Schmidt, 2
1040 Brussels
Belgium
T. ROWE PRICE 3
Emerging Local Markets Bond Fund

Investment Objective SCHEDULE of Investments
As at 30 June 2015
The fund’s objective is to maximise the value of its shares Quantity/ Market
Nominal Value % of Net
through both growth in the value of, and income from, Investments Currency Value USD Assets
its investments. The fund invests mainly in a diversified Transferable securities and money market instruments admitted
portfolio of bonds of all types from emerging market to an official exchange listing
issuers, with a focus on bonds that are denominated in Bonds
Argentina
the local currency. Argentine Republic Bond 7% USD 43,000 41,986 0.35
17/04/2017
Specifically, the fund invests at least two-thirds of 41,986 0.35
total assets in debt securities issued by governments, Brazil
government agencies, supra-national organizations and Brazil Notas do Tesouro Nacional 10%
01/01/2017
BRL 147,200 451,110 3.77
companies that are either incorporated in one of the Brazil Notas do Tesouro Nacional 10% BRL 9,600 29,003 0.24
01/01/2018
economically emerging countries of Latin America, Asia, Brazil Notas do Tesouro Nacional 10% BRL 86,400 250,592 2.09
Europe, Africa and the Middle East or conduct most of 01/01/2021
Brazil Notas do Tesouro Nacional 10% BRL 98,300 279,603 2.33
their business in such countries. Portfolio debt securities 01/01/2023
can include fixed and floating rate bonds, convertible 01/01/2025
bonds, warrants and other transferable debt securities Brazil Notas do Tesouro Nacional 6% BRL 10,300 88,298 0.74
15/05/2045
of any type, including high yield securities. 1,421,893 11.87
The fund does not invest more than 10% of assets in Chile
Bonos del Banco Central de Chile en CLP 50,000,000 79,295 0.66
equities and equity-related securities, 25% of assets in Pesos 4.5% 01/04/2020
convertible bonds, and one-third of assets in money Bonos del Banco Central de Chile en
Pesos 6% 01/03/2023
CLP 30,000,000 51,771 0.44
market securities, with total investment in these 131,066 1.10

categories limited to one-third of assets. China
China Government Bond, Reg. S CNH 500,000 80,812 0.68
The fund may use derivatives for hedging, efficient 3.09% 29/06/2020
China Government Bond, Reg. S 3.1% CNH 1,500,000 238,270 1.99
portfolio management and to seek gains. The fund may 29/06/2022
also use derivatives to create synthetic short positions in 319,082 2.67
Colombia
currencies and debt securities. Colombia Government International COP 78,000,000 33,265 0.28
Bond 7.75% 14/04/2021
Colombian TES 3.5% 10/03/2021 COP 1,020,000 87,639 0.73
Colombian TES 7% 04/05/2022 COP 294,400,000 114,839 0.96
Colombian TES 7.5% 26/08/2026 COP 257,500,000 97,659 0.82
Empresas Publicas de Medellin ESP, COP 80,000,000 30,126 0.25
Reg. S 7.625% 10/09/2024
696,321 5.82
Hungary
Hungary Government Bond 5.5% HUF 5,570,000 21,965 0.18
20/12/2018
Hungary Government Bond 6.5% HUF 50,600,000 206,461 1.72
24/06/2019
Hungary Government Bond 7% HUF 63,530,000 272,484 2.28
24/06/2022
500,910 4.18
Indonesia
Indonesia Treasury 7% 15/05/2022 IDR 3,027,000,000 212,059 1.77
Indonesia Treasury 11.75% IDR 300,000,000 26,960 0.22
15/08/2023
Indonesia Treasury 6.125% IDR 2,090,000,000 129,141 1.08
15/05/2028
Indonesia Treasury 9.5% 15/07/2031 IDR 1,242,000,000 101,387 0.85
1,035,693 8.65
4 T. ROWE PRICE
Emerging Local Markets Bond Fund continued

SCHEDULE of Investments
As at 30 June 2015
Quantity/ Market Quantity/ Market

Nominal Value % of Net Nominal Value % of Net
Investments Currency Value USD Assets Investments Currency Value USD Assets
Israel Russian Federal Bond - OFZ 7.05% RUB 6,300,000 84,790 0.71
Israel Government Bond 4.25% ILS 219,000 67,470 0.56 19/01/2028
31/03/2023 Russian Foreign Bond, Reg. S 7.85% RUB 5,000,000 82,782 0.69
67,470 0.56 10/03/2018
Mexico 491,384 4.10
Mexican Bonos 4.75% 14/06/2018 MXN 1,935,000 124,226 1.04 South Africa
Mexican Bonos 5% 11/12/2019 MXN 1,610,000 102,073 0.85 South Africa Government Bond 8% ZAR 546,000 45,467 0.38
21/12/2018
Mexican Bonos 8% 11/06/2020 MXN 4,383,000 312,492 2.61
South Africa Government Bond 7.25% ZAR 426,000 34,301 0.29
Mexican Bonos 6.5% 09/06/2022 MXN 4,183,000 277,297 2.31 15/01/2020
Mexican Bonos 8% 07/12/2023 MXN 844,000 60,984 0.51 South Africa Government Bond 6.75% ZAR 1,889,000 146,830 1.22
Mexican Bonos 10% 05/12/2024 MXN 618,000 50,677 0.42 31/03/2021
Mexican Bonos 7.5% 03/06/2027 MXN 4,115,000 289,253 2.41 South Africa Government Bond 7.75% ZAR 2,170,000 174,273 1.45
Mexican Bonos 10% 20/11/2036 MXN 533,000 46,716 0.39 28/02/2023
Mexican Bonos 8.5% 18/11/2038 MXN 778,000 59,513 0.50 South Africa Government Bond 7% ZAR 4,319,000 302,548 2.53
28/02/2031
Mexican Bonos 7.75% 13/11/2042 MXN 538,000 38,303 0.32
South Africa Government Bond 6.25% ZAR 288,000 17,839 0.15
Mexican Udibonos 10.547% MXN 168,000 54,650 0.46
31/03/2036
09/06/2022
South Africa Government Bond 6.5% ZAR 2,053,000 127,957 1.07
Petroleos Mexicanos, 144A 7.19% MXN 900,000 55,872 0.47
28/02/2041
12/09/2024
South Africa Government Bond 8.75% ZAR 1,181,000 94,805 0.79
1,472,056 12.29 28/02/2048
Montenegro South Africa Government Bond - CPI ZAR 222,000 52,303 0.44
Montenegro Government International EUR 67,000 75,784 0.63 Linked 12.002% 07/12/2023
Bond, Reg. S, FRN 5.937% 996,323 8.32
09/12/2016
Supranational
75,784 0.63
European Investment Bank, 144A IDR 730,000,000 52,344 0.44
Netherlands 6.95% 06/02/2020
VimpelCom Holdings BV, 144A 9% RUB 5,000,000 83,569 0.70 European Investment Bank 8.125% ZAR 500,000 38,574 0.32
13/02/2018 21/12/2026
83,569 0.70 International Finance Corp. 7.75% INR 2,080,000 32,951 0.27
Nigeria 03/12/2016
Nigeria Government Bond 15.1% NGN 4,868,000 24,640 0.21 International Finance Corp. 6.45% INR 3,500,000 54,937 0.46
27/04/2017 30/10/2018
Nigeria Government Bond 16.39% NGN 2,560,000 13,713 0.11 178,806 1.49
27/01/2022 Thailand
38,353 0.32 Thailand Government Bond 5.5% THB 600,000 20,131 0.17
Peru 13/08/2019
Peruvian Government International PEN 100,000 31,043 0.26 Thailand Government Bond 3.65% THB 1,469,000 46,108 0.38
Bond, Reg. S 6.95% 12/08/2031 17/12/2021
31,043 0.26 Thailand Government Bond 4.75% THB 1,872,000 63,523 0.53
Philippines 20/12/2024
Philippine Government International PHP 6,000,000 140,351 1.17 Thailand Government Bond 3.85% THB 1,361,000 43,549 0.36
Bond 4.95% 15/01/2021 12/12/2025
140,351 1.17 Thailand Government Bond 3.58% THB 2,533,000 77,355 0.65
17/12/2027
Poland
Thailand Government Bond 3.775% THB 4,137,000 124,124 1.04
Poland Government Bond 2.5% PLN 439,000 118,104 0.98
25/06/2032
25/07/2018
Thailand Government Bond, Reg. S THB 2,100,000 63,872 0.53
Poland Government Bond 5.75% PLN 796,000 248,729 2.08
1.286% 14/07/2021
23/09/2022
438,662 3.66
Poland Government Bond 4% PLN 716,000 202,248 1.69
25/10/2023 Turkey
Poland Government Bond 5.75% PLN 204,000 68,191 0.57 Turkey Government Bond 10.5% TRY 322,000 125,808 1.05
25/04/2029 15/01/2020
637,272 5.32 Turkey Government Bond 8.5% TRY 545,000 195,953 1.64
14/09/2022
Romania
Turkey Government Bond 7.1% TRY 468,000 155,177 1.29
Romania Government Bond 5.95% RON 500,000 141,830 1.18
08/03/2023
11/06/2021
Turkey Government Bond 10.4% TRY 318,000 127,526 1.06
Romania Government Bond 5.85% RON 1,380,000 386,247 3.23
20/03/2024
26/04/2023
Turkey Government International Bond USD 31,000 35,488 0.30
528,077 4.41
7% 05/06/2020
Russia
639,952 5.34
Russian Federal Bond - OFZ 7.6% RUB 14,302,000 215,952 1.80
Vietnam
20/07/2022
Vietnam Government Bond 6.5% VND 730,500,000 33,825 0.28
Russian Federal Bond - OFZ 8.15% RUB 7,239,000 107,860 0.90
15/02/2016
03/02/2027
T. ROWE PRICE 5

As at 30 June 2015

Vietnam Government Bond 6.1% VND 608,700,000 28,128 0.23 Units of authorised UCITS or other collective investment
28/02/2016
undertakings
Vietnam Government Bond 7.8% VND 500,000,000 23,403 0.20
31/03/2016 Collective Investment Schemes - UCITS
85,356 0.71 Luxembourg
Total Bonds 10,051,409 83.92 T Rowe Price Funds SICAV - Emerging USD 18,483 177,996 1.49
Total Transferable securities 10,051,409 83.92 Markets Bond Fund Class Sd†
and money market instruments 177,996 1.49
admitted to an official exchange listing Total Collective Investment Schemes - UCITS 177,996 1.49
Total Units of authorised UCITS or other 177,996 1.49
collective investment undertakings
Transferable securities and money market instruments dealt in on Total Investments 11,320,164 94.52
another regulated market
Bonds
Malaysia Forward Currency Exchange Contracts
Malaysia Government Bond 4.378% MYR 261,000 71,359 0.60 Unrealised
29/11/2019 Currency Amount Currency Amount Maturity Gain/(Loss) % of Net
Malaysia Government Bond 4.16% MYR 940,000 254,152 2.12 Purchased Purchased Sold Sold Date USD Assets
15/07/2021
BRL 265,000 USD 81,452 02/09/2015 2,120 0.02
Malaysia Government Bond 3.418% MYR 297,000 76,195 0.64
15/08/2022 CNH 364,000 USD 58,017 20/07/2015 555 0.01
Malaysia Government Bond 4.392% MYR 286,000 77,267 0.64 EGP 474,000 USD 61,020 16/09/2015 406 –
15/04/2026 EUR 12,193 USD 13,642 21/08/2015 22 –
Malaysia Government Bond 4.232% MYR 127,000 33,169 0.28 IDR 1,944,877,000 USD 143,607 21/08/2015 647 0.01
30/06/2031 ILS 369,000 USD 97,748 24/08/2015 211 –
Malaysia Government Bond 4.127% MYR 188,000 48,536 0.40 INR 10,477,000 USD 161,031 03/09/2015 1,564 0.01
15/04/2032
INR 7,855,000 USD 118,142 18/11/2015 2,072 0.02
Malaysia Government Bond 4.935% MYR 86,000 23,462 0.20
30/09/2043 JPY 22,201,000 USD 179,277 21/08/2015 2,368 0.02
584,140 4.88 NGN 20,574,000 USD 99,252 05/08/2015 569 –
Peru PEN 94,000 USD 29,311 21/08/2015 96 –
Peruvian Government International PEN 50,000 15,053 0.12 PHP 10,865,000 USD 238,258 24/08/2015 2,151 0.02
Bond, Reg. S 5.7% 12/08/2024 PLN 194,000 USD 51,425 21/08/2015 371 –
Peruvian Government International PEN 172,000 52,385 0.44 RON 667,519 USD 164,364 15/07/2015 2,762 0.03
Bond, Reg. S 6.9% 12/08/2037 TRY 59,372 USD 21,781 21/08/2015 66 –
67,438 0.56 USD 122,904 AUD 153,000 21/08/2015 5,185 0.04
Serbia USD 301,864 BRL 957,000 02/09/2015 64 –
Serbia Treasury 10% 17/10/2016 RSD 890,000 8,676 0.07 USD 60,826 CAD 74,000 21/08/2015 1,349 0.01
Serbia Treasury 10% 08/11/2017 RSD 3,000,000 29,782 0.25 USD 82,899 CLP 49,896,000 21/08/2015 5,200 0.04
Serbia Treasury 10% 24/01/2018 RSD 1,070,000 10,635 0.09 USD 31,028 COP 78,036,000 21/08/2015 1,020 0.01
Serbia Treasury 10% 02/03/2018 RSD 2,100,000 20,921 0.17 USD 387,247 EUR 341,000 21/08/2015 5,092 0.04
Serbia Treasury 10% 21/08/2019 RSD 2,040,000 20,071 0.17 USD 221,101 HUF 59,673,000 24/08/2015 9,008 0.08
Serbia Treasury 10% 05/02/2022 RSD 5,930,000 58,919 0.49 USD 46,192 IDR 621,422,000 21/08/2015 101 –
Serbia Treasury Bill 0% 12/11/2015 RSD 3,100,000 28,294 0.24 USD 280,127 JPY 33,421,000 21/08/2015 6,681 0.05
177,298 1.48 USD 467,761 MXN 7,222,873 21/08/2015 8,061 0.07
Sri Lanka USD 16,862 MYR 63,000 14/07/2015 192 –
Sri Lanka Government Bond 8.5% LKR 11,180,000 85,859 0.72 USD 61,470 NZD 84,000 21/08/2015 4,766 0.04
01/04/2018
USD 28,222 PEN 90,000 21/08/2015 66 –
Sri Lanka Government Bond 8.5% LKR 12,660,000 96,700 0.81
01/06/2018 USD 330,897 PHP 14,940,000 24/08/2015 320 –
182,559 1.53 USD 101,061 PLN 365,369 21/08/2015 3,512 0.04
United Kingdom USD 234,355 RON 924,599 15/07/2015 2,863 0.02
Standard Chartered Bank, 144A 9% IDR 1,000,000,000 79,324 0.66 USD 12,776 RUB 666,000 23/07/2015 937 0.01
19/03/2029 USD 49,571 RUB 2,645,485 21/08/2015 3,032 0.03
79,324 0.66 USD 95,114 THB 3,179,000 10/07/2015 1,036 0.01
Total Bonds 1,090,759 9.11 USD 265,798 ZAR 3,197,000 21/08/2015 5,284 0.04
Total Transferable securities 1,090,759 9.11 ZAR 774,528 USD 60,980 21/08/2015 2,135 0.02
and money market instruments ZMW 477,000 USD 62,763 14/07/2015 457 –
dealt in on another regulated market Total Unrealised Gain on 82,341 0.69
Forward Currency Exchange Contracts
6 T. ROWE PRICE

As at 30 June 2015
Unrealised Financial Futures Contracts

Currency Amount Currency Amount Maturity Gain/(Loss) % of Net
Purchased Purchased Sold Sold Date USD Assets Global Unrealised
Security Number of Exposure Gain/(Loss) % of Net
CLP 69,659,000 USD 109,958 21/08/2015 (1,484) (0.02) Country Description Contracts Currency USD USD Assets
COP 312,328,000 USD 126,780 21/08/2015 (6,677) (0.06) Germany Euro-Bund, (1) EUR (170,124) 493 –
HUF 47,054,288 USD 171,140 24/08/2015 (3,897) (0.03) 08/09/2015
IDR 121,122,000 USD 9,032 21/08/2015 (48) – South Korea Korea 10 1 KRW 109,489 206 –
ILS 350,000 USD 93,046 24/08/2015 (130) – Year Bond,
INR 5,823,000 USD 91,566 09/07/2015 (96) – 15/09/2015
MXN 7,198,605 USD 464,735 21/08/2015 (6,579) (0.07) United US 10 Year Note, (2) USD (252,313) 688 0.01
MYR 349,000 USD 95,507 14/07/2015 (3,160) (0.02) States of 21/09/2015
MYR 750,000 USD 206,250 21/08/2015 (8,388) (0.07) America
MYR 952,000 USD 253,918 15/09/2015 (3,227) (0.03) United US 5 Year Note, (4) USD (476,937) 562 –
NGN 6,862,000 USD 33,311 05/08/2015 (18) – States of 30/09/2015
NZD 84,000 USD 59,645 21/08/2015 (2,941) (0.02) America
PLN 3,181,000 USD 883,816 21/08/2015 (34,523) (0.29) Total Unrealised Gain on 1,949 0.01
RON 290,301 USD 73,532 15/07/2015 (849) (0.01) Financial Futures Contracts
RUB 666,000 USD 12,842 23/07/2015 (1,004) (0.01) Singapore Japan 10 Year (1) JPY (120,157) (172) –
Bond Mini,
THB 7,897,000 USD 240,187 10/07/2015 (6,487) (0.05)
09/09/2015
THB 2,770,000 USD 81,510 09/10/2015 (23) –
South Korea Korea 3 3 KRW 292,645 (161) –
TRY 1,181,000 USD 442,336 21/08/2015 (7,774) (0.06)
Year Bond,
USD 21,992 BRL 70,000 02/09/2015 (83) – 15/09/2015
USD 229,994 CNH 1,434,672 20/07/2015 (865) –
Total Unrealised Loss on (333) –
USD 129,407 EUR 116,000 21/08/2015 (593) – Financial Futures Contracts
USD 215,328 GBP 138,000 21/08/2015 (1,993) (0.02) Net Unrealised Gain on 1,616 0.01
USD 68,297 IDR 926,478,000 21/08/2015 (421) – Financial Futures Contracts
USD 251,968 ILS 973,000 24/08/2015 (6,338) (0.05)
USD 31,274 JPY 3,830,000 21/08/2015 (62) –
USD 66,812 PEN 214,000 21/08/2015 (136) –
USD 71,641 PLN 268,577 21/08/2015 (67) – Interest Rate Swap Contracts
USD 422,458 RON 1,754,065 15/07/2015 (16,707) (0.14) Market Unrealised
USD 35,578 RUB 2,028,642 21/08/2015 (109) – Nominal Security Maturity Value Gain/(Loss) % of Net
USD 44,637 THB 1,509,000 10/07/2015 (20) – Amount Currency Counterparty Description Date USD USD Assets
USD 12,758 TRY 35,000 21/08/2015 (121) – 230,000 MYR Deutsche Pay floating 11/07/2019 473 473 0.01
USD 22,834 ZAR 287,771 21/08/2015 (615) (0.01) Bank KLIBOR
ZAR 1,595,208 USD 133,068 21/08/2015 (3,080) (0.03) 3 month
Total Unrealised Loss on (118,515) (0.99) Receive
Forward Currency Exchange Contracts fixed 4.06%
Net Unrealised Loss on (36,174) (0.30) 226,000 MYR Citibank Pay floating 29/11/2018 255 255 –
Forward Currency Exchange Contracts KLIBOR
3 month
Unrealised Receive
Counterparty Gain/(Loss) fixed 3.93%
Bank of America (21,981) Total Unrealised Gain on 728 728 0.01
Barclays 2,274 Interest Rate Swap Contracts
Canadian Imperial Bank of Commerce (661) 4,500,000 RUB Morgan Pay floating 09/02/2017 (5,452) (5,452) (0.05)
Citibank (4,306) Stanley MOSPRIME
3 month
Credit Suisse 3,533
Receive
Deutsche Bank (43,309)
fixed 7.05%
Goldman Sachs 1,910 250,000 MYR Citibank Pay floating 04/02/2020 (181) (181) –
HSBC 17,618 KLIBOR
J.P. Morgan 8,318 3 month
Morgan Stanley 10,292 Receive
RBS (9) fixed
Standard Chartered (9,560) 3.865%
UBS (293)
(36,174)
T. ROWE PRICE 7

As at 30 June 2015
Market Unrealised
Nominal Security Maturity Value Gain/(Loss) % of Net
Amount Currency Counterparty Description Date USD USD Assets
2,500,000 THB Citibank Pay floating 24/06/2020 (173) (173) –
THBFIX
6 month
Receive
fixed 2.13%
300,000 PLN Citibank Pay floating 16/06/2020 (107) (107) –
WIBOR
3 month
Receive
fixed 2.53%
Total Unrealised Loss on (5,913) (5,913) (0.05)
Interest Rate Swap Contracts
Net Unrealised Loss on (5,185) (5,185) (0.04)
Interest Rate Swap Contracts
Cash 537,461 4.49

Other Assets/(Liabilities) 119,189 0.99
Total Net Assets 11,976,814 100.00
Geographic Allocation of Portfolio

% of Net Assets
Mexico 12.29
Brazil 11.87
Indonesia 8.65
South Africa 8.32
Colombia 5.82
Turkey 5.34
Poland 5.32
Malaysia 4.88
Romania 4.41
Hungary 4.18
Russia 4.10
Thailand 3.66
China 2.67
Sri Lanka 1.53
Supranational 1.49
Luxembourg 1.49
Serbia 1.48
Philippines 1.17
Chile 1.10
Peru 0.82
Vietnam 0.71
Netherlands 0.70
United Kingdom 0.66
Montenegro 0.63
Israel 0.56
Argentina 0.35
Nigeria 0.32
Total Investments 94.52
Cash and Other Assets/(Liabilities) 5.48
Total 100.00
†
Managed by an affiliate of the Investment Adviser.
The accompanying notes are an integral part of these financial statements.
8 T. ROWE PRICE
Emerging Markets Bond Fund (1)

As at 30 June 2015
portfolio of bonds of all types from emerging market to an official exchange listing
issuers. Bonds
Argentina
Specifically, the fund invests at least two-thirds of Argentine Republic Bond 7% USD 1,640,000 1,660,721 1.00
03/10/2015
total assets in debt securities issued by governments, Argentine Republic Bond 7% USD 3,615,000 3,529,758 2.11
government agencies, supra-national organizations and 17/04/2017
Argentine Republic Bond 8.75% USD 2,449,552 2,374,963 1.42
companies that are either incorporated in one of the 07/05/2024
economically emerging countries of Latin America, Asia, Argentine Republic Government
International Bond 8.75%
USD 750,000 713,498 0.43
Europe, Africa and the Middle East or conduct most of 02/06/2017

Argentine Republic Government USD 658,958 637,542 0.38
their business in such countries. Portfolio debt securities International Bond 8.28%
31/12/2033
can include fixed and floating rate bonds, convertible Argentine Republic Government EUR 940,000 524,390 0.31
bonds, warrants and other transferable debt securities International Bond 2.291%
31/12/2038
of any type, including high yield securities. YPF SA, Reg. S 8.75% 04/04/2024 USD 230,000 233,391 0.14
The fund does not invest more than 10% of assets in 9,674,263 5.79
Bermuda
equities and equity-related securities, 25% of assets in Bermuda Government International USD 300,000 317,722 0.19
convertible bonds, and one-third of assets in money Bond, Reg. S 4.854% 06/02/2024
GCX Ltd., Reg. S 7% 01/08/2019 USD 450,000 454,245 0.27
categories limited to one-third of assets. Brazil
Banco Nacional de Desenvolvimento USD 800,000 817,680 0.49
The fund may use derivatives for hedging, efficient Economico e Social, Reg. S 5.75%
26/09/2023
portfolio management and to seek gains. The fund may Brazil Notas do Tesouro Nacional 10% BRL 1,827,900 5,601,799 3.35
also use derivatives to create synthetic short positions in 01/01/2017
Brazil Notas do Tesouro Nacional 0% BRL 184,500 1,578,101 0.95
currencies and debt securities. 15/05/2017
Brazil Notas do Tesouro Nacional 10% BRL 956,000 2,772,757 1.66
01/01/2021
(1)
his fund was formerly named Global Emerging
T Brazil Notas do Tesouro Nacional 6% BRL 190,300 1,633,958 0.98
15/08/2024
Markets Bond Fund. Brazilian Government International USD 550,000 486,764 0.29
Bond 2.625% 05/01/2023
Brazilian Government International USD 500,000 481,312 0.29
Bond 4.25% 07/01/2025
Brazilian Government International USD 770,000 663,855 0.40
Bond 5% 27/01/2045
Votorantim Cimentos SA, Reg. S 7.25% USD 400,000 392,376 0.23
05/04/2041
14,428,602 8.64
Canada
Pacific Rubiales Energy Corp., Reg. S USD 570,000 471,943 0.28
5.375% 26/01/2019
471,943 0.28
Cayman Islands
Agile Property Holdings Ltd., Reg. S USD 250,000 252,844 0.15
8.875% 28/04/2017
Alliance Global Group, Inc., Reg. S USD 370,000 394,437 0.24
6.5% 18/08/2017
CIFI Holdings Group Co. Ltd., Reg. S USD 410,000 420,291 0.25
8.875% 27/01/2019
KWG Property Holding Ltd., Reg. S USD 200,000 219,269 0.13
13.25% 22/03/2017
Longfor Properties Co. Ltd., Reg. S USD 520,000 515,153 0.31
6.75% 29/01/2023
Pontis III Ltd., Reg. S, STEP 4.843% USD 425,000 422,739 0.25
08/06/2025
Shimao Property Holdings Ltd., Reg. S USD 450,000 456,210 0.28
6.625% 14/01/2020
2,680,943 1.61
T. ROWE PRICE 9
Emerging Markets Bond Fund (1) continued

As at 30 June 2015

Colombia Georgia
Banco Bilbao Vizcaya Argentaria USD 225,000 221,367 0.13 Bank of Georgia JSC, Reg. S 7.75% USD 450,000 468,391 0.28
Colombia SA, 144A 4.875% 05/07/2017
21/04/2025 468,391 0.28
Banco Bilbao Vizcaya Argentaria USD 275,000 270,394 0.16 Ghana
Colombia SA, Reg. S 4.875%
21/04/2025 Republic of Ghana, Reg. S 7.875% USD 900,000 819,270 0.49
07/08/2023
Colombia Government International USD 800,000 837,820 0.50
Bond 4.375% 12/07/2021 819,270 0.49
Colombia Government International USD 2,050,000 2,227,069 1.33 Greece
Bond 6.125% 18/01/2041 Hellenic Republic Government Bond, EUR 75,000 47,876 0.03
Colombia Government International USD 200,000 203,445 0.12 Reg. S, 144A 3.375% 17/07/2017
Bond 5.625% 26/02/2044 Hellenic Republic Government Bond, EUR 425,000 263,942 0.16
Colombia Government International USD 1,250,000 1,162,763 0.70 Reg. S, 144A 4.75% 17/04/2019
Bond 5% 15/06/2045 311,818 0.19
Colombian TES 10% 24/07/2024 COP 60,000,000 27,374 0.02 Hungary
Ecopetrol SA 7.375% 18/09/2043 USD 365,000 381,795 0.23 Hungary Government International USD 150,000 168,090 0.10
5,332,027 3.19 Bond 6.25% 29/01/2020
Costa Rica Hungary Government International USD 1,050,000 1,138,331 0.68
Bond 5.375% 25/03/2024
Instituto Costarricense de Electricidad, USD 300,000 252,108 0.15
Reg. S 6.375% 15/05/2043 1,306,421 0.78
252,108 0.15 India
Croatia Export-Import Bank of India, Reg. S 4% USD 800,000 797,668 0.48
14/01/2023
Croatia Government International USD 770,000 849,152 0.51
Bond, Reg. S 6.75% 05/11/2019 ICICI Bank Ltd., Reg. S, FRN 6.375% USD 200,000 206,403 0.12
30/04/2022
Croatia Government International USD 1,330,000 1,457,534 0.87
Bond, Reg. S 6.625% 14/07/2020 1,004,071 0.60
2,306,686 1.38 Indonesia
Cyprus Indonesia Government International USD 1,350,000 1,332,605 0.80
Bond, Reg. S 3.75% 25/04/2022
Mriya Agro Holding PLC, Reg. S 9.45% USD 200,000 32,360 0.02
19/04/2018§ Indonesia Government International USD 200,000 196,424 0.12
Bond, Reg. S 4.125% 15/01/2025
32,360 0.02
Indonesia Government International USD 100,000 113,483 0.07
Dominican Republic Bond, Reg. S 6.625% 17/02/2037
Dominican Republic International USD 750,000 842,647 0.50 Indonesia Government International USD 1,350,000 1,219,934 0.73
Bond, Reg. S 7.5% 06/05/2021 Bond, Reg. S 4.625% 15/04/2043
Dominican Republic International USD 100,000 108,581 0.07 Indonesia Treasury 7% 15/05/2027 IDR 18,297,000,000 1,243,658 0.74
Bond, 144A 6.6% 28/01/2024
Indonesia Treasury 6.125% IDR 29,937,000,000 1,849,811 1.11
Dominican Republic International USD 100,000 100,783 0.06 15/05/2028
Bond, Reg. S 5.5% 27/01/2025
Pertamina Persero PT, Reg. S 5.625% USD 1,550,000 1,381,414 0.83
Dominican Republic International USD 1,570,000 1,717,525 1.03 20/05/2043
Bond, Reg. S 7.45% 30/04/2044
Perusahaan Gas Negara Persero Tbk. USD 200,000 201,766 0.12
Dominican Republic International USD 100,000 102,479 0.06 PT, Reg. S 5.125% 16/05/2024
Bond, Reg. S 6.85% 27/01/2045
Perusahaan Listrik Negara PT, Reg. S USD 450,000 393,095 0.23
2,872,015 1.72 5.25% 24/10/2042
Ecuador Perusahaan Penerbit SBSN Indonesia USD 200,000 196,701 0.12
Ecuador Government International USD 400,000 404,978 0.24 III, Reg. S 4.35% 10/09/2024
Bond, Reg. S 10.5% 24/03/2020 8,128,891 4.87
404,978 0.24 Iraq
Egypt Republic of Iraq, Reg. S 5.8% USD 370,000 300,288 0.18
Egypt Government International Bond, USD 500,000 488,855 0.29 15/01/2028
Reg. S 5.875% 11/06/2025 300,288 0.18
488,855 0.29 Israel
El Salvador Israel Electric Corp. Ltd., Reg. S USD 450,000 514,868 0.31
El Salvador Government International USD 55,000 52,868 0.03 6.875% 21/06/2023
Bond, Reg. S 5.875% 30/01/2025 Israel Electric Corp. Ltd., Reg. S 7.75% USD 370,000 456,896 0.27
El Salvador Government International USD 90,000 87,297 0.05 15/12/2027
Bond, 144A 6.375% 18/01/2027 971,764 0.58
El Salvador Government International USD 2,260,000 2,193,499 1.32 Ivory Coast
Bond, Reg. S 6.375% 18/01/2027
Ivory Coast Government International USD 480,000 452,474 0.27
2,333,664 1.40 Bond, Reg. S 5.375% 23/07/2024
Gabon Ivory Coast Government International USD 2,400,000 2,268,540 1.36
Gabonese Republic, Reg. S 6.375% USD 300,000 291,464 0.17 Bond, Reg. S, STEP 5.75%
12/12/2024 31/12/2032
291,464 0.17 2,721,014 1.63
10 T. ROWE PRICE

As at 30 June 2015

Jamaica Morocco
Jamaica Government International USD 1,670,000 1,878,140 1.12 Morocco Government International USD 1,500,000 1,536,660 0.92
Bond 7.625% 09/07/2025 Bond, Reg. S 4.25% 11/12/2022
Jamaica Government International USD 100,000 113,687 0.07 1,536,660 0.92
Bond 8% 15/03/2039 Namibia
1,991,827 1.19 Namibia International Bonds, Reg. S USD 260,000 280,025 0.17
Jersey 5.5% 03/11/2021
West China Cement Ltd., Reg. S 6.5% USD 400,000 404,766 0.24 280,025 0.17
11/09/2019 Netherlands
404,766 0.24 Bharti Airtel International Netherlands USD 520,000 545,210 0.33
Kazakhstan BV, Reg. S 5.125% 11/03/2023
Halyk Savings Bank of Kazakhstan USD 450,000 465,692 0.28 Embraer Netherlands Finance BV USD 300,000 299,646 0.18
JSC, Reg. S 7.25% 28/01/2021 5.05% 15/06/2025
KazMunayGas National Co. JSC, Reg. USD 2,100,000 2,379,111 1.42 Lukoil International Finance BV, Reg. S USD 520,000 500,053 0.30
S 9.125% 02/07/2018 3.416% 24/04/2018
KazMunayGas National Co. JSC, Reg. USD 1,050,000 1,133,202 0.68 Majapahit Holding BV, Reg. S 7.875% USD 400,000 464,734 0.28
S 7% 05/05/2020 29/06/2037
KazMunayGas National Co. JSC, Reg. USD 1,970,000 1,654,859 0.99 Petrobras Global Finance BV 3% USD 780,000 720,307 0.43
S 5.75% 30/04/2043 15/01/2019
5,632,864 3.37 Petrobras Global Finance BV 7.875% USD 775,000 824,065 0.49
Kenya 15/03/2019
Kenya Government International Bond, USD 750,000 762,994 0.46 Petrobras Global Finance BV 4.875% USD 30,000 28,635 0.02
Reg. S 6.875% 24/06/2024 17/03/2020
762,994 0.46 Petrobras Global Finance BV 5.375% USD 305,000 292,984 0.17
27/01/2021
Luxembourg
Petrobras Global Finance BV 6.75% USD 310,000 270,918 0.16
ALROSA Finance SA, Reg. S 7.75% USD 450,000 472,313 0.28 27/01/2041
03/11/2020
Petrobras Global Finance BV 5.625% USD 1,020,000 792,647 0.47
Gazprom OAO, Reg. S 8.146% USD 1,670,000 1,789,405 1.07 20/05/2043
11/04/2018
Gazprom OAO, Reg. S 7.288% USD 720,000 713,549 0.43 05/06/2115
16/08/2037
VimpelCom Holdings BV, Reg. S USD 470,000 462,029 0.28
Millicom International Cellular SA, Reg. USD 300,000 309,093 0.19 7.504% 01/03/2022
S 6.625% 15/10/2021
5,498,535 3.29
Minerva Luxembourg SA, Reg. S USD 300,000 302,612 0.18
7.75% 31/01/2023 Pakistan
Sberbank of Russia, Reg. S 6.125% USD 800,000 772,076 0.46 Pakistan Government International USD 2,150,000 2,214,876 1.33
07/02/2022 Bond, Reg. S 6.75% 03/12/2019
4,359,048 2.61 2,214,876 1.33
Mexico Paraguay
Controladora Mabe SA de CV, Reg. S USD 450,000 509,177 0.31 Republic of Paraguay, Reg. S 6.1% USD 600,000 612,432 0.37
7.875% 28/10/2019 11/08/2044
Grupo Cementos de Chihuahua SAB USD 300,000 324,754 0.19 612,432 0.37
de CV, Reg. S 8.125% 08/02/2020 Philippines
JB y Co. SA de CV, Reg. S 3.75% USD 180,000 175,002 0.11 Power Sector Assets & Liabilities USD 1,950,000 2,561,188 1.54
13/05/2025 Management Corp., Reg. S 7.39%
Mexican Bonos 8.5% 13/12/2018 MXN 14,300,000 1,020,416 0.61 02/12/2024
Mexican Bonos 5% 11/12/2019 MXN 37,750,000 2,393,325 1.43 SM Investments Corp., Reg. S 4.25% USD 450,000 456,658 0.27
17/10/2019
Mexican Bonos 6.5% 09/06/2022 MXN 25,800,000 1,710,320 1.02
3,017,846 1.81
Romania
Romanian Government International USD 650,000 668,541 0.40
Mexican Bonos 7.75% 13/11/2042 MXN 42,754,000 3,043,893 1.82 Bond, Reg. S 4.375% 22/08/2023
Mexico Government International Bond USD 200,000 195,843 0.12 668,541 0.40
5.75% 12/10/2110
Russia
Petroleos Mexicanos, Reg. S 5.625% USD 10,000 9,324 0.01
23/01/2046 Russian Foreign Bond, Reg. S 4.5% USD 3,000,000 2,942,805 1.76
04/04/2022
10,420,855 6.24
Russian Foreign Bond, Reg. S 4.875% USD 400,000 396,300 0.24
Mongolia 16/09/2023
Mongolia Government International USD 1,100,000 1,062,364 0.64 3,339,105 2.00
Bond, Reg. S 4.125% 05/01/2018
Serbia
Trade & Development Bank of USD 725,000 774,376 0.46
Mongolia LLC, 144A 9.375% Republic of Serbia, Reg. S 5.25% USD 2,450,000 2,539,682 1.52
19/05/2020 21/11/2017
1,836,740 1.10 Republic of Serbia, Reg. S 4.875% USD 4,470,000 4,524,892 2.71
25/02/2020
T. ROWE PRICE 11

As at 30 June 2015

Republic of Serbia, Reg. S, STEP USD 1,205,046 1,228,544 0.74 Ukraine
6.75% 01/11/2024 Financing of Infrastructural Projects USD 100,000 49,281 0.03
8,293,118 4.97 State Enterprise, Reg. S 8.375%
Singapore 03/11/2017
ABJA Investment Co. Pte. Ltd., Reg. S USD 370,000 372,098 0.22 Financing of Infrastrucural Projects USD 3,000,000 1,476,765 0.89
5.95% 31/07/2024 State Enterprise, Reg. S 9%
07/12/2017
Global Logistic Properties Ltd., Reg. S USD 400,000 392,630 0.24
3.875% 04/06/2025 Ukraine Government International USD 4,620,000 2,310,115 1.38
Bond, Reg. S 6.58% 21/11/2016
TBG Global Pte. Ltd., Reg. S 5.25% USD 400,000 391,763 0.23
10/02/2022 3,836,161 2.30
1,156,491 0.69 United Arab Emirates
Slovenia DP World Ltd., Reg. S 6.85% USD 700,000 767,918 0.46
02/07/2037
Slovenia Government International USD 450,000 510,336 0.31
Bond, Reg. S 5.85% 10/05/2023 Emirates Airline, Reg. S 4.5% USD 190,476 192,093 0.12
06/02/2025
510,336 0.31
960,011 0.58
South Africa
United Kingdom
Eskom Holdings SOC Ltd., Reg. S USD 650,000 658,456 0.39
6.75% 06/08/2023 Fresnillo PLC, Reg. S 5.5% USD 450,000 475,513 0.29
13/11/2023
Eskom Holdings SOC Ltd., Reg. S USD 900,000 913,496 0.55
7.125% 11/02/2025 OTE PLC 4.625% 20/05/2016 EUR 200,000 211,368 0.12
FirstRand Bank Ltd., Reg. S 4.25% USD 240,000 242,614 0.14 Petra Diamonds US Treasury PLC, USD 760,000 780,926 0.47
30/04/2020 Reg. S 8.25% 31/05/2020
South Africa Government Bond 8% ZAR 250,000 20,818 0.01 Vedanta Resources PLC, Reg. S USD 900,000 864,324 0.52
21/12/2018 7.125% 31/05/2023
South Africa Government Bond 7.75% ZAR 19,250,000 1,545,969 0.93 2,332,131 1.40
28/02/2023 United States of America
South Africa Government International USD 1,700,000 1,745,781 1.05 Cemex Finance LLC, Reg. S 9.375% USD 820,000 915,977 0.55
Bond 4.665% 17/01/2024 12/10/2022
South Africa Government International USD 2,450,000 2,724,865 1.63 915,977 0.55
Bond 5.875% 16/09/2025 Venezuela, Bolivarian Republic of
7,851,999 4.70 Petroleos de Venezuela SA, Reg. S USD 8,520,800 4,255,628 2.55
Sri Lanka 5.25% 12/04/2017
Sri Lanka Government International USD 1,600,000 1,642,992 0.98 Petroleos de Venezuela SA, Reg. S USD 257,000 176,355 0.11
Bond, Reg. S 6.25% 04/10/2020 8.5% 02/11/2017
1,642,992 0.98 Petroleos de Venezuela SA, Reg. S USD 1,820,000 624,206 0.37
Turkey 5.375% 12/04/2027
Anadolu Efes Biracilik Ve Malt Sanayii USD 600,000 539,136 0.32 Petroleos de Venezuela SA, Reg. S USD 20,000 8,153 –
A/S, Reg. S 3.375% 01/11/2022 9.75% 17/05/2035
Arcelik A/S, Reg. S 5% 03/04/2023 USD 200,000 191,069 0.11 5,064,342 3.03
TC Ziraat Bankasi A/S, Reg. S 4.25% USD 200,000 199,772 0.12 Vietnam
03/07/2019 Debt and Asset Trading Corp., Reg. S USD 230,000 133,974 0.08
Turkey Government International Bond USD 1,350,000 1,561,984 0.94 1% 10/10/2025
7.5% 07/11/2019 Vietnam Government International USD 350,000 388,215 0.23
Turkey Government International Bond USD 1,050,000 1,103,041 0.66 Bond, Reg. S 6.75% 29/01/2020
5.125% 25/03/2022 Vietnam Government International USD 600,000 601,212 0.36
Turkey Government International Bond USD 500,000 466,087 0.28 Bond, Reg. S 4.8% 19/11/2024
3.25% 23/03/2023 1,123,401 0.67
Turkey Government International Bond USD 1,200,000 1,267,680 0.76 Virgin Islands, British
6% 14/01/2041 PCCW Capital No. 4 Ltd., Reg. S USD 300,000 323,149 0.19
Turkey Government International Bond USD 750,000 683,738 0.41 5.75% 17/04/2022
4.875% 16/04/2043 SmarTone Finance Ltd., Reg. S USD 400,000 375,214 0.23
Turkiye Garanti Bankasi A/S, Reg. S USD 450,000 483,212 0.29 3.875% 08/04/2023
6.25% 20/04/2021 698,363 0.42
Turkiye Halk Bankasi A/S, Reg. S USD 200,000 206,234 0.12 Zambia
4.875% 19/07/2017
Zambia Government International USD 500,000 434,568 0.26
Turkiye Is Bankasi, Reg. S 7.85% USD 300,000 332,109 0.20 Bond, Reg. S 5.375% 20/09/2022
10/12/2023
434,568 0.26
Turkiye Vakiflar Bankasi TAO, Reg. S, USD 200,000 197,220 0.12
FRN 6.875% 03/02/2025 Total Bonds 143,212,818 85.76
Yasar Holdings A/S, Reg. S 8.875% USD 200,000 210,729 0.13 Total Transferable securities 143,212,818 85.76
06/05/2020 and money market instruments
admitted to an official exchange listing
7,442,011 4.46
12 T. ROWE PRICE

As at 30 June 2015

Transferable securities and money market instruments dealt in on Tanzania, United Republic of
another regulated market Tanzania Government International USD 200,000 204,083 0.12
Bond, Reg. S, FRN 6.397%
Bonds 09/03/2020
Bermuda 204,083 0.12
Digicel Group Ltd., 144A 8.25% USD 200,000 200,620 0.12 Trinidad and Tobago
30/09/2020 Petroleum Co. of Trinidad & Tobago USD 1,500,000 1,748,625 1.05
Digicel Group Ltd., Reg. S 8.25% USD 300,000 301,363 0.18 Ltd., 144A 9.75% 14/08/2019
30/09/2020 1,748,625 1.05
501,983 0.30 United States of America
Brazil Commonwealth of Puerto Rico Class A USD 325,000 223,438 0.13
Banco do Estado do Rio Grande do USD 900,000 889,056 0.53 8% 01/07/2035
Sul SA, Reg. S 7.375% 02/02/2022 223,438 0.13
BR Properties SA, Reg. S 9% Perpetual USD 600,000 591,324 0.36 Venezuela, Bolivarian Republic of
1,480,380 0.89 Petroleos de Venezuela SA 5.125% USD 46,873 31,155 0.02
Canada 28/10/2016
First Quantum Minerals Ltd., Reg. S USD 230,000 223,123 0.13 31,155 0.02
6.75% 15/02/2020 Total Bonds 8,649,554 5.18
Pacific Rubiales Energy Corp., 144A USD 100,000 73,459 0.05
5.625% 19/01/2025 Convertible Bonds
296,582 0.18 Netherlands
Cayman Islands Yandex NV 1.125% 15/12/2018 USD 6,000 5,225 –
Marfrig Overseas Ltd., Reg. S 9.5% USD 150,000 153,979 0.09 5,225 –
Odebrecht Finance Ltd., 144A 7.125% USD 200,000 153,466 0.09 MercadoLibre, Inc. 2.25% 01/07/2019 USD 313,000 398,862 0.24
26/06/2042 398,862 0.24
307,445 0.18 Total Convertible Bonds 404,087 0.24
Israel Total Transferable securities 9,053,641 5.42
B Communications Ltd., 144A 7.375% USD 395,000 423,786 0.25 and money market instruments
15/02/2021 dealt in on another regulated market
423,786 0.25 Total Investments 152,266,459 91.18
Jamaica
Jamaica Government International USD 57,353 62,374 0.04
Bond 8.5% 16/11/2021
62,374 0.04 Forward Currency Exchange Contracts
Mexico Unrealised
BBVA Bancomer SA, Reg. S 6.5% USD 450,000 488,876 0.29 Currency Amount Currency Amount Maturity Gain/(Loss) % of Net
10/03/2021 Purchased Purchased Sold Sold Date USD Assets
Controladora Mabe SA de CV, 144A USD 100,000 113,000 0.07 BRL 5,407,000 USD 1,647,471 02/09/2015 57,685 0.03
7.875% 28/10/2019
EUR 641,158 USD 713,229 21/08/2015 5,311 –
Petroleos Mexicanos 6.5% USD 1,650,000 1,728,631 1.03
02/06/2041 GBP 34,277,300 USD 50,614,718 10/07/2015 3,381,154 2.03
Petroleos Mexicanos 5.5% USD 250,000 230,136 0.14 GBP 33,000,000 USD 50,239,266 10/08/2015 1,732,862 1.04
27/06/2044 GBP 32,782,000 USD 50,163,180 10/09/2015 1,453,673 0.87
Petroleos Mexicanos, Reg. S 5.5% USD 35,000 32,160 0.02 IDR 2,015,036,000 USD 148,328 21/08/2015 1,129 –
27/06/2044 INR 79,971,000 USD 1,207,474 18/11/2015 16,407 0.01
2,592,803 1.55 USD 12,537,930 BRL 39,749,000 02/09/2015 2,650 –
Peru USD 32,628 COP 78,202,000 21/08/2015 2,556 –
Banco de Credito del Peru, Reg. S, USD 545,000 582,965 0.35 USD 4,048,323 EUR 3,548,187 21/08/2015 71,894 0.05
FRN 6.125% 24/04/2027
USD 146,148 IDR 1,963,941,000 21/08/2015 481 –
582,965 0.35
USD 10,551 INR 687,000 18/11/2015 37 –
Serbia
USD 309,201 KRW 339,440,000 14/07/2015 5,676 –
Serbia Treasury 10% 28/09/2015 RSD 300,000 2,827 –
USD 8,476,398 MXN 131,069,864 21/08/2015 134,456 0.08
USD 400,402 MYR 1,469,000 14/07/2015 11,694 0.01
USD 1,664,628 ZAR 20,022,000 21/08/2015 33,093 0.02
Serbia Treasury 10% 02/03/2018 RSD 450,000 4,483 0.01
ZAR 10,000 USD 812 21/08/2015 3 –
Serbia Treasury 10% 06/02/2019 RSD 18,000,000 178,485 0.11
Total Unrealised Gain on 6,910,761 4.14
Serbia Treasury 10% 21/08/2019 RSD 250,000 2,460 – Forward Currency Exchange Contracts
Serbia Treasury Bill 0% 12/11/2015 RSD 200,000 1,825 –
193,935 0.12
T. ROWE PRICE 13

As at 30 June 2015
Unrealised Geographic Allocation of Portfolio

Purchased Purchased Sold Sold Date USD Assets % of Net Assets
EUR 847,000 USD 962,070 21/08/2015 (12,843) (0.01) Brazil 9.53

IDR 894,617,000 USD 66,514 21/08/2015 (160) – Mexico 7.79
KRW 339,440,000 USD 306,422 14/07/2015 (2,897) – Argentina 5.79
MXN 5,818,459 USD 375,435 21/08/2015 (5,119) – Serbia 5.09
MYR 1,469,000 USD 399,217 14/07/2015 (10,510) (0.01) Indonesia 4.87
RON 24,000 USD 6,030 15/07/2015 (21) – South Africa 4.70
USD 1,167,766 BRL 3,717,000 02/09/2015 (4,430) – Turkey 4.46
USD 159,523 CNH 997,000 14/09/2015 (222) – Kazakhstan 3.37
USD 67,198 EUR 60,000 21/08/2015 (44) – Netherlands 3.29
USD 3,301,620 IDR 44,720,937,000 21/08/2015 (15,377) (0.01) Colombia 3.19
USD 162,036 PEN 519,000 21/08/2015 (330) – Venezuela, Bolivarian Republic of 3.05
USD 394,275 RON 1,631,000 15/07/2015 (14,078) (0.01) Luxembourg 2.61
Total Unrealised Loss on (66,031) (0.04) Ukraine 2.30
Forward Currency Exchange Contracts Russia 2.00
Net Unrealised Gain on 6,844,730 4.10 Philippines 1.81
Forward Currency Exchange Contracts Cayman Islands 1.79
Dominican Republic 1.72
Unrealised
Ivory Coast 1.63
Counterparty Gain/(Loss)
El Salvador 1.40
Bank of America 1,453,652
United Kingdom 1.40
Barclays 5,632
Croatia 1.38
Canadian Imperial Bank of Commerce 1,720,019
Pakistan 1.33
Credit Suisse (330)
Jamaica 1.23
Deutsche Bank 101,020
Mongolia 1.10
Goldman Sachs 30,689
Trinidad and Tobago 1.05
HSBC 50,246
Sri Lanka 0.98
J.P. Morgan 3,441,791
United States of America 0.92
Morgan Stanley 40,861
Morocco 0.92
RBS 4,973
Israel 0.83
Standard Chartered (7,954)
Hungary 0.78
State Street 8,561
Bermuda 0.76
UBS (4,430)
Singapore 0.69
6,844,730
Vietnam 0.67
India 0.60
United Arab Emirates 0.58
Credit Default Swap Contracts Ghana 0.49
Canada 0.46
Market Unrealised
Kenya 0.46
Nominal Reference Buy/ Maturity Value Gain/(Loss) % of Net
Amount Currency Counterparty Entity Sell Date USD USD Assets Virgin Islands, British 0.42
Romania 0.40
25,000 USD Deutsche Bank Assured Guaranty Buy 20/09/2019 (1,283) (1,283) –
Paraguay 0.37
Ltd. 7%
01/06/2034 Peru 0.35
25,000 USD Goldman Sachs Commonwealth Sell 20/09/2019 (8,644) (8,644) (0.01) Slovenia 0.31
of Puerto Egypt 0.29
Rico 5.25% Georgia 0.28
01/07/2034 Zambia 0.26
Total Unrealised Loss on (9,927) (9,927) (0.01) Ecuador 0.24
Credit Default Swap Contracts Jersey 0.24
Net Unrealised Loss on (9,927) (9,927) (0.01) Greece 0.19
Credit Default Swap Contracts Iraq 0.18
Gabon 0.17
Namibia 0.17
Costa Rica 0.15
Cash 6,842,248 4.10
Tanzania, United Republic of 0.12
Other Assets/(Liabilities) 7,880,664 4.72
Cyprus 0.02
Total 100.00
§
Security is currently in default.
14 T. ROWE PRICE
Emerging Markets Corporate Bond Fund (2)

As at 30 June 2015
portfolio of corporate bonds from emerging market to an official exchange listing
issuers. Bonds
Argentina
Specifically, the fund invests at least two-thirds of total YPF SA, Reg. S 8.75% 04/04/2024 USD 75,000 76,106 0.50
assets in debt securities issued by companies that are 76,106 0.50
Bermuda
either incorporated in one of the economically emerging GCX Ltd., Reg. S 7% 01/08/2019 USD 200,000 201,887 1.33
countries of Latin America, Asia, Europe, Africa and the 201,887 1.33
Brazil
Middle East or conduct most of their business in such Votorantim Cimentos SA, Reg. S 7.25% USD 200,000 196,188 1.29
countries. Portfolio debt securities can include fixed and 05/04/2041
196,188 1.29
floating rate bonds, convertible bonds, warrants and Canada
other transferable debt securities of any type, including CNOOC Nexen Finance 2014 ULC USD 200,000 205,074 1.35
4.25% 30/04/2024
high yield securities. First Quantum Minerals Ltd., 144A USD 200,000 191,500 1.26
The fund does not invest more than 10% of assets in 7.25% 15/05/2022
396,574 2.61
equities and equity-related securities, 25% of assets in Cayman Islands
convertible bonds, and one-third of assets in money Agile Property Holdings Ltd., Reg. S USD 100,000 101,137 0.67
8.875% 28/04/2017
market securities, with total investment in these Alliance Global Group, Inc., Reg. S USD 130,000 138,586 0.91
6.5% 18/08/2017
categories limited to one-third of assets. China Overseas Finance Cayman II USD 100,000 108,477 0.71
The fund may use derivatives for hedging, efficient Ltd., Reg. S 5.5% 10/11/2020
portfolio management and to seek gains. The fund may 12.25% 15/04/2018
also use derivatives to create synthetic short positions in EMG SUKUK Ltd., Reg. S 4.564%
18/06/2024
USD 200,000 206,460 1.36
currencies and debt securities. Longfor Properties Co. Ltd., Reg. S USD 200,000 209,294 1.38
6.875% 18/10/2019
Pontis III Ltd., Reg. S, STEP 4.843% USD 210,000 208,883 1.37
(2)
T 08/06/2025
Shimao Property Holdings Ltd., Reg. S USD 200,000 209,132 1.38
Markets Corporate Bond Fund. 8.375% 10/02/2022
1,400,337 9.22
Colombia
Banco Bilbao Vizcaya Argentaria USD 150,000 147,488 0.97
Colombia SA, Reg. S 4.875%
21/04/2025
Bancolombia SA 5.95% 03/06/2021 USD 100,000 109,594 0.72
257,082 1.69
Cyprus
Mriya Agro Holding PLC, Reg. S 9.45% USD 200,000 32,360 0.21
19/04/2018§
32,360 0.21
Georgia
Bank of Georgia JSC, Reg. S 7.75% USD 200,000 208,174 1.37
05/07/2017
208,174 1.37
India
ICICI Bank Ltd., Reg. S, FRN 6.375% USD 200,000 206,403 1.36
30/04/2022
206,403 1.36
Indonesia
Perusahaan Gas Negara Persero Tbk. USD 200,000 201,766 1.33
PT, Reg. S 5.125% 16/05/2024
201,766 1.33
Ireland
Mobile Telesystems OJSC, Reg. S USD 100,000 108,415 0.71
8.625% 22/06/2020
Vimpel Communications OJSC, Reg. S USD 100,000 107,440 0.71
9.125% 30/04/2018
215,855 1.42
T. ROWE PRICE 15
Emerging Markets Corporate Bond Fund (2) continued

As at 30 June 2015

Israel Pratama Agung Pte. Ltd., Reg. S 6.25% USD 200,000 194,423 1.28
Israel Electric Corp. Ltd., Reg. S 7.25% USD 200,000 226,581 1.49 24/02/2020
15/01/2019 TBG Global Pte. Ltd., Reg. S 5.25% USD 200,000 195,881 1.29
226,581 1.49 10/02/2022
Jersey 787,753 5.18
West China Cement Ltd., Reg. S 6.5% USD 200,000 202,383 1.33 South Africa
11/09/2019 FirstRand Bank Ltd., Reg. S 4.25% USD 200,000 202,178 1.33
202,383 1.33 30/04/2020
Kazakhstan 202,178 1.33
Halyk Savings Bank of Kazakhstan USD 200,000 206,974 1.36 Turkey
JSC, Reg. S 7.25% 28/01/2021 Anadolu Efes Biracilik Ve Malt Sanayii USD 200,000 179,712 1.18
KazMunayGas National Co. JSC, Reg. USD 200,000 168,006 1.11 A/S, Reg. S 3.375% 01/11/2022
S 5.75% 30/04/2043 Arcelik A/S, Reg. S 5% 03/04/2023 USD 200,000 191,069 1.26
374,980 2.47 Turkiye Garanti Bankasi A/S, Reg. S USD 200,000 202,560 1.33
Luxembourg 5.25% 13/09/2022
ALROSA Finance SA, Reg. S 7.75% USD 200,000 209,917 1.38 Turkiye Halk Bankasi A/S, Reg. S USD 200,000 192,917 1.27
03/11/2020 3.875% 05/02/2020
Gazprom OAO, Reg. S 8.146% USD 100,000 107,150 0.70 766,258 5.04
11/04/2018 United Arab Emirates
Millicom International Cellular SA, Reg. USD 200,000 206,062 1.36 DP World Ltd., Reg. S 6.85% USD 200,000 219,405 1.44
S 6.625% 15/10/2021 02/07/2037
Minerva Luxembourg SA, Reg. S USD 200,000 201,741 1.33 Emirates Airline, Reg. S 4.5% USD 190,476 192,093 1.27
7.75% 31/01/2023 06/02/2025
Sberbank of Russia, Reg. S 6.125% USD 240,000 231,623 1.52 411,498 2.71
07/02/2022 United Kingdom
956,493 6.29 OTE PLC 4.625% 20/05/2016 EUR 50,000 52,842 0.35
Mexico Petra Diamonds US Treasury PLC, USD 200,000 205,507 1.35
Banco Santander Mexico SA, Reg. S USD 150,000 149,452 0.98 Reg. S 8.25% 31/05/2020
4.125% 09/11/2022 Vedanta Resources PLC, Reg. S USD 200,000 192,072 1.26
Comision Federal de Electricidad, Reg. USD 200,000 206,301 1.36 7.125% 31/05/2023
S 4.875% 15/01/2024 450,421 2.96
Controladora Mabe SA de CV, Reg. S USD 220,000 248,931 1.64 United States of America
7.875% 28/10/2019
Cemex Finance LLC, Reg. S 9.375% USD 200,000 223,409 1.47
Grupo Cementos de Chihuahua SAB USD 200,000 216,503 1.42 12/10/2022
de CV, Reg. S 8.125% 08/02/2020
Southern Copper Corp. 6.75% USD 160,000 164,788 1.08
Petroleos Mexicanos, Reg. S 4.5% USD 150,000 146,817 0.97 16/04/2040
23/01/2026
388,197 2.55
968,004 6.37
Virgin Islands, British
Netherlands
GTL Trade Finance, Inc., Reg. S USD 150,000 146,370 0.96
Bharti Airtel International Netherlands USD 200,000 209,696 1.38 5.893% 29/04/2024
BV, Reg. S 5.125% 11/03/2023
PCCW Capital No. 4 Ltd., Reg. S USD 200,000 215,433 1.42
Embraer Netherlands Finance BV USD 170,000 169,799 1.12 5.75% 17/04/2022
5.05% 15/06/2025
Proven Honour Capital Ltd., Reg. S USD 200,000 197,964 1.30
Lukoil International Finance BV, Reg. S USD 100,000 104,695 0.69 4.125% 19/05/2025
6.356% 07/06/2017
SmarTone Finance Ltd., Reg. S USD 200,000 187,607 1.23
Petrobras Global Finance BV 3% USD 110,000 101,582 0.67 3.875% 08/04/2023
15/01/2019
Talent Yield Investments Ltd., Reg. S USD 200,000 207,519 1.37
Petrobras Global Finance BV 6.75% USD 30,000 26,218 0.17 4.5% 25/04/2022
27/01/2041
954,893 6.28
05/06/2115 Total Bonds 11,080,758 72.91
United Group BV, 144A 7.875% EUR 150,000 177,620 1.17 Total Transferable securities 11,080,758 72.91
823,283 5.42
Peru
BBVA Banco Continental SA, Reg. S, USD 70,000 70,760 0.47
FRN 5.25% 22/09/2029 Transferable securities and money market instruments dealt in on
70,760 0.47 another regulated market
Philippines Bonds
SM Investments Corp., Reg. S 5.5% USD 100,000 104,344 0.69
13/10/2017 Bermuda
104,344 0.69 Digicel Group Ltd., Reg. S 8.25% USD 200,000 200,909 1.32
30/09/2020
Singapore
200,909 1.32
ABJA Investment Co. Pte. Ltd., Reg. S USD 200,000 201,134 1.32
5.95% 31/07/2024 Brazil
Global Logistic Properties Ltd., Reg. S USD 200,000 196,315 1.29 Banco do Estado do Rio Grande do USD 200,000 197,568 1.30
3.875% 04/06/2025 Sul SA, Reg. S 7.375% 02/02/2022
16 T. ROWE PRICE
Emerging Markets Corporate Bond Fund (2) continued

As at 30 June 2015
Quantity/ Market Forward Currency Exchange Contracts

Investments Currency Value USD Assets Unrealised
BR Properties SA, Reg. S 9% Perpetual USD 100,000 98,554 0.65 Purchased Purchased Sold Sold Date USD Assets
Itau Unibanco Holding SA, Reg. S USD 200,000 202,250 1.33 EUR 2,313 USD 2,576 21/08/2015 15 –
5.65% 19/03/2022
USD 183,284 EUR 162,478 21/08/2015 1,196 0.01
498,372 3.28
Total Unrealised Gain on 1,211 0.01
Canada
Eldorado Gold Corp., 144A 6.125% USD 110,000 109,587 0.72
15/12/2020 USD 57,627 EUR 51,687 21/08/2015 (298) –
Lundin Mining Corp., 144A 7.5% USD 105,000 113,400 0.75 Total Unrealised Loss on (298) –
01/11/2020 Forward Currency Exchange Contracts
Pacific Rubiales Energy Corp., 144A USD 100,000 73,460 0.49 Net Unrealised Gain on 913 0.01
5.625% 19/01/2025 Forward Currency Exchange Contracts
Pacific Rubiales Energy Corp., Reg. S USD 165,000 121,999 0.80
5.625% 19/01/2025 Unrealised
418,446 2.76
Cayman Islands Goldman Sachs 1,196
BCP Singapore VI Cayman Financing USD 200,000 201,100 1.32 J.P. Morgan (283)
Co. Ltd., Reg. S 8% 15/04/2021 913
BR Malls International Finance Ltd., USD 96,000 97,489 0.64
Reg. S 8.5% Perpetual
Marfrig Overseas Ltd., Reg. S 9.5% USD 100,000 102,653 0.68
04/05/2020 Cash 599,487 3.94
Odebrecht Finance Ltd., 144A 7.125% USD 200,000 153,466 1.01 Other Assets/(Liabilities) 262,064 1.73
26/06/2042
554,708 3.65
Costa Rica
Banco Nacional de Costa Rica, 144A USD 200,000 201,099 1.32
6.25% 01/11/2023
201,099 1.32
Israel % of Net Assets
B Communications Ltd., 144A 7.375% USD 125,000 134,109 0.88 Cayman Islands 12.87
15/02/2021 Mexico 10.93
134,109 0.88 Luxembourg 8.76
Luxembourg Virgin Islands, British 6.28
Cosan Luxembourg SA, Reg. S 5% USD 200,000 186,139 1.23 Netherlands 5.47
14/03/2023
Canada 5.37
Severstal OAO, Reg. S 5.9% USD 200,000 188,619 1.24
Singapore 5.18
17/10/2022
Turkey 5.04
374,758 2.47
Brazil 4.57
Mexico
United Kingdom 2.96
Alfa SAB de CV, Reg. S 6.875% USD 200,000 204,492 1.35
25/03/2044 United States of America 2.76
BBVA Bancomer SA, Reg. S 6.5% USD 150,000 162,958 1.07 United Arab Emirates 2.71
10/03/2021 Bermuda 2.65
Fibra Uno Administracion SA de CV, USD 200,000 208,108 1.37 Kazakhstan 2.47
REIT, Reg. S 5.25% 15/12/2024 Israel 2.37
Servicios Corporativos Javer SAPI de USD 110,000 117,790 0.77 Colombia 1.69
CV, Reg. S 9.875% 06/04/2021
Ireland 1.42
693,348 4.56
Peru 1.39
Peru
Georgia 1.37
Banco de Credito del Peru, Reg. S, USD 130,000 139,056 0.92
FRN 6.125% 24/04/2027 India 1.36
139,056 0.92 Jersey 1.33
Total Bonds 3,214,805 21.16 South Africa 1.33
Indonesia 1.33
Convertible Bonds
Costa Rica 1.32
Netherlands
Philippines 0.69
Yandex NV 1.125% 15/12/2018 USD 9,000 7,837 0.05
Argentina 0.50
7,837 0.05
Cyprus 0.21
MercadoLibre, Inc. 2.25% 01/07/2019 USD 25,000 31,858 0.21
31,858 0.21
Total 100.00
Total Convertible Bonds 39,695 0.26
Total Transferable securities 3,254,500 21.42 §
and money market instruments
dealt in on another regulated market
Total Investments 14,335,258 94.33 The accompanying notes are an integral part of these financial statements.
T. ROWE PRICE 17
Euro Corporate Bond Fund

As at 30 June 2015
through both growth in the value of, and income from, Investments Currency Value EUR Assets
portfolio of corporate bonds that are denominated to an official exchange listing
in euro. Bonds
Australia
Specifically, the fund invests at least two-thirds of total APT Pipelines Ltd., Reg. S 1.375% EUR 600,000 587,126 0.59
22/03/2022
assets in debt securities denominated in euro. The fund AusNet Services Holdings Pty. Ltd., EUR 500,000 465,051 0.47
may also invest in debt securities issued by Eurozone Reg. S 1.5% 26/02/2027
Brambles Finance Ltd., Reg. S 2.375% EUR 700,000 731,659 0.74
governments and government agencies, and in securities 12/06/2024
denominated in other currencies than the euro. Portfolio CNOOC Curtis Funding No. 1 Pty. Ltd.,
Reg. S 2.75% 03/10/2020
EUR 400,000 429,310 0.43
debt securities can include fixed and floating rate bonds Commonwealth Bank of Australia, Reg. EUR 500,000 473,851 0.48
S, FRN 2% 22/04/2027
as well as preferred stocks and other transferable debt Macquarie Bank Ltd., Reg. S 1.125% EUR 400,000 387,645 0.39
securities of any type, including high yield securities. 20/01/2022
Origin Energy Finance Ltd., Reg. S EUR 400,000 434,285 0.44
equities and equity-related securities, 25% of assets in Origin Energy Finance Ltd., Reg. S,
FRN 4% 16/09/2074
EUR 350,000 333,238 0.33
convertible bonds, and one-third of assets in money SGSP Australia Assets Pty. Ltd., Reg. S EUR 800,000 813,200 0.82
2% 30/06/2022
market securities, with total investment in these Transurban Finance Co. Pty. Ltd. 2.5% EUR 400,000 424,590 0.43
categories limited to one-third of assets. 08/10/2020
Transurban Finance Co. Pty. Ltd. EUR 100,000 98,529 0.10
The fund may use derivatives for hedging, efficient 1.875% 16/09/2024
5,178,484 5.22
portfolio management and to seek gains. The fund may
Austria
also use derivatives to create synthetic short positions in Erste Group Bank AG, Reg. S 7.125% EUR 700,000 792,156 0.80
10/10/2022
debt securities and credit indices. 792,156 0.80
Belgium
KBC Groep NV, Reg. S, FRN 2.375% EUR 800,000 806,907 0.81
25/11/2024
806,907 0.81
Brazil
Votorantim Cimentos SA, Reg. S 3.25% EUR 300,000 295,838 0.30
25/04/2021
13/07/2022
590,588 0.60
Cayman Islands
Principal Financial Global Funding II EUR 500,000 530,732 0.54
LLC 4.5% 26/01/2017
530,732 0.54
Czech Republic
RPG Byty Sro, Reg. S 6.75% EUR 200,000 211,141 0.21
01/05/2020
211,141 0.21
Denmark
Danfoss A/S, Reg. S 1.375% EUR 400,000 401,281 0.40
23/02/2022
Danske Bank A/S, Reg. S, FRN EUR 1,100,000 1,179,255 1.19
3.875% 04/10/2023
TDC A/S, Reg. S 1.75% 27/02/2027 EUR 400,000 366,895 0.37
1,947,431 1.96
Finland
Citycon OYJ, Reg. S 3.75% EUR 600,000 659,900 0.67
24/06/2020
659,900 0.67
France
AXA SA, Reg. S, FRN 5.125% EUR 300,000 344,456 0.35
04/07/2043
AXA SA, Reg. S, FRN 3.875% EUR 800,000 794,513 0.80
Perpetual
18 T. ROWE PRICE
Euro Corporate Bond Fund continued

As at 30 June 2015

Investments Currency Value EUR Assets Investments Currency Value EUR Assets
Banque Federative du Credit Mutuel EUR 600,000 561,030 0.57 Guernsey
SA, Reg. S 1.25% 14/01/2025 Credit Suisse Group Funding Guernsey EUR 1,200,000 1,135,659 1.15
BNP Paribas SA, Reg. S 2.875% EUR 800,000 847,712 0.86 Ltd., Reg. S 1.25% 14/04/2022
27/11/2017 1,135,659 1.15
BNP Paribas SA, Reg. S, FRN 2.875% EUR 900,000 911,405 0.92 Iceland
20/03/2026
Arion Banki HF, Reg. S 3.125% EUR 350,000 348,178 0.35
BNP Paribas SA, Reg. S, FRN 2.625% EUR 400,000 392,615 0.40 12/03/2018
14/10/2027
348,178 0.35
BPCE SA, Reg. S, FRN 2.75% EUR 800,000 802,172 0.81
08/07/2026 Ireland
Casino Guichard Perrachon SA, Reg. EUR 800,000 780,256 0.79 Allied Irish Banks PLC, Reg. S 2.875% EUR 400,000 408,958 0.41
S 2.33% 07/02/2025 28/11/2016
Casino Guichard Perrachon SA, Reg. EUR 400,000 399,740 0.40 FCA Capital Ireland PLC, Reg. S EUR 500,000 517,119 0.52
S 2.798% 05/08/2026 2.625% 17/04/2019
Credit Agricole SA, Reg. S 2.375% EUR 500,000 515,877 0.52 GE Capital European Funding, Reg. S EUR 800,000 802,680 0.81
20/05/2024 1.25% 15/10/2015
Credit Agricole SA, Reg. S 2.625% EUR 200,000 182,910 0.18 GE Capital European Funding, Reg. S EUR 800,000 867,937 0.88
17/03/2027 2.875% 18/06/2019
Edenred, Reg. S 1.375% 10/03/2025 EUR 600,000 560,248 0.57 Zurich Insurance Co. Ltd., Reg. S, FRN EUR 800,000 882,139 0.89
4.25% 02/10/2043
Electricite de France SA, Reg. S, FRN EUR 400,000 410,940 0.41
4.125% Perpetual 3,478,833 3.51
Eutelsat SA, Reg. S 5% 14/01/2019 EUR 300,000 342,893 0.35 Italy
Eutelsat SA, Reg. S 2.625% EUR 200,000 212,531 0.21 Assicurazioni Generali SpA, Reg. S EUR 600,000 615,480 0.62
13/01/2020 4.125% 04/05/2026
Gecina SA, REIT, Reg. S 1.5% EUR 400,000 371,772 0.37 Assicurazioni Generali SpA, Reg. S, EUR 300,000 358,959 0.36
20/01/2025 FRN 7.75% 12/12/2042
Labeyrie Fine Foods SAS, Reg. S EUR 100,000 104,625 0.11 Banca Monte dei Paschi di Siena SpA EUR 400,000 418,215 0.42
5.625% 15/03/2021 3.5% 20/03/2017
Lafarge SA, Reg. S 4.75% 30/09/2020 EUR 500,000 579,285 0.58 Banca Monte dei Paschi di Siena SpA, EUR 400,000 404,076 0.41
Reg. S 3.625% 01/04/2019
Loxam SAS, Reg. S 7% 23/07/2022 EUR 200,000 203,481 0.21
Enel SpA, Reg. S, FRN 5% 15/01/2075 EUR 600,000 628,722 0.63
Numericable-SFR SAS, Reg. S 5.625% EUR 200,000 202,320 0.20
15/05/2024 Intesa Sanpaolo SpA, Reg. S 4.125% EUR 800,000 814,812 0.82
14/01/2016
Orange SA, Reg. S, FRN 4% Perpetual EUR 300,000 305,852 0.31
Intesa Sanpaolo SpA, Reg. S 1.125% EUR 800,000 781,865 0.79
Publicis Groupe SA, Reg. S 1.625% EUR 600,000 586,172 0.59 14/01/2020
16/12/2024
RCI Banque SA, Reg. S 2.875% EUR 300,000 316,229 0.32 15/09/2026
22/01/2018
Italy Buoni Poliennali Del Tesoro 4.5% EUR 400,000 471,685 0.48
TOTAL SA, Reg. S, FRN 2.625% EUR 400,000 372,760 0.38 01/05/2023
Perpetual
Mediobanca SpA, Reg. S 0.875% EUR 800,000 793,271 0.80
Unibail-Rodamco SE, REIT, Reg. S 1% EUR 500,000 459,797 0.46 14/11/2017
14/03/2025
Mediobanca SpA, Reg. S 2.25% EUR 200,000 204,943 0.21
Veolia Environnement SA, Reg. S EUR 500,000 460,329 0.46 18/03/2019
1.59% 10/01/2028
Telecom Italia SpA 5.875% GBP 350,000 519,784 0.53
12,021,920 12.13 19/05/2023
Germany UniCredit SpA 0% 31/10/2017 EUR 400,000 386,010 0.39
Allianz SE, Reg. S, FRN 4.75% EUR 400,000 431,559 0.44 UniCredit SpA, Reg. S 1.5% EUR 800,000 801,125 0.81
Perpetual 19/06/2019
Bayer AG, Reg. S, FRN 2.375% EUR 200,000 190,323 0.19 UniCredit SpA, Reg. S, FRN 5.75% EUR 400,000 430,164 0.43
02/04/2075 28/10/2025
Bertelsmann SE & Co. KGaA, Reg. S, EUR 400,000 383,797 0.39 7,976,750 8.05
FRN 3% 23/04/2075
Japan
Deutsche Bank AG, Reg. S 1.125% EUR 300,000 269,487 0.27
17/03/2025 Bank of Tokyo-Mitsubishi UFJ Ltd. EUR 600,000 581,494 0.59
(The), Reg. S 0.875% 11/03/2022
Eurogrid GmbH, Reg. S 1.875% EUR 700,000 693,881 0.70
10/06/2025 581,494 0.59
Mahle GmbH, Reg. S 2.375% EUR 400,000 401,468 0.40 Jersey
20/05/2022 Delphi Automotive PLC 1.5% EUR 600,000 549,225 0.55
Merck KGaA, Reg. S, FRN 2.625% EUR 200,000 196,144 0.20 10/03/2025
12/12/2074 Heathrow Funding Ltd., Reg. S 1.5% EUR 600,000 524,455 0.53
ProSiebenSat.1 Media AG, Reg. S EUR 900,000 938,722 0.95 11/02/2032
2.625% 15/04/2021 1,073,680 1.08
Safari Holding Verwaltungs GmbH, EUR 125,000 132,182 0.13 Luxembourg
Reg. S 8.25% 15/02/2021 Altice SA, Reg. S 7.25% 15/05/2022 EUR 100,000 101,264 0.10
Symrise AG, Reg. S 1.75% 10/07/2019 EUR 800,000 818,900 0.83 CNH Industrial Finance Europe SA, EUR 400,000 441,684 0.45
Unitymedia Hessen GmbH & Co. KG, EUR 100,000 97,956 0.10 Reg. S 6.25% 09/03/2018
Reg. S 3.5% 15/01/2027 GELF Bond Issuer I SA, REIT, Reg. S EUR 600,000 588,468 0.59
4,554,419 4.60 1.75% 22/11/2021
T. ROWE PRICE 19

As at 30 June 2015

Prologis International Funding II SA, EUR 600,000 558,336 0.56 Spain
Reg. S 1.876% 17/04/2025 Abertis Infraestructuras SA, Reg. S EUR 600,000 613,646 0.62
Sberbank of Russia, Reg. S 3.352% EUR 400,000 364,390 0.37 2.5% 27/02/2025
15/11/2019 Banco Bilbao Vizcaya Argentaria SA, EUR 200,000 195,008 0.20
Tyco International Finance SA 1.375% EUR 600,000 560,502 0.57 FRN 4.7% 09/08/2021
25/02/2025 Banco Bilbao Vizcaya Argentaria SA, EUR 200,000 199,257 0.20
2,614,644 2.64 Reg. S, FRN 6.75% Perpetual
Mexico BBVA Subordinated Capital SAU, Reg. EUR 500,000 518,792 0.52
Petroleos Mexicanos, Reg. S 3.125% EUR 500,000 525,688 0.53 S, FRN 3.5% 11/04/2024
27/11/2020 Gas Natural Capital Markets SA, Reg. EUR 200,000 228,863 0.23
525,688 0.53 S 4.5% 27/01/2020
Netherlands Inmobiliaria Colonial SA, Reg. S EUR 800,000 764,636 0.77
2.728% 05/06/2023
ABN AMRO Bank NV, Reg. S 0.75% EUR 400,000 395,893 0.40
09/06/2020 Prosegur Cia de Seguridad SA, Reg. S EUR 400,000 420,330 0.42
2.75% 02/04/2018
ABN AMRO Bank NV, Reg. S, FRN EUR 300,000 302,033 0.30
2.875% 30/06/2025 Santander Consumer Finance SA, Reg. EUR 700,000 687,028 0.69
S 0.9% 18/02/2020
Adecco International Financial Services EUR 500,000 533,792 0.54
BV, Reg. S 2.75% 15/11/2019 Santander International Debt SAU, EUR 1,100,000 1,164,920 1.18
Reg. S 4% 27/03/2017
Allianz Finance II BV, FRN 5.75% EUR 400,000 467,627 0.47
08/07/2041 Santander Issuances SAU, Reg. S EUR 400,000 373,817 0.38
2.5% 18/03/2025
Amadeus Finance BV, Reg. S 0.625% EUR 600,000 600,192 0.61
02/12/2017 Telefonica Emisiones SAU, Reg. S EUR 800,000 923,498 0.93
4.71% 20/01/2020
Bharti Airtel International Netherlands EUR 400,000 428,575 0.43
BV, Reg. S 4% 10/12/2018 6,089,795 6.14
Bharti Airtel International Netherlands EUR 400,000 420,865 0.42 Sweden
BV, Reg. S 3.375% 20/05/2021 Nordea Bank AB, Reg. S, FRN 4.625% EUR 500,000 529,903 0.54
Brenntag Finance BV, Reg. S 5.5% EUR 300,000 340,392 0.34 15/02/2022
19/07/2018 PZU Finance AB, Reg. S 1.375% EUR 600,000 608,280 0.61
Cooperatieve Centrale Raiffeisen- EUR 600,000 668,814 0.67 03/07/2019
Boerenleenbank BA, Reg. S 4.125% 1,138,183 1.15
14/09/2022 Switzerland
Delta Lloyd NV, Reg. S, FRN 4.375% EUR 800,000 741,214 0.75 Credit Suisse AG, Reg. S 0.625% EUR 800,000 796,933 0.81
Perpetual 20/11/2018
Deutsche Annington Finance BV, Reg. EUR 500,000 491,417 0.50 Credit Suisse AG, Reg. S 1.375% EUR 500,000 507,858 0.51
S 0.875% 30/03/2020 29/11/2019
Deutsche Annington Finance BV, Reg. EUR 400,000 399,802 0.40 UBS AG, Reg. S 0.5% 15/05/2018 EUR 500,000 498,682 0.50
S, FRN 4% Perpetual
1,803,473 1.82
Enel Finance International NV, Reg. S GBP 400,000 640,921 0.65
5.625% 14/08/2024 Turkey
Gas Natural Fenosa Finance BV, Reg. EUR 500,000 464,371 0.47 Turkiye Garanti Bankasi A/S, Reg. S EUR 400,000 406,947 0.41
S 1.375% 21/01/2025 3.375% 08/07/2019
General Motors Financial International EUR 900,000 910,817 0.92 406,947 0.41
BV, Reg. S 1.875% 15/10/2019 United Kingdom
ING Bank NV 1.875% 27/02/2018 EUR 600,000 621,712 0.63 Abbey National Treasury Services PLC, EUR 400,000 425,895 0.43
Nyrstar Netherlands Holdings BV, Reg. EUR 200,000 208,853 0.21 Reg. S 2.625% 16/07/2020
S 8.5% 15/09/2019 Abbey National Treasury Services PLC, EUR 500,000 486,050 0.49
Redexis Gas Finance BV, Reg. S EUR 300,000 318,187 0.32 Reg. S 1.125% 14/01/2022
2.75% 08/04/2021 Abbey National Treasury Services PLC, EUR 1,000,000 915,823 0.92
Repsol International Finance BV, Reg. EUR 500,000 480,782 0.49 Reg. S 1.125% 10/03/2025
S 2.25% 10/12/2026 Anglo American Capital PLC, Reg. S EUR 600,000 624,064 0.63
SABIC Capital I BV, Reg. S 2.75% EUR 500,000 532,500 0.54 2.5% 18/09/2018
20/11/2020 Aviva PLC, Reg. S, FRN 3.875% EUR 400,000 398,854 0.40
Telefonica Europe BV, Reg. S, FRN EUR 400,000 407,272 0.41 03/07/2044
4.2% Perpetual Aviva PLC, Reg. S, FRN 3.375% EUR 600,000 566,465 0.57
Urenco Finance NV, Reg. S 4% EUR 200,000 212,714 0.21 04/12/2045
05/05/2017 BAT International Finance PLC, Reg. S EUR 600,000 561,154 0.57
Volkswagen International Finance NV, EUR 400,000 415,989 0.42 0.875% 13/10/2023
Reg. S, FRN 4.625% Perpetual FCE Bank PLC, Reg. S 1.75% EUR 300,000 307,132 0.31
11,004,734 11.10 21/05/2018
New Zealand FCE Bank PLC, Reg. S 1.875% EUR 800,000 811,044 0.82
24/06/2021
BNZ International Funding Ltd., Reg. S EUR 400,000 408,615 0.41
1.25% 23/05/2018 G4S International Finance PLC, Reg. S EUR 700,000 743,806 0.75
2.625% 06/12/2018
408,615 0.41
HBOS PLC 5.374% 30/06/2021 EUR 500,000 566,431 0.57
Slovakia
HSBC Holdings PLC, Reg. S 3.875% EUR 600,000 615,918 0.62
SPP-Distribucia A/S, Reg. S 2.625% EUR 800,000 840,975 0.85 16/03/2016
23/06/2021
HSBC Holdings PLC, Reg. S 6% EUR 700,000 820,481 0.83
840,975 0.85 10/06/2019
20 T. ROWE PRICE

As at 30 June 2015

HSBC Holdings PLC, Reg. S, FRN EUR 400,000 420,747 0.43 Morgan Stanley 2.375% 31/03/2021 EUR 300,000 315,134 0.32
3.375% 10/01/2024 Morgan Stanley 1.875% 30/03/2023 EUR 700,000 700,023 0.71
Infinis PLC, Reg. S 7% 15/02/2019 GBP 150,000 220,321 0.22 National Grid North America, Inc., Reg. EUR 300,000 310,106 0.31
International Personal Finance PLC, EUR 200,000 201,046 0.20 S 1.75% 20/02/2018
Reg. S 5.75% 07/04/2021 Priceline Group, Inc. (The) 2.375% EUR 600,000 588,728 0.59
Leeds Building Society, Reg. S 2.625% EUR 500,000 525,058 0.53 23/09/2024
01/04/2021 Thermo Fisher Scientific, Inc. 2% EUR 400,000 386,939 0.39
Nationwide Building Society, Reg. S EUR 500,000 486,140 0.49 15/04/2025
1.125% 03/06/2022 Verizon Communications, Inc. 1.625% EUR 500,000 487,926 0.49
Nationwide Building Society, Reg. S, EUR 970,000 1,029,295 1.04 01/03/2024
FRN 4.125% 20/03/2023 13,374,431 13.49
Priory Group No. 3 PLC, Reg. S 7% GBP 122,441 178,556 0.18 Virgin Islands, British
15/02/2018
Talent Yield Euro Ltd., Reg. S 1.435% EUR 250,000 246,585 0.25
Rentokil Initial PLC 3.375% EUR 400,000 440,145 0.44 07/05/2020
24/09/2019
246,585 0.25
Royal Bank of Scotland Group PLC, EUR 1,000,000 1,004,487 1.01
Reg. S 1.625% 25/06/2019 Total Bonds 96,020,776 96.88
RSA Insurance Group PLC, Reg. S, GBP 500,000 697,182 0.70 Total Transferable securities 96,020,776 96.88
FRN 5.125% 10/10/2045 and money market instruments
Standard Chartered Bank, Reg. S EUR 300,000 333,175 0.34
5.875% 26/09/2017 Total Investments 96,020,776 96.88
Standard Chartered PLC, Reg. S, FRN EUR 800,000 846,666 0.86
4% 21/10/2025
Tesco PLC 5% 24/03/2023 GBP 400,000 569,714 0.58
Virgin Media Secured Finance PLC, GBP 180,000 264,789 0.27 Forward Currency Exchange Contracts
Reg. S 6% 15/04/2021 Unrealised
WM Morrison Supermarkets PLC, Reg. EUR 600,000 617,996 0.62 Currency Amount Currency Amount Maturity Gain/(Loss) % of Net
S 2.25% 19/06/2020 Purchased Purchased Sold Sold Date EUR Assets
15,678,434 15.82 EUR 723,566 GBP 513,344 21/08/2015 2,221 –
United States of America EUR 494,705 USD 551,557 21/08/2015 2,548 0.01
Albemarle Corp., Reg. S 1.875% EUR 600,000 592,382 0.60 GBP 154,906 EUR 217,402 21/08/2015 271 –
08/12/2021
USD 293,160 EUR 259,986 21/08/2015 1,602 –
AT&T, Inc. 1.3% 05/09/2023 EUR 250,000 237,426 0.24
Bank of America Corp., Reg. S 4.625% EUR 800,000 868,936 0.88
Bank of America Corp., FRN 0.825% EUR 300,000 297,988 0.30 EUR 2,664,333 GBP 1,910,380 21/08/2015 (20,110) (0.02)
28/03/2018 USD 58,112,500 EUR 52,018,995 31/07/2015 (149,232) (0.15)
Bank of America Corp., Reg. S 2.5% EUR 400,000 424,795 0.43 USD 258,398 EUR 236,671 21/08/2015 (6,102) (0.01)
27/07/2020 Total Unrealised Loss on (175,444) (0.18)
Bank of America Corp., Reg. S 1.375% EUR 600,000 597,091 0.60 Forward Currency Exchange Contracts
10/09/2021 Net Unrealised Loss on (168,802) (0.17)
Citigroup, Inc. 3.5% 05/08/2015 EUR 225,000 225,720 0.23 Forward Currency Exchange Contracts
Citigroup, Inc. 4.375% 30/01/2017 EUR 400,000 425,926 0.43
Unrealised
Citigroup, Inc., FRN 1.391% EUR 200,000 198,821 0.20
10/02/2019 Counterparty Gain/(Loss)
Citigroup, Inc., Reg. S 1.375% EUR 600,000 595,513 0.60 Bank of America (155,334)
27/10/2021 Barclays 271
Eli Lilly & Co. 1% 02/06/2022 EUR 500,000 493,285 0.50 Citibank 2,221
Expedia, Inc. 2.5% 03/06/2022 EUR 600,000 590,423 0.59 J.P. Morgan (17,562)
Flowserve Corp. 1.25% 17/03/2022 EUR 750,000 716,343 0.72 RBS 1,602
GE Capital Trust IV, Reg. S, FRN EUR 150,000 153,200 0.15 (168,802)
4.625% 15/09/2066
Goldman Sachs Group, Inc. (The), Reg. EUR 400,000 426,605 0.43
S 2.625% 19/08/2020
S 2.5% 18/10/2021
S 1.375% 26/07/2022
ManpowerGroup, Inc., Reg. S 4.5% EUR 700,000 772,093 0.78
22/06/2018
Metropolitan Life Global Funding I, EUR 400,000 424,562 0.43
Reg. S 2.375% 30/09/2019
Mohawk Industries, Inc. 2% EUR 800,000 802,823 0.81
14/01/2022
Morgan Stanley 5.5% 02/10/2017 EUR 400,000 444,717 0.45
Morgan Stanley 5.375% 10/08/2020 EUR 400,000 482,153 0.49
T. ROWE PRICE 21

As at 30 June 2015
Swaption Contracts % of Net Assets

Global Market Mexico 0.53
Security Exposure Value % of Net New Zealand 0.41
Quantity Description Currency Counterparty EUR EUR Assets Turkey 0.41
20,000,000 CDS Sell protection EUR Bank of 140,000 40,757 0.04 Iceland 0.35
iTraxx Europe America Virgin Islands, British 0.25
Series 23 Version Czech Republic 0.21
1, Put, 0.7%, Total Investments 96.88
19/08/2015
(20,000,000) CDS Buy protection EUR Bank of (170,000) (65,085) (0.06)
Total 100.00
iTraxx Europe America
Series 23 Version The accompanying notes are an integral part of these financial statements.
1, Put, 0.85%,
19/08/2015
Total Swaption Contracts (24,328) (0.02)
Credit Default Swap Contracts

Market Unrealised
Amount Currency Counterparty Entity Sell Date EUR EUR Assets
200,000 EUR J.P. Morgan United Utilities Buy 20/06/2017 (2,694) (2,694) –
Group PLC
6.875%
15/08/2028
Total Unrealised Loss on (2,694) (2,694) –
Net Unrealised Loss on (2,694) (2,694) –
Cash 2,174,639 2.19


% of Net Assets
United Kingdom 15.82
France 12.13
Netherlands 11.10
Italy 8.05
Spain 6.14
Australia 5.22
Germany 4.60
Ireland 3.51
Luxembourg 2.64
Denmark 1.96
Switzerland 1.82
Sweden 1.15
Guernsey 1.15
Jersey 1.08
Slovakia 0.85
Belgium 0.81
Austria 0.80
Finland 0.67
Brazil 0.60
Japan 0.59
Cayman Islands 0.54
22 T. ROWE PRICE
European High Yield Bond Fund

As at 30 June 2015
The fund’s objective is to maximise the value of its Quantity/ Market

shares through both growth in the value of, and income Investments Currency Value EUR Assets
from, its investments. The fund invests mainly in a Transferable securities and money market instruments admitted
diversified portfolio of high yield corporate bonds that to an official exchange listing
are denominated in European currencies. Bonds
Belgium
Specifically, the fund invests at least two-thirds of total KBC Groep NV, Reg. S, FRN 5.625% EUR 650,000 639,262 0.48
Perpetual
assets in debt securities that are rated below BBB- by 639,262 0.48
Standard & Poor’s or have an equivalent rating (or, Cayman Islands
if unrated, are of equivalent quality), and are issued Brakes Capital, Reg. S 7.125%
15/12/2018
GBP 1,150,000 1,662,534 1.25
by companies and denominated in euro or another Mizzen Bondco Ltd., Reg. S 7% GBP 1,420,500 1,968,767 1.47
01/05/2021
European currency. Portfolio debt securities can include UPCB Finance IV Ltd., Reg. S 4% EUR 725,000 684,777 0.51
fixed and floating rate bonds as well as preferred stocks, 15/01/2027
4,316,078 3.23
convertible bonds and other transferable debt securities Czech Republic
of any type. RPG Byty Sro, Reg. S 6.75% EUR 1,850,000 1,953,054 1.46
01/05/2020
The fund does not invest more than 10% of assets in 1,953,054 1.46
equities and equity-related securities, 25% of assets in Denmark
TDC A/S, Reg. S, FRN 3.5% EUR 400,000 385,562 0.29
convertible bonds, and one-third of assets in money 26/02/2074
France
categories limited to one-third of assets. Cegedim SA, Reg. S 6.75% EUR 600,000 647,946 0.48
01/04/2020
The fund may use derivatives for hedging, efficient
CGG SA 7.75% 15/05/2017 USD 375,000 328,154 0.25
portfolio management and to seek gains. The fund may Europcar Groupe SA, Reg. S 11.5% EUR 1,000,000 1,116,850 0.84
15/05/2017
also use derivatives to create synthetic short positions in Europcar Groupe SA, Reg. S 5.75% EUR 1,325,000 1,356,131 1.02
debt securities and credit indices. 15/06/2022
Holding Medi-Partenaires SAS, Reg. S EUR 2,150,000 2,292,179 1.72
7% 15/05/2020
HomeVi SAS, Reg. S 6.875% EUR 1,575,000 1,657,695 1.24
15/08/2021
Labco SA, Reg. S 8.5% 15/01/2018 EUR 600,000 626,877 0.47
Loxam SAS, Reg. S 4.875% EUR 300,000 307,227 0.23
23/07/2021
Loxam SAS, Reg. S 7% 23/07/2022 EUR 1,800,000 1,831,329 1.37
15/05/2022
15/05/2024
Numericable-SFR SAS, Reg. S 6.25% USD 350,000 309,181 0.23
15/05/2024
Orange SA, Reg. S, FRN 5% Perpetual EUR 300,000 310,085 0.23
SGD Group SAS, Reg. S 5.625% EUR 500,000 508,715 0.38
15/05/2019
12,663,018 9.49
Germany
CeramTec Group GmbH, Reg. S EUR 1,275,000 1,396,533 1.05
8.25% 15/08/2021
Kirk Beauty Zero GmbH, Reg. S 6.25% EUR 225,000 223,552 0.17
15/07/2022
KraussMaffei Group GmbH, Reg. S EUR 360,000 386,773 0.29
8.75% 15/12/2020
Pfleiderer GmbH, Reg. S 7.875% EUR 2,350,000 2,422,274 1.82
01/08/2019
ProGroup AG, Reg. S 5.125% EUR 500,000 513,633 0.38
01/05/2022
Safari Holding Verwaltungs GmbH, EUR 1,325,000 1,401,135 1.05
Reg. S 8.25% 15/02/2021
Unitymedia Hessen GmbH & Co. KG, EUR 800,000 818,328 0.61
Reg. S 4% 15/01/2025
7,162,228 5.37
T. ROWE PRICE 23
European High Yield Bond Fund continued

As at 30 June 2015

Ireland Darling Global Finance BV, Reg. S EUR 850,000 834,581 0.63
eircom Finance Ltd., Reg. S 9.25% EUR 2,125,000 2,313,254 1.73 4.75% 30/05/2022
15/05/2020 Deutsche Annington Finance BV, Reg. EUR 300,000 299,852 0.22
2,313,254 1.73 S, FRN 4% Perpetual
Italy LGE HoldCo VI BV, Reg. S 7.125% EUR 1,200,000 1,338,720 1.00
15/05/2024
Cerved Group SpA, Reg. S 8% EUR 400,000 430,990 0.32
15/01/2021 Nyrstar Netherlands Holdings BV, Reg. EUR 2,875,000 3,002,262 2.25
S 8.5% 15/09/2019
Cooperativa Muratori & Cementisti- EUR 625,000 599,988 0.45
CMC di Ravenna SC, Reg. S 7.5% Polish Television Holding BV, Reg. S EUR 2,600,000 3,105,817 2.33
01/08/2021 11% 15/01/2021
Sisal Group SpA, Reg. S 7.25% EUR 1,300,000 1,295,118 0.97 Schaeffler Finance BV, Reg. S 3.25% EUR 450,000 425,968 0.32
30/09/2017 15/05/2025
Telecom Italia SpA 6.375% GBP 300,000 457,797 0.35 Schaeffler Holding Finance BV, Reg. S EUR 125,000 132,338 0.10
24/06/2019 5.75% 15/11/2021
Telecom Italia SpA, Reg. S 3.25% EUR 200,000 201,176 0.15 Telefonica Europe BV, Reg. S, FRN EUR 300,000 305,454 0.23
16/01/2023 4.2% Perpetual
2,985,069 2.24 United Group BV, Reg. S 7.875% EUR 1,875,000 1,985,268 1.49
15/11/2020
Jersey
Ziggo Secured Finance BV, Reg. S EUR 300,000 292,683 0.22
AA Bond Co. Ltd., Reg. S 5.5% GBP 1,000,000 1,401,075 1.05 3.75% 15/01/2025
31/07/2043
12,943,697 9.70
Hastings Insurance Group Finance GBP 1,050,000 1,574,905 1.18
PLC, Reg. S 8% 21/10/2020 Norway
2,975,980 2.23 Lock AS, Reg. S 7% 15/08/2021 EUR 600,000 635,013 0.48
Luxembourg Lock Lower Holding A/S, Reg. S 9.5% EUR 1,075,000 1,164,408 0.87
15/08/2022
Altice Financing SA, Reg. S 5.25% EUR 300,000 302,866 0.23
15/02/2023 1,799,421 1.35
Altice Finco SA, Reg. S 9% EUR 1,400,000 1,591,023 1.19 Spain
15/06/2023 CEMEX Espana SA, Reg. S 9.875% EUR 300,000 332,265 0.25
Altice Finco SA, Reg. S 8.125% USD 1,750,000 1,616,262 1.21 30/04/2019
15/01/2024 332,265 0.25
Altice SA, Reg. S 7.25% 15/05/2022 EUR 1,350,000 1,367,071 1.02 Sweden
Altice SA, Reg. S 7.75% 15/05/2022 USD 1,000,000 872,676 0.65 Ciech Group Financing AB, Reg. S EUR 800,000 873,984 0.66
Ardagh Finance Holdings SA, Reg. S EUR 3,349,787 3,427,301 2.57 9.5% 30/11/2019
8.375% 15/06/2019 Dometic Group AB, Reg. S 9.5% EUR 1,000,000 1,012,500 0.76
Bormioli Rocco Holdings SA, Reg. S EUR 1,750,000 1,786,391 1.34 26/06/2019
10% 01/08/2018 Eileme 2 AB, Reg. S 11.75% EUR 400,000 444,014 0.33
Cirsa Funding Luxembourg SA, Reg. S EUR 672,704 690,433 0.52 31/01/2020
8.75% 15/05/2018 Norcell Sweden Holding 3 AB 5.25% SEK 6,000,000 682,501 0.51
Cirsa Funding Luxembourg SA, Reg. S EUR 1,800,000 1,745,802 1.31 04/11/2019
5.875% 15/05/2023 3,012,999 2.26
Fiat Chrysler Finance Europe, Reg. S EUR 600,000 630,027 0.47 United Kingdom
4.75% 15/07/2022 Arqiva Broadcast Finance PLC, Reg. S GBP 2,400,000 3,733,153 2.80
Intralot Finance Luxembourg SA, Reg. EUR 1,000,000 1,006,400 0.75 9.5% 31/03/2020
S 9.75% 15/08/2018 Boparan Finance PLC, Reg. S 5.5% GBP 750,000 964,970 0.72
JH-Holding Finance SA, Reg. S 8.25% EUR 1,500,000 1,572,083 1.18 15/07/2021
01/12/2022 Ephios Bondco PLC, Reg. S 6.25% EUR 1,300,000 1,271,192 0.95
Magnolia BC SA, Reg. S 9% EUR 1,925,000 2,054,591 1.54 01/07/2022
01/08/2020 Heathrow Finance PLC, Reg. S 5.75% GBP 600,000 866,540 0.65
Play Topco SA, Reg. S 7.75% EUR 2,550,000 2,616,147 1.96 03/03/2025
28/02/2020 HSS Financing PLC, Reg. S 6.75% GBP 850,000 1,251,440 0.94
SIG Combibloc Holdings SCA, Reg. S EUR 2,600,000 2,718,560 2.04 01/08/2019
7.75% 15/02/2023 Infinis PLC, Reg. S 7% 15/02/2019 GBP 900,000 1,321,927 0.99
Wind Acquisition Finance SA, 144A USD 550,000 500,800 0.37 Innovia Group Finance PLC, Reg. S, EUR 1,600,000 1,598,752 1.20
7.375% 23/04/2021 FRN 4.986% 31/03/2020
Wind Acquisition Finance SA, Reg. S EUR 1,325,000 1,375,694 1.03 International Game Technology PLC, USD 675,000 584,720 0.44
7% 23/04/2021 Reg. S 6.25% 15/02/2022
Wind Acquisition Finance SA, Reg. S USD 800,000 729,269 0.55 International Game Technology PLC, EUR 600,000 578,709 0.43
7.375% 23/04/2021 Reg. S 4.75% 15/02/2023
26,603,396 19.93 Jaguar Land Rover Automotive PLC, GBP 250,000 338,484 0.25
Mexico Reg. S 3.875% 01/03/2023
Cemex SAB de CV, Reg. S 4.375% EUR 600,000 579,921 0.43 Kerling PLC, Reg. S 10.625% EUR 1,350,000 1,383,028 1.04
05/03/2023 01/02/2017
579,921 0.43 Matalan Finance PLC, Reg. S 6.875% GBP 900,000 1,238,977 0.93
Netherlands 01/06/2019
Cable & Wireless International Finance GBP 750,000 1,220,754 0.91 MEIF Renewable Energy UK PLC, Reg. GBP 950,000 1,381,556 1.03
BV 8.625% 25/03/2019 S 6.75% 01/02/2020
24 T. ROWE PRICE

As at 30 June 2015

Moy Park Bondco PLC, Reg. S 6.25% GBP 1,425,000 2,048,961 1.54 Transferable securities and money market instruments dealt in on
29/05/2021
Nationwide Building Society, Reg. S, GBP 475,000 661,822 0.50
FRN 6.875% Perpetual Bonds
New Look Secured Issuer PLC, Reg. S GBP 500,000 687,765 0.52 Bermuda
6.5% 01/07/2022 Central European Media Enterprises USD 113,004 103,249 0.08
New Look Senior Issuer PLC, Reg. S GBP 800,000 1,100,677 0.82 Ltd. 15% 01/12/2017
8% 01/07/2023 103,249 0.08
Petra Diamonds US Treasury PLC, USD 715,000 656,030 0.49 France
Reg. S 8.25% 31/05/2020
CGG SA 6.875% 15/01/2022 USD 400,000 303,807 0.23
Premier Foods Finance PLC, Reg. S GBP 725,000 968,729 0.73
6.5% 15/03/2021 303,807 0.23
Priory Group No. 3 PLC, Reg. S 7% GBP 183,661 267,834 0.20 Germany
15/02/2018 Unitymedia GmbH, Reg. S 6.125% USD 3,150,000 2,942,110 2.20
Priory Group No. 3 PLC, Reg. S GBP 400,000 586,322 0.44 15/01/2025
8.875% 15/02/2019 2,942,110 2.20
Santander UK Group Holdings PLC, GBP 1,000,000 1,403,523 1.05 Israel
Reg. S, FRN 7.375% Perpetual B Communications Ltd., 144A 7.375% USD 2,450,000 2,347,124 1.76
TES Finance PLC, Reg. S 6.75% GBP 900,000 1,270,229 0.95 15/02/2021
15/07/2020 2,347,124 1.76
Virgin Media Finance PLC, Reg. S 7% GBP 400,000 601,545 0.45 Netherlands
15/04/2023
VTR Finance BV, Reg. S 6.875% USD 1,900,000 1,742,303 1.30
Virgin Media Finance PLC, Reg. S GBP 1,000,000 1,470,854 1.10 15/01/2024
6.375% 15/10/2024
1,742,303 1.30
Virgin Media Secured Finance PLC, GBP 250,000 347,870 0.26
Reg. S 5.125% 15/01/2025 United Kingdom
Virgin Media Secured Finance PLC, GBP 360,000 511,133 0.38 Iron Mountain Europe PLC, Reg. S GBP 700,000 1,014,882 0.76
Reg. S 5.5% 15/01/2025 6.125% 15/09/2022
Voyage Care Bondco PLC, Reg. S GBP 600,000 876,718 0.66 1,014,882 0.76
6.5% 01/08/2018 Total Bonds 8,453,475 6.33
29,973,460 22.46 Convertible Bonds
United States of America Bermuda
Kloeckner Pentaplast of America, Inc., EUR 975,000 979,373 0.74 Central European Media Enterprises USD 500,000 447,026 0.34
Reg. S 7.125% 01/11/2020 Ltd. 5% 15/11/2015
Nord Anglia Education Finance LLC, CHF 800,000 791,195 0.59 447,026 0.34
Reg. S 5.75% 15/07/2022
Total Convertible Bonds 447,026 0.34
PSPC Escrow Corp., Reg. S 6% EUR 1,475,000 1,494,640 1.12
01/02/2023 Equities
3,265,208 2.45 United Kingdom
Total Bonds 113,903,872 85.35 Sentry Holdings Class A* GBP 1,200 1,013 –
Equities Sentry Holdings Preference Class B* GBP 285,945 297,654 0.22
Ireland 298,667 0.22
Smurfit Kappa Group PLC EUR 25,000 620,250 0.47 Total Equities 298,667 0.22
620,250 0.47 Warrants
Luxembourg United Kingdom
Altice SA EUR 7,669 952,873 0.71 Sentry Holdings 02/01/2024* GBP 86 71 –
952,873 0.71 71 –
United Kingdom Total Warrants 71 –
Liberty Global PLC USD 9,700 440,957 0.33 Total Transferable securities 9,199,239 6.89
Liberty Global PLC Class A USD 4,000 192,624 0.14 and money market instruments
633,581 0.47
Total Investments 125,329,765 93.91
Total Equities 2,206,704 1.65
Warrants
Bermuda
Central European Media Enterprises USD 20,307 19,950 0.02
Ltd. 02/05/2018*
19,950 0.02
Total Warrants 19,950 0.02
Total Transferable securities 116,130,526 87.02
T. ROWE PRICE 25

As at 30 June 2015
Forward Currency Exchange Contracts % of Net Assets

Unrealised Mexico 0.43
Currency Amount Currency Amount Maturity Gain/(Loss) % of Net Denmark 0.29
Purchased Purchased Sold Sold Date EUR Assets Spain 0.25
EUR 14,584,487 USD 16,292,913 31/07/2015 41,840 0.03 Total Investments 93.91
Total Unrealised Gain on 41,840 0.03 Cash and Other Assets/(Liabilities) 6.09
Forward Currency Exchange Contracts Total 100.00
EUR 793,564 CHF 828,168 31/07/2015 (2,227) –
EUR 33,938,278 GBP 24,194,768 31/07/2015 (75,493) (0.06) * Security is valued at its fair value under the direction of the Board of Directors of the
EUR 683,028 SEK 6,322,680 31/07/2015 (1,813) – Manager.
USD 206,770 EUR 185,089 31/07/2015 (531) –
Total Unrealised Loss on (80,064) (0.06) The accompanying notes are an integral part of these financial statements.
Net Unrealised Loss on (38,224) (0.03)
Unrealised
Bank of America 41,309
Citibank (2,227)
J.P. Morgan (75,493)
Morgan Stanley (1,813)
(38,224)

Market Unrealised
Amount Currency Counterparty Entity Sell Date EUR EUR Assets
220,000 EUR Barclays Wind Acquisition Sell 20/06/2019 24,038 24,038 0.02
Finance
SA 11.75%
15/07/2017
Total Unrealised Gain on 24,038 24,038 0.02
Net Unrealised Gain on 24,038 24,038 0.02
Cash 6,020,353 4.51


% of Net Assets
Luxembourg 20.64
Netherlands 11.00
France 9.72
Germany 7.57
Cayman Islands 3.23
Sweden 2.26
Italy 2.24
Jersey 2.23
Ireland 2.20
Israel 1.76
Czech Republic 1.46
Norway 1.35
Belgium 0.48
Bermuda 0.44
26 T. ROWE PRICE
Global Aggregate Bond Fund

As at 30 June 2015
portfolio of bonds of all types from issuers around to an official exchange listing
the world. Bonds
Australia
Specifically, the fund invests at least two-thirds of New South Wales Treasury Corp. 6% AUD 675,000 618,915 0.86
01/03/2022
total assets in debt securities issued by governments, 618,915 0.86
government agencies, supra-national organizations, Austria
companies and banks. Portfolio debt securities can Austria Government Bond, Reg. S,
144A 3.9% 15/07/2020
EUR 266,000 351,984 0.49
include fixed and floating rate bonds as well as preferred Erste Group Bank AG, Reg. S 0.75% EUR 200,000 216,219 0.30
05/02/2025
stocks, convertible bonds and other transferable debt Heta Asset Resolution AG, Reg. S EUR 400,000 472,943 0.66
securities of any type, including high yield securities. The 2.375% 13/12/2022
1,041,146 1.45
fund may invest more than 20% of assets in mortgage- Belgium
and asset-backed securities. Anheuser-Busch InBev SA, Reg. S GBP 6,000 10,363 0.02
6.5% 23/06/2017
The fund does not invest more than 10% of assets in Belgium Government Bond, Reg. S, EUR 93,000 157,344 0.22
144A 5% 28/03/2035
equities and equity-related securities, 25% of assets in eni finance international SA 5% GBP 10,000 17,279 0.02
184,986 0.26
market securities, with total investment in these Brazil
categories limited to one-third of assets. Brazil Notas do Tesouro Nacional 10% BRL 32,500 98,186 0.14
01/01/2018
The fund may use derivatives for hedging, efficient Brazil Notas do Tesouro Nacional 6% BRL 37,900 325,020 0.45
also use derivatives to create synthetic short positions in 01/01/2021
currencies, debt securities and credit indices. 15/08/2022
01/01/2023
Brazilian Government International EUR 100,000 112,578 0.16
Bond 2.875% 01/04/2021
Vale SA 4.375% 24/03/2018 EUR 50,000 60,489 0.08
25/04/2021
2,258,372 3.14
Bulgaria
Bulgaria Government International EUR 320,000 330,445 0.46
Bond, Reg. S 2.625% 26/03/2027
330,445 0.46
Canada
Canadian Government Bond 3.5% CAD 155,000 155,552 0.22
01/12/2045
155,552 0.22
Cayman Islands
Sun Hung Kai Properties Capital USD 250,000 252,276 0.35
Market Ltd., Reg. S 3.625%
16/01/2023
Tencent Holdings Ltd., 144A 3.375% USD 200,000 204,976 0.29
02/05/2019
457,252 0.64
Chile
Chile Government International Bond EUR 100,000 109,883 0.15
1.625% 30/01/2025
109,883 0.15
China
China Government Bond, Reg. S CNH 4,500,000 734,201 1.02
3.25% 22/05/2019
734,201 1.02
T. ROWE PRICE 27
Global Aggregate Bond Fund continued

As at 30 June 2015

Croatia Indonesia Treasury 5.625% IDR 2,331,000,000 148,083 0.21
Croatia Government International EUR 200,000 244,631 0.34 15/05/2023
Bond, Reg. S 5.875% 09/07/2018 Indonesia Treasury 8.375% IDR 8,513,000,000 641,051 0.89
244,631 0.34 15/03/2024
Czech Republic Indonesia Treasury 8.25% 15/06/2032 IDR 809,000,000 59,499 0.08
Czech Republic International, Reg. S EUR 270,000 362,596 0.50 Indonesia Treasury 8.375% IDR 2,100,000,000 157,824 0.22
3.875% 24/05/2022 15/03/2034
UniCredit Bank Czech Republic EUR 300,000 330,413 0.46 1,192,215 1.66
and Slovakia A/S, Reg. S 0.625% Ireland
30/04/2020 AIB Mortgage Bank 4.875% EUR 50,000 61,150 0.09
693,009 0.96 29/06/2017
Denmark AIB Mortgage Bank, Reg. S 2.25% EUR 100,000 121,406 0.17
Denmark Government Bond 1.75% DKK 956,000 154,239 0.21 26/03/2021
15/11/2025 Bank of Ireland Mortgage Bank EUR 100,000 129,141 0.18
Realkredit Danmark A/S 2% DKK 2,050,000 313,855 0.44 3.625% 02/10/2020
01/04/2024 GE Capital UK Funding, Reg. S 4.375% GBP 10,000 17,106 0.02
468,094 0.65 31/07/2019
Finland Ireland Government Bond 5.4% EUR 389,000 580,661 0.81
13/03/2025
Citycon OYJ, Reg. S 3.75% EUR 100,000 123,170 0.17
24/06/2020 Zurich Insurance Co. Ltd., FRN 7.5% EUR 50,000 68,013 0.09
24/07/2039
123,170 0.17
977,477 1.36
France
Israel
BNP Paribas SA, Reg. S, FRN 2.875% EUR 100,000 113,409 0.16
20/03/2026 Israel Government Bond 4.25% ILS 1,899,000 585,051 0.82
31/03/2023
Dexia Credit Local SA, Reg. S 1.625% EUR 130,000 152,291 0.21
29/10/2018 Israel Government International Bond, EUR 130,000 160,655 0.22
Reg. S 2.875% 29/01/2024
Dexia Credit Local SA, Reg. S 2.125% GBP 200,000 300,378 0.42
12/02/2025 745,706 1.04
France Government Bond OAT 4.25% EUR 527,000 673,186 0.94 Italy
25/10/2018 Assicurazioni Generali SpA, Reg. S EUR 100,000 114,879 0.16
France Government Bond OAT 3.75% EUR 488,000 649,316 0.90 4.125% 04/05/2026
25/04/2021 Atlantia SpA 6.25% 09/06/2022 GBP 10,000 18,878 0.03
France Government Bond OAT 4% EUR 321,000 489,519 0.68 Banca Monte dei Paschi di Siena SpA EUR 100,000 117,090 0.16
25/10/2038 3.5% 20/03/2017
HomeVi SAS, Reg. S 6.875% EUR 100,000 117,870 0.16 Intesa Sanpaolo SpA, Reg. S 4.125% EUR 50,000 62,106 0.09
15/08/2021 14/04/2020
RCI Banque SA, Reg. S 3.25% GBP 20,000 32,494 0.05 Intesa Sanpaolo SpA, Reg. S 3.375% EUR 100,000 133,603 0.18
25/04/2018 24/01/2025
2,528,463 3.52 Italy Buoni Poliennali Del Tesoro 3.5% EUR 70,000 83,772 0.12
Germany 01/11/2017
Bundesrepublik Deutschland 0.5% EUR 150,000 163,607 0.23 Italy Buoni Poliennali Del Tesoro 4.5% EUR 509,000 626,887 0.87
15/02/2025 01/02/2018
Bundesrepublik Deutschland 2.5% EUR 423,000 575,949 0.80 Italy Buoni Poliennali Del Tesoro EUR 386,000 460,778 0.64
04/07/2044 1.704% 15/09/2018
Bundesrepublik Deutschland 2.5% EUR 230,000 314,517 0.44 Italy Buoni Poliennali Del Tesoro 4.25% EUR 91,000 115,350 0.16
15/08/2046 01/09/2019
KFW 6% 20/08/2020 AUD 285,000 250,950 0.35 Italy Buoni Poliennali Del Tesoro, Reg. EUR 850,000 1,095,456 1.52
S 4.5% 01/02/2020
ProSiebenSat.1 Media AG, Reg. S EUR 75,000 87,606 0.12
2.625% 15/04/2021 Italy Buoni Poliennali Del Tesoro 1.5% EUR 1,080,000 1,120,743 1.56
01/06/2025
Symrise AG, Reg. S 1.75% 10/07/2019 EUR 150,000 171,954 0.24
Italy Buoni Poliennali Del Tesoro, Reg. EUR 129,000 184,969 0.26
1,564,583 2.18 S 5% 01/09/2040
Hungary Italy Buoni Poliennali Del Tesoro, Reg. EUR 40,000 56,273 0.08
Magyar Export-Import Bank Zrt., Reg. S USD 200,000 201,611 0.28 S, 144A 4.75% 01/09/2044
4% 30/01/2020 Telecom Italia SpA, Reg. S 5.25% EUR 50,000 63,663 0.09
201,611 0.28 10/02/2022
Iceland UniCredit SpA, Reg. S 2.625% EUR 150,000 186,396 0.26
Arion Banki HF, Reg. S 3.125% EUR 100,000 111,407 0.16 31/10/2020
12/03/2018 4,440,843 6.18
Iceland Government International USD 115,000 129,865 0.18 Japan
Bond, Reg. S 5.875% 11/05/2022 Bank of Tokyo-Mitsubishi UFJ Ltd. USD 200,000 199,833 0.28
241,272 0.34 (The), 144A 2.35% 08/09/2019
Indonesia Japan Government Ten Year Bond JPY 8,200,000 66,834 0.10
Indonesia Government International EUR 100,000 112,690 0.16 0.4% 20/03/2025
Bond, Reg. S 2.875% 08/07/2021 Japan Government Thirty Year Bond JPY 31,500,000 302,957 0.42
Indonesia Treasury 7% 15/05/2022 IDR 1,043,000,000 73,068 0.10 2.2% 20/09/2039
28 T. ROWE PRICE

As at 30 June 2015

Japan Government Thirty Year Bond JPY 74,750,000 648,533 0.90 Linde Finance BV 6.5% 29/01/2016 GBP 10,000 16,248 0.02
1.7% 20/09/2044 Netherlands Government Bond 5.5% EUR 311,000 520,165 0.72
Japan Government Twenty Year Bond JPY 9,300,000 80,850 0.11 15/01/2028
1.5% 20/06/2034 Nyrstar Netherlands Holdings BV, Reg. EUR 100,000 116,947 0.16
Japan Government Twenty Year Bond JPY 120,750,000 1,029,859 1.43 S 8.5% 15/09/2019
1.4% 20/09/2034 Petrobras Global Finance BV 3% USD 20,000 18,469 0.03
Japan Government Twenty Year Bond JPY 116,300,000 955,742 1.33 15/01/2019
1.2% 20/12/2034 Petrobras Global Finance BV 7.875% USD 15,000 15,950 0.02
3,284,608 4.57 15/03/2019
Jersey RWE Finance BV 5.625% 06/12/2023 GBP 9,000 16,137 0.02
Delphi Automotive PLC 1.5% EUR 100,000 102,513 0.14 Shell International Finance BV 2.125% USD 215,000 214,772 0.30
10/03/2025 11/05/2020
Heathrow Funding Ltd., Reg. S Class GBP 50,000 89,709 0.13 United Group BV, Reg. S 7.875% EUR 100,000 118,576 0.17
A9 5.225% 15/02/2025 15/11/2020
192,222 0.27 Volkswagen Financial Services NV, GBP 10,000 16,151 0.02
Lithuania Reg. S 2.625% 22/07/2019
Lithuania Government International USD 557,000 663,640 0.92 Volkswagen International Finance NV, EUR 41,000 47,751 0.07
Bond, Reg. S 7.375% 11/02/2020 Reg. S, FRN 4.625% Perpetual
663,640 0.92 Ziggo Bond Finance BV, Reg. S EUR 100,000 111,314 0.16
4.625% 15/01/2025
Luxembourg
1,836,478 2.56
Actavis Funding SCS 3.8% USD 80,000 78,546 0.11
15/03/2025 Poland
Altice Financing SA, Reg. S 8% EUR 100,000 119,154 0.16 Poland Government Bond 3.25% PLN 550,000 151,223 0.21
15/12/2019 25/07/2019
Altice SA, 144A 7.25% 15/05/2022 EUR 100,000 113,523 0.16 Poland Government Bond 1.5% PLN 985,000 248,778 0.35
25/04/2020
Ardagh Finance Holdings SA, Reg. S EUR 104,187 119,379 0.17
8.375% 15/06/2019 Poland Government Bond 3.25% PLN 1,150,000 305,740 0.42
25/07/2025
Cirsa Funding Luxembourg SA, Reg. S EUR 70,811 81,391 0.11
8.75% 15/05/2018 Poland Government International Bond USD 45,000 49,968 0.07
5% 23/03/2022
Magnolia BC SA, Reg. S 9% EUR 100,000 119,529 0.17
01/08/2020 Poland Government International Bond USD 60,000 58,947 0.08
3% 17/03/2023
SIG Combibloc Holdings SCA, Reg. S EUR 100,000 117,097 0.16
7.75% 15/02/2023 Poland Government International Bond USD 20,000 20,961 0.03
4% 22/01/2024
Wind Acquisition Finance SA, Reg. S EUR 100,000 116,275 0.16
7% 23/04/2021 835,617 1.16
864,894 1.20 Romania
Mexico Romania Government Bond 5.85% RON 750,000 209,917 0.29
26/04/2023
BBVA Bancomer SA, 144A 4.375% USD 150,000 151,496 0.21
10/04/2024 Romanian Government International EUR 98,000 127,757 0.18
Bond, Reg. S 6.5% 18/06/2018
Romanian Government International EUR 110,000 141,431 0.20
Mexican Bonos 8% 07/12/2023 MXN 8,850,000 639,468 0.89 Bond, Reg. S 4.875% 07/11/2019
Mexican Bonos 8.5% 18/11/2038 MXN 1,559,000 119,257 0.17 Romanian Government International EUR 270,000 319,117 0.44
Mexican Bonos 7.75% 13/11/2042 MXN 11,543,000 821,810 1.14 Bond, Reg. S 3.625% 24/04/2024
Mexican Udibonos 10.547% MXN 625,000 203,310 0.28 798,222 1.11
09/06/2022 Russia
Mexico Government International Bond EUR 100,000 119,416 0.17 Russian Federal Bond - OFZ 7.5% RUB 4,140,000 68,593 0.10
3.625% 09/04/2029 15/03/2018
Petroleos Mexicanos, Reg. S 5.5% EUR 120,000 158,439 0.22 Russian Foreign Bond, STEP, 144A USD 25,000 29,313 0.04
24/02/2025 7.5% 31/03/2030
3,246,282 4.52 97,906 0.14
Morocco Singapore
Morocco Government International EUR 140,000 160,804 0.22 Singapore Government Bond 3.125% SGD 119,000 92,578 0.13
Bond, Reg. S 3.5% 19/06/2024 01/09/2022
160,804 0.22 92,578 0.13
Netherlands Slovenia
Bharti Airtel International Netherlands EUR 100,000 117,832 0.17 Slovenia Government Bond, Reg. S EUR 73,000 101,617 0.14
BV, Reg. S 3.375% 20/05/2021 5.125% 30/03/2026
Daimler International Finance BV, Reg. GBP 6,000 10,002 0.01 Slovenia Government Bond, Reg. S EUR 80,000 70,778 0.10
S 3.5% 06/06/2019 1.5% 25/03/2035
E.ON International Finance BV 6% GBP 50,000 90,370 0.13 Slovenia Government International USD 311,000 330,916 0.46
30/10/2019 Bond, Reg. S 4.75% 10/05/2018
General Motors Financial International EUR 100,000 113,336 0.16 Slovenia Government International USD 200,000 208,567 0.29
BV, Reg. S 1.875% 15/10/2019 Bond, Reg. S 4.125% 18/02/2019
ING Bank NV, Reg. S, FRN 4.125% USD 205,000 211,177 0.29 711,878 0.99
21/11/2023
Koninklijke KPN NV 5.75% GBP 50,000 81,281 0.11
18/03/2016
T. ROWE PRICE 29

As at 30 June 2015

South Africa Lloyds Bank PLC, 144A 6.5% USD 200,000 231,117 0.32
South Africa Government Bond 6.75% ZAR 559,000 43,450 0.06 14/09/2020
31/03/2021 Lloyds Bank PLC, Reg. S 7.625% GBP 14,000 27,843 0.04
South Africa Government Bond 7.75% ZAR 1,625,000 130,504 0.18 22/04/2025
28/02/2023 National Grid Gas PLC 6% 07/06/2017 GBP 23,000 39,529 0.06
173,954 0.24 Nationwide Building Society, Reg. S EUR 50,000 68,209 0.09
South Korea 6.75% 22/07/2020
Export-Import Bank of Korea 4.625% EUR 89,000 106,628 0.15 New Look Secured Issuer PLC, Reg. S GBP 100,000 154,046 0.21
20/02/2017 6.5% 01/07/2022
Export-Import Bank of Korea, Reg. S EUR 100,000 117,942 0.16 Next PLC 5.875% 12/10/2016 GBP 50,000 83,215 0.12
2% 30/04/2020 Safeway Ltd. 6.125% 17/12/2018 GBP 5,000 8,691 0.01
Korea Treasury 2.75% 10/09/2019 KRW 328,500,000 302,674 0.42 Scottish Power UK PLC 8.375% GBP 16,000 27,948 0.04
Korea Treasury 3% 10/09/2024 KRW 525,350,000 492,393 0.69 20/02/2017
1,019,637 1.42 Severn Trent Utilities Finance PLC GBP 8,000 15,315 0.02
6.125% 26/02/2024
Spain
Standard Chartered PLC, Reg. S, FRN EUR 100,000 118,523 0.16
Banco Popular Espanol SA, Reg. S 1% EUR 100,000 104,974 0.15 4% 21/10/2025
07/04/2025
Tesco PLC 5.5% 13/12/2019 GBP 20,000 33,927 0.05
Banco Santander SA 4% 07/04/2020 EUR 100,000 130,364 0.18
UK Treasury, Reg. S 4.25% GBP 75,000 151,173 0.21
Bankia SA 4% 03/02/2025 EUR 100,000 135,801 0.19 07/09/2039
BBVA Subordinated Capital SAU, Reg. EUR 100,000 116,199 0.16 UK Treasury, Reg. S 4.5% 07/12/2042 GBP 593,000 1,263,402 1.76
S, FRN 3.5% 11/04/2024
UK Treasury, Reg. S 4.25% GBP 198,000 415,398 0.58
Instituto de Credito Oficial, Reg. S 6% EUR 57,000 79,149 0.11 07/12/2046
08/03/2021
3,343,446 4.65
Spain Government Bond, Reg. S, 144A EUR 96,000 118,672 0.16
4.1% 30/07/2018 United States of America
Spain Government Bond, Reg. S, 144A EUR 15,000 21,103 0.03 AbbVie, Inc. 3.2% 06/11/2022 USD 90,000 89,179 0.12
5.85% 31/01/2022 Alcoa, Inc. 5.125% 01/10/2024 USD 165,000 169,472 0.23
Telefonica Emisiones SAU 5.375% GBP 50,000 85,107 0.12 AmerisourceBergen Corp. 3.25% USD 55,000 53,209 0.07
02/02/2018 01/03/2025
Telefonica Emisiones SAU, Reg. S EUR 50,000 64,532 0.09 Anadarko Petroleum Corp. 3.45% USD 20,000 19,747 0.03
4.693% 11/11/2019 15/07/2024
855,901 1.19 Bank of America Corp., Reg. S 4.625% EUR 50,000 60,820 0.08
Sweden 07/08/2017
Nordea Bank AB 3.875% 15/12/2015 GBP 50,000 79,825 0.11 Bank of America Corp. 5.5% GBP 12,000 21,321 0.03
04/12/2019
Nordea Hypotek AB 1% 08/04/2022 SEK 4,500,000 523,598 0.73
Bank of America Corp., Reg. S 1.375% EUR 100,000 111,447 0.16
Skandinaviska Enskilda Banken AB SEK 6,500,000 800,224 1.11 10/09/2021
1.5% 17/06/2020
Bank of America Corp. 3.3% USD 60,000 59,086 0.08
Sweden Government Bond 3.5% SEK 245,000 35,444 0.05 11/01/2023
01/06/2022
Sweden Government Bond 1.5% SEK 395,000 50,389 0.07 29/01/2037
13/11/2023
CC Holdings GS V LLC 3.849% USD 325,000 322,312 0.45
1,489,480 2.07 15/04/2023
Thailand Citigroup, Inc. 5.5% 18/11/2015 GBP 25,000 40,019 0.06
Thailand Government Bond 3.25% THB 4,868,000 148,805 0.21 Citigroup, Inc., FRN 1.391% EUR 10,000 11,133 0.02
16/06/2017 10/02/2019
Thailand Government Bond 3.45% THB 786,000 24,342 0.03 Constellation Energy Group, Inc. 5.15% USD 105,000 116,447 0.16
08/03/2019 01/12/2020
173,147 0.24 Delphi Corp. 5% 15/02/2023 USD 200,000 213,956 0.30
United Kingdom General Motors Co. 6.25% 02/10/2043 USD 90,000 100,827 0.14
Arqiva Broadcast Finance PLC, Reg. S GBP 100,000 174,198 0.24 Goldman Sachs Group, Inc. (The) 5.5% GBP 10,000 17,417 0.02
9.5% 31/03/2020 12/10/2021
Aviva PLC, FRN 6.875% 22/05/2038 EUR 50,000 63,174 0.09 Goldman Sachs Group, Inc. (The) USD 155,000 176,292 0.25
BAT International Finance PLC 6.375% GBP 12,000 22,234 0.03 5.75% 24/01/2022
12/12/2019 Goldman Sachs Group, Inc. (The) USD 150,000 150,005 0.21
Eastern Power Networks PLC 5.75% GBP 16,000 29,934 0.04 3.625% 22/01/2023
08/03/2024 Harris Corp. 2.7% 27/04/2020 USD 20,000 19,806 0.03
GKN Holdings PLC, Reg. S 6.75% GBP 6,000 10,948 0.02 Humana, Inc. 3.85% 01/10/2024 USD 200,000 202,329 0.28
28/10/2019
Life Technologies Corp. 6% USD 145,000 164,848 0.23
GKN Holdings PLC, Reg. S 5.375% GBP 100,000 175,793 0.24 01/03/2020
19/09/2022
Lockheed Martin Corp. 3.6% USD 65,000 60,178 0.08
HSBC Holdings PLC 5.75% GBP 22,000 38,423 0.05 01/03/2035
20/12/2027
Marsh & McLennan Cos, Inc. 2.35% USD 80,000 79,764 0.11
Imperial Tobacco Finance PLC 6.25% GBP 16,000 28,508 0.04 06/03/2020
04/12/2018
Mondelez International, Inc., Reg. S GBP 50,000 91,177 0.13
InterContinental Hotels Group PLC GBP 100,000 161,898 0.23 7.25% 18/07/2018
3.875% 28/11/2022
30 T. ROWE PRICE

As at 30 June 2015

Morgan Stanley 2.125% 25/04/2018 USD 115,000 115,892 0.16 Japan
Morgan Stanley 5% 02/05/2019 EUR 50,000 64,612 0.09 Japanese Government CPI Linked JPY 69,100,000 622,009 0.87
Morgan Stanley 3.75% 25/02/2023 USD 235,000 238,585 0.33 Bond 0.103% 10/09/2023
Noble Energy, Inc. 4.15% 15/12/2021 USD 95,000 99,037 0.14 Japanese Government CPI Linked JPY 169,500,000 1,516,905 2.11
Bond 0.102% 10/03/2024
Occidental Petroleum Corp. 3.5% USD 260,000 259,457 0.36
15/06/2025 Japanese Government CPI Linked JPY 51,300,000 448,397 0.62
Bond 0.1% 10/09/2024
Omnicom Group, Inc. 3.65% USD 130,000 128,126 0.17
01/11/2024 2,587,311 3.60
Reynolds American, Inc. 5.85% USD 205,000 214,809 0.30 Malaysia
15/08/2045 Malaysia Government Bond 3.889% MYR 608,000 162,325 0.22
SESI LLC 6.375% 01/05/2019 USD 115,000 117,958 0.16 31/07/2020
SESI LLC 7.125% 15/12/2021 USD 25,000 26,625 0.04 Malaysia Government Bond 3.795% MYR 2,130,000 558,691 0.78
30/09/2022
Time Warner Cable, Inc. 6.75% USD 25,000 27,931 0.04
30/06/2031
15/04/2032
01/04/2019 749,037 1.04
Time Warner Cable, Inc. 5% USD 40,000 43,093 0.06 Mexico
01/02/2020 Petroleos Mexicanos 4.875% USD 60,000 62,347 0.09
Time Warner Cable, Inc. 4% USD 15,000 15,420 0.02 24/01/2022
01/09/2021 Petroleos Mexicanos 6.625% USD 10,000 10,715 0.01
Unum Group 4% 15/03/2024 USD 160,000 163,524 0.23 15/06/2035
US Bank NA 2.125% 28/10/2019 USD 250,000 250,424 0.35 Petroleos Mexicanos 6.5% USD 45,000 47,145 0.07
02/06/2041
US Treasury 3.125% 15/02/2043 USD 1,449,000 1,451,490 2.02
Petroleos Mexicanos 5.5% USD 50,000 46,027 0.06
US Treasury 3.375% 15/05/2044 USD 974,000 1,023,537 1.42 27/06/2044
Williams Cos., Inc. (The) 4.55% USD 180,000 174,495 0.25 166,234 0.23
24/06/2024
7,000,295 9.74
21st Century Fox America, Inc. 4.75% USD 180,000 176,740 0.25
Total Bonds 46,152,815 64.22 15/09/2044
Total Transferable securities 46,152,815 64.22 Ally Auto Receivables Trust, Series USD 20,000 20,358 0.03
and money market instruments 2012-A Class D 144A 3.15%
admitted to an official exchange listing 15/10/2018
Amazon.com, Inc. 3.8% 05/12/2024 USD 130,000 130,642 0.18
American Airlines Pass Through USD 183,168 194,616 0.27
Transferable securities and money market instruments dealt in on Trust, Series 2013-2 Class A 4.95%
15/07/2024
AmeriCredit Automobile Receivables USD 8,580 8,630 0.01
Bonds Trust, Series 2012-1 Class C 2.67%
Australia 08/01/2018
SMART ABS Trust, Series 2012-2USA USD 100,000 100,444 0.14 AmeriCredit Automobile Receivables USD 30,000 30,177 0.04
Class A4A 144A 2.06% 14/03/2018 Trust, Series 2012-5 Class C 1.69%
08/11/2018
SMART ABS Trust, Series 2012-4US USD 90,000 89,882 0.12
Class A4A 1.25% 14/08/2018 AmeriCredit Automobile Receivables USD 45,000 45,577 0.06
Trust, Series 2013-5 Class C 2.29%
SMART ABS Trust, Series 2015-1US USD 40,000 40,192 0.06 08/11/2019
Class A3A 1.5% 14/09/2018
Ascentium Equipment Receivables USD 44,000 44,167 0.06
Telstra Corp. Ltd., 144A 3.125% USD 110,000 107,575 0.15 LLC, Series 2015-1A Class A3 144A
07/04/2025 1.61% 13/10/2020
338,093 0.47 Avis Budget Rental Car Funding USD 100,000 100,813 0.14
Canada AESOP LLC, Series 2014-1A Class A
Province of British Columbia Canada CAD 418,000 374,239 0.52 144A 2.46% 20/07/2020
3.7% 18/12/2020 Avis Budget Rental Car Funding USD 110,000 109,883 0.15
374,239 0.52 AESOP LLC, Series 2015-2A Class A
144A 2.63% 20/12/2021
Cayman Islands
Banc of America Commercial USD 195,000 200,242 0.28
HPHT Finance 15 Ltd., 144A 2.25% USD 200,000 200,288 0.28 Mortgage Trust, FRN, Series 2006-3
17/03/2018 Class AM 5.843% 10/07/2044
200,288 0.28 Banc of America Commercial USD 235,000 244,597 0.34
France Mortgage Trust, Series 2006-5 Class
BPCE SA, 144A 5.15% 21/07/2024 USD 285,000 290,472 0.41 AM 5.448% 10/09/2047
290,472 0.41 Banc of America Commercial USD 34,132 36,090 0.05
Mortgage Trust, Series 2007-5 Class
Israel A4 5.492% 10/02/2051
B Communications Ltd., 144A 7.375% USD 150,000 160,931 0.22 Banc of America Commercial USD 111,945 120,265 0.17
15/02/2021 Mortgage Trust, FRN, Series 2007-4
160,931 0.22 Class A4 5.744% 10/02/2051
T. ROWE PRICE 31

As at 30 June 2015

Banc of America Commercial USD 40,000 43,021 0.06 DB Master Finance LLC, Series USD 109,725 110,310 0.15
Mortgage Trust, FRN, Series 2007-4 2015-1A Class A2I 144A 3.262%
Class AM 5.811% 10/02/2051 20/02/2045
Banc of America Mortgage Trust, FRN, USD 3,234 3,222 – Diamond Resorts Owner Trust, USD 46,960 47,212 0.07
Series 2004-A Class 2A2 2.666% Series 2013-2 Class A 144A 2.27%
25/02/2034 20/05/2026
Banc of America Mortgage Trust, FRN, USD 1,965 1,936 – Diamond Resorts Owner Trust, USD 86,003 86,323 0.12
Series 2004-H Class 2A2 2.674% Series 2014-1 Class A 144A 2.54%
25/09/2034 20/05/2027
Banc of America Mortgage Trust, FRN, USD 885 880 – Discover Bank 3.1% 04/06/2020 USD 255,000 255,352 0.36
Series 2004-I Class 3A2 2.621% Domino's Pizza Master Issuer LLC, USD 120,781 124,891 0.17
25/10/2034 Series 2012-1A Class A2 144A
Banc of America Mortgage Trust, FRN, USD 15,640 14,492 0.02 5.216% 25/01/2042
Series 2005-J Class 2A1 2.696% DSLA Mortgage Loan Trust, FRN, USD 26,791 25,370 0.04
25/11/2035 Series 2004-AR1 Class A1A 1.028%
Banc of America Mortgage Trust, FRN, USD 5,578 5,305 0.01 19/09/2044
Series 2005-J Class 3A1 2.746% Elara HGV Timeshare Issuer LLC, USD 78,832 78,720 0.11
25/11/2035 Series 2014-A Class A 144A 2.53%
Barclays Dryrock Issuance Trust, Series USD 100,000 100,526 0.14 25/02/2027
2015-1 Class A 2.2% 15/12/2022 Enterprise Fleet Financing LLC, USD 200,000 200,353 0.28
Cabela's Credit Card Master Note USD 75,000 75,656 0.11 Series 2015-1 Class A2 144A 1.3%
Trust, Series 2015-1A Class A1 2.26% 20/09/2020
15/03/2023 Family Tree Escrow LLC, 144A 5.75% USD 100,000 104,802 0.15
Capital Auto Receivables Asset USD 5,000 5,003 0.01 01/03/2023
Trust, Series 2013-1 Class B 1.29% FHLMC E99933 5% 01/10/2018 USD 1,457 1,523 –
20/04/2018
FHLMC B10343 5% 01/11/2018 USD 1,739 1,817 –
Capital Auto Receivables Asset USD 5,000 5,017 0.01
Trust, Series 2013-1 Class C 1.74% FHLMC E01497 5.5% 01/11/2018 USD 1,358 1,437 –
22/10/2018 FHLMC J03640 6% 01/10/2021 USD 3,982 4,299 0.01
CarMax Auto Owner Trust, Series USD 25,000 25,331 0.04 FHLMC, FRN, Series 2014-HQ3 Class USD 250,000 252,926 0.35
2012-3 Class D 2.29% 15/04/2019 M2 2.835% 25/10/2024
CarMax Auto Owner Trust, Series USD 10,000 10,025 0.01 FHLMC G13682 4.5% 01/11/2024 USD 25,911 27,764 0.04
2014-1 Class B 1.69% 15/08/2019 FHLMC, FRN, Series 2015-DN1 Class USD 250,000 251,033 0.35
CarMax Auto Owner Trust, Series USD 10,000 10,017 0.01 M2 2.585% 25/01/2025
2014-1 Class C 1.93% 15/11/2019 FHLMC, FRN, Series 2015-HQ1 Class USD 250,000 248,439 0.35
Chase Funding Trust, Series 2002-2 USD 1,519 1,510 – M2 2.385% 25/03/2025
Class 1M1 5.599% 25/09/2031 FHLMC G14272 5% 01/07/2025 USD 5,328 5,566 0.01
Citigroup Commercial Mortgage Trust, USD 170,000 167,948 0.23 FHLMC G18465 2.5% 01/05/2028 USD 27,748 28,319 0.04
Series 2015-GC29 Class A4 3.192%
FHLMC C68248 7% 01/06/2032 USD 524 572 –
10/04/2048
FHLMC G01444 6.5% 01/08/2032 USD 3,039 3,547 0.01
CNH Equipment Trust, Series 2012-D USD 50,000 50,138 0.07
Class B 1.27% 15/05/2020 FHLMC, FRN 1B0527 2.285% USD 120 124 –
01/09/2032
Commercial Mortgage Trust, Series USD 55,000 57,713 0.08
2007-GG9 Class AMFX 5.475% FHLMC C72128 6% 01/10/2032 USD 2,353 2,683 –
10/03/2039 FHLMC G05934 6% 01/12/2033 USD 6,560 7,519 0.01
Commercial Mortgage Trust, Series USD 50,000 52,295 0.07 FHLMC A28566 6.5% 01/11/2034 USD 25,491 29,254 0.04
2007-GG9 Class AM 5.475% FHLMC, FRN 1G0661 2.245% USD 460 480 –
10/03/2039 01/01/2036
Commercial Mortgage Trust, Series USD 40,000 39,947 0.06 FHLMC, FRN 1G1326 6.043% USD 1,539 1,627 –
2012-CR3 Class A3 2.822% 01/11/2036
15/10/2045
FHLMC, FRN 1G1353 5.828% USD 1,335 1,413 –
Commercial Mortgage Trust, FRN, USD 70,000 72,301 0.10 01/12/2036
Series 2015-LC21 Class B 4.313%
10/07/2048 FHLMC, FRN 1B3203 2.359% USD 2,313 2,489 –
01/01/2037
Commercial Mortgage Trust, FRN, USD 45,000 43,908 0.06
Series 2015-LC21 Class C 4.313% FHLMC, FRN 1Q0196 2.733% USD 8,115 8,828 0.01
10/07/2048 01/02/2037
Continental Airlines Pass Through USD 36,063 36,919 0.05 FHLMC G04653 6% 01/08/2038 USD 2,239 2,541 –
Trust, Series 2012-1 Class A 4.15% FHLMC G08353 4.5% 01/07/2039 USD 15,176 16,405 0.02
11/10/2025 FHLMC G05659 4.5% 01/10/2039 USD 20,027 21,649 0.03
Continental Airlines Pass Through USD 30,297 31,793 0.04 FHLMC G06020 5.5% 01/12/2039 USD 1,801 2,017 –
Trust, Series 2012-2 Class A 4.625%
03/12/2026 FHLMC A91566 4.5% 01/03/2040 USD 14,968 16,202 0.02
Crown Castle Towers LLC, 144A USD 80,000 78,288 0.11 FHLMC A91812 5% 01/04/2040 USD 17,250 19,062 0.03
3.663% 15/05/2025 FHLMC A93101 5% 01/07/2040 USD 11,234 12,481 0.02
CSAIL Commercial Mortgage Trust, USD 55,000 56,372 0.08 FHLMC A93996 4.5% 01/09/2040 USD 43,877 47,375 0.07
Series 2015-C2 Class B 4.208% FHLMC A95825 4% 01/12/2040 USD 86,194 91,416 0.13
15/06/2057
FHLMC A95961 4% 01/12/2040 USD 22,274 23,628 0.03
CWABS, Inc., FRN, Series 2004-BC1 USD 6,196 5,882 0.01
Class M2 1.792% 25/01/2034 FHLMC A96413 4% 01/01/2041 USD 10,847 11,504 0.02
FHLMC A97059 4% 01/02/2041 USD 55,516 58,813 0.08
32 T. ROWE PRICE

As at 30 June 2015

FHLMC G08435 4.5% 01/02/2041 USD 42,424 45,853 0.06 FNMA 735580 5% 01/06/2035 USD 19,899 22,063 0.03
FHLMC A97047 4.5% 01/02/2041 USD 38,638 41,760 0.06 FNMA 735578 5% 01/06/2035 USD 1,390 1,537 –
FHLMC Q04674 4% 01/12/2041 USD 28,431 30,137 0.04 FNMA 735676 5% 01/07/2035 USD 5,425 6,013 0.01
FHLMC C09007 3.5% 01/08/2042 USD 70,958 73,083 0.10 FNMA 995203 5% 01/07/2035 USD 124,956 138,590 0.19
FHLMC C04238 3.5% 01/09/2042 USD 92,127 94,891 0.13 FNMA, FRN 745216 2.206% USD 10,389 11,083 0.02
FHLMC Q11220 3.5% 01/09/2042 USD 78,162 80,509 0.11 01/11/2035
FHLMC G07240 3% 01/12/2042 USD 256,120 255,132 0.36 FNMA, FRN 848522 1.861% USD 525 553 –
01/12/2035
FHLMC G08534 3% 01/06/2043 USD 23,082 22,979 0.03
FNMA, FRN 848476 2.131% USD 2,607 2,770 –
FNMA 254140 5.5% 01/01/2017 USD 184 189 – 01/12/2035
FNMA 625931 5.5% 01/01/2017 USD 127 130 – FNMA, FRN 846551 2.461% USD 927 996 –
FNMA 625997 5.5% 01/01/2017 USD 391 400 – 01/12/2035
FNMA 254234 5.5% 01/03/2017 USD 414 425 – FNMA 888884 5.5% 01/12/2035 USD 55,983 63,855 0.09
FNMA 357280 6.5% 01/05/2017 USD 906 933 – FNMA AE0115 5.5% 01/12/2035 USD 24,166 27,268 0.04
FNMA 545830 5.5% 01/07/2017 USD 170 174 – FNMA 745089 6% 01/12/2035 USD 68,892 78,795 0.11
FNMA 545898 5.5% 01/09/2017 USD 597 619 – FNMA 745428 5.5% 01/01/2036 USD 99,766 112,403 0.16
FNMA 254473 5.5% 01/10/2017 USD 1,201 1,247 – FNMA 745275 5% 01/02/2036 USD 2,322 2,568 –
FNMA 555345 5.5% 01/02/2018 USD 236 244 – FNMA AL0609 5% 01/03/2036 USD 1,972 2,178 –
FNMA 685202 5.5% 01/04/2018 USD 777 815 – FNMA 745355 5% 01/03/2036 USD 3,728 4,116 0.01
FNMA 725528 5.5% 01/04/2019 USD 1,740 1,830 – FNMA 745418 5.5% 01/04/2036 USD 3,161 3,549 0.01
FNMA 789885 5.5% 01/07/2019 USD 1,580 1,668 – FNMA 995112 5.5% 01/07/2036 USD 37,611 42,415 0.06
FNMA 793573 5.5% 01/09/2019 USD 1,438 1,517 – FNMA, FRN 745761 2.199% USD 8,159 8,687 0.01
FNMA 735318 4.5% 01/11/2019 USD 4,301 4,493 0.01 01/08/2036
FNMA 813764 5% 01/02/2020 USD 5,327 5,616 0.01 FNMA 904108 6.5% 01/11/2036 USD 3,604 4,321 0.01
FNMA 745440 4.5% 01/07/2020 USD 8,020 8,377 0.01 FNMA, FRN 905196 2.651% USD 6,273 6,767 0.01
01/12/2036
FNMA 745392 4.5% 01/12/2020 USD 10,167 10,674 0.02
FNMA 889396 6% 01/02/2037 USD 7,297 8,305 0.01
FNMA 745279 5% 01/02/2021 USD 5,112 5,510 0.01
FNMA AB0299 6% 01/02/2037 USD 5,029 5,725 0.01
FNMA 888564 5% 01/10/2021 USD 13,127 14,148 0.02
FNMA 889139 5.5% 01/03/2037 USD 25,771 28,986 0.04
FNMA 889143 4.5% 01/05/2022 USD 3,375 3,541 0.01
FNMA 995051 6% 01/03/2037 USD 4,867 5,550 0.01
FNMA 942399 6% 01/06/2022 USD 5,045 5,383 0.01
FNMA 915831 6.5% 01/03/2037 USD 2,328 2,676 –
FNMA 890297 4% 01/04/2026 USD 25,384 27,002 0.04
FNMA, FRN 949782 2.184% USD 3,409 3,632 0.01
FNMA AL2088 4% 01/09/2026 USD 63,615 67,686 0.09
01/08/2037
FNMA AL2661 4% 01/10/2026 USD 11,238 11,960 0.02
FNMA 995023 5.5% 01/08/2037 USD 1,418 1,597 –
FNMA AL2456 4.5% 01/10/2026 USD 29,929 32,071 0.04
FNMA 889565 5.5% 01/08/2037 USD 708 798 –
FNMA AL2579 4% 01/12/2026 USD 44,038 46,850 0.07
FNMA 995097 6.5% 01/10/2037 USD 29,480 33,894 0.05
FNMA AJ9354 3% 01/01/2027 USD 43,888 45,553 0.06
FNMA AD0330 5% 01/02/2038 USD 19,419 21,538 0.03
FNMA AO7977 3% 01/06/2027 USD 68,086 70,663 0.10
FNMA AL5224 5% 01/02/2038 USD 9,614 10,647 0.02
FNMA AL2908 3% 01/08/2027 USD 30,959 32,130 0.04
FNMA AE0105 5.5% 01/02/2038 USD 4,868 5,479 0.01
FNMA AP7534 2.5% 01/09/2027 USD 12,010 12,237 0.02
FNMA 995722 5% 01/05/2038 USD 11,269 12,463 0.02
FNMA AL2462 2.5% 01/10/2027 USD 139,755 142,394 0.20
FNMA 889579 6% 01/05/2038 USD 2,115 2,404 –
FNMA AB7143 2.5% 01/12/2027 USD 50,909 51,778 0.07
FNMA 929836 6% 01/08/2038 USD 6,464 7,435 0.01
FNMA AT2060 2.5% 01/04/2028 USD 81,897 83,297 0.12
FNMA AL6966 6.5% 01/08/2038 USD 10,000 11,523 0.02
FNMA AU1656 2.5% 01/07/2028 USD 24,788 25,211 0.04
FNMA AL6965 6% 01/09/2038 USD 25,000 28,679 0.04
FNMA 535041 7% 01/12/2029 USD 2,182 2,607 –
FNMA AD0220 6% 01/10/2038 USD 9,068 10,315 0.01
FNMA 545120 7% 01/08/2031 USD 463 548 –
FNMA 889983 6% 01/10/2038 USD 5,721 6,510 0.01
FNMA 650075 6.5% 01/07/2032 USD 1,120 1,288 –
FNMA AL1779 5.5% 01/12/2038 USD 15,744 17,777 0.02
FNMA 545759 6.5% 01/07/2032 USD 10,304 12,008 0.02
FNMA 995838 5.5% 01/05/2039 USD 8,581 9,636 0.01
FNMA 254550 6.5% 01/12/2032 USD 4,923 5,858 0.01
FNMA 190396 4.5% 01/06/2039 USD 18,876 20,430 0.03
FNMA 555285 6% 01/03/2033 USD 4,350 4,981 0.01
FNMA AC1877 4.5% 01/09/2039 USD 25,645 27,771 0.04
FNMA 555417 6% 01/05/2033 USD 3,199 3,669 0.01
FNMA AE0801 6% 01/09/2039 USD 6,566 7,479 0.01
FNMA 254793 5% 01/07/2033 USD 3,701 4,101 0.01
FNMA AC8518 5% 01/12/2039 USD 2,077 2,294 –
FNMA 725231 5% 01/02/2034 USD 6,161 6,833 0.01
FNMA AD1045 4.5% 01/02/2040 USD 3,602 3,901 0.01
FNMA 745246 6% 01/02/2034 USD 7,506 8,609 0.01
FNMA AD3812 5% 01/04/2040 USD 1,608 1,781 –
FNMA 725162 6% 01/02/2034 USD 30,342 34,723 0.05
FNMA 932752 5% 01/04/2040 USD 46,536 51,400 0.07
FNMA 725205 5% 01/03/2034 USD 107,395 119,115 0.17
FNMA AD9194 5% 01/08/2040 USD 1,995 2,211 –
FNMA 725238 5% 01/03/2034 USD 6,104 6,769 0.01
FNMA MA0500 5% 01/08/2040 USD 1,347 1,489 –
FNMA 725704 6% 01/08/2034 USD 8,507 9,731 0.01
FNMA MA0516 5% 01/09/2040 USD 4,362 4,827 0.01
FNMA AE0678 5% 01/10/2034 USD 13,979 15,489 0.02
FNMA AE0624 4% 01/11/2040 USD 34,922 37,135 0.05
FNMA 725946 5.5% 01/11/2034 USD 13,070 14,751 0.02
FNMA AB2085 4% 01/01/2041 USD 7,340 7,801 0.01
FNMA 357748 5.5% 01/04/2035 USD 2,292 2,582 –
FNMA AE0828 3.5% 01/02/2041 USD 46,652 48,149 0.07
FNMA 735502 6% 01/04/2035 USD 1,739 1,989 –
FNMA AE0949 4% 01/02/2041 USD 50,187 53,381 0.07
T. ROWE PRICE 33

As at 30 June 2015

FNMA AE0984 4.5% 01/02/2041 USD 78,440 84,968 0.12 GNMA 4495 4.5% 20/07/2039 USD 58,113 63,477 0.09
FNMA AL0161 4% 01/04/2041 USD 19,033 20,245 0.03 GNMA 4577 4.5% 20/11/2039 USD 7,139 7,799 0.01
FNMA AL0065 4.5% 01/04/2041 USD 134,762 145,954 0.20 GNMA 4578 5% 20/11/2039 USD 17,907 19,939 0.03
FNMA AB2819 5% 01/04/2041 USD 12,284 13,603 0.02 GNMA, IO, Series 2011-41 Class AI USD 53,107 6,014 0.01
FNMA 890663 5% 01/06/2041 USD 9,555 10,600 0.01 4.5% 20/12/2039
FNMA AJ9335 4% 01/01/2042 USD 197,400 209,801 0.29 GNMA 4697 5% 20/05/2040 USD 11,403 12,697 0.02
FNMA AK9442 4% 01/03/2042 USD 21,286 22,693 0.03 GNMA 4715 5% 20/06/2040 USD 17,953 19,990 0.03
FNMA AL4301 4.5% 01/04/2042 USD 35,216 38,149 0.05 GNMA 4800 4% 20/09/2040 USD 27,576 29,520 0.04
FNMA AO2993 3.5% 01/05/2042 USD 108,436 111,952 0.16 GNMA 4801 4.5% 20/09/2040 USD 28,977 31,652 0.04
FNMA AB5174 3.5% 01/05/2042 USD 13,260 13,691 0.02 GNMA 4835 5% 20/10/2040 USD 15,917 17,745 0.02
FNMA AL1950 4% 01/06/2042 USD 43,262 46,125 0.06 GNMA 4882 4% 20/12/2040 USD 46,373 49,642 0.07
FNMA AL2146 4.5% 01/07/2042 USD 66,192 71,670 0.10 GNMA 4978 4.5% 20/03/2041 USD 7,572 8,271 0.01
FNMA AL2693 4% 01/08/2042 USD 119,100 126,725 0.18 GNMA 4979 5% 20/03/2041 USD 6,994 7,798 0.01
FNMA AQ0535 3% 01/11/2042 USD 37,041 36,990 0.05 GNMA 5054 4% 20/05/2041 USD 30,769 32,929 0.05
FNMA AL3072 3% 01/02/2043 USD 13,209 13,191 0.02 GNMA MA0221 4% 20/07/2042 USD 46,960 49,956 0.07
FNMA AB8700 3% 01/03/2043 USD 203,063 202,744 0.28 GNMA MA0318 3.5% 20/08/2042 USD 61,665 64,090 0.09
FNMA AL3318 3.5% 01/03/2043 USD 2,453 2,537 – GNMA MA0533 3% 20/11/2042 USD 34,813 35,315 0.05
FNMA AB9177 3.5% 01/04/2043 USD 11,721 12,101 0.02 GNMA MA0697 2.5% 20/01/2043 USD 12,564 12,142 0.02
FNMA AU1635 3.5% 01/07/2043 USD 29,718 30,640 0.04 GNMA MA0781 2.5% 20/02/2043 USD 77,507 74,904 0.10
FNMA AU3746 3.5% 01/08/2043 USD 12,959 13,361 0.02 GNMA MA0850 2.5% 20/03/2043 USD 108,431 104,789 0.15
FNMA AU4288 4% 01/09/2043 USD 29,797 31,758 0.04 GNMA MA1010 2.5% 20/05/2043 USD 66,078 63,858 0.09
FNMA AL4681 3.5% 01/12/2043 USD 12,941 13,363 0.02 GNMA MA1012 3.5% 20/05/2043 USD 213,619 222,063 0.31
FNMA AS1586 4.5% 01/01/2044 USD 152,396 164,726 0.23 GNMA MA1088 2.5% 20/06/2043 USD 41,010 39,631 0.06
FNMA AS3468 4% 01/10/2044 USD 80,234 85,115 0.12 GNMA MA1155 2.5% 20/07/2043 USD 9,021 8,718 0.01
FNMA AS4301 4% 01/01/2045 USD 120,079 127,355 0.18 GNMA MA1999 5.5% 20/06/2044 USD 64,733 73,518 0.10
FNMA AY1306 3.5% 01/03/2045 USD 325,611 335,584 0.47 GNMA MA2222 3% 20/09/2044 USD 119,220 120,430 0.17
FNMA AS4794 3.5% 01/04/2045 USD 197,284 203,813 0.28 GNMA MA2444 3% 20/12/2044 USD 322,459 325,535 0.45
FNMA AS4804 3.5% 01/04/2045 USD 79,215 81,695 0.11 GNMA MA2602 4% 20/02/2045 USD 53,180 56,315 0.08
FNMA Connecticut Avenue Securities, USD 77,860 78,464 0.11 GNMA MA2753 3% 20/04/2045 USD 333,257 336,436 0.47
FRN, Series 2014-C04 Class 1M1 GS Mortgage Securities Corp. II, USD 45,000 44,782 0.06
2.135% 25/11/2024 Series 2012-GCJ9 Class A3 2.773%
FNMA Connecticut Avenue Securities, USD 38,544 38,875 0.05 10/11/2045
FRN, Series 2014-C04 Class 2M1 GS Mortgage-Backed Securities Trust, USD 76,353 76,703 0.11
2.285% 25/11/2024 FRN, Series 2014-EB1A Class 2A1
FNMA Interest STRIP, IO, Series 319 USD 707 164 – 144A 2.501% 25/07/2044
Class 2 6.5% 25/02/2032 GSAA Home Equity Trust, FRN, USD 45,210 43,635 0.06
FREMF Mortgage Trust, FRN, Series USD 90,000 89,482 0.12 Series 2005-MTR1 Class A4 0.557%
2015-K718 Class B 144A 3.669% 25/10/2035
25/02/2022 GSAA Trust, FRN, Series 2005-8 Class USD 59,195 56,238 0.08
FREMF Mortgage Trust, FRN, Series USD 30,000 29,836 0.04 A3 0.617% 25/06/2035
2014-K41 Class B 144A 3.83% GTP Acquisition Partners I LLC 144A USD 300,000 296,649 0.41
25/11/2047 2.35% 15/06/2045
FREMF Mortgage Trust, FRN, Series USD 15,000 15,080 0.02 Hilton Grand Vacations Trust, Series USD 84,980 84,400 0.12
2015-K43 Class B 144A 3.735% 2014-AA Class A 144A 1.77%
25/02/2048 25/11/2026
FREMF Mortgage Trust, FRN, Series USD 85,000 81,384 0.11 HOA Funding LLC, Series 2014-1A USD 49,250 48,773 0.07
2015-K46 Class B 144A 3.696% Class A2 144A 4.846% 20/08/2044
25/04/2048 J.P. Morgan Chase Commercial USD 50,000 50,160 0.07
FREMF Mortgage Trust, FRN, Series USD 50,000 47,338 0.07 Mortgage Securities Trust, Series
2015-K45 Class B 144A 3.714% 2012-C8 Class A3 2.829%
25/04/2048 15/10/2045
Gilead Sciences, Inc. 3.5% 01/02/2025 USD 100,000 100,259 0.14 J.P. Morgan Chase Commercial USD 330,000 356,097 0.50
GNMA 520473 7.5% 15/01/2030 USD 640 671 – Mortgage Securities Trust, Series
2013-C16 Class A4 4.166%
GNMA 543869 7.5% 15/01/2031 USD 404 424 – 15/12/2046
GNMA 3490 6.5% 20/12/2033 USD 1,974 2,351 – J.P. Morgan Chase Commercial USD 38,342 40,079 0.06
GNMA 3598 6% 20/08/2034 USD 4,240 4,879 0.01 Mortgage Securities Trust, Series
GNMA 3819 5.5% 20/02/2036 USD 2,455 2,800 – 2006-LDP9 Class A3 5.336%
15/05/2047
GNMA, IO, Series 2010-92 Class PI USD 34,694 2,177 –
4.5% 20/11/2037 J.P. Morgan Chase Commercial USD 35,000 37,153 0.05
Mortgage Securities Trust, FRN,
GNMA, IO, Series 2010-103 Class IN USD 28,540 1,770 –
Series 2007-CB19 Class AM 5.697%
4.5% 20/02/2039
12/02/2049
34 T. ROWE PRICE

As at 30 June 2015

J.P. Morgan Chase Commercial USD 85,000 90,524 0.13 United Airlines Pass Through Trust, USD 20,000 19,887 0.03
Mortgage Securities Trust, FRN, Series 2014-2 Class A 3.75%
Series 2007-LD12 Class A4 5.882% 03/03/2028
15/02/2051 US Treasury Inflation Indexed 0.125% USD 694,000 676,112 0.94
J.P. Morgan Chase Commercial USD 40,000 43,042 0.06 15/07/2024
Mortgage Securities Trust, FRN, WaMu Mortgage Backed Securities USD 3,817 3,867 0.01
Series 2007-LD12 Class AM 6.011% Trust, FRN, Series 2005-AR12 Class
15/02/2051 2A1 2.357% 25/09/2035
JPMBB Commercial Mortgage USD 175,000 174,207 0.24 Wells Fargo Commercial Mortgage USD 115,000 117,876 0.16
Securities Trust, Series 2015-C28 Trust, Series 2015-C29 Class A4
Class A4 3.227% 15/10/2048 3.637% 15/06/2048
LB-UBS Commercial Mortgage Trust, USD 48,000 50,170 0.07 Wells Fargo Commercial Mortgage USD 55,000 53,492 0.07
Series 2006-C7 Class A3 5.347% Trust, FRN, Series 2015-LC20 Class
15/11/2038 C 4.056% 15/04/2050
LB-UBS Commercial Mortgage Trust, USD 35,000 36,772 0.05 Wells Fargo Mortgage Backed USD 6,952 6,919 0.01
FRN, Series 2007-C2 Class AM Securities Trust, FRN, Series 2003-O
5.493% 15/02/2040 Class 5A1 2.49% 25/01/2034
LB-UBS Commercial Mortgage Trust, USD 30,000 32,157 0.04 Wells Fargo Mortgage Backed USD 6,478 6,499 0.01
FRN, Series 2007-C6 Class AM Securities Trust, FRN, Series 2004-G
6.114% 15/07/2040 Class A3 2.676% 25/06/2034
LB-UBS Commercial Mortgage Trust, USD 25,000 27,220 0.04 Wendys Funding LLC, Series 2015-1A USD 160,000 160,037 0.22
FRN, Series 2008-C1 Class AM Class A2I 144A 3.371% 15/06/2045
6.15% 15/04/2041
Wheels SPV 2 LLC, Series 2015-1A USD 200,000 200,280 0.28
Marsh & McLennan Cos, Inc. 3.5% USD 180,000 178,735 0.25 Class A2 144A 1.27% 22/04/2024
10/03/2025
17,240,569 23.99
Medtronic, Inc., 144A 3.5% USD 230,000 230,020 0.32
15/03/2025 Total Bonds 22,107,174 30.76
MMAF Equipment Finance LLC, Series USD 100,000 99,715 0.14 Total Transferable securities 22,107,174 30.76
2014-AA Class A4 144A 1.59% and money market instruments
08/02/2022 dealt in on another regulated market
Morgan Stanley Bank of America USD 290,000 291,580 0.41
Merrill Lynch Trust, Series 2013-C9
Class A4 3.102% 15/05/2046
Morgan Stanley Capital I, Inc., FRN, USD 10,000 10,287 0.01
Units of authorised UCITS or other collective investment
Series 2015-MS1 Class AS 4.163% undertakings
15/05/2048 Collective Investment Schemes - UCITS
Morgan Stanley Capital I, Inc., FRN, USD 25,000 24,897 0.03
Luxembourg
Series 2015-MS1 Class B 4.163%
15/05/2048 T Rowe Price Funds SICAV - Emerging USD 69,580 689,539 0.96
Markets Corporate Bond Fund Class
Morgan Stanley Capital I, Inc., Series USD 70,000 72,098 0.10
Sd†
2015-MS1 Class A4 3.779%
15/05/2048 689,539 0.96
Nordstrom Credit Card Master Note USD 100,000 101,622 0.14 Total Collective Investment 689,539 0.96
Trust II, Series 2011-1A Class A 144A Schemes - UCITS
2.28% 15/11/2019 Total Units of authorised UCITS or other 689,539 0.96
Priceline Group, Inc. (The) 3.65% USD 210,000 205,867 0.29 collective investment undertakings
15/03/2025 Total Investments 68,949,528 95.94
SBA Tower Trust 144A 2.898% USD 325,000 325,681 0.45
15/10/2019
Sequoia Mortgage Trust, FRN, Series USD 85,174 80,149 0.11
2013-6 Class A1 2.5% 25/05/2043 Forward Currency Exchange Contracts
Sierra Timeshare Receivables Funding USD 49,872 50,161 0.07
LLC, Series 2014-1A Class A 144A Unrealised
2.07% 20/03/2030 Currency Amount Currency Amount Maturity Gain/(Loss) % of Net
Sierra Timeshare Receivables Funding USD 87,477 87,672 0.12 Purchased Purchased Sold Sold Date USD Assets
LLC, Series 2015-1A Class A 144A AUD 33,000 USD 25,273 21/08/2015 117 –
2.4% 22/03/2032 EUR 620,999 USD 695,553 31/07/2015 186 –
Sirius XM Radio, Inc., 144A 5.25% USD 160,000 167,000 0.23 EUR 1,611,422 USD 1,782,414 21/08/2015 23,496 0.03
15/08/2022
GBP 182,455 USD 286,261 21/08/2015 1,066 –
SMB Private Education Loan Trust USD 100,000 99,380 0.14
Class A2A, 144A 2.49% 15/06/2027 ILS 115,000 USD 30,459 24/08/2015 70 –
Synchrony Credit Card Master Note USD 100,000 100,306 0.14 INR 5,243,000 USD 81,871 20/07/2015 275 –
Trust, Series 2012-6 Class B 1.83% INR 37,405,000 USD 574,913 03/09/2015 5,582 0.01
17/08/2020 INR 24,196,000 USD 365,333 18/11/2015 4,964 0.01
Terwin Mortgage Trust, STEP, Series USD 4,609 4,759 0.01 JPY 2,209,931,267 USD 17,886,924 31/07/2015 190,707 0.27
2005-14HE Class AF2 4.849%
25/08/2036 JPY 214,243,627 USD 1,730,682 21/08/2015 22,227 0.03
United Airlines Pass Through Trust, USD 75,000 76,312 0.11 KRW 88,807,000 USD 78,916 02/10/2015 349 –
Series 2014-1 Class B 4.75% MXN 453,000 USD 28,759 21/08/2015 72 –
11/10/2023
T. ROWE PRICE 35

As at 30 June 2015
Unrealised Unrealised
Currency Amount Currency Amount Maturity Gain/(Loss) % of Net Currency Amount Currency Amount Maturity Gain/(Loss) % of Net
Purchased Purchased Sold Sold Date USD Assets Purchased Purchased Sold Sold Date USD Assets
NOK 386,975 USD 49,263 21/08/2015 14 – USD 140,239 SEK 1,156,594 31/07/2015 (115) –
SEK 1,622,869 USD 196,755 21/08/2015 271 – USD 442,626 SEK 3,648,000 21/08/2015 (263) –
USD 337,253 AUD 436,283 31/07/2015 1,212 – Total Unrealised Loss on (291,409) (0.41)
USD 1,033,296 AUD 1,287,000 21/08/2015 43,065 0.06 Forward Currency Exchange Contracts
USD 2,037,662 BRL 6,460,000 02/09/2015 431 – Net Unrealised Gain on 167,622 0.23
USD 617,810 CAD 763,084 31/07/2015 4,300 0.01 Forward Currency Exchange Contracts
USD 287,640 DKK 1,885,000 21/08/2015 4,237 0.01 Unrealised
USD 4,752,735 EUR 4,181,974 21/08/2015 66,025 0.09 Counterparty Gain/(Loss)
USD 158,679 GBP 100,000 21/08/2015 1,201 – Bank of America 1,857
USD 344,311 HUF 92,926,000 24/08/2015 14,028 0.02 Barclays 431
USD 473,661 IDR 6,299,686,000 14/07/2015 2,224 – Canadian Imperial Bank of Commerce (55,307)
USD 32,593 IDR 438,444,000 21/08/2015 73 – Citibank (21,146)
USD 32,646 INR 2,075,000 15/07/2015 96 – Deutsche Bank 22,058
USD 11,103 KRW 12,274,330 30/07/2015 132 – Goldman Sachs 19,242
USD 266,156 KRW 294,248,850 31/07/2015 3,148 0.01 HSBC 49,387
USD 88,391 MXN 1,370,665 31/07/2015 1,028 – J.P. Morgan (78,001)
USD 1,689,686 MXN 26,139,240 21/08/2015 26,054 0.03 Morgan Stanley 34,481
USD 125,153 MYR 469,824 30/07/2015 1,007 – Skandinaviska Enskilda Banken (263)
USD 5,085 MYR 19,092 31/07/2015 41 – Standard Chartered 194,883
USD 544,823 MYR 2,047,000 21/08/2015 4,793 0.01 167,622
USD 18,960 NZD 26,000 21/08/2015 1,409 –
USD 69,923 PLN 260,763 31/07/2015 263 –
USD 594,951 PLN 2,160,800 21/08/2015 18,040 0.03
USD 216,642 RON 860,934 21/08/2015 1,167 – Financial Futures Contracts
USD 851,388 SEK 6,944,336 21/08/2015 8,303 0.01 Global Unrealised
USD 36,179 SGD 48,629 31/07/2015 62 – Security Number of Exposure Gain/(Loss) % of Net
USD 338,238 SGD 447,000 21/08/2015 6,391 0.01 Country Description Contracts Currency USD USD Assets
USD 39,863 TRY 106,967 31/07/2015 276 – Canada Canada 10 (12) CAD (1,344,422) 3,293 0.01
USD 52,905 ZAR 643,294 31/07/2015 293 – Year Bond,
USD 16,226 ZAR 195,000 21/08/2015 336 – 21/09/2015
Total Unrealised Gain on 459,031 0.64 South Korea Korea 10 7 KRW 766,424 1,440 –
Forward Currency Exchange Contracts Year Bond,
CAD 1,818,446 USD 1,517,062 21/08/2015 (55,489) (0.08) 15/09/2015
CHF 529,000 USD 579,218 21/08/2015 (9,251) (0.01) United Long Gilt, (6) GBP (1,093,608) 13,422 0.02
CZK 1,639,000 USD 68,308 21/08/2015 (844) – Kingdom 28/09/2015
EUR 981,675 USD 1,114,558 21/08/2015 (14,402) (0.02) United US 10 Year Note, (34) USD (4,289,313) 24,000 0.03
GBP 13,000 USD 20,503 21/08/2015 (30) – States of 21/09/2015
America
HUF 92,643,553 USD 343,033 24/08/2015 (13,754) (0.02)
United US 5 Year Note, (4) USD (476,937) 563 –
IDR 204,241,000 USD 15,403 14/07/2015 (118) –
States of 30/09/2015
INR 47,112,000 USD 746,388 15/07/2015 (7,376) (0.01)
America
INR 25,380,000 USD 401,201 20/07/2015 (3,552) (0.01)
JPY 503,318,000 USD 4,226,605 21/08/2015 (108,530) (0.15)
Financial Futures Contracts
MXN 7,756,621 USD 497,552 21/08/2015 (3,882) –
Germany Euro-Bund, (6) EUR (1,020,744) (8,321) (0.02)
NOK 360,385 USD 48,510 21/08/2015 (2,619) (0.01) 08/09/2015
NZD 169,000 USD 123,671 21/08/2015 (9,589) (0.02) Germany Euro-Schatz, 16 EUR 1,993,870 (359) –
SEK 266,075 USD 32,632 21/08/2015 (329) – 08/09/2015
TRY 319,000 USD 119,745 21/08/2015 (2,365) (0.01) Singapore Japan 10 Year (10) JPY (1,201,570) (998) –
USD 18,993 AUD 25,000 21/08/2015 (242) – Bond Mini,
USD 36,786 CAD 46,000 21/08/2015 (187) – 09/09/2015
USD 178,337 CHF 167,234 31/07/2015 (1,700) – United US 2 Year Note, (3) USD (656,812) (984) –
USD 5,280,565 EUR 4,714,565 31/07/2015 (1,417) – States of 30/09/2015
USD 1,024,339 EUR 920,433 21/08/2015 (7,185) (0.01) America
USD 1,399,684 GBP 889,865 31/07/2015 (1,880) – United US 5 Year Note, (7) USD (834,641) (906) –
USD 445,922 GBP 287,522 21/08/2015 (6,864) – States of 30/09/2015
USD 301,011 IDR 4,075,348,000 21/08/2015 (1,262) – America
USD 1,379,281 ILS 5,312,133 24/08/2015 (30,949) (0.05) Total Unrealised Loss on (11,568) (0.02)
USD 198,550 JPY 24,561,917 31/07/2015 (2,370) – Financial Futures Contracts
USD 288,134 JPY 35,808,432 21/08/2015 (4,845) (0.01) Net Unrealised Gain on 31,150 0.04
36 T. ROWE PRICE

As at 30 June 2015
Credit Default Swap Contracts % of Net Assets

Market Unrealised Morocco 0.22
Nominal Buy/ Value Gain/(Loss) % of Net Finland 0.17
Amount Currency Counterparty Reference Entity Sell Maturity Date USD USD Assets Chile 0.15
20,000 EUR J.P. Morgan United Utilities Buy 20/06/2017 (302) (302) – Russia 0.14
Group PLC Singapore 0.13
6.875% Total Investments 95.94
15/08/2028 Cash and Other Assets/(Liabilities) 4.06
Total Unrealised Loss on (302) (302) –
Total 100.00
Net Unrealised Loss on (302) (302) – †
Managed by an affiliate of the Investment Adviser.
Cash 2,219,530 3.09


% of Net Assets
Japan 8.17
Italy 6.18
Mexico 4.75
United Kingdom 4.65
France 3.93
Brazil 3.14
Netherlands 2.56
Germany 2.18
Luxembourg 2.16
Sweden 2.07
Indonesia 1.66
Austria 1.45
South Korea 1.42
Ireland 1.36
Australia 1.33
Israel 1.26
Spain 1.19
Poland 1.16
Romania 1.11
Malaysia 1.04
China 1.02
Slovenia 0.99
Czech Republic 0.96
Lithuania 0.92
Cayman Islands 0.92
Canada 0.74
Denmark 0.65
Bulgaria 0.46
Croatia 0.34
Iceland 0.34
Hungary 0.28
Jersey 0.27
Belgium 0.26
South Africa 0.24
Thailand 0.24
T. ROWE PRICE 37
Global High Income Bond Fund (3)

As at 30 June 2015
through both growth in the value of, and income from, its Investments Currency Value USD Assets
investments. Transferable securities and money market instruments admitted
The fund invests mainly in a diversified portfolio of high to an official exchange listing
yield corporate bonds from issuers around the world, Bonds
Brazil
including emerging markets. Votorantim Cimentos SA, Reg. S 7.25% USD 200,000 196,188 1.32
05/04/2041
Specifically, the fund invests at least two-thirds of total 196,188 1.32
assets in debt securities that are rated below BBB- by Canada
Standard & Poor’s or have an equivalent rating (or, if First Quantum Minerals Ltd., 144A
7.25% 15/05/2022
USD 200,000 191,500 1.29
unrated, are of equivalent quality) and are issued by Pacific Rubiales Energy Corp., 144A USD 150,000 124,448 0.84
5.375% 26/01/2019
companies. Portfolio debt securities can include fixed 315,948 2.13
and floating rate bonds, convertible bonds, preferred Cayman Islands
stocks, warrants and other transferable debt securities 12.25% 15/04/2018
of any type. KWG Property Holding Ltd., Reg. S USD 200,000 219,269 1.47
13.25% 22/03/2017
The fund does not invest more than 10% of assets in 437,637 2.94
equities and equity-related securities, 25% of assets in Czech Republic
RPG Byty Sro, Reg. S 6.75% EUR 100,000 118,228 0.80
France
categories limited to one-third of assets. Europcar Groupe SA, Reg. S 5.75% EUR 200,000 229,242 1.54
15/06/2022
Holding Medi-Partenaires SAS, EUR 100,000 119,396 0.80
portfolio management and to seek gains. The fund may Reg. S 7% 15/05/2020
Loxam SAS, Reg. S 7% 23/07/2022 EUR 100,000 113,939 0.77
also use derivatives to create synthetic short positions in Numericable-SFR SAS, Reg. S 6.25% USD 200,000 197,858 1.33
660,435 4.44
Germany
(3)
This fund was launched on 4 June 2015. Kirk Beauty Zero GmbH, Reg. S 6.25% EUR 100,000 111,269 0.75
15/07/2022
Pfleiderer GmbH, Reg. S 7.875% EUR 125,000 144,293 0.97
01/08/2019
ProGroup AG, Reg. S 5.125% EUR 100,000 115,044 0.77
01/05/2022
370,606 2.49
Ireland
Vimpel Communications OJSC, Reg. S USD 100,000 107,440 0.72
9.125% 30/04/2018
107,440 0.72
Kazakhstan
Halyk Savings Bank of Kazakhstan USD 200,000 206,974 1.39
JSC, Reg. S 7.25% 28/01/2021
206,974 1.39
Luxembourg
Altice Financing SA, Reg. S 6.625% USD 200,000 202,634 1.36
15/02/2023
Altice SA, Reg. S 7.625% 15/02/2025 USD 225,000 212,625 1.43
Ardagh Finance Holdings SA, Reg. S EUR 130,234 149,224 1.00
8.375% 15/06/2019
Bormioli Rocco Holdings SA, Reg. S EUR 100,000 114,319 0.77
10% 01/08/2018
Cirsa Funding Luxembourg SA, Reg. S EUR 125,000 135,772 0.91
5.875% 15/05/2023
JH-Holding Finance SA, Reg. S 8.25% EUR 100,000 117,372 0.79
01/12/2022
Magnolia BC SA, Reg. S 9% EUR 100,000 119,529 0.81
01/08/2020
Minerva Luxembourg SA, Reg. S USD 200,000 201,741 1.36
7.75% 31/01/2023
SIG Combibloc Holdings SCA, Reg. S EUR 100,000 117,097 0.79
7.75% 15/02/2023
38 T. ROWE PRICE
Global High Income Bond Fund (3) continued

As at 30 June 2015

Wind Acquisition Finance SA, Reg. S USD 200,000 204,177 1.37 Sprint Corp. 7.125% 15/06/2024 USD 75,000 69,478 0.47
7.375% 23/04/2021 Tenet Healthcare Corp. 8.125% USD 100,000 109,113 0.73
1,574,490 10.59 01/04/2022
Netherlands T-Mobile USA, Inc. 6% 01/03/2023 USD 50,000 51,262 0.34
LGE HoldCo VI BV, Reg. S 7.125% EUR 100,000 124,936 0.84 Walter Investment Management Corp. USD 75,000 69,000 0.46
15/05/2024 7.875% 15/12/2021
Nyrstar Netherlands Holdings BV, Reg. EUR 100,000 116,947 0.78 WPX Energy, Inc. 6% 15/01/2022 USD 100,000 98,957 0.67
S 8.5% 15/09/2019 1,055,121 7.10
Petrobras Global Finance BV 6.85% USD 150,000 123,194 0.83 Total Bonds 7,977,451 53.65
05/06/2115
Polish Television Holding BV, Reg. S EUR 100,000 133,777 0.90 Equities
11% 15/01/2021 Ireland
United Group BV, Reg. S 7.875% EUR 100,000 118,576 0.80 Allergan PLC Preference 5.5% USD 25 25,902 0.18
15/11/2020 25,902 0.18
617,430 4.15 United States of America
Singapore American Tower Corp., REIT USD 250 25,340 0.17
TBG Global Pte. Ltd., Reg. S 5.25% USD 200,000 195,881 1.32 Preference 5.5%
10/02/2022 25,340 0.17
195,881 1.32 Total Equities 51,242 0.35
Sweden Total Transferable securities 8,028,693 54.00
Dometic Group AB, Reg. S 9.5% EUR 100,000 113,390 0.76 and money market instruments
26/06/2019 admitted to an official exchange listing
Norcell Sweden Holding 3 AB 5.25% SEK 1,000,000 127,389 0.86
04/11/2019
240,779 1.62
Turkey
Transferable securities and money market instruments dealt in on
Turkiye Vakiflar Bankasi TAO, Reg. S, USD 200,000 197,220 1.32
FRN 6.875% 03/02/2025 Bonds
Yasar Holdings A/S, Reg. S 8.875% USD 200,000 210,729 1.42 Bermuda
06/05/2020
Digicel Group Ltd., 144A 8.25% USD 200,000 200,620 1.35
407,949 2.74 30/09/2020
United Kingdom 200,620 1.35
Boparan Finance PLC, Reg. S 5.25% GBP 100,000 149,627 1.01 Brazil
15/07/2019
Banco do Estado do Rio Grande do USD 200,000 197,568 1.33
Ephios Bondco PLC, Reg. S 6.25% EUR 100,000 109,508 0.74 Sul SA, Reg. S 7.375% 02/02/2022
01/07/2022
197,568 1.33
International Game Technology PLC, USD 200,000 186,622 1.25
Canada
Reg. S 6.5% 15/02/2025
1011778 BC ULC, 144A 4.625% USD 50,000 49,000 0.33
Matalan Finance PLC, Reg. S 6.875% GBP 100,000 154,170 1.04
15/01/2022
01/06/2019
Canbriam Energy, Inc., 144A 9.75% USD 75,000 77,250 0.52
Nationwide Building Society, Reg. S, GBP 100,000 156,037 1.05
15/11/2019
FRN 6.875% Perpetual
Concordia Healthcare Corp., 144A 7% USD 100,000 100,375 0.67
New Look Senior Issuer PLC, Reg. S GBP 100,000 154,081 1.03
15/04/2023
8% 01/07/2023
Lundin Mining Corp., 144A 7.5% USD 100,000 108,000 0.73
Petra Diamonds US Treasury PLC, USD 200,000 205,507 1.38
01/11/2020
Reg. S 8.25% 31/05/2020
Precision Drilling Corp. 6.625% USD 100,000 98,343 0.66
Vedanta Resources PLC, Reg. S USD 200,000 192,072 1.29
15/11/2020
7.125% 31/05/2023
Reliance Intermediate Holdings LP, USD 75,000 78,375 0.53
Virgin Media Finance PLC, Reg. S GBP 100,000 164,721 1.11
144A 6.5% 01/04/2023
6.375% 15/10/2024
Seven Generations Energy Ltd., 144A USD 125,000 132,625 0.89
1,472,345 9.90
8.25% 15/05/2020
AK Steel Corp. 7.625% 01/10/2021 USD 100,000 80,052 0.54 6.75% 01/05/2023
Cemex Finance LLC, Reg. S 9.375% USD 200,000 223,409 1.50 Tervita Corp., 144A 8% 15/11/2018 USD 75,000 68,625 0.46
12/10/2022
Valeant Pharmaceuticals International, USD 75,000 77,144 0.52
Chesapeake Energy Corp. 6.625% USD 60,000 58,699 0.40 Inc., 144A 5.375% 15/03/2020
15/08/2020
864,925 5.82
Level 3 Financing, Inc. 6.125% USD 75,000 78,790 0.53
France
15/01/2021
CGG SA 6.875% 15/01/2022 USD 200,000 170,117 1.14
Nationstar Mortgage LLC 6.5% USD 100,000 93,250 0.63
01/07/2021 170,117 1.14
Navistar International Corp. 8.25% USD 75,000 71,757 0.48 Germany
01/11/2021 Unitymedia GmbH, Reg. S 6.125% USD 200,000 209,198 1.41
Post Holdings, Inc. 7.375% USD 50,000 51,354 0.35 15/01/2025
15/02/2022 209,198 1.41
T. ROWE PRICE 39

As at 30 June 2015

Israel Murray Energy Corp., 144A 11.25% USD 125,000 106,563 0.72
B Communications Ltd., 144A 7.375% USD 150,000 160,931 1.08 15/04/2021
15/02/2021 NCI Building Systems, Inc., 144A USD 50,000 53,500 0.36
160,931 1.08 8.25% 15/01/2023
Luxembourg Ocwen Financial Corp., 144A 7.125% USD 150,000 140,625 0.95
15/05/2019
Ardagh Finance Holdings SA, Reg. S USD 208,625 216,970 1.46
8.625% 15/06/2019 Omega US Sub LLC, 144A 8.75% USD 75,000 75,000 0.50
15/07/2023
216,970 1.46
Outerwall, Inc. 6% 15/03/2019 USD 75,000 75,310 0.51
Mexico
PF Chang's China Bistro, Inc., 144A USD 75,000 77,812 0.52
Servicios Corporativos Javer SAPI de USD 100,000 107,082 0.72 10.25% 30/06/2020
CV, Reg. S 9.875% 06/04/2021
Provident Funding Associates LP, USD 125,000 119,844 0.81
107,082 0.72 144A 6.75% 15/06/2021
United Kingdom Quicken Loans, Inc., 144A 5.75% USD 50,000 47,900 0.32
Barclays PLC, FRN 8.25% Perpetual USD 200,000 211,846 1.42 01/05/2025
211,846 1.42 Range Resources Corp., 144A 4.875% USD 75,000 73,031 0.49
United States of America 15/05/2025
Advanced Micro Devices, Inc. 6.75% USD 75,000 68,181 0.46 Reynolds Group Issuer, Inc. 8.25% USD 125,000 131,043 0.88
01/03/2019 15/02/2021
Aleris International, Inc. 7.875% USD 100,000 103,988 0.70 Rosetta Resources, Inc. 5.875% USD 75,000 79,995 0.54
01/11/2020 01/06/2024
Alliance Data Systems Corp., 144A USD 75,000 77,625 0.52 RSI Home Products, Inc., 144A 6.5% USD 75,000 75,750 0.51
6.375% 01/04/2020 15/03/2023
CCO Holdings LLC 6.625% USD 50,000 52,255 0.35 SandRidge Energy, Inc., 144A 8.75% USD 75,000 67,553 0.45
31/01/2022 01/06/2020
CCO Holdings LLC 5.75% 01/09/2023 USD 25,000 25,153 0.17 SS&C Technologies Holdings, Inc., USD 25,000 25,156 0.17
144A 5.875% 15/07/2023
CommScope Technologies Finance USD 25,000 24,875 0.17
LLC, 144A 6% 15/06/2025 Station Casinos LLC 7.5% 01/03/2021 USD 25,000 26,695 0.18
CrownRock LP, 144A 7.125% USD 25,000 26,063 0.18 TerraForm Power Operating LLC, USD 25,000 25,500 0.17
15/04/2021 144A 5.875% 01/02/2023
CrownRock LP, 144A 7.75% USD 25,000 26,625 0.18 Tribune Media Co., 144A 5.875% USD 50,000 50,375 0.34
15/02/2023 15/07/2022
DJO Finco, Inc., 144A 8.125% USD 100,000 102,417 0.69 Truven Health Analytics, Inc. 10.625% USD 100,000 104,750 0.70
15/06/2021 01/06/2020
Endo Finance LLC, 144A 6% USD 200,000 204,250 1.37 Univision Communications, Inc., 144A USD 75,000 72,281 0.49
01/02/2025 5.125% 15/02/2025
Energizer Holdings, Inc., 144A 5.5% USD 50,000 49,250 0.33 Whiting Petroleum Corp., 144A 6.25% USD 100,000 100,750 0.68
15/06/2025 01/04/2023
Family Tree Escrow LLC, 144A 5.75% USD 100,000 104,803 0.70 WideOpenWest Finance LLC 13.375% USD 75,000 81,375 0.55
01/03/2023 15/10/2019
Ferrellgas LP, 144A 6.75% USD 75,000 75,563 0.51 WMG Acquisition Corp., 144A 6% USD 50,000 51,250 0.34
15/06/2023 15/01/2021
Gardner Denver, Inc., 144A 6.875% USD 100,000 92,375 0.62 WMG Acquisition Corp., 144A 6.75% USD 50,000 47,750 0.32
15/08/2021 15/04/2022
GenOn Energy, Inc. 9.5% 15/10/2018 USD 175,000 179,896 1.21 4,065,229 27.34
Halcon Resources Corp., 144A USD 100,000 98,375 0.66 Virgin Islands, British
8.625% 01/02/2020 Pacific Drilling V Ltd., 144A 7.25% USD 200,000 174,000 1.17
Hexion, Inc. 10% 15/04/2020 USD 50,000 52,101 0.35 01/12/2017
Horizon Pharma Financing, Inc., 144A USD 225,000 234,281 1.58 174,000 1.17
6.625% 01/05/2023 Total Bonds 6,578,486 44.24
HRG Group, Inc., 144A 7.875% USD 100,000 106,000 0.71 Convertible Bonds
15/07/2019
Jo-Ann Stores LLC, 144A 8.125% USD 100,000 94,750 0.64
15/03/2019 MercadoLibre, Inc. 2.25% 01/07/2019 USD 30,000 38,230 0.26
Kindred Healthcare, Inc., 144A 8.75% USD 50,000 54,188 0.36 38,230 0.26
15/01/2023 Total Convertible Bonds 38,230 0.26
Laureate Education, Inc., 144A 10% USD 100,000 93,500 0.63 Total Transferable securities 6,616,716 44.50
Matador Resources Co., 144A 6.875% USD 175,000 179,594 1.21 dealt in on another regulated market
15/04/2023 Total Investments 14,645,409 98.50
Mercer International, Inc. 7% USD 50,000 52,750 0.35
01/12/2019
Monitronics International, Inc. 9.125% USD 100,000 96,500 0.65
01/04/2020
MPG Holdco I, Inc. 7.375% USD 75,000 80,063 0.54
15/10/2022
40 T. ROWE PRICE

As at 30 June 2015

Unrealised
Purchased Purchased Sold Sold Date USD Assets
GBP 32,812 USD 51,590 31/07/2015 90 –
USD 141,385 GBP 89,000 27/07/2015 1,203 0.01
USD 2,350,378 EUR 2,101,000 13/08/2015 (3,927) (0.03)
USD 649,164 GBP 414,161 10/08/2015 (3,103) (0.02)
USD 130,353 SEK 1,076,000 13/08/2015 (257) –
Total Unrealised Loss on (7,287) (0.05)
Unrealised
Citibank 1,203
J.P. Morgan 90
Morgan Stanley (7,287)
(5,994)
Cash 124,793 0.84


% of Net Assets
Luxembourg 12.05
Canada 7.95
France 5.58
Netherlands 4.15
Germany 3.90
Cayman Islands 2.94
Turkey 2.74
Brazil 2.65
Sweden 1.62
Kazakhstan 1.39
Bermuda 1.35
Singapore 1.32
Virgin Islands, British 1.17
Israel 1.08
Ireland 0.90
Czech Republic 0.80
Mexico 0.72
Total 100.00
T. ROWE PRICE 41
Global High Yield Bond Fund

As at 30 June 2015
The fund invests mainly in a diversified portfolio of high to an official exchange listing
yield corporate bonds from issuers around the world, Bonds
Bermuda
including emerging markets. Aircastle Ltd. 5.5% 15/02/2022 USD 2,225,000 2,285,553 0.13
Specifically, the fund invests at least two-thirds of total 2,285,553 0.13
Canada
assets in debt securities that are rated below BBB- by First Quantum Minerals Ltd., 144A USD 1,075,000 1,077,687 0.06
Standard & Poor’s or have an equivalent rating (or, if 7.25% 15/10/2019
First Quantum Minerals Ltd., Reg. S USD 3,425,000 3,279,438 0.18
unrated, are of equivalent quality) and are issued by 7.25% 15/05/2022
Pacific Rubiales Energy Corp., Reg. S USD 5,825,000 4,822,925 0.27
companies. Portfolio debt securities can include fixed 5.375% 26/01/2019
and floating rate bonds, convertible bonds, preferred 9,180,050 0.51
Cayman Islands
stocks, warrants and other transferable debt securities Brakes Capital, Reg. S 7.125% GBP 1,100,000 1,780,921 0.10
of any type. 15/12/2018
CAR, Inc., Reg. S 6.125% 04/02/2020 USD 1,720,000 1,750,564 0.10
The fund does not invest more than 10% of assets in Mizzen Bondco Ltd., Reg. S 7% GBP 1,988,700 3,086,751 0.17
equities and equity-related securities, 25% of assets in 01/05/2021
Wynn Macau Ltd., 144A 5.25% USD 200,000 190,943 0.01
market securities, with total investment in these 6,809,179 0.38
Czech Republic
categories limited to one-third of assets. RPG Byty Sro, Reg. S 6.75% EUR 2,800,000 3,310,395 0.18
01/05/2020
3,310,395 0.18
portfolio management and to seek gains. The fund may France
also use derivatives to create synthetic short positions in CGG SA 7.75% 15/05/2017 USD 1,650,000 1,617,000 0.09
Europcar Groupe SA, Reg. S 11.5% EUR 2,625,000 3,283,246 0.18
Europcar Groupe SA, Reg. S 5.75% EUR 1,775,000 2,034,526 0.11
15/06/2022
Holding Medi-Partenaires SAS, Reg. S EUR 2,950,000 3,522,179 0.20
7% 15/05/2020
Loxam SAS, Reg. S 7% 23/07/2022 EUR 2,400,000 2,734,540 0.15
Numericable-SFR SAS, Reg. S 6.25% USD 6,615,000 6,544,154 0.36
15/05/2024
19,735,645 1.09
Germany
Kirk Beauty Zero GmbH, Reg. S 6.25% EUR 775,000 862,338 0.05
15/07/2022
KraussMaffei Group GmbH, Reg. S EUR 2,362,500 2,842,529 0.16
8.75% 15/12/2020
Safari Holding Verwaltungs GmbH, EUR 1,925,000 2,279,680 0.13
Reg. S 8.25% 15/02/2021
WEPA Hygieneprodukte GmbH, Reg. EUR 825,000 990,592 0.05
S 6.5% 15/05/2020
6,975,139 0.39
Ireland
Ardagh Packaging Finance PLC, Reg. USD 575,000 586,500 0.03
S 6.25% 31/01/2019
Vimpel Communications OJSC, Reg. S USD 4,000,000 4,034,640 0.23
7.748% 02/02/2021
4,621,140 0.26
Italy
Cerved Group SpA, Reg. S 6.375% EUR 975,000 1,144,450 0.06
15/01/2020
UniCredit SpA, Reg. S, FRN 8% USD 1,800,000 1,768,293 0.10
Perpetual
2,912,743 0.16
Kazakhstan
Halyk Savings Bank of Kazakhstan USD 3,685,000 3,818,176 0.21
JSC, Reg. S 7.25% 03/05/2017
42 T. ROWE PRICE
Global High Yield Bond Fund continued

As at 30 June 2015

Halyk Savings Bank of Kazakhstan USD 640,000 662,317 0.04 United Kingdom
JSC, Reg. S 7.25% 28/01/2021 Arqiva Broadcast Finance PLC, Reg. S GBP 7,325,000 12,760,023 0.71
4,480,493 0.25 9.5% 31/03/2020
Luxembourg Boparan Finance PLC, Reg. S 5.25% GBP 2,325,000 3,478,822 0.19
Altice Financing SA, Reg. S 6.5% USD 6,400,000 6,398,016 0.36 15/07/2019
15/01/2022 Cleopatra Finance Ltd., 144A 6.25% USD 2,550,000 2,452,195 0.14
Altice Finco SA, Reg. S 9.875% USD 3,800,000 4,175,155 0.23 15/02/2022
15/12/2020 Ephios Bondco PLC, Reg. S 6.25% EUR 3,200,000 3,504,265 0.19
Altice Finco SA, 144A 8.125% USD 2,625,000 2,715,563 0.15 01/07/2022
15/01/2024 Infinis PLC, Reg. S 7% 15/02/2019 GBP 2,075,000 3,413,204 0.19
Altice SA, Reg. S 7.75% 15/05/2022 USD 7,500,000 7,329,825 0.41 International Game Technology PLC, USD 3,675,000 3,419,734 0.19
ArcelorMittal 10.6% 01/06/2019 USD 2,850,000 3,421,895 0.19 144A 6.5% 15/02/2025
Bormioli Rocco Holdings SA, Reg. S EUR 3,200,000 3,658,203 0.20 Kerling PLC, Reg. S 10.625% EUR 2,700,000 3,097,705 0.17
10% 01/08/2018 01/02/2017
Cirsa Funding Luxembourg SA, Reg. S EUR 1,487,030 1,709,214 0.10 Matalan Finance PLC, Reg. S 6.875% GBP 3,525,000 5,434,494 0.30
8.75% 15/05/2018 01/06/2019
Cirsa Funding Luxembourg SA, Reg. S EUR 2,475,000 2,688,295 0.15 New Look Secured Issuer PLC, Reg. S GBP 2,325,000 3,581,560 0.20
5.875% 15/05/2023 6.5% 01/07/2022
Gestamp Funding Luxembourg SA, USD 1,775,000 1,834,862 0.10 New Look Senior Issuer PLC, Reg. S GBP 1,750,000 2,696,418 0.15
Reg. S 5.625% 31/05/2020 8% 01/07/2023
Magnolia BC SA, Reg. S 9% EUR 3,035,000 3,627,710 0.20 OTE PLC 4.625% 20/05/2016 EUR 3,300,000 3,487,567 0.19
01/08/2020 Virgin Media Finance PLC, Reg. S 7% GBP 2,750,000 4,631,482 0.26
Millicom International Cellular SA, Reg. USD 1,200,000 1,236,372 0.07 15/04/2023
S 6.625% 15/10/2021 51,957,469 2.88
Play Topco SA, Reg. S 7.75% EUR 3,175,000 3,647,917 0.20 United States of America
28/02/2020 AES Corp. 5.5% 15/03/2024 USD 4,075,000 3,968,296 0.22
SIG Combibloc Holdings SCA, Reg. S EUR 5,725,000 6,703,788 0.37 AGCO Corp. 5.875% 01/12/2021 USD 3,000,000 3,370,155 0.19
7.75% 15/02/2023
AK Steel Corp. 7.625% 01/10/2021 USD 4,875,000 3,902,535 0.22
Trinseo Materials Operating SCA, 144A EUR 825,000 923,917 0.05
6.375% 01/05/2022 AK Steel Corp. 8.375% 01/04/2022 USD 2,350,000 1,938,750 0.11
Trinseo Materials Operating SCA, 144A USD 1,200,000 1,222,200 0.07 Antero Resources Corp. 6% USD 4,275,000 4,359,239 0.24
6.75% 01/05/2022 01/12/2020
Vimpel Communications OJSC, Reg. S USD 4,125,000 4,282,142 0.24 Antero Resources Corp. 5.125% USD 9,100,000 8,721,076 0.48
8.25% 23/05/2016 01/12/2022
Wind Acquisition Finance SA, Reg. S USD 4,025,000 4,012,140 0.22 Atwood Oceanics, Inc. 6.5% USD 4,000,000 3,840,000 0.21
4.75% 15/07/2020 01/02/2020
Wind Acquisition Finance SA, Reg. S USD 8,350,000 8,524,390 0.47 Bill Barrett Corp. 7.625% 01/10/2019 USD 4,350,000 4,141,526 0.23
7.375% 23/04/2021 Bill Barrett Corp. 7% 15/10/2022 USD 1,025,000 933,052 0.05
68,111,604 3.78 Boise Cascade Co. 6.375% USD 4,700,000 4,976,125 0.28
Netherlands 01/11/2020
LGE HoldCo VI BV, Reg. S 7.125% EUR 3,300,000 4,122,889 0.23 Boyd Gaming Corp. 6.875% USD 2,775,000 2,839,630 0.16
15/05/2024 15/05/2023
Nyrstar Netherlands Holdings BV, Reg. EUR 3,575,000 4,180,864 0.23 Calpine Corp. 5.375% 15/01/2023 USD 8,625,000 8,450,258 0.47
S 8.5% 15/09/2019 CenturyLink, Inc. 5.625% 01/04/2020 USD 1,225,000 1,234,727 0.07
Polish Television Holding BV, Reg. S EUR 4,175,000 5,585,194 0.31 CenturyLink, Inc. 6.45% 15/06/2021 USD 2,225,000 2,260,289 0.13
11% 15/01/2021 Chesapeake Energy Corp. 5.375% USD 4,825,000 4,393,235 0.24
Schaeffler Holding Finance BV, Reg. S USD 1,400,000 1,502,473 0.08 15/06/2021
6.25% 15/11/2019 Chesapeake Energy Corp. 5.75% USD 4,800,000 4,328,136 0.24
United Group BV, Reg. S 7.875% EUR 2,675,000 3,171,911 0.18 15/03/2023
15/11/2020 Clean Harbors, Inc. 5.25% 01/08/2020 USD 1,350,000 1,377,567 0.08
UPC Holding BV, Reg. S 6.75% CHF 1,900,000 2,224,291 0.12 Clean Harbors, Inc. 5.125% USD 1,800,000 1,800,558 0.10
15/03/2023 01/06/2021
UPC Holding BV, Reg. S 6.75% EUR 3,625,000 4,424,051 0.25 CMS Energy Corp. 5.05% 15/03/2022 USD 1,875,000 2,069,831 0.11
15/03/2023
CNO Financial Group, Inc. 5.25% USD 6,500,000 6,597,500 0.37
VimpelCom Holdings BV, Reg. S 5.2% USD 1,675,000 1,606,400 0.09 30/05/2025
13/02/2019
Concho Resources, Inc. 7% USD 1,275,000 1,338,189 0.07
26,818,073 1.49 15/01/2021
Sweden Concho Resources, Inc. 5.5% USD 6,925,000 6,921,122 0.38
Ciech Group Financing AB, Reg. S EUR 2,550,000 3,119,844 0.17 01/04/2023
9.5% 30/11/2019 CONSOL Energy, Inc. 5.875% USD 6,000,000 5,163,390 0.29
Dometic Group AB, Reg. S 9.5% EUR 3,850,000 4,365,510 0.24 15/04/2022
26/06/2019 CoreLogic, Inc. 7.25% 01/06/2021 USD 1,575,000 1,681,312 0.09
Norcell Sweden Holding 2 AB, Reg. S EUR 1,576,250 1,919,586 0.11 Crown Castle International Corp., REIT USD 5,175,000 5,225,741 0.29
10.75% 29/09/2019 5.25% 15/01/2023
9,404,940 0.52
T. ROWE PRICE 43

As at 30 June 2015

Denbury Resources, Inc. 5.5% USD 3,725,000 3,379,860 0.19 Oasis Petroleum, Inc. 6.875% USD 1,050,000 1,042,450 0.06
01/05/2022 15/01/2023
Discover Financial Services 10.25% USD 3,700,000 4,595,080 0.25 Omega Healthcare Investors, Inc., REIT USD 775,000 819,562 0.05
15/07/2019 5.875% 15/03/2024
Dycom Investments, Inc. 7.125% USD 2,900,000 3,048,625 0.17 Peabody Energy Corp. 6% 15/11/2018 USD 4,625,000 2,345,985 0.13
15/01/2021 Penn Virginia Corp. 7.25% 15/04/2019 USD 4,125,000 3,609,375 0.20
EPL Oil & Gas, Inc. 8.25% 15/02/2018 USD 2,075,000 1,252,273 0.07 Penn Virginia Corp. 8.5% 01/05/2020 USD 4,350,000 3,936,750 0.22
Exterran Holdings, Inc. 7.25% USD 4,125,000 4,269,375 0.24 Penske Automotive Group, Inc. 5.75% USD 3,600,000 3,769,200 0.21
01/12/2018 01/10/2022
Ferrellgas LP 6.5% 01/05/2021 USD 2,900,000 2,936,728 0.16 PH Glatfelter Co. 5.375% 15/10/2020 USD 4,150,000 4,284,875 0.24
FTI Consulting, Inc. 6.75% 01/10/2020 USD 825,000 859,031 0.05 Pinnacle Entertainment, Inc. 7.5% USD 6,175,000 6,510,519 0.36
FTI Consulting, Inc. 6% 15/11/2022 USD 10,825,000 11,352,719 0.63 15/04/2021
Gannett Co., Inc. 6.375% 15/10/2023 USD 425,000 443,570 0.02 PolyOne Corp. 5.25% 15/03/2023 USD 2,325,000 2,320,815 0.13
Graphic Packaging International, Inc. USD 1,775,000 1,798,164 0.10 Post Holdings, Inc. 7.375% USD 2,350,000 2,413,614 0.13
4.75% 15/04/2021 15/02/2022
Greif, Inc. 7.75% 01/08/2019 USD 450,000 497,680 0.03 Prestige Brands, Inc. 8.125% USD 1,800,000 1,922,841 0.11
Group 1 Automotive, Inc. 5% USD 2,000,000 2,000,000 0.11 01/02/2020
01/06/2022 Quiksilver, Inc. 10% 01/08/2020 USD 2,925,000 1,111,500 0.06
HCA Holdings, Inc. 6.25% 15/02/2021 USD 16,725,000 18,119,029 1.01 Range Resources Corp. 5% USD 1,375,000 1,352,024 0.07
HCA, Inc. 5.375% 01/02/2025 USD 275,000 278,190 0.02 15/08/2022
HRG Group, Inc. 7.875% 15/07/2019 USD 3,175,000 3,365,500 0.19 Range Resources Corp. 5% USD 3,850,000 3,769,843 0.21
15/03/2023
HRG Group, Inc. 7.75% 15/01/2022 USD 2,975,000 2,916,363 0.16
Regal Entertainment Group 5.75% USD 12,675,000 12,900,552 0.72
iStar Financial, Inc., REIT 7.125% USD 2,900,000 3,051,684 0.17 15/03/2022
15/02/2018
Regal Entertainment Group 5.75% USD 250,000 248,770 0.01
iStar Financial, Inc., REIT 5% USD 3,125,000 3,073,328 0.17 15/06/2023
01/07/2019
Reynolds Group Issuer, Inc. 9.875% USD 1,618,000 1,701,505 0.09
Lender Processing Services, Inc. USD 2,768,000 2,951,380 0.16 15/08/2019
5.75% 15/04/2023
Ryerson, Inc. 9% 15/10/2017 USD 3,500,000 3,530,748 0.20
Level 3 Financing, Inc. 7% 01/06/2020 USD 2,875,000 3,056,686 0.17
Ryerson, Inc. 11.25% 15/10/2018 USD 2,857,000 2,899,855 0.16
Level 3 Financing, Inc. 8.625% USD 3,150,000 3,374,280 0.19
15/07/2020 SandRidge Energy, Inc. 7.5% USD 2,825,000 1,243,000 0.07
15/03/2021
Level 3 Financing, Inc. 6.125% USD 650,000 682,848 0.04
15/01/2021 Select Medical Corp. 6.375% USD 3,900,000 3,932,097 0.22
01/06/2021
MarkWest Energy Partners LP 4.5% USD 4,200,000 4,094,517 0.23
15/07/2023 SESI LLC 7.125% 15/12/2021 USD 6,325,000 6,736,125 0.37
Men's Wearhouse, Inc. (The) 7% USD 5,075,000 5,430,250 0.30 SM Energy Co. 6.5% 01/01/2023 USD 4,790,000 4,933,844 0.27
01/07/2022 SM Energy Co. 5% 15/01/2024 USD 3,375,000 3,210,722 0.18
MGM Resorts International 6.625% USD 4,325,000 4,512,878 0.25 SM Energy Co. 5.625% 01/06/2025 USD 550,000 545,108 0.03
15/12/2021 Sprint Communications, Inc. 11.5% USD 5,000,000 5,917,500 0.33
MGM Resorts International 6% USD 4,125,000 4,186,999 0.23 15/11/2021
15/03/2023 Sprint Corp. 7.125% 15/06/2024 USD 16,050,000 14,868,319 0.83
MPT Operating Partnership LP, REIT USD 2,450,000 2,593,080 0.14 Targa Resources Partners LP 5.25% USD 4,175,000 4,130,140 0.23
6.875% 01/05/2021 01/05/2023
MPT Operating Partnership LP, REIT USD 2,050,000 2,180,687 0.12 Tenet Healthcare Corp. 8.125% USD 1,700,000 1,854,921 0.10
6.375% 15/02/2022 01/04/2022
Nationstar Mortgage LLC 7.875% USD 500,000 501,872 0.03 Terex Corp. 6.5% 01/04/2020 USD 1,025,000 1,077,270 0.06
01/10/2020
Terex Corp. 6% 15/05/2021 USD 5,500,000 5,553,405 0.31
Nationstar Mortgage LLC 6.5% USD 7,700,000 7,180,250 0.40
01/07/2021 T-Mobile USA, Inc. 6.25% 01/04/2021 USD 5,450,000 5,599,875 0.31
Navistar International Corp. 8.25% USD 4,600,000 4,401,096 0.24 T-Mobile USA, Inc. 6.633% USD 4,100,000 4,282,245 0.24
01/11/2021 28/04/2021
Newfield Exploration Co. 5.75% USD 3,625,000 3,685,755 0.20 T-Mobile USA, Inc. 6% 01/03/2023 USD 8,675,000 8,893,870 0.49
30/01/2022 T-Mobile USA, Inc. 6.5% 15/01/2024 USD 825,000 855,834 0.05
Newfield Exploration Co. 5.625% USD 225,000 228,313 0.01 T-Mobile USA, Inc. 6.375% USD 1,575,000 1,615,147 0.09
01/07/2024 01/03/2025
Newfield Exploration Co. 5.375% USD 1,600,000 1,602,752 0.09 TransDigm, Inc. 6.5% 15/07/2024 USD 1,900,000 1,879,100 0.10
01/01/2026 United Continental Holdings, Inc. USD 3,250,000 3,415,864 0.19
Nord Anglia Education Finance LLC, CHF 1,725,000 1,910,566 0.11 6.375% 01/06/2018
Reg. S 5.75% 15/07/2022 United Rentals North America, Inc. USD 3,800,000 3,875,772 0.21
NRG Energy, Inc. 6.25% 15/07/2022 USD 4,500,000 4,591,710 0.25 6.125% 15/06/2023
NRG Energy, Inc. 6.25% 01/05/2024 USD 1,925,000 1,922,911 0.11 Vulcan Materials Co. 7.5% 15/06/2021 USD 3,250,000 3,769,512 0.21
Oasis Petroleum, Inc. 7.25% USD 675,000 695,250 0.04 Walter Investment Management Corp. USD 7,585,000 6,978,162 0.39
01/02/2019 7.875% 15/12/2021
Oasis Petroleum, Inc. 6.5% USD 1,075,000 1,074,742 0.06 WellCare Health Plans, Inc. 5.75% USD 4,225,000 4,412,526 0.25
01/11/2021 15/11/2020
Oasis Petroleum, Inc. 6.875% USD 1,650,000 1,684,898 0.09 William Carter Co. (The) 5.25% USD 4,825,000 4,979,641 0.28
15/03/2022 15/08/2021
44 T. ROWE PRICE

As at 30 June 2015

Wolverine World Wide, Inc. 6.125% USD 1,850,000 1,967,401 0.11 Belgium
15/10/2020 Barry Callebaut Services NV, Reg. S USD 9,900,000 10,566,121 0.59
WPX Energy, Inc. 6% 15/01/2022 USD 7,700,000 7,619,727 0.42 5.5% 15/06/2023
WPX Energy, Inc. 5.25% 15/09/2024 USD 1,075,000 986,646 0.05 10,566,121 0.59
401,237,714 22.27 Bermuda
Virgin Islands, British Digicel Group Ltd., Reg. S 8.25% USD 7,750,000 7,785,224 0.43
Studio City Finance Ltd., Reg. S 8.5% USD 3,200,000 3,217,184 0.18 30/09/2020
01/12/2020 Digicel Group Ltd., Reg. S 7.125% USD 2,225,000 2,109,044 0.12
3,217,184 0.18 01/04/2022
Total Bonds 621,057,321 34.47 Digicel Ltd., Reg. S 6% 15/04/2021 USD 2,275,000 2,203,167 0.12
NCL Corp. Ltd., 144A 5.25% USD 2,625,000 2,715,221 0.15
Equities 15/11/2019
Ireland Seadrill Ltd., 144A 6.125% USD 2,000,000 1,788,950 0.10
Allergan PLC Preference 5.5% USD 2,829 2,931,099 0.16 15/09/2017
2,931,099 0.16 16,601,606 0.92
Luxembourg Canada
Altice SA EUR 12,593 1,752,285 0.10 1011778 BC ULC, 144A 4.625% USD 2,350,000 2,303,000 0.13
1,752,285 0.10 15/01/2022
United Kingdom Air Canada, Reg. S 7.75% 15/04/2021 USD 3,150,000 3,362,625 0.19
Liberty Global PLC USD 22,800 1,160,748 0.07 Bombardier, Inc., 144A 5.5% USD 7,925,000 7,925,000 0.44
15/09/2018
1,160,748 0.07
Canbriam Energy, Inc., 144A 9.75% USD 3,725,000 3,836,750 0.21
United States of America 15/11/2019
Advanced Micro Devices, Inc. USD 401,700 964,080 0.05 Cascades, Inc., 144A 5.5% USD 1,275,000 1,235,156 0.07
American Tower Corp., REIT USD 12,240 1,255,151 0.07 15/07/2022
Preference 5.25% Cascades, Inc., 144A 5.75% USD 6,250,000 6,046,875 0.34
American Tower Corp., REIT USD 10,453 1,059,516 0.06 15/07/2023
Preference 5.5% Concordia Healthcare Corp., 144A 7% USD 3,075,000 3,086,531 0.17
Crown Castle International Corp., REIT USD 41,650 4,285,785 0.24 15/04/2023
Preference 4.5% Eldorado Gold Corp., Reg. S 6.125% USD 3,525,000 3,511,781 0.19
General Motors Co. USD 52,178 1,743,267 0.10 15/12/2020
Howard Hughes Corp. (The) USD 6,300 903,420 0.05 Great Canadian Gaming Corp., 144A CAD 1,875,000 1,579,755 0.09
Lands' End, Inc. USD 1,375 33,248 – 6.625% 25/07/2022
MBIA, Inc. USD 363,800 1,949,968 0.11 Lundin Mining Corp., 144A 7.5% USD 3,525,000 3,807,000 0.21
01/11/2020
New Residential Investment Corp., USD 114,500 1,767,880 0.10
REIT Masonite International Corp., 144A USD 1,425,000 1,448,156 0.08
5.625% 15/03/2023
Ocwen Financial Corp. USD 364,000 3,723,720 0.21
MDC Partners, Inc., 144A 6.75% USD 6,675,000 6,649,969 0.37
Range Resources Corp. USD 27,712 1,361,213 0.07
01/04/2020
T-Mobile US, Inc. USD 62,700 2,457,213 0.13
MDC Partners, Inc., Reg. S 6.75% USD 3,200,000 3,188,000 0.18
T-Mobile US, Inc. Preference 5.5% USD 12,341 852,146 0.05 01/04/2020
22,356,607 1.24 MDC Partners, Inc., Reg. S 6.75% USD 775,000 772,094 0.04
Total Equities 28,200,739 1.57 01/04/2020
Warrants MPL 2 Acquisition Canco, Inc., 144A USD 1,975,000 2,108,708 0.12
9.875% 15/08/2018
United States of America Norbord, Inc., 144A 6.25% USD 2,025,000 2,065,500 0.11
American International Group, Inc. USD 37,400 1,028,500 0.05 15/04/2023
19/01/2021 Novelis, Inc. 8.75% 15/12/2020 USD 4,075,000 4,311,065 0.24
Bank of America Corp. 16/01/2019 USD 113,900 700,485 0.04 Pacific Rubiales Energy Corp., Reg. S USD 1,800,000 1,523,592 0.08
BATS Global Markets, Inc. 28/10/2018 USD 49,050 1,246,360 0.07 7.25% 12/12/2021
Wells Fargo & Co. 28/10/2018 USD 47,050 1,070,858 0.06 Pacific Rubiales Energy Corp., Reg. S USD 300,000 220,163 0.01
4,046,203 0.22 5.125% 28/03/2023
Total Warrants 4,046,203 0.22 Pacific Rubiales Energy Corp., Reg. S USD 4,275,000 3,160,871 0.18
Total Transferable securities 653,304,263 36.26 5.625% 19/01/2025
and money market instruments Precision Drilling Corp. 6.625% USD 4,075,000 4,007,477 0.22
admitted to an official exchange listing 15/11/2020
Precision Drilling Corp. 6.5% USD 875,000 855,282 0.05
15/12/2021
Reliance Intermediate Holdings LP, USD 3,775,000 3,944,875 0.22
Transferable securities and money market instruments dealt in on 144A 6.5% 01/04/2023
another regulated market Seven Generations Energy Ltd., 144A USD 1,250,000 1,326,250 0.07
8.25% 15/05/2020
Bonds
Seven Generations Energy Ltd., Reg. S USD 2,250,000 2,387,250 0.13
Australia 8.25% 15/05/2020
BlueScope Steel Finance Ltd., 144A USD 2,275,000 2,343,250 0.13 Seven Generations Energy Ltd., 144A USD 3,025,000 3,032,562 0.17
7.125% 01/05/2018 6.75% 01/05/2023
2,343,250 0.13
T. ROWE PRICE 45

As at 30 June 2015

Tervita Corp., Reg. S 10.875% USD 2,575,000 1,812,800 0.10 Intelsat Jackson Holdings SA 6.625% USD 4,100,000 3,763,513 0.21
15/02/2018 15/12/2022
Tervita Corp., 144A 8% 15/11/2018 USD 3,375,000 3,088,125 0.17 Intelsat Jackson Holdings SA 5.5% USD 4,250,000 3,754,450 0.21
Tervita Corp., Reg. S 8% 15/11/2018 USD 3,700,000 3,385,500 0.19 01/08/2023
Valeant Pharmaceuticals International, USD 3,425,000 3,522,921 0.20 NII International Telecom SCA, 144A USD 1,100,000 995,500 0.06
Inc., 144A 5.375% 15/03/2020 11.375% 15/08/2019§
Valeant Pharmaceuticals International, USD 2,950,000 3,031,125 0.17 NII International Telecom SCA, Reg. S USD 2,325,000 2,104,125 0.12
Inc., 144A 5.875% 15/05/2023 11.375% 15/08/2019§
Videotron Ltd. 5% 15/07/2022 USD 4,300,000 4,305,375 0.24 40,895,074 2.27
96,842,133 5.38 Netherlands
Cayman Islands DPx Holdings BV, 144A 7.5% USD 2,650,000 2,779,188 0.15
01/02/2022
BCP Singapore VI Cayman Financing USD 1,675,000 1,684,212 0.09
Co. Ltd., Reg. S 8% 15/04/2021 JLL, 144A 8.75% 01/05/2020 USD 2,625,000 2,684,062 0.15
Nexteer Automotive Group Ltd., Reg. S USD 3,425,000 3,517,629 0.20 Playa Resorts Holding BV, 144A 8% USD 625,000 650,000 0.04
5.875% 15/11/2021 15/08/2020
UPCB Finance VI Ltd., Reg. S 6.875% USD 2,610,000 2,792,700 0.15 Playa Resorts Holding BV, Reg. S 8% USD 2,025,000 2,106,000 0.12
15/01/2022 15/08/2020
7,994,541 0.44 Schaeffler Holding Finance BV, Reg. S USD 2,750,000 2,860,000 0.16
6.875% 15/08/2018
France
VimpelCom Holdings BV, 144A USD 2,425,000 2,385,921 0.13
CGG SA 6.5% 01/06/2021 USD 350,000 290,500 0.02 7.504% 01/03/2022
CGG SA 6.875% 15/01/2022 USD 7,425,000 6,315,594 0.35 VTR Finance BV, Reg. S 6.875% USD 2,475,000 2,541,701 0.14
6,606,094 0.37 15/01/2024
Germany Ziggo Bond Finance BV, Reg. S USD 1,900,000 1,885,912 0.10
Unitymedia GmbH, Reg. S 6.125% USD 3,525,000 3,687,115 0.20 5.875% 15/01/2025
15/01/2025 17,892,784 0.99
Unitymedia Hessen GmbH & Co. KG, USD 3,575,000 3,549,367 0.20 Spain
Reg. S 5% 15/01/2025 Abengoa Greenfield SA, 144A 6.5% USD 1,425,000 1,311,157 0.07
7,236,482 0.40 01/10/2019
Ireland 1,311,157 0.07
Ardagh Packaging Finance PLC, Reg. USD 511,765 524,559 0.03 United Kingdom
S 7% 15/11/2020 Iron Mountain Europe PLC, Reg. S GBP 2,175,000 3,531,473 0.19
James Hardie International Finance USD 2,300,000 2,380,500 0.13 6.125% 15/09/2022
Ltd., 144A 5.875% 15/02/2023 Jaguar Land Rover Automotive PLC, USD 4,550,000 4,794,472 0.27
2,905,059 0.16 Reg. S 5.625% 01/02/2023
Israel Virgin Media Finance PLC, Reg. S 6% USD 1,900,000 1,940,603 0.11
B Communications Ltd., 144A 7.375% USD 4,475,000 4,801,116 0.27 15/10/2024
15/02/2021 Virgin Media Secured Finance PLC, USD 1,600,000 1,563,760 0.09
4,801,116 0.27 144A 5.25% 15/01/2026
Luxembourg 11,830,308 0.66
Accudyne Industries Borrower, 144A USD 4,550,000 4,242,875 0.23 United States of America
7.75% 15/12/2020 24 Hour Holdings III LLC, Reg. S 8% USD 2,775,000 2,247,750 0.12
Altice SA, 144A 7.625% 15/02/2025 USD 4,775,000 4,548,188 0.25 01/06/2022
Ardagh Finance Holdings SA, 144A EUR 700,000 799,961 0.04 99 Cents Only Stores LLC 11% USD 2,475,000 2,252,250 0.12
8.375% 15/06/2019 15/12/2019
Ardagh Finance Holdings SA, 144A USD 938,812 976,364 0.05 Academy Ltd., 144A 9.25% USD 1,925,000 2,033,281 0.11
8.625% 15/06/2019 01/08/2019
Ardagh Finance Holdings SA, Reg. S USD 2,204,939 2,293,137 0.13 Acadia Healthcare Co., Inc., 144A USD 1,700,000 1,721,250 0.10
8.625% 15/06/2019 5.625% 15/02/2023
Beverage Packaging Holdings USD 2,350,000 2,352,937 0.13 Activision Blizzard, Inc., 144A 6.125% USD 550,000 592,625 0.03
Luxembourg II SA, Reg. S 5.625% 15/09/2023
15/12/2016 Activision Blizzard, Inc., Reg. S 6.125% USD 2,000,000 2,155,000 0.12
Beverage Packaging Holdings USD 2,250,000 2,255,625 0.13 15/09/2023
Luxembourg II SA, 144A 6% Advanced Micro Devices, Inc. 6.75% USD 2,050,000 1,863,624 0.10
15/06/2017 01/03/2019
Beverage Packaging Holdings USD 1,350,000 1,353,375 0.07 Advanced Micro Devices, Inc. 7.5% USD 2,100,000 1,849,533 0.10
Luxembourg II SA, Reg. S 6% 15/08/2022
15/06/2017 AEP Industries, Inc. 8.25% 15/04/2019 USD 2,075,000 2,121,687 0.12
Capsugel SA, Reg. S 7% 15/05/2019 USD 2,050,000 2,096,350 0.12 Affinia Group, Inc. 7.75% 01/05/2021 USD 1,500,000 1,575,000 0.09
Capsugel SA, Reg. S 7% 15/05/2019 USD 2,175,000 2,217,391 0.12 Alcatel-Lucent USA, Inc., Reg. S USD 2,175,000 2,370,750 0.13
Consolidated Energy Finance SA, Reg. USD 4,750,000 4,845,000 0.27 8.875% 01/01/2020
S 6.75% 15/10/2019 Alcatel-Lucent USA, Inc., Reg. S 6.75% USD 1,825,000 1,923,094 0.11
INEOS Group Holdings SA, Reg. S USD 2,250,000 2,296,283 0.13 15/11/2020
6.125% 15/08/2018 Aleris International, Inc. 7.625% USD 1,750,000 1,787,161 0.10
15/02/2018
46 T. ROWE PRICE

As at 30 June 2015

Aleris International, Inc. 7.875% USD 4,125,000 4,289,526 0.24 Chinos Intermediate Holdings A, Inc., USD 1,975,000 1,599,750 0.09
01/11/2020 144A 7.75% 01/05/2019
Allegiant Travel Co. 5.5% 15/07/2019 USD 1,125,000 1,139,586 0.06 Claire's Stores, Inc. 10.5% 01/06/2017 USD 3,338,000 2,703,780 0.15
Alliance Data Systems Corp., Reg. S USD 3,075,000 3,044,250 0.17 Claire's Stores, Inc., 144A 9% USD 2,725,000 2,347,451 0.13
5.375% 01/08/2022 15/03/2019
Alphabet Holding Co., Inc. 7.75% USD 3,325,000 3,342,988 0.19 Clear Channel Worldwide Holdings, USD 4,650,000 4,834,303 0.27
01/11/2017 Inc. 6.5% 15/11/2022 Series B
AMC Entertainment, Inc., 144A 5.75% USD 6,775,000 6,622,563 0.37 Clear Channel Worldwide Holdings, USD 575,000 586,233 0.03
15/06/2025 Inc. 6.5% 15/11/2022
AMC Networks, Inc. 4.75% USD 3,000,000 3,009,660 0.17 CommScope Technologies Finance USD 3,775,000 3,756,125 0.21
15/12/2022 LLC, 144A 6% 15/06/2025
American Airlines Group, Inc., 144A USD 3,600,000 3,645,000 0.20 Comstock Resources, Inc., 144A 10% USD 2,150,000 1,950,222 0.11
5.5% 01/10/2019 15/03/2020
American Airlines Pass Through Trust, USD 808,577 840,920 0.05 CONSOL Energy, Inc., 144A 8% USD 3,925,000 3,723,844 0.21
Series 2013-1 Class B 144A 5.625% 01/04/2023
15/01/2021 Consolidated Container Co. LLC, Reg. USD 3,925,000 3,571,750 0.20
Ancestry.com Holdings LLC, 144A USD 1,675,000 1,710,594 0.09 S 10.125% 15/07/2020
9.625% 15/10/2018 Corrections Corp. of America, REIT USD 900,000 884,655 0.05
Ancestry.com Holdings LLC, Reg. S USD 2,575,000 2,629,719 0.15 4.625% 01/05/2023
9.625% 15/10/2018 Cott Beverages, Inc., 144A 6.75% USD 2,075,000 2,142,438 0.12
Ancestry.com, Inc. 11% 15/12/2020 USD 2,850,000 3,241,875 0.18 01/01/2020
Apex Tool Group LLC, 144A 7% USD 4,825,000 4,354,562 0.24 Coveris Holding Corp., Reg. S 10% USD 2,325,000 2,455,781 0.14
01/02/2021 01/06/2018
Argos Merger Sub, Inc., 144A 7.125% USD 3,650,000 3,845,038 0.21 Crimson Merger Sub, Inc., 144A USD 3,925,000 3,454,000 0.19
15/03/2023 6.625% 15/05/2022
A-S Co-Issuer Subsidiary, Inc., 144A USD 4,375,000 4,637,500 0.26 CrownRock LP, 144A 7.125% USD 1,825,000 1,902,562 0.11
7.875% 15/12/2020 15/04/2021
Ashtead Capital, Inc., Reg. S 6.5% USD 1,450,000 1,555,125 0.09 CrownRock LP, 144A 7.75% USD 4,175,000 4,446,375 0.25
15/07/2022 15/02/2023
Ashtead Capital, Inc., Reg. S 6.5% USD 1,500,000 1,605,000 0.09 Cumulus Media Holdings, Inc. 7.75% USD 925,000 862,118 0.05
15/07/2022 01/05/2019
Avaya, Inc., 144A 7% 01/04/2019 USD 500,000 490,000 0.03 Darling Ingredients, Inc. 5.375% USD 2,450,000 2,460,290 0.14
Avaya, Inc., 144A 10.5% 01/03/2021 USD 3,050,000 2,516,250 0.14 15/01/2022
Avon Products, Inc. 5.75% 15/03/2023 USD 3,850,000 3,307,689 0.18 DBP Holding Corp., 144A 7.75% USD 3,450,000 2,846,250 0.16
15/10/2020
Axalta Coating Systems US Holdings, USD 1,600,000 1,716,000 0.10
Inc., 144A 7.375% 01/05/2021 Dean Foods Co., 144A 6.5% USD 3,825,000 3,920,109 0.22
15/03/2023
Bankrate, Inc., Reg. S 6.125% USD 3,125,000 3,046,875 0.17
15/08/2018 DISH DBS Corp. 5.125% 01/05/2020 USD 3,675,000 3,707,579 0.21
BlueLine Rental Finance Corp., Reg. S USD 2,425,000 2,479,563 0.14 DISH DBS Corp. 5.875% 15/07/2022 USD 3,100,000 3,039,705 0.17
7% 01/02/2019 DJO Finco, Inc., 144A 8.125% USD 3,700,000 3,789,429 0.21
BMC Software Finance, Inc., Reg. S USD 3,350,000 2,759,562 0.15 15/06/2021
8.125% 15/07/2021 DreamWorks Animation SKG, Inc., USD 1,952,000 1,942,240 0.11
BMC Software, Inc. 7.25% 01/06/2018 USD 1,850,000 1,726,142 0.10 144A 6.875% 15/08/2020
Boyd Gaming Corp. 9% 01/07/2020 USD 425,000 463,352 0.03 DuPont Fabros Technology LP, REIT USD 4,425,000 4,491,375 0.25
5.875% 15/09/2021
Builders FirstSource, Inc., 144A USD 1,875,000 1,950,000 0.11
7.625% 01/06/2021 Dynegy, Inc., 144A 6.75% 01/11/2019 USD 3,500,000 3,657,500 0.20
Cable One, Inc., 144A 5.75% USD 1,650,000 1,683,000 0.09 E*TRADE Financial Corp. 5.375% USD 2,675,000 2,757,778 0.15
15/06/2022 15/11/2022
Calpine Corp. 5.5% 01/02/2024 USD 925,000 901,278 0.05 EarthLink Holdings Corp. 7.375% USD 1,425,000 1,487,671 0.08
01/06/2020
Capella Healthcare, Inc. 9.25% USD 2,700,000 2,770,645 0.15
01/07/2017 Endo Finance LLC, 144A 6% USD 3,925,000 4,013,312 0.22
15/07/2023
CCO Holdings LLC 6.625% USD 14,350,000 14,997,185 0.83
31/01/2022 Endo Finance LLC, 144A 6% USD 2,800,000 2,859,500 0.16
01/02/2025
CCO Holdings LLC 5.25% 30/09/2022 USD 5,575,000 5,474,483 0.30
Energizer Holdings, Inc., 144A 5.5% USD 1,975,000 1,945,375 0.11
CCO Holdings LLC 5.75% 01/09/2023 USD 1,900,000 1,911,657 0.11 15/06/2025
CDW LLC 6% 15/08/2022 USD 4,250,000 4,409,205 0.24 Energy Future Intermediate Holding USD 6,287,902 7,191,788 0.40
CEB, Inc., 144A 5.625% 15/06/2023 USD 8,850,000 8,916,375 0.49 Co. LLC, 144A 11.75% 01/03/2022§
Cedar Fair LP 5.25% 15/03/2021 USD 2,725,000 2,823,686 0.16 Energy XXI Gulf Coast, Inc., 144A 11% USD 3,725,000 3,305,937 0.18
CEDC Finance Corp. International, Inc., USD 2,378,639 2,152,668 0.12 15/03/2020
STEP 10% 30/04/2018 Equinix, Inc., REIT 5.375% 01/01/2022 USD 2,450,000 2,457,938 0.14
Cequel Communications Holdings I USD 4,750,000 4,749,287 0.26 Equinix, Inc., REIT 5.375% 01/04/2023 USD 3,000,000 3,001,455 0.17
LLC, 144A 6.375% 15/09/2020 Equinix, Inc., REIT 5.75% 01/01/2025 USD 1,325,000 1,320,588 0.07
Cequel Communications Holdings I USD 1,300,000 1,184,079 0.07 Exterran Partners LP 6% 01/04/2021 USD 1,100,000 1,061,500 0.06
LLC, 144A 5.125% 15/12/2021
Exterran Partners LP 6% 01/10/2022 USD 1,850,000 1,762,125 0.10
Cequel Communications Holdings I USD 4,625,000 4,202,969 0.23
LLC, 144A 5.125% 15/12/2021
T. ROWE PRICE 47

As at 30 June 2015

Family Tree Escrow LLC, 144A 5.25% USD 1,325,000 1,392,933 0.08 JBS USA LLC, Reg. S 5.875% USD 5,225,000 5,280,072 0.29
01/03/2020 15/07/2024
Family Tree Escrow LLC, 144A 5.75% USD 7,825,000 8,200,796 0.45 Jefferies LoanCore LLC, 144A 6.875% USD 2,700,000 2,632,500 0.15
01/03/2023 01/06/2020
FCA US LLC 8.25% 15/06/2021 USD 6,225,000 6,804,921 0.38 Jo-Ann Stores LLC, 144A 8.125% USD 4,200,000 3,979,500 0.22
Ferrellgas LP, 144A 6.75% USD 1,250,000 1,259,375 0.07 15/03/2019
15/06/2023 Ladder Capital Finance Holdings LLLP USD 6,625,000 6,939,687 0.38
First Data Corp., 144A 6.75% USD 5,393,000 5,703,097 0.32 7.375% 01/10/2017
01/11/2020 Ladder Capital Finance Holdings LLLP, USD 1,875,000 1,830,469 0.10
First Data Corp. 12.625% 15/01/2021 USD 16,775,000 19,421,592 1.08 144A 5.875% 01/08/2021
Gardner Denver, Inc., 144A 6.875% USD 7,100,000 6,558,625 0.36 Lamar Media Corp. 5.875% USD 1,000,000 1,037,310 0.06
15/08/2021 01/02/2022
GenOn Energy, Inc. 9.5% 15/10/2018 USD 4,775,000 4,908,604 0.27 Laureate Education, Inc., 144A 10% USD 7,625,000 7,129,375 0.40
01/09/2019
Goodman Networks, Inc. 12.125% USD 3,600,000 3,006,000 0.17
01/07/2018 Level 3 Financing, Inc. 5.375% USD 9,100,000 9,209,883 0.51
15/08/2022
Graton Economic Development USD 3,750,000 4,050,000 0.22
Authority, 144A 9.625% 01/09/2019 Level 3 Financing, Inc., 144A 5.625% USD 3,650,000 3,688,654 0.20
01/02/2023
Greystar Real Estate Partners LLC, USD 1,825,000 1,934,500 0.11
144A 8.25% 01/12/2022 LIN Television Corp., 144A 5.875% USD 2,750,000 2,784,375 0.15
15/11/2022
Guitar Center, Inc., 144A 6.5% USD 4,125,000 3,805,313 0.21
15/04/2019 LTF Merger Sub, Inc., 144A 8.5% USD 2,925,000 2,829,937 0.16
15/06/2023
Gulfport Energy Corp., 144A 6.625% USD 4,500,000 4,590,000 0.25
01/05/2023 Matador Resources Co., 144A 6.875% USD 7,500,000 7,696,875 0.43
15/04/2023
H&E Equipment Services, Inc. 7% USD 1,850,000 1,925,619 0.11
01/09/2022 Mediacom Broadband LLC 6.375% USD 8,250,000 8,585,032 0.48
01/04/2023
Halcon Resources Corp., 144A USD 3,450,000 3,393,938 0.19
8.625% 01/02/2020 Mercer International, Inc. 7% USD 3,200,000 3,376,000 0.19
01/12/2019
HD Supply, Inc., 144A 5.25% USD 3,725,000 3,791,398 0.21
15/12/2021 Mercer International, Inc. 7.75% USD 1,700,000 1,848,750 0.10
01/12/2022
Hercules Offshore, Inc., 144A 10.25% USD 100,000 33,500 –
01/04/2019 MHGE Parent LLC, 144A 8.5% USD 1,125,000 1,137,656 0.06
01/08/2019
Hercules Offshore, Inc., 144A 8.75% USD 5,575,000 1,867,625 0.10
15/07/2021 Michaels Stores, Inc., 144A 5.875% USD 4,075,000 4,258,375 0.24
15/12/2020
Hexion, Inc. 8.875% 01/02/2018 USD 5,725,000 5,228,900 0.29
Milacron LLC, 144A 7.75% USD 3,325,000 3,424,750 0.19
Hexion, Inc. 6.625% 15/04/2020 USD 3,400,000 3,116,559 0.17 15/02/2021
Hexion, Inc. 10% 15/04/2020 USD 1,375,000 1,432,778 0.08 Momentive Performance Materials, Inc. USD 5,000,000 4,512,500 0.25
Hilton Worldwide Finance LLC 5.625% USD 4,200,000 4,389,210 0.24 3.88% 24/10/2021
15/10/2021 Monitronics International, Inc. 9.125% USD 3,625,000 3,498,125 0.19
Horizon Pharma Financing, Inc., 144A USD 2,350,000 2,446,938 0.14 01/04/2020
6.625% 01/05/2023 MPG Holdco I, Inc. 7.375% USD 4,100,000 4,376,750 0.24
Howard Hughes Corp. (The), Reg. S USD 6,525,000 6,949,125 0.39 15/10/2022
6.875% 01/10/2021 MSCI, Inc., 144A 5.25% 15/11/2024 USD 2,225,000 2,258,375 0.13
HRG Group, Inc., 144A 7.875% USD 275,000 291,500 0.02 Murray Energy Corp., 144A 11.25% USD 9,000,000 7,672,500 0.43
15/07/2019 15/04/2021
HRG Group, Inc., 144A 7.75% USD 2,475,000 2,422,406 0.13 National Financial Partners Corp., 144A USD 4,300,000 4,251,625 0.24
15/01/2022 9% 15/07/2021
Hub Holdings LLC, 144A 8.125% USD 2,400,000 2,394,000 0.13 Navient Corp. 5% 26/10/2020 USD 4,375,000 4,316,681 0.24
15/07/2019
Navient Corp. 5.875% 25/03/2021 USD 2,400,000 2,408,496 0.13
HUB International Ltd., 144A 7.875% USD 3,950,000 4,038,875 0.22
01/10/2021 Netflix, Inc. 5.375% 01/02/2021 USD 3,275,000 3,419,837 0.19
IASIS Healthcare LLC 8.375% USD 2,000,000 2,070,170 0.11 NRG Energy, Inc. 6.625% 15/03/2023 USD 3,100,000 3,209,399 0.18
15/05/2019 NRG Yield Operating LLC, 144A USD 3,300,000 3,341,250 0.19
Igloo Holdings Corp., Reg. S 8.25% USD 2,250,000 2,275,312 0.13 5.375% 15/08/2024
15/12/2017 Ocwen Financial Corp., 144A 7.125% USD 6,575,000 6,164,063 0.34
iHeartCommunications, Inc. 10% USD 4,325,000 3,551,625 0.20 15/05/2019
15/01/2018 Omega US Sub LLC, 144A 8.75% USD 4,200,000 4,200,000 0.23
iHeartCommunications, Inc. 9% USD 5,325,000 5,070,997 0.28 15/07/2023
15/12/2019 OneMain Financial Holdings, Inc., USD 2,575,000 2,684,438 0.15
Infor Software Parent LLC, 144A USD 5,675,000 5,700,481 0.32 144A 6.75% 15/12/2019
7.125% 01/05/2021 Opal Acquisition, Inc., Reg. S 8.875% USD 3,350,000 3,274,625 0.18
Infor US, Inc., 144A 6.5% 15/05/2022 USD 4,225,000 4,298,938 0.24 15/12/2021
Interline Brands, Inc. 10.056% USD 1,288,000 1,349,180 0.07 Outerwall, Inc. 6% 15/03/2019 USD 5,325,000 5,347,019 0.30
15/11/2018 Outerwall, Inc. 5.875% 15/06/2021 USD 1,350,000 1,290,937 0.07
Jaguar Holding Co. I, 144A 9.375% USD 2,450,000 2,505,664 0.14 Outfront Media Capital LLC 5.25% USD 3,875,000 3,947,986 0.22
15/10/2017 15/02/2022
Jaguar Holding Co. II, 144A 9.5% USD 950,000 1,020,300 0.06 Outfront Media Capital LLC 5.625% USD 1,325,000 1,362,398 0.08
01/12/2019 15/02/2024
48 T. ROWE PRICE

As at 30 June 2015

Par Pharmaceutical Cos, Inc. 7.375% USD 1,675,000 1,788,063 0.10 Seminole Hard Rock Entertainment, USD 2,820,000 2,848,200 0.16
15/10/2020 Inc., 144A 5.875% 15/05/2021
Parker Drilling Co. 7.5% 01/08/2020 USD 625,000 571,875 0.03 SFX Entertainment, Inc., 144A 9.625% USD 4,925,000 4,346,313 0.24
Parker Drilling Co. 6.75% 15/07/2022 USD 2,125,000 1,836,935 0.10 01/02/2019
Parsley Energy LLC, 144A 7.5% USD 1,800,000 1,845,000 0.10 Shea Homes LP, 144A 5.875% USD 1,800,000 1,831,500 0.10
15/02/2022 01/04/2023
Parsley Energy LLC, Reg. S 7.5% USD 1,275,000 1,294,125 0.07 Shearer's Foods LLC, 144A 9% USD 2,250,000 2,435,625 0.13
15/02/2022 01/11/2019
Parsley Energy LLC, Reg. S 7.5% USD 2,725,000 2,793,125 0.15 Shingle Springs Tribal Gaming USD 2,000,000 2,230,000 0.12
15/02/2022 Authority, 144A 9.75% 01/09/2021
Peninsula Gaming LLC, 144A 8.375% USD 2,125,000 2,216,194 0.12 Sinclair Television Group, Inc. 6.125% USD 4,150,000 4,277,467 0.24
15/02/2018 01/10/2022
Penn Virginia Resource Partners LP USD 450,000 483,878 0.03 Sirius XM Radio, Inc., Reg. S 5.75% USD 2,900,000 2,990,625 0.17
6.5% 15/05/2021 01/08/2021
PF Chang's China Bistro, Inc., 144A USD 3,275,000 3,397,812 0.19 Six Flags Entertainment Corp., 144A USD 1,325,000 1,358,125 0.08
10.25% 30/06/2020 5.25% 15/01/2021
Pittsburgh Glass Works LLC, 144A 8% USD 1,665,000 1,748,250 0.10 Sonic Automotive, Inc. 5% 15/05/2023 USD 3,175,000 3,147,377 0.17
15/11/2018 Spectrum Brands, Inc. 6.625% USD 4,050,000 4,340,426 0.24
Platform Specialty Products Corp., USD 4,325,000 4,498,000 0.25 15/11/2022
144A 6.5% 01/02/2022 Spectrum Brands, Inc., 144A 5.75% USD 1,650,000 1,686,515 0.09
Post Holdings, Inc., 144A 6.75% USD 2,625,000 2,625,000 0.15 15/07/2025
01/12/2021 Springleaf Finance Corp. 5.25% USD 3,575,000 3,530,831 0.20
Post Holdings, Inc., Reg. S 6% USD 1,750,000 1,688,750 0.09 15/12/2019
15/12/2022 Springs Industries, Inc. 6.25% USD 1,600,000 1,577,648 0.09
PQ Corp., 144A 8.75% 01/11/2018 USD 3,325,000 3,403,969 0.19 01/06/2021
PRA Holdings, Inc., 144A 9.5% USD 615,000 690,337 0.04 SS&C Technologies Holdings, Inc., USD 1,975,000 1,987,344 0.11
01/10/2023 144A 5.875% 15/07/2023
Project Homestake Merger Corp., USD 1,325,000 1,295,188 0.07 Starz LLC 5% 15/09/2019 USD 4,600,000 4,673,669 0.26
144A 8.875% 01/03/2023 Station Casinos LLC 7.5% 01/03/2021 USD 1,025,000 1,094,500 0.06
Provident Funding Associates LP, USD 8,850,000 8,484,937 0.47 Summit Materials LLC 10.5% USD 2,480,000 2,728,000 0.15
144A 6.75% 15/06/2021 31/01/2020
Quicken Loans, Inc., 144A 5.75% USD 5,675,000 5,436,650 0.30 Sun Products Corp. (The), 144A 7.75% USD 3,775,000 3,454,125 0.19
01/05/2025 15/03/2021
Range Resources Corp., 144A 4.875% USD 4,425,000 4,308,844 0.24 SunCoke Energy Partners LP, 144A USD 2,300,000 2,348,875 0.13
15/05/2025 7.375% 01/02/2020
Rayonier AM Products, Inc., Reg. S USD 4,325,000 3,903,313 0.21 SunCoke Energy Partners LP, 144A USD 1,425,000 1,455,281 0.08
5.5% 01/06/2024 7.375% 01/02/2020
Realogy Group LLC, 144A 5.25% USD 2,275,000 2,326,187 0.13 Targa Resources Partners LP, 144A USD 2,325,000 2,402,271 0.13
01/12/2021 5% 15/01/2018
Reynolds Group Issuer, Inc. 8.25% USD 4,625,000 4,848,596 0.27 Targa Resources Partners LP 4.25% USD 9,850,000 9,190,346 0.51
15/02/2021 15/11/2023
Rite Aid Corp. 6.75% 15/06/2021 USD 6,725,000 7,079,744 0.39 Taylor Morrison Communities, Inc., USD 2,250,000 2,221,875 0.12
Rite Aid Corp., 144A 6.125% USD 4,100,000 4,228,125 0.23 144A 5.875% 15/04/2023
01/04/2023 Tenet Healthcare Corp., FRN, 144A USD 1,650,000 1,674,750 0.09
Rosetta Resources, Inc. 5.875% USD 2,350,000 2,490,824 0.14 3.786% 15/06/2020
01/06/2022 Tenet Healthcare Corp., 144A 6.75% USD 4,050,000 4,105,445 0.23
Rosetta Resources, Inc. 5.875% USD 9,900,000 10,559,340 0.59 15/06/2023
01/06/2024 TerraForm Power Operating LLC, USD 5,750,000 5,865,000 0.33
RSI Home Products, Inc., 144A 6.5% USD 3,900,000 3,939,000 0.22 144A 5.875% 01/02/2023
15/03/2023 Time, Inc., Reg. S 5.75% 15/04/2022 USD 2,900,000 2,798,500 0.16
Sabine Pass Liquefaction LLC 5.625% USD 3,700,000 3,786,765 0.21 Townsquare Media, Inc., 144A 6.5% USD 2,175,000 2,161,406 0.12
01/02/2021 01/04/2023
Sabine Pass Liquefaction LLC 6.25% USD 1,600,000 1,659,080 0.09 TransDigm, Inc., 144A 6.5% USD 1,575,000 1,575,000 0.09
15/03/2022 15/05/2025
Sabine Pass Liquefaction LLC 5.625% USD 2,525,000 2,514,244 0.14 TransUnion 8.125% 15/06/2018 USD 1,675,000 1,714,614 0.09
15/04/2023 Transworld Systems, Inc., 144A 9.5% USD 3,350,000 2,060,250 0.11
Sabine Pass Liquefaction LLC 5.75% USD 2,850,000 2,839,740 0.16 15/08/2021
15/05/2024 Tribune Media Co., 144A 5.875% USD 6,750,000 6,800,625 0.38
Sabre GLBL, Inc., 144A 5.375% USD 1,175,000 1,160,313 0.06 15/07/2022
15/04/2023 Truven Health Analytics, Inc. 10.625% USD 2,425,000 2,540,187 0.14
Safway Group Holding LLC, 144A 7% USD 2,155,000 2,203,487 0.12 01/06/2020
15/05/2018 United Airlines, Inc., Series 2014-2 USD 725,000 739,500 0.04
SandRidge Energy, Inc., 144A 8.75% USD 3,125,000 2,814,719 0.16 Class B 4.625% 03/09/2022
01/06/2020 United Continental Holdings, Inc. 6% USD 3,575,000 3,728,528 0.21
Scientific Games International, Inc., USD 2,625,000 2,720,813 0.15 01/12/2020
144A 7% 01/01/2022 Univar, Inc., 144A 6.75% 15/07/2023 USD 2,475,000 2,499,750 0.14
Sealed Air Corp., Reg. S 5.25% USD 3,400,000 3,434,000 0.19
01/04/2023
T. ROWE PRICE 49

As at 30 June 2015

Universal Hospital Services, Inc. USD 4,975,000 4,614,312 0.26 Warrants
7.625% 15/08/2020
United Kingdom
Univision Communications, Inc., Reg. S USD 829,000 883,921 0.05
6.75% 15/09/2022 Sentry Holdings 02/01/2024* GBP 237 220 –
Univision Communications, Inc., 144A USD 2,550,000 2,479,875 0.14 220 –
5.125% 15/05/2023 Total Warrants 220 –
Univision Communications, Inc., Reg. S USD 7,650,000 7,439,625 0.41 Total Transferable securities 1,087,549,307 60.37
5.125% 15/05/2023 and money market instruments
Univision Communications, Inc., 144A USD 3,725,000 3,589,969 0.20 dealt in on another regulated market
5.125% 15/02/2025
US Airways Group, Inc. 6.125% USD 6,500,000 6,774,722 0.38
01/06/2018
USG Corp. 9.75% 15/01/2018 USD 6,125,000 6,910,286 0.38
Other transferable securities and money market instruments
USG Corp., Reg. S 5.875% USD 1,000,000 1,045,000 0.06 Bonds
USI, Inc., 144A 7.75% 15/01/2021 USD 6,200,000 6,324,000 0.35 MMC Energy, Inc. 8.875% USD 5,000,000 – –
Valeant Pharmaceuticals International, USD 1,975,000 2,070,699 0.11 15/10/2020§
Inc., 144A 6.375% 15/10/2020 – –
ViaSat, Inc. 6.875% 15/06/2020 USD 3,750,000 3,942,862 0.22 Total Bonds – –
Watco Cos. LLC, 144A 6.375% USD 2,075,000 2,116,500 0.12 Equities
01/04/2023
WaveDivision Escrow LLC, 144A USD 1,025,000 1,081,375 0.06 United States of America
8.125% 01/09/2020 Smurfit-Stone Container Corp. USD 7,275 – –
Whiting Petroleum Corp., 144A 6.25% USD 7,425,000 7,480,687 0.42 Preference*
01/04/2023 Spanish Broadcasting System, Inc. USD 24,424 266 –
WideOpenWest Finance LLC 10.25% USD 725,000 772,194 0.04 Preference*
15/07/2019 266 –
WideOpenWest Finance LLC 13.375% USD 4,400,000 4,774,000 0.26 Total Equities 266 –
15/10/2019 Total Other transferable securities 266 –
William Lyon Homes, Inc. 8.5% USD 4,225,000 4,565,915 0.25 and money market instruments
15/11/2020 Total Investments 1,740,853,836 96.63
William Lyon Homes, Inc. 7% USD 3,800,000 3,952,000 0.22
15/08/2022
WMG Acquisition Corp., 144A 6% USD 2,175,000 2,229,375 0.12
WMG Acquisition Corp., Reg. S 6% USD 1,547,000 1,585,675 0.09
15/01/2021 Unrealised
WMG Acquisition Corp., 144A 6.75% USD 2,775,000 2,650,125 0.15 Currency Amount Currency Amount Maturity Gain/(Loss) % of Net
15/04/2022 Purchased Purchased Sold Sold Date USD Assets
WR Grace & Co-Conn, 144A 5.125% USD 2,550,000 2,588,250 0.14 EUR 666,512 USD 724,156 15/07/2015 22,404 –
01/10/2021 EUR 1,991,850 USD 2,214,794 13/08/2015 17,201 –
846,493,772 46.99 EUR 88,072,931 USD 95,064,788 15/09/2015 3,675,092 0.20
Total Bonds 1,074,319,497 59.64 EUR 93,222,004 USD 99,158,010 15/10/2015 5,408,406 0.31
Convertible Bonds EUR 1,439,419 USD 1,585,314 16/11/2015 30,247 –
Bermuda EUR 59,733 USD 66,657 15/12/2015 422 –
Central European Media Enterprises USD 6,025,000 6,032,531 0.34 GBP 1,584,646 USD 2,451,853 10/07/2015 44,388 –
Ltd. 5% 15/11/2015 NOK 3,981,579 USD 501,219 15/07/2015 6,242 –
6,032,531 0.34 NOK 162,883,876 USD 20,191,710 15/09/2015 537,525 0.03
United States of America NOK 153,749,026 USD 18,838,701 15/10/2015 715,874 0.04
Alpha Natural Resources, Inc. 3.75% USD 900,000 81,563 – NOK 1,343,675 USD 169,583 16/11/2015 1,220 –
15/12/2017 SEK 4,199,892 USD 506,023 15/07/2015 3,456 –
81,563 – SEK 28,782,842 USD 3,465,089 13/08/2015 28,720 –
Total Convertible Bonds 6,114,094 0.34 SEK 29,691,000 USD 3,489,343 15/09/2015 117,313 0.01
Equities SEK 23,465,479 USD 2,687,239 15/10/2015 165,239 0.01
United Kingdom SEK 21,040,296 USD 2,545,629 16/11/2015 14,143 –
Sentry Holdings Class A* GBP 3,300 3,119 – USD 1,632,131 CAD 2,013,000 30/09/2015 15,062 –
Sentry Holdings Preference Class B* GBP 786,348 916,693 0.05 USD 2,266,947 CHF 2,085,682 12/08/2015 20,534 –
919,812 0.05 USD 3,840,811 EUR 3,411,059 15/07/2015 20,084 –
United States of America USD 88,801,252 EUR 78,648,763 11/09/2015 632,400 0.04
Ally Financial, Inc. Preference, USD 4,975 5,053,667 0.28 USD 5,849,980 GBP 3,682,000 10/07/2015 49,850 –
144A 7% USD 430,935 NOK 3,353,843 15/07/2015 3,479 –
Penn Virginia Corp. Preference, USD 22,854 1,142,017 0.06 USD 521,516 NOK 4,077,000 15/09/2015 2,661 –
144A 6%
USD 40,206 SEK 329,534 15/07/2015 231 –
6,195,684 0.34
Total Unrealised Gain on 11,532,193 0.64
50 T. ROWE PRICE

As at 30 June 2015
Unrealised Market Unrealised

Currency Amount Currency Amount Maturity Gain/(Loss) % of Net Nominal Reference Buy/ Maturity Value Gain/(Loss) % of Net
Purchased Purchased Sold Sold Date USD Assets Amount Currency Counterparty Entity Sell Date USD USD Assets
EUR 82,008,550 USD 96,407,689 15/07/2015 (4,549,900) (0.25) 3,425,000 USD Bank of America Chesapeake Energy Sell 20/06/2020 (71,790) (71,790) –
EUR 92,044,622 USD 104,431,495 13/08/2015 (1,289,612) (0.08) Corp. 6.625%
EUR 626,380 USD 707,295 11/09/2015 (5,095) – 15/08/2020
EUR 5,135,589 USD 5,829,000 15/09/2015 (71,414) (0.01) 2,950,000 USD Goldman Sachs MBIA, Inc. Sell 20/03/2017 (500,356) (500,356) (0.03)
EUR 93,674,870 USD 105,913,068 16/11/2015 (775,226) (0.05) Total Unrealised Loss on (572,146) (572,146) (0.03)
EUR 78,290,526 USD 88,568,972 15/12/2015 (649,996) (0.04) Credit Default Swap Contracts
NOK 151,393,667 USD 19,544,650 15/07/2015 (249,207) (0.01) Net Unrealised Loss on (278,708) (278,708) (0.02)
NOK 162,209,377 USD 21,383,292 13/08/2015 (723,762) (0.04)
NOK 10,000,000 USD 1,293,394 15/09/2015 (20,755) –
NOK 16,264,062 USD 2,109,122 15/10/2015 (40,576) –
NOK 168,728,708 USD 22,401,166 16/11/2015 (952,967) (0.05)
Cash 37,770,945 2.10
NOK 171,217,535 USD 21,903,393 15/12/2015 (149,459) (0.01)
SEK 21,214,705 USD 2,634,026 15/07/2015 (60,521) –
Total Net Assets 1,801,483,414 100.00
SEK 997,000 USD 121,596 15/10/2015 (400) –
SEK 3,017,000 USD 368,303 16/11/2015 (1,254) –
SEK 24,797,135 USD 3,033,730 15/12/2015 (14,657) –
USD 1,903,730 CHF 1,778,000 12/08/2015 (11,290) – Geographic Allocation of Portfolio
USD 268,962 EUR 240,343 15/07/2015 (247) –
% of Net Assets
USD 3,667,795 EUR 3,300,000 13/08/2015 (30,066) –
USD 3,481,437 EUR 3,119,615 11/09/2015 (15,793) – United States of America 71.06
USD 3,669,521 EUR 3,300,000 15/09/2015 (30,158) – Luxembourg 6.15
USD 3,671,362 EUR 3,300,000 15/10/2015 (30,223) – Canada 5.89
USD 3,947,654 EUR 3,546,276 16/11/2015 (32,579) – United Kingdom 3.66
USD 40,210,852 GBP 26,907,931 10/07/2015 (2,176,301) (0.12) Netherlands 2.48
USD 273 NOK 2,147 15/07/2015 (1) – France 1.46
USD 679,613 SEK 5,647,581 15/07/2015 (5,481) – Bermuda 1.39
USD 346,107 SEK 3,000,000 13/08/2015 (18,049) – Cayman Islands 0.82
USD 461,754 SEK 4,000,000 15/09/2015 (24,138) – Germany 0.79
Total Unrealised Loss on (11,929,127) (0.66) Belgium 0.59
Forward Currency Exchange Contracts Ireland 0.58
Net Unrealised Loss on (396,934) (0.02) Sweden 0.52
Forward Currency Exchange Contracts Israel 0.27
Kazakhstan 0.25
Unrealised
Czech Republic 0.18
Bank of America 2,527,576
Italy 0.16
Citibank (701,718)
Australia 0.13
Credit Suisse 20,533
Spain 0.07
Deutsche Bank (11,703)
Goldman Sachs 3,450,664
J.P. Morgan (149,364)
Total 100.00
RBS (5,720,893) §
Skandinaviska Enskilda Banken (567,569) * Security is valued at its fair value under the direction of the Board of Directors of the
Standard Chartered (47,991) Manager.
(396,934)

Market Unrealised
Amount Currency Counterparty Entity Sell Date USD USD Assets
625,000 EUR Goldman Sachs TVN Finance Corp. I I AB Sell 20/06/2019 119,071 119,071 –
7.375% 15/12/2020
1,425,000 EUR Barclays Wind Acquisition Sell 20/06/2019 174,367 174,367 0.01
Finance SA 11.75%
15/07/2017
Total Unrealised Gain on 293,438 293,438 0.01
T. ROWE PRICE 51
Global Investment Grade Corporate Bond Fund (4)

As at 30 June 2015
The fund invests mainly in a diversified portfolio of to an official exchange listing
investment-grade corporate bonds from issuers around Bonds
Australia
the world, including emerging markets. Origin Energy Finance Ltd., Reg. S, EUR 140,000 149,277 0.75
FRN 4% 16/09/2074
Specifically, the fund invests at least two-thirds of total SGSP Australia Assets Pty. Ltd., Reg. S GBP 100,000 174,520 0.88
assets in debt securities that are rated BBB- or higher 5.125% 11/02/2021
Transurban Finance Co. Pty. Ltd. EUR 140,000 154,480 0.77
by Standard & Poor’s or have an equivalent rating (or, 1.875% 16/09/2024
if unrated, are of equivalent quality) and are issued by 478,277 2.40
Austria
companies. Portfolio debt securities can include fixed Erste Group Bank AG, Reg. S 7.125% EUR 150,000 190,101 0.95
and floating rate bonds, convertible bonds, warrants 10/10/2022
190,101 0.95
and other transferable debt securities of any type, Belgium
including high-yield securities. The fund may also invest KBC Groep NV, Reg. S, FRN 2.375% EUR 200,000 225,914 1.13
25/11/2024
in preferred stocks, hybrids and preferred securities, as 225,914 1.13
well as government securities. Cayman Islands
Alibaba Group Holding Ltd., Reg. S USD 510,000 491,770 2.47
equities and equity-related securities, 25% of assets in China Overseas Finance Cayman V
Ltd., Reg. S 3.95% 15/11/2022
USD 300,000 293,200 1.47
convertible bonds, and one-third of assets in money Sun Hung Kai Properties Capital USD 200,000 201,821 1.02
Market Ltd., Reg. S 3.625%
market securities, with total investment in these 16/01/2023
categories limited to one-third of assets. Tencent Holdings Ltd., Reg. S 3.375%
02/05/2019
USD 390,000 399,836 2.01
The fund may use derivatives for hedging, efficient Transocean, Inc. 3% 15/10/2017 USD 210,000 203,779 1.03
1,590,406 8.00
portfolio management and to seek gains. The fund may
Finland
also use derivatives to create synthetic short positions in Citycon OYJ, Reg. S 3.75% EUR 140,000 172,438 0.87
24/06/2020
debt securities and credit indices. 172,438 0.87
France
(4)
This fund was launched on 8 June 2015. BNP Paribas SA, Reg. S, FRN 2.875%
20/03/2026
EUR 180,000 204,137 1.03
WPP Finance SA, Reg. S 6.375% GBP 110,000 205,716 1.03

06/11/2020
409,853 2.06
Germany
Bayer AG, Reg. S, FRN 2.375% EUR 190,000 202,485 1.02
02/04/2075
202,485 1.02
Hong Kong
CRCC Yupeng Ltd., Reg. S, FRN USD 290,000 295,800 1.49
3.95% Perpetual
295,800 1.49
Italy
15/09/2026
111,235 0.56
Luxembourg
Actavis Funding SCS 4.55% USD 250,000 238,724 1.20
15/03/2035
238,724 1.20
Mexico
America Movil SAB de CV 5% GBP 170,000 303,759 1.53
27/10/2026
303,759 1.53
Netherlands
ABN AMRO Bank NV, Reg. S 7.125% EUR 100,000 143,067 0.72
06/07/2022
52 T. ROWE PRICE
Global Investment Grade Corporate Bond Fund (4) continued

As at 30 June 2015

Bharti Airtel International Netherlands EUR 210,000 251,979 1.27 Time Warner Cable, Inc. 8.25% USD 50,000 58,856 0.30
BV, Reg. S 4% 10/12/2018 01/04/2019
ING Bank NV, Reg. S, FRN 4.125% USD 240,000 247,231 1.24 US Bank NA 2.125% 28/10/2019 USD 250,000 250,424 1.26
21/11/2023 US Treasury 0.5% 31/07/2016 USD 300,000 300,504 1.51
642,277 3.23 Walgreens Boots Alliance, Inc. 2.875% GBP 190,000 298,894 1.50
Singapore 20/11/2020
Global Logistic Properties Ltd., Reg. S USD 200,000 196,315 0.99 Weatherford International LLC 6.35% USD 190,000 203,466 1.02
3.875% 04/06/2025 15/06/2017
196,315 0.99 Williams Cos., Inc. (The) 7.75% USD 200,000 223,994 1.13
Spain 15/06/2031
Inmobiliaria Colonial SA, Reg. S EUR 100,000 111,363 0.56 4,465,566 22.46
1.863% 05/06/2019 Virgin Islands, British
Santander Issuances SAU, Reg. S EUR 100,000 104,660 0.53 CCCI Treasure Ltd., Reg. S, FRN 3.5% USD 200,000 198,716 1.00
2.5% 18/03/2025 Perpetual
216,023 1.09 China Shenhua Overseas Capital Co. USD 250,000 250,161 1.26
Sweden Ltd., Reg. S 3.125% 20/01/2020
Swedbank AB, Reg. S 2.375% USD 200,000 201,839 1.01 Proven Honour Capital Ltd., Reg. S USD 200,000 197,964 1.00
27/02/2019 4.125% 19/05/2025
201,839 1.01 SmarTone Finance Ltd., Reg. S USD 200,000 187,607 0.94
3.875% 08/04/2023
Switzerland
834,448 4.20
Credit Suisse AG, Reg. S 6.5% USD 200,000 219,273 1.10
08/08/2023 Total Bonds 13,075,882 65.76
219,273 1.10 Total Transferable securities 13,075,882 65.76
United Kingdom admitted to an official exchange listing
Anglo American Capital PLC, Reg. S GBP 115,000 203,061 1.02
6.875% 01/05/2018
Bank of Scotland PLC 6.375% GBP 110,000 195,760 0.99
16/08/2019 Transferable securities and money market instruments dealt in on
Barclays PLC 2.75% 08/11/2019 USD 200,000 199,138 1.00 another regulated market
Heathrow Finance PLC, Reg. S 5.75% GBP 100,000 161,740 0.81
03/03/2025
Bonds
Marks & Spencer PLC, Reg. S 4.75% GBP 115,000 194,470 0.98 Australia
12/06/2025 APT Pipelines Ltd., 144A 3.875% USD 150,000 148,622 0.75
Royal Bank of Scotland Group PLC USD 180,000 193,282 0.97 11/10/2022
6.125% 15/12/2022 Sydney Airport Finance Co. Pty. Ltd., USD 190,000 193,660 0.97
Sky PLC 6% 21/05/2027 GBP 150,000 285,812 1.44 Reg. S 3.9% 22/03/2023
Tesco PLC 5% 24/03/2023 GBP 90,000 143,555 0.72 Telstra Corp. Ltd., 144A 3.125% USD 150,000 146,693 0.74
07/04/2025
Virgin Media Secured Finance PLC, GBP 160,000 249,331 1.26
Reg. S 5.125% 15/01/2025 488,975 2.46
WM Morrison Supermarkets PLC, Reg. GBP 160,000 255,000 1.28 Cayman Islands
S 4.625% 08/12/2023 HPHT Finance 15 Ltd., Reg. S 2.25% USD 300,000 300,297 1.51
2,081,149 10.47 17/03/2018
United States of America Odebrecht Finance Ltd., Reg. S USD 200,000 153,378 0.77
7.125% 26/06/2042
Alcoa, Inc. 5.95% 01/02/2037 USD 140,000 139,823 0.70
453,675 2.28
Anthem, Inc. 4.65% 15/01/2043 USD 145,000 133,715 0.67
France
01/07/2020 BPCE SA, Reg. S 5.7% 22/10/2023 USD 230,000 243,843 1.23
Branch Banking & Trust Co. 3.8% USD 250,000 253,256 1.27 243,843 1.23
30/10/2026 Mexico
CNO Financial Group, Inc. 4.5% USD 190,000 192,850 0.97 BBVA Bancomer SA, Reg. S 6.5% USD 220,000 239,006 1.20
30/05/2020 10/03/2021
Delphi Corp. 5% 15/02/2023 USD 140,000 149,769 0.75 239,006 1.20
General Motors Co. 6.25% 02/10/2043 USD 175,000 196,052 0.99 Sweden
Goldman Sachs Group, Inc. (The) USD 150,000 150,069 0.76 Nordea Bank AB, Reg. S 4.875% USD 230,000 248,133 1.25
2.55% 23/10/2019 13/05/2021
Humana, Inc. 4.95% 01/10/2044 USD 290,000 289,207 1.45 248,133 1.25
Morgan Stanley 3.75% 25/02/2023 USD 250,000 253,814 1.28 United Kingdom
Occidental Petroleum Corp. 3.5% USD 295,000 294,383 1.48 HSBC Holdings PLC, FRN 6.375% USD 200,000 201,634 1.01
15/06/2025 Perpetual
Priceline Group, Inc. (The) 2.375% EUR 130,000 142,852 0.72 Santander UK PLC, 144A 5% USD 240,000 246,680 1.24
23/09/2024 07/11/2023
Regions Bank 7.5% 15/05/2018 USD 250,000 287,229 1.44 448,314 2.25
Reynolds American, Inc. 5.85% USD 280,000 293,398 1.48 United States of America
15/08/2045 Activision Blizzard, Inc., 144A 6.125% USD 140,000 150,850 0.76
SESI LLC 6.375% 01/05/2019 USD 190,000 194,887 0.98 15/09/2023
T. ROWE PRICE 53
Global Investment Grade Corporate Bond Fund (4) continued

As at 30 June 2015
Quantity/ Market Credit Default Swap Contracts

Investments Currency Value USD Assets Market Unrealised
Nominal Buy/ Maturity Value Gain/(Loss) % of Net
American Airlines Pass Through USD 480,356 492,065 2.47 Amount Currency Counterparty Reference Entity Sell Date USD USD Assets
Trust, Series 2013-1 Class A 4%
15/01/2027 2,000,000 USD J.P. Morgan CDX.NA.IG.24-V1 Sell 20/06/2020 27,065 27,065 0.14
Anthem, Inc. 3.5% 15/08/2024 USD 200,000 192,275 0.97 Total Unrealised Gain on 27,065 27,065 0.14
Celgene Corp. 4.625% 15/05/2044 USD 200,000 192,716 0.97 Credit Default Swap Contracts
CKE Restaurant Holdings, Inc., Series USD 193,250 196,548 0.99 1,000,000 USD J.P. Morgan CDX.NA.HY.24-V1 Buy 20/06/2020 (58,327) (58,327) (0.30)
2013-1A Class A2 144A 4.474% 200,000 USD J.P. Morgan Comcast Corp. 6.5% Buy 20/06/2020 (6,139) (6,139) (0.03)
20/03/2043 15/01/2017
Crown Castle Towers LLC, 144A USD 500,000 489,300 2.46 Total Unrealised Loss on (64,466) (64,466) (0.33)
3.663% 15/05/2025 Credit Default Swap Contracts
DB Master Finance LLC, Series USD 399,000 401,129 2.02 Net Unrealised Loss on (37,401) (37,401) (0.19)
2015-1A Class A2I 144A 3.262% Credit Default Swap Contracts
20/02/2045
Discover Bank 3.1% 04/06/2020 USD 250,000 250,345 1.26
QVC, Inc. 4.85% 01/04/2024 USD 300,000 298,789 1.50
15/10/2019 Cash 377,199 1.90
Sirius XM Radio, Inc., 144A 5.25% USD 230,000 240,062 1.21 Other Assets/(Liabilities) 447,004 2.25
15/08/2022 Total Net Assets 19,883,550 100.00
United Airlines, Inc., Series 2014-2 USD 150,000 153,000 0.77
Class B 4.625% 03/09/2022
Wendys Funding LLC, Series 2015-1A USD 200,000 200,046 1.01
Class A2I 144A 3.371% 15/06/2045 Geographic Allocation of Portfolio
3,657,964 18.40
% of Net Assets
CNOOC Finance 2012 Ltd., Reg. S USD 200,000 203,555 1.02
3.875% 02/05/2022 United Kingdom 12.72
203,555 1.02 Cayman Islands 10.28
Total Bonds 5,983,465 30.09 Virgin Islands, British 5.22
Total Transferable securities 5,983,465 30.09 Australia 4.86
and money market instruments France 3.29
dealt in on another regulated market Netherlands 3.23
Total Investments 19,059,347 95.85 Mexico 2.73
Sweden 2.26
Hong Kong 1.49
Luxembourg 1.20
Belgium 1.13
Unrealised Switzerland 1.10
Spain 1.09
Germany 1.02
USD 2,132,358 EUR 1,895,800 11/09/2015 7,080 0.03
Singapore 0.99
Austria 0.95
Finland 0.87
USD 80,098 EUR 71,511 11/09/2015 (70) –
Italy 0.56
USD 2,674,205 GBP 1,748,224 10/07/2015 (79,712) (0.40)
Total 100.00
Forward Currency Exchange Contracts The accompanying notes are an integral part of these financial statements.
Unrealised
Bank of America (72,633)
J.P. Morgan (69)
(72,702)
54 T. ROWE PRICE
Global Unconstrained Bond Fund (5)

As at 30 June 2015
The fund’s objective is to generate income while offering Quantity/ Market

some protection against rising interest rates and a low Investments Currency Value USD Assets
correlation with equity markets. Transferable securities and money market instruments admitted
The fund invests mainly in a portfolio of bonds of all to an official exchange listing
types from issuers around the world, including emerging Bonds
Australia
markets. Westpac Banking Corp. 1.6% USD 160,000 160,533 0.64
12/01/2018
total assets in debt securities issued by governments, Brazil
government agencies, companies and banks. Portfolio Brazil Notas do Tesouro Nacional 10%
01/01/2025
BRL 590,000 1,648,565 6.59
debt securities can include fixed and floating rate bonds, 1,648,565 6.59
China
convertible bonds, warrants and other transferable debt
China Government Bond, Reg. S CNH 3,000,000 489,467 1.95
securities of any type, including high yield securities. The 3.25% 22/05/2019
China Government Bond, Reg. S 3.1% CNH 6,000,000 953,081 3.81
fund may invest more than 20% of assets in mortgage- 29/06/2022
and asset-backed securities. 1,442,548 5.76
France
The fund does not invest more than 10% of assets in BPCE SA, Reg. S, FRN 0.647% EUR 200,000 226,270 0.90
equities and equity-related securities, 25% of assets in 28/05/2018
CGG SA 7.75% 15/05/2017 USD 255,000 249,900 1.00
convertible bonds, and one-third of assets in money France Government Bond OAT, Reg. S EUR 425,000 582,578 2.33
market securities, with total investment in these 3.25% 25/05/2045
1,058,748 4.23
categories limited to one-third of assets. However, for Germany
temporary defensive purposes, investments in money Daimler AG, Reg. S 2.375% GBP 102,000 163,484 0.65
16/07/2018
market securities may exceed one-third of assets. 163,484 0.65
The fund may use derivatives for hedging, efficient Iceland
Arion Banki HF, Reg. S 3.125% EUR 430,000 479,051 1.91
also use derivatives to create synthetic short positions in Iceland Government International
Bond, Reg. S 5.875% 11/05/2022
USD 420,000 474,289 1.90
currencies, debt securities, credit indices and equities. 953,340 3.81

Italy
Italy Buoni Poliennali Del Tesoro 1.5% EUR 1,004,000 1,041,876 4.16
(5)
This fund was launched on 10 June 2015. 01/06/2025
1,041,876 4.16
Japan
Japan Government Twenty Year Bond JPY 48,650,000 399,801 1.60
1.2% 20/12/2034
399,801 1.60
Jersey
WPP PLC, Reg. S 6% 04/04/2017 GBP 98,000 166,094 0.66
166,094 0.66
Kazakhstan
JSC, Reg. S 7.25% 28/01/2021
444,994 1.78
Mexico
2,780,430 11.11
Netherlands
ING Bank NV, Reg. S, FRN 0.971% GBP 107,000 168,356 0.67
27/11/2017
168,356 0.67
Philippines
Philippine Government International PHP 39,000,000 912,280 3.64
Bond 4.95% 15/01/2021
912,280 3.64
T. ROWE PRICE 55
Global Unconstrained Bond Fund(5) continued

As at 30 June 2015

Portugal Baxalta, Inc., FRN, 144A 1.063% USD 175,000 175,076 0.70
Portugal Obrigacoes do Tesouro OT, EUR 373,000 434,463 1.74 22/06/2018
Reg. S, 144A 4.1% 15/02/2045 Citigroup, Inc., FRN 1.974% USD 160,000 164,307 0.66
434,463 1.74 15/05/2018
Romania ERAC USA Finance LLC, 144A 2.8% USD 150,000 153,226 0.61
01/11/2018
Romania Government Bond 5.85% RON 6,760,000 1,892,048 7.56
26/04/2023 FHLMC, FRN, Series 2015-DN1 Class USD 250,000 251,033 1.00
M2 2.585% 25/01/2025
1,892,048 7.56
General Electric Capital Corp., FRN USD 160,000 160,251 0.64
Slovenia 0.787% 14/01/2019
Slovenia Government Bond, Reg. S EUR 290,000 256,569 1.03 Walgreens Boots Alliance, Inc., FRN USD 160,000 160,050 0.64
1.5% 25/03/2035 0.726% 18/05/2016
256,569 1.03 1,224,383 4.89
South Korea Total Bonds 2,506,816 10.01
Hyundai Capital Services, Inc., FRN, USD 200,000 200,193 0.80 Total Transferable securities 2,506,816 10.01
144A 1.083% 18/03/2017 and money market instruments
200,193 0.80 dealt in on another regulated market
Spain Total Investments 19,973,025 79.78
Santander International Debt SAU, EUR 150,000 181,275 0.72
Reg. S 4.125% 04/10/2017
Telefonica Emisiones SAU, Reg. S EUR 150,000 179,111 0.72
3.661% 18/09/2017 Forward Currency Exchange Contracts
360,386 1.44
Unrealised
Sweden Currency Amount Currency Amount Maturity Gain/(Loss) % of Net
Nordea Hypotek AB 1% 08/04/2022 SEK 5,300,000 616,682 2.46 Purchased Purchased Sold Sold Date USD Assets
Skandinaviska Enskilda Banken AB SEK 6,000,000 738,669 2.95 EGP 983,000 USD 126,545 16/09/2015 843 0.01
1.5% 17/06/2020
EUR 94,136 USD 105,163 31/07/2015 303 –
1,355,351 5.41
EUR 395,000 USD 441,873 21/08/2015 801 –
Switzerland
GBP 165,028 USD 259,490 31/07/2015 435 –
Credit Suisse AG, Reg. S, FRN 0.438% EUR 150,000 167,697 0.67
18/06/2018 GBP 11,000 USD 17,310 21/08/2015 13 –
167,697 0.67 ILS 2,028,224 USD 535,224 24/08/2015 3,215 0.01
Thailand INR 20,681,000 USD 315,019 18/11/2015 1,484 0.01
Thailand Government Bond 4.85% THB 14,600,000 491,563 1.96 JPY 291,900 USD 2,363 21/08/2015 25 –
17/06/2061 RON 130,000 USD 32,394 15/07/2015 154 –
491,563 1.96 USD 698,821 AUD 904,000 21/08/2015 3,274 0.02
United States of America USD 5,309,271 EUR 4,704,145 21/08/2015 37,366 0.14
AbbVie, Inc. 1.8% 14/05/2018 USD 160,000 159,750 0.64 USD 3,634,232 MXN 56,449,938 21/08/2015 41,476 0.16
Goldman Sachs Group, Inc. (The), FRN EUR 150,000 168,112 0.67 USD 1,981,097 RON 7,849,842 15/07/2015 15,733 0.06
0.345% 30/01/2017 USD 129,686 RUB 7,217,000 21/08/2015 2,726 0.01
Kroger Co. (The) 2.2% 15/01/2017 USD 160,000 162,114 0.65 USD 627,256 SEK 5,097,489 21/08/2015 8,390 0.04
ManpowerGroup, Inc., Reg. S 4.5% EUR 157,000 193,933 0.77 Total Unrealised Gain on 116,238 0.46
22/06/2018
SESI LLC 6.375% 01/05/2019 USD 120,000 123,087 0.49
MXN 1,227,931 USD 79,382 21/08/2015 (1,230) –
Verizon Communications, Inc. 1.35% USD 160,000 159,894 0.64
USD 1,747,270 BRL 5,561,000 02/09/2015 (6,453) (0.03)
09/06/2017
USD 958,662 CNH 5,967,000 20/07/2015 (1,508) (0.01)
966,890 3.86
USD 6,539 EUR 5,842 31/07/2015 (6) –
Total Bonds 17,466,209 69.77
USD 257,414 EUR 230,000 21/08/2015 (345) –
and money market instruments USD 874,505 GBP 566,000 21/08/2015 (16,823) (0.07)
admitted to an official exchange listing USD 897,958 ILS 3,439,000 24/08/2015 (15,005) (0.06)
USD 916,319 JPY 112,471,000 21/08/2015 (3,903) (0.01)
USD 933,194 PHP 42,507,000 22/10/2015 (4,371) (0.02)
Transferable securities and money market instruments dealt in on USD 18,516 RON 74,000 15/07/2015 (11) –
another regulated market USD 738,383 SEK 6,119,650 21/08/2015 (4,579) (0.02)
USD 492,959 THB 16,699,000 06/08/2015 (146) –
Bonds ZMW 2,894,000 USD 379,292 14/10/2015 (10,696) (0.04)
Japan Total Unrealised Loss on (65,076) (0.26)
Japanese Government CPI Linked JPY 143,300,000 1,282,433 5.12 Forward Currency Exchange Contracts
Bond 0.102% 10/03/2024
Net Unrealised Gain on 51,162 0.20
1,282,433 5.12
Bank of America Corp., FRN 1.144% USD 160,000 160,440 0.64
01/04/2019
56 T. ROWE PRICE
Global Unconstrained Bond Fund(5) continued

As at 30 June 2015
Unrealised Geographic Allocation of Portfolio

% of Net Assets
Bank of America (4,068)
Mexico 11.11
Citibank 15,485
Credit Suisse 11,007
Romania 7.56
J.P. Morgan (4,646)
Japan 6.72
Brazil 6.59
51,162
China 5.76
Sweden 5.41
France 4.23
Credit Default Swap Contracts Italy 4.16
Iceland 3.81
Market Unrealised
Nominal Reference Buy/ Maturity Value Gain/(Loss) % of Net Philippines 3.64
Amount Currency Counterparty Entity Sell Date USD USD Assets Thailand 1.96
3,200,000 EUR J.P. Morgan iTraxx Europe Buy 20/06/2020 (263,548) (263,548) (1.05) Kazakhstan 1.78
Crossover Portugal 1.74
Series 23 Spain 1.44
Version 1 Slovenia 1.03
Total Unrealised Loss on (263,548) (263,548) (1.05) South Korea 0.80
Credit Default Swap Contracts Netherlands 0.67
Net Unrealised Loss on (263,548) (263,548) (1.05) Switzerland 0.67
Credit Default Swap Contracts Jersey 0.66
Germany 0.65
Australia 0.64
Global Unrealised Total 100.00
Country Description Contracts Currency USD USD Assets The accompanying notes are an integral part of these financial statements.
South Korea Korea 10 12 KRW 1,313,870 2,254 0.01
Year Bond,
15/09/2015
Canada Canada 10 (13) CAD (1,456,457) (21,331) (0.08)
Year Bond,
21/09/2015
United US 2 Year Note, (70) USD (15,325,625) (44,187) (0.18)
America
Purchased Option Contracts

Global Market
Security Exposure Value % of Net
Quantity Description Currency Counterparty USD USD Assets
11 S&P 500 Index, USD Bank of 2,200,000 42,350 0.17
Put, 2,000, America
18/09/2015
Total Option Purchased Contracts 42,350 0.17
Cash 4,526,485 18.08

T. ROWE PRICE 57
US Aggregate Bond Fund

As at 30 June 2015
The fund invests mainly in a diversified portfolio of US to an official exchange listing
bonds. Bonds
Australia
Specifically, the fund invests at least two-thirds of total SGSP Australia Assets Pty. Ltd., Reg. S USD 400,000 384,256 0.23
3.3% 09/04/2023
assets in debt securities denominated in US dollars, 384,256 0.23
which may include securities issued by governments, Bermuda
government agencies, supra-national organizations, Bermuda Government International
Bond, 144A 4.854% 06/02/2024
USD 205,000 218,775 0.13
companies and banks. Portfolio debt securities can also 218,775 0.13
Canada
include fixed and floating rate bonds, convertible bonds,
Province of Manitoba Canada 1.3% USD 275,000 277,499 0.17
warrants and other transferable debt securities of any 03/04/2017
Province of Ontario Canada 2.5% USD 230,000 232,693 0.14
type, including high yield securities. The fund may invest 10/09/2021
more than 20% of assets in mortgage-and asset-backed 510,192 0.31
Cayman Islands
securities. Alibaba Group Holding Ltd., 144A USD 370,000 366,846 0.22
Baidu, Inc. 2.75% 09/06/2019 USD 400,000 400,150 0.24
equities and equity-related securities, 25% of assets in Braskem Finance Ltd. 6.45% USD 205,000 194,555 0.11
market securities, with total investment in these Market Ltd., Reg. S 4.5% 14/02/2022
categories limited to one-third of assets. Market Ltd., Reg. S 3.625%
The fund may use derivatives for hedging, efficient 16/01/2023
Tencent Holdings Ltd., 144A 3.375% USD 435,000 445,823 0.27
1,822,095 1.09
also use derivatives to create synthetic short positions in
Colombia
debt securities. Ecopetrol SA 5.875% 28/05/2045 USD 115,000 101,869 0.06
101,869 0.06
Germany
KFW 0.5% 19/04/2016 USD 240,000 240,246 0.14
240,246 0.14
Hong Kong
AIA Group Ltd., 144A 3.2% USD 305,000 295,208 0.18
11/03/2025
CRCC Yupeng Ltd., Reg. S, FRN USD 350,000 357,000 0.21
3.95% Perpetual
652,208 0.39
Indonesia
Indonesia Government International USD 200,000 212,453 0.13
Bond, 144A 4.875% 05/05/2021
Perusahaan Listrik Negara PT, Reg. S USD 205,000 217,318 0.13
5.5% 22/11/2021
429,771 0.26
Ireland
Perrigo Co. PLC 2.3% 08/11/2018 USD 200,000 200,496 0.12
200,496 0.12
Japan
Bank of Tokyo-Mitsubishi UFJ USD 400,000 399,666 0.24
Ltd. (The), 144A 2.35% 08/09/2019
399,666 0.24
Jersey
Heathrow Funding Ltd., 144A 4.875% USD 180,000 199,489 0.12
15/07/2023
199,489 0.12
58 T. ROWE PRICE
US Aggregate Bond Fund continued

As at 30 June 2015

Luxembourg Ameriprise Financial, Inc. 7.3% USD 140,000 166,655 0.10
Actavis Funding SCS 3% 12/03/2020 USD 150,000 150,556 0.09 28/06/2019
Actavis Funding SCS 3.8% USD 55,000 54,001 0.03 AmerisourceBergen Corp. 3.25% USD 370,000 357,951 0.21
15/03/2025 01/03/2025
Actavis Funding SCS 4.55% USD 110,000 105,038 0.07 Anadarko Petroleum Corp. 3.45% USD 15,000 14,811 0.01
15/03/2035 15/07/2024
309,595 0.19 Anthem, Inc. 4.65% 15/01/2043 USD 95,000 87,606 0.05
Mexico Arrow Electronics, Inc. 3.5% USD 85,000 83,791 0.05
01/04/2022
BBVA Bancomer SA, 144A 4.375% USD 295,000 297,943 0.18
10/04/2024 Arrow Electronics, Inc. 4% 01/04/2025 USD 225,000 219,789 0.13
Petroleos Mexicanos, 144A 3.5% USD 45,000 45,464 0.03 AT&T, Inc. 4.75% 15/05/2046 USD 110,000 100,394 0.06
23/07/2020 Avnet, Inc. 5.875% 15/06/2020 USD 175,000 194,116 0.12
343,407 0.21 Bank of America Corp. 2% 11/01/2018 USD 250,000 251,057 0.15
Netherlands Bank of America Corp. 3.3% USD 585,000 576,088 0.35
ING Bank NV, Reg. S, FRN 4.125% USD 240,000 247,231 0.15 11/01/2023
21/11/2023 Bank of America Corp. 4.2% USD 415,000 413,879 0.25
LYB International Finance BV 4% USD 245,000 251,058 0.15 26/08/2024
15/07/2023 Bank of America Corp. 6.11% USD 355,000 399,620 0.24
Petrobras Global Finance BV 5.75% USD 165,000 163,287 0.10 29/01/2037
20/01/2020 Boeing Co. (The) 2.5% 01/03/2025 USD 75,000 71,546 0.04
Shell International Finance BV 2.125% USD 245,000 244,740 0.14 Branch Banking & Trust Co. 3.8% USD 325,000 329,233 0.20
11/05/2020 30/10/2026
Shell International Finance BV 3.25% USD 710,000 703,986 0.42 Burlington Northern Santa Fe LLC USD 240,000 259,343 0.16
11/05/2025 5.15% 01/09/2043
1,610,302 0.96 Cardinal Health, Inc. 3.75% USD 115,000 115,019 0.07
South Africa 15/09/2025
South Africa Government International USD 200,000 227,925 0.14 CC Holdings GS V LLC 3.849% USD 575,000 570,245 0.34
Bond 6.875% 27/05/2019 15/04/2023
South Africa Government International USD 100,000 109,009 0.06 CNA Financial Corp. 5.875% USD 300,000 341,641 0.20
Bond 5.5% 09/03/2020 15/08/2020
336,934 0.20 CNOOC Finance 2015 USA LLC 3.5% USD 250,000 241,118 0.14
05/05/2025
Sweden
Continental Resources, Inc. 5% USD 205,000 202,019 0.12
Svensk Exportkredit AB 5.125% USD 350,000 374,985 0.22 15/09/2022
01/03/2017
Delphi Corp. 5% 15/02/2023 USD 285,000 304,887 0.18
374,985 0.22
Discover Financial Services 3.75% USD 120,000 114,292 0.07
Switzerland 04/03/2025
Credit Suisse AG, 144A 6.5% USD 400,000 438,624 0.26 Energy Transfer Partners LP 5.2% USD 15,000 15,698 0.01
08/08/2023 01/02/2022
438,624 0.26 Enterprise Products Operating LLC USD 185,000 181,232 0.11
Turkey 3.35% 15/03/2023
Turkiye Halk Bankasi A/S, 144A 4.75% USD 205,000 207,077 0.12 EQT Corp. 4.875% 15/11/2021 USD 115,000 121,478 0.07
04/06/2019 Exelon Corp. 2.85% 15/06/2020 USD 85,000 85,539 0.05
207,077 0.12 Exelon Generation Co. LLC 6.25% USD 145,000 161,076 0.10
United Kingdom 01/10/2039
Barclays Bank PLC 5.14% 14/10/2020 USD 560,000 609,560 0.37 FirstEnergy Corp. 2.75% 15/03/2018 USD 65,000 65,954 0.04
Lloyds Bank PLC, 144A 6.5% USD 600,000 693,351 0.42 FirstEnergy Corp. 4.25% 15/03/2023 USD 130,000 130,957 0.08
14/09/2020 FirstEnergy Corp. 7.375% 15/11/2031 USD 155,000 189,346 0.11
Royal Bank of Scotland PLC (The) USD 320,000 368,843 0.22 FNMA 4.375% 15/10/2015 USD 300,000 303,661 0.18
6.125% 11/01/2021
GATX Corp. 3.5% 15/07/2016 USD 110,000 112,419 0.07
Standard Chartered PLC, 144A 1.7% USD 310,000 308,535 0.18
17/04/2018 GATX Corp. 2.5% 15/03/2019 USD 150,000 148,884 0.09
1,980,289 1.19 GATX Corp. 2.5% 30/07/2019 USD 180,000 178,569 0.11
United States of America GATX Corp. 4.85% 01/06/2021 USD 150,000 164,646 0.10
AbbVie, Inc. 2.5% 14/05/2020 USD 315,000 312,214 0.19 General Motors Co. 4% 01/04/2025 USD 230,000 225,435 0.14
AbbVie, Inc. 2.9% 06/11/2022 USD 30,000 29,085 0.02 General Motors Co. 6.25% 02/10/2043 USD 100,000 112,030 0.07
AbbVie, Inc. 4.5% 14/05/2035 USD 330,000 324,814 0.19 General Motors Co. 5.2% 01/04/2045 USD 220,000 217,047 0.13
Aflac, Inc. 3.625% 15/11/2024 USD 470,000 472,057 0.29 General Motors Financial Co., Inc. USD 250,000 278,721 0.17
6.75% 01/06/2018
Agilent Technologies, Inc. 3.2% USD 25,000 24,282 0.01
01/10/2022 Goldman Sachs Group, Inc. (The) 7.5% USD 175,000 205,509 0.12
15/02/2019
Agilent Technologies, Inc. 3.875% USD 20,000 20,252 0.01
15/07/2023 Goldman Sachs Group, Inc. (The) USD 1,065,000 1,211,294 0.73
5.75% 24/01/2022
Alcoa, Inc. 5.72% 23/02/2019 USD 130,000 139,604 0.08
Goldman Sachs Group, Inc. (The) USD 695,000 695,024 0.42
Alcoa, Inc. 5.125% 01/10/2024 USD 170,000 174,607 0.10 3.625% 22/01/2023
Alcoa, Inc. 5.95% 01/02/2037 USD 15,000 14,981 0.01
T. ROWE PRICE 59

As at 30 June 2015

Goldman Sachs Group, Inc. (The) USD 205,000 241,564 0.14 Time Warner Cable, Inc. 8.75% USD 10,000 11,894 0.01
6.75% 01/10/2037 14/02/2019
Harris Corp. 2.7% 27/04/2020 USD 40,000 39,613 0.02 Time Warner Cable, Inc. 8.25% USD 95,000 111,826 0.07
Harris Corp. 3.832% 27/04/2025 USD 55,000 53,666 0.03 01/04/2019
Humana, Inc. 3.85% 01/10/2024 USD 290,000 293,377 0.18 Time Warner Cable, Inc. 5% USD 40,000 43,093 0.03
01/02/2020
Humana, Inc. 4.95% 01/10/2044 USD 250,000 249,316 0.15
Time Warner Cable, Inc. 4% USD 15,000 15,419 0.01
Interpublic Group of Cos., Inc. (The) USD 170,000 172,666 0.10 01/09/2021
4% 15/03/2022
3.75% 15/02/2023
4.2% 15/04/2024
Tyson Foods, Inc. 4.5% 15/06/2022 USD 130,000 138,109 0.08
J.P. Morgan Chase & Co. 4.5% USD 360,000 386,267 0.23
24/01/2022 Tyson Foods, Inc. 3.95% 15/08/2024 USD 120,000 120,866 0.07
Life Technologies Corp. 6% USD 310,000 352,433 0.21 Unum Group 5.625% 15/09/2020 USD 80,000 90,246 0.05
01/03/2020 US Bank NA 2.125% 28/10/2019 USD 500,000 500,848 0.30
Lockheed Martin Corp. 3.6% USD 195,000 180,535 0.11 US Treasury 0.375% 31/08/2015 USD 2,065,000 2,066,250 1.24
01/03/2035 US Treasury 2.625% 30/04/2016 USD 1,475,000 1,503,607 0.90
Lockheed Martin Corp. 3.8% USD 270,000 243,208 0.15 US Treasury 0.875% 28/02/2017 USD 320,000 321,794 0.19
01/03/2045
US Treasury 0.875% 15/01/2018 USD 4,600,000 4,601,797 2.76
Marsh & McLennan Cos, Inc. 2.35% USD 170,000 169,498 0.10
06/03/2020 US Treasury 1.25% 31/10/2018 USD 3,445,000 3,457,246 2.07
Marsh & McLennan Cos, Inc. 3.5% USD 350,000 349,737 0.21 US Treasury 1.5% 31/05/2019 USD 2,405,000 2,418,340 1.45
03/06/2024 US Treasury 1.5% 30/11/2019 USD 2,605,000 2,605,204 1.56
Martin Marietta Materials, Inc. 4.25% USD 350,000 353,418 0.21 US Treasury 2% 31/08/2021 USD 2,030,000 2,036,661 1.22
02/07/2024 US Treasury 5.375% 15/02/2031 USD 910,000 1,224,163 0.73
Medtronic, Inc. 2.75% 01/04/2023 USD 70,000 67,904 0.04 US Treasury 3.125% 15/02/2043 USD 500,000 500,859 0.30
Morgan Stanley 2.125% 25/04/2018 USD 355,000 357,755 0.21 US Treasury 3.375% 15/05/2044 USD 1,475,000 1,550,018 0.93
Morgan Stanley 7.3% 13/05/2019 USD 175,000 205,871 0.12 US Treasury 3% 15/11/2044 USD 3,880,000 3,796,944 2.27
Morgan Stanley 5.5% 28/07/2021 USD 405,000 457,245 0.27 US Treasury Inflation Indexed 2.283% USD 395,000 481,865 0.29
Morgan Stanley 3.75% 25/02/2023 USD 690,000 700,526 0.42 15/07/2015
Morgan Stanley 5% 24/11/2025 USD 240,000 252,071 0.15 Verizon Communications, Inc. 4.5% USD 210,000 226,633 0.14
Newell Rubbermaid, Inc. 2.05% USD 55,000 55,441 0.03 15/09/2020
01/12/2017 Verizon Communications, Inc. 5.15% USD 175,000 191,940 0.12
Newfield Exploration Co. 5.75% USD 215,000 218,603 0.13 15/09/2023
30/01/2022 Verizon Communications, Inc. 6.4% USD 520,000 597,347 0.36
Noble Energy, Inc. 4.15% 15/12/2021 USD 105,000 109,461 0.07 15/09/2033
Noble Energy, Inc. 6% 01/03/2041 USD 120,000 127,169 0.08 Western Gas Partners LP 4% USD 140,000 141,224 0.08
01/07/2022
Occidental Petroleum Corp. 3.5% USD 250,000 249,477 0.15
15/06/2025 Williams Cos., Inc. (The) 3.7% USD 135,000 125,335 0.08
15/01/2023
01/05/2022 Williams Cos., Inc. (The) 4.55% USD 200,000 193,883 0.11
24/06/2024
01/11/2024 Williams Partners LP 6.3% 15/04/2040 USD 180,000 186,739 0.11
Oracle Corp. 4.125% 15/05/2045 USD 450,000 418,882 0.25 49,543,337 29.67
Reinsurance Group of America, Inc. USD 70,000 80,749 0.05 Virgin Islands, British
6.45% 15/11/2019 CCCI Treasure Ltd., Reg. S, FRN 3.5% USD 200,000 198,716 0.12
Reinsurance Group of America, Inc. USD 105,000 115,148 0.07 Perpetual
5% 01/06/2021 IFC Development Corporate Treasury USD 300,000 297,597 0.18
Reynolds American, Inc. 4% USD 115,000 117,329 0.07 Ltd., Reg. S 2.375% 21/05/2019
12/06/2022 496,313 0.30
Reynolds American, Inc. 3.25% USD 90,000 86,734 0.05 Total Bonds 60,799,926 36.41
01/11/2022
Equities
Reynolds American, Inc. 5.85% USD 195,000 204,331 0.12
Rowan Cos, Inc. 4.875% 01/06/2022 USD 100,000 99,264 0.06 American Tower Corp., REIT USD 833 85,420 0.05
Preference 5.25%
SESI LLC 6.375% 01/05/2019 USD 315,000 323,102 0.19
85,420 0.05
SESI LLC 7.125% 15/12/2021 USD 25,000 26,625 0.02
Total Equities 85,420 0.05
Southwestern Energy Co. 4.95% USD 160,000 161,920 0.10
23/01/2025 Total Transferable securities 60,885,346 36.46
Thermo Fisher Scientific, Inc. 2.4% USD 40,000 40,010 0.02 admitted to an official exchange listing
01/02/2019
01/07/2018
60 T. ROWE PRICE

As at 30 June 2015

Transferable securities and money market instruments dealt in on United Kingdom
another regulated market Anglo American Capital PLC, 144A USD 400,000 400,299 0.24
3.625% 14/05/2020
Bonds HSBC Holdings PLC, FRN 6.375% USD 200,000 201,634 0.12
Australia Perpetual
APT Pipelines Ltd., 144A 3.875% USD 120,000 118,897 0.07 Lanark Master Issuer PLC, FRN, Series USD 232,242 232,351 0.14
11/10/2022 2013-1A Class 1A1 144A 0.784%
Origin Energy Finance Ltd., 144A 3.5% USD 405,000 414,740 0.25 22/12/2054
09/10/2018 Santander UK PLC, 144A 5% USD 470,000 483,083 0.29
Class A4A 1.25% 14/08/2018 WPP Finance 2010 4.75% 21/11/2021 USD 485,000 532,086 0.32
SMART ABS Trust, Series 2015-1US USD 85,000 85,409 0.05 1,849,453 1.11
Class A3A 1.5% 14/09/2018 United States of America
SMART ABS Trust, Series 2013-1US USD 90,000 90,191 0.06 21st Century Fox America, Inc. 4.75% USD 195,000 191,469 0.11
Class A4A 1.05% 14/10/2018 15/09/2044
SMART ABS Trust, Series 2013-2US USD 110,000 109,681 0.07 Ally Auto Receivables Trust, Series USD 70,000 71,252 0.04
Class A4A 1.18% 14/02/2019 2012-A Class D 144A 3.15%
Class A4A 1.68% 14/12/2019 Ally Master Owner Trust, Series 2014-1 USD 145,000 145,363 0.09
Telstra Corp. Ltd., 144A 3.125% USD 295,000 288,497 0.17 Class A2 1.29% 15/01/2019
07/04/2025 Ally Master Owner Trust, Series 2014-4 USD 550,000 551,816 0.33
1,649,771 0.99 Class A2 1.43% 17/06/2019
Cayman Islands Ally Master Owner Trust, Series 2015-3 USD 575,000 575,505 0.34
HPHT Finance 15 Ltd., 144A 2.25% USD 200,000 200,288 0.12 Class A 1.63% 15/05/2020
17/03/2018 Amazon.com, Inc. 3.8% 05/12/2024 USD 250,000 251,234 0.15
Noble Holding International Ltd. 5.95% USD 200,000 197,191 0.12 Amazon.com, Inc. 4.95% 05/12/2044 USD 410,000 403,875 0.24
01/04/2025 American Airlines Pass Through USD 69,282 70,971 0.04
Odebrecht Finance Ltd., 144A 7.125% USD 205,000 157,303 0.09 Trust, Series 2013-1 Class A 4%
26/06/2042 15/01/2027
554,782 0.33 American Airlines Pass Through USD 183,168 194,616 0.12
Chile Trust, Series 2013-2 Class A 4.95%
15/07/2024
Banco Santander Chile, 144A 3.875% USD 150,000 152,851 0.09
20/09/2022 American Airlines Pass Through USD 157,394 159,755 0.10
Trust, Series 2014-1 Class B 4.375%
152,851 0.09 01/04/2024
Colombia American Airlines Pass Through USD 50,000 49,438 0.03
Ecopetrol SA 4.125% 16/01/2025 USD 205,000 187,661 0.11 Trust, Series 2015-1 Class B 3.7%
187,661 0.11 01/11/2024
France American Express Credit Account USD 100,000 100,109 0.06
Master Trust, Series 2012-5 Class C
BPCE SA, 144A 5.15% 21/07/2024 USD 400,000 407,680 0.24 144A 1.07% 15/05/2018
Credit Agricole SA, 144A 2.5% USD 250,000 251,709 0.15 AmeriCredit Automobile Receivables USD 65,000 65,079 0.04
15/04/2019 Trust, Series 2015-1 Class A3 1.26%
Credit Agricole SA, 144A 2.75% USD 250,000 250,455 0.15 08/11/2019
10/06/2020 Anthem, Inc. 3.5% 15/08/2024 USD 290,000 278,799 0.17
909,844 0.54 Apple, Inc. 2.4% 03/05/2023 USD 500,000 478,743 0.29
Luxembourg Ascentium Equipment Receivables USD 82,000 82,311 0.05
Holcim US Finance Sarl & Cie SCS, USD 135,000 152,804 0.09 LLC, Series 2015-1A Class A3 144A
144A 6% 30/12/2019 1.61% 13/10/2020
SES SA, 144A 3.6% 04/04/2023 USD 95,000 95,884 0.06 Avis Budget Rental Car Funding USD 270,000 269,524 0.16
248,688 0.15 AESOP LLC, Series 2013-1A Class A
144A 1.92% 20/09/2019
Mexico
Avis Budget Rental Car Funding USD 160,000 164,556 0.10
Petroleos Mexicanos 4.875% USD 435,000 452,015 0.27 AESOP LLC, Series 2013-2A Class A
24/01/2022 144A 2.97% 20/02/2020
Petroleos Mexicanos 6.5% USD 145,000 151,910 0.09 Avis Budget Rental Car Funding USD 280,000 282,275 0.17
02/06/2041 AESOP LLC, Series 2014-1A Class A
603,925 0.36 144A 2.46% 20/07/2020
Netherlands Avis Budget Rental Car Funding USD 120,000 120,038 0.07
Airbus Group Finance BV, 144A 2.7% USD 235,000 226,045 0.14 AESOP LLC, Series 2014-2A Class A
17/04/2023 144A 2.5% 20/02/2021
ING Bank NV, 144A 2.45% USD 200,000 199,730 0.12 Avis Budget Rental Car Funding USD 255,000 254,728 0.15
16/03/2020 AESOP LLC, Series 2015-2A Class A
144A 2.63% 20/12/2021
425,775 0.26
Babs, Direct Subsidy 6.75% USD 150,000 213,305 0.13
Sweden
01/08/2049
Nordea Bank AB, 144A 4.875% USD 290,000 313,252 0.19
13/05/2021
313,252 0.19
T. ROWE PRICE 61

As at 30 June 2015

Banc of America Commercial USD 140,000 143,763 0.09 CarMax Auto Owner Trust, Series USD 35,000 35,059 0.02
Mortgage Trust, FRN, Series 2006-3 2014-1 Class C 1.93% 15/11/2019
Class AM 5.843% 10/07/2044 Celgene Corp. 3.625% 15/05/2024 USD 400,000 401,430 0.24
Banc of America Commercial USD 370,000 397,944 0.24 Celgene Corp. 5.25% 15/08/2043 USD 110,000 116,325 0.07
Mortgage Trust, FRN, Series 2007-4
Class AM 5.811% 10/02/2051 Celgene Corp. 4.625% 15/05/2044 USD 290,000 279,438 0.17
Banc of America Commercial USD 275,000 286,231 0.17 Chase Issuance Trust, Series 2013-A8 USD 145,000 145,257 0.09
Mortgage Trust, Series 2006-5 Class Class A8 1.01% 15/10/2018
AM 5.448% 10/09/2047 Chase Issuance Trust, Series 2015-A2 USD 265,000 266,702 0.16
Banc of America Commercial USD 106,662 112,781 0.07 Class A2 1.59% 18/02/2020
Mortgage Trust, Series 2007-5 Class Chicago Metropolitan Water USD 110,000 130,078 0.08
A4 5.492% 10/02/2051 Reclamation 5.72% 01/12/2038
Banc of America Mortgage Trust, FRN, USD 14,554 14,501 0.01 Chicago O Hare International Airport USD 170,000 210,741 0.13
Series 2004-A Class 2A2 2.666% 6.395% 01/01/2040
25/02/2034 Citigroup Commercial Mortgage Trust, USD 705,000 726,113 0.43
Banc of America Mortgage Trust, FRN, USD 79,787 80,691 0.05 Series 2014-GC25 Class A4 3.635%
Series 2004-B Class 2A2 2.655% 10/10/2047
25/03/2034 Citigroup Commercial Mortgage Trust, USD 225,000 221,953 0.13
Banc of America Mortgage Trust, FRN, USD 192,786 192,952 0.12 Series 2015-GC27 Class A5 3.137%
Series 2004-D Class 2A2 2.708% 10/02/2048
25/05/2034 City of Los Angeles Department of USD 70,000 93,636 0.06
Banc of America Mortgage Trust, FRN, USD 88,902 87,604 0.05 Airports 7.053% 15/05/2040
Series 2004-H Class 2A2 2.674% City of New York 6.271% 01/12/2037 USD 165,000 210,205 0.13
25/09/2034
CNH Equipment Trust, Series 2013-D USD 150,000 149,878 0.09
Banc of America Mortgage Trust, FRN, USD 33,978 33,784 0.02 Class A3 0.77% 15/10/2018
Series 2004-I Class 3A2 2.621%
25/10/2034 CNH Equipment Trust, Series 2012-D USD 105,000 105,290 0.06
Class B 1.27% 15/05/2020
Banc of America Mortgage Trust, FRN, USD 220,165 204,005 0.12
Series 2005-J Class 2A1 2.696% COBALT CMBS Commercial Mortgage USD 150,000 160,545 0.10
25/11/2035 Trust, FRN, Series 2007-C3 Class AM
5.765% 15/05/2046
Banc of America Mortgage Trust, FRN, USD 94,818 90,182 0.05
Series 2005-J Class 3A1 2.746% Commercial Mortgage Trust, FRN, USD 160,000 165,962 0.10
25/11/2035 Series 2006-C7 Class AM 5.775%
10/06/2046
Barclays Dryrock Issuance Trust, Series USD 100,000 100,526 0.06
2015-1 Class A 2.2% 15/12/2022 Commercial Mortgage Trust, FRN, USD 100,000 99,775 0.06
Series 2014-TWC Class A 144A
Barclays Dryrock Issuance Trust, Series USD 410,000 409,959 0.25 1.03% 13/02/2032
2015-2 Class A 1.56% 15/03/2021
Commercial Mortgage Trust, FRN, USD 110,000 116,411 0.07
Bay Area Toll Authority 6.263% USD 155,000 203,066 0.12 Series 2014-UBS2 Class C 4.983%
01/04/2049 10/03/2047
Bear Stearns Commercial Mortgage USD 120,000 128,297 0.08 Commercial Mortgage Trust, FRN, USD 150,000 147,688 0.09
Securities Trust, FRN, Series 2007- Series 2014-UBS4 Class C 4.625%
PW17 Class A4 5.694% 11/06/2050 10/08/2047
Cabela's Credit Card Master Note USD 100,000 100,933 0.06 Commercial Mortgage Trust, FRN, USD 170,000 175,588 0.11
Trust, Series 2012-1A Class A1 144A Series 2015-LC21 Class B 4.313%
1.63% 18/02/2020 10/07/2048
Cabela's Credit Card Master Note USD 500,000 502,548 0.30 Commercial Mortgage Trust, FRN, USD 95,000 92,694 0.06
Trust, Series 2012-2A Class A1 144A Series 2015-LC21 Class C 4.313%
1.45% 15/06/2020 10/07/2048
Cabela's Credit Card Master Note USD 165,000 166,443 0.10 Commercial Mortgage Trust, Series USD 150,000 156,885 0.09
Trust, Series 2015-1A Class A1 2.26% 2007-GG9 Class AM 5.475%
15/03/2023 10/03/2039
Capital Auto Receivables Asset USD 15,000 15,010 0.01 Commercial Mortgage Trust, Series USD 220,000 230,851 0.14
Trust, Series 2013-1 Class B 1.29% 2007-GG9 Class AMFX 5.475%
20/04/2018 10/03/2039
Trust, Series 2013-1 Class C 1.74% 2014-CR20 Class A4 3.59%
22/10/2018 10/11/2047
Trust, Series 2014-1 Class C 2.84% 2014-LC17 Class A5 3.917%
22/04/2019 10/10/2047
Capital Auto Receivables Asset Trust, USD 240,000 239,993 0.14 Commercial Mortgage Trust, Series USD 395,000 412,625 0.25
Series 2015-2 Class A3 1.73% 2014-UBS5 Class A4 3.838%
20/09/2019 10/09/2047
Capital One Multi-Asset Execution USD 230,000 229,746 0.14 Commercial Mortgage Trust, Series USD 580,000 596,549 0.36
Trust, Series 2015-A1 Class A 1.39% 2014-UBS6 Class A5 3.644%
15/01/2021 10/12/2047
CarMax Auto Owner Trust, Series USD 230,401 231,036 0.14 Commonwealth of Massachusetts USD 160,000 173,416 0.10
2012-1 Class A4 1.25% 15/06/2017 4.5% 01/08/2031
CarMax Auto Owner Trust, Series USD 25,000 25,063 0.02
2014-1 Class B 1.69% 15/08/2019
62 T. ROWE PRICE

As at 30 June 2015

Commonwealth of Virginia USD 130,000 149,373 0.09 FHLMC A94185 4% 01/10/2040 USD 3,366 3,570 –
Transportation Board 5.35% FHLMC A94251 4% 01/10/2040 USD 2,534 2,688 –
15/05/2035
FHLMC A94576 4% 01/10/2040 USD 1,564 1,658 –
Continental Airlines Pass Through USD 55,950 59,587 0.04
Trust, Series 2010-1 Class A 4.75% FHLMC A94713 4% 01/11/2040 USD 2,636 2,795 –
12/07/2022 FHLMC A95734 4% 01/12/2040 USD 21,949 23,351 0.01
Continental Airlines Pass Through USD 40,570 41,534 0.02 FHLMC A96312 4% 01/01/2041 USD 101,605 107,775 0.06
Trust, Series 2012-1 Class A 4.15% FHLMC A97620 4.5% 01/03/2041 USD 3,767 4,071 –
11/10/2025
FHLMC C01787 6% 01/02/2034 USD 79,426 90,701 0.05
Continental Airlines Pass Through USD 103,875 109,004 0.07
FHLMC C04238 3.5% 01/09/2042 USD 473,264 487,467 0.29
Trust, Series 2012-2 Class A 4.625%
03/12/2026 FHLMC C09036 3.5% 01/03/2043 USD 288,474 297,061 0.18
Credit Suisse Commercial Mortgage USD 385,000 417,181 0.25 FHLMC C09042 3.5% 01/05/2043 USD 216,394 222,727 0.13
Trust, FRN, Series 2008-C1 Class A3 FHLMC E01341 5.5% 01/03/2018 USD 9,860 10,306 0.01
5.97% 15/02/2041 FHLMC E01497 5.5% 01/11/2018 USD 3,470 3,672 –
Crown Castle Towers LLC, 144A USD 255,000 249,543 0.15 FHLMC G01777 6% 01/02/2035 USD 75,288 86,272 0.05
3.663% 15/05/2025
FHLMC G01899 6% 01/09/2035 USD 26,436 30,290 0.02
Crown Castle Towers LLC, 144A USD 113,000 128,983 0.08
6.113% 15/01/2040 FHLMC G02712 6% 01/12/2028 USD 12,813 14,657 0.01
Crown Castle Towers LLC, 144A USD 25,000 24,602 0.01 FHLMC G03551 6% 01/11/2037 USD 108,342 122,855 0.07
3.222% 15/05/2042 FHLMC G04814 5.5% 01/10/2038 USD 373,462 418,466 0.25
CSAIL Commercial Mortgage Trust, USD 85,000 87,120 0.05 FHLMC G05535 4.5% 01/07/2039 USD 204,432 221,013 0.13
Series 2015-C2 Class B 4.208% FHLMC G05659 4.5% 01/10/2039 USD 279,817 302,478 0.18
15/06/2057
FHLMC G05955 5% 01/08/2040 USD 208,552 230,997 0.14
CSMC, FRN, Series 2014-ICE Class A USD 100,000 99,786 0.06
144A 1.05% 15/04/2027 FHLMC G05958 5% 01/08/2040 USD 481,017 534,450 0.32
DB Master Finance LLC, Series USD 89,775 90,254 0.05 FHLMC G06231 4% 01/12/2040 USD 166,237 176,300 0.11
2015-1A Class A2I 144A 3.262% FHLMC G06252 4% 01/02/2041 USD 4,247 4,512 –
20/02/2045 FHLMC G06506 4% 01/12/2040 USD 845 896 –
Delta Air Lines Pass Through Trust USD 41,587 44,680 0.03 FHLMC G07543 4.5% 01/08/2041 USD 42,209 45,992 0.03
Class A 5.3% 15/10/2020
FHLMC G07972 4.5% 01/10/2044 USD 398,907 432,717 0.26
Delta Air Lines Pass Through Trust USD 44,145 46,877 0.03
Class A 4.95% 23/11/2020 FHLMC G08016 6% 01/10/2034 USD 397,889 455,562 0.27
Denver City & County School 4.242% USD 70,000 68,500 0.04 FHLMC G08534 3% 01/06/2043 USD 403,933 402,136 0.24
15/12/2037 FHLMC G08633 4% 01/03/2045 USD 1,715,604 1,817,905 1.09
Diamond Resorts Owner Trust, USD 58,700 59,015 0.04 FHLMC G18465 2.5% 01/05/2028 USD 166,487 169,912 0.10
Series 2013-2 Class A 144A 2.27% FHLMC J03640 6% 01/10/2021 USD 41,561 44,873 0.03
20/05/2026
FHLMC J15139 4% 01/05/2026 USD 79,662 85,189 0.05
Diamond Resorts Owner Trust, USD 107,504 107,904 0.06
FHLMC Q04674 4% 01/12/2041 USD 65,340 69,263 0.04
Series 2014-1 Class A 144A 2.54%
20/05/2027 FHLMC Q14426 3% 01/01/2043 USD 576,572 574,337 0.34
Discover Bank 3.1% 04/06/2020 USD 250,000 250,345 0.15 FHLMC V80025 3% 01/04/2043 USD 43,593 43,415 0.03
District of Columbia 5.591% USD 60,000 71,581 0.04 FHLMC, FRN, Series 2014-HQ2 Class USD 250,000 248,466 0.15
01/12/2034 M2 2.385% 25/09/2024
Domino's Pizza Master Issuer LLC, USD 289,875 299,739 0.18 FHLMC, FRN, Series 2015-DN1 Class USD 250,000 251,033 0.15
Series 2012-1A Class A2 144A M2 2.585% 25/01/2025
5.216% 25/01/2042 FHLMC, FRN, Series 2015-DNA1 Class USD 250,000 245,951 0.15
East Bay Municipal Utility District Water USD 115,000 142,935 0.09 M2 2.037% 25/10/2027
System 5.874% 01/06/2040 FHLMC, FRN, Series 2015-DNA2 Class USD 250,000 250,635 0.15
Elara HGV Timeshare Issuer LLC, USD 78,832 78,720 0.05 M2 2.787% 25/12/2027
Series 2014-A Class A 144A 2.53% FHLMC, FRN, Series 2015-HQ1 Class USD 250,000 248,439 0.15
25/02/2027 M2 2.385% 25/03/2025
Enterprise Fleet Financing LLC, USD 99,960 100,130 0.06 FHLMC, FRN, Series 2015-HQ2 Class USD 250,000 246,146 0.15
Series 2013-2 Class A2 144A 1.06% M2 2.135% 25/05/2025
20/03/2019 FHLMC, Series K025 Class A1 1.875% USD 114,689 115,161 0.07
Enterprise Fleet Financing LLC, USD 585,000 586,034 0.35 25/04/2022
Series 2015-1 Class A2 144A 1.3% FHLMC, Series K502 Class A2 1.426% USD 75,000 75,641 0.05
20/09/2020 25/08/2017
Exelon Generation Co. LLC 2.95% USD 580,000 582,111 0.35 FirstEnergy Transmission LLC, 144A USD 480,000 490,687 0.29
15/01/2020 4.35% 15/01/2025
Exeter Automobile Receivables Trust, USD 22,056 22,032 0.01 Florida Hurricane Catastrophe Fund USD 125,000 125,910 0.08
Series 2014-2A Class A 144A 1.06% Finance Corp. 1.298% 01/07/2016
15/08/2018
Florida Hurricane Catastrophe Fund USD 140,000 143,375 0.09
FHLMC A26586 6% 01/09/2034 USD 5,186 5,897 – Finance Corp. 2.995% 01/07/2020
FHLMC A71375 6% 01/01/2038 USD 5,470 6,237 – FNMA 190360 5% 01/08/2035 USD 41,324 45,657 0.03
FHLMC A71803 6% 01/01/2038 USD 2,453 2,791 – FNMA 190399 5.5% 01/11/2039 USD 377,955 424,198 0.25
FHLMC A90053 4.5% 01/12/2039 USD 79,081 86,146 0.05 FNMA 254140 5.5% 01/01/2017 USD 5,945 6,096 –
FHLMC A91947 5% 01/04/2040 USD 20,780 23,038 0.01 FNMA 254903 5% 01/10/2033 USD 24,583 27,334 0.02
FHLMC A93451 4.5% 01/08/2040 USD 300,879 325,644 0.20
T. ROWE PRICE 63

As at 30 June 2015

FNMA 545759 6.5% 01/07/2032 USD 39,469 45,999 0.03 FNMA AB8700 3% 01/03/2043 USD 991,224 989,668 0.59
FNMA 555526 5.5% 01/05/2018 USD 7,922 8,236 – FNMA AB8898 3% 01/04/2043 USD 292,765 292,146 0.17
FNMA 569097 6.5% 01/03/2016 USD 5,319 5,371 – FNMA AC9580 4.5% 01/02/2040 USD 1,347,817 1,460,114 0.87
FNMA 670373 6.5% 01/09/2017 USD 21,281 21,990 0.01 FNMA AC9582 5.5% 01/01/2040 USD 79,734 89,619 0.05
FNMA 7.125% 15/01/2030 USD 100,000 147,860 0.09 FNMA AE0624 4% 01/11/2040 USD 139,087 147,900 0.09
FNMA 725027 5% 01/11/2033 USD 25,569 28,355 0.02 FNMA AE0698 4.5% 01/12/2040 USD 55,004 59,562 0.04
FNMA 725229 6% 01/03/2034 USD 127,248 145,581 0.09 FNMA AE5471 4.5% 01/10/2040 USD 44,172 47,842 0.03
FNMA 725232 5% 01/03/2034 USD 10,508 11,654 0.01 FNMA AH1111 4% 01/12/2040 USD 606,825 644,024 0.39
FNMA 725238 5% 01/03/2034 USD 44,394 49,233 0.03 FNMA AL0065 4.5% 01/04/2041 USD 193,390 209,451 0.13
FNMA 735061 6% 01/11/2034 USD 15,222 17,405 0.01 FNMA AL0251 5% 01/07/2037 USD 6,021 6,677 –
FNMA 735115 6% 01/12/2034 USD 4,711 5,388 – FNMA AL0546 5% 01/07/2041 USD 257,373 285,094 0.17
FNMA 735141 5.5% 01/01/2035 USD 81,360 91,796 0.05 FNMA AL1105 4.5% 01/12/2040 USD 148,839 161,223 0.10
FNMA 735500 5.5% 01/05/2035 USD 28,470 32,094 0.02 FNMA AL1577 5% 01/01/2042 USD 42,691 47,199 0.03
FNMA 735502 6% 01/04/2035 USD 8,860 10,133 0.01 FNMA AL1697 4% 01/10/2041 USD 484,291 515,208 0.31
FNMA 735575 5.5% 01/12/2018 USD 7,686 7,951 – FNMA AL1938 4% 01/12/2026 USD 74,105 78,838 0.05
FNMA 735579 5% 01/06/2035 USD 10,957 12,145 0.01 FNMA AL2462 2.5% 01/10/2027 USD 269,028 274,109 0.16
FNMA 735580 5% 01/06/2035 USD 6,191 6,864 – FNMA AL2579 4% 01/12/2026 USD 257,876 274,343 0.16
FNMA 735591 5% 01/06/2035 USD 3,067 3,400 – FNMA AL2645 4.5% 01/01/2027 USD 282,043 301,911 0.18
FNMA 745458 6% 01/04/2036 USD 479 546 – FNMA AL5224 5% 01/02/2038 USD 22,185 24,570 0.01
FNMA 888430 5% 01/11/2033 USD 26,138 28,988 0.02 FNMA AO7977 3% 01/06/2027 USD 426,276 442,409 0.26
FNMA 888437 5.5% 01/11/2036 USD 488,416 550,130 0.33 FNMA AO9944 3.5% 01/07/2042 USD 387,382 399,420 0.24
FNMA 889298 5% 01/12/2036 USD 92,395 102,117 0.06 FNMA AP7539 3% 01/09/2027 USD 143,134 148,556 0.09
FNMA 889307 5% 01/07/2037 USD 31,469 34,902 0.02 FNMA AP9785 2.5% 01/10/2027 USD 236,314 240,785 0.14
FNMA 889579 6% 01/05/2038 USD 7,049 8,014 – FNMA AQ0535 3% 01/11/2042 USD 57,620 57,539 0.03
FNMA 889829 5% 01/07/2035 USD 278,488 309,445 0.19 FNMA AQ8653 2.5% 01/12/2042 USD 8,655 8,303 –
FNMA 890527 4.5% 01/09/2042 USD 124,142 134,714 0.08 FNMA AQ9316 2.5% 01/01/2043 USD 78,262 75,069 0.04
FNMA 890565 3% 01/11/2043 USD 263,161 262,795 0.16 FNMA AR9188 2.5% 01/03/2043 USD 75,081 72,024 0.04
FNMA 900724 5.5% 01/08/2021 USD 5,756 6,267 – FNMA AS2275 4.5% 01/04/2044 USD 188,968 204,404 0.12
FNMA 901646 6.5% 01/12/2036 USD 2,366 2,720 – FNMA AS2751 4.5% 01/06/2044 USD 55,681 60,186 0.04
FNMA 902382 6.5% 01/11/2036 USD 10,638 12,234 0.01 FNMA AS3855 3.5% 01/11/2044 USD 33,704 34,803 0.02
FNMA 906064 6% 01/01/2037 USD 1,397 1,590 – FNMA AS4794 3.5% 01/04/2045 USD 1,178,771 1,217,781 0.73
FNMA 933051 6.5% 01/10/2037 USD 66,523 78,606 0.05 FNMA AS4864 2.5% 01/05/2030 USD 897,263 908,915 0.54
FNMA 942477 6% 01/08/2022 USD 3,965 4,318 – FNMA AT2016 3% 01/04/2043 USD 1,027,617 1,025,450 0.61
FNMA 948410 6% 01/08/2022 USD 4,540 4,876 – FNMA AT2060 2.5% 01/04/2028 USD 226,192 230,057 0.14
FNMA 995024 5.5% 01/08/2037 USD 366,278 412,855 0.25 FNMA AT2717 2.5% 01/05/2043 USD 327,308 313,990 0.19
FNMA 995051 6% 01/03/2037 USD 114,270 130,313 0.08 FNMA AU4288 4% 01/09/2043 USD 42,567 45,369 0.03
FNMA 995112 5.5% 01/07/2036 USD 55,553 62,648 0.04 FNMA AX1336 4% 01/09/2044 USD 183,872 194,873 0.12
FNMA 995203 5% 01/07/2035 USD 156,511 173,588 0.10 FNMA AX2509 3% 01/10/2029 USD 296,168 307,347 0.18
FNMA 995388 5.5% 01/08/2037 USD 17,467 19,654 0.01 FNMA AX4923 2.5% 01/12/2029 USD 434,251 439,947 0.26
FNMA 995434 5% 01/09/2023 USD 100,932 108,601 0.07 FNMA MA0907 4% 01/11/2041 USD 49,753 52,876 0.03
FNMA 995629 6.5% 01/12/2032 USD 44,957 52,414 0.03 FNMA MA0971 4% 01/02/2042 USD 73,561 78,186 0.05
FNMA AB6317 3.5% 01/09/2042 USD 32,341 33,391 0.02 FNMA MA1086 3.5% 01/06/2042 USD 80,432 83,042 0.05
FNMA AB6491 3% 01/10/2042 USD 74,091 73,988 0.04 FNMA, FRN 763199 1.737% USD 19,804 20,732 0.01
FNMA AB6633 3.5% 01/10/2042 USD 221,248 228,411 0.14 01/10/2033
FNMA AB6670 3% 01/10/2042 USD 58,834 58,752 0.04 FNMA, FRN 848522 1.861% USD 18,468 19,461 0.01
01/12/2035
FNMA AB6768 3% 01/10/2042 USD 94,354 94,222 0.06
FNMA Connecticut Avenue Securities, USD 97,325 98,080 0.06
FNMA AB7143 2.5% 01/12/2027 USD 234,183 238,180 0.14 FRN, Series 2014-C04 Class 1M1
FNMA AB7728 2.5% 01/01/2043 USD 122,942 117,931 0.07 2.135% 25/11/2024
FNMA AB7733 3% 01/01/2043 USD 280,102 279,661 0.17
FNMA AB7846 3% 01/02/2043 USD 154,244 154,030 0.09
64 T. ROWE PRICE

As at 30 June 2015

FNMA Connecticut Avenue Securities, USD 50,108 50,537 0.03 GNMA MA1155 2.5% 20/07/2043 USD 121,788 117,692 0.07
FRN, Series 2014-C04 Class 2M1 GNMA MA2222 3% 20/09/2044 USD 366,830 370,554 0.22
2.285% 25/11/2024
GNMA MA2226 5% 20/09/2044 USD 52,963 57,689 0.03
FNMA Connecticut Avenue Securities, USD 34,378 34,426 0.02
1.685% 25/02/2025 GNMA MA2444 3% 20/12/2044 USD 413,903 417,851 0.25
FNMA Connecticut Avenue Securities, USD 14,850 14,864 0.01 GNMA MA2448 5% 20/12/2044 USD 70,339 76,772 0.05
1.685% 25/02/2025
GNMA MA2602 4% 20/02/2045 USD 871,186 922,543 0.55
Ford Credit Auto Owner Trust, Series USD 270,000 272,573 0.16
GNMA MA2678 3.5% 20/03/2045 USD 747,662 778,815 0.47
2012-D Class D 1.97% 15/05/2019
GNMA MA2679 4% 20/03/2045 USD 908,867 967,944 0.58
Ford Credit Auto Owner Trust, Series USD 380,000 383,331 0.23
2013-B Class D 1.82% 15/11/2019 GNMA MA2754 3.5% 20/04/2045 USD 1,486,298 1,548,420 0.93
Ford Credit Auto Owner Trust, Series USD 40,000 40,301 0.02 GNMA, IO, Series 2010-92 Class PI USD 186,814 11,723 0.01
2014-C Class A4 1.56% 15/02/2020 4.5% 20/11/2037
Ford Credit Auto Owner Trust, USD 600,000 608,335 0.36 GNMA, IO, Series 2010-103 Class IN USD 59,934 3,718 –
Series 2014-1 Class A 144A 2.26% 4.5% 20/02/2039
15/11/2025 GNMA, IO, Series 2011-41 Class AI USD 325,571 36,872 0.02
FREMF Mortgage Trust, FRN, Series USD 165,000 164,099 0.10 4.5% 20/12/2039
2014-K41 Class B 144A 3.83% GNMA, IO, Series 2011-88 Class EI USD 56,444 6,016 –
25/11/2047 4.5% 20/11/2039
FREMF Mortgage Trust, FRN, Series USD 155,000 155,830 0.09 GNMA, IO, Series 2012-94 Class BI 4% USD 208,004 34,033 0.02
2015-K43 Class B 144A 3.735% 20/05/2037
25/02/2048 GNMA, IO, Series 2013-24 Class OI USD 97,004 18,445 0.01
FREMF Mortgage Trust, FRN, Series USD 110,000 104,144 0.06 4% 20/02/2043
2015-K45 Class B 144A 3.714% Grain Spectrum Funding LLC, 144A USD 195,000 200,669 0.12
25/04/2048 4% 10/10/2018
FREMF Mortgage Trust, FRN, Series USD 195,000 186,704 0.11 GS Mortgage Securities Corp. II, USD 135,000 134,347 0.08
2015-K46 Class B 144A 3.696% Series 2012-GCJ9 Class A3 2.773%
25/04/2048 10/11/2045
FREMF Mortgage Trust, FRN, Series USD 205,000 203,821 0.12 GS Mortgage Securities Trust, Series USD 500,000 502,958 0.30
2015-K718 Class B 144A 3.669% 2015-GC28 Class A5 3.396%
25/02/2022 10/02/2048
General Motors Financial Co., Inc. 4% USD 175,000 171,755 0.10 GS Mortgage-Backed Securities Trust, USD 99,259 99,713 0.06
15/01/2025 FRN, Series 2014-EB1A Class 2A1
Gilead Sciences, Inc. 3.5% 01/02/2025 USD 95,000 95,246 0.06 144A 2.501% 25/07/2044
GNMA 3306 5.5% 20/11/2032 USD 139,203 158,973 0.10 GSAA Trust, FRN, Series 2005-8 Class USD 76,605 72,778 0.04
GNMA 3490 6.5% 20/12/2033 USD 129,403 154,111 0.09 A3 0.617% 25/06/2035
GNMA 3611 6% 20/09/2034 USD 77,945 90,509 0.05 GTP Acquisition Partners I LLC 144A USD 455,000 449,918 0.27
GNMA 4060 6% 20/12/2037 USD 10,477 11,911 0.01 2.35% 15/06/2045
GNMA 4498 6% 20/07/2039 USD 11,446 13,216 0.01 Hilton Grand Vacations Trust, Series USD 112,019 111,254 0.07
2014-AA Class A 144A 1.77%
GNMA 4558 4.5% 20/10/2039 USD 225,361 246,164 0.15 25/11/2026
GNMA 4559 5% 20/10/2039 USD 50,231 55,930 0.03 HOA Funding LLC, Series 2014-1A USD 98,500 97,547 0.06
GNMA 4577 4.5% 20/11/2039 USD 23,203 25,345 0.02 Class A2 144A 4.846% 20/08/2044
GNMA 4618 5% 20/01/2040 USD 54,845 61,070 0.04 Honda Auto Receivables Owner USD 30,000 30,058 0.02
GNMA 4800 4% 20/09/2040 USD 98,815 105,781 0.06 Trust, Series 2014-4 Class A4 1.46%
15/10/2020
GNMA 4801 4.5% 20/09/2040 USD 93,588 102,228 0.06
Huntington Auto Trust, Series 2011-1A USD 155,000 155,133 0.09
GNMA 4834 4.5% 20/10/2040 USD 74,717 81,615 0.05 Class C 144A 2.53% 15/03/2017
GNMA 4854 4.5% 20/11/2040 USD 77,392 84,704 0.05 Hyundai Auto Lease Securitization USD 310,000 309,969 0.19
GNMA 4882 4% 20/12/2040 USD 160,154 171,445 0.10 Trust, Series 2015-B Class A4 144A
GNMA 4946 4.5% 20/02/2041 USD 300,914 328,696 0.20 1.66% 15/07/2019
GNMA 4978 4.5% 20/03/2041 USD 82,917 90,573 0.05 INVISTA Finance LLC, 144A 4.25% USD 60,000 59,366 0.04
15/10/2019
GNMA 4979 5% 20/03/2041 USD 198,381 221,167 0.13
J.P. Morgan Chase & Co. 3.875% USD 185,000 182,099 0.11
GNMA 5054 4% 20/05/2041 USD 133,332 142,692 0.09 10/09/2024
GNMA 783403 3.5% 15/09/2041 USD 130,992 135,967 0.08 J.P. Morgan Chase Commercial USD 30,000 31,080 0.02
GNMA 784012 5.5% 15/10/2038 USD 16,400 18,968 0.01 Mortgage Securities Trust, FRN,
GNMA AD1732 2.5% 15/02/2043 USD 78,206 75,616 0.05 Series 2006-LDP8 Class AJ 5.48%
15/05/2045
GNMA MA0221 4% 20/07/2042 USD 249,093 264,986 0.16
J.P. Morgan Chase Commercial USD 153,369 160,315 0.10
GNMA MA0318 3.5% 20/08/2042 USD 154,162 160,224 0.10
Mortgage Securities Trust, Series
GNMA MA0623 2.5% 20/12/2042 USD 129,430 125,082 0.07 2006-LDP9 Class A3 5.336%
GNMA MA0624 3% 20/12/2042 USD 160,391 162,701 0.10 15/05/2047
GNMA MA0697 2.5% 20/01/2043 USD 515,117 497,814 0.30 J.P. Morgan Chase Commercial USD 160,450 168,423 0.10
GNMA MA1012 3.5% 20/05/2043 USD 800,100 831,728 0.50 Mortgage Securities Trust, Series
2007-CB18 Class A4 5.44%
GNMA MA1088 2.5% 20/06/2043 USD 191,678 185,234 0.11 12/06/2047
T. ROWE PRICE 65

As at 30 June 2015

J.P. Morgan Chase Commercial USD 185,000 185,591 0.11 MMAF Equipment Finance LLC, Series USD 100,000 100,093 0.06
Mortgage Securities Trust, Series 2015-AA Class A4 144A 1.93%
2012-C8 Class A3 2.829% 16/07/2021
15/10/2045 Morgan Stanley Bank of America USD 100,000 99,756 0.06
J.P. Morgan Chase Commercial USD 145,000 144,959 0.09 Merrill Lynch Trust, Series 2015-C22
Mortgage Securities Trust, Series Class A4 3.306% 15/04/2048
2013-LC11 Class A5 2.96% Morgan Stanley Capital I, Inc., FRN, USD 20,000 20,573 0.01
15/04/2046 Series 2015-MS1 Class AS 0%
J.P. Morgan Chase Commercial USD 144,619 153,663 0.09 15/05/2048
Mortgage Securities Trust, FRN, Morgan Stanley Capital I, Inc., FRN, USD 55,000 54,772 0.03
Series 2007-CB19 Class A4 5.697% Series 2015-MS1 Class B 0%
12/02/2049 15/05/2048
J.P. Morgan Chase Commercial USD 325,000 344,994 0.21 Morgan Stanley Capital I, Inc., Series USD 150,000 154,495 0.09
Mortgage Securities Trust, FRN, 2015-MS1 Class A4 3.779%
Series 2007-CB19 Class AM 5.697% 15/05/2048
12/02/2049
MVW Owner Trust, Series 2013-1A USD 54,674 54,884 0.03
J.P. Morgan Chase Commercial USD 210,000 223,647 0.13 Class A 144A 2.15% 22/04/2030
Mortgage Securities Trust, FRN,
Series 2007-LD12 Class A4 5.882% MVW Owner Trust, Series 2014-1A USD 84,227 84,209 0.05
15/02/2051 Class A 144A 2.25% 22/09/2031
J.P. Morgan Chase Commercial USD 200,000 215,211 0.13 Navistar Financial Dealer Note Master USD 145,000 145,066 0.09
Mortgage Securities Trust, FRN, Trust, FRN, Series 2013-2 Class A
Series 2007-LD12 Class AM 6.011% 144A 0.865% 25/09/2018
15/02/2051 NBCUniversal Media LLC 2.875% USD 130,000 126,380 0.08
JM Smucker Co. (The), 144A 2.5% USD 375,000 374,235 0.22 15/01/2023
15/03/2020 New York City Transitional Finance USD 175,000 209,272 0.13
JobsOhio Beverage System Class B USD 155,000 162,102 0.10 Authority 5.508% 01/08/2037
4.532% 01/01/2035 New York City Water and Sewer USD 120,000 151,687 0.09
John Deere Owner Trust, Series USD 115,000 115,600 0.07 System 5.952% 15/06/2042
2015-A Class A4 1.65% 15/12/2021 Nissan Auto Lease Trust, Series 2013- USD 32,364 32,378 0.02
Kubota Credit Owner Trust, Series USD 585,000 586,286 0.35 B Class A3 0.75% 15/06/2016
2015-1A Class A3 144A 1.54% Nissan Master Owner Trust, Series USD 185,000 185,258 0.11
15/03/2019 2015-A Class A2 1.44% 15/01/2020
LB-UBS Commercial Mortgage Trust, USD 225,000 236,389 0.14 Nordstrom Credit Card Master Note USD 385,000 391,246 0.23
FRN, Series 2007-C2 Class AM Trust II, Series 2011-1A Class A 144A
5.493% 15/02/2040 2.28% 15/11/2019
LB-UBS Commercial Mortgage Trust, USD 160,000 171,507 0.10 O'Reilly Automotive, Inc. 4.875% USD 175,000 192,203 0.12
FRN, Series 2007-C6 Class AM 14/01/2021
6.114% 15/07/2040 Philadelphia Authority for Industrial USD 85,000 84,071 0.05
LB-UBS Commercial Mortgage Trust, USD 110,000 119,770 0.07 Development 3.964% 15/04/2026
FRN, Series 2008-C1 Class AM Port Authority of New York and New USD 330,000 325,076 0.19
6.15% 15/04/2041 Jersey 4.458% 01/10/2062
Liberty Mutual Group, Inc., 144A 4.85% USD 485,000 469,691 0.28 Priceline Group, Inc. (The) 3.65% USD 365,000 357,817 0.22
01/08/2044 15/03/2025
Marsh & McLennan Cos, Inc. 3.5% USD 75,000 74,473 0.04 Principal Financial Group, Inc., FRN USD 220,000 219,394 0.13
10/03/2025 4.7% 15/05/2055
Maryland State Transportation Authority USD 85,000 102,431 0.06 QVC, Inc. 3.125% 01/04/2019 USD 335,000 334,250 0.20
5.754% 01/07/2041
QVC, Inc. 5.125% 02/07/2022 USD 55,000 56,650 0.03
Maryland State Transportation Authority USD 165,000 206,568 0.12
QVC, Inc. 4.375% 15/03/2023 USD 15,000 14,756 0.01
5.888% 01/07/2043
QVC, Inc. 4.85% 01/04/2024 USD 260,000 258,951 0.16
15/03/2025 San Diego County Water Authority USD 70,000 88,496 0.05
Financing Corp. Class B 6.138%
01/05/2049
15/03/2045
Mercedes Benz Auto Lease Trust, USD 135,000 135,102 0.08
15/10/2019
Series 2013-B Class A4 0.76%
15/07/2019 SBA Tower Trust, 144A 2.933% USD 150,000 152,313 0.09
15/12/2042
Mercedes Benz Auto Lease Trust, USD 150,000 150,324 0.09
Series 2015-A Class A4 1.21% SBA Tower Trust 144A 3.869% USD 150,000 151,814 0.09
15/10/2020 15/10/2049
Merrill Lynch Mortgage Trust, Series USD 76,329 82,410 0.05 Sequoia Mortgage Trust, FRN, USD 2,938 2,919 –
2008-C1 Class A4 5.69% 12/02/2051 Series 2010-H1 Class A1 1.992%
25/02/2040
Metropolitan Transportation Authority USD 80,000 115,396 0.07
7.336% 15/11/2039 Sequoia Mortgage Trust, FRN, Series USD 161,831 152,283 0.09
2013-6 Class A1 2.5% 25/05/2043
MMAF Equipment Finance LLC, Series USD 110,000 109,686 0.07
2014-AA Class A4 144A 1.59% Sequoia Mortgage Trust, FRN, Series USD 85,461 82,740 0.05
08/02/2022 2013-7 Class A2 3% 25/06/2043
66 T. ROWE PRICE

As at 30 June 2015

Sierra Timeshare Receivables Funding USD 155,285 157,696 0.09 Wheels SPV 2 LLC, Series 2015-1A USD 200,000 200,281 0.12
LLC, Series 2012-1A Class A 144A Class A2 144A 1.27% 22/04/2024
2.84% 20/11/2028 World Omni Auto Receivables Trust, USD 190,000 190,557 0.11
Sierra Timeshare Receivables Funding USD 94,757 95,307 0.06 Series 2015-A Class A3 1.34%
LLC, Series 2014-1A Class A 144A 15/05/2020
2.07% 20/03/2030 85,179,412 51.00
Sierra Timeshare Receivables Funding USD 170,580 170,959 0.10 Total Bonds 92,075,414 55.13
LLC, Series 2015-1A Class A 144A
2.4% 22/03/2032 Total Transferable securities 92,075,414 55.13
Sirius XM Radio, Inc., 144A 5.25% USD 360,000 375,750 0.23 dealt in on another regulated market
15/08/2022
SMB Private Education Loan Trust USD 130,000 129,194 0.08
Class A2A, 144A 2.49% 15/06/2027
South Carolina State Public Service USD 162,000 158,796 0.10
Authority Class D 4.77% 01/12/2045
Southern California Gas Co. 3.2% USD 335,000 331,925 0.20 To Be Announced Contracts
15/06/2025 Market Unrealised
SunTrust Auto Receivables Trust, USD 495,000 494,852 0.30 Security Nominal Value Gain/(Loss) % of Net
Series 2015-1A Class A4 144A 1.78% Country Description Currency Value USD USD Assets
15/01/2021
United FHLMC, 4%, USD 160,000 169,025 (500) 0.10
Synchrony Credit Card Master Note USD 300,000 303,600 0.18
Trust, Series 2012-2 Class A 2.22% States of 15/07/2045
15/01/2022 America
Synchrony Credit Card Master Note USD 250,000 250,063 0.15 United FNMA, 3%, USD 370,000 368,208 (2,255) 0.22
17/08/2020 America
Synchrony Credit Card Master Note USD 315,000 311,433 0.19 United FNMA, 3.5%, USD 3,395,000 3,496,320 (14,158) 2.09
15/09/2022
America
Synchrony Credit Card Master Note USD 205,000 204,311 0.12
Trust, Series 2013-1 Class B 1.69% United FNMA, 4%, USD 785,000 830,996 (1,121) 0.50
15/03/2021 States of 25/07/2045
Synchrony Credit Card Master Note USD 135,000 135,623 0.08 America
Trust, Series 2014-1 Class C 1.91% United FNMA, 4.5%, USD 575,000 621,449 (994) 0.37
15/11/2020 States of 25/07/2045
United Airlines, Inc., Series 2014-2 USD 440,000 448,800 0.27 America
Class B 4.625% 03/09/2022 United FNMA, 5%, USD 60,000 66,272 (253) 0.04
University of North Carolina at Chapel USD 210,000 211,814 0.13 States of 25/07/2045
Hill 3.847% 01/12/2034 America
US Airways Pass Through Trust, Series USD 117,132 117,717 0.07 United GNMA, 3%, USD 3,120,000 3,146,812 10,289 1.89
2013-1 Class A 3.95% 15/05/2027
US Treasury 3% 15/05/2045 USD 160,000 156,863 0.09
America
US Treasury Inflation Indexed 0.634% USD 2,715,000 2,805,861 1.68
15/01/2024 United GNMA, 3.5%, USD 515,000 533,910 (196) 0.32
US Treasury Inflation Indexed 0.125% USD 120,000 116,907 0.07
15/07/2024 America
US Treasury Inflation Indexed 0.25% USD 715,000 702,906 0.42 Total To Be Announced Contracts Long Positions 9,232,992 (9,188) 5.53
15/01/2025 Net To Be Announced Contracts 9,232,992 (9,188) 5.53
Utah Transit Authority Class B 5.937% USD 65,000 81,949 0.05
15/06/2039
Utility Debt Securitization Authority USD 100,000 100,850 0.06
Class T1 0% 15/06/2021 Forward Currency Exchange Contracts
Wachovia Bank Commercial Mortgage USD 315,000 331,446 0.20
Trust, Series 2007-C30 Class AM Unrealised
5.383% 15/12/2043 Currency Amount Currency Amount Maturity Gain/(Loss) % of Net
Wells Fargo Commercial Mortgage USD 275,000 281,876 0.17
Trust, Series 2015-C29 Class A4 EUR 23,129,723 USD 25,311,432 31/07/2015 602,047 0.36
3.637% 15/06/2048 EUR 24,585,158 USD 26,822,038 31/08/2015 734,358 0.44
Wells Fargo Commercial Mortgage USD 105,000 102,121 0.06 EUR 24,955,625 USD 27,907,550 30/09/2015 77,063 0.05
Trust, FRN, Series 2015-LC20 Class
C 4.056% 15/04/2050 Total Unrealised Gain on 1,413,468 0.85
Wendys Funding LLC, Series 2015-1A USD 445,000 445,102 0.27
Class A2I 144A 3.371% 15/06/2045 EUR 1,036,106 USD 1,167,555 31/07/2015 (6,750) –
WFRBS Commercial Mortgage Trust, USD 185,000 186,167 0.11 EUR 1,490,502 USD 1,679,066 31/08/2015 (8,430) (0.01)
Series 2013-C13 Class A4 3.001% Total Unrealised Loss on (15,180) (0.01)
WFRBS Commercial Mortgage Trust, USD 285,000 293,968 0.18 Net Unrealised Gain on 1,398,288 0.84
Series 2014-C24 Class A5 3.607%
15/11/2047
T. ROWE PRICE 67

As at 30 June 2015
Unrealised
Deutsche Bank 568,255
J.P. Morgan 19,518
Westpac Banking 76,793
1,398,288

Global Unrealised
Country Description Contracts Currency USD USD Assets
United States US 10 Year Note, (59) USD (7,443,219) 41,414 0.03
of America 21/09/2015
United States US 5 Year Note, 13 USD 1,550,047 109 –
United States US Long Bond, (2) USD (301,750) 7,641 –
Net Unrealised Gain on 49,164 0.03
Cash 12,894,137 7.72


% of Net Assets
United Kingdom 2.30
Cayman Islands 1.42
Netherlands 1.22
Australia 1.22
Mexico 0.57
France 0.54
Sweden 0.41
Hong Kong 0.39
Luxembourg 0.34
Canada 0.31
Switzerland 0.26
Indonesia 0.26
Japan 0.24
South Africa 0.20
Colombia 0.17
Germany 0.14
Bermuda 0.13
Turkey 0.12
Ireland 0.12
Jersey 0.12
Chile 0.09
Total 100.00
68 T. ROWE PRICE
Asian ex-Japan Equity Fund

As at 30 June 2015
The fund’s objective is to increase the value of its shares, Quantity/ Market
over the long term, through growth in the value of its Investments Currency Value USD Assets
The fund invests mainly in a diversified portfolio of stocks to an official exchange listing
of companies in Asia (excluding Japan). Equities
Bermuda
Specifically, the fund invests at least two-thirds of total Hongkong Land Holdings Ltd. USD 865,200 7,093,257 0.72
assets in equity and equity-related securities issued by Jardine Matheson Holdings Ltd. USD 362,300 20,557,050 2.09
Shangri-La Asia Ltd. HKD 2,388,000 3,331,596 0.34
companies that are either incorporated in any Asian Trinity Ltd. HKD 9,600,000 1,659,866 0.17
country except Japan or conduct most of their business in 32,641,769 3.32
Cayman Islands
such countries. Types of securities may include common 58.com, Inc., ADR USD 108,800 7,030,656 0.71
stocks, preferred stocks, warrants, American Depository AAC Technologies Holdings, Inc. HKD 3,133,500 17,691,359 1.80
Receipts (ADRs), European Depository Receipts (EDRs) Ajisen China Holdings Ltd. HKD 2,895,000 1,550,571 0.16
Alibaba Group Holding Ltd., ADR USD 89,100 7,375,698 0.75
and Global Depository Receipts (GDRs). ASM Pacific Technology Ltd. HKD 575,500 5,697,518 0.58
The fund does not invest more than one-third of its Baidu, Inc., ADR USD 121,500 24,562,440 2.50
Cheung Kong Property Holdings Ltd. HKD 3,000,168 24,884,749 2.53
assets in debt and money market securities. China Mengniu Dairy Co. Ltd. HKD 2,940,000 14,660,599 1.49
The fund may use derivatives for hedging and efficient CIMC Enric Holdings Ltd. HKD 1,500,000 1,276,519 0.13
CK Hutchison Holdings Ltd. HKD 2,056,168 30,189,823 3.07
portfolio management. ENN Energy Holdings Ltd. HKD 1,800,000 10,848,382 1.10
Homeinns Hotel Group, ADR USD 205,300 6,388,936 0.65
JD.com, Inc., ADR USD 298,200 10,019,520 1.02
Ozner Water International Holding Ltd., HKD 11,440,000 4,090,623 0.41
144A
Pacific Textiles Holdings Ltd. HKD 3,599,000 5,748,612 0.58
Sino Biopharmaceutical Ltd. HKD 1,848,000 2,144,320 0.22
Sunny Optical Technology Group Co. HKD 1,698,000 3,697,379 0.37
Ltd.
TAL Education Group, ADR USD 118,700 4,154,500 0.42
Tencent Holdings Ltd. HKD 2,000,100 39,882,069 4.05
Tingyi Cayman Islands Holding Corp. HKD 5,698,000 11,647,700 1.18
Towngas China Co. Ltd. HKD 5,168,000 4,728,019 0.48
Vipshop Holdings Ltd., ADR USD 558,000 12,387,600 1.26
Want Want China Holdings Ltd. HKD 6,417,000 6,791,087 0.69
Wynn Macau Ltd. HKD 2,351,600 3,920,576 0.40
Youku Tudou, Inc., ADR USD 151,100 3,750,302 0.38
Zhongsheng Group Holdings Ltd. HKD 3,301,000 2,322,683 0.24
267,442,240 27.17
China
Anhui Conch Cement Co. Ltd. Class H HKD 2,945,500 10,345,868 1.05
China Cinda Asset Management Co. HKD 24,285,000 13,549,027 1.38
Ltd. Class H
China Pacific Insurance Group Co. Ltd. HKD 3,627,400 17,430,859 1.77
Class H
Kweichow Moutai Co. Ltd. Class A CNY 195,155 8,109,603 0.82
Weifu High-Technology Group Co. Ltd. CNY 266,408 1,331,439 0.14
Class A
Weifu High-Technology Group Co. Ltd. HKD 1,458,100 5,915,313 0.60
Class B
56,682,109 5.76
Hong Kong
AIA Group Ltd. HKD 7,908,600 51,744,618 5.26
China Overseas Land & Investment HKD 1,846,000 6,518,925 0.66
Ltd.
China Resources Power Holdings Co. HKD 3,958,000 11,048,751 1.12
Ltd.
CNOOC Ltd. HKD 6,632,000 9,404,776 0.96
CSPC Pharmaceutical Group Ltd. HKD 5,186,000 5,125,032 0.52
Galaxy Entertainment Group Ltd. HKD 880,000 3,510,508 0.36
T. ROWE PRICE 69
Asian ex-Japan Equity Fund continued

As at 30 June 2015

Hongkong & Shanghai Hotels Ltd. HKD 3,719,500 5,161,370 0.52 President Chain Store Corp. TWD 1,688,000 11,841,869 1.20
(The) Taiwan Semiconductor Manufacturing TWD 8,424,275 38,269,172 3.89
Techtronic Industries Co. Ltd. HKD 2,861,000 9,383,118 0.95 Co. Ltd.
101,897,098 10.35 Uni-President Enterprises Corp. TWD 5,951,000 10,525,677 1.07
India Yuanta Financial Holding Co. Ltd. TWD 11,689,000 6,311,111 0.64
Cummins India Ltd. INR 331,284 4,662,047 0.47 91,235,183 9.27
HDFC Bank Ltd. INR 1,335,063 25,925,630 2.64 Thailand
ICICI Bank Ltd. INR 2,986,715 14,440,210 1.47 BEC World PCL THB 3,889,600 4,317,940 0.44
Infosys Ltd. INR 1,616,756 24,992,513 2.54 Kasikornbank PCL, NVDR THB 1,466,500 8,199,732 0.83
ITC Ltd. INR 2,253,766 11,150,878 1.13 Siam City Cement PCL THB 379,200 4,175,915 0.43
NTPC Ltd. INR 2,022,408 4,368,736 0.44 16,693,587 1.70
Reliance Industries Ltd. INR 154,774 2,430,816 0.25 United Kingdom
Sun Pharmaceutical Industries Ltd. INR 737,172 10,126,875 1.03 HSBC Holdings PLC HKD 2,385,200 21,568,086 2.19
Tata Consultancy Services Ltd. INR 474,503 18,994,039 1.93 21,568,086 2.19
Ultratech Cement Ltd. INR 192,259 9,036,699 0.92 Total Equities 960,256,831 97.57
126,128,443 12.82 Total Transferable securities 960,256,831 97.57
Indonesia and money market instruments
Bank Central Asia Tbk. PT IDR 12,914,000 13,069,215 1.33
Bank Mandiri Persero Tbk. PT IDR 13,392,300 10,089,541 1.02
Hero Supermarket Tbk. PT IDR 10,380,480 1,441,145 0.15
Surya Citra Media Tbk. PT IDR 23,684,400 5,104,329 0.52
XL Axiata Tbk. PT IDR 4,037,200 1,115,316 0.11
Cash 26,679,014 2.71
30,819,546 3.13
Other Assets/(Liabilities) (2,779,642) (0.28)
Luxembourg
L'Occitane International SA HKD 3,673,250 10,476,310 1.06
Samsonite International SA HKD 4,857,900 16,804,423 1.71
27,280,733 2.77
Malaysia Geographic Allocation of Portfolio
Bursa Malaysia Bhd. MYR 1,265,400 2,726,633 0.28
% of Net Assets
2,726,633 0.28
Cayman Islands 27.17
Philippines
India 12.82
Ayala Land, Inc. PHP 8,752,400 7,238,804 0.73
South Korea 11.76
BDO Unibank, Inc. PHP 6,207,000 14,918,955 1.52
Hong Kong 10.35
Philippine Long Distance PHP 99,835 6,222,427 0.63
Telephone Co. Taiwan 9.27
28,380,186 2.88 China 5.76
Singapore Singapore 3.68
ComfortDelGro Corp. Ltd. SGD 4,443,800 10,333,348 1.05 Bermuda 3.32
DBS Group Holdings Ltd. SGD 745,900 11,464,270 1.17 Indonesia 3.13
United Overseas Bank Ltd. SGD 838,700 14,373,645 1.46 Philippines 2.88
36,171,263 3.68 Luxembourg 2.77
South Korea United Kingdom 2.19
CJ CheilJedang Corp. KRW 16,828 6,638,423 0.67 Thailand 1.70
Hyundai Mobis Co. Ltd. KRW 47,238 8,958,084 0.91 Switzerland 0.49
Hyundai Motor Co. KRW 56,597 6,885,662 0.70 Malaysia 0.28
KT&G Corp. KRW 109,133 9,268,664 0.94 Total Investments 97.57
LG Chem Ltd. KRW 34,611 8,623,025 0.88 Cash and Other Assets/(Liabilities) 2.43
LS Industrial Systems Co. Ltd. KRW 25,371 1,037,107 0.11 Total 100.00
NAVER Corp. KRW 36,304 20,627,814 2.10
Osstem Implant Co. Ltd. KRW 26,497 1,614,530 0.16
POSCO KRW 34,043 6,821,442 0.69
Samsung Electronics Co. Ltd. KRW 29,913 33,990,766 3.45
SK Hynix, Inc. KRW 297,215 11,267,993 1.15
115,733,510 11.76
Switzerland
DKSH Holding AG CHF 66,563 4,856,445 0.49
4,856,445 0.49
Taiwan
Delta Electronics, Inc. TWD 2,656,000 13,583,084 1.38
E.Sun Financial Holding Co. Ltd. TWD 16,073,000 10,704,270 1.09
70 T. ROWE PRICE
Asian Opportunities Equity Fund

As at 30 June 2015
of companies in Asia. Equities
Bermuda
Specifically, the fund invests at least two-thirds of total Dairy Farm International Holdings Ltd. USD 4,100 35,497 1.56
assets in equity and equity-related securities issued by Hongkong Land Holdings Ltd. USD 13,100 107,399 4.72
142,896 6.28
companies that are either incorporated in any Asian Cayman Islands
country or conduct most of their business in such Baidu, Inc., ADR USD 124 25,068 1.10
China Mengniu Dairy Co. Ltd. HKD 8,000 39,893 1.75
countries. Types of securities may include common Hengan International Group Co. Ltd. HKD 3,000 35,636 1.57
stocks, preferred stocks, warrants, American Depository Homeinns Hotel Group, ADR USD 1,585 49,325 2.17
Receipts (ADRs), European Depository Receipts (EDRs) JD.com, Inc., ADR USD 728 24,461 1.07
SOHO China Ltd. HKD 129,500 84,328 3.71
and Global Depository Receipts (GDRs). Tencent Holdings Ltd. HKD 4,500 89,730 3.94
The fund does not invest more than one-third of its Want Want China Holdings Ltd. HKD 32,000 33,865 1.49
382,306 16.80
assets in debt and money market securities. China
The fund may use derivatives for hedging and efficient BAIC Motor Corp. Ltd. Class H, 144A HKD 6,500 7,827 0.35
China Construction Bank Corp. HKD 47,000 42,955 1.89
portfolio management. Class H
China Life Insurance Co. Ltd. Class H HKD 6,000 26,160 1.15
China Pacific Insurance Group Co. Ltd. HKD 3,800 18,260 0.80
Class H
China Vanke Co. Ltd. Class H HKD 21,100 51,969 2.28
Inner Mongolia Yili Industrial Group Co. CNY 14,200 43,279 1.90
Ltd. Class A
Weifu High-Technology Group Co. Ltd. HKD 11,700 47,465 2.09
Class B
237,915 10.46
Hong Kong
AIA Group Ltd. HKD 11,200 73,280 3.22
China Mobile Ltd., ADR USD 638 40,794 1.79
Sun Art Retail Group Ltd. HKD 43,000 38,712 1.70
152,786 6.71
India
Axis Bank Ltd., Reg. S, GDR USD 1,637 71,373 3.14
HDFC Bank Ltd., ADR USD 1,304 78,527 3.45
ICICI Bank Ltd., ADR USD 4,790 49,289 2.17
Infosys Ltd., ADR USD 4,610 73,391 3.22
Kotak Mahindra Bank Ltd., Reg. S, USD 934 20,337 0.89
GDR
292,917 12.87
Indonesia
Bank Central Asia Tbk. PT IDR 32,500 32,891 1.45
Elang Mahkota Teknologi Tbk. PT IDR 12,300 10,238 0.45
Kalbe Farma Tbk. PT IDR 195,500 24,551 1.08
Sarana Menara Nusantara Tbk. PT IDR 97,900 29,377 1.29
Telekomunikasi Indonesia Persero USD 561 24,454 1.07
Tbk. PT, ADR
121,511 5.34
Malaysia
British American Tobacco Malaysia MYR 2,200 36,121 1.59
Bhd.
36,121 1.59
Philippines
BDO Unibank, Inc. PHP 26,150 62,853 2.76
Philippine Long Distance Telephone USD 280 17,402 0.77
Co., ADR
Philippine Seven Corp. PHP 4,090 10,883 0.48
91,138 4.01
T. ROWE PRICE 71
Asian Opportunities Equity Fund continued

As at 30 June 2015
Quantity/ Market Geographic Allocation of Portfolio

Investments Currency Value USD Assets % of Net Assets
Singapore Cayman Islands 16.80

ComfortDelGro Corp. Ltd. SGD 29,600 68,830 3.03 South Korea 15.90
DBS Group Holdings Ltd. SGD 1,500 23,055 1.01 India 12.87
91,885 4.04 China 10.46
South Korea Taiwan 6.86
AMOREPACIFIC Group KRW 238 39,811 1.75 Hong Kong 6.71
Hyundai Mobis Co. Ltd. KRW 106 20,101 0.88 Bermuda 6.28
LG Chem Ltd. KRW 185 46,091 2.03 Indonesia 5.34
NAVER Corp. KRW 166 94,321 4.15 Singapore 4.04
Samsung Electronics Co. Ltd. KRW 88 99,996 4.39 Philippines 4.01
SK Hynix, Inc. KRW 1,623 61,531 2.70 Thailand 2.59
361,851 15.90 United States of America 1.99
Taiwan Malaysia 1.59
Taiwan Semiconductor Manufacturing USD 3,864 88,292 3.88 Total Investments 95.44
Co. Ltd., ADR Cash and Other Assets/(Liabilities) 4.56
Uni-President Enterprises Corp. TWD 38,380 67,884 2.98 Total 100.00
156,176 6.86
Thailand
Bangkok Bank PCL, NVDR THB 4,100 21,570 0.95
Central Pattana PCL THB 8,000 11,249 0.49
Siam Cement PCL (The), NVDR THB 1,700 26,136 1.15
58,955 2.59
Yum! Brands, Inc. USD 505 45,329 1.99
45,329 1.99

Unrealised
HKD 39,199 USD 5,057 02/07/2015 – –
Unrealised
J.P. Morgan –
–
Cash 61,762 2.71

72 T. ROWE PRICE
Continental European Equity Fund (6)

As at 30 June 2015
over the long term, through growth in the value of its Investments Currency Value EUR Assets
of companies in Europe (excluding the UK). Equities
Austria
Specifically, the fund invests at least two-thirds of total ANDRITZ AG EUR 52,436 2,634,385 1.87
assets in equity and equity-related securities issued 2,634,385 1.87
Belgium
by companies that are either incorporated in any KBC Groep NV EUR 74,984 4,519,286 3.22
European country (excluding the United Kingdom) or 4,519,286 3.22
Denmark
conduct most of their business in such countries. Types SimCorp A/S DKK 93,646 3,345,451 2.38
of securities may include common stocks, preferred 3,345,451 2.38
stocks, warrants, American Depository Receipts (ADRs), France
BNP Paribas SA EUR 42,722 2,343,729 1.67
European Depository Receipts (EDRs) and Global Bureau Veritas SA EUR 81,641 1,688,336 1.20
Depository Receipts (GDRs). Gecina SA, REIT EUR 16,257 1,815,094 1.29
Iliad SA EUR 9,477 1,900,138 1.35
The fund does not invest more than one-third of its Imerys SA EUR 29,904 2,060,984 1.47
assets in debt and money market securities. JCDecaux SA EUR 71,659 2,698,320 1.92
Plastic Omnium SA EUR 69,610 1,607,991 1.15
The fund may use derivatives for hedging and efficient Schneider Electric SE EUR 38,509 2,416,055 1.72
portfolio management. SPIE SA EUR 30,084 538,503 0.38
Technip SA EUR 42,102 2,357,712 1.68
Unibail-Rodamco SE, REIT EUR 10,105 2,314,045 1.64
(6)
his fund was formerly named European ex-UK Equity
T 21,740,907 15.47
Fund. Germany
Allianz SE EUR 24,097 3,385,629 2.41
Bayer AG EUR 9,905 1,255,459 0.89
Brenntag AG EUR 41,896 2,174,821 1.55
Continental AG EUR 11,717 2,482,246 1.77
Fresenius SE & Co. KGaA EUR 12,986 750,851 0.53
GEA Group AG EUR 43,143 1,733,701 1.23
Telefonica Deutschland Holding AG EUR 659,359 3,435,920 2.44
Wirecard AG EUR 67,410 2,313,174 1.65
17,531,801 12.47
Ireland
Bank of Ireland EUR 7,045,940 2,589,383 1.84
2,589,383 1.84
Italy
DiaSorin SpA EUR 42,012 1,719,971 1.22
Eni SpA EUR 159,044 2,554,247 1.81
Intesa Sanpaolo SpA EUR 1,443,057 4,738,999 3.37
Mediaset SpA EUR 629,721 2,751,881 1.96
Mediolanum SpA EUR 283,422 2,105,825 1.50
Moncler SpA EUR 149,319 2,471,229 1.76
Prysmian SpA EUR 115,143 2,259,106 1.61
Snam SpA EUR 397,792 1,714,484 1.22
20,315,742 14.45
Romania
BRD-Groupe Societe Generale RON 757,931 1,821,910 1.30
1,821,910 1.30
Spain
Amadeus IT Holding SA Class A EUR 25,762 928,720 0.66
Axiare Patrimonio SOCIMI SA, REIT EUR 152,338 1,818,916 1.29
Bankia SA EUR 2,660,646 3,027,815 2.15
Bolsas y Mercados Espanoles EUR 59,839 2,156,897 1.53
SHMSF SA
Cia de Distribucion Integral Logista EUR 102,024 1,851,736 1.32
Holdings SA
T. ROWE PRICE 73
Continental European Equity Fund (6) continued

As at 30 June 2015
Quantity/ Market Unrealised

Nominal Value % of Net Counterparty Gain/(Loss)
Investments Currency Value EUR Assets
J.P. Morgan (5,064)
Distribuidora Internacional de EUR 266,572 1,840,146 1.31 (5,064)
Alimentacion SA
Endesa SA EUR 167,791 2,893,556 2.06
Inmobiliaria Colonial SA EUR 3,802,730 2,384,312 1.70
Red Electrica Corp. SA EUR 44,402 3,203,160 2.28 Cash 8,073,086 5.74
Telefonica SA EUR 129,976 1,673,441 1.19 Other Assets/(Liabilities) (273,317) (0.19)
21,778,699 15.49 Total Net Assets 140,569,221 100.00
Sweden
Alfa Laval AB SEK 76,981 1,222,123 0.87
Skandinaviska Enskilda Banken AB SEK 174,444 2,011,885 1.43
Class A Geographic Allocation of Portfolio
Svenska Cellulosa AB SCA Class B SEK 59,929 1,371,954 0.98
% of Net Assets
Swedbank AB Class A SEK 67,693 1,422,142 1.01
Thule Group AB (The), 144A SEK 135,970 1,483,493 1.05 Switzerland 18.26
7,511,597 5.34 Spain 15.49
Switzerland France 15.47
Dufry AG CHF 24,654 3,093,994 2.20 Italy 14.45
Nestle SA CHF 114,273 7,477,665 5.32 Germany 12.47
Novartis AG CHF 24,409 2,151,539 1.53 Sweden 5.34
Roche Holding AG CHF 19,301 4,892,606 3.48 Belgium 3.22
Swatch Group AG (The) CHF 5,056 1,776,825 1.26 Denmark 2.38
UBS Group AG CHF 132,603 2,536,291 1.81 United Kingdom 2.36
Zurich Insurance Group AG CHF 13,588 3,735,368 2.66 Austria 1.87
25,664,288 18.26 Ireland 1.84
United Kingdom Romania 1.30
Liberty Global PLC Class A USD 26,000 1,252,058 0.89 Total Investments 94.45
Liberty Global PLC USD 24,600 1,118,302 0.80 Cash and Other Assets/(Liabilities) 5.55
Royal Dutch Shell PLC Class A EUR 37,055 945,643 0.67 Total 100.00
3,316,003 2.36

Unrealised
Purchased Purchased Sold Sold Date EUR Assets
EUR 64,874 CHF 66,910 02/07/2015 627 –
EUR 13,135 DKK 97,940 02/07/2015 6 –
EUR 6,228 RON 27,690 02/07/2015 36 –
EUR 3,880 SEK 35,800 02/07/2015 3 –
USD 233,206 EUR 206,485 02/07/2015 1,753 –
Total Unrealised Gain on 2,425 –
EUR 45,035 CHF 47,190 02/07/2015 (277) –
EUR 1,340 DKK 10,000 02/07/2015 – –
EUR 1,544 RON 6,930 02/07/2015 (6) –
EUR 28,652 SEK 266,910 02/07/2015 (252) –
USD 415,615 EUR 378,072 02/07/2015 (6,954) –
Total Unrealised Loss on (7,489) –
Net Unrealised Loss on (5,064) –
74 T. ROWE PRICE
Emerging Europe Equity Fund

As at 30 June 2015
of companies in the developing countries of Europe. Equities
Austria
Specifically, the fund invests at least two-thirds of total Erste Group Bank AG EUR 2,418 62,372 1.01
assets in equity and equity-related securities issued by 62,372 1.01
Bermuda
companies that are either incorporated in the developing VimpelCom Ltd., ADR USD 14,100 62,323 1.01
countries of central and Eastern Europe, including those 62,323 1.01
Cyprus
of the former Soviet Union, and the Mediterranean MD Medical Group Investments PLC, USD 12,985 66,438 1.07
region, or conduct most of their business in such Reg. S, GDR
Ros Agro PLC, Reg. S, GDR USD 5,192 39,175 0.63
countries. Types of securities may include common 105,613 1.70
stocks, preferred stocks, warrants, American Depository Georgia
TBC Bank JSC, Reg. S, GDR USD 8,265 76,753 1.24
Receipts (ADRs), European Depository Receipts (EDRs)
76,753 1.24
and Global Depository Receipts (GDRs). Greece
The fund does not invest more than one-third of its Hellenic Exchanges - Athens Stock
Exchange SA Holding
EUR 5,426 20,239 0.33
assets in debt and money market securities. 20,239 0.33

Guernsey
The fund may use derivatives for hedging and efficient
Etalon Group Ltd., Reg. S, GDR USD 19,166 34,228 0.55
portfolio management. 34,228 0.55
Hungary
OTP Bank PLC HUF 9,116 160,883 2.60
160,883 2.60
Jersey
Wizz Air Holdings PLC, 144A GBP 3,554 77,490 1.25
77,490 1.25
Kazakhstan
JSC, Reg. S, GDR
76,196 1.23
Luxembourg
MHP SA, Reg. S, GDR USD 3,571 32,206 0.52
32,206 0.52
Netherlands
X5 Retail Group NV, Reg. S, GDR USD 8,826 135,160 2.18
Yandex NV Class A USD 1,300 17,505 0.28
152,665 2.46
Poland
Bank Pekao SA PLN 4,523 193,656 3.12
Bank Zachodni WBK SA PLN 1,265 101,469 1.64
CCC SA PLN 2,348 98,345 1.59
Powszechna Kasa Oszczednosci PLN 22,832 169,624 2.74
Bank Polski SA
563,094 9.09
Portugal
Jeronimo Martins SGPS SA EUR 6,980 80,689 1.30
80,689 1.30
Romania
BRD-Groupe Societe Generale RON 38,849 93,385 1.51
93,385 1.51
Russia
Alrosa AO USD 83,051 83,583 1.35
Bank St Petersburg PJSC USD 91,068 59,541 0.96
Gazprom OAO, ADR USD 115,317 527,003 8.51
Lukoil OAO, ADR USD 11,936 468,210 7.56
Magnit PJSC, Reg. S, GDR USD 9,428 459,656 7.42
T. ROWE PRICE 75
Emerging Europe Equity Fund continued

As at 30 June 2015

Investments Currency Value EUR Assets % of Net Assets
MMC Norilsk Nickel PJSC, ADR USD 21,595 326,654 5.27 Russia 42.71
Moscow Exchange MICEX-RTS PJSC RUB 85,940 95,004 1.53 Turkey 22.16
PhosAgro OAO, Reg. S, GDR USD 4,346 49,479 0.80 Poland 9.09
Sberbank of Russia, ADR USD 95,460 442,565 7.15 Virgin Islands, British 4.47
Surgutneftegas OAO Preference RUB 196,500 133,993 2.16 Romania 2.66
2,645,688 42.71 Hungary 2.60
Turkey Netherlands 2.46
Akbank TAS TRY 20,394 52,438 0.85 United Kingdom 1.81
BIM Birlesik Magazalar A/S TRY 10,626 169,213 2.73 Cyprus 1.70
Brisa Bridgestone Sabanci Sanayi TRY 22,190 64,309 1.04 Portugal 1.30
ve Ticaret A/S Jersey 1.25
Coca-Cola Icecek A/S TRY 11,405 167,926 2.71 Georgia 1.24
Haci Omer Sabanci Holding A/S TRY 37,039 124,265 2.01 Kazakhstan 1.23
Migros Ticaret A/S TRY 10,791 75,394 1.22 Austria 1.01
TAV Havalimanlari Holding A/S TRY 15,930 119,268 1.93 Bermuda 1.01
Tofas Turk Otomobil Fabrikasi A/S TRY 12,361 73,996 1.19 Guernsey 0.55
Turkiye Garanti Bankasi A/S TRY 95,287 265,345 4.28 Luxembourg 0.52
Turkiye Halk Bankasi A/S TRY 52,054 211,790 3.42 Greece 0.33
Yapi ve Kredi Bankasi A/S TRY 37,094 48,493 0.78 Total Investments 98.10
1,372,437 22.16 Cash and Other Assets/(Liabilities) 1.90
United Kingdom Total 100.00
Bank of Georgia Holdings PLC GBP 3,156 87,103 1.41
KAZ Minerals PLC GBP 8,620 24,967 0.40
112,070 1.81
Luxoft Holding, Inc. USD 4,300 218,820 3.53
Mail.Ru Group Ltd., Reg. S, GDR USD 3,101 57,789 0.94
Preference
276,609 4.47
Units of authorised UCITS or other collective investment

undertakings
Collective Investment Schemes - UCITS
Romania
Fondul Proprietatea SA RON 400,408 71,225 1.15
71,225 1.15
Total Collective Investment 71,225 1.15
Schemes - UCITS
Total Units of authorised UCITS or other 71,225 1.15
collective investment undertakings
Cash 111,026 1.79

76 T. ROWE PRICE
Emerging Markets Equity Fund (7)

As at 30 June 2015
of emerging market companies. Equities
Brazil
Specifically, the fund invests at least two-thirds of total Banco Bradesco SA Preference BRL 849,938 7,818,958 0.59
assets in equity and equity-related securities issued by BR Malls Participacoes SA BRL 3,189,500 14,922,962 1.13
BRF SA BRL 261,612 5,514,019 0.42
companies that are either incorporated in one of the CCR SA BRL 1,106,900 5,436,100 0.41
economically emerging countries of Latin America, Asia, Itau Unibanco Holding SA Preference BRL 3,204,114 35,493,283 2.68
Lojas Renner SA BRL 1,101,200 40,773,999 3.08
Europe, Africa and the Middle East or conduct most of Petroleo Brasileiro SA, ADR Preference USD 894,100 7,421,030 0.56
their business in such countries. Types of securities may Petroleo Brasileiro SA, ADR USD 213,100 1,955,192 0.15
Raia Drogasil SA BRL 836,800 10,263,227 0.78
include common stocks, preferred stocks, warrants,
129,598,770 9.80
American Depository Receipts (ADRs), European Cayman Islands
Depository Receipts (EDRs) and Global Depository 58.com, Inc., ADR USD 106,400 6,875,568 0.52
Alibaba Group Holding Ltd., ADR USD 113,563 9,400,745 0.71
Receipts (GDRs). ASM Pacific Technology Ltd. HKD 945,700 9,362,541 0.71
The fund does not invest more than one-third of its Baidu, Inc., ADR USD 176,200 35,620,592 2.69
China Mengniu Dairy Co. Ltd. HKD 621,000 3,096,678 0.23
assets in debt and money market securities. Hengan International Group Co. Ltd. HKD 222,500 2,643,030 0.20
The fund may use derivatives for hedging and efficient Sunny Optical Technology Group Co. HKD 3,213,000 6,996,277 0.53
Ltd.
portfolio management. Tencent Holdings Ltd. HKD 2,422,300 48,300,753 3.65
Want Want China Holdings Ltd. HKD 9,609,000 10,169,168 0.77
(7)
T 141,236,572 10.67
Markets Equity Fund. Chile
Banco Santander Chile, ADR USD 181,343 3,650,435 0.28
SACI Falabella CLP 1,035,597 7,287,000 0.55
10,937,435 0.83
China
BAIC Motor Corp. Ltd. Class H, 144A HKD 4,180,500 5,033,764 0.38
Bank of China Ltd. Class H HKD 18,341,100 11,937,004 0.90
China Longyuan Power Group Corp. HKD 6,827,000 7,599,937 0.57
Ltd. Class H
China Pacific Insurance Group Co. Ltd. HKD 1,198,600 5,759,670 0.44
Class H
China Vanke Co. Ltd. Class H HKD 1,266,750 3,120,013 0.24
China Vanke Co. Ltd. Class A CNY 2,619,883 6,133,489 0.46
Dongfeng Motor Group Co. Ltd. HKD 6,206,000 8,330,025 0.63
Class H
Huaneng Renewables Corp. Ltd. HKD 16,622,000 6,706,231 0.51
Class H
Industrial & Commercial Bank of China HKD 20,851,445 16,581,124 1.25
Ltd. Class H
Kweichow Moutai Co. Ltd. Class A CNY 165,914 6,894,503 0.52
Ping An Insurance Group Co. of China HKD 2,500,300 33,810,158 2.56
Ltd. Class H
Ping An Insurance Group Co. of China CNY 193,100 2,551,346 0.19
Ltd. Class A
114,457,264 8.65
Colombia
Grupo Aval Acciones y Valores SA, USD 676,800 6,639,408 0.50
ADR Preference
6,639,408 0.50
Hong Kong
AIA Group Ltd. HKD 5,469,400 35,785,349 2.70
Beijing Enterprises Holdings Ltd. HKD 2,634,500 19,820,105 1.50
China Unicom Hong Kong Ltd. HKD 5,598,000 8,823,823 0.67
CNOOC Ltd. HKD 10,433,000 14,794,939 1.12
T. ROWE PRICE 77
Emerging Markets Equity Fund (7) continued

As at 30 June 2015

CSPC Pharmaceutical Group Ltd. HKD 2,820,000 2,786,848 0.21 South Korea
Techtronic Industries Co. Ltd. HKD 1,223,500 4,012,669 0.30 Hyundai Glovis Co. Ltd. KRW 25,499 4,607,666 0.35
86,023,733 6.50 Hyundai Motor Co. KRW 125,692 15,291,846 1.15
India LG Household & Health Care Ltd. KRW 28,083 19,444,236 1.47
Adani Ports & Special Economic Zone INR 1,943,962 9,395,727 0.71 NAVER Corp. KRW 21,531 12,233,844 0.92
Ltd. Samsung Electronics Co. Ltd. KRW 32,205 36,595,213 2.77
Axis Bank Ltd. INR 1,956,720 17,156,507 1.30 SK Hynix, Inc. KRW 427,903 16,222,626 1.23
Container Corp. Of India Ltd. INR 295,789 7,794,133 0.59 104,395,431 7.89
Glenmark Pharmaceuticals Ltd. INR 516,174 8,055,681 0.61 Switzerland
Housing Development Finance Corp. INR 1,041,086 21,193,435 1.60 Cie Financiere Richemont SA ZAR 1,149,543 9,459,486 0.71
Ltd.
9,459,486 0.71
ICICI Bank Ltd. INR 3,495,769 16,901,392 1.28
Taiwan
Infosys Ltd. INR 1,883,245 29,112,015 2.20
Catcher Technology Co. Ltd. TWD 1,858,000 23,228,452 1.75
Maruti Suzuki India Ltd. INR 148,731 9,779,988 0.74
China Life Insurance Co. Ltd. TWD 7,502,000 7,664,479 0.58
Power Grid Corp. of India Ltd. INR 3,196,328 6,982,380 0.53
Delta Electronics, Inc. TWD 2,129,000 10,887,947 0.82
Sun Pharmaceutical Industries Ltd. INR 501,220 6,885,493 0.52
Quanta Computer, Inc. TWD 4,237,000 10,000,236 0.76
Tata Consultancy Services Ltd. INR 205,056 8,208,255 0.62
Taiwan Semiconductor Manufacturing TWD 12,139,050 55,144,376 4.17
Tata Motors Ltd. INR 1,522,405 10,365,489 0.78 Co. Ltd.
151,830,495 11.48 Uni-President Enterprises Corp. TWD 12,939,484 22,886,377 1.73
Indonesia 129,811,867 9.81
Astra International Tbk. PT IDR 22,076,600 11,732,082 0.89 Thailand
Bank Central Asia Tbk. PT IDR 8,000,000 8,096,153 0.61 CP ALL PCL THB 5,618,000 7,691,903 0.58
Bank Mandiri Persero Tbk. PT IDR 13,312,283 10,029,257 0.76 Kasikornbank PCL, NVDR THB 2,812,900 15,727,942 1.19
Matahari Department Store Tbk. PT IDR 5,889,000 7,306,250 0.55 Siam Cement PCL (The), NVDR THB 398,700 6,129,573 0.46
37,163,742 2.81 29,549,418 2.23
Luxembourg Turkey
Tenaris SA, ADR USD 251,500 6,825,710 0.52 Anadolu Efes Biracilik Ve Malt Sanayii TRY 342,945 3,125,250 0.24
6,825,710 0.52 A/S
Malaysia BIM Birlesik Magazalar A/S TRY 752,711 13,423,698 1.01
Astro Malaysia Holdings Bhd. MYR 7,658,900 6,247,542 0.47 Turkiye Garanti Bankasi A/S TRY 1,563,476 4,875,826 0.37
6,247,542 0.47 Turkiye Halk Bankasi A/S TRY 901,719 4,108,673 0.31
Mexico 25,533,447 1.93
Grupo Financiero Santander Mexico USD 1,104,000 10,156,800 0.77 United Arab Emirates
SAB de CV, ADR Class B DP World Ltd. USD 581,306 12,439,948 0.94
Wal-Mart de Mexico SAB de CV MXN 7,582,940 18,436,021 1.39 Emaar Malls Group PJSC AED 3,583,202 3,258,521 0.25
28,592,821 2.16 First Gulf Bank PJSC AED 1,199,350 4,963,548 0.37
Netherlands 20,662,017 1.56
Yandex NV Class A USD 254,000 3,830,320 0.29 United Kingdom
3,830,320 0.29 Fresnillo PLC GBP 459,597 5,024,741 0.38
Philippines SABMiller PLC ZAR 498,477 25,956,708 1.96
BDO Unibank, Inc. PHP 4,114,240 9,888,861 0.75 30,981,449 2.34
GT Capital Holdings, Inc. PHP 387,780 11,751,097 0.89 United States of America
SM Investments Corp. PHP 674,712 13,389,584 1.01 MercadoLibre, Inc. USD 46,000 6,571,560 0.49
Universal Robina Corp. PHP 3,283,810 14,125,508 1.07 Southern Copper Corp. USD 197,300 5,913,081 0.45
49,155,050 3.72 12,484,641 0.94
Qatar Total Equities 1,297,414,017 98.06
Qatar National Bank SAQ QAR 131,966 6,990,592 0.53 Total Transferable securities 1,297,414,017 98.06
6,990,592 0.53 and money market instruments
Russia admitted to an official exchange listing
Magnit PJSC, Reg. S, GDR USD 566,434 30,927,296 2.34 Total Investments 1,297,414,017 98.06
Sberbank of Russia, ADR USD 3,266,396 16,959,128 1.28
47,886,424 3.62
South Africa
Aspen Pharmacare Holdings Ltd. ZAR 699,460 20,703,142 1.57
FirstRand Ltd. ZAR 2,067,322 9,138,236 0.69 Unrealised
Mr Price Group Ltd. ZAR 437,284 8,986,578 0.68
Naspers Ltd. Class N ZAR 68,133 10,610,082 0.80
ZAR 9,724,538 USD 799,789 01/07/2015 (205) –
Sanlam Ltd. ZAR 3,097,820 17,030,114 1.29
Net Unrealised Loss on (205) –
Shoprite Holdings Ltd. ZAR 1,521,775 21,602,899 1.63
Woolworths Holdings Ltd. ZAR 2,340,418 19,049,332 1.44
107,120,383 8.10
78 T. ROWE PRICE
Emerging Markets Equity Fund (7) continued

As at 30 June 2015
Unrealised
Citibank (159)
J.P. Morgan (46)
(205)
Cash 23,374,735 1.77

Total Net Assets 1,323,067,798 100.00

% of Net Assets
India 11.48
Taiwan 9.81
Brazil 9.80
China 8.65
South Africa 8.10
South Korea 7.89
Hong Kong 6.50
Philippines 3.72
Russia 3.62
Indonesia 2.81
United Kingdom 2.34
Thailand 2.23
Mexico 2.16
Turkey 1.93
Chile 0.83
Switzerland 0.71
Qatar 0.53
Luxembourg 0.52
Colombia 0.50
Malaysia 0.47
Netherlands 0.29
Total 100.00
T. ROWE PRICE 79
European Equity Fund

As at 30 June 2015
of European companies. Equities
Austria
Specifically, the fund invests at least two-thirds of total ANDRITZ AG EUR 165,092 8,294,222 1.58
assets in equity and equity-related securities issued by 8,294,222 1.58
Belgium
companies that are either incorporated in Europe or KBC Groep NV EUR 148,249 8,934,967 1.70
conduct most of their business there. Types of securities 8,934,967 1.70
Denmark
may include common stocks, preferred stocks, warrants, SimCorp A/S DKK 272,206 9,724,409 1.85
American Depository Receipts (ADRs), European 9,724,409 1.85
Depository Receipts (EDRs) and Global Depository France
BNP Paribas SA EUR 140,256 7,694,444 1.46
Receipts (GDRs). Bureau Veritas SA EUR 255,651 5,286,863 1.00
The fund does not invest more than one-third of its Gecina SA, REIT EUR 49,477 5,524,107 1.05
Iliad SA EUR 24,686 4,949,543 0.94
assets in debt and money market securities. The fund Imerys SA EUR 80,012 5,514,427 1.05
may invest in Russia. JCDecaux SA EUR 227,291 8,558,642 1.62
Plastic Omnium SA EUR 206,449 4,768,972 0.91
The fund may use derivatives for hedging and efficient Schneider Electric SE EUR 138,438 8,685,600 1.65
portfolio management. SPIE SA EUR 71,683 1,283,126 0.24
Technip SA EUR 121,217 6,788,152 1.29
66,596,449 12.65
Germany
Allianz SE EUR 79,245 11,133,923 2.11
Brenntag AG EUR 133,430 6,926,351 1.32
Continental AG EUR 37,415 7,926,368 1.51
Fresenius SE & Co. KGaA EUR 39,634 2,291,638 0.43
Telefonica Deutschland Holding AG EUR 1,919,225 10,001,081 1.90
Wirecard AG EUR 219,809 7,542,746 1.43
45,822,107 8.70
Ireland
Bank of Ireland EUR 19,354,544 7,112,795 1.35
7,112,795 1.35
Isle of Man
Playtech PLC GBP 840,271 9,597,834 1.82
9,597,834 1.82
Italy
DiaSorin SpA EUR 122,826 5,028,497 0.96
Eni SpA EUR 454,954 7,306,561 1.39
Intesa Sanpaolo SpA EUR 4,377,707 14,376,390 2.73
Mediaset SpA EUR 1,801,747 7,873,634 1.50
Mediolanum SpA EUR 773,490 5,747,031 1.09
Moncler SpA EUR 461,318 7,634,813 1.45
Prysmian SpA EUR 395,563 7,760,946 1.47
55,727,872 10.59
Jersey
Experian PLC GBP 459,996 7,551,318 1.43
7,551,318 1.43
Spain
Amadeus IT Holding SA Class A EUR 64,358 2,320,106 0.44
Axiare Patrimonio SOCIMI SA, REIT EUR 719,799 8,594,400 1.63
Bankia SA EUR 7,367,550 8,384,272 1.59
Bolsas y Mercados Espanoles EUR 174,591 6,293,133 1.20
SHMSF SA
Cia de Distribucion Integral Logista EUR 343,241 6,229,824 1.18
Holdings SA
80 T. ROWE PRICE
European Equity Fund continued

As at 30 June 2015

Investments Currency Value EUR Assets % of Net Assets
Distribuidora Internacional de EUR 792,866 5,473,154 1.04 United Kingdom 27.05

Alimentacion SA Switzerland 14.05
Endesa SA EUR 485,635 8,374,775 1.59 France 12.65
Inmobiliaria Colonial SA EUR 12,442,798 7,801,634 1.48 Spain 11.99
Red Electrica Corp. SA EUR 133,913 9,660,484 1.84 Italy 10.59
63,131,782 11.99 Germany 8.70
Sweden Sweden 3.75
Alfa Laval AB SEK 220,986 3,508,296 0.67 Denmark 1.85
Skandinaviska Enskilda Banken AB SEK 498,370 5,747,764 1.09 Isle of Man 1.82
Class A Belgium 1.70
Svenska Cellulosa AB SCA Class B SEK 182,840 4,185,753 0.79 Austria 1.58
Swedbank AB Class A SEK 300,757 6,318,514 1.20 Jersey 1.43
19,760,327 3.75 Ireland 1.35
Switzerland Total Investments 98.51
Dufry AG CHF 83,074 10,425,508 1.98 Cash and Other Assets/(Liabilities) 1.49
Nestle SA CHF 312,589 20,454,839 3.88 Total 100.00
Novartis AG CHF 124,127 10,941,212 2.08
Roche Holding AG CHF 24,625 6,242,186 1.19 The accompanying notes are an integral part of these financial statements.
Swatch Group AG (The) CHF 15,910 5,591,235 1.06
UBS Group AG CHF 420,411 8,041,182 1.53
Zurich Insurance Group AG CHF 44,576 12,254,030 2.33
73,950,192 14.05
United Kingdom
Aviva PLC GBP 900,587 6,284,818 1.19
BHP Billiton PLC GBP 254,706 4,559,265 0.87
Burberry Group PLC GBP 313,750 6,968,891 1.32
Capita PLC GBP 500,856 8,743,443 1.66
GKN PLC GBP 1,349,885 6,380,194 1.21
GlaxoSmithKline PLC GBP 291,135 5,463,212 1.04
Greene King PLC GBP 486,363 5,788,003 1.10
Howden Joinery Group PLC GBP 1,810,999 13,234,319 2.51
Johnson Matthey PLC GBP 133,906 5,777,123 1.10
Liberty Global PLC USD 88,400 4,018,613 0.76
Liberty Global PLC Class A USD 110,300 5,311,616 1.01
London Stock Exchange Group PLC GBP 277,662 9,315,425 1.77
National Grid PLC GBP 507,340 5,858,510 1.11
Restaurant Group PLC (The) GBP 99,672 981,452 0.19
Rexam PLC GBP 364,346 2,854,743 0.54
Royal Bank of Scotland Group PLC GBP 1,489,638 7,445,156 1.41
Royal Dutch Shell PLC Class B GBP 364,552 9,358,800 1.78
Sky PLC GBP 389,115 5,698,054 1.08
SSE PLC GBP 421,569 9,132,448 1.74
Vodafone Group PLC GBP 3,249,687 10,575,694 2.01
William Hill PLC GBP 1,524,766 8,663,131 1.65
142,412,910 27.05
Cash 3,877,385 0.74

T. ROWE PRICE 81
European Smaller Companies Equity Fund

As at 30 June 2015
of smaller publicly traded European companies. Equities
Belgium
Specifically, the fund invests at least two-thirds of total Fagron EUR 16,067 593,515 0.99
assets in equity and equity-related securities issued by 593,515 0.99
Bermuda
companies that are either incorporated in Europe or Petra Diamonds Ltd. GBP 46,339 96,603 0.16
conduct most of their business there, and that, at the Vostok New Ventures Ltd. SEK 50,041 22,354 0.04
Vostok New Ventures Ltd., SDR SEK 50,041 311,596 0.52
time of purchase, are no larger than those in the S&P 430,553 0.72
Pan Europe Small Cap Index. Types of securities may Cayman Islands
include common stocks, preferred stocks, warrants, Hutchison China MediTech Ltd. GBP 69,761 1,628,991 2.73
1,628,991 2.73
American Depository Receipts (ADRs), European Denmark
Depository Receipts (EDRs) and Global Depository Ambu A/S Class B DKK 36,444 859,819 1.44
859,819 1.44
Receipts (GDRs). Finland
The fund does not invest more than one-third of its Asiakastieto Group OYJ, 144A EUR 70,000 1,001,000 1.68
Huhtamaki OYJ EUR 11,951 330,923 0.55
assets in debt and money market securities. The fund Rapala VMC OYJ EUR 42,859 229,296 0.38
may invest in Russia. 1,561,219 2.61
The fund may use derivatives for hedging and efficient France
Altran Technologies SA EUR 54,081 520,908 0.87
portfolio management. BioMerieux EUR 3,699 354,919 0.59
Edenred EUR 21,204 472,001 0.79
Gecina SA, REIT EUR 5,597 624,905 1.05
Mersen EUR 25,555 565,021 0.95
SPIE SA EUR 25,462 455,770 0.76
Zodiac Aerospace EUR 12,870 378,829 0.64
3,372,353 5.65
Germany
AIXTRON SE EUR 90,886 543,589 0.91
Brenntag AG EUR 13,631 707,585 1.18
CTS Eventim AG & Co. KGaA EUR 17,990 590,792 0.99
Kontron AG EUR 100,575 397,875 0.67
Norma Group SE EUR 27,719 1,268,837 2.12
Pfeiffer Vacuum Technology AG EUR 8,147 651,434 1.09
Sartorius AG Preference EUR 4,925 829,616 1.39
Takkt AG EUR 26,277 434,622 0.73
Tele Columbus AG, 144A EUR 32,897 412,857 0.69
Wirecard AG EUR 23,361 801,633 1.34
6,638,840 11.11
Ireland
DCC PLC GBP 12,796 904,499 1.51
Paddy Power PLC EUR 5,949 458,727 0.77
1,363,226 2.28
Isle of Man
Optimal Payments PLC GBP 129,698 429,657 0.72
Playtech PLC GBP 107,875 1,232,181 2.06
1,661,838 2.78
Italy
Banca Generali SpA EUR 28,558 909,572 1.52
Moncler SpA EUR 33,653 556,957 0.93
World Duty Free SpA EUR 53,538 539,128 0.91
Yoox SpA EUR 18,742 544,643 0.91
2,550,300 4.27
Jersey
WANdisco PLC GBP 190,870 602,770 1.01
602,770 1.01
82 T. ROWE PRICE
European Smaller Companies Equity Fund continued

As at 30 June 2015

Luxembourg Pets at Home Group PLC GBP 162,741 682,039 1.14
Eurofins Scientific SE EUR 4,075 1,106,566 1.85 Polypipe Group PLC GBP 115,436 444,116 0.74
Stabilus SA EUR 22,344 865,830 1.45 Rathbone Brothers PLC GBP 14,480 438,541 0.73
1,972,396 3.30 Spirax-Sarco Engineering PLC GBP 4,366 208,262 0.35
Malta Ted Baker PLC GBP 11,418 470,443 0.79
Kambi Group PLC SEK 101,750 746,519 1.25 Victrex PLC GBP 55,011 1,502,010 2.51
746,519 1.25 Volution Group PLC GBP 240,894 491,351 0.82
Netherlands Xaar PLC GBP 33,611 217,489 0.36
Aalberts Industries NV EUR 19,275 514,835 0.86 Xchanging PLC GBP 329,983 570,365 0.95
IMCD Group NV EUR 16,179 530,267 0.89 YouGov PLC GBP 400,000 585,182 0.98
Kendrion NV EUR 18,590 488,917 0.82 20,058,430 33.57
1,534,019 2.57 Virgin Islands, British
Norway Luxoft Holding, Inc. USD 12,200 620,839 1.04
XXL ASA, 144A NOK 66,359 645,903 1.08 Mail.Ru Group Ltd., Reg. S, GDR USD 27,698 516,169 0.86
645,903 1.08 Preference
Spain 1,137,008 1.90
Amadeus IT Holding SA Class A EUR 23,912 862,028 1.44 Total Equities 58,113,762 97.26
Axiare Patrimonio SOCIMI SA, REIT EUR 135,434 1,617,082 2.71 Total Transferable securities 58,113,762 97.26
Baron de Ley EUR 5,601 496,809 0.83 admitted to an official exchange listing
Grifols SA EUR 17,414 632,215 1.06 Total Investments 58,113,762 97.26
Laboratorios Farmaceuticos Rovi SA EUR 43,849 620,902 1.04
Vidrala SA EUR 9,810 433,209 0.72
4,662,245 7.80
Sweden Cash 1,561,093 2.61
Avanza Bank Holding AB SEK 20,934 690,298 1.16 Other Assets/(Liabilities) 74,862 0.13
Byggmax Group AB SEK 49,614 302,221 0.51 Total Net Assets 59,749,717 100.00
Indutrade AB SEK 6,824 282,514 0.47
Lindab International AB SEK 30,401 229,960 0.38
Nibe Industrier AB Class B SEK 16,847 409,213 0.69
Thule Group AB (The), 144A SEK 39,653 432,632 0.72 Geographic Allocation of Portfolio
2,346,838 3.93 % of Net Assets
Switzerland
DKSH Holding AG CHF 10,843 706,408 1.18
Germany 11.11
Dufry AG CHF 6,238 782,848 1.31
Spain 7.80
Partners Group Holding AG CHF 3,773 1,021,627 1.71
Switzerland 6.27
SFS Group AG CHF 8,674 562,186 0.94
France 5.65
Tecan Group AG CHF 6,289 673,911 1.13
Italy 4.27
3,746,980 6.27
Sweden 3.93
United Kingdom
Luxembourg 3.30
3i Group PLC GBP 93,020 678,458 1.14
Isle of Man 2.78
Abcam PLC GBP 119,905 870,332 1.46
Cayman Islands 2.73
Auto Trader Group PLC, 144A GBP 121,475 520,493 0.87
Finland 2.61
DFS Furniture PLC GBP 175,891 677,941 1.13
Netherlands 2.57
Direct Line Insurance Group PLC GBP 98,464 468,296 0.78
Ireland 2.28
Ebiquity PLC GBP 282,766 517,093 0.87
Exova Group PLC GBP 257,398 643,595 1.08
Denmark 1.44
Flybe Group PLC GBP 977,633 959,219 1.61
Malta 1.25
Hays PLC GBP 325,958 753,809 1.26
Norway 1.08
Huntsworth PLC GBP 226,537 149,773 0.25
Jersey 1.01
Intermediate Capital Group PLC GBP 81,492 631,632 1.06
Belgium 0.99
Investec PLC GBP 126,784 1,029,054 1.72
Bermuda 0.72
IP Group PLC GBP 167,897 489,835 0.82
IQE PLC GBP 3,434,840 1,087,143 1.82
Jazztel PLC EUR 68,349 885,803 1.48
Total 100.00
Jupiter Fund Management PLC GBP 176,487 1,108,491 1.86
Just Eat PLC GBP 26,903 151,717 0.25 The accompanying notes are an integral part of these financial statements.
Majestic Wine PLC GBP 115,807 636,141 1.07
Ophir Energy PLC GBP 130,044 209,274 0.35
Oxford Instruments PLC GBP 75,000 1,039,191 1.74
PayPoint PLC GBP 66,986 941,342 1.58
T. ROWE PRICE 83
European Structured Research Equity Fund

As at 30 June 2015
The fund invests mainly in a widely diversified portfolio to an official exchange listing
of stocks of European companies selected by the Equities
Australia
investment manager’s team of research analysts (as South32 Ltd. GBP 2,459 3,009 0.04
opposed to a single portfolio manager). 3,009 0.04
Austria
Specifically, the fund invests at least two-thirds of ANDRITZ AG EUR 265 13,314 0.18
total assets in equity and equity-related securities of Erste Group Bank AG EUR 1,583 40,833 0.55
voestalpine AG EUR 124 4,669 0.06
companies that are either incorporated in Europe or 58,816 0.79
conduct most of their business there. Types of securities Belgium
may include common stocks, preferred stocks, warrants, Anheuser-Busch InBev SA EUR 777 84,460 1.13
Anheuser-Busch InBev SA Strips EUR 1,880 2 –
American Depository Receipts (ADRs), European Delhaize Group SA EUR 76 5,736 0.08
Depository Receipts (EDRs) and Global Depository Groupe Bruxelles Lambert SA EUR 73 5,297 0.07
KBC Groep NV EUR 144 8,679 0.11
Receipts (GDRs). 104,174 1.39
The fund does not invest more than one-third of its Denmark
AP Moeller - Maersk A/S Class B DKK 20 32,708 0.44
assets in debt and money market securities. The fund Coloplast A/S Class B DKK 159 9,404 0.12
may invest in Russia. Danske Bank A/S DKK 1,488 39,355 0.53
The fund may use derivatives for hedging and efficient GN Store Nord A/S DKK 1,035 19,188 0.26
ISS A/S DKK 191 5,656 0.07
portfolio management. Novo Nordisk A/S Class B DKK 2,436 118,765 1.59
Pandora A/S DKK 35 3,366 0.04
TDC A/S DKK 238 1,568 0.02
230,010 3.07
Finland
Fortum OYJ EUR 669 10,738 0.14
Kone OYJ Class B EUR 307 11,187 0.15
Nokia OYJ EUR 2,376 14,577 0.19
Sampo OYJ Class A EUR 1,220 51,679 0.69
Stora Enso OYJ Class R EUR 141 1,312 0.02
UPM-Kymmene OYJ EUR 494 7,894 0.11
97,387 1.30
France
Accor SA EUR 159 7,273 0.10
Air Liquide SA EUR 199 22,835 0.31
Air Liquide SA primes de Fidélité EUR 130 15,041 0.20
Alcatel-Lucent EUR 2,740 9,031 0.12
Alstom SA EUR 272 6,978 0.09
Atos SE EUR 181 12,261 0.16
AXA SA EUR 1,049 23,896 0.32
BNP Paribas SA EUR 1,783 97,815 1.31
Bureau Veritas SA EUR 179 3,702 0.05
Carrefour SA EUR 500 14,500 0.19
Casino Guichard Perrachon SA EUR 51 3,496 0.05
Christian Dior SE EUR 83 14,716 0.20
Cie de Saint-Gobain EUR 426 17,345 0.23
Cie Generale des Etablissements EUR 86 8,137 0.11
Michelin
Danone SA EUR 567 33,198 0.44
Edenred EUR 549 12,221 0.16
Electricite de France SA EUR 299 6,019 0.08
Essilor International SA EUR 126 13,570 0.18
Eutelsat Communications SA EUR 474 13,952 0.19
GDF Suez EUR 1,573 26,419 0.35
Gecina SA, REIT EUR 128 14,291 0.19
84 T. ROWE PRICE
European Structured Research Equity Fund continued

As at 30 June 2015

Iliad SA EUR 173 34,687 0.46 Italy
JCDecaux SA EUR 203 7,644 0.10 Atlantia SpA EUR 366 8,103 0.11
Kering EUR 66 10,708 0.14 Azimut Holding SpA EUR 144 3,799 0.05
Lafarge SA EUR 172 10,274 0.14 Banca Generali SpA EUR 132 4,204 0.06
Legrand SA EUR 252 12,844 0.17 Enel SpA EUR 6,231 25,547 0.34
L'Oreal SA EUR 233 37,385 0.50 Eni SpA EUR 4,295 68,978 0.92
LVMH Moet Hennessy Louis Vuitton EUR 208 33,103 0.44 Intesa Sanpaolo SpA EUR 9,229 30,308 0.41
SE Mediolanum SpA EUR 504 3,745 0.05
Metropole Television SA EUR 198 3,468 0.05 Moncler SpA EUR 1,288 21,316 0.28
Pernod Ricard SA EUR 125 13,019 0.18 Pirelli & C. SpA EUR 580 8,828 0.12
Peugeot SA EUR 209 3,902 0.05 Prysmian SpA EUR 642 12,596 0.17
Renault SA EUR 228 21,455 0.29 Snam SpA EUR 1,249 5,383 0.07
Sanofi EUR 973 87,035 1.16 Telecom Italia SpA EUR 11,752 13,409 0.18
Schneider Electric SE EUR 603 37,832 0.51 Telecom Italia SpA EUR 37,367 34,023 0.45
Societe Generale SA EUR 346 14,619 0.20 UniCredit SpA EUR 9,966 60,643 0.81
Sodexo SA EUR 83 7,163 0.10 300,882 4.02
SPIE SA EUR 329 5,889 0.08 Jersey
Suez Environnement Co. EUR 541 9,202 0.12 Experian PLC GBP 1,948 31,978 0.43
TOTAL SA EUR 2,749 120,722 1.61 Glencore PLC GBP 8,388 30,518 0.41
Unibail-Rodamco SE, REIT EUR 133 30,457 0.41 Shire PLC GBP 823 59,101 0.79
Valeo SA EUR 19 2,691 0.04 Wolseley PLC GBP 292 16,726 0.22
Vinci SA EUR 444 23,270 0.31 WPP PLC GBP 3,114 62,815 0.84
904,065 12.09 201,138 2.69
Germany Luxembourg
adidas AG EUR 119 8,206 0.11 Altice SA EUR 437 54,297 0.73
Allianz SE EUR 244 34,282 0.46 ArcelorMittal EUR 2,319 20,528 0.27
BASF SE EUR 614 48,629 0.65 Millicom International Cellular SA, SDR SEK 39 2,587 0.04
Bayer AG EUR 501 63,502 0.85 77,412 1.04
Bayerische Motoren Werke AG EUR 320 31,536 0.42 Netherlands
Beiersdorf AG EUR 91 6,808 0.09 Airbus Group SE EUR 1,005 59,064 0.79
Brenntag AG EUR 618 32,080 0.43 ASML Holding NV EUR 433 40,416 0.54
Continental AG EUR 152 32,201 0.43 Fiat Chrysler Automobiles NV EUR 787 10,381 0.14
Daimler AG EUR 769 63,235 0.85 Heineken NV EUR 220 15,008 0.20
Deutsche Annington Immobilien SE EUR 45 1,140 0.01 ING Groep NV, CVA EUR 3,703 55,378 0.74
Deutsche Wohnen AG EUR 104 2,165 0.03 Koninklijke Ahold NV EUR 516 8,759 0.11
E.ON SE EUR 1,891 22,692 0.30 Koninklijke DSM NV EUR 826 43,200 0.58
Fraport AG Frankfurt Airport Services EUR 52 2,954 0.04 Koninklijke Philips NV EUR 1,263 29,011 0.39
Worldwide
Randstad Holding NV EUR 111 6,522 0.09
Fresenius SE & Co. KGaA EUR 716 41,399 0.55
Unilever NV, CVA EUR 1,850 69,366 0.93
GEA Group AG EUR 166 6,671 0.09
337,105 4.51
HeidelbergCement AG EUR 147 10,550 0.14
Norway
Henkel AG & Co. KGaA EUR 87 7,403 0.10
DNB ASA NOK 2,375 35,284 0.47
Henkel AG & Co. KGaA Preference EUR 207 20,865 0.28
Orkla ASA NOK 694 4,859 0.07
Infineon Technologies AG EUR 843 9,446 0.13
40,143 0.54
METRO AG EUR 95 2,707 0.04
Portugal
Porsche Automobil Holding SE EUR 142 10,840 0.14
Preference EDP - Energias de Portugal SA EUR 3,294 11,236 0.15
RWE AG EUR 447 8,654 0.12 Jeronimo Martins SGPS SA EUR 836 9,664 0.13
SAP SE EUR 758 47,572 0.64 20,900 0.28
Siemens AG EUR 756 68,902 0.92 Romania
Symrise AG EUR 125 7,025 0.09 BRD-Groupe Societe Generale RON 9,239 22,209 0.30
Telefonica Deutschland Holding AG EUR 5,065 26,394 0.35 22,209 0.30
ThyssenKrupp AG EUR 472 11,170 0.15 Spain
Volkswagen AG Preference EUR 213 44,528 0.59 Abertis Infraestructuras SA EUR 13 193 –
673,556 9.00 Abertis Infraestructuras SA EUR 273 4,054 0.05
Ireland Abertis Infraestructuras SA Rights EUR 13 10 –
29/06/2015
CRH PLC EUR 376 9,539 0.13
Acerinox SA EUR 688 8,586 0.11
Ryanair Holdings PLC EUR 3,120 36,910 0.49
Smurfit Kappa Group PLC EUR 809 20,095 0.27
66,544 0.89
T. ROWE PRICE 85

As at 30 June 2015

ACS Actividades de Construccion y EUR 182 5,256 0.07 Anglo American PLC GBP 481 6,300 0.08
Servicios SA ARM Holdings PLC GBP 2,039 30,116 0.40
Amadeus IT Holding SA Class A EUR 932 33,599 0.45 Associated British Foods PLC GBP 336 13,659 0.18
Banco Bilbao Vizcaya Argentaria SA EUR 9,938 88,150 1.18 AstraZeneca PLC GBP 1,477 84,260 1.13
Banco Santander SA EUR 7,032 44,527 0.59 Aviva PLC GBP 9,968 69,562 0.93
CaixaBank SA EUR 4,903 20,607 0.28 Babcock International Group PLC GBP 511 7,799 0.10
Enagas SA EUR 540 13,270 0.18 Barclays PLC GBP 31,484 116,035 1.55
Ferrovial SA EUR 385 7,546 0.10 BG Group PLC GBP 5,634 84,523 1.13
Grifols SA EUR 688 24,978 0.33 BHP Billiton PLC GBP 2,459 44,016 0.59
Iberdrola SA EUR 4,624 28,151 0.38 BP PLC GBP 11,442 68,131 0.91
Inditex SA EUR 475 13,951 0.19 British American Tobacco PLC GBP 1,921 92,728 1.24
Telefonica SA EUR 7,430 95,661 1.28 BT Group PLC GBP 2,987 19,078 0.25
388,539 5.19 Burberry Group PLC GBP 1,062 23,589 0.32
Sweden Capita PLC GBP 2,725 47,570 0.64
Assa Abloy AB Class B SEK 966 16,351 0.22 Centrica PLC GBP 4,838 18,051 0.24
Atlas Copco AB SEK 367 238 – Compass Group PLC GBP 2,160 32,451 0.43
Atlas Copco AB Class A SEK 988 24,801 0.33 Derwent London PLC, REIT GBP 256 12,258 0.16
Atlas Copco AB Class B SEK 367 8,207 0.11 Diageo PLC GBP 3,327 86,581 1.16
Getinge AB Class B SEK 182 3,948 0.05 Direct Line Insurance Group PLC GBP 9,329 44,369 0.59
Hennes & Mauritz AB Class B SEK 791 27,402 0.37 Fresnillo PLC GBP 704 6,873 0.09
Hexagon AB Class B SEK 582 19,065 0.26 GKN PLC GBP 3,574 16,892 0.23
Investment AB Kinnevik Class B SEK 232 6,633 0.09 GlaxoSmithKline PLC GBP 5,246 98,442 1.32
Investor AB Class B SEK 425 14,355 0.19 Hammerson PLC, REIT GBP 421 3,645 0.05
Sandvik AB SEK 1,037 10,320 0.14 HSBC Holdings PLC GBP 14,884 120,054 1.60
Skandinaviska Enskilda Banken AB SEK 5,226 60,272 0.81 IMI PLC GBP 199 3,149 0.04
Class A
Imperial Tobacco Group PLC GBP 977 42,384 0.57
Skanska AB Class B SEK 374 6,820 0.09
InterContinental Hotels Group PLC GBP 208 7,596 0.10
SKF AB Class B SEK 740 15,170 0.20
Intertek Group PLC GBP 152 5,247 0.07
Svenska Cellulosa AB SCA Class B SEK 326 7,463 0.10
J Sainsbury PLC GBP 988 3,700 0.05
Telefonaktiebolaget LM Ericsson SEK 2,000 18,659 0.25
Class B Johnson Matthey PLC GBP 526 22,693 0.30
Volvo AB Class B SEK 2,165 24,196 0.32 Kingfisher PLC GBP 2,026 10,012 0.13
263,900 3.53 Land Securities Group PLC, REIT GBP 1,224 20,834 0.28
Switzerland Liberty Global PLC USD 570 25,912 0.35
ABB Ltd. CHF 2,479 46,916 0.63 Liberty Global PLC Class A USD 452 21,767 0.29
Actelion Ltd. CHF 175 22,970 0.31 Lloyds Banking Group PLC GBP 35,261 42,483 0.57
Adecco SA CHF 59 4,314 0.06 London Stock Exchange Group PLC GBP 435 14,594 0.20
Aryzta AG CHF 85 3,728 0.05 Marks & Spencer Group PLC GBP 4,221 32,193 0.43
Cie Financiere Richemont SA CHF 746 54,725 0.73 Melrose Industries PLC GBP 1,069 3,762 0.05
Credit Suisse Group AG CHF 2,993 74,260 0.99 Mondi PLC GBP 302 5,845 0.08
DKSH Holding AG CHF 161 10,489 0.14 National Grid PLC GBP 4,247 49,042 0.66
GAM Holding AG CHF 1,371 25,934 0.35 Next PLC GBP 230 24,152 0.32
Geberit AG CHF 39 11,759 0.16 Old Mutual PLC GBP 3,396 9,731 0.13
Givaudan SA CHF 1 1,568 0.02 Ophir Energy PLC GBP 6,857 11,035 0.15
Holcim Ltd. CHF 333 22,158 0.30 Persimmon PLC GBP 289 8,025 0.11
Julius Baer Group Ltd. CHF 695 35,535 0.47 Premier Oil PLC GBP 7,291 15,477 0.21
Lonza Group AG CHF 65 7,820 0.10 Prudential PLC GBP 1,227 26,624 0.36
Nestle SA CHF 3,202 209,529 2.80 Reckitt Benckiser Group PLC GBP 644 49,789 0.67
Novartis AG CHF 2,330 205,379 2.74 Rio Tinto PLC GBP 1,365 50,778 0.68
Roche Holding AG CHF 720 182,513 2.44 Rolls-Royce Holdings PLC GBP 5,003 61,615 0.82
SGS SA CHF 5 8,224 0.11 Rolls-Royce Holdings PLC GBP 705,423 992 0.01
Preference C
Sonova Holding AG CHF 144 17,601 0.23
Royal Dutch Shell PLC Class A GBP 6,087 154,682 2.07
Swatch Group AG (The) CHF 45 15,814 0.21
RSA Insurance Group PLC GBP 9,984 56,121 0.75
Swatch Group AG (The) CHF 89 6,059 0.08
SABMiller PLC GBP 1,491 69,245 0.93
Syngenta AG CHF 201 73,764 0.99
Serco Group PLC GBP 6,978 11,769 0.16
UBS Group AG CHF 694 13,274 0.18
Severn Trent PLC GBP 145 4,294 0.06
Zurich Insurance Group AG CHF 261 71,749 0.96
Sky PLC GBP 4,189 61,342 0.82
1,126,082 15.05
Smith & Nephew PLC GBP 562 8,546 0.11
United Kingdom
Sports Direct International PLC GBP 263 2,662 0.04
Aggreko PLC GBP 111 2,256 0.03
SSE PLC GBP 1,428 30,935 0.41
Amec Foster Wheeler PLC GBP 1,289 14,914 0.20
86 T. ROWE PRICE

As at 30 June 2015
Quantity/ Market
Standard Chartered PLC GBP 3,027 43,709 0.58
Standard Life PLC GBP 7,720 48,825 0.65
Tesco PLC GBP 10,834 32,400 0.43
Unilever PLC GBP 1,313 50,626 0.68
Vedanta Resources PLC GBP 347 2,536 0.03
Vodafone Group PLC GBP 37,229 121,157 1.62
Weir Group PLC (The) GBP 210 5,015 0.07
Whitbread PLC GBP 121 8,470 0.11
WM Morrison Supermarkets PLC GBP 1,310 3,339 0.04
2,449,256 32.74
Cash 94,131 1.26


% of Net Assets
Switzerland 15.05
France 12.09
Germany 9.00
Spain 5.19
Netherlands 4.51
Italy 4.02
Sweden 3.53
Denmark 3.07
Jersey 2.69
Belgium 1.39
Finland 1.30
Luxembourg 1.04
Ireland 0.89
Austria 0.79
Norway 0.54
Romania 0.30
Portugal 0.28
Australia 0.04
Total 100.00
T. ROWE PRICE 87
Frontier Markets Equity Fund

As at 30 June 2015
of frontier markets companies. Equities
Argentina
Specifically, the fund invests at least two-thirds of Grupo Financiero Galicia SA, ADR USD 14,800 278,240 3.90
total assets in equity and equity-related securities IRSA Inversiones y Representaciones
SA, ADR
USD 3,707 66,652 0.93
of companies that are either incorporated in those YPF SA, ADR USD 12,245 332,574 4.66
countries that are not in the MSCI AC World Index or 677,466 9.49
Bangladesh
conduct most of their business in such countries. Types BRAC Bank Ltd. BDT 247,745 125,049 1.75
of securities may include common stocks, preferred GrameenPhone Ltd. BDT 18,600 78,762 1.10
Marico Bangladesh Ltd. BDT 2,750 47,488 0.67
stocks, warrants, American Depository Receipts (ADRs), 251,299 3.52
European Depository Receipts (EDRs) and Global Bermuda
Petra Diamonds Ltd. GBP 26,299 61,399 0.86
Depository Receipts (GDRs). 61,399 0.86
The fund does not invest more than one-third of its Botswana
assets in debt and money market securities. Letshego Holdings Ltd. BWP 187,663 60,593 0.85
60,593 0.85
The fund may use derivatives for hedging and efficient Kenya
portfolio management. ARM Cement Ltd. KES 76,900 58,111 0.81
Diamond Trust Bank Kenya Ltd. KES 14,100 32,107 0.45
Equity Group Holdings Ltd. KES 267,700 128,118 1.80
Kenya Commercial Bank Ltd. KES 248,000 137,431 1.93
Safaricom Ltd. KES 1,283,500 212,731 2.98
Scan Group Ltd. KES 103,000 44,365 0.62
612,863 8.59
Kuwait
Kuwait Projects Co. Holding KSCP KWD 41,845 87,177 1.22
National Bank of Kuwait SAKP KWD 179,007 509,081 7.13
596,258 8.35
Morocco
Attijariwafa Bank MAD 5,659 204,165 2.86
Societe Des Brasseries du Maroc MAD 266 57,416 0.81
261,581 3.67
Netherlands
Mota-Engil Africa NV EUR 3,571 26,806 0.38
26,806 0.38
Nigeria
Guaranty Trust Bank PLC NGN 1,192,315 161,831 2.27
Nestle Nigeria PLC NGN 36,189 155,849 2.18
Nigerian Breweries PLC NGN 353,839 266,677 3.74
Zenith Bank PLC NGN 1,266,080 122,473 1.71
706,830 9.90
Pakistan
DG Khan Cement Co. Ltd. PKR 59,500 83,354 1.17
Habib Bank Ltd. PKR 109,100 230,173 3.23
Hum Network Ltd. PKR 736,000 116,184 1.63
K-Electric Ltd. PKR 505,000 41,717 0.58
Nestle Pakistan Ltd. PKR 700 66,981 0.94
United Bank Ltd. PKR 130,800 219,246 3.07
757,655 10.62
Singapore
Yoma Strategic Holdings Ltd. SGD 210,433 66,420 0.93
66,420 0.93
South Africa
MTN Group Ltd. ZAR 5,076 95,264 1.33
95,264 1.33
88 T. ROWE PRICE
Frontier Markets Equity Fund continued

As at 30 June 2015

Sri Lanka Warrants
Ceylon Cold Stores PLC LKR 30,586 79,975 1.12 Saudi Arabia
Commercial Bank of Ceylon PLC LKR 69,321 83,120 1.16 Banque Saudi Fransi, 144A USD 6,872 58,896 0.83
Hatton National Bank PLC LKR 83,648 134,982 1.89 13/09/2016
John Keells Holdings PLC LKR 37,473 57,082 0.80 Samba Financial Group, 144A USD 10,013 69,582 0.97
Nestle Lanka PLC LKR 4,680 73,346 1.03 13/09/2016
People's Leasing & Finance PLC LKR 583,389 101,550 1.42 Saudi Airlines Catering Co. USD 1,653 72,180 1.01
10/10/2018
Tokyo Cement Co. Lanka PLC LKR 233,356 85,424 1.20
United International Transportation Co. USD 4,252 66,954 0.94
615,479 8.62 07/07/2016
Tanzania, United Republic of 267,612 3.75
National Microfinance Bank PLC TZS 24,196 42,117 0.59 Total Warrants 267,612 3.75
Uganda and money market instruments
Umeme Ltd. UGX 391,438 55,700 0.78 admitted to an official exchange listing
55,700 0.78
United Arab Emirates
Aramex PJSC AED 101,573 96,241 1.35 Units of authorised UCITS or other collective investment
96,241 1.35 undertakings
United Kingdom
Collective Investment Schemes - UCITS
Bank of Georgia Holdings PLC GBP 3,614 111,703 1.57
Romania
KAZ Minerals PLC GBP 8,837 28,664 0.40
Fondul Proprietatea SA RON 230,137 45,845 0.64
140,367 1.97
45,845 0.64
Total Collective Investment 45,845 0.64
MercadoLibre, Inc. USD 924 132,003 1.85 Schemes - UCITS
PriceSmart, Inc. USD 1,200 109,812 1.54 Total Units of authorised UCITS or other 45,845 0.64
241,815 3.39 collective investment undertakings
Vietnam Total Investments 7,023,810 98.42
Asia Commercial Bank VND 95,900 90,127 1.26
Bank for Foreign Trade of Vietnam JSC VND 84,590 189,245 2.65
DHG Pharmaceutical JSC VND 37,200 136,432 1.91
Masan Group Corp. VND 25,300 93,949 1.32 Cash 33,362 0.47
Military Commercial Joint Stock Bank VND 93,566 68,923 0.97 Other Assets/(Liabilities) 79,710 1.11
Mobile World Investment Corp. VND 16,450 59,124 0.83 Total Net Assets 7,136,882 100.00
Nam Long Investment Corp. VND 54,070 49,576 0.69
Vietnam Dairy Products JSC VND 24,000 131,964 1.85
Vingroup JSC VND 55,109 109,900 1.54
929,240 13.02 Geographic Allocation of Portfolio
Zambia % of Net Assets
Standard Chartered Bank Zambia PLC ZMW 159,106 41,368 0.58 Vietnam 13.02
41,368 0.58 Pakistan 10.62
Zimbabwe Nigeria 9.90
Econet Wireless Zimbabwe Ltd. USD 60,901 24,360 0.34 Argentina 9.49
24,360 0.34 Saudi Arabia 8.65
Total Equities 6,361,121 89.13 Sri Lanka 8.62
Participation Notes Kenya 8.59
Saudi Arabia Kuwait 8.35
Al Mouwasat Medical Services Co. USD 1,834 69,755 0.98 Morocco 3.67
24/07/2017 Bangladesh 3.52
Almarai Co. Ltd. 31/07/2017 USD 2,855 68,322 0.96 United States of America 3.39
Jarir Marketing Co. 24/07/2017 USD 1,143 67,336 0.94 United Kingdom 1.97
Saudi British Bank 22/01/2018 USD 1,964 17,385 0.24 United Arab Emirates 1.35
Saudi British Bank 24/04/2018 USD 5,296 46,887 0.66 South Africa 1.33
Yanbu National Petrochemical Co. USD 5,525 79,547 1.12 Singapore 0.93
31/07/2017
Bermuda 0.86
349,232 4.90
Botswana 0.85
Total Participation Notes 349,232 4.90 Uganda 0.78
T. ROWE PRICE 89
Frontier Markets Equity Fund continued

As at 30 June 2015
% of Net Assets
Romania 0.64
Zambia 0.58
Netherlands 0.38
Zimbabwe 0.34
Total 100.00
90 T. ROWE PRICE
Global Focused Growth Equity Fund

As at 30 June 2015
stocks that have the potential for above average and Equities
Bermuda
sustainable rates of earnings growth. The companies Petra Diamonds Ltd. GBP 104,227 243,335 0.20
may be anywhere in the world, including emerging 243,335 0.20
Brazil
markets. BM&FBovespa SA BRL 383,900 1,434,469 1.18
Specifically, the fund invests at least two-thirds of total 1,434,469 1.18
Canada
assets in equity and equity-related securities of listed Canadian Natural Resources Ltd. USD 34,900 945,092 0.78
companies. Types of securities may include common National Bank of Canada CAD 48,600 1,834,124 1.50
stocks, preferred stocks, warrants, American Depository 2,779,216 2.28
Cayman Islands
Receipts (ADRs), European Depository Receipts (EDRs) JD.com, Inc., ADR USD 30,000 1,008,000 0.82
and Global Depository Receipts (GDRs). Tencent Holdings Ltd. HKD 78,400 1,563,299 1.28
The fund does not invest more than one-third of its 3,872,219 3.17
assets in debt and money market securities. Denmark
Coloplast A/S Class B DKK 5,192 343,888 0.28
The fund may use derivatives for hedging and efficient GN Store Nord A/S DKK 94,943 1,971,209 1.62
portfolio management. 2,315,097 1.90
France
Danone SA EUR 47,092 3,087,829 2.53
Iliad SA EUR 409 91,837 0.08
3,179,666 2.61
Germany
Brenntag AG EUR 15,534 903,054 0.74
903,054 0.74
Hong Kong
AIA Group Ltd. HKD 482,200 3,154,952 2.58
CSPC Pharmaceutical Group Ltd. HKD 878,000 867,678 0.71
Techtronic Industries Co. Ltd. HKD 531,500 1,743,141 1.43
5,765,771 4.72
India
HDFC Bank Ltd. INR 85,773 1,665,629 1.36
Tata Consultancy Services Ltd. INR 47,196 1,889,224 1.55
3,554,853 2.91
Ireland
Allegion PLC USD 13,700 830,631 0.68
Allergan PLC USD 12,800 3,830,400 3.14
James Hardie Industries PLC, CDI AUD 111,569 1,495,927 1.23
6,156,958 5.05
Italy
Intesa Sanpaolo SpA EUR 200,873 738,761 0.60
Moncler SpA EUR 65,166 1,207,809 0.99
1,946,570 1.59
Japan
Astellas Pharma, Inc. JPY 148,600 2,126,496 1.74
Calbee, Inc. JPY 30,600 1,294,728 1.06
Kubota Corp. JPY 123,000 1,957,689 1.60
Sanwa Holdings Corp. JPY 213,400 1,802,844 1.48
7,181,757 5.88
Luxembourg
APERAM SA EUR 38,285 1,550,373 1.27
Samsonite International SA HKD 276,900 957,851 0.79
2,508,224 2.06
Netherlands
ASML Holding NV EUR 8,860 926,149 0.76
926,149 0.76
T. ROWE PRICE 91
Global Focused Growth Equity Fund continued

As at 30 June 2015

South Africa Trimble Navigation Ltd. USD 109,300 2,545,597 2.09
Naspers Ltd. Class N ZAR 12,400 1,931,003 1.58 Workday, Inc. Class A USD 16,200 1,236,870 1.01
1,931,003 1.58 WPX Energy, Inc. USD 28,700 353,010 0.29
South Korea 64,742,276 53.05
NAVER Corp. KRW 4,126 2,344,380 1.92 Total Equities 121,864,949 99.86
2,344,380 1.92 Total Transferable securities 121,864,949 99.86
Spain and money market instruments
Banco Bilbao Vizcaya Argentaria SA EUR 187,269 1,860,239 1.52
Inmobiliaria Colonial SA EUR 1,772,014 1,244,268 1.02
3,104,507 2.54
Sweden
Assa Abloy AB Class B SEK 47,484 900,084 0.74
Cash 360,254 0.30
900,084 0.74
Other Assets/(Liabilities) (185,937) (0.16)
Taiwan
Delta Electronics, Inc. TWD 254,000 1,298,985 1.06
1,298,985 1.06
DP World Ltd. USD 62,067 1,328,234 1.09 Geographic Allocation of Portfolio
1,328,234 1.09
% of Net Assets
United Kingdom
Liberty Global PLC USD 23,900 1,216,749 1.00
Japan 5.88
Royal Bank of Scotland Group PLC GBP 398,661 2,231,393 1.83
Ireland 5.05
3,448,142 2.83
Hong Kong 4.72
Cayman Islands 3.17
Airgas, Inc. USD 17,500 1,856,225 1.52
India 2.91
Alexion Pharmaceuticals, Inc. USD 10,500 1,859,970 1.52
United Kingdom 2.83
Amazon.com, Inc. USD 7,500 3,258,225 2.67
France 2.61
BioMarin Pharmaceutical, Inc. USD 7,400 999,148 0.82
Spain 2.54
Bluebird Bio, Inc. USD 3,400 560,150 0.46
Canada 2.28
CME Group, Inc. USD 20,800 1,933,776 1.58
Luxembourg 2.06
Coach, Inc. USD 46,600 1,616,554 1.32
South Korea 1.92
Concho Resources, Inc. USD 8,400 949,704 0.78
Denmark 1.90
Danaher Corp. USD 36,800 3,133,888 2.57
Italy 1.59
Estee Lauder Cos., Inc. (The) Class A USD 22,700 1,955,378 1.60
South Africa 1.58
Facebook, Inc. Class A USD 30,600 2,636,496 2.16
Brazil 1.18
Google, Inc. Class C USD 7,639 3,990,537 3.27
Incyte Corp. USD 8,700 893,925 0.73
Taiwan 1.06
Intuitive Surgical, Inc. USD 3,700 1,793,316 1.47
Netherlands 0.76
J.P. Morgan Chase & Co. USD 54,900 3,706,848 3.04
Germany 0.74
Johnson Controls, Inc. USD 37,100 1,850,548 1.52
Sweden 0.74
Juniper Networks, Inc. USD 79,800 2,079,588 1.70
Bermuda 0.20
Kansas City Southern USD 6,900 626,106 0.51
LinkedIn Corp. Class A USD 11,600 2,401,200 1.97
Louisiana-Pacific Corp. USD 66,400 1,122,160 0.92
Total 100.00
MasterCard, Inc. Class A USD 21,400 1,992,982 1.63
Morgan Stanley USD 87,900 3,392,061 2.78 The accompanying notes are an integral part of these financial statements.
Netflix, Inc. USD 1,400 911,337 0.75
NetSuite, Inc. USD 12,000 1,097,280 0.90
NiSource, Inc. USD 39,400 1,791,518 1.47
Pioneer Natural Resources Co. USD 6,200 849,896 0.70
Priceline Group, Inc. (The) USD 3,500 3,962,000 3.25
Range Resources Corp. USD 15,400 756,448 0.62
Southern Copper Corp. USD 45,200 1,354,644 1.11
State Street Corp. USD 27,000 2,066,310 1.69
TD Ameritrade Holding Corp. USD 41,500 1,527,615 1.25
Tesla Motors, Inc. USD 6,300 1,680,966 1.38
92 T. ROWE PRICE
Global Growth Equity Fund

As at 30 June 2015
stocks of companies that have the potential for above- Equities
Bermuda
average and sustainable rates of earnings growth. The Credicorp Ltd. USD 38,410 5,404,671 1.11
companies may be anywhere in the world, including Norwegian Cruise Line Holdings Ltd. USD 59,740 3,331,700 0.68
8,736,371 1.79
emerging markets. Brazil
Specifically, the fund invests at least two-thirds of total BM&FBovespa SA BRL 579,350 2,164,781 0.44
BR Malls Participacoes SA BRL 780,700 3,652,722 0.75
assets in equity and equity-related securities of listed CCR SA BRL 520,800 2,557,702 0.53
companies whose market capitalisation, at the time of 8,375,205 1.72
purchase, falls within or above the range covered by Canada
Canadian Natural Resources Ltd. USD 103,400 2,800,072 0.57
the MSCI All Country World Large Cap Index. Types National Bank of Canada CAD 122,060 4,606,445 0.94
of securities may include common stocks, preferred Silver Wheaton Corp. USD 125,540 2,168,076 0.45
Valeant Pharmaceuticals International, USD 21,430 4,722,743 0.97
stocks, warrants, American Depository Receipts (ADRs), Inc.
European Depository Receipts (EDRs) and Global 14,297,336 2.93
Cayman Islands
Depository Receipts (GDRs). 58.com, Inc., ADR USD 22,400 1,447,488 0.30
The fund does not invest more than one-third of its Alibaba Group Holding Ltd., ADR USD 39,980 3,309,544 0.68
China Mengniu Dairy Co. Ltd. HKD 366,000 1,825,095 0.37
assets in debt and money market securities. Ctrip.com International Ltd., ADR USD 45,050 3,237,293 0.66
The fund may use derivatives for hedging and efficient JD.com, Inc., ADR USD 87,190 2,929,584 0.60
Tencent Holdings Ltd. HKD 183,200 3,653,015 0.75
portfolio management. Vipshop Holdings Ltd., ADR USD 158,420 3,516,924 0.72
19,918,943 4.08
China
China Pacific Insurance Group Co. Ltd. HKD 542,400 2,606,412 0.54
Class H
Weifu High-Technology Group Co. Ltd. HKD 434,366 1,762,163 0.36
Class B
4,368,575 0.90
Denmark
Chr Hansen Holding A/S DKK 36,736 1,777,459 0.37
Novo Nordisk A/S Class B DKK 77,944 4,255,725 0.87
6,033,184 1.24
Egypt
Commercial International Bank Egypt USD 446,787 3,212,399 0.66
SAE, GDR
3,212,399 0.66
France
Gecina SA, REIT EUR 36,046 4,507,078 0.92
Legrand SA EUR 50,821 2,900,929 0.60
13,063,142 2.68
Germany
Brenntag AG EUR 58,645 3,409,269 0.70
Fresenius Medical Care AG & Co. EUR 23,621 1,966,527 0.40
KGaA
5,375,796 1.10
Hong Kong
AIA Group Ltd. HKD 550,400 3,601,173 0.74
3,601,173 0.74
India
Adani Ports & Special Economic Zone INR 195,242 943,661 0.19
Ltd.
Adani Power Ltd. INR 257,078 117,710 0.03
Adani Transmissions Ltd. INR 138,244 103,038 0.02
Axis Bank Ltd. INR 341,104 2,990,797 0.61
T. ROWE PRICE 93
Global Growth Equity Fund continued

As at 30 June 2015

HDFC Bank Ltd. INR 247,268 4,801,705 0.99 Spain
Housing Development Finance Corp. INR 125,486 2,554,524 0.52 Banco Bilbao Vizcaya Argentaria SA EUR 472,969 4,698,244 0.96
Ltd. Grifols SA, ADR Preference USD 79,170 2,459,020 0.51
Kotak Mahindra Bank Ltd. INR 112,930 2,473,346 0.51 7,157,264 1.47
Power Grid Corp. of India Ltd. INR 914,386 1,997,477 0.41 Sweden
State Bank of India INR 415,810 1,715,165 0.35 Assa Abloy AB Class B SEK 164,559 3,119,301 0.64
17,697,423 3.63 Hexagon AB Class B SEK 134,911 4,949,364 1.01
Indonesia Svenska Cellulosa AB SCA Class B SEK 115,096 2,950,815 0.60
Bank Central Asia Tbk. PT IDR 5,360,400 5,424,827 1.11 Svenska Handelsbanken AB Class A SEK 160,419 2,367,680 0.49
Jasa Marga Persero Tbk. PT IDR 6,232,500 2,558,118 0.52 13,387,160 2.74
Kalbe Farma Tbk. PT IDR 17,274,800 2,169,342 0.45 Switzerland
Matahari Department Store Tbk. PT IDR 1,738,500 2,156,888 0.44 Cie Financiere Richemont SA CHF 24,347 2,000,205 0.41
Surya Citra Media Tbk. PT IDR 7,415,700 1,598,190 0.33 DKSH Holding AG CHF 33,566 2,448,980 0.50
13,907,365 2.85 TE Connectivity Ltd. USD 40,950 2,644,551 0.54
Ireland 7,093,736 1.45
Allergan PLC USD 23,110 6,915,667 1.42 Thailand
James Hardie Industries PLC, CDI AUD 281,456 3,773,788 0.77 Central Pattana PCL, NVDR THB 1,461,300 2,052,504 0.42
10,689,455 2.19 CP ALL PCL THB 1,347,900 1,845,482 0.38
Japan 3,897,986 0.80
Astellas Pharma, Inc. JPY 259,700 3,716,360 0.76 Turkey
Calbee, Inc. JPY 84,500 3,575,310 0.73 BIM Birlesik Magazalar A/S TRY 110,986 1,979,302 0.41
Kubota Corp. JPY 139,000 2,212,348 0.46 Turkiye Garanti Bankasi A/S TRY 1,209,061 3,770,554 0.77
SoftBank Group Corp. JPY 47,100 2,783,222 0.57 Turkiye Halk Bankasi A/S TRY 516,974 2,355,587 0.48
12,287,240 2.52 8,105,443 1.66
Jersey United Arab Emirates
Shire PLC GBP 50,244 4,040,704 0.83 DP World Ltd. USD 62,159 1,330,203 0.27
4,040,704 0.83 1,330,203 0.27
Luxembourg United Kingdom
Samsonite International SA HKD 621,600 2,150,236 0.44 ARM Holdings PLC GBP 224,315 3,710,434 0.76
2,150,236 0.44 Capita PLC GBP 192,210 3,757,724 0.77
Malaysia Diageo PLC GBP 111,453 3,248,183 0.67
Astro Malaysia Holdings Bhd. MYR 2,496,100 2,036,127 0.42 Liberty Global PLC USD 59,380 3,023,036 0.62
2,036,127 0.42 Lloyds Banking Group PLC GBP 1,850,392 2,496,710 0.51
Mexico National Grid PLC GBP 301,732 3,902,013 0.80
Concentradora Fibra Danhos SA de MXN 1,499,950 3,592,617 0.73 Rotork PLC GBP 555,264 2,023,262 0.41
CV, REIT
Royal Bank of Scotland Group PLC GBP 730,774 4,090,302 0.84
Grupo Financiero Santander Mexico USD 476,580 4,384,536 0.90
SAB de CV, ADR Class B SABMiller PLC GBP 63,912 3,324,075 0.68
Infraestructura Energetica Nova SAB MXN 421,200 2,139,565 0.44 Sky PLC GBP 204,381 3,351,724 0.69
de CV Standard Life PLC GBP 815,636 5,776,965 1.18
10,116,718 2.07 Unilever PLC GBP 152,661 6,591,954 1.35
Netherlands 45,296,382 9.28
Airbus Group SE EUR 37,041 2,437,910 0.50 United States of America
Mobileye NV USD 46,480 2,497,835 0.51 AES Corp. USD 276,060 3,638,471 0.75
Sensata Technologies Holding NV USD 52,270 2,762,469 0.57 Alexion Pharmaceuticals, Inc. USD 10,450 1,851,113 0.38
7,698,214 1.58 Amazon.com, Inc. USD 20,740 9,010,078 1.85
Nigeria American Airlines Group, Inc. USD 101,200 4,065,204 0.83
Nestle Nigeria PLC NGN 242,437 1,044,063 0.21 American Tower Corp., REIT USD 40,840 3,820,990 0.78
1,044,063 0.21 Anthem, Inc. USD 26,550 4,375,175 0.90
Panama Apple, Inc. USD 45,860 5,733,417 1.18
InRetail Peru Corp., 144A USD 275,455 4,062,961 0.83 Becton Dickinson and Co. USD 29,260 4,151,701 0.85
4,062,961 0.83 BlackRock, Inc. USD 8,190 2,843,240 0.58
Philippines Boeing Co. (The) USD 48,720 6,772,080 1.39
Alliance Global Group, Inc. PHP 3,384,300 1,628,387 0.33 Bristol-Myers Squibb Co. USD 66,770 4,408,823 0.90
Ayala Land, Inc. PHP 2,294,200 1,897,453 0.39 Chipotle Mexican Grill, Inc. USD 4,890 2,940,015 0.60
BDO Unibank, Inc. PHP 2,332,570 5,606,494 1.15 Cimarex Energy Co. USD 31,260 3,419,219 0.70
SM Investments Corp. PHP 117,512 2,332,012 0.48 Colgate-Palmolive Co. USD 48,330 3,170,931 0.65
11,464,346 2.35 Concho Resources, Inc. USD 34,020 3,846,301 0.79
South Africa CVS Health Corp. USD 24,110 2,536,372 0.52
Aspen Pharmacare Holdings Ltd. ZAR 95,543 2,827,953 0.58 Danaher Corp. USD 55,370 4,715,309 0.97
2,827,953 0.58 EQT Corp. USD 38,490 3,155,410 0.65
94 T. ROWE PRICE
Global Growth Equity Fund continued

As at 30 June 2015
Quantity/ Market Unrealised

Nominal Value % of Net Currency Amount Currency Amount Maturity Gain/(Loss) % of Net
Investments Currency Value USD Assets Purchased Purchased Sold Sold Date USD Assets
Estee Lauder Cos., Inc. (The) Class A USD 43,100 3,712,634 0.76 Total Unrealised Loss on (658,076) (0.13)
Facebook, Inc. Class A USD 56,260 4,847,362 0.99 Forward Currency Exchange Contracts
Gilead Sciences, Inc. USD 30,570 3,603,592 0.74 Net Unrealised Loss on (491,440) (0.10)
Google, Inc. Class C USD 15,233 7,957,567 1.63 Forward Currency Exchange Contracts
HCA Holdings, Inc. USD 55,460 5,028,004 1.03 Unrealised
Humana, Inc. USD 13,040 2,501,333 0.51 Counterparty Gain/(Loss)
Intercontinental Exchange, Inc. USD 15,950 3,566,580 0.73 Bank of America 2,101
Intuitive Surgical, Inc. USD 8,590 4,163,401 0.85 Barclays 2,276
J.P. Morgan Chase & Co. USD 141,920 9,582,438 1.96 Citibank 2,435
LinkedIn Corp. Class A USD 16,740 3,465,180 0.71 Credit Suisse (130,438)
Lowe's Cos, Inc. USD 56,580 3,833,295 0.79 Deutsche Bank (368,817)
Marsh & McLennan Cos, Inc. USD 73,340 4,176,713 0.86 J.P. Morgan 1,003
McKesson Corp. USD 17,520 3,948,307 0.81 (491,440)
Mead Johnson Nutrition Co. USD 20,380 1,837,257 0.38
MercadoLibre, Inc. USD 19,010 2,715,769 0.56
Microsoft Corp. USD 103,550 4,571,732 0.94
Morgan Stanley USD 178,810 6,900,278 1.41 Cash 2,417,411 0.50
Och-Ziff Capital Management Group USD 276,760 3,376,472 0.69 Other Assets/(Liabilities) (824,731) (0.17)
LLC Class A
Palo Alto Networks, Inc. USD 13,410 2,336,961 0.48
Pioneer Natural Resources Co. USD 27,960 3,832,757 0.79
Range Resources Corp. USD 70,783 3,476,861 0.71 Geographic Allocation of Portfolio
Red Hat, Inc. USD 26,180 1,989,680 0.41
% of Net Assets
Regeneron Pharmaceuticals, Inc. USD 5,090 2,597,478 0.53
Roper Technologies, Inc. USD 32,640 5,697,312 1.17
United Kingdom 9.28
Salesforce.com, Inc. USD 33,150 2,314,201 0.47
Cayman Islands 4.08
Southern Copper Corp. USD 71,520 2,143,454 0.44
India 3.63
Canada 2.93
Indonesia 2.85
Sweden 2.74
UnitedHealth Group, Inc. USD 30,560 3,709,067 0.76
France 2.68
Visa, Inc. Class A USD 86,140 5,777,410 1.18
Japan 2.52
Walgreens Boots Alliance, Inc. USD 32,260 2,727,906 0.56
Philippines 2.35
Workday, Inc. Class A USD 61,220 4,674,147 0.96
Ireland 2.19
211,469,745 43.35
Mexico 2.07
Vietnam
Bermuda 1.79
Vietnam Dairy Products JSC VND 276,780 1,521,878 0.31
Brazil 1.72
1,521,878 0.31
Turkey 1.66
Netherlands 1.58
and money market instruments Spain 1.47
admitted to an official exchange listing Switzerland 1.45
Total Investments 486,264,726 99.67 Denmark 1.24
Germany 1.10
China 0.90
Panama 0.83
Forward Currency Exchange Contracts Jersey 0.83
Unrealised Thailand 0.80
Currency Amount Currency Amount Maturity Gain/(Loss) % of Net Hong Kong 0.74
Egypt 0.66
EUR 18,846,564 USD 21,052,325 02/07/2015 53,942 0.01 South Africa 0.58
JPY 1,314,639,000 USD 10,638,485 02/07/2015 111,691 0.02 Luxembourg 0.44
USD 171,241 ZAR 2,070,434 02/07/2015 1,003 – Malaysia 0.42
Total Unrealised Gain on 166,636 0.03 Vietnam 0.31
Forward Currency Exchange Contracts United Arab Emirates 0.27
EUR 571,436 USD 644,520 02/07/2015 (4,569) – Nigeria 0.21
USD 21,336,595 EUR 19,418,000 02/07/2015 (409,622) (0.08) Total Investments 99.67
USD 17,420,203 EUR 15,593,000 04/08/2015 (50,481) (0.01) Cash and Other Assets/(Liabilities) 0.33
USD 10,624,307 JPY 1,314,639,000 02/07/2015 (125,869) (0.03) Total 100.00
USD 7,482,634 JPY 922,944,000 04/08/2015 (67,535) (0.01)
T. ROWE PRICE 95
Global Natural Resources Equity Fund

As at 30 June 2015
of stocks of natural resources or commodities-related Bonds
companies. The companies may be anywhere in the California Resources Corp. 5.5% USD 369,000 323,766 0.11
15/09/2021
world, including emerging markets. Whiting Petroleum Corp. 5.75% USD 420,000 416,808 0.14
Specifically, the fund invests at least two-thirds of 15/03/2021
740,574 0.25
total assets in equity and equity-related securities of Total Bonds 740,574 0.25
companies that own or develop natural resources and Equities
other basic commodities, such as common stocks, Australia
BHP Billiton Ltd. AUD 140,417 2,931,178 1.00
preferred stocks, warrants, American Depository South32 Ltd. AUD 727,023 1,004,112 0.34
Receipts (ADRs), European Depository Receipts (EDRs) Woodside Petroleum Ltd. AUD 64,711 1,709,343 0.59
5,644,633 1.93
and Global Depository Receipts (GDRs).
Bermuda
The fund does not invest more than one-third of its Kosmos Energy Ltd. USD 92,700 780,534 0.27
assets in debt and money market securities. Petra Diamonds Ltd. GBP 1,368,734 3,195,540 1.09
3,976,074 1.36
The fund may use derivatives for hedging and efficient Canada
portfolio management. Canadian Natural Resources Ltd. USD 158,200 4,284,056 1.47
Computer Modelling Group Ltd. CAD 44,200 444,392 0.15
Franco-Nevada Corp. CAD 52,000 2,473,960 0.85
HudBay Minerals, Inc. CAD 89,900 757,078 0.26
Kelt Exploration Ltd. CAD 154,500 1,056,287 0.36
NuVista Energy Ltd. CAD 241,100 1,293,474 0.44
Potash Corp. of Saskatchewan, Inc. USD 142,600 4,423,452 1.51
Seven Generations Energy Ltd. Class A CAD 173,100 2,227,674 0.76
Silver Wheaton Corp. CAD 122,100 2,107,560 0.72
Tesco Corp. USD 68,900 757,900 0.26
West Fraser Timber Co. Ltd. CAD 23,700 1,283,678 0.44
21,109,511 7.22
Curacao
Schlumberger Ltd. USD 19,054 1,638,263 0.56
1,638,263 0.56
France
GDF Suez EUR 74,304 1,397,563 0.48
Technip SA EUR 24,754 1,552,432 0.53
TOTAL SA EUR 131,629 6,473,568 2.21
9,423,563 3.22
Ireland
Pentair PLC USD 34,600 2,345,880 0.80
2,345,880 0.80
Italy
Eni SpA EUR 151,671 2,727,893 0.93
2,727,893 0.93
Jersey
Randgold Resources Ltd. GBP 31,083 2,105,564 0.72
2,105,564 0.72
Mexico
Infraestructura Energetica Nova SAB MXN 357,900 1,818,021 0.62
de CV
1,818,021 0.62
Netherlands
Aalberts Industries NV EUR 54,069 1,617,340 0.55
1,617,340 0.55
96 T. ROWE PRICE
Global Natural Resources Equity Fund continued

As at 30 June 2015

Norway Exterran Holdings, Inc. USD 61,800 2,033,220 0.70
Aker Solutions ASA NOK 198,838 1,115,405 0.38 Exxon Mobil Corp. USD 71,010 5,917,973 2.02
1,115,405 0.38 FirstEnergy Corp. USD 60,200 1,964,326 0.67
Papua New Guinea Flotek Industries, Inc. USD 81,500 1,022,010 0.35
Oil Search Ltd. AUD 60,747 334,261 0.12 Flowserve Corp. USD 91,700 4,867,436 1.66
334,261 0.12 Halliburton Co. USD 150,200 6,467,612 2.21
Spain Helix Energy Solutions Group, Inc. USD 88,200 1,128,960 0.39
Acerinox SA EUR 95,540 1,335,300 0.46 Helmerich & Payne, Inc. USD 23,200 1,636,064 0.56
Acerinox SA Rights 01/07/2015 EUR 95,540 43,119 0.01 Hess Corp. USD 73,200 4,889,760 1.67
Vidrala SA EUR 26,331 1,302,194 0.45 Horsehead Holding Corp. USD 48,900 585,822 0.20
2,680,613 0.92 International Flavors & Fragrances, Inc. USD 12,800 1,394,432 0.48
Sweden International Paper Co. USD 27,500 1,319,450 0.45
Lundin Petroleum AB SEK 60,334 1,041,223 0.36 Marathon Oil Corp. USD 70,200 1,871,532 0.64
Sandvik AB SEK 161,977 1,805,284 0.62 Marathon Petroleum Corp. USD 19,400 1,012,292 0.35
2,846,507 0.98 Martin Marietta Materials, Inc. USD 11,400 1,631,226 0.56
Switzerland Matador Resources Co. USD 93,500 2,301,970 0.79
Holcim Ltd. CHF 18,591 1,385,389 0.48 MeadWestvaco Corp. USD 60,000 2,848,200 0.97
Syngenta AG, ADR USD 36,000 2,958,840 1.01 Monsanto Co. USD 23,400 2,455,830 0.84
4,344,229 1.49 Mosaic Co. (The) USD 38,000 1,758,450 0.60
United Kingdom Murphy USA, Inc. USD 20,000 1,130,200 0.39
Amec Foster Wheeler PLC GBP 137,614 1,783,100 0.61 NewMarket Corp. USD 3,000 1,352,490 0.46
Antofagasta PLC GBP 137,529 1,501,428 0.52 Newpark Resources, Inc. USD 74,100 601,692 0.21
BG Group PLC GBP 181,122 3,043,050 1.04 NiSource, Inc. USD 147,700 6,715,919 2.30
Fresnillo PLC GBP 185,145 2,024,177 0.69 Occidental Petroleum Corp. USD 97,700 7,598,129 2.60
Johnson Matthey PLC GBP 40,037 1,934,427 0.66 Patterson-UTI Energy, Inc. USD 69,100 1,311,518 0.45
National Grid PLC GBP 217,183 2,808,621 0.96 PDC Energy, Inc. USD 21,400 1,145,542 0.39
Noble Corp. PLC USD 95,800 1,459,992 0.50 PG&E Corp. USD 23,000 1,134,590 0.39
Ophir Energy PLC GBP 522,315 941,316 0.32 Pioneer Natural Resources Co. USD 65,400 8,965,032 3.07
Victrex PLC GBP 101,556 3,105,333 1.06 PNM Resources, Inc. USD 48,700 1,202,403 0.41
Weir Group PLC (The) GBP 52,358 1,400,218 0.48 PolyOne Corp. USD 17,000 658,750 0.22
20,001,662 6.84 Praxair, Inc. USD 27,000 3,225,690 1.10
United States of America Range Resources Corp. USD 93,400 4,587,808 1.57
Air Products & Chemicals, Inc. USD 9,900 1,360,458 0.47 RPM International, Inc. USD 115,300 5,676,219 1.94
Airgas, Inc. USD 63,200 6,703,624 2.29 Schweitzer-Mauduit International, Inc. USD 29,800 1,201,536 0.41
Anadarko Petroleum Corp. USD 78,500 6,176,380 2.11 Sherwin-Williams Co. (The) USD 8,400 2,328,900 0.80
Apache Corp. USD 78,900 4,523,337 1.55 SM Energy Co. USD 35,100 1,635,309 0.56
Ashland, Inc. USD 23,800 2,918,832 1.00 Southern Copper Corp. USD 135,100 4,048,947 1.38
Atmos Energy Corp. USD 34,000 1,755,080 0.60 Southwestern Energy Co. Preference USD 19,600 985,390 0.34
Baker Hughes, Inc. USD 30,800 1,896,356 0.65 6.25%
Ball Corp. USD 30,600 2,180,556 0.75 Stillwater Mining Co. USD 91,200 1,072,512 0.37
Berry Plastics Group, Inc. USD 68,400 2,219,580 0.76 Superior Energy Services, Inc. USD 65,000 1,363,050 0.47
Bristow Group, Inc. USD 5,600 298,312 0.10 United States Steel Corp. USD 56,100 1,147,245 0.39
California Resources Corp. USD 167,100 1,061,085 0.36 US Silica Holdings, Inc. USD 55,000 1,582,900 0.54
Cameron International Corp. USD 44,700 2,323,953 0.79 Vulcan Materials Co. USD 49,600 4,193,184 1.43
Celanese Corp. USD 36,800 2,652,544 0.91 Watts Water Technologies, Inc. Class A USD 27,000 1,402,650 0.48
CF Industries Holdings, Inc. USD 26,300 1,660,845 0.57 Weyerhaeuser Co., REIT USD 93,033 2,938,913 1.00
Cimarex Energy Co. USD 67,810 7,417,058 2.54 Whiting Petroleum Corp. USD 54,800 1,885,120 0.64
Concho Resources, Inc. USD 76,700 8,671,702 2.97 Worthington Industries, Inc. USD 70,600 2,158,242 0.74
CONSOL Energy, Inc. USD 53,500 1,150,785 0.39 WPX Energy, Inc. USD 186,133 2,289,436 0.78
Continental Resources, Inc. USD 103,100 4,355,975 1.49 Xylem, Inc. USD 41,600 1,530,880 0.52
Diamondback Energy, Inc. USD 44,000 3,339,600 1.14 206,047,667 70.48
Dover Corp. USD 30,600 2,158,830 0.74 Total Equities 289,777,086 99.12
Dow Chemical Co. (The) USD 15,200 777,328 0.27 Total Transferable securities 290,517,660 99.37
DTE Energy Co. USD 15,700 1,171,377 0.40 admitted to an official exchange listing
Eagle Materials, Inc. USD 16,600 1,274,548 0.44
EOG Resources, Inc. USD 56,600 4,904,956 1.68
EQT Corp. USD 83,200 6,820,736 2.33
Exelon Corp. USD 66,300 2,097,069 0.72
T. ROWE PRICE 97
Global Natural Resources Equity Fund continued

As at 30 June 2015
Quantity/ Market
Investments Currency Value USD Assets
Transferable securities and money market instruments dealt in on
Bonds
Canada
6.75% 01/05/2023
275,688 0.10
Total Bonds 275,688 0.10
Total Transferable securities 275,688 0.10
Cash 2,162,486 0.74


% of Net Assets
Canada 7.32
United Kingdom 6.84
France 3.22
Australia 1.93
Switzerland 1.49
Bermuda 1.36
Sweden 0.98
Italy 0.93
Spain 0.92
Ireland 0.80
Jersey 0.72
Mexico 0.62
Curacao 0.56
Netherlands 0.55
Norway 0.38
Papua New Guinea 0.12
Total 100.00
98 T. ROWE PRICE
Global Real Estate Securities Fund

As at 30 June 2015
The fund’s objective is to increase the value of its shares Quantity/ Market
in the long term through both growth in the value of, and Investments Currency Value USD Assets
income from, its investments. Transferable securities and money market instruments admitted
securities issued by real-estate related companies. The Equities
Australia
companies may be anywhere in the world, including Charter Hall Retail, REIT AUD 142,185 465,207 1.33
emerging markets. Federation Centres, REIT AUD 335,207 755,334 2.15
Scentre Group, REIT AUD 283,148 819,390 2.34
Specifically, the fund invests at least two-thirds of Stockland, REIT AUD 104,222 329,766 0.94
total assets in equity and equity-related securities of 2,369,697 6.76
Bermuda
companies that commit most of their assets to, or derive Hongkong Land Holdings Ltd. USD 116,800 957,573 2.73
most of their revenues or profits from, real-estate related 957,573 2.73
activities. These activities may include owning, operating, Brazil
BR Malls Participacoes SA BRL 17,100 80,007 0.23
managing, financing, servicing, developing, acquiring or Iguatemi Empresa de Shopping BRL 12,900 102,273 0.29
Centers SA
selling real estate. The portfolio may include investments 182,280 0.52
in real estate operating companies (REOCs), real estate Canada
investment trusts (REITs) or similar entities. Brookfield Canada Office Properties,
REIT
CAD 23,300 502,256 1.43
The fund may invest in common stocks, preferred Canadian Real Estate Investment Trust, CAD 7,900 268,974 0.77
REIT
stocks, warrants, American Depository Receipts (ADRs), 771,230 2.20
European Depository Receipts (EDRs) and Global Cayman Islands
Cheung Kong Property Holdings Ltd. HKD 37,000 306,895 0.88
Depository Receipts (GDRs). The fund does not invest 306,895 0.88
more than one-third of its assets in debt and money France
market securities. Gecina SA, REIT EUR 5,849 731,340 2.09
The fund may use derivatives for hedging and efficient 1,903,349 5.43
portfolio management. Hong Kong
Hang Lung Properties Ltd. HKD 158,000 469,570 1.34
Hysan Development Co. Ltd. HKD 75,000 324,974 0.93
Sun Hung Kai Properties Ltd. HKD 41,000 664,680 1.90
Wharf Holdings Ltd. (The) HKD 116,500 776,102 2.21
2,235,326 6.38
Japan
Frontier Real Estate Investment Corp., JPY 38 170,297 0.49
REIT
Mitsubishi Estate Co. Ltd. JPY 63,000 1,361,424 3.88
Mitsui Fudosan Co. Ltd. JPY 35,000 983,785 2.81
Nippon Accommodations Fund, Inc., JPY 197 762,618 2.18
REIT
Nippon Prologis REIT, Inc. JPY 134 247,002 0.70
3,525,126 10.06
Mexico
Concentradora Fibra Danhos SA de MXN 98,900 236,881 0.68
CV, REIT
236,881 0.68
Singapore
CapitaLand Mall Trust, REIT SGD 456,200 728,627 2.08
Mapletree Industrial Trust, REIT SGD 216,620 251,075 0.72
979,702 2.80
Spain
Inmobiliaria Colonial SA EUR 603,090 423,476 1.21
423,476 1.21
Sweden
Hufvudstaden AB Class A SEK 28,618 350,887 1.00
350,887 1.00
T. ROWE PRICE 99
Global Real Estate Securities Fund continued

As at 30 June 2015

Switzerland United States of America 46.20

PSP Swiss Property AG CHF 8,610 740,677 2.11 Japan 10.06
740,677 2.11 United Kingdom 7.39
United Kingdom Australia 6.76
Derwent London PLC, REIT GBP 13,134 704,310 2.01 Hong Kong 6.38
Great Portland Estates PLC, REIT GBP 31,093 381,572 1.09 France 5.43
Hammerson PLC, REIT GBP 47,930 464,743 1.32 Singapore 2.80
Shaftesbury PLC, REIT GBP 76,416 1,040,702 2.97 Bermuda 2.73
2,591,327 7.39 Canada 2.20
United States of America Switzerland 2.11
American Campus Communities, Inc., USD 12,700 483,362 1.38 Spain 1.21
REIT Sweden 1.00
AvalonBay Communities, Inc., REIT USD 7,741 1,240,573 3.54 Cayman Islands 0.88
Boston Properties, Inc., REIT USD 6,790 823,559 2.35 Mexico 0.68
Corporate Office Properties Trust, REIT USD 10,600 251,220 0.72 Brazil 0.52
Douglas Emmett, Inc., REIT USD 30,900 831,210 2.37 Total Investments 96.35
Equity Residential, REIT USD 3,400 240,006 0.69 Cash and Other Assets/(Liabilities) 3.65
Essex Property Trust, Inc., REIT USD 3,220 683,831 1.95 Total 100.00
Federal Realty Investment Trust, REIT USD 7,550 972,062 2.77
General Growth Properties, Inc., REIT USD 41,649 1,073,711 3.06
Hilton Worldwide Holdings, Inc. USD 12,133 333,658 0.95
Kilroy Realty Corp., REIT USD 5,550 373,737 1.07
Kimco Realty Corp., REIT USD 19,200 435,456 1.24
Macerich Co. (The), REIT USD 9,956 748,592 2.14
Plum Creek Timber Co., Inc., REIT USD 3,250 132,372 0.38
Prologis, Inc., REIT USD 28,321 1,059,205 3.02
Public Storage, REIT USD 3,845 707,365 2.02
Regency Centers Corp., REIT USD 14,070 828,301 2.36
Simon Property Group, Inc., REIT USD 13,650 2,360,495 6.74
SL Green Realty Corp., REIT USD 9,160 1,010,989 2.89
Starwood Hotels & Resorts Worldwide, USD 3,200 259,104 0.74
Inc.
Taubman Centers, Inc., REIT USD 5,600 390,544 1.11
Vornado Realty Trust, REIT USD 9,951 947,932 2.71
16,187,284 46.20
Cash 1,320,606 3.77

100 T. ROWE PRICE

Global Technology Equity Fund (8)

As at 30 June 2015
of technology development or utilization companies, Equities
Cayman Islands
with a focus on leading global technology companies. 58.com, Inc., ADR USD 455 29,402 0.59
The companies may be anywhere in the world, including Alibaba Group Holding Ltd., ADR USD 1,020 84,436 1.69
Baidu, Inc., ADR USD 1,050 212,268 4.25
emerging markets. Ctrip.com International Ltd., ADR USD 3,820 274,505 5.50
Specifically, the fund invests at least two-thirds of JD.com, Inc., ADR USD 6,100 204,960 4.10
Tencent Holdings Ltd. HKD 5,900 117,646 2.36
total assets in equity and equity-related securities of 923,217 18.49
technology-focused companies, such as common Mauritius
stocks, preferred stocks, warrants, American Depository MakeMyTrip Ltd. USD 20 400 0.01
400 0.01
Receipts (ADRs), European Depository Receipts (EDRs) Netherlands
and Global Depository Receipts (GDRs). ASML Holding NV EUR 265 27,701 0.55
NXP Semiconductors NV USD 770 74,651 1.50
The fund does not invest more than one-third of its 102,352 2.05
assets in debt and money market securities. South Africa
Naspers Ltd. Class N ZAR 1,030 160,398 3.21
The fund may use derivatives for hedging and efficient 160,398 3.21
portfolio management. South Korea
NAVER Corp. KRW 8 4,546 0.09
SK Hynix, Inc. KRW 1,970 74,686 1.50
(8)
This fund was launched on 15 June 2015. 79,232 1.59
Spain
Amadeus IT Holding SA Class A EUR 680 27,453 0.55
27,453 0.55
United Kingdom
ARM Holdings PLC GBP 30 496 0.01
496 0.01
Amazon.com, Inc. USD 585 254,142 5.09
American Tower Corp., REIT USD 2,410 225,480 4.52
Applied Materials, Inc. USD 10,160 195,072 3.91
athenahealth, Inc. USD 210 24,016 0.48
Broadcom Corp. Class A USD 830 42,620 0.85
Crown Castle International Corp., REIT USD 2,540 205,156 4.11
eBay, Inc. USD 440 26,167 0.52
Google, Inc. Class C USD 930 485,823 9.73
HubSpot, Inc. USD 1,730 84,164 1.68
Juniper Networks, Inc. USD 1,150 29,969 0.60
Lam Research Corp. USD 2,680 217,750 4.36
Liberty TripAdvisor Holdings, Inc. USD 760 24,442 0.49
Class A
LinkedIn Corp. Class A USD 1,150 238,050 4.77
Marketo, Inc. USD 190 5,204 0.10
Microsoft Corp. USD 540 23,841 0.48
Netflix, Inc. USD 3 1,953 0.04
NetSuite, Inc. USD 1,020 93,269 1.87
New Relic, Inc. USD 620 21,613 0.43
ON Semiconductor Corp. USD 2,340 27,518 0.55
Priceline Group, Inc. (The) USD 233 263,756 5.28
Proofpoint, Inc. USD 1,070 67,025 1.34
QUALCOMM, Inc. USD 2,150 135,256 2.71
Salesforce.com, Inc. USD 1,465 102,272 2.05
SanDisk Corp. USD 350 20,776 0.42
ServiceNow, Inc. USD 1,370 101,476 2.03
SPS Commerce, Inc. USD 155 10,391 0.21
T. ROWE PRICE 101

Global Technology Equity Fund (8) continued

As at 30 June 2015
Quantity/ Market
Tesla Motors, Inc. USD 100 26,682 0.53
Trimble Navigation Ltd. USD 4,780 111,326 2.23
Workday, Inc. Class A USD 2,650 202,327 4.05
Zillow Group, Inc. Class A USD 3,080 270,455 5.42
3,537,991 70.85
Cash 333,066 6.67


% of Net Assets
South Africa 3.21
Netherlands 2.05
South Korea 1.59
Spain 0.55
United Kingdom 0.01
Mauritius 0.01
Total 100.00
102 T. ROWE PRICE

Global Value Equity Fund

As at 30 June 2015
of undervalued stocks of companies anywhere in the Equities
Australia
world, including emerging markets. CIMIC Group Ltd. AUD 1,391 23,347 0.72
Specifically, the fund invests at least two-thirds of total 23,347 0.72
Bermuda
assets in undervalued equity and equity-related securities Bunge Ltd. USD 311 27,514 0.85
such as common stocks, preferred stocks, warrants, VimpelCom Ltd., ADR USD 5,226 25,869 0.80
53,383 1.65
American Depository Receipts (ADRs), European Brazil
Depository Receipts (EDRs) and Global Depository Multiplus SA BRL 1,300 16,083 0.50
Receipts (GDRs). Tim Participacoes SA, ADR USD 1,216 19,711 0.61
35,794 1.11
The fund does not invest more than one-third of its Canada
assets in debt and money market securities. Canadian Natural Resources Ltd. USD 857 23,208 0.72
Fairfax Financial Holdings Ltd. CAD 127 64,002 1.98
The fund may use derivatives for hedging and efficient 87,210 2.70
portfolio management. Cayman Islands
Cheung Kong Property Holdings Ltd. HKD 3,552 29,462 0.91
CK Hutchison Holdings Ltd. HKD 3,552 52,152 1.62
81,614 2.53
China
China Cinda Asset Management Co. HKD 36,000 20,085 0.62
Ltd. Class H
Daqin Railway Co. Ltd. Class A CNY 9,000 20,380 0.63
40,465 1.25
Denmark
Danske Bank A/S DKK 1,063 31,485 0.97
31,485 0.97
Finland
Stora Enso OYJ Class R EUR 3,255 33,919 1.05
33,919 1.05
France
Altran Technologies SA EUR 2,381 25,683 0.80
BNP Paribas SA EUR 677 41,593 1.29
SPIE SA EUR 824 16,518 0.51
Vinci SA EUR 465 27,293 0.84
Vivendi SA EUR 1,434 36,672 1.13
147,759 4.57
Germany
Deutsche Lufthansa AG EUR 1,692 22,018 0.68
22,018 0.68
Ireland
Tyco International PLC USD 876 33,647 1.04
XL Group PLC USD 870 32,329 1.00
65,976 2.04
Israel
Teva Pharmaceutical Industries Ltd., USD 740 44,074 1.36
ADR
44,074 1.36
Italy
Telecom Italia SpA EUR 27,407 35,021 1.08
35,021 1.08
Japan
Argo Graphics, Inc. JPY 1,100 17,820 0.55
Asatsu-DK, Inc. JPY 1,100 26,107 0.81
Benesse Holdings, Inc. JPY 800 20,137 0.62
Chudenko Corp. JPY 1,200 23,113 0.71
Credit Saison Co. Ltd. JPY 1,200 25,752 0.80
T. ROWE PRICE 103

Global Value Equity Fund continued

As at 30 June 2015

Daiichi Sankyo Co. Ltd. JPY 1,600 29,690 0.92 General Electric Co. USD 2,335 62,485 1.93
Kyocera Corp. JPY 500 26,073 0.81 Halliburton Co. USD 516 22,219 0.69
Nippon Telegraph & Telephone Corp. JPY 1,000 36,349 1.12 HCA Holdings, Inc. USD 497 45,058 1.39
SoftBank Group Corp. JPY 600 35,455 1.10 Honeywell International, Inc. USD 436 44,620 1.38
Sony Corp. JPY 800 22,648 0.70 Humana, Inc. USD 125 23,978 0.74
Sumitomo Corp. JPY 2,400 27,949 0.86 J.P. Morgan Chase & Co. USD 889 60,025 1.86
TechnoPro Holdings, Inc. JPY 1,000 25,189 0.78 Johnson Controls, Inc. USD 460 22,945 0.71
Ushio, Inc. JPY 1,300 16,977 0.53 Keysight Technologies, Inc. USD 540 16,929 0.52
333,259 10.31 Lowe's Cos, Inc. USD 455 30,826 0.95
Luxembourg Mattel, Inc. USD 768 19,745 0.61
Altice SA EUR 236 32,839 1.02 Merck & Co., Inc. USD 692 39,596 1.23
APERAM SA EUR 318 12,877 0.40 MetLife, Inc. USD 905 50,472 1.56
45,716 1.42 Micron Technology, Inc. USD 1,079 20,193 0.62
Netherlands Microsoft Corp. USD 1,446 63,841 1.97
ING Groep NV, CVA EUR 2,261 37,868 1.17 Morgan Stanley USD 1,245 48,045 1.49
37,868 1.17 Pfizer, Inc. USD 2,027 67,844 2.10
Norway Pioneer Natural Resources Co. USD 242 33,173 1.03
Petroleum Geo-Services ASA NOK 3,790 20,396 0.63 SanDisk Corp. USD 418 24,812 0.77
20,396 0.63 Sysco Corp. USD 885 32,010 0.99
Spain Thermo Fisher Scientific, Inc. USD 298 38,916 1.20
Acerinox SA EUR 1,996 27,897 0.86 T-Mobile US, Inc. USD 950 37,231 1.15
Acerinox SA Rights 01/07/2015 EUR 1,996 901 0.03 United Technologies Corp. USD 385 43,078 1.33
28,798 0.89 UnitedHealth Group, Inc. USD 425 51,582 1.60
Taiwan Western Digital Corp. USD 295 23,945 0.74
Taiwan Semiconductor Manufacturing TWD 7,000 31,799 0.98 1,570,793 48.59
Co. Ltd. Total Equities 3,173,752 98.17
United Kingdom and money market instruments
Aviva PLC GBP 4,159 32,504 1.01 admitted to an official exchange listing
BAE Systems PLC GBP 5,315 38,022 1.18 Total Investments 3,173,752 98.17
British American Tobacco PLC GBP 1,001 54,112 1.67
Direct Line Insurance Group PLC GBP 6,083 32,399 1.00
GKN PLC GBP 4,821 25,518 0.79
Imperial Tobacco Group PLC GBP 1,212 58,883 1.82
Rolls-Royce Holdings PLC GBP 2,079 28,674 0.89 Unrealised
Rolls-Royce Holdings PLC GBP 280,449 442 0.01 Purchased Purchased Sold Sold Date USD Assets
Preference C
Royal Bank of Scotland Group PLC GBP 7,501 41,985 1.30 EUR 29,272 USD 32,693 02/07/2015 88 –
RSA Insurance Group PLC GBP 3,889 24,482 0.76 JPY 4,073,000 USD 32,972 02/07/2015 334 0.01
Standard Chartered PLC GBP 1,940 31,372 0.97 USD 32,858 EUR 29,272 02/07/2015 77 –
William Hill PLC GBP 5,448 34,665 1.07 Total Unrealised Gain on 499 0.01
403,058 12.47 Forward Currency Exchange Contracts
United States of America USD 33,073 EUR 29,600 04/08/2015 (91) –
AbbVie, Inc. USD 677 45,718 1.41 USD 32,904 JPY 4,073,000 02/07/2015 (403) (0.01)
AES Corp. USD 2,268 29,892 0.92 USD 24,857 JPY 3,066,000 04/08/2015 (224) (0.01)
American Airlines Group, Inc. USD 718 28,842 0.89 Total Unrealised Loss on (718) (0.02)
Applied Materials, Inc. USD 1,418 27,226 0.84
Net Unrealised Loss on (219) (0.01)
Bank of New York Mellon Corp. (The) USD 1,139 47,872 1.48
Boeing Co. (The) USD 346 48,094 1.49
Celanese Corp. USD 442 31,859 0.99 Unrealised
Cigna Corp. USD 318 52,400 1.62 Counterparty Gain/(Loss)
Citigroup, Inc. USD 1,062 58,506 1.81 Barclays 3
Comcast Corp. Class A USD 1,018 60,673 1.88 Canadian Imperial Bank of Commerce (146)
ConAgra Foods, Inc. USD 786 34,466 1.07 Credit Suisse (196)
Concho Resources, Inc. USD 248 28,039 0.87 J.P. Morgan 123
E*TRADE Financial Corp. USD 872 25,707 0.80 Westpac Banking (3)
Exelon Corp. USD 1,080 34,160 1.06 (219)
First Niagara Financial Group, Inc. USD 2,609 24,603 0.76
FirstEnergy Corp. USD 1,139 37,166 1.15
FNF Group USD 872 32,002 0.99
104 T. ROWE PRICE

Global Value Equity Fund continued

As at 30 June 2015
Cash 32,360 1.00


% of Net Assets
Japan 10.31
France 4.57
Canada 2.70
Cayman Islands 2.53
Ireland 2.04
Bermuda 1.65
Luxembourg 1.42
Israel 1.36
China 1.25
Netherlands 1.17
Brazil 1.11
Italy 1.08
Finland 1.05
Taiwan 0.98
Denmark 0.97
Spain 0.89
Australia 0.72
Germany 0.68
Norway 0.63
Total 100.00
T. ROWE PRICE 105

Japanese Equity Fund

As at 30 June 2015
The fund invests mainly in a widely diversified portfolio of to an official exchange listing
stocks of companies in Japan. Equities
Japan
Specifically, the fund invests at least two-thirds of Ashikaga Holdings Co. Ltd. JPY 7,800 30,073 1.09
total assets in equity and equity-related securities of Astellas Pharma, Inc. JPY 3,400 43,446 1.58
Bridgestone Corp. JPY 900 29,822 1.08
companies that are either incorporated in Japan or Central Japan Railway Co. JPY 100 16,142 0.59
conduct most of their business there. Types of securities Credit Saison Co. Ltd. JPY 1,400 26,827 0.97
CyberAgent, Inc. JPY 500 21,268 0.77
may include common stocks, preferred stocks, warrants, Daiichikosho Co. Ltd. JPY 900 28,325 1.03
American Depository Receipts (ADRs), European Daikin Industries Ltd. JPY 700 45,145 1.64
Don Quijote Holdings Co. Ltd. JPY 400 15,219 0.55
Depository Receipts (EDRs) and Global Depository
Eisai Co. Ltd. JPY 600 36,087 1.31
Receipts (GDRs). FamilyMart Co. Ltd. JPY 1,000 41,196 1.50
The fund does not invest more than one-third of its FANUC Corp. JPY 400 73,562 2.67
FUJIFILM Holdings Corp. JPY 1,100 35,208 1.28
assets in debt and money market securities. Fujitec Co. Ltd. JPY 3,300 36,826 1.34
The fund may use derivatives for hedging and efficient GMO Payment Gateway, Inc. JPY 700 20,280 0.74
Hikari Tsushin, Inc. JPY 500 30,214 1.10
portfolio management. Hitachi Ltd. JPY 4,000 23,620 0.86
Hitachi Metals Ltd. JPY 3,000 41,273 1.50
Honda Motor Co. Ltd. JPY 1,900 55,156 2.00
Hoshino Resorts, Inc., REIT JPY 2 19,760 0.72
Hoshizaki Electric Co. Ltd. JPY 1,000 52,697 1.91
Isuzu Motors Ltd. JPY 3,400 40,017 1.45
Jamco Corp. JPY 700 20,552 0.75
Japan Tobacco, Inc. JPY 1,900 60,690 2.20
Jin Co. Ltd. JPY 500 19,304 0.70
Keyence Corp. JPY 100 48,387 1.76
Mabuchi Motor Co. Ltd. JPY 700 39,659 1.44
Miraca Holdings, Inc. JPY 400 17,922 0.65
Mitsubishi Corp. JPY 2,500 49,145 1.79
Mitsubishi Electric Corp. JPY 5,000 57,762 2.10
Mitsubishi Heavy Industries Ltd. JPY 10,000 54,519 1.98
Mitsubishi UFJ Financial Group, Inc. JPY 8,600 55,431 2.01
Murata Manufacturing Co. Ltd. JPY 500 78,206 2.84
Nabtesco Corp. JPY 1,300 29,143 1.06
Nakanishi, Inc. JPY 1,200 42,410 1.54
Nifco, Inc. JPY 500 19,423 0.71
Nihon Parkerizing Co. Ltd. JPY 1,700 15,468 0.56
Nikkiso Co. Ltd. JPY 1,500 14,085 0.51
Nintendo Co. Ltd. JPY 200 29,898 1.09
Nippon Ceramic Co. Ltd. JPY 700 8,721 0.32
Nippon Kanzai Co. Ltd. JPY 600 12,170 0.44
Nippon Kayaku Co. Ltd. JPY 1,000 9,655 0.35
Nippon Seiki Co. Ltd. JPY 2,000 35,546 1.29
Nippon Telegraph & Telephone Corp. JPY 3,400 110,355 4.01
Nissan Motor Co. Ltd. JPY 3,300 30,819 1.12
NTT DOCOMO, Inc. JPY 4,400 75,512 2.74
Olympus Corp. JPY 1,400 43,303 1.57
ORIX Corp. JPY 2,500 33,353 1.21
Pigeon Corp. JPY 800 22,605 0.82
Pola Orbis Holdings, Inc. JPY 700 35,425 1.29
Recruit Holdings Co. Ltd. JPY 1,300 35,532 1.29
Rinnai Corp. JPY 200 14,119 0.51
Rohto Pharmaceutical Co. Ltd. JPY 1,500 22,169 0.81
Sanwa Holdings Corp. JPY 4,600 34,701 1.26
Sekisui Jushi Corp. JPY 1,100 12,830 0.47
106 T. ROWE PRICE

Japanese Equity Fund continued

As at 30 June 2015
Quantity/ Market
SHO-BOND Holdings Co. Ltd. JPY 400 14,926 0.54
Skylark Co. Ltd. JPY 1,900 22,381 0.81
SMS Co. Ltd. JPY 3,100 36,665 1.33
SoftBank Group Corp. JPY 1,700 89,701 3.26
Start Today Co. Ltd. JPY 1,200 30,099 1.09
Sumitomo Corp. JPY 4,200 43,675 1.59
Sumitomo Densetsu Co. Ltd. JPY 1,500 19,341 0.70
Suntory Beverage & Food Ltd. JPY 1,100 39,161 1.42
Suzuki Motor Corp. JPY 1,100 33,303 1.21
Takeda Pharmaceutical Co. Ltd. JPY 1,500 64,893 2.36
TechnoPro Holdings, Inc. JPY 600 13,495 0.49
Temp Holdings Co. Ltd. JPY 700 22,653 0.82
THK Co. Ltd. JPY 1,400 27,109 0.98
Tokio Marine Holdings, Inc. JPY 1,800 67,189 2.44
Tokyo Tatemono Co. Ltd. JPY 1,500 18,663 0.68
Toyota Motor Corp. JPY 2,000 120,085 4.36
Toyota Tsusho Corp. JPY 1,100 26,447 0.96
VT Holdings Co. Ltd. JPY 4,500 23,990 0.87
Yumeshin Holdings Co. Ltd. JPY 1,900 10,822 0.39
Zenkoku Hosho Co. Ltd. JPY 1,100 35,111 1.28
2,710,691 98.45
Cash 72,807 2.64


% of Net Assets
Japan 98.45
Total 100.00
T. ROWE PRICE 107

Latin American Equity Fund

As at 30 June 2015
The fund invests mainly in a widely diversified portfolio of to an official exchange listing
stocks of companies in Latin America. Equities
Argentina
Specifically, the fund invests at least two-thirds of Grupo Financiero Galicia SA, ADR USD 1,200 22,560 0.36
total assets in equity and equity-related securities 22,560 0.36
Bermuda
of companies that are either incorporated in Latin Credicorp Ltd. USD 1,724 242,584 3.82
America or conduct most of their business there. Types 242,584 3.82
Brazil
of securities may include common stocks, preferred Aliansce Shopping Centers SA BRL 7,400 33,835 0.53
stocks, warrants, American Depository Receipts (ADRs), Ambev SA, ADR USD 73,900 455,224 7.17
European Depository Receipts (EDRs) and Global Banco Bradesco SA Preference BRL 30,727 282,671 4.45
BM&FBovespa SA BRL 59,255 221,410 3.49
Depository Receipts (GDRs). BR Malls Participacoes SA BRL 40,700 190,426 3.00
The fund does not invest more than one-third of its Brasil Brokers Participacoes SA BRL 26,560 19,283 0.30
BRF SA BRL 11,526 242,935 3.83
assets in debt and money market securities. CCR SA BRL 40,400 198,409 3.12
The fund may use derivatives for hedging and efficient Cia Brasileira de Distribuicao BRL 1,550 37,776 0.59
Preference
portfolio management. EDP - Energias do Brasil SA BRL 21,400 79,479 1.25
Itau Unibanco Holding SA Preference BRL 57,005 631,468 9.94
Linx SA BRL 1,550 24,262 0.38
Lojas Renner SA BRL 12,088 447,581 7.05
Marcopolo SA Preference BRL 27,400 20,865 0.33
Multiplus SA BRL 4,200 51,960 0.82
Petroleo Brasileiro SA, ADR Preference USD 23,044 191,265 3.01
Tim Participacoes SA, ADR USD 5,785 93,775 1.48
3,222,624 50.74
Chile
Banco Santander Chile, ADR USD 4,465 89,881 1.42
Corpbanca SA CLP 4,219,856 46,683 0.73
SACI Falabella CLP 27,050 190,338 3.00
326,902 5.15
Colombia
Grupo Aval Acciones y Valores SA COP 84,998 41,735 0.66
Preference
Grupo Aval Acciones y Valores SA, USD 7,100 69,651 1.09
ADR Preference
111,386 1.75
Luxembourg
Tenaris SA, ADR USD 1,980 53,737 0.85
53,737 0.85
Mexico
America Movil SAB de CV, ADR USD 10,823 227,499 3.58
Class L
Arca Continental SAB de CV MXN 12,800 74,636 1.18
Banregio Grupo Financiero SAB de CV MXN 7,400 43,045 0.68
Concentradora Fibra Danhos SA de MXN 28,200 67,543 1.06
CV, REIT
Credito Real SAB de CV SOFOM ER MXN 14,017 32,225 0.51
El Puerto de Liverpool SAB de CV MXN 12,900 149,284 2.35
Class C1
Fibra Uno Administracion SA de CV, MXN 42,600 101,285 1.59
REIT
Fomento Economico Mexicano SAB USD 2,675 239,306 3.77
de CV, ADR
Gentera SAB de CV MXN 43,120 76,519 1.20
Grupo Financiero Santander Mexico USD 27,100 249,320 3.93
SAB de CV, ADR Class B
Grupo Lala SAB de CV MXN 48,100 102,041 1.61
108 T. ROWE PRICE

Latin American Equity Fund continued

As at 30 June 2015
Quantity/ Market
Grupo Mexico SAB de CV MXN 52,800 158,017 2.49
Infraestructura Energetica Nova SAB MXN 3,400 17,271 0.27
de CV
Promotora y Operadora de MXN 7,500 81,571 1.28
Infraestructura SAB de CV
Wal-Mart de Mexico SAB de CV MXN 98,000 238,263 3.75
1,857,825 29.25
Panama
InRetail Peru Corp., 144A USD 2,866 42,274 0.67
42,274 0.67
Peru
Cia de Minas Buenaventura SAA, ADR USD 4,200 44,100 0.69
44,100 0.69
United Kingdom
Fresnillo PLC GBP 4,858 53,112 0.84
53,112 0.84
MercadoLibre, Inc. USD 656 93,716 1.48
PriceSmart, Inc. USD 425 38,892 0.61
Southern Copper Corp. USD 3,182 95,364 1.50
227,972 3.59
Cash 142,394 2.24


% of Net Assets
Brazil 50.74
Mexico 29.25
Chile 5.15
Bermuda 3.82
Colombia 1.75
Luxembourg 0.85
United Kingdom 0.84
Peru 0.69
Panama 0.67
Argentina 0.36
Total 100.00
T. ROWE PRICE 109

Middle East & Africa Equity Fund

As at 30 June 2015
of companies in the developing countries of the Middle Equities
Bermuda
East and Africa. Petra Diamonds Ltd. GBP 45,879 107,112 0.87
Botswana
total assets in equity and equity-related securities of Letshego Holdings Ltd. BWP 345,482 111,549 0.91
companies that are either incorporated in the developing 111,549 0.91
Egypt
countries of the Middle East and Africa or conduct most Commercial International Bank Egypt USD 61,639 443,185 3.60
of their business in such countries. Types of securities SAE, Reg. S, GDR
Edita Food Industries SAE, Reg. S, USD 11,750 217,375 1.76
may include common stocks, preferred stocks, warrants, GDR
American Depository Receipts (ADRs), European Egyptian Financial Group-Hermes
Holding Co.
EGP 52,880 95,610 0.78
Depository Receipts (EDRs) and Global Depository Emaar Misr for Development SAE EGP 170,418 84,846 0.69
Receipts (GDRs). Ghabbour Auto EGP 121,781 68,449 0.56
Juhayna Food Industries EGP 118,737 132,233 1.07
The fund does not invest more than one-third of its Sixth of October for Development and EGP 26,912 38,821 0.31
Investment Co.
assets in debt and money market securities.
1,080,519 8.77
The fund may use derivatives for hedging and efficient Jersey
portfolio management. Centamin PLC GBP 97,581 95,079 0.77
Integrated Diagnostics Holdings PLC, USD 9,598 56,484 0.46
144A
151,563 1.23
Kenya
ARM Cement Ltd. KES 101,498 76,699 0.62
Diamond Trust Bank Kenya Ltd. KES 24,100 54,877 0.45
Equity Group Holdings Ltd. KES 354,237 169,534 1.38
Kenya Commercial Bank Ltd. KES 158,300 87,723 0.71
Safaricom Ltd. KES 1,537,000 254,747 2.07
Scan Group Ltd. KES 115,900 49,922 0.40
693,502 5.63
Malta
Brait SE ZAR 24,234 241,643 1.96
241,643 1.96
Morocco
Attijariwafa Bank MAD 5,190 187,245 1.52
Societe Des Brasseries du Maroc MAD 380 82,023 0.67
269,268 2.19
Netherlands
OCI NV EUR 3,482 99,067 0.80
99,067 0.80
Nigeria
Guaranty Trust Bank PLC NGN 509,938 69,213 0.56
Nestle Nigeria PLC NGN 19,280 83,030 0.67
Nigerian Breweries PLC NGN 148,573 111,975 0.91
Zenith Bank PLC NGN 591,174 57,186 0.47
321,404 2.61
Qatar
Gulf Warehousing Co. QAR 11,090 230,845 1.87
Qatar National Bank SAQ QAR 3,504 185,616 1.51
416,461 3.38
South Africa
AngloGold Ashanti Ltd. ZAR 10,796 96,331 0.78
Aspen Pharmacare Holdings Ltd. ZAR 16,369 484,502 3.93
Barclays Africa Group Ltd. ZAR 12,827 193,154 1.57
Bidvest Group Ltd. (The) ZAR 3,565 90,039 0.73
110 T. ROWE PRICE

Middle East & Africa Equity Fund continued

As at 30 June 2015

Capitec Bank Holdings Ltd. ZAR 3,612 144,028 1.17 United International Transportation Co. USD 10,064 158,472 1.29
Discovery Ltd. ZAR 5,937 61,645 0.50 25/11/2016
FirstRand Ltd. ZAR 94,600 418,163 3.40 Yanbu National Petrochemical Co. USD 14,946 216,176 1.75
31/07/2017
Mr Price Group Ltd. ZAR 13,429 275,978 2.24
2,190,030 17.78
MTN Group Ltd. ZAR 15,034 282,150 2.29
Total Participation Notes 2,337,528 18.98
Naspers Ltd. Class N ZAR 6,782 1,056,134 8.58
Royal Bafokeng Platinum Ltd. ZAR 24,009 92,763 0.75 Warrants
Sanlam Ltd. ZAR 58,372 320,897 2.61 Saudi Arabia
Shoprite Holdings Ltd. ZAR 7,057 100,180 0.81 Al Khaleej Training and Education Co. USD 6,589 95,671 0.78
20/09/2017
Tiger Brands Ltd. ZAR 4,286 99,496 0.81
Banque Saudi Fransi, 144A USD 18,047 154,673 1.26
Vodacom Group Ltd. ZAR 11,777 134,387 1.09 27/09/2016
Woolworths Holdings Ltd. ZAR 21,666 176,346 1.43 Samba Financial Group, 144A USD 28,005 194,614 1.58
4,026,193 32.69 27/09/2016
Tanzania, United Republic of Saudi Airlines Catering Co. USD 4,357 190,253 1.54
National Microfinance Bank PLC TZS 35,963 62,599 0.51 10/10/2018
62,599 0.51 Savola Group (The) 02/03/2017 USD 3,324 60,691 0.49
Uganda United International Transportation Co. USD 1,588 25,005 0.20
07/07/2016
Umeme Ltd. UGX 755,383 107,487 0.87
720,907 5.85
107,487 0.87
Total Warrants 720,907 5.85
Abu Dhabi Commercial Bank PJSC AED 71,918 150,580 1.22
Air Arabia PJSC AED 144,099 63,559 0.52 admitted to an official exchange listing
Aramex PJSC AED 282,054 267,248 2.17 Total Investments 12,350,881 100.27
DP World Ltd. USD 5,011 107,235 0.87
Emaar Properties PJSC AED 67,142 144,053 1.17
Emirates NBD PJSC AED 106,939 283,595 2.30
First Gulf Bank PJSC AED 48,054 198,873 1.61 Cash (154,200) (1.25)
1,215,143 9.86 Other Assets/(Liabilities) 120,464 0.98
United Kingdom Total Net Assets 12,317,145 100.00
Investec PLC GBP 23,719 215,600 1.75
215,600 1.75
Zambia
Standard Chartered Bank Zambia PLC ZMW 240,045 62,412 0.51 Geographic Allocation of Portfolio
Zambeef Products PLC ZMW 141,325 58,414 0.47 % of Net Assets
120,826 0.98 South Africa 32.69
Zimbabwe Saudi Arabia 23.63
Econet Wireless Zimbabwe Ltd. USD 131,275 52,510 0.43 United Arab Emirates 9.86
52,510 0.43 Egypt 8.77
Total Equities 9,292,446 75.44 Kenya 5.63
Participation Notes Qatar 3.38
Netherlands Nigeria 2.61
Samba Financial Group 28/09/2015 USD 21,225 147,498 1.20 Morocco 2.19
147,498 1.20 Netherlands 2.00
Saudi Arabia Malta 1.96
Al Mouwasat Medical Services Co. USD 3,567 135,668 1.10 United Kingdom 1.75
24/07/2017 Jersey 1.23
Almarai Co. Ltd. 31/07/2017 USD 9,264 221,695 1.80 Zambia 0.98
Al-Tayyar Travel Group 07/01/2016 USD 7,460 196,623 1.60 Botswana 0.91
Banque Saudi Fransi 24/07/2017 USD 15,931 136,584 1.11 Uganda 0.87
Herfy Food Services Co. Ltd. USD 6,850 213,772 1.74 Bermuda 0.87
08/02/2016
Jarir Marketing Co. 24/07/2017 USD 4,545 267,764 2.17
Zimbabwe 0.43
Mouwasat Medical Services Co. USD 3,231 122,888 1.00
24/04/2018 Total Investments 100.27
Samba Financial Group 29/06/2017 USD 15,654 108,949 0.88 Cash and Other Assets/(Liabilities) (0.27)
Saudi British Bank 22/01/2018 USD 23,157 205,014 1.66 Total 100.00
Saudi British Bank 24/04/2018 USD 9,676 85,664 0.70 The accompanying notes are an integral part of these financial statements.
Savola Group (The) 10/10/2018 USD 6,614 120,761 0.98
T. ROWE PRICE 111

US Blue Chip Equity Fund

As at 30 June 2015
of large and medium sized “blue chip” companies in the Equities
Bermuda
United States. Invesco Ltd. USD 39,300 1,477,680 0.46
Specifically, the fund invests at least two-thirds of Norwegian Cruise Line Holdings Ltd. USD 23,100 1,288,287 0.41
2,765,967 0.87
total assets in equity and equity-related securities of Canada
companies that are either incorporated in the United Canadian Pacific Railway Ltd. USD 4,900 785,225 0.25
Valeant Pharmaceuticals International, USD 29,400 6,479,172 2.05
States of America or conduct most of their business Inc.
there, that have a market capitalisation equal to or greater 7,264,397 2.30
Ireland
than the companies in the Russell Mid-cap Index or S&P Allergan PLC USD 27,392 8,197,056 2.59
Mid-cap 400 Index, and that have a leading market Ingersoll-Rand PLC USD 4,900 332,171 0.11
Medtronic PLC USD 12,391 915,447 0.29
position, seasoned management and strong financial Perrigo Co. PLC USD 200 37,202 0.01
fundamentals. Types of securities may include common 9,481,876 3.00
stocks, preferred stocks, warrants, American Depository Jersey
Delphi Automotive PLC USD 3,600 304,920 0.10
Receipts (ADRs), European Depository Receipts (EDRs) Shire PLC, ADR USD 6,500 1,567,670 0.49
and Global Depository Receipts (GDRs). 1,872,590 0.59
Liberia
The fund does not invest more than one-third of its Royal Caribbean Cruises Ltd. USD 2,600 202,852 0.06
assets in debt and money market securities. 202,852 0.06
Panama
The fund may use derivatives for hedging and efficient
Carnival Corp. USD 3,900 191,997 0.06
portfolio management. 191,997 0.06
United Kingdom
Aon PLC USD 1,900 191,273 0.06
191,273 0.06
3M Co. USD 400 61,776 0.02
AbbVie, Inc. USD 2,500 168,825 0.05
Aetna, Inc. USD 2,600 332,670 0.10
Akamai Technologies, Inc. USD 8,200 573,590 0.18
Amazon.com, Inc. USD 39,250 17,051,377 5.39
American Airlines Group, Inc. USD 82,800 3,326,076 1.05
American Tower Corp., REIT USD 58,950 5,515,362 1.74
Ameriprise Financial, Inc. USD 18,040 2,248,686 0.71
AmerisourceBergen Corp. USD 13,200 1,406,592 0.44
Anthem, Inc. USD 15,000 2,471,850 0.78
Apple, Inc. USD 60,900 7,613,718 2.41
Ashland, Inc. USD 7,300 895,272 0.28
AutoZone, Inc. USD 2,000 1,331,380 0.42
Bank of New York Mellon Corp. (The) USD 6,200 260,586 0.08
Becton Dickinson and Co. USD 16,400 2,326,996 0.74
Biogen, Inc. USD 21,800 8,741,146 2.76
Boeing Co. (The) USD 36,500 5,073,500 1.60
BorgWarner, Inc. USD 4,400 251,416 0.08
Bristol-Myers Squibb Co. USD 22,700 1,498,881 0.47
Cardinal Health, Inc. USD 24,600 2,075,994 0.66
CarMax, Inc. USD 16,200 1,077,624 0.34
Celgene Corp. USD 59,760 6,914,232 2.18
Chipotle Mexican Grill, Inc. USD 1,900 1,142,337 0.36
Cigna Corp. USD 2,600 428,428 0.14
Cimarex Energy Co. USD 4,600 503,148 0.16
Citigroup, Inc. USD 1,000 55,090 0.02
112 T. ROWE PRICE

US Blue Chip Equity Fund continued

As at 30 June 2015

Cognizant Technology Solutions Corp. USD 12,400 760,120 0.24 Ross Stores, Inc. USD 44,000 2,139,280 0.68
Class A Salesforce.com, Inc. USD 71,900 5,019,339 1.59
Concho Resources, Inc. USD 5,000 565,300 0.18 ServiceNow, Inc. USD 11,400 844,398 0.27
Constellation Brands, Inc. Class A USD 6,100 708,027 0.22 Sherwin-Williams Co. (The) USD 22,100 6,127,225 1.94
Continental Resources, Inc. USD 900 38,025 0.01 Starbucks Corp. USD 107,500 5,744,800 1.82
Cooper Cos., Inc. (The) USD 1,300 231,595 0.07 Starwood Hotels & Resorts Worldwide, USD 700 56,679 0.02
Costco Wholesale Corp. USD 4,100 556,206 0.18 Inc.
CVS Health Corp. USD 36,700 3,860,840 1.22 State Street Corp. USD 28,700 2,196,411 0.69
Danaher Corp. USD 108,310 9,223,680 2.91 Stryker Corp. USD 12,900 1,234,272 0.39
Delta Air Lines, Inc. USD 400 16,632 0.01 TD Ameritrade Holding Corp. USD 85,500 3,147,255 0.99
Ecolab, Inc. USD 27,300 3,085,992 0.98 Tesla Motors, Inc. USD 8,000 2,134,560 0.67
Electronic Arts, Inc. USD 19,500 1,292,265 0.41 Thermo Fisher Scientific, Inc. USD 34,200 4,466,178 1.41
Eli Lilly & Co. USD 19,200 1,611,072 0.51 Time Warner, Inc. USD 4,700 410,216 0.13
EQT Corp. USD 27,200 2,229,856 0.70 Tractor Supply Co. USD 25,300 2,302,047 0.73
Estee Lauder Cos., Inc. (The) Class A USD 16,300 1,404,082 0.44 Union Pacific Corp. USD 2,440 232,727 0.07
Expedia, Inc. USD 600 64,938 0.02 United Continental Holdings, Inc. USD 53,300 2,877,667 0.91
Facebook, Inc. Class A USD 113,000 9,736,080 3.08 UnitedHealth Group, Inc. USD 31,100 3,774,607 1.19
FedEx Corp. USD 15,900 2,725,578 0.86 Verisk Analytics, Inc. USD 3,100 225,804 0.07
Fiserv, Inc. USD 32,540 2,705,701 0.85 Vertex Pharmaceuticals, Inc. USD 13,900 1,725,198 0.55
Flowserve Corp. USD 4,600 244,168 0.08 VF Corp. USD 600 41,814 0.01
Gilead Sciences, Inc. USD 69,900 8,239,812 2.60 Visa, Inc. Class A USD 132,080 8,858,606 2.80
Google, Inc. Class C USD 15,639 8,169,657 2.58 Wabtec Corp. USD 22,800 2,157,792 0.68
Google, Inc. Class A USD 12,600 6,821,640 2.16 Walgreens Boots Alliance, Inc. USD 29,400 2,486,064 0.79
Hanesbrands, Inc. USD 73,900 2,464,565 0.78 Walt Disney Co. (The) USD 25,500 2,903,175 0.92
Hilton Worldwide Holdings, Inc. USD 77,197 2,122,918 0.67 Wynn Resorts Ltd. USD 4,800 468,792 0.15
Home Depot, Inc. (The) USD 32,500 3,624,075 1.15 293,839,880 92.85
Humana, Inc. USD 3,500 671,370 0.21 Total Equities 315,810,832 99.79
IHS, Inc. Class A USD 5,700 736,554 0.23 Total Transferable securities 315,810,832 99.79
Intercontinental Exchange, Inc. USD 10,550 2,359,085 0.75 and money market instruments
Intuit, Inc. USD 1,200 121,260 0.04
JB Hunt Transport Services, Inc. USD 10,200 852,414 0.27
Kansas City Southern USD 400 36,296 0.01
Keurig Green Mountain, Inc. USD 700 53,025 0.02
Cash 1,449,291 0.46
L Brands, Inc. USD 14,700 1,260,231 0.40
Las Vegas Sands Corp. USD 6,000 311,940 0.10
Lowe's Cos, Inc. USD 67,000 4,539,250 1.43
Marriott International, Inc. Class A USD 6,659 493,099 0.16
Marsh & McLennan Cos, Inc. USD 20,900 1,190,255 0.38 Geographic Allocation of Portfolio
MasterCard, Inc. Class A USD 93,200 8,679,716 2.74
% of Net Assets
McKesson Corp. USD 44,470 10,021,759 3.17
MGM Resorts International USD 51,100 925,932 0.29 United States of America 92.85
Microsoft Corp. USD 94,000 4,150,100 1.31 Ireland 3.00
Monster Beverage Corp. USD 1,000 134,330 0.04 Canada 2.30
Morgan Stanley USD 110,800 4,275,772 1.35 Bermuda 0.87
Netflix, Inc. USD 8,000 5,207,640 1.65 Jersey 0.59
NIKE, Inc. Class B USD 17,720 1,915,178 0.61 Liberia 0.06
Northern Trust Corp. USD 6,180 473,203 0.15 Panama 0.06
O'Reilly Automotive, Inc. USD 17,400 3,962,154 1.25 United Kingdom 0.06
Pioneer Natural Resources Co. USD 7,100 973,268 0.31 Total Investments 99.79
Polaris Industries, Inc. USD 500 73,685 0.02 Cash and Other Assets/(Liabilities) 0.21
PPG Industries, Inc. USD 6,500 747,045 0.24 Total 100.00
Precision Castparts Corp. USD 10,150 2,047,864 0.65
PVH Corp. USD 2,700 307,989 0.10
Range Resources Corp. USD 18,807 923,800 0.29
Red Hat, Inc. USD 28,900 2,196,400 0.69
Roper Technologies, Inc. USD 14,700 2,565,885 0.81
T. ROWE PRICE 113

US Large Cap Equity Fund

As at 30 June 2015
The fund invests mainly in a diversified portfolio to an official exchange listing
of stocks from large capitalization companies in Equities
Ireland
the United States. Allergan PLC USD 380 113,715 2.11
Specifically, the fund invests at least two-thirds of Medtronic PLC USD 1,550 114,514 2.12
Tyco International PLC USD 2,130 81,813 1.52
total assets in equity and equity-related securities of XL Group PLC USD 2,940 109,251 2.03
companies that are either incorporated in the United 419,293 7.78
Netherlands
States of America or conduct most of their business there Mylan NV USD 450 30,492 0.57
and that have a market capitalisation equal to or greater 30,492 0.57
than the companies in the Russell 1000 Index. Types United States of America
AES Corp. USD 5,830 76,839 1.42
of securities may include common stocks, preferred Amazon.com, Inc. USD 140 60,820 1.13
stocks, warrants, American Depository Receipts (ADRs), Anthem, Inc. USD 400 65,916 1.22
Apple, Inc. USD 764 95,515 1.77
European Depository Receipts (EDRs) and Global AutoZone, Inc. USD 125 83,211 1.54
Depository Receipts (GDRs). Bank of America Corp. USD 7,210 121,777 2.26
Becton Dickinson and Co. USD 870 123,444 2.29
The fund does not invest more than one-third of its Boeing Co. (The) USD 910 126,490 2.35
assets in debt and money market securities. Cisco Systems, Inc. USD 4,630 126,723 2.35
The fund may use derivatives for hedging and efficient Comcast Corp. Class A USD 1,260 75,373 1.40
Continental Resources, Inc. USD 760 32,110 0.60
portfolio management. Crown Castle International Corp., REIT USD 1,200 96,924 1.80
CVS Health Corp. USD 1,450 152,540 2.83
Danaher Corp. USD 1,995 169,894 3.15
Ecolab, Inc. USD 650 73,476 1.36
Eli Lilly & Co. USD 1,050 88,106 1.63
Equifax, Inc. USD 740 72,342 1.34
Exelon Corp. USD 2,890 91,411 1.70
Facebook, Inc. Class A USD 1,050 90,468 1.68
FirstEnergy Corp. USD 2,230 72,765 1.35
General Electric Co. USD 7,840 209,798 3.89
Google, Inc. Class C USD 258 134,777 2.50
IHS, Inc. Class A USD 480 62,026 1.15
Intercontinental Exchange, Inc. USD 340 76,027 1.41
J.P. Morgan Chase & Co. USD 2,760 186,355 3.46
Lowe's Cos, Inc. USD 1,330 90,108 1.67
Marsh & McLennan Cos, Inc. USD 2,450 139,528 2.59
McKesson Corp. USD 520 117,187 2.17
MetLife, Inc. USD 1,610 89,790 1.66
Microsoft Corp. USD 2,520 111,258 2.06
Mondelez International, Inc. Class A USD 1,800 73,800 1.37
Morgan Stanley USD 2,900 111,911 2.08
NiSource, Inc. USD 2,120 96,396 1.79
PepsiCo, Inc. USD 2,065 193,697 3.59
Pfizer, Inc. USD 4,400 147,268 2.73
Philip Morris International, Inc. USD 1,470 117,644 2.18
Pioneer Natural Resources Co. USD 400 54,832 1.02
Priceline Group, Inc. (The) USD 70 79,240 1.47
RPM International, Inc. USD 1,470 72,368 1.34
State Street Corp. USD 1,080 82,652 1.53
TD Ameritrade Holding Corp. USD 1,460 53,743 1.00
Thermo Fisher Scientific, Inc. USD 740 96,637 1.79
T-Mobile US, Inc. USD 2,010 78,772 1.46
United Technologies Corp. USD 695 77,764 1.44
114 T. ROWE PRICE

US Large Cap Equity Fund continued

As at 30 June 2015
Quantity/ Market
UnitedHealth Group, Inc. USD 640 77,677 1.44
Vantiv, Inc. Class A USD 1,780 67,337 1.25
Visa, Inc. Class A USD 1,240 83,167 1.54
4,677,903 86.75
Cash 282,749 5.24


% of Net Assets
Ireland 7.78
Netherlands 0.57
Total 100.00
T. ROWE PRICE 115

US Large Cap Growth Equity Fund

As at 30 June 2015
stocks from large capitalization companies in the United Equities
Canada
States that have the potential for above-average and Canadian Pacific Railway Ltd. USD 46,800 7,499,700 0.48
sustainable rates of earnings growth. Valeant Pharmaceuticals International,
Inc.
USD 195,120 43,000,546 2.78
Specifically, the fund invests at least two-thirds of 50,500,246 3.26

total assets in equity and equity-related securities of Ireland
Allergan PLC USD 119,345 35,713,991 2.30
companies that are either incorporated in the United 35,713,991 2.30
States of America or conduct most of their business there Netherlands
Mobileye NV USD 112,000 6,018,880 0.39
and that have a market capitalisation equal to or greater 6,018,880 0.39
than the companies in the Russell 1000 Index. Types United States of America
Akamai Technologies, Inc. USD 46,700 3,266,665 0.21
of securities may include common stocks, preferred
stocks, warrants, American Depository Receipts (ADRs), Amazon.com, Inc. USD 182,200 79,153,146 5.11
European Depository Receipts (EDRs) and Global American Airlines Group, Inc. USD 745,200 29,934,684 1.93
Anthem, Inc. USD 119,300 19,659,447 1.27
Depository Receipts (GDRs). Apple, Inc. USD 215,100 26,891,802 1.74
The fund does not invest more than one-third of its Becton Dickinson and Co. USD 56,400 8,002,596 0.52
Biogen, Inc. USD 89,720 35,975,028 2.32
assets in debt and money market securities. BioMarin Pharmaceutical, Inc. USD 85,300 11,517,206 0.74
The fund may use derivatives for hedging and efficient Boeing Co. (The) USD 446,410 62,050,990 4.00
Bristol-Myers Squibb Co. USD 171,900 11,350,557 0.73
portfolio management. CarMax, Inc. USD 161,000 10,709,720 0.69
Celgene Corp. USD 272,200 31,493,540 2.03
Chipotle Mexican Grill, Inc. USD 10,200 6,132,546 0.40
Cigna Corp. USD 68,600 11,303,908 0.73
Cimarex Energy Co. USD 55,950 6,119,811 0.40
Danaher Corp. USD 610,500 51,990,180 3.36
Eli Lilly & Co. USD 207,400 17,402,934 1.12
EQT Corp. USD 170,600 13,985,788 0.90
Estee Lauder Cos., Inc. (The) Class A USD 142,900 12,309,406 0.79
Facebook, Inc. Class A USD 469,800 40,477,968 2.61
FedEx Corp. USD 111,200 19,061,904 1.23
Flowserve Corp. USD 229,000 12,155,320 0.78
Gilead Sciences, Inc. USD 281,300 33,159,644 2.14
Google, Inc. Class C USD 91,851 47,982,044 3.10
Google, Inc. Class A USD 102,900 55,710,060 3.60
Hanesbrands, Inc. USD 367,300 12,249,455 0.79
Hilton Worldwide Holdings, Inc. USD 668,666 18,388,315 1.19
Humana, Inc. USD 84,900 16,285,518 1.05
Incyte Corp. USD 83,300 8,559,075 0.55
Intercontinental Exchange, Inc. USD 73,300 16,390,613 1.06
JB Hunt Transport Services, Inc. USD 40,500 3,384,585 0.22
Lowe's Cos, Inc. USD 296,600 20,094,650 1.30
McKesson Corp. USD 222,000 50,029,920 3.23
MGM Resorts International USD 1,047,228 18,975,771 1.22
Microsoft Corp. USD 558,400 24,653,360 1.59
Morgan Stanley USD 1,138,000 43,915,420 2.83
Netflix, Inc. USD 12,200 7,941,651 0.51
NetSuite, Inc. USD 109,700 10,030,968 0.65
Palo Alto Networks, Inc. USD 29,900 5,210,673 0.34
Pioneer Natural Resources Co. USD 60,600 8,307,048 0.54
Precision Castparts Corp. USD 59,600 12,024,896 0.78
116 T. ROWE PRICE

US Large Cap Growth Equity Fund continued

As at 30 June 2015
Quantity/ Market
Range Resources Corp. USD 329,547 16,187,349 1.04
Red Hat, Inc. USD 219,100 16,651,600 1.07
Salesforce.com, Inc. USD 426,100 29,746,041 1.92
SanDisk Corp. USD 43,100 2,558,416 0.17
ServiceNow, Inc. USD 177,500 13,147,425 0.85
Sherwin-Williams Co. (The) USD 28,600 7,929,350 0.51
Starbucks Corp. USD 419,600 22,423,424 1.45
Tractor Supply Co. USD 209,800 19,089,702 1.23
United Continental Holdings, Inc. USD 158,400 8,552,016 0.55
UnitedHealth Group, Inc. USD 245,200 29,759,924 1.92
Vantiv, Inc. Class A USD 59,700 2,258,451 0.15
Vertex Pharmaceuticals, Inc. USD 88,100 10,934,532 0.71
Visa, Inc. Class A USD 965,700 64,769,499 4.18
Vulcan Materials Co. USD 275,300 23,273,862 1.50
Wabtec Corp. USD 178,700 16,912,168 1.09
Workday, Inc. Class A USD 103,600 7,909,860 0.51
Wynn Resorts Ltd. USD 97,400 9,512,571 0.61
1,452,087,178 93.72
Total Equities 1,544,320,295 99.67
Total Transferable securities 1,544,320,295 99.67
Total Investments 1,544,320,295 99.67
Cash 12,509,489 0.81

Other Assets/(Liabilities) (7,431,560) (0.48)
Total Net Assets 1,549,398,224 100.00

% of Net Assets
Canada 3.26
Ireland 2.30
Netherlands 0.39
Total 100.00
T. ROWE PRICE 117

US Large Cap Value Equity Fund

As at 30 June 2015
The fund’s objective is to increase the value of its shares, Quantity/ Market % of
Nominal Value Net
stocks from large capitalization companies in the Equities
Bermuda
United States that are selling at discounted valuations Invesco Ltd. USD 103,250 3,882,200 0.60
relative to their historical average and/or the average of 3,882,200 0.60
Canada
their industries. Canadian Natural Resources Ltd. USD 252,550 6,839,054 1.06
Specifically, the fund invests at least two-thirds of Canadian Pacific Railway Ltd. USD 49,000 7,852,250 1.22
14,691,304 2.28
total assets in equity and equity-related securities of Ireland
companies that are either incorporated in the United Medtronic PLC USD 126,175 9,321,809 1.44
States of America or conduct most of their business there Tyco International PLC USD 112,600 4,324,966 0.67
XL Group PLC USD 180,472 6,706,340 1.04
and that have a market capitalisation equal to or greater 20,353,115 3.15
than the companies in the Russell 1000 Index. Types Panama
Carnival Corp. USD 239,550 11,793,047 1.83
of securities may include common stocks, preferred 11,793,047 1.83
stocks, warrants, American Depository Receipts (ADRs), Switzerland
TE Connectivity Ltd. USD 86,200 5,566,796 0.86
European Depository Receipts (EDRs) and Global 5,566,796 0.86
Depository Receipts (GDRs). United States of America
The fund does not invest more than one-third of its 3M Co. USD 37,150 5,737,446 0.89
AbbVie, Inc. USD 89,100 6,016,923 0.93
assets in debt and money market securities. AES Corp. USD 817,700 10,777,286 1.67
The fund may use derivatives for hedging and efficient Allstate Corp. (The) USD 111,350 7,245,544 1.12
American Express Co. USD 80,000 6,228,800 0.96
portfolio management. Ameriprise Financial, Inc. USD 47,150 5,877,248 0.91
Amgen, Inc. USD 53,850 8,242,281 1.28
Apache Corp. USD 179,400 10,285,002 1.59
AT&T, Inc. USD 173,550 6,209,619 0.96
Avon Products, Inc. USD 209,300 1,347,892 0.21
Baker Hughes, Inc. USD 76,400 4,703,948 0.73
Bank of America Corp. USD 971,400 16,406,946 2.54
Bank of New York Mellon Corp. (The) USD 173,950 7,311,119 1.13
Boeing Co. (The) USD 59,350 8,249,650 1.28
Celanese Corp. USD 211,900 15,273,752 2.37
Charles Schwab Corp. (The) USD 207,650 6,725,784 1.04
Cisco Systems, Inc. USD 257,400 7,045,038 1.09
Comcast Corp. Class A USD 95,850 5,733,747 0.89
CONSOL Energy, Inc. USD 69,650 1,498,171 0.23
Dell, Inc. USD 251,950 3,492,027 0.54
EI du Pont de Nemours & Co. USD 13,950 888,615 0.14
Emerson Electric Co. USD 28,500 1,600,560 0.25
Entergy Corp. USD 61,000 4,282,200 0.66
EQT Corp. USD 59,550 4,881,909 0.76
Exelon Corp. USD 219,450 6,941,203 1.08
Exxon Mobil Corp. USD 107,200 8,934,048 1.38
FirstEnergy Corp. USD 223,050 7,278,121 1.13
General Electric Co. USD 642,450 17,191,962 2.66
General Motors Co. USD 169,850 5,674,689 0.88
Hess Corp. USD 167,800 11,209,040 1.74
Honeywell International, Inc. USD 70,700 7,235,438 1.12
Illinois Tool Works, Inc. USD 59,250 5,436,187 0.84
International Paper Co. USD 106,150 5,093,077 0.79
J.P. Morgan Chase & Co. USD 360,750 24,357,840 3.77
Johnson & Johnson USD 120,650 11,844,210 1.83
Johnson Controls, Inc. USD 115,700 5,771,116 0.89
Kohl's Corp. USD 120,150 7,527,397 1.17
118 T. ROWE PRICE

US Large Cap Value Equity Fund continued

As at 30 June 2015
Quantity/ Market % of Geographic Allocation of Portfolio

Nominal Value Net
Las Vegas Sands Corp. USD 77,450 4,026,626 0.62 United States of America 89.12
Loews Corp. USD 57,600 2,211,840 0.34 Ireland 3.15
Lowe's Cos, Inc. USD 188,200 12,750,550 1.98 Canada 2.28
Marsh & McLennan Cos, Inc. USD 218,600 12,449,270 1.93 Panama 1.83
Mattel, Inc. USD 138,350 3,556,978 0.55 Switzerland 0.86
Merck & Co., Inc. USD 225,800 12,920,276 2.00 Bermuda 0.60
MetLife, Inc. USD 220,550 12,300,073 1.91 Total Investments 97.84
Microsoft Corp. USD 325,400 14,366,410 2.23 Cash and Other Assets/(Liabilities) 2.16
Morgan Stanley USD 404,100 15,594,219 2.42 Total 100.00
NRG Energy, Inc. USD 193,700 4,513,210 0.70
Occidental Petroleum Corp. USD 133,050 10,347,298 1.60
PepsiCo, Inc. USD 92,550 8,681,190 1.34
Pfizer, Inc. USD 539,950 18,072,126 2.80
PG&E Corp. USD 271,050 13,370,897 2.07
Philip Morris International, Inc. USD 102,200 8,179,066 1.27
PNC Financial Services Group, Inc. USD 63,150 6,059,874 0.94
(The)
Procter & Gamble Co. (The) USD 111,150 8,728,610 1.35
QUALCOMM, Inc. USD 101,550 6,388,511 0.99
Raytheon Co. USD 51,750 4,971,105 0.77
Southwest Airlines Co. USD 286,200 9,607,734 1.49
Texas Instruments, Inc. USD 134,100 6,919,560 1.07
Thermo Fisher Scientific, Inc. USD 83,050 10,845,500 1.68
Time Warner Cable, Inc. USD 40,800 7,214,256 1.12
Time Warner, Inc. USD 126,850 11,071,468 1.72
T-Mobile US, Inc. USD 79,650 3,121,484 0.48
Twenty-First Century Fox, Inc. Class A USD 147,450 2,114,433 0.33
Union Pacific Corp. USD 56,450 5,384,201 0.83
United Technologies Corp. USD 135,600 15,172,284 2.35
US Bancorp USD 226,900 9,872,419 1.53
Viacom, Inc. Class B USD 51,800 3,329,704 0.52
Vulcan Materials Co. USD 67,350 5,693,769 0.88
Wal-Mart Stores, Inc. USD 30,400 2,169,344 0.34
Wells Fargo & Co. USD 185,150 10,429,499 1.62
Western Union Co. (The) USD 347,300 7,084,920 1.10
Weyerhaeuser Co., REIT USD 162,650 5,138,114 0.80
575,212,653 89.12
Cash 14,364,350 2.23

T. ROWE PRICE 119

US Smaller Companies Equity Fund

As at 30 June 2015
of stocks from smaller capitalization companies in the Equities
Bermuda
United States. Assured Guaranty Ltd. USD 140,000 3,305,400 0.37
Specifically, the fund invests at least two-thirds of total Enstar Group Ltd. USD 31,679 4,903,909 0.54
8,209,309 0.91
assets in equity and equity-related securities of companies Canada
that are either incorporated in the United States of Computer Modelling Group Ltd. CAD 185,000 1,860,014 0.21
Descartes Systems Group, Inc. (The) USD 187,500 3,022,500 0.33
America or conduct most of their business there and that, Franco-Nevada Corp. CAD 150,000 7,136,423 0.79
at the time of purchase, have a market capitalisation that Kelt Exploration Ltd. CAD 370,000 2,529,620 0.28
is equal to or smaller than the companies in the Russell NuVista Energy Ltd. CAD 500,000 2,682,442 0.30
Osisko Gold Royalties Ltd. CAD 190,000 2,373,338 0.26
2500 Index. Types of securities may include common Ritchie Bros Auctioneers, Inc. USD 180,000 5,038,200 0.56
stocks, preferred stocks, warrants, American Depository Seven Generations Energy Ltd. Class A CAD 175,000 2,252,125 0.25
Silver Wheaton Corp. USD 276,100 4,768,247 0.53
Receipts (ADRs), European Depository Receipts (EDRs) Tesco Corp. USD 158,200 1,740,200 0.19
and Global Depository Receipts (GDRs). 33,403,109 3.70
Ireland
The fund does not invest more than one-third of its Alkermes PLC USD 45,000 2,857,950 0.31
assets in debt and money market securities. 2,857,950 0.31
The fund may use derivatives for hedging and efficient Marshall Islands
Gener8 Maritime, Inc. USD 125,000 1,708,750 0.19
portfolio management. Teekay Tankers Ltd. Class A USD 1,100,000 7,392,000 0.82
9,100,750 1.01
Acadia Healthcare Co., Inc. USD 90,000 6,917,400 0.77
ACADIA Pharmaceuticals, Inc. USD 123,000 5,055,300 0.56
Acceleron Pharma, Inc. USD 20,000 618,200 0.07
Airgas, Inc. USD 7,000 742,490 0.08
Akamai Technologies, Inc. USD 40,000 2,798,000 0.31
Alexander & Baldwin, Inc. USD 31,600 1,245,040 0.14
Allegiant Travel Co. USD 36,032 6,433,514 0.71
American Campus Communities, Inc., USD 50,000 1,903,000 0.21
REIT
American Eagle Outfitters, Inc. USD 175,000 2,990,750 0.33
American Water Works Co., Inc. USD 93,000 4,542,120 0.50
Array BioPharma, Inc. USD 231,900 1,669,680 0.18
athenahealth, Inc. USD 15,000 1,715,400 0.19
Autodesk, Inc. USD 60,000 3,013,200 0.33
AZZ, Inc. USD 95,009 4,933,817 0.55
Ball Corp. USD 90,000 6,413,400 0.71
BancorpSouth, Inc. USD 125,000 3,227,500 0.36
BankUnited, Inc. USD 110,000 3,962,200 0.44
Berry Plastics Group, Inc. USD 200,000 6,490,000 0.72
Bloomin' Brands, Inc. USD 200,000 4,256,000 0.47
Bluebird Bio, Inc. USD 22,000 3,624,500 0.40
Boston Beer Co., Inc. (The) Class A USD 9,000 2,091,150 0.23
Brady Corp. Class A USD 42,700 1,071,343 0.12
Bright Horizons Family Solutions, Inc. USD 43,400 2,502,444 0.28
Bruker Corp. USD 325,000 6,688,500 0.74
Brunswick Corp. USD 100,000 5,085,000 0.56
Cabot Microelectronics Corp. USD 60,000 2,819,400 0.31
Capital Bank Financial Corp. Class A USD 150,500 4,403,630 0.49
Capitol Federal Financial, Inc. USD 389,200 4,693,752 0.52
CarMax, Inc. USD 36,500 2,427,980 0.27
Catalent, Inc. USD 151,244 4,446,574 0.49
Celanese Corp. USD 25,000 1,802,000 0.20
120 T. ROWE PRICE

US Smaller Companies Equity Fund continued

As at 30 June 2015

Chart Industries, Inc. USD 10,000 350,200 0.04 Infinity Property & Casualty Corp. USD 37,500 2,886,000 0.32
Chesapeake Utilities Corp. USD 150,750 8,250,548 0.91 Insmed, Inc. USD 163,200 3,911,904 0.43
Chico's FAS, Inc. USD 500,000 8,285,000 0.92 Insulet Corp. USD 40,000 1,251,200 0.14
Chimerix, Inc. USD 82,500 3,769,425 0.42 Integrated Device Technology, Inc. USD 170,000 3,661,800 0.40
Chipotle Mexican Grill, Inc. USD 1,800 1,082,214 0.12 Interactive Intelligence Group, Inc. USD 52,000 2,317,640 0.26
Choice Hotels International, Inc. USD 62,500 3,441,875 0.38 Intercept Pharmaceuticals, Inc. USD 4,000 961,480 0.11
Church & Dwight Co., Inc. USD 83,000 6,736,280 0.75 Intersil Corp. Class A USD 80,200 1,016,936 0.11
Clean Harbors, Inc. USD 50,000 2,659,500 0.29 Iron Mountain, Inc., REIT USD 400,005 12,548,157 1.39
Clifton Bancorp, Inc. USD 67,900 945,847 0.10 J&J Snack Foods Corp. USD 31,300 3,494,332 0.39
Clovis Oncology, Inc. USD 30,000 2,571,600 0.28 Jack Henry & Associates, Inc. USD 40,000 2,603,600 0.29
CNA Financial Corp. USD 175,059 6,692,506 0.74 JM Smucker Co. (The) USD 17,000 1,846,540 0.20
Concho Resources, Inc. USD 22,000 2,487,320 0.27 John Bean Technologies Corp. USD 190,000 7,182,000 0.79
Cooper Cos., Inc. (The) USD 10,000 1,781,500 0.20 Jones Lang LaSalle, Inc. USD 24,000 4,087,920 0.45
Corporate Office Properties Trust, REIT USD 87,000 2,061,900 0.23 K2M Group Holdings, Inc. USD 40,000 954,800 0.11
Cray, Inc. USD 200,000 6,008,000 0.66 Kilroy Realty Corp., REIT USD 74,100 4,989,894 0.55
Cvent, Inc. USD 70,000 1,799,000 0.20 Kirby Corp. USD 20,000 1,534,400 0.17
Cytec Industries, Inc. USD 16,100 981,295 0.11 Kopin Corp. USD 550,036 1,897,624 0.21
Denny's Corp. USD 390,000 4,492,800 0.50 Krispy Kreme Doughnuts, Inc. USD 275,000 5,293,750 0.59
Diamondback Energy, Inc. USD 100,000 7,590,000 0.84 Landstar System, Inc. USD 28,300 1,898,930 0.21
DigitalGlobe, Inc. USD 115,000 3,222,300 0.36 Linear Technology Corp. USD 50,000 2,224,500 0.25
Dr Pepper Snapple Group, Inc. USD 52,000 3,806,920 0.42 M&T Bank Corp. USD 30,000 3,756,600 0.42
E*TRADE Financial Corp. USD 250,000 7,370,000 0.82 Mattel, Inc. USD 240,000 6,170,400 0.68
East West Bancorp, Inc. USD 70,000 3,135,300 0.35 Matthews International Corp. Class A USD 117,050 6,215,355 0.69
EastGroup Properties, Inc., REIT USD 49,100 2,809,993 0.31 MEDNAX, Inc. USD 50,000 3,719,500 0.41
El Paso Electric Co. USD 61,800 2,155,584 0.24 Michaels Cos., Inc. (The) USD 183,400 4,821,586 0.53
Endurance International Group USD 158,700 3,216,849 0.36 Minerals Technologies, Inc. USD 55,100 3,673,517 0.41
Holdings, Inc. Mobile Mini, Inc. USD 60,000 2,550,000 0.28
EQT Corp. USD 45,000 3,689,100 0.41 Monolithic Power Systems, Inc. USD 72,000 3,674,160 0.41
ESCO Technologies, Inc. USD 160,000 5,987,200 0.66 MSA Safety, Inc. USD 100,000 4,907,000 0.54
Exact Sciences Corp. USD 160,000 4,689,600 0.52 Multi-Color Corp. USD 185,000 11,690,150 1.29
Exelixis, Inc. USD 50,000 179,500 0.02 NetSuite, Inc. USD 15,000 1,371,600 0.15
Exponent, Inc. USD 10,400 464,048 0.05 Neurocrine Biosciences, Inc. USD 87,000 4,126,410 0.46
Exterran Holdings, Inc. USD 65,000 2,138,500 0.24 NewMarket Corp. USD 7,000 3,155,810 0.35
Federal Realty Investment Trust, REIT USD 50,000 6,437,500 0.71 Novavax, Inc. USD 225,000 2,443,500 0.27
Fiesta Restaurant Group, Inc. USD 190,000 9,393,600 1.04 ONE Gas, Inc. USD 85,600 3,636,288 0.40
Financial Engines, Inc. USD 60,000 2,523,000 0.28 Ophthotech Corp. USD 17,800 903,884 0.10
First Horizon National Corp. USD 260,000 4,040,400 0.45 Pacira Pharmaceuticals, Inc. USD 62,000 4,292,260 0.47
First Niagara Financial Group, Inc. USD 100,000 943,000 0.10 Packaging Corp. of America USD 87,000 5,502,750 0.61
Five9, Inc. USD 1,235,000 6,310,850 0.70 Pandora Media, Inc. USD 97,000 1,513,200 0.17
Flotek Industries, Inc. USD 150,000 1,881,000 0.21 Park Sterling Corp. USD 340,100 2,435,116 0.27
FNF Group USD 125,000 4,587,500 0.51 Parsley Energy, Inc. Class A USD 120,000 2,110,800 0.23
Forestar Group, Inc. USD 65,000 869,700 0.10 PennyMac Financial Services, Inc. USD 155,053 2,812,661 0.31
Gentherm, Inc. USD 40,000 2,207,000 0.24 Class A
Global Payments, Inc. USD 60,000 6,203,400 0.69 Pier 1 Imports, Inc. USD 339,100 4,218,404 0.47
Graco, Inc. USD 70,000 4,981,900 0.55 PNM Resources, Inc. USD 340,000 8,394,600 0.93
GrubHub, Inc. USD 125,000 4,233,750 0.47 PolyOne Corp. USD 55,000 2,131,250 0.24
Healthcare Realty Trust, Inc., REIT USD 210,000 4,916,100 0.54 Portland General Electric Co. USD 90,000 2,980,800 0.33
Healthcare Services Group, Inc. USD 192,000 6,374,400 0.70 Potlatch Corp., REIT USD 53,100 1,897,794 0.21
Henry Schein, Inc. USD 25,000 3,569,750 0.39 Prosperity Bancshares, Inc. USD 52,700 3,040,790 0.34
Hillenbrand, Inc. USD 30,000 919,200 0.10 PS Business Parks, Inc., REIT USD 95,100 6,870,975 0.76
Hologic, Inc. USD 115,000 4,363,100 0.48 Puma Biotechnology, Inc. USD 10,000 1,137,900 0.13
Home BancShares, Inc. USD 149,998 5,477,927 0.61 Quiksilver, Inc. USD 1,016,300 596,568 0.07
Home Properties, Inc., REIT USD 45,000 3,297,600 0.36 Radian Group, Inc. USD 235,000 4,380,400 0.48
Hub Group, Inc. Class A USD 50,000 1,994,500 0.22 RBC Bearings, Inc. USD 5,000 360,850 0.04
Hubbell, Inc. Class B USD 35,000 3,825,500 0.42 Red Hat, Inc. USD 18,000 1,368,000 0.15
IDEX Corp. USD 45,000 3,534,750 0.39 Red Robin Gourmet Burgers, Inc. USD 47,000 3,994,530 0.44
IHS, Inc. Class A USD 52,000 6,719,440 0.74 Reliance Steel & Aluminum Co. USD 45,000 2,767,050 0.31
IMS Health Holdings, Inc. USD 92,200 2,827,774 0.31 Relypsa, Inc. USD 35,800 1,164,216 0.13
Incyte Corp. USD 105,000 10,788,750 1.19 Restoration Hardware Holdings, Inc. USD 63,000 6,111,000 0.68
T. ROWE PRICE 121


As at 30 June 2015

Retrophin, Inc. USD 12,600 412,020 0.05 ZS Pharma, Inc. USD 10,100 517,928 0.06
RPM International, Inc. USD 215,000 10,584,450 1.17 Zumiez, Inc. USD 61,000 1,620,770 0.18
Safety Insurance Group, Inc. USD 62,300 3,618,384 0.40 806,555,674 89.25
Sally Beauty Holdings, Inc. USD 150,000 4,653,000 0.51 Total Equities 860,126,792 95.18
Saul Centers, Inc., REIT USD 138,000 6,891,720 0.76 Total Transferable securities 860,126,792 95.18
Schweitzer-Mauduit International, Inc. USD 100,000 4,032,000 0.45
SEACOR Holdings, Inc. USD 35,000 2,496,550 0.28
Semtech Corp. USD 120,000 2,416,800 0.27
ServiceNow, Inc. USD 95,000 7,036,650 0.78
Signature Bank USD 25,000 3,651,000 0.40 Other transferable securities and money market instruments
Simmons First National Corp. Class A USD 20,000 935,000 0.10 Equities
Sirona Dental Systems, Inc. USD 50,000 5,032,500 0.56 United States of America
SL Green Realty Corp., REIT USD 25,300 2,792,361 0.31 Penson Technologies LLC Class B* USD 502,728 179,826 0.02
SP Plus Corp. USD 303,781 7,925,646 0.88 179,826 0.02
SS&C Technologies Holdings, Inc. USD 194,000 12,024,120 1.33 Total Equities 179,826 0.02
State Auto Financial Corp. USD 211,693 4,974,786 0.55 Warrants
Stein Mart, Inc. USD 455,001 4,768,410 0.53
STERIS Corp. USD 75,000 4,863,750 0.54
Enteromedics, Inc. 08/06/2016* USD 10,800 402 –
Stewart Information Services Corp. USD 43,700 1,740,571 0.19
Enteromedics, Inc. 28/09/2016* USD 2,000 153 –
Sun Hydraulics Corp. USD 62,000 2,379,560 0.26
555 –
Talmer Bancorp, Inc. Class A USD 200,000 3,376,000 0.37
Total Warrants 555 –
Tanger Factory Outlet Centers, Inc., USD 100,000 3,190,000 0.35
Total Other transferable securities 180,381 0.02
REIT
Tangoe, Inc. USD 280,000 3,544,800 0.39
Team Health Holdings, Inc. USD 45,000 2,950,200 0.33
Teledyne Technologies, Inc. USD 60,000 6,385,800 0.71
Terreno Realty Corp., REIT USD 330,600 6,450,006 0.71
Texas Capital Bancshares, Inc. USD 53,500 3,315,930 0.37 Forward Currency Exchange Contracts
Tile Shop Holdings, Inc. USD 210,000 3,005,100 0.33
Unrealised
Toro Co. (The) USD 62,000 4,218,480 0.47 Currency Amount Currency Amount Maturity Gain/(Loss) % of Net
TreeHouse Foods, Inc. USD 40,000 3,270,400 0.36 Purchased Purchased Sold Sold Date USD Assets
TRI Pointe Homes, Inc. USD 470,000 7,242,700 0.80 EUR 7,321,435 USD 8,180,335 31/07/2015 22,265 –
Trimble Navigation Ltd. USD 220,000 5,123,800 0.57 USD 328,989 EUR 293,607 31/07/2015 46 –
TriNet Group, Inc. USD 60,300 1,549,710 0.17 Net Unrealised Gain on 22,311 –
Tuesday Morning Corp. USD 234,800 2,744,812 0.30 Forward Currency Exchange Contracts
Universal American Corp. USD 89,500 906,635 0.10
Unrealised
Universal Forest Products, Inc. USD 38,100 2,010,918 0.22
Universal Technical Institute, Inc. USD 525,000 4,310,250 0.48
J.P. Morgan 45
Urstadt Biddle Properties, Inc., REIT USD 161,400 3,032,706 0.34
Class A Westpac Banking 22,265
Vantiv, Inc. Class A USD 260,000 9,835,800 1.09 22,311
Vectren Corp. USD 157,500 6,093,675 0.67
VeriSign, Inc. USD 154,000 9,515,660 1.05
Verisk Analytics, Inc. USD 82,000 5,972,880 0.66
Vulcan Materials Co. USD 85,000 7,185,900 0.79 Cash 45,499,192 5.03
Wabtec Corp. USD 20,000 1,892,800 0.21 Other Assets/(Liabilities) (2,130,779) (0.23)
Waddell & Reed Financial, Inc. Class A USD 45,000 2,135,250 0.24 Total Net Assets 903,675,586 100.00
Waste Connections, Inc. USD 130,000 6,124,300 0.68
WellCare Health Plans, Inc. USD 80,000 6,782,800 0.75
West Pharmaceutical Services, Inc. USD 60,200 3,491,600 0.39
Western Alliance Bancorp USD 150,000 5,053,500 0.56
William Lyon Homes, Inc. Class A USD 200,000 5,100,000 0.56
Wolverine World Wide, Inc. USD 230,000 6,566,500 0.73
Worthington Industries, Inc. USD 135,000 4,126,950 0.46
WPX Energy, Inc. USD 245,000 3,013,500 0.33
Xerium Technologies, Inc. USD 700,554 12,666,016 1.40
XO Group, Inc. USD 230,000 3,723,700 0.41
Zillow Group, Inc. Class A USD 36,000 3,161,160 0.35
122 T. ROWE PRICE


As at 30 June 2015

% of Net Assets
Canada 3.70
Marshall Islands 1.01
Bermuda 0.91
Ireland 0.31
Total 100.00
* Security is valued at its fair value under the direction of the Board of Directors of the
Manager.
T. ROWE PRICE 123

Abbreviations and Currencies Definitions
Abbreviations GHS: New Ghana Cedi

KES: Kenyan Shilling
144A: security may be offered and sold only to ‘qualified institutional buyers’ under KWD: Kuwaiti Dinar
Rule 144A of the Securities Act of 1933 MAD: Moroccan Dirham
STEP: stepped coupon bond for which the coupon rate of interest will adjust TZS: Tanzanian Shilling
on specified future date(s) UGX: Ugandan Shilling
FRN: variable rate, rate shown is effective rate at period-end ZMW: Zambian kwacha
Reg.S.: Bonds sold under Regulation S may not be offered, sold or delivered within INR: Indian Rupee
the United States or to, or for the account or benefit of, U.S. persons, except pursuant JPY: Japanese Yen
to an exemption from, or in a transaction not subject to, the registration requirements KRW: South Korean Won
of the Securities Act. LKR: Sri Lankan Rupee
ADR: American Depositary Receipts MXN: Mexican Peso
CV: convertible bond MYR: Malaysian Ringgit
FHLMC: Federal Home Loan Mortgage Corporation NGN: Nigerian Naira
FNMA: Federal National Mortgage Association PEN: Peruvian New Sol
GDR: Global Depositary Receipts PHP: Philippine Peso
GMTN: Global Medium Term Note PLN: Polish Zloty
GNMA: Government National Mortgage Association RON: New Romanian Leu
MTN: Medium Term Note RUB: Russian Ruble
Prime de Fidélité: Loyalty Bonus Shares THB: Thai Baht
REIT: Real Estate Investment Trust TRY: Turkish Lira
UAH: Ukrainian Hryvnia
Currencies Definitions
USD: United States Dollar
AUD: Australian Dollar ZAR: South African Rand
BRL: Brazilian Real CZK: Czech Koruna
CAD: Canadian Dollar DKK: Danish Krone
CHF: Swiss Franc ILS: Israeli New Shekel
CLP: Chilean Peso NOK: Norwegian Krone
COP: Colombian Peso NZD: New Zealand Dollar
EGP: Egyptian Pound SEK: Swedish Krona
EUR: European Union Euro SGD: Singapore Dollar
GBP: Great Britain Pound ARS: Argentine Peso
HUF: Hungarian Forint CNY: Chinese Renminbi
IDR: Indonesian Rupiah PHP: Phillipine Peso
INR: Indian Rupee HKD: Hong Kong Dollar
JPY: Japanese Yen TWD: Taiwan Dollar
KRW: South Korean Won AED: United Arab Emirates Dirham
LKR: Sri Lankan Rupee OMR: Omani Rial
MXN: Mexican Peso QAR: Qatari Rial
MYR: Malaysian Ringgit GHS: New Ghana Cedi
NGN: Nigerian Naira KES: Kenyan Shilling
PEN: Peruvian New Sol KWD: Kuwaiti Dinar
PHP: Philippine Peso MAD: Moroccan Dirham
PLN: Polish Zloty TZS: Tanzanian Shilling
RON: New Romanian Leu UGX: Ugandan Shilling
RUB: Russian Ruble ZMW: Zambian kwacha
THB: Thai Baht
TRY: Turkish Lira
UAH: Ukrainian Hryvnia
USD: United States Dollar
ZAR: South African Rand
CZK: Czech Koruna
DKK: Danish Krone
ILS: Israeli New Shekel
NOK: Norwegian Krone
NZD: New Zealand Dollar
SEK: Swedish Krona
SGD: Singapore Dollar
ARS: Argentine Peso
CNY: Chinese Renminbi
PHP: Phillipine Peso
HKD: Hong Kong Dollar
TWD: Taiwan Dollar
AED: United Arab Emirates Dirham
OMR: Omani Rial
QAR: Qatari Rial
124 T. ROWE PRICE

Statement of Net Assets

As at 30 June 2015
Emerging Emerging Emerging Euro European

Local Markets Markets Markets Corporate Corporate High Yield
Bond Fund Bond Fund(1) Bond Fund(2) Bond Fund Bond Fund
Base Currency USD USD USD EUR EUR

Assets
Investments at cost 13,611,530 158,223,585 14,470,151 94,870,934 122,810,185
Unrealised appreciation (depreciation) (2,291,366) (5,957,126) (134,893) 1,149,842 2,519,580
Investments at market value 11,320,164 152,266,459 14,335,258 96,020,776 125,329,765
Investment in To Be Announced Contracts at market value – – – – –
Cash at banks 537,461 6,842,248 599,487 2,174,639 6,020,353
Receivables for investments sold 27,714 – 213,500 – –
Dividends and interest receivable 239,002 2,416,677 220,515 1,181,658 2,450,464
Subscriptions receivable – – – – –
Unrealised gain on open forward currency exchange contracts 82,341 6,910,761 1,211 6,642 41,840
Options at market value – – – 40,757 –
Unrealised gain on open futures contracts 1,949 – – – –
Swap contracts at market value 728 – – – 24,038
Deposits on futures 30,695 – – – –
Other assets 17,877 13,398 12,228 6,609 6,627
Total assets 12,257,931 168,449,543 15,382,199 99,431,081 133,873,087
Liabilities
Provision on foreign taxes – – – – –
Payables for investments purchased 91,200 1,284,384 149,625 – 225,000
Redemptions payable – – – – 1,378
Unrealised loss on open forward currency exchange contracts 118,515 66,031 298 175,444 80,064
Management company fee 6,843 56,107 13,065 28,981 65,729
Options at market value – – – 65,085 –
Swap contracts at market value 5,913 9,927 – 2,694 –
Unrealised loss on open futures contracts 333 – – – –
Bank overdraft – – – – –
Other liabilities 19,966 43,723 22,402 47,829 41,494
Total liabilities 281,117 1,460,172 185,390 320,033 413,665
Net assets 11,976,814 166,989,371 15,196,809 99,111,048 133,459,422
(1)
This fund was formerly named Global Emerging Markets Bond Fund.
(2)
This fund was formerly named Global Emerging Markets Corporate Bond Fund.
T. ROWE PRICE 125

Statement of Net Assets continued

As at 30 June 2015
Global Global High Global Global Investment Global

Aggregate Income Bond High Yield Grade Corporate Unconstrained
Bond Fund Fund(3) Bond Fund Bond Fund(4) Bond Fund(5)
Base Currency USD USD USD USD USD

Assets
Investments at cost 72,220,654 15,065,985 1,758,498,284 19,103,630 20,178,244
Unrealised appreciation (depreciation) (3,271,126) (420,576) (17,644,448) (44,283) (205,219)
Investments at market value 68,949,528 14,645,409 1,740,853,836 19,059,347 19,973,025
Cash at banks 2,219,530 124,793 37,770,945 377,199 4,526,485
Receivables for investments sold 487 189,313 8,434,950 528,547 1,579,876
Dividends and interest receivable 598,285 261,514 29,587,409 209,643 215,567
Subscriptions receivable 394,743 – 2,354,615 – 157,402
Unrealised gain on open forward currency exchange contracts 459,031 1,293 11,532,193 7,080 116,238
Options at market value – – – – 42,350
Unrealised gain on open futures contracts 42,718 – – – 2,254
Swap contracts at market value – – 293,438 27,065 –
Deposits on futures 368,002 – – 4,521 56,681
Other assets 8,307 3,872 11,155 2,870 2,438
Total assets 73,040,631 15,226,194 1,830,838,541 20,216,272 26,672,316
Liabilities
Payables for investments purchased 320,665 338,990 11,049,766 179,599 1,206,176
Redemptions payable – – 3,874,490 – –
Unrealised loss on open forward currency exchange contracts 291,409 7,287 11,929,127 79,782 65,076
Management company fee 16,800 6,381 1,444,239 4,805 6,844
Options at market value – – – – –
Swap contracts at market value 302 – 572,146 64,466 263,548
Deposits on futures 483,218 – – – 25,960
Unrealised loss on open futures contracts 11,568 – – – 65,518
Total liabilities 1,171,515 357,595 29,355,127 332,722 1,637,058
Net assets 71,869,116 14,868,599 1,801,483,414 19,883,550 25,035,258
(3)
This fund was launched on 4 June 2015.
(4)
(5)
126 T. ROWE PRICE


As at 30 June 2015
US Asian Asian Continental Emerging

Aggregate ex–Japan Opportunities European Europe
Bond Fund Equity Fund Equity Fund Equity Fund(6) Equity Fund

Assets
Unrealised appreciation (depreciation) (9,903,421) 55,406,946 127,188 6,214,923 (262,719)
Investment in To Be Announced Contracts at market value 9,232,992 – – – –
Cash at banks 12,894,137 26,679,014 61,762 8,073,086 111,026
Receivables for investments sold 53,245 1,902,054 – – –
Dividends and interest receivable 880,768 3,629,498 8,311 79,557 18,201
Subscriptions receivable 72,057 1,266,099 – 2,678,973 –
Unrealised gain on open forward currency exchange contracts 1,413,468 – – 2,425 –
Unrealised gain on open futures contracts 49,164 – – – –
Swap contracts at market value – – – – –
Deposits on futures – – – – –
Other assets 3,428 969 98,010 6,620 19,369
Total assets 177,560,019 993,734,465 2,339,869 143,610,113 6,224,761
Liabilities
Provision on foreign taxes – 104,486 – – –
Payables for investments purchased 10,288,216 6,424,604 26,581 2,964,782 –
Redemptions payable 52,878 1,592,364 – – –
Unrealised loss on open forward currency exchange contracts 15,180 – – 7,489 –
Management company fee 37,353 1,136,933 2,010 42,148 7,914
Unrealised loss on open futures contracts – – – – –
Total liabilities 10,556,395 9,578,262 64,267 3,040,892 31,072
Net assets 167,003,624 984,156,203 2,275,602 140,569,221 6,193,689
(6)
This fund was formerly named European ex-UK Equity Fund.
T. ROWE PRICE 127


As at 30 June 2015
European
Emerging European Structured Frontier
Markets European Smaller Companies Research Markets
Equity Fund(7) Equity Fund Equity Fund Equity Fund Equity Fund
Base Currency USD EUR EUR EUR USD

Assets
Investments at cost 1,180,813,188 453,881,630 46,451,523 5,560,998 7,126,632
Unrealised appreciation (depreciation) 116,600,829 64,735,554 11,662,239 1,804,129 (102,822)
Investments at market value 1,297,414,017 518,617,184 58,113,762 7,365,127 7,023,810
Cash at banks 23,374,735 3,877,385 1,561,093 94,131 33,362
Receivables for investments sold 246,639 2,430,193 7,643 42,976 –
Dividends and interest receivable 5,597,599 1,400,567 165,018 30,983 12,408
Subscriptions receivable 496,230 3,473,871 – – –
Unrealised gain on open forward currency exchange contracts – – – – –
Unrealised gain on open futures contracts – – – – –
Other assets 1,880 3,412 6,822 18,378 106,583
Total assets 1,327,131,100 529,802,612 59,854,338 7,551,595 7,176,163
Liabilities
Provision on foreign taxes 200,938 – – – –
Payables for investments purchased 2,010,647 – 10,098 53,531 –
Redemptions payable 329,600 2,709,500 – – –
Unrealised loss on open forward currency exchange contracts 205 – – – –
Management company fee 1,152,905 474,817 57,466 3,691 6,915
Total liabilities 4,063,302 3,343,934 104,621 71,000 39,281
Net assets 1,323,067,798 526,458,678 59,749,717 7,480,595 7,136,882
(7)
This fund was formerly named Global Emerging Markets Equity Fund.
128 T. ROWE PRICE


As at 30 June 2015
Global
Global Global Natural Global Global
Focused Growth Growth Resources Real Estate Technology
Equity Fund Equity Fund Equity Fund Securities Fund Equity Fund(8)

Assets
Unrealised appreciation (depreciation) 7,961,786 31,474,954 (18,618,769) 1,519,192 (126,885)
Cash at banks 360,254 2,417,411 2,162,486 1,320,606 333,066
Receivables for investments sold 651,153 895,464 2,028,154 – 36,730
Dividends and interest receivable 199,122 643,602 395,900 85,835 –
Subscriptions receivable – 26,929 64,675 – –
Unrealised gain on open forward currency exchange contracts – 166,636 – – –
Other assets 5,267 1,969 8,777 9,060 2,319
Total assets 123,080,745 490,416,737 295,453,340 35,177,211 5,203,654
Liabilities
Payables for investments purchased 880,525 1,469,413 1,639,070 62,432 206,633
Redemptions payable – 6,254 1,107,596 – –
Unrealised loss on open forward currency exchange contracts – 658,076 – – –
Total liabilities 1,041,479 2,559,331 3,097,445 137,254 210,465
Net assets 122,039,266 487,857,406 292,355,895 35,039,957 4,993,189
(8)
T. ROWE PRICE 129


As at 30 June 2015
Global Middle
Value Japanese Latin American East & Africa US Blue Chip
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund
Base Currency USD EUR USD USD USD

Assets
Unrealised appreciation (depreciation) 323,319 819,495 (262,223) 1,637,256 59,844,675
Cash at banks 32,360 72,807 142,394 – 1,449,291
Receivables for investments sold 34,699 – 9,960 147,065 793,837
Dividends and interest receivable 7,017 3,208 13,893 13,488 76,851
Subscriptions receivable 6,270 – – 3,777 88,805
Unrealised gain on open forward currency exchange contracts 499 – – – –
Other assets 16,412 13,495 12,411 13,553 1,362
Total assets 3,271,009 2,800,201 6,383,734 12,528,764 318,220,978
Liabilities
Payables for investments purchased 13,411 – – – 1,087,643
Redemptions payable – – – 7,195 249,263
Unrealised loss on open forward currency exchange contracts 718 – – – –
Bank overdraft – – – 154,200 –
Total liabilities 38,012 46,917 32,936 211,619 1,761,190
Net assets 3,232,997 2,753,284 6,350,798 12,317,145 316,459,788
130 T. ROWE PRICE


As at 30 June 2015
US Large Cap US Large Cap US Smaller Combined

US Large Cap Growth Value Companies total of
Equity Fund Equity Fund Equity Fund Equity Fund all funds+

Assets
Investments at cost 4,343,369 1,208,736,738 541,424,395 705,191,420 8,941,386,898
Unrealised appreciation (depreciation) 784,319 335,583,557 90,074,720 155,115,753 896,746,780
Investments at market value 5,127,688 1,544,320,295 631,499,115 860,307,173 9,838,133,678
Investment in To Be Announced Contracts at market value – – – – 9,232,992
Cash at banks 282,749 12,509,489 14,364,350 45,499,192 221,536,287
Receivables for investments sold 1,137 1,825,854 2,449,207 18,023 24,845,984
Dividends and interest receivable 3,972 422,843 2,586,158 356,773 54,651,578
Subscriptions receivable – 711,525 364,239 807,856 13,706,077
Unrealised gain on open forward currency exchange contracts – – – 22,311 20,770,075
Unrealised gain on open futures contracts – – – – 96,085
Swap contracts at market value – – – – 348,152
Deposits on futures – – – – 459,899
Other assets 12,681 2,178 2,052 1,210 463,353
Total assets 5,428,227 1,559,792,184 651,265,121 907,012,538 10,184,332,156
Liabilities
Provision on foreign taxes – – – – 305,424
Payables for investments purchased 5,906 6,631,179 4,018,183 375,675 53,404,168
Redemptions payable – 1,898,399 1,157,087 1,826,341 15,137,505
Unrealised loss on open forward currency exchange contracts – – – – 13,526,247
Management company fee 4,908 1,447,382 484,705 906,919 8,480,271
Swap contracts at market value – – – – 919,319
Deposits on futures – – – – 662,992
Unrealised loss on open futures contracts – – – – 77,419
Bank overdraft – – – – 154,200
Other liabilities 25,279 417,000 182,989 228,017 3,297,860
Total liabilities 36,093 10,393,960 5,842,964 3,336,952 96,038,297
Net assets 5,392,134 1,549,398,224 645,422,157 903,675,586 10,088,293,859
+ Represents the combined total of T. Rowe Price Funds SICAV translated into US Dollars.
T. ROWE PRICE 131

Statement of Operations and

Changes in Net Assets
For the period ended 30 June 2015


Income
Interest (net of withholding taxes) 373,770 3,377,460 433,598 1,268,501 2,390,134
Dividends (net of withholding taxes) 4,878 – – – 3,680
Interest on swaps 119 5,228 – – 11,367
Total Income 378,767 3,382,688 433,598 1,268,501 2,405,181
Expenses
Management company 39,463 161,983 72,737 171,090 256,028
Custody 7,579 11,397 1,639 14,266 11,228
Accounting and shareholder servicing 27,782 34,349 30,603 29,056 31,585
Taxe d'Abonnement 1,588 9,817 3,233 12,262 12,679
Professional services 10,786 10,932 11,109 13,444 12,295
Interest on swaps 1,337 632 – 1,011 –
Interest charges 223 557 – 3,666 1,550
Other expenses 1 745 497 1 763
Total Expenses 88,759 230,412 119,818 244,796 326,128
Net investment income (loss) before expenses waived or borne 290,008 3,152,276 313,780 1,023,705 2,079,053
by the Investment Manager
Expenses waived or borne by the Investment Manager 41,668 50,601 37,276 26,624 23,506
Net Investment Income (loss) 331,676 3,202,877 351,056 1,050,329 2,102,559
Net realised gain (loss) on:
Swing Pricing – – 2,465 4,500 219,285
Investments (net of foreign taxes) (638,781) (871,225) (118,172) 1,556,465 752,915
To Be Announced contracts – – – – –
Forward currency exchange contracts (8,795) 4,117,040 (1,522) 4,037,222 (2,656,799)
Futures contracts (5,206) – – – –
Options (7,471) – – (62,000) –
Swaps – 28,721 – (1,188) (18,622)
Foreign currency transactions (26,108) (867,408) (981) 5,893 155,863
Net movement in foreign tax provision – – – – –
Net realised gain (loss) (686,361) 2,407,128 (118,210) 5,540,892 (1,547,358)
Net change in unrealised appreciation (depreciation) on:
Investments (net of foreign taxes) (283,896) (5,357,797) 197,743 (2,994,366) 1,916,078
Forward currency exchange contracts 36,252 6,773,910 913 (275,652) 96,746
Futures contracts 14,879 – – – –
Options 441 – – (41,069) –
Swaps 3,155 (25,857) – 154 14,988
Other assets and liabilities denominated in foreign currency 10,832 (893) (2) 649 2,365
Net change in unrealised appreciation (depreciation) (218,337) 1,389,363 198,654 (3,310,284) 2,030,177
Net increase (decrease) in net assets as a result (573,022) 6,999,368 431,500 3,280,937 2,585,378
of operations
Distributions:
Net decrease in net assets as a result of distributions (128) (43,625) (15,797) (51) (1,966)
Capital transactions:
Proceeds received on subscription of shares 73,146 150,057,402 822,663 1,144,089 78,141,285
Payments for redemption of shares – (262,209) (132,607) (4,194,005) (6,781,863)
Net increase (decrease) in net assets as a result 73,146 149,795,193 690,056 (3,049,916) 71,359,422
of capital transactions
Total increase (decrease) in net assets (500,004) 156,750,936 1,105,759 230,970 73,942,834
Net assets at the beginning of the period 12,476,818 10,238,435 14,091,050 98,880,078 59,516,588
Translation difference – – – – –
Net assets at the end of the period 11,976,814 166,989,371 15,196,809 99,111,048 133,459,422
(1)
(2)
132 T. ROWE PRICE


Changes in Net Assets continued
Global Global High Global Global Investment Global

Aggregate Income Bond High Yield Grade Corporate Unconstrained
Bond Fund Fund(3) Bond Fund Bond Fund(4) Bond Fund(5)

Income
Interest (net of withholding taxes) 1,047,249 68,640 56,506,422 35,908 114,987
Dividends (net of withholding taxes) 15,645 – 492,199 – –
Interest on swaps – – 267,671 5,222 –
Total Income 1,062,894 68,640 57,266,292 41,130 114,987
Expenses
Management company 93,090 6,381 7,726,067 4,805 6,844
Custody 9,116 166 118,476 187 213
Taxe d'Abonnement 11,814 108 345,257 120 140
Interest on swaps 112 – 191,074 13,200 46,738
Interest charges 1,377 – 1,060 – 4
Other expenses 781 – 17,244 3 1
Total Expenses 170,642 11,317 8,671,049 22,076 57,261
Net investment income (loss) before expenses waived or borne 892,252 57,323 48,595,243 19,054 57,726
Net Investment Income (loss) 936,801 61,195 48,620,635 21,924 60,031
Swing Pricing – – – – –
Investments (net of foreign taxes) (339,927) (11,211) (2,599,474) (15,899) 33,350
Forward currency exchange contracts 338,008 8,478 (76,952,290) – (3,133)
Futures contracts (95,498) – 498 (4,108) (110,021)
Options – – – – –
Swaps – – (834,321) 43,408 339,152
Foreign currency transactions 15,417 238,769 (1,018,650) (7,960) 37,682
Net realised gain (loss) (82,000) 236,036 (81,404,237) 15,441 297,030
Investments (net of foreign taxes) (2,448,602) (420,576) 1,822,904 (44,283) (205,219)
Forward currency exchange contracts 449 (5,994) 34,820,655 (72,702) 51,162
Futures contracts 121,130 – – – (63,264)
Options – – – – (100)
Swaps 43 – 754,828 (37,401) (263,548)
Other assets and liabilities denominated in foreign currency 26,304 (2,784) 138,304 571 (428)
Net change in unrealised appreciation (depreciation) (2,300,676) (429,354) 37,536,691 (153,815) (481,397)
Net increase (decrease) in net assets as a result (1,445,875) (132,123) 4,753,089 (116,450) (124,336)
of operations
Distributions:
Net decrease in net assets as a result of distributions (14,753) (76) (5,885,455) – –
Proceeds received on subscription of shares 7,190,306 15,000,798 408,893,962 20,000,000 25,159,594
Payments for redemption of shares (2,310,483) – (275,923,297) – –
Net increase (decrease) in net assets as a result 4,879,823 15,000,798 132,970,665 20,000,000 25,159,594
Total increase (decrease) in net assets 3,419,195 14,868,599 131,838,299 19,883,550 25,035,258
Net assets at the beginning of the period 68,449,921 – 1,669,645,115 – –
Net assets at the end of the period 71,869,116 14,868,599 1,801,483,414 19,883,550 25,035,258
(3)
(4)
(5)
T. ROWE PRICE 133



Aggregate ex–Japan Opportunities European Europe

Income
Interest (net of withholding taxes) 1,880,354 2,312 1 1,823 2
Dividends (net of withholding taxes) 1,531 10,863,899 24,585 872,093 74,486
Interest on swaps – – – – –
Total Income 1,881,885 10,866,211 24,586 873,916 74,488
Expenses
Management company 162,047 6,522,671 11,125 196,443 44,925
Custody 12,292 118,183 420 7,512 3,317
Interest on swaps 63 – – – –
Interest charges 3,060 51 12 6 83
Other expenses – 21,034 13,976 – –
Total Expenses 239,279 7,009,744 69,875 243,615 86,326
Net investment income (loss) before expenses waived or borne 1,642,606 3,856,467 (45,289) 630,301 (11,838)
Net Investment Income (loss) 1,662,787 3,862,952 12,328 647,702 25,269
Swing Pricing 25,964 676,451 – – –
Investments (net of foreign taxes) 136,841 28,057,361 104,963 1,988,087 (245,492)
To Be Announced contracts 27,233 – – – –
Forward currency exchange contracts (2,916,659) (7,077) 55 82,665 59
Futures contracts (128,988) – – – –
Swaps (2,341) – – – –
Foreign currency transactions (46,674) (228,178) (528) (80,725) 2,433
Net realised gain (loss) (2,904,624) 28,498,557 104,490 1,990,027 (243,000)
Investments (net of foreign taxes) (2,635,229) 6,220,762 73,641 2,715,076 749,041
To Be Announced contracts (17,782) – – – –
Forward currency exchange contracts 1,562,896 – – (5,064) –
Futures contracts 69,568 – – – –
Swaps 3,055 – – – –
Other assets and liabilities denominated in foreign currency 6 (5,382) 7 (461) 54
Net change in unrealised appreciation (depreciation) (1,017,486) 6,215,380 73,648 2,709,551 749,095
Net increase (decrease) in net assets as a result (2,259,323) 38,576,889 190,466 5,347,280 531,364
of operations
Distributions:
Net decrease in net assets as a result of distributions (813,519) (233) – – –
Proceeds received on subscription of shares 88,148,629 228,884,987 – 83,771,458 –
Payments for redemption of shares (10,528,345) (345,267,362) – – –
Net increase (decrease) in net assets as a result 77,620,284 (116,382,375) – 83,771,458 –
Total increase (decrease) in net assets 74,547,442 (77,805,719) 190,466 89,118,738 531,364
Net assets at the beginning of the period 92,456,182 1,061,961,922 2,085,136 51,450,483 5,662,325
(6)
134 T. ROWE PRICE


European
Emerging European Structured Frontier
Markets European Smaller Companies Research Markets
Base Currency USD EUR EUR EUR USD

Income
Interest (net of withholding taxes) 26,558 – 13 242 –
Dividends (net of withholding taxes) 13,703,234 8,048,611 698,074 150,536 126,337
Total Income 13,729,792 8,048,611 698,087 150,778 126,337
Expenses
Management company 7,157,420 2,508,302 299,921 20,298 38,297
Custody 179,214 59,868 7,228 2,848 1,278
Interest charges 132 8,657 1,442 1 1,230
Other expenses 21,614 6,614 671 – 11,416
Total Expenses 7,681,405 2,773,746 357,959 56,133 106,217
Net investment income (loss) before expenses waived or borne 6,048,387 5,274,865 340,128 94,645 20,120
Expenses waived or borne by the Investment Manager 10,650 – 24,289 32,125 63,123
Net Investment Income (loss) 6,059,037 5,274,865 364,417 126,770 83,243
Swing Pricing 1,233,109 82,990 16,200 – –
Investments (net of foreign taxes) 17,335,725 26,874,059 1,856,100 234,127 (209,778)
Forward currency exchange contracts (18,202) 23,581 12,242 – (341)
Futures contracts – – – – –
Swaps – – – – –
Foreign currency transactions (1,113,616) 102,842 3,513 (554) (8,329)
Net realised gain (loss) 17,437,016 27,083,472 1,888,055 233,573 (218,448)
Investments (net of foreign taxes) 23,111,127 29,928,100 5,662,112 594,548 8,086
Forward currency exchange contracts 4,662 – – – –
Swaps – – – – –
Other assets and liabilities denominated in foreign currency 30,093 3,455 (1) 392 (33)
Net change in unrealised appreciation (depreciation) 23,145,882 29,931,555 5,662,111 594,940 8,053
Net increase (decrease) in net assets as a result 46,641,935 62,289,892 7,914,583 955,283 (127,152)
of operations
Distributions:
Net decrease in net assets as a result of distributions (45,718) – – – –
Proceeds received on subscription of shares 104,733,121 204,343,653 5,497,491 – 219,373
Payments for redemption of shares (407,648,870) (140,181,016) (1,686,929) – –
Net increase (decrease) in net assets as a result (302,915,749) 64,162,637 3,810,562 – 219,373
Total increase (decrease) in net assets (256,319,532) 126,452,529 11,725,145 955,283 92,221
Net assets at the beginning of the period 1,579,387,330 400,006,149 48,024,572 6,525,312 7,044,661
Net assets at the end of the period 1,323,067,798 526,458,678 59,749,717 7,480,595 7,136,882
(7)
T. ROWE PRICE 135


Global

Income
Interest (net of withholding taxes) 295 5 29,123 – –
Dividends (net of withholding taxes) 856,709 5,025,298 2,477,685 474,950 545
Total Income 857,004 5,025,303 2,506,808 474,950 545
Expenses
Management company 487,374 1,525,975 1,355,274 176,406 1,313
Custody 11,088 53,019 16,732 3,272 24
Taxe d'Abonnement 16,368 37,236 69,833 11,276 44
Professional services 24,615 41,924 23,806 11,573 797
Interest charges 8 8,184 32 2 –
Other expenses 5,146 6,447 4,602 3,829 –
Total Expenses 575,758 1,731,015 1,513,467 234,557 3,833
Net investment income (loss) before expenses waived or borne 281,246 3,294,288 993,341 240,393 (3,288)
Expenses waived or borne by the Investment Manager 25,360 14,223 – 35,741 2,319
Net Investment Income (loss) 306,606 3,308,511 993,341 276,134 (969)
Swing Pricing 3,514 52,920 16,427 10,436 3,049
Investments (net of foreign taxes) 7,572,272 31,016,740 (10,492,063) 1,499,935 1,516
Forward currency exchange contracts (7,238) 739,096 18,890 (4,831) (118)
Swaps – – – – –
Foreign currency transactions (4,056) 482,697 (52,090) (927) 394
Net realised gain (loss) 7,564,492 32,291,453 (10,508,836) 1,504,613 4,841
Investments (net of foreign taxes) (877,865) (14,361,570) (1,608,937) (2,647,619) (126,885)
Forward currency exchange contracts (270) (575,248) – – –
Swaps – – – – –
Other assets and liabilities denominated in foreign currency (751) (1,015) 3,542 551 –
Net change in unrealised appreciation (depreciation) (878,886) (14,937,833) (1,605,395) (2,647,068) (126,885)
Net increase (decrease) in net assets as a result 6,992,212 20,662,131 (11,120,890) (866,321) (123,013)
of operations
Distributions:
Net decrease in net assets as a result of distributions – – – – –
Proceeds received on subscription of shares 2,755,645 32,219,772 41,459,352 5,908,899 5,116,202
Payments for redemption of shares (8,592,615) (102,561,806) (37,147,076) (6,091,039) –
Net increase (decrease) in net assets as a result (5,836,970) (70,342,034) 4,312,276 (182,140) 5,116,202
Total increase (decrease) in net assets 1,155,242 (49,679,903) (6,808,614) (1,048,461) 4,993,189
Net assets at the beginning of the period 120,884,024 537,537,309 299,164,509 36,088,418 –
(8)

136 T. ROWE PRICE


Global Middle
Base Currency USD EUR USD USD USD

Income
Interest (net of withholding taxes) 108 – 75 1,160 133
Dividends (net of withholding taxes) 44,675 22,288 95,419 223,642 727,053
Total Income 44,783 22,288 95,494 224,802 727,186
Expenses
Management company 18,660 15,134 40,011 89,143 1,687,463
Custody 955 568 1,776 2,271 11,041
Taxe d'Abonnement 996 5,599 4,505 7,205 76,868
Interest charges – 32 – – –
Other expenses 2,655 8,080 – 1,650 3,462
Total Expenses 62,855 62,904 81,543 139,464 1,848,576
Net investment income (loss) before expenses waived or borne (18,072) (40,616) 13,951 85,338 (1,121,390)
Net Investment Income (loss) 23,923 5,359 53,809 127,280 (1,112,771)
Swing Pricing 458 – – 4,417 17,123
Investments (net of foreign taxes) 157,840 113,379 (151,485) 334,563 6,284,148
Forward currency exchange contracts 1,677 (428) (21) 25,308 5,007
Swaps – – – – –
Foreign currency transactions (1,496) 214 (11,391) (25,870) (1,524)
Net realised gain (loss) 158,479 113,165 (162,897) 338,418 6,304,754
Investments (net of foreign taxes) (83,569) 441,977 (155,350) (200,997) 6,968,727
Forward currency exchange contracts (468) – – – –
Swaps – – – – –
Other assets and liabilities denominated in foreign currency 10 (78) 184 175 27
Net change in unrealised appreciation (depreciation) (84,027) 441,899 (155,166) (200,822) 6,968,754
Net increase (decrease) in net assets as a result 98,375 560,423 (264,254) 264,876 12,160,737
of operations
Distributions:
Net decrease in net assets as a result of distributions – – – – –
Proceeds received on subscription of shares 220,114 42,718 1,016 65,782 131,891,158
Payments for redemption of shares (258,517) (11,218) (1,060) (1,418,533) (57,040,378)
Net increase (decrease) in net assets as a result (38,403) 31,500 (44) (1,352,751) 74,850,780
Total increase (decrease) in net assets 59,972 591,923 (264,298) (1,087,875) 87,011,517
Net assets at the beginning of the period 3,173,025 2,161,361 6,615,096 13,405,020 229,448,271
T. ROWE PRICE 137


US Large Cap US Large Cap US Smaller Combined

US Large Cap Growth Value Companies total of
Equity Fund Equity Fund Equity Fund Equity Fund all funds+
Base Currency USD USD USD USD

Income
Interest (net of withholding taxes) 4 12 11,775 37,859 68,036,165
Dividends (net of withholding taxes) 31,029 3,401,827 5,756,451 5,372,020 60,742,358
Interest on swaps – – – – 290,935
Total Income 31,033 3,401,839 5,768,226 5,409,879 129,069,458
Expenses
Management company 26,879 8,762,006 2,999,914 5,261,708 48,357,483
Custody 200 68,093 27,543 38,334 813,823
Accounting and shareholder servicing 27,823 177,528 88,503 116,402 1,635,073
Taxe d'Abonnement 4,147 270,352 112,708 130,113 1,561,310
Interest on swaps – – – – 254,285
Interest charges – – – 912 34,084
Other expenses 774 18,342 8,179 11,052 171,463
Total Expenses 69,678 9,388,662 3,280,321 5,613,968 53,658,145
Net investment income (loss) before expenses waived or borne (38,645) (5,986,823) 2,487,905 (204,089) 75,411,313
Net Investment Income (loss) 775 (5,976,131) 2,498,515 (198,928) 76,285,054
Swing Pricing 118 404,437 5,882 – 2,817,475
Investments (net of foreign taxes) 266,648 161,765,323 25,418,209 52,595,495 354,132,735
To Be Announced contracts – – – – 27,233
Forward currency exchange contracts (33) 93 101 (917,320) (73,910,226)
Futures contracts – – – – (343,323)
Options – – – – (76,714)
Swaps – – – – (447,505)
Foreign currency transactions 22 (88) (30) 23,853 (2,405,456)
Net movement in foreign tax provision – – – –
Net realised gain (loss) 266,755 162,169,765 25,424,162 51,702,028 279,794,219
Investments (net of foreign taxes) (134,770) (77,334,599) (44,729,289) (33,369,674) (105,053,749)
To Be Announced contracts – – – – (17,782)
Forward currency exchange contracts – – – 117,011 42,507,767
Futures contracts – – – – 142,313
Options – – – – (45,526)
Swaps – – – – 451,186
Other assets and liabilities denominated in foreign currency 12 39 (404) (140) 205,945
Net change in unrealised appreciation (depreciation) (134,758) (77,334,560) (44,729,693) (33,252,803) (61,809,846)
Net increase (decrease) in net assets as a result 132,772 78,859,074 (16,807,016) 18,250,297 294,269,427
of operations
Distributions:
Net decrease in net assets as a result of distributions – – – – (6,821,557)
Proceeds received on subscription of shares 361,881 204,187,929 143,858,125 158,586,511 2,192,323,731
Payments for redemption of shares – (776,587,103) (192,397,126) (216,125,884) (2,611,005,759)
Net increase (decrease) in net assets as a result 361,881 (572,399,174) (48,539,001) (57,539,373) (418,682,028)
Total increase (decrease) in net assets 494,653 (493,540,100) (65,346,017) (39,289,076) (131,234,158)
Net assets at the beginning of the period 4,897,481 2,042,938,324 710,768,174 942,964,662 10,279,160,947
Translation difference – – – – (59,632,930)
Net assets at the end of the period 5,392,134 1,549,398,224 645,422,157 903,675,586 10,088,293,859
+ Represents the combined total of T. Rowe Price Funds SICAV translated into US Dollars.
138 T. ROWE PRICE

Statement of Changes in Number of Shares


Class A
Shares outstanding at the beginning of the period – 32,742 612,287 123,528 570,681
Number of shares issued – 297 – 50,951 461,035
Number of shares redeemed – (6,218) – (62,315) (78,017)
Shares outstanding at the end of the period – 26,821 612,287 112,164 953,699
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 Ad
Shares outstanding at the beginning of the period – – – – 411
Shares outstanding at the end of the period – – – – 411
Class Adh (USD)
Shares outstanding at the beginning of the period – – – – 1,002
Number of shares issued – – – – 19,472
Shares outstanding at the end of the period – – – – 20,474
Class Ah (EUR)
Class Ah (NOK)
Class Ah (SEK)
Class I
Shares outstanding at the beginning of the period 1,000,000 428,235 600,000 1,584,490 3,003,937
Number of shares issued – 14,925 – 157 3,915,362
Number of shares redeemed – – – (170,428) (106,517)
Shares outstanding at the end of the period 1,000,000 443,160 600,000 1,414,219 6,812,782
Class I (GBP)
Class I 10
Class Id
Shares outstanding at the beginning of the period – 120,105 – – –
Number of shares redeemed – (14,315) – – –
Shares outstanding at the end of the period – 105,790 – – –
Class Ih (EUR)
(1)
(2)
* Please refer to note 1 on page 174 – 176 for further details about the launch date.
T. ROWE PRICE 139

Statement of Changes in Number of Shares continued


Class Ih (GBP)
Class Ih (GBP) 10
Number of shares issued – 10,124,289 – – –
Shares outstanding at the end of the period – 10,124,289* – – –
Class Ih (USD)
Shares outstanding at the beginning of the period – – – 5,226,990 –
Shares outstanding at the end of the period – – – 5,226,990 –
Class J
Class Jd
Class Q
Shares outstanding at the beginning of the period – – – 23,226 586,412
Number of shares issued – – – 34,378 862,899
Number of shares redeemed – – – – (361,330)
Shares outstanding at the end of the period – – – 57,604 1,087,981
Class Q (EUR)
Shares outstanding at the beginning of the period 400 400 400 – –
Number of shares issued 6,377 – – – –
Shares outstanding at the end of the period 6,777 400 400 – –
Class Q (GBP)
Class Qdh (GBP)
Class Qh (EUR)
Class Qh (GBP)
Class Qh (USD)
(1)
(2)
140 T. ROWE PRICE



Class S
Class S 10
Class Sd
Shares outstanding at the beginning of the period 511 526 526 409 422
Number of shares issued – 18,484 82,801 – –
Number of shares redeemed – – (13,221) – –
Shares outstanding at the end of the period 511 19,010 70,106 409 422
Class Sh (JPY)
Class Z
Shares outstanding at the beginning of the period – – – 906,694 –
Shares outstanding at the end of the period – – – 906,694 –
(1)
(2)
T. ROWE PRICE 141


Global Global Global Global Investment Global

Aggregate High Income High Yield Grade Corporate Unconstrained
Bond Fund Bond Fund(3) Bond Fund Bond Fund(4) Bond Fund(5)
Class A
Shares outstanding at the beginning of the period 209,632 – 13,100,607 – –
Number of shares issued 577 500 4,834,556 500 500
Number of shares redeemed (128,823) – (4,016,456) – –
Shares outstanding at the end of the period 81,386 500* 13,918,707 500* 500*
Class A (EUR)
Class Ad
Shares outstanding at the beginning of the period – – 9,749,863 – –
Number of shares issued – – 3,293,112 – –
Number of shares redeemed – – (1,206,618) – –
Shares outstanding at the end of the period – – 11,836,357 – –
Class Adh (USD)
Class Ah (EUR)
Number of shares issued – – 4,499,142 – 4,444
Shares outstanding at the end of the period – – 19,822,971 – 4,444*
Class Ah (NOK)
Number of shares issued – – 664,736 – –
Class Ah (SEK)
Class I
Shares outstanding at the beginning of the period 2,153,140 – 11,520,961 – –
Number of shares issued 442,919 1,494,000 2,871,663 1,999,000 2,479,000
Shares outstanding at the end of the period 2,596,059 1,494,000* 12,043,240 1,999,000* 2,479,000*
Class I (GBP)
Class I 10
Class Id
Shares outstanding at the beginning of the period 121,613 – – – –
Number of shares redeemed (13,176) – – – –
Shares outstanding at the end of the period 110,800 – – – –
Class Ih (EUR)
Shares outstanding at the beginning of the period – 10,149,079 – –
Number of shares issued – 47,828 – 4,444
Number of shares redeemed – (1,337,546) – –
Shares outstanding at the end of the period – – 8,859,361 – 4,444*
(3)
(4)
(5)
142 T. ROWE PRICE



Class Ih (GBP)
Shares outstanding at the end of the period – – – – 3,270*
Class Ih (GBP) 10
Class Ih (USD)
Class J
Class Jd
Class Q
Number of shares issued – 500 2,448,772 500 500
Shares outstanding at the end of the period – 500* 13,354,795 500* 500*
Class Q (EUR)
Shares outstanding at the beginning of the period 400 – – – –
Class Q (GBP)
Class Qdh (GBP)
Number of shares issued – 3,270 – – –
Shares outstanding at the end of the period – 3,270* – – –
Class Qh (EUR)
Class Qh (GBP)
Class Qh (USD)
(3)
(4)
(5)
T. ROWE PRICE 143



Class S
Class S 10
Class Sd
Shares outstanding at the beginning of the period 506 – 528 – –
Shares outstanding at the end of the period 506 – 528 – –
Class Sh (JPY)
Number of shares redeemed (539) – – – –
Class Z
Shares outstanding at the beginning of the period 368,485 – 1,226,319 – –
Shares outstanding at the end of the period 368,485 – 1,241,626 – –
(3)
(4)
(5)
144 T. ROWE PRICE



Aggregate ex-Japan Opportunities European Europe
Class A
Shares outstanding at the beginning of the period – 26,988,919 500 – 196,298
Number of shares redeemed – (7,117,513) – – –
Shares outstanding at the end of the period – 27,477,802 500 – 196,298
Class A (EUR)
Class Ad
Class Adh (USD)
Class Ah (EUR)
Class Ah (NOK)
Class Ah (SEK)
Class I
Shares outstanding at the beginning of the period 1,032,713 33,389,169 198,500 4,201,324 195,000
Number of shares issued 1,418,216 4,793,843 – 5,783,469 –
Number of shares redeemed (405,004) (12,133,949) – – –
Shares outstanding at the end of the period 2,045,925 26,049,063 198,500 9,984,793 195,000
Class I (GBP)
Class I 10
Shares outstanding at the beginning of the period – 6,624,499 – – –
Shares outstanding at the end of the period – 6,931,456 – – –
Class Id
Shares outstanding at the beginning of the period – 505 – – –
Number of shares issued – 3,716 – – –
Number of shares redeemed – (4) – – –
Class Ih (EUR)
Shares outstanding at the beginning of the period 1,223,991 – – – –
Number of shares issued 5,437,901 – – – –
Shares outstanding at the end of the period 6,601,711 – – – –
(6)
T. ROWE PRICE 145



Class Ih (GBP)
Class Ih (GBP) 10
Class Ih (USD)
Class J
Class Jd
Class Q
Shares outstanding at the beginning of the period – 5,588,877 500 – –
Shares outstanding at the end of the period – 5,860,297 500 – –
Class Q (EUR)
Class Q (GBP)
Shares outstanding at the beginning of the period – 219,740 320 1,190 –
Number of shares issued – 589,696 – 812 –
Shares outstanding at the end of the period – 800,751 320 2,002 –
Class Qdh (GBP)
Class Qh (EUR)
Class Qh (GBP)
Class Qh (USD)
Number of shares issued – – – 72,876 –
Shares outstanding at the end of the period – – – 72,876* –
(6)
146 T. ROWE PRICE



Class S
Class S 10
Class Sd
Shares outstanding at the beginning of the period 506 – – – –
Shares outstanding at the end of the period 506 – – – –
Class Sh (JPY)
Class Z
(6)
T. ROWE PRICE 147


European European
Emerging Smaller Structured Frontier
Markets European Companies Research Markets
Class A
Shares outstanding at the beginning of the period 10,844,304 15,401,232 259,679 – 500
Number of shares issued 120,547 5,465,431 3,977 – 7,000
Number of shares redeemed (8,151,124) (1,352,608) (26,185) – –
Shares outstanding at the end of the period 2,813,727 19,514,055 237,471 – 7,500
Class A (EUR)
Class Ad
Class Adh (USD)
Class Ah (EUR)
Class Ah (NOK)
Class Ah (SEK)
Class I
Shares outstanding at the beginning of the period 37,184,376 13,080,475 1,108,894 375,000 698,500
Number of shares issued 2,385,745 3,198,826 – – –
Number of shares redeemed (4,877,099) (6,640,567) – – –
Shares outstanding at the end of the period 34,693,022 9,638,734 1,108,894 375,000 698,500
Class I (GBP)
Class I 10
Number of shares issued 1,705,693 – – – –
Number of shares redeemed (6,061,338) – – – –
Class Id
Class Ih (EUR)
(7)
148 T. ROWE PRICE


European European
Class Ih (GBP)
Class Ih (GBP) 10
Class Ih (USD)
Class J
Class Jd
Class Q
Shares outstanding at the beginning of the period 3,302,915 4,432,869 182,033 – 18,339
Number of shares issued 1,197,407 1,809,312 343,260 – 7,801
Number of shares redeemed (554,856) (1,453,279) (53,735) – –
Shares outstanding at the end of the period 3,945,466 4,788,902 471,558 – 26,140
Class Q (EUR)
Class Q (GBP)
Shares outstanding at the beginning of the period 464,003 – 350 – 3,672
Number of shares issued 4,749 – 67,137 – 4,771
Shares outstanding at the end of the period 468,752 – 65,805 – 8,443
Class Qdh (GBP)
Class Qh (EUR)
Class Qh (GBP)
Class Qh (USD)
(7)
T. ROWE PRICE 149


European European
Class S
Class S 10
Shares outstanding at the beginning of the period – 400 – – –
Class Sd
Class Sh (JPY)
Class Z
(7)
150 T. ROWE PRICE


Global
Class A
Shares outstanding at the beginning of the period 257,674 96,247 4,915,017 279,009 –
Number of shares issued 12,986 62,344 845,364 20,848 500
Number of shares redeemed (134,081) (89,047) (432,517) (75,430) –
Shares outstanding at the end of the period 136,579 69,544 5,327,864 224,427 500*
Class A (EUR)
Class Ad
Class Adh (USD)
Class Ah (EUR)
Class Ah (NOK)
Class Ah (SEK)
Class I
Shares outstanding at the beginning of the period 7,574,504 13,826,396 6,615,765 1,218,304 –
Number of shares issued 3,103 885,038 495,394 175,029 199,000
Number of shares redeemed (299,119) (2,883,715) (70,181) (175,029) –
Shares outstanding at the end of the period 7,278,488 11,827,719 7,040,978 1,218,304 199,000*
Class I (GBP)
Shares outstanding at the beginning of the period – 727,395 – – –
Number of shares issued – 208 – – –
Class I 10
Class Id
Class Ih (EUR)
(8)
T. ROWE PRICE 151


Global
Class Ih (GBP)
Class Ih (GBP) 10
Class Ih (USD)
Class J
Class Jd
Class Q
Class Q (EUR)
Shares outstanding at the beginning of the period 400 400 13,457,631 – –
Number of shares issued 26,176 203,011 2,123,361 – –
Number of shares redeemed – (39,978) (2,435,419) – –
Shares outstanding at the end of the period 26,576 163,433 13,145,573 – –
Class Q (GBP)
Shares outstanding at the beginning of the period 350 408,392 – 350 –
Number of shares issued 103,404 19,158 – 46,062 –
Shares outstanding at the end of the period 101,899 427,550 – 46,412 –
Class Qdh (GBP)
Class Qh (EUR)
Class Qh (GBP)
Class Qh (USD)
(8)
152 T. ROWE PRICE


Global
Class S
Shares outstanding at the beginning of the period – 6,767,143 – – –
Class S 10
Class Sd
Class Sh (JPY)
Class Z
(8)
T. ROWE PRICE 153


Global Middle
Class A
Shares outstanding at the beginning of the period 117,885 141,656 134,958 658,598 6,448,403
Number of shares issued 413 4,041 100 7,436 1,743,729
Number of shares redeemed (17,887) (792) (100) (78,937) (1,664,659)
Shares outstanding at the end of the period 100,411 144,905 134,958 587,097 6,527,473
Class A (EUR)
Class Ad
Class Adh (USD)
Class Ah (EUR)
Class Ah (NOK)
Class Ah (SEK)
Class I
Shares outstanding at the beginning of the period 100,000 130,000 740,675 642,642 –
Number of shares issued – 414 – – 788,187
Number of shares redeemed – (414) – (59,419) (17,943)
Shares outstanding at the end of the period 100,000 130,000 740,675 583,223 770,244*
Class I (GBP)
Class I 10
Class Id
Class Ih (EUR)
154 T. ROWE PRICE


Global Middle
Class Ih (GBP)
Class Ih (GBP) 10
Class Ih (USD)
Class J
Shares outstanding at the beginning of the period – – – – 660,100
Shares outstanding at the end of the period – – – – 1,132,832
Class Jd
Class Q
Shares outstanding at the beginning of the period – 400 – – 1,477,059
Number of shares issued – – – – 3,598,311
Shares outstanding at the end of the period – 400 – – 4,817,205
Class Q (EUR)
Shares outstanding at the beginning of the period 400 – – 400 254,016
Number of shares issued 16,030 – – – 549,789
Shares outstanding at the end of the period 16,430 – – 400 740,770
Class Q (GBP)
Shares outstanding at the beginning of the period – – – – 350
Shares outstanding at the end of the period – – – – 350
Class Qdh (GBP)
Class Qh (EUR)
Class Qh (GBP)
Class Qh (USD)
T. ROWE PRICE 155


Global Middle
Class S
Class S 10
Class Sd
Class Sh (JPY)
Class Z
156 T. ROWE PRICE


US Large Cap US Large Cap US Smaller

US Large Cap Growth Value Companies
Equity Fund Equity Fund Equity Fund Equity Fund
Class A
Shares outstanding at the beginning of the period 109,063 48,255,529 9,870,152 8,076,493
Number of shares issued 2,430 4,802,679 1,050,125 2,314,672
Number of shares redeemed – (22,988,349) (4,055,309) (2,223,014)
Shares outstanding at the end of the period 111,493 30,069,859 6,864,968 8,168,151
Class A (EUR)
Shares outstanding at the beginning of the period – – – 464,492
Number of shares issued – – – 165,518
Number of shares redeemed – – – (283,663)
Shares outstanding at the end of the period – – – 346,347
Class Ad
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)
Class Ah (EUR)
Class Ah (NOK)
Class Ah (SEK)
Class I
Shares outstanding at the beginning of the period 100,000 26,077,216 12,302,257 13,755,989
Number of shares issued 11,797 1,166,366 3,253,630 1,405,035
Number of shares redeemed – (6,957,415) (2,664,077) (2,629,472)
Shares outstanding at the end of the period 111,797 20,286,167 12,891,810 12,531,552
Class I (GBP)
Class I 10
Class Id
Class Ih (EUR)
Shares outstanding at the beginning of the period – – – 760,983
Number of shares issued – – – 2,238
Number of shares redeemed – – – (144,618)
Shares outstanding at the end of the period – – – 618,603
T. ROWE PRICE 157



Class Ih (GBP)
Class Ih (GBP) 10
Class Ih (USD)
Class J
Shares outstanding at the beginning of the period – 1,324,276 1,647,936 –
Number of shares issued – 1,002,996 1,438,924 –
Number of shares redeemed – (55,690) (56,440) –
Shares outstanding at the end of the period – 2,271,582 3,030,420 –
Class Jd
Class Q
Shares outstanding at the beginning of the period – 7,820,221 9,292,284 3,343,303
Number of shares issued – 1,798,383 1,147,821 775,575
Number of shares redeemed – (841,303) (1,641,747) (1,139,565)
Shares outstanding at the end of the period – 8,777,301 8,798,358 2,979,313
Class Q (EUR)
Class Q (GBP)
Shares outstanding at the beginning of the period 350 350 4,551 825,859
Number of shares issued 266 2,410 18,668 226,469
Number of shares redeemed – – (1,345) (97,138)
Shares outstanding at the end of the period 616 2,760 21,874 955,190
Class Qdh (GBP)
Class Qh (EUR)
Class Qh (GBP)
Class Qh (USD)
158 T. ROWE PRICE



Class S
Class S 10
Class Sd
Class Sh (JPY)
Class Z
T. ROWE PRICE 159

Statement of NAV per Share

and Net Asset Statistics

USD USD USD EUR EUR

(Amounts in USD unless otherwise noted)
Net asset value per Class A share as at:
30 June 2015 - 16.59 11.78 14.76 EUR 15.27 EUR
31 December 2014 - 16.46 11.47 14.93 EUR 14.68 EUR
31 December 2013 - 16.05 11.12 13.90 EUR 13.96 EUR
Net asset value per Class A (EUR) share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class Ad share as at:
30 June 2015 - - - - 10.07 EUR
31 December 2014 - - - - 9.93 EUR
31 December 2013 - - - - -
Net asset value per Class Adh (USD) share as at:
30 June 2015 - - - - 10.00
31 December 2014 - - - - 9.94
31 December 2013 - - - - -
Net asset value per Class Ah (EUR) share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class Ah (NOK) share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class Ah (SEK) share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class I share as at:
30 June 2015 11.90 19.75 12.14 18.45 EUR 15.63 EUR
31 December 2014 12.47 19.53 11.77 18.61 EUR 14.98 EUR
31 December 2013 13.24 18.91 11.33 17.23 EUR 14.16 EUR
Net asset value per Class I (GBP) share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class I 10 share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class Id share as at:
30 June 2015 - 10.81 - - -
31 December 2014 - 11.03 - - -
31 December 2013 - 11.30 - - -
Net asset value per Class Ih (EUR) share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class Ih (GBP) share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class Ih (GBP) 10 share as at:
30 June 2015 - 9.81 - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class Ih (USD) share as at:
30 June 2015 - - - 11.09 -
31 December 2014 - - - 11.18 -
31 December 2013 - - - 10.35 -
(1)
(2)
160 T. ROWE PRICE


and Net Asset Statistics continued

USD USD USD EUR EUR

Net asset value per Class J share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class Jd share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class Q share as at:
30 June 2015 - - - 10.55 EUR 10.88 EUR
31 December 2014 - - - 10.65 EUR 10.44 EUR
31 December 2013 - - - - -
Net asset value per Class Q (EUR) share as at:
30 June 2015 10.06 EUR 11.16 EUR 11.45 EUR - -
31 December 2014 9.74 EUR 10.19 EUR 10.26 EUR - -
31 December 2013 - - - - -
Net asset value per Class Q (GBP) share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class Qdh (GBP) share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class Qh (EUR) share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class Qh (GBP) share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class Qh (USD) share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class S share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class S 10 share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class Sd share as at:
30 June 2015 8.01 9.63 9.91 10.24 EUR 10.04 EUR
31 December 2014 8.62 9.83 9.86 10.43 EUR 9.91 EUR
31 December 2013 - - - - -
Net asset value per Class Sh (JPY) share as at:
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net asset value per Class Z share as at:
30 June 2015 - - - 20.94 EUR -
31 December 2014 - - - 21.07 EUR -
31 December 2013 - - - 19.41 EUR -
Net assets as at:
30 June 2015 11,976,814 166,989,371 15,196,809 99,111,048 EUR 133,459,422 EUR
31 December 2014 12,476,818 10,238,435 14,091,050 98,880,078 EUR 59,516,588 EUR
31 December 2013 13,240,904 10,393,867 13,466,412 84,531,026 EUR 14,254,749 EUR
(1)
(2)
T. ROWE PRICE 161



USD USD USD USD USD

30 June 2015 16.30 9.91 25.61 9.94 9.95
31 December 2014 16.70 - 24.83 - -
31 December 2013 16.68 - 24.56 - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - 12.51 - -
31 December 2014 - - 12.46 - -
31 December 2013 - - 12.98 - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - 21.62 EUR - 9.94 EUR
31 December 2014 - - 20.97 EUR - -
31 December 2013 - - 20.76 EUR - -
30 June 2015 - - 198.63 NOK - -
31 December 2014 - - 191.60 NOK - -
31 December 2013 - - 187.23 NOK - -
30 June 2015 - - 122.29 SEK - -
31 December 2014 - - 118.65 SEK - -
31 December 2013 - - 116.82 SEK - -
30 June 2015 14.58 9.91 27.19 9.94 9.95
31 December 2014 14.90 - 26.28 - -
31 December 2013 14.81 - 25.84 - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 10.50 - - - -
31 December 2014 10.86 - - - -
31 December 2013 11.07 - - - -
30 June 2015 - - 9.94 EUR - 9.95 EUR
31 December 2014 - - 9.62 EUR - -
31 December 2013 - - - - -
30 June 2015 - - - - 9.95 GBP
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
(3)
(4)
(5)
162 T. ROWE PRICE



USD USD USD USD USD

30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - 9.98 - -
31 December 2014 - - 9.93 - -
31 December 2013 - - 10.35 - -
30 June 2015 - 9.91 11.20 9.94 9.95
31 December 2014 - - 10.83 - -
31 December 2013 - - 10.66 - -
30 June 2015 10.87 EUR - - - -
31 December 2014 10.26 EUR - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - 9.96 GBP - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 10.07 EUR - - - -
31 December 2014 10.03 EUR - - - -
31 December 2013 - - - - -
30 June 2015 - - - - 9.95 GBP
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 9.19 - 9.57 - -
31 December 2014 9.50 - 9.53 - -
31 December 2013 - - - - -
30 June 2015 11,029.00 JPY - - - -
31 December 2014 10,969.00 JPY - - - -
31 December 2013 10,176.02 JPY - - - -
30 June 2015 23.39 - 31.04 - -
31 December 2014 23.83 - 29.90 - -
31 December 2013 23.55 - 29.22 - -
Net assets as at:
30 June 2015 71,869,116 14,868,599 1,801,483,414 19,883,550 25,035,258
31 December 2014 68,449,921 - 1,669,645,115 - -
31 December 2013 70,375,715 - 2,029,781,019 - -
(3)
(4)
(5)
T. ROWE PRICE 163



USD USD USD EUR EUR

30 June 2015 - 12.48 11.25 - 15.31 EUR
31 December 2014 - 12.09 10.36 - 14.03 EUR
31 December 2013 - 11.45 - - 18.97 EUR
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 11.19 18.80 11.38 14.01 EUR 16.35 EUR
31 December 2014 11.20 18.13 10.42 12.24 EUR 14.92 EUR
31 December 2013 10.62 17.00 - 11.47 EUR 19.97 EUR
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - 10.57 - - -
31 December 2014 - 10.18 - - -
31 December 2013 - - - - -
30 June 2015 - 10.87 - - -
31 December 2014 - 10.54 - - -
31 December 2013 - 9.98 - - -
30 June 2015 11.41 EUR - - - -
31 December 2014 11.44 EUR - - - -
31 December 2013 10.85 EUR - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
(6)
164 T. ROWE PRICE



USD USD USD EUR EUR

30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 10.79 - - - -
31 December 2014 10.92 - - - -
31 December 2013 10.63 - - - -
30 June 2015 - 10.89 11.37 - -
31 December 2014 - 10.51 10.42 - -
31 December 2013 - 9.86 - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - 11.53 GBP 12.18 GBP 11.84 GBP -
31 December 2014 - 11.27 GBP 11.30 GBP 11.35 GBP -
31 December 2013 - - - 11.36 GBP -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - 9.72 -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 9.91 - - - -
31 December 2014 10.02 - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net assets as at:
30 June 2015 167,003,624 984,156,203 2,275,602 140,569,221 EUR 6,193,689 EUR
31 December 2014 92,456,182 1,061,961,922 2,085,136 51,450,483 EUR 5,662,325 EUR
31 December 2013 113,760,387 1,083,170,708 - 8,260,001 EUR 7,636,924 EUR
(6)
T. ROWE PRICE 165


European European
USD EUR EUR EUR USD

30 June 2015 23.57 13.57 EUR 37.18 EUR - 9.47
31 December 2014 22.97 11.82 EUR 32.11 EUR - 9.69
31 December 2013 22.79 11.10 EUR 30.08 EUR - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 9.40 - - - -
31 December 2014 9.17 - - - -
31 December 2013 9.13 - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 29.61 14.78 EUR 39.51 EUR 19.95 EUR 9.56
31 December 2014 28.73 12.82 EUR 33.96 EUR 17.40 EUR 9.74
31 December 2013 28.23 11.92 EUR 31.52 EUR 16.49 EUR -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 10.49 - - - -
31 December 2014 10.16 - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
(7)
166 T. ROWE PRICE


European European
USD EUR EUR EUR USD

30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 7.44 - - - -
31 December 2014 7.23 - - - -
31 December 2013 7.15 - - - -
30 June 2015 9.86 13.06 EUR 12.95 EUR - 9.56
31 December 2014 9.57 11.34 EUR 11.14 EUR - 9.73
31 December 2013 9.41 10.55 EUR 10.35 EUR - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 11.14 GBP - 10.79 GBP - 10.30 GBP
31 December 2014 10.94 GBP - 10.17 GBP - 10.62 GBP
31 December 2013 10.12 GBP - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 10.00 - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - 12.56 EUR - - -
31 December 2014 - 10.87 EUR - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net assets as at:
30 June 2015 1,323,067,798 526,458,678 EUR 59,749,717 EUR 7,480,595 EUR 7,136,882
31 December 2014 1,579,387,330 400,006,149 EUR 48,024,572 EUR 6,525,312 EUR 7,044,661
31 December 2013 1,419,840,836 223,550,812 EUR 16,212,985 EUR 6,184,596 EUR -
(7)
T. ROWE PRICE 167


Global
USD USD USD USD USD

30 June 2015 28.26 28.71 7.52 22.47 9.89
31 December 2014 26.83 27.56 7.83 23.00 -
31 December 2013 25.32 25.50 8.62 20.15 -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 15.92 30.55 11.44 23.90 9.89
31 December 2014 15.05 29.19 11.85 24.35 -
31 December 2013 14.07 26.75 12.92 21.14 -
30 June 2015 - 22.55 GBP - - -
31 December 2014 - 21.82 GBP - - -
31 December 2013 - 18.81 GBP - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
(8)
168 T. ROWE PRICE


Global
USD USD USD USD USD

30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - 9.89
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 12.42 EUR 12.26 EUR 11.67 EUR - -
31 December 2014 10.84 EUR 10.82 EUR 11.17 EUR - -
31 December 2013 - - 10.73 EUR - -
30 June 2015 12.13 GBP 12.95 GBP - 12.04 GBP -
31 December 2014 11.61 GBP 12.53 GBP - 12.42 GBP -
31 December 2013 - 10.82 GBP - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - 15.31 - - -
31 December 2014 - 14.58 - - -
31 December 2013 - 13.26 - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net assets as at:
30 June 2015 122,039,266 487,857,406 292,355,895 35,039,957 4,993,189
31 December 2014 120,884,024 537,537,309 299,164,509 36,088,418 -
31 December 2013 154,929,305 513,338,668 215,622,754 31,300,334 -
(8)
T. ROWE PRICE 169


Global Latin Middle

Value Japanese American East & Africa US Blue Chip
USD EUR USD USD USD

30 June 2015 14.83 9.37 EUR 9.84 8.72 31.45
31 December 2014 14.41 7.46 EUR 10.29 8.57 29.90*
31 December 2013 13.43 7.21 EUR 11.93 7.85 27.33
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 15.18 10.69 EUR 6.78 12.33 9.95
31 December 2014 14.69 8.47 EUR 7.06 12.07 -
31 December 2013 13.57 8.11 EUR 8.08 10.92 -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
* Official Net Asset Value per Share including a Swing Pricing Adjustement.
170 T. ROWE PRICE


Global Latin Middle

Value Japanese American East & Africa US Blue Chip
USD EUR USD USD USD

30 June 2015 - - - - 21.75
31 December 2014 - - - - 20.52*
31 December 2013 - - - - 18.46
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - 13.08 EUR - - 14.34
31 December 2014 - 10.37 EUR - - 13.57*
31 December 2013 - - - - 12.31
30 June 2015 12.28 EUR - - 11.02 EUR 11.81 EUR
31 December 2014 10.98 EUR - - 9.96 EUR 10.33 EUR*
31 December 2013 - - - - -
30 June 2015 - - - - 12.42 GBP
31 December 2014 - - - - 11.91 GBP*
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
30 June 2015 - - - - -
31 December 2014 - - - - -
31 December 2013 - - - - -
Net assets as at:
30 June 2015 3,232,997 2,753,284 EUR 6,350,798 12,317,145 316,459,788
31 December 2014 3,173,025 2,161,361 EUR 6,615,096 13,405,020 229,448,271
31 December 2013 2,699,959 2,082,451 EUR 22,305,112 44,300,072 124,459,682
* Official Net Asset Value per Share including a Swing Pricing Adjustement.
T. ROWE PRICE 171



USD USD USD USD

30 June 2015 23.43 25.26 25.59 33.14
31 December 2014 22.83 24.11 26.33 32.59
31 December 2013 20.34 22.33 23.36 29.55
30 June 2015 - - - 15.06 EUR
31 December 2014 - - - 13.68 EUR
31 December 2013 - - - 10.93 EUR
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 24.76 29.66 23.13 44.36
31 December 2014 24.01 28.18 23.69 43.46
31 December 2013 21.21 25.87 20.84 39.13
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - 11.14 EUR
31 December 2014 - - - 10.94 EUR
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
172 T. ROWE PRICE



USD USD USD USD

30 June 2015 - 21.59 16.12 -
31 December 2014 - 20.45 16.45 -
31 December 2013 - 18.65 14.37 -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - 15.85 13.89 13.63
31 December 2014 - 15.06 14.23 13.36
31 December 2013 - 13.84 12.53 12.04
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 12.52 GBP 12.03 GBP 11.98 GBP 15.26 GBP
31 December 2014 12.29 GBP 11.58 GBP 12.43 GBP 15.15 GBP
31 December 2013 - - - 12.84 GBP
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
30 June 2015 - - - -
31 December 2014 - - - -
31 December 2013 - - - -
Net assets as at:
30 June 2015 5,392,134 1,549,398,224 645,422,157 903,675,586
31 December 2014 4,897,481 2,042,938,324 710,768,174 942,964,662
31 December 2013 4,339,448 1,586,104,602 430,199,326 1,225,511,583
T. ROWE PRICE 173

Notes to the Financial Statements

As at 30 June 2015
1. THE COMPANY Fund Class Inception date Currency
T. Rowe Price Funds SICAV (the “Company”) is an open-ended investment Global High Income Bond Fund (3)
A 4 June 2015 USD
company organised under the laws of the Grand Duchy of Luxembourg as I 4 June 2015 USD
a Société d’Investissement à Capital Variable (“SICAV”) and was authorised
Q 4 June 2015 USD
under Part I of the Law of 17 December 2010, as amended, relating to
Undertakings for Collective Investment. The Company was incorporated on Qdh (GBP) 10 June 2015 GBP
5 June 2001 and qualifies as an Undertakings for Collective Investment in Global High Yield Bond Fund A 17 August 2001 USD
Transferable Securities (“UCITS”). Ad 2 June 2009 USD
On 1 October 2014, the Company has appointed T. Rowe Price (Luxembourg) Ah (EUR) 2 April 2003 EUR
Management S.à r.l. as its management company (the “Management Ah (NOK) 15 July 2004 NOK
Company”), responsible for management, administration and distribution of
Ah (SEK) 26 June 2012 SEK
the Company.
I 4 March 2002 USD
The Company is structured to provide both institutional and individual
Ih (EUR) 9 July 2014 EUR
investors with a choice of investment portfolios (“Fund(s)”) each offering
different investment objectives designed to meet specific risk expectations Jd 5 December 2003 USD
and diversification requirements. During the period ended 30 June 2015, the Q 14 January 2013 USD
following Funds had the following shares outstanding:
Sd 14 February 2014 USD
Fund Class Inception date Currency Z 28 June 2001 USD
Emerging Local Markets Bond Fund I 9 August 2007 USD Global Investment Grade Corporate A 8 June 2015 USD
Q (EUR) 28 October 2014 EUR Bond Fund (4)
I 8 June 2015 USD
Sd 22 July 2014 USD Q 8 June 2015 USD
Emerging Markets Bond Fund (1) A 27 June 2006 USD Global Unconstrained Bond Fund (5) A 10 June 2015 USD
I 31 December 2004 USD Ah (EUR) 10 June 2015 EUR
Id 7 October 2008 USD I 10 June 2015 USD
Ih (GBP) 10 9 April 2015 GBP Ih (EUR) 10 June 2015 EUR
Q (EUR) 28 October 2014 EUR Ih (GBP) 10 10 June 2015 GBP
Sd 19 February 2014 USD Q 10 June 2015 USD
Emerging Markets Corporate Bond A 18 May 2011 USD Qh (GBP) 10 June 2015 GBP
Fund (2)
I 18 May 2011 USD US Aggregate Bond Fund I 7 June 2011 USD
Q (EUR) 28 October 2014 EUR Ih (EUR) 1 June 2011 EUR
Sd 14 February 2014 USD Jd 5 December 2003 USD
Euro Corporate Bond Fund A 9 November 2004 EUR Sd 22 July 2014 USD
I 5 February 2002 EUR Asian ex-Japan Equity Fund A 28 January 2008 USD
Ih (USD) 7 December 2012 USD I 13 December 2006 USD
Q 11 February 2014 EUR Id 11 October 2013 USD
Sd 14 February 2014 EUR I 10 18 December 2014 USD
Z 20 June 2001 EUR Q 31 January 2013 USD
European High Yield Bond Fund A 20 September 2011 EUR Q (GBP) 31 March 2014 GBP
Ad 8 December 2014 EUR Asian Opportunities Equity Fund A 21 May 2014 USD
Adh (USD) 8 December 2014 USD I 21 May 2014 USD
I 20 September 2011 EUR Q 21 May 2014 USD
Q 11 February 2014 EUR Q (GBP) 21 May 2014 GBP
Sd 14 February 2014 EUR Continental European Equity Fund (6) I 26 February 2007 EUR
Global Aggregate Bond Fund A 28 March 2003 USD Q (GBP) 24 May 2013 GBP
I 28 December 2004 USD Qh (USD) 4 May 2015 USD
Id 7 October 2008 USD Emerging Europe Equity Fund A 11 November 2008 EUR
Q (EUR) 28 October 2014 EUR I 11 November 2008 EUR
Qh (EUR) 8 December 2014 EUR

Sd 22 July 2014 USD
Sh (JPY) 21 September 2012 JPY
Z 9 July 2001 USD
174 T. ROWE PRICE

Notes to the Financial Statements continued

As at 30 June 2015
Fund Class Inception date Currency Fund Class Inception date Currency
A 26 October 2004 USD Latin American Equity Fund A 19 June 2009 USD
Ad 9 March 2011 USD I 24 April 2008 USD
I 2 December 2003 USD Middle East & Africa Equity Fund A 24 December 2007 USD
I 10 18 December 2014 USD I 4 September 2007 USD
Jd 31 October 2007 USD Q (EUR) 28 October 2014 EUR
Q 14 January 2013 USD US Blue Chip Equity Fund A 5 February 2003 USD
Q (GBP) 5 September 2013 GBP I 4 May 2015 USD
S 30 June 2015 USD J 20 February 2007 USD
European Equity Fund A 3 May 2007 EUR Q 13 May 2013 USD
I 26 February 2007 EUR Q (EUR) 2 December 2014 EUR
Q 16 October 2013 EUR Q (GBP) 31 January 2014 GBP
S 10 27 October 2014 EUR US Large Cap Equity Fund A 26 June 2009 USD
European Smaller Companies Equity A 26 November 2008 EUR I 26 June 2009 USD
Fund
Q (GBP) 31 January 2014 GBP
I 26 November 2008 EUR
US Large Cap Growth Equity Fund A 13 November 2003 USD
Q 4 December 2013 EUR
I 31 July 2003 USD
J 20 February 2007 USD
European Structured Research Equity I 7 January 2005 EUR
Q 14 January 2013 USD
Fund
Frontier Markets Equity Fund A 24 June 2014 USD
US Large Cap Value Equity Fund A 3 January 2003 USD
I 24 June 2014 USD
I 27 March 2002 USD
Q 24 June 2014 USD
J 20 February 2007 USD
Q (GBP) 24 June 2014 GBP
Q 31 January 2013 USD
Global Focused Growth Equity Fund A 28 March 2003 USD
I 12 January 2006 USD
US Smaller Companies Equity Fund A 31 July 2001 USD
Q (EUR) 28 October 2014 EUR
A (EUR) 22 May 2013 EUR
I 28 September 2001 USD
Global Growth Equity Fund A 27 October 2008 USD
Ih (EUR) 31 March 2014 EUR
I 27 October 2008 USD
Q 8 May 2013 USD
I (GBP) 10 July 2009 GBP
Q (EUR) 28 October 2014 EUR
Q (GBP) 28 August 2013 GBP
(1)
S 11 March 2011 USD (2)
Global Natural Resources Equity Fund A 5 November 2007 USD (3)
(4)
I 15 November 2006 USD This fund was launched on 8 June 2015.
(5)
Q (EUR) 18 January 2013 EUR (6)
Global Real Estate Securities Fund A 27 October 2008 USD (7)
(8)
I 27 October 2008 USD This fund was launched on 15 June 2015.
As at 30 June 2015, up to six classes of shares may be offered to investors
Global Technology Equity Fund (8) A 15 June 2015 USD
(“Class”): Class A Shares, Class I Shares, Class J Shares, Class Q Shares,
I 15 June 2015 USD Class S Shares and Class Z Shares. The shares of any Class may further
Q 15 June 2015 USD be sub-divided into categories of shares that either distribute income
(“Distributing Shares”) or accumulated income (“Accumulating Shares”), and
Global Value Equity Fund A 28 November 2012 USD
may be hedged (“Hedged Shares”) or denominated into a currency other than
I 28 November 2012 USD the currency of denomination for a particular Fund. Outstanding Ad, Adh and
Q (EUR) 28 October 2014 EUR Ah Shares represent Distributing Shares and Hedged Shares, respectively,
Japanese Equity Fund A 11 April 2006 EUR of Class A. Ad, Adh and Ah Shares are currently only offered to investors of
the European High Yield Bond Fund, Global High Yield Bond Fund and of
I 16 December 2005 EUR
Emerging Markets Equity Fund, and I (GBP) Shares are currently only offered
Q 28 October 2014 EUR to investors of the Global Growth Equity Fund and Ih Shares are currently
T. ROWE PRICE 175


As at 30 June 2015
only offered to investors of the Euro Corporate Bond Fund, the Global High exchange rates prevailing on the date of the financial statements, and (ii)
Yield Bond Fund, US Aggregate Bond Fund and the US Smaller Companies balances in the Statement of Operations and Changes in Net Assets are
Equity Fund. Sh Shares are currently only offered to investors of the Global converted at the average currency exchange rate for the period. Exchange
Aggregate Bond Fund. Class A and Q Shares are available for all investors. rates, expressed as 1 USD equivalent, used in such translations are as
Class I, J, S, and Z Shares are reserved for institutional investors. Class Id, Jd follows:
and Sd Shares are Distributing Shares of Class I, J and S, respectively, and Average for
may be offered to investors in all Funds with the exception of Class Id which the period ended
is only available in Global Aggregate Bond Fund, Emerging Markets Bond Currency At 30 June 2015 30 June 2015
Fund and Emerging Markets Corporate Bond Fund. All classes belonging
EUR 0.8929 0.8954
to the same Fund will be commonly invested in adherence with the specific
investment objective of the relevant Fund but may differ with regard to fee NOK 7.8437 NA
structure, minimum subscription amount, dividend policy, currency hedging,
SEK 8.2456 NA
or other particular features described in the Company’s prospectus.
JPY 122.29 NA
2. SIGNIFICANT ACCOUNTING POLICIES GBP 0.6348 NA
a) General
d) Securities Transactions and Investment Income
These financial statements are prepared in accordance with accounting
principles generally accepted in the Grand Duchy of Luxembourg. 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.
b) Valuation of Securities
Dividend income is accrued on the ex-dividend date. Interest income and
In determining the value of the assets of the Funds, securities which are expenses are recorded on the accrual basis. Premiums and discounts on
quoted or dealt in on an official exchange or another regulated market are debt securities are recognised in income on a straight-line basis.
valued at the latest available sale price, or official closing price for certain
markets, on the official exchange or market which is normally the principal Cash at banks includes cash balances in time deposits ranging from overnight
market for such securities. to three months in duration with various financial institutions meeting certain
credit standards. Each Fund could experience a delay in recovering the value
Securities which are not quoted or dealt in on an official exchange or another of these deposits and a possible loss of income or value if the counterparty
regulated market, as well as securities which are so quoted or dealt in but for fails to return deposited amounts. Earnings, net of fees, are accrued daily as
which the last sale price is not available, and securities for which the last sale interest income and bank overdraft charges are included in other expenses
price is not representative of fair value are valued in good faith by and under the in the accompanying Statement of Operations and Changes in Net Assets.
direction of the Board of Directors on the basis of reasonably expected sale prices.
e) Class Accounting and Formation Expenses
Short-term debt investments purchased with original maturities less than
one year are valued at amortised cost, which approximates fair value when Expenses incurred by each Class are charged directly to the Class to which
combined with accrued interest. However, if amortised cost is deemed not to they relate. Expenses common to all Classes, investment income and realised
reflect fair value, the securities are valued at fair value as determined in good and unrealised gains and losses are allocated daily to each Class based on
faith by and under the direction of the Board of Directors. relative net assets.
c) Conversion of Foreign Currencies The costs and expenses incurred in connection with the formation of a new
Fund and the initial issuance of shares may be deferred and amortised over
The books and records of each Fund are kept in the base currency of that a period not exceeding five years against the assets of that Fund and in
Fund. Amounts denominated in other currencies are translated into the base such amounts in each year as determined by the Board of Directors on an
currency on the following basis: (i) investment valuations and other assets and equitable basis.
liabilities initially expressed in other currencies are converted each business
day into the base currency using currency exchange rates prevailing on f) Collateral
each such business day, and (ii) purchases and sales of foreign investments,
As at 30 June 2015, the collateral received or paid which is composed of
income and expenses are converted into the base currency using currency
cash collateral granted to or received from brokers and counterparties for the
exchange rates prevailing on the respective dates of such transactions.
purpose of transaction in exchange traded and OTC derivatives is as follows:
Net realised gains and losses on foreign currency transactions represent: Collateral Collateral
Amount Amount
(i) foreign exchange gains and losses from the holding and sale of foreign
Counter- received paid (in
currencies, (ii) gains and losses between trade date and settlement date on Sub-fund party/ Type of (in Sub-fund Sub-fund
securities transactions, and (iii) gains and losses arising from the difference Name of Sub-funds Currency Broker collateral currency) currency)
between amounts of dividends and interest recorded and the amounts
Emerging Local Markets USD Goldman Cash - 25,000
actually received. The Funds do not isolate that portion of the results of
Bond Fund Sachs
operations resulting from changes in foreign exchange rates on investments
from the fluctuations arising from changes in market prices of investments Emerging Markets Bond USD Bank of Cash 1,370,000 -
held during the period. Fund America
Emerging Markets Bond USD JP Morgan Cash 3,370,000 -
The reference currency of the Company’s combined statements is the Fund
US dollar (“USD”). For those Funds and Share Classes that are denominated
Emerging Markets Bond USD Morgan Cash 27,863 -
in a base currency other than USD, financial statement items are translated
Fund Stanley
on the following basis: (i) assets and liabilities are converted at currency
176 T. ROWE PRICE


As at 30 June 2015
Collateral Collateral Market risks associated with such contracts arise due to the possible
Amount Amount movements in foreign exchange rates, interest rates, credit quality, indices
Counter- received paid (in and security values underlying these instruments. Other market and credit
Sub-fund party/ Type of (in Sub-fund Sub-fund risks include the possibility that there may be an illiquid market for the
Name of Sub-funds Currency Broker collateral currency) currency) contracts, that a change in the value of the contracts may not directly correlate
Euro Corporate Bond EUR Morgan Cash - 1,483,155 with changes in the value of currencies, indices, or securities being hedged or
Fund Stanley that the counterparty to a contract defaults on its obligation to perform under
European High Yield Bond EUR Citibank Cash 35,683 - the terms of the contract. Open contracts attributable to all classes of a Fund,
Fund if applicable, are reflected in each Fund’s Schedule of Investments.
European High Yield Bond EUR Morgan Cash 148,343 - The Funds may deposit cash into an account held at the broker in order to meet
Fund Stanley initial margin requirements on open future contracts and to keep additional
Global Aggregate Bond USD Goldman Cash - 188,000 Funds available to settle future variation margin liabilities. The deposits held at
Fund Sachs the broker are included in Deposits on futures in the Statement of Net Assets.
Global Aggregate Bond USD JP Morgan Cash - 190,000 Euro Corporate Bond Fund – Class Ih Hedged Shares
Fund
Global Aggregate Bond USD Morgan Cash - 147,960 Class Ih is intended to reduce a Shareholder’s currency exposure to
Fund Stanley those net assets attributable to the specific Hedged Share Class that are
not denominated in that specific hedge open share class currency. As at
Global High Yield Bond USD Bank of Cash 2,380,000
30 June 2015, the unrealised gain (loss) on forward currency exchange
Fund America
contracts reflected in the Statement of Net Assets includes contracts
Global High Yield Bond USD Citibank Cash - 716,358 attributable to Hedged Shares. Detail of forward currency exchange contracts
Fund
is also disclosed in the Schedule of Investments.
Global High Yield Bond USD Morgan Cash 767,889 -
Fund Stanley European High Yield Bond Fund – Class Adh Hedged
Shares
Global High Yield Bond USD Goldman Cash 3,160,000 -
Fund Sachs Class Adh is intended to reduce a Shareholder’s currency exposure to
Global High Yield Bond USD The Royal Cash - 5,970,000 those net assets attributable to the specific Hedged Share Class that are
Fund Bank of not denominated in that specific hedge open share class currency. As at
Scotland 30 June 2015, the unrealised gain (loss) on forward currency exchange
Global Investment Grade USD Goldman Cash - 22,000 contracts reflected in the Statement of Net Assets includes contracts
Corporate Bond Fund Sachs attributable to Hedged Shares. Detail of forward currency exchange contracts
Global Unconstrained USD Goldman Cash - 120,000
Bond Fund Sachs Global Aggregate Bond Fund – Class Qh and Sh Hedged
US Aggregate Bond Fund USD Deutsche Cash 1,200,000 - Shares
Bank
Class Qh and Sh are designed to reduce or eliminate the effects of changes
US Aggregate Bond Fund USD Goldman Cash - 100,000 in the exchange rate between a fund’s portfolio and the share class currency.
Sachs
For hedged share classes with multi-currency benchmarks, this may involve
US Aggregate Bond Fund USD JP Morgan Cash 160,000 - hedging a variety of underlying currency exposures to the share class
US Aggregate Bond Fund USD Morgan Cash 720,208 - currency. As at 30 June 2015, the unrealised gain (loss) on forward currency
Stanley exchange contracts reflected in the Statement of Net Assets includes
Global Growth Equity USD Deutsche Cash - 490,000
contracts attributable to Hedged Shares. Detail of forward currency exchange
Fund Bank contracts is also disclosed in the Schedule of Investments.
US Smaller Companies USD Morgan Cash 284,257 - Global Emerging Markets Bond Fund – Class Ih Hedged
Equity Fund Stanley Shares
Class Ih is intended to reduce a Shareholder’s currency exposure to
3. INVESTMENT TRANSACTIONS those net assets attributable to the specific Hedged Share Class that are
a) Derivatives not denominated in that specific hedge open share class currency. As at
Each Fund may enter into forward currency exchange, financial futures, option contracts reflected in the Statement of Net Assets includes contracts
and swap contracts which, except for purchased options, represent market attributable to Hedged Shares. Detail of forward currency exchange contracts
risk in excess of the amount reflected in the Statement of Net Assets. The is also disclosed in the Schedule of Investments.
amount of the contracts represents the extent of each Fund’s participation
in these financial instruments. Forward currency exchange and financial Global High Yield Bond Fund – Class Ah and Ih Hedged
futures contracts are valued daily using prevailing forward exchange rates Shares
and current settlement prices, respectively. Option and swap contracts are Class Ah and Ih are intended to reduce a Shareholder’s currency exposure
valued daily using an independent pricing service. Changes in contract value to those net assets attributable to the specific Hedged Share Class that are
are recorded daily as unrealised gains or losses until termination or maturity. not denominated in that specific Hedged share class currency. In this regard,
Net periodic receipts or payments required by swap contracts are accrued up to 100% of the non-Euro net asset value attributable to Class Ah (EUR),
daily as interest income or interest expense on swaps. up to 100% of the non-Norwegian Krone net asset value attributable to
T. ROWE PRICE 177


As at 30 June 2015
Class Ah (NOK) and up to 100% of the non-Swedish Krona net asset value consequences of its holdings and transactions in A shares. The Funds’ ability
attributable to Class Ah (SEK), as reasonably practicable, are hedged into to repatriate cash from investment activities associated with its A shares held
Euro, Norwegian Krone and Swedish Krona respectively, through the use through the QFII is subject to certain restrictions and administrative processes
of forward currency exchange contracts. Realised and unrealised currency involving the Chinese government; consequently the fund may experience
gains or losses are solely attributable to each Hedged Share Class and not substantial delays in gaining access to its assets or incur a loss of value in the
to any other class of the Global High Yield Bond Fund. As at 30 June 2015, event of noncompliance with governmental requirements. In November 2014
the unrealised gain (loss) on forward currency exchange contracts reflected the Chinese tax authorities issued guidance regarding the retroactive and
in the Statement of Net Assets includes contracts attributable to Hedged prospective application of a capital gain tax on gains realized by a QFII. The
Shares. Detail of forward currency exchange contracts is also disclosed in the guidance among other things clarified that the Chinese tax authorities would be
Schedule of Investments. collecting the tax on securities sold before a “temporary exemption” came into
effect on 17 November 2014 unless a treaty exemption applies. As uncertainty
US Aggregate Bond Fund – Class Ih Hedged Shares exists on whether treaty benefits would apply, an accrual for a tax liability on
Class Ih is intended to reduce a Shareholder’s currency exposure to those net gains realized prior to 17 November 2014 is reflected in the accompanying
assets attributable to the specific Hedged Share Class that are not denominated in financial statements.
that specific hedge open share class currency. As at 30 June 2015, the unrealised
The Funds may invest in certain Shanghai-listed securities (“Stock Connect
gain (loss) on forward currency exchange contracts reflected in the Statement of
Securities”) through The Shanghai-Hong Kong Stock Connect (“Stock Connect”),
Net Assets includes contracts attributable to Hedged Shares. Detail of forward
a joint securities trading and clearing program designed to permit mutual stock
currency exchange contracts is also disclosed in the Schedule of Investments.
market access between mainland China and Hong Kong.
Continental European Equity Fund – Class Qh Hedged d) TBA Purchase Commitments
Shares
Certain Funds may enter into to be announced (“TBA”) purchase commitments,
Class Qh is intended to reduce a Shareholder’s currency exposure to those net pursuant to which they agreed to purchase mortgage-backed securities for a
assets attributable to the specific Hedged Share Class that are not denominated in fixed unit price, with payment and delivery at a scheduled future date beyond
that specific hedge open share class currency. As at 30 June 2015, the unrealised the customary settlement period for such mortgage-backed securities. With
gain (loss) on forward currency exchange contracts reflected in the Statement of TBA transactions, the particular securities to be delivered are not identified
Net Assets includes contracts attributable to Hedged Shares. Detail of forward at the trade date; however, delivered securities must meet specified terms,
currency exchange contracts is also disclosed in the Schedule of Investments. including issuer, rate and mortgage term, and be within industry-accepted
US Smaller Companies Equity Fund – Class Ih Hedged “good delivery” standards. The Funds generally enter into TBA transactions
Shares with the intention of taking possession of the underlying mortgage securities.
Until settlement, the Funds maintain cash reserves and liquid assets sufficient
Class Ih is intended to reduce a Shareholder’s currency exposure to to settle its TBA commitments.
those net assets attributable to the specific Hedged Share Class that are
not denominated in that specific hedge open share class currency. As at e) Portfolio Turnover Ratios
Portfolio turnover ratios, as calculated under the method prescribed by the
contracts reflected in the Statement of Net Assets includes contracts
“Commission de Surveillance du Secteur Financier”, for the period ended
attributable to Hedged Shares. Detail of forward currency exchange contracts
30 June 2015, are as follows:
b) Participation Notes Portfolio

Fund Turnover Ratio
During the period ended 30 June 2015, the Frontier Markets Equity Fund Emerging Local Markets Bond Fund 139.23
and the Middle East & Africa Equity Fund were a party to participation notes,
through which a counterparty provides exposure to common stock, in the form Emerging Markets Bond Fund (1) 134.99
of an unsecured interest, in markets where direct investment by the Fund is not Emerging Markets Corporate Bond Fund (2) 193.86
possible. Participation notes provide the economic benefit of common stock Euro Corporate Bond Fund 115.95
ownership to the Fund, while legal ownership and voting rights are retained
European High Yield Bond Fund 59.67
by the counterparty. Although, participation notes are usually structured with
a defined maturity or termination date, early redemption may be possible. Global Aggregate Bond Fund 161.40
Risks associated with participation notes include the possible failure of the Global High Income Bond Fund (3) 14.36
counterparty to perform in accordance with the terms of the agreement,
Global High Yield Bond Fund 102.91
inability to transfer or liquidate the notes, potential delays or an inability to
redeem before maturity under certain market conditions, and limited legal Global Investment Grade Corporate Bond Fund (4) 27.00
recourse against the issuer of the underlying common stock. Global Unconstrained Bond Fund (5) 0.34
US Aggregate Bond Fund 491.52
c) China A-shares
Asian ex-Japan Equity Fund 77.11
During the period ended 30 June 2015, the Asian ex-Japan Equity Fund and
the Global Emerging Markets Equity Fund invested in certain Chinese equity Asian Opportunities Equity Fund 199.05
securities (A shares) that have limited availability to investors outside of China. The Continental European Equity Fund (6) 93.66
Funds gained access to the A-share market through T. Rowe Price Associates, Emerging Europe Equity Fund 122.01
Inc., which serves as the registered Qualified Foreign Institutional Investor (QFII)
Emerging Markets Equity Fund (7) 48.31
for all participating T. Rowe Price-sponsored products (each a participating
account). Investment decisions related to A shares held through the QFII are European Equity Fund 119.93
specific to each participating account, and each account bears the economic
178 T. ROWE PRICE


As at 30 June 2015
Portfolio Amount
Fund Turnover Ratio Fund Class Currency per Share Ex-date
European Smaller Companies Equity Fund 60.74 Emerging Markets Corporate Bond Fund (2)
European Structured Research Equity Fund 44.60 Sd USD 0.151822 24 March 2015
Frontier Markets Equity Fund 84.70 Sd USD 0.136780 22 June 2015
Global Focused Growth Equity Fund 259.84 Euro Corporate Bond Fund
Global Growth Equity Fund 201.80 Sd EUR 0.066295 24 March 2015
Global Natural Resources Equity Fund 142.74 Sd EUR 0.059016 22 June 2015
Global Real Estate Securities Fund 48.69 European High Yield Bond Fund
Global Technology Equity Fund (8) 0.97 Ad EUR 0.047337 21 January 2015
Global Value Equity Fund 199.64 Ad EUR 0.044367 20 February 2015
Japanese Equity Fund 77.23 Ad EUR 0.051233 24 March 2015
Latin American Equity Fund 254.84 Ad EUR 0.039716 21 April 2015
Middle East & Africa Equity Fund 203.39 Ad EUR 0.037159 21 May 2015
US Blue Chip Equity Fund 36.26 Ad EUR 0.040056 22 June 2015
US Large Cap Equity Fund 142.07 Adh USD 0.045615 21 January 2015
US Large Cap Growth Equity Fund 72.61 Adh USD 0.044266 20 February 2015
US Large Cap Value Equity Fund 17.09 Adh USD 0.050989 24 March 2015
US Smaller Companies Equity Fund 49.69 Adh USD 0.039328 21 April 2015
(1)
This fund was formerly named Global Emerging Markets Bond Fund. Adh USD 0.036870 21 May 2015
(2)
This fund was formerly named Global Emerging Markets Corporate Bond Fund. Adh USD 0.040662 22 June 2015
(3)
(4)
Sd EUR 0.175606 24 March 2015
(5)
This fund was launched on 10 June 2015. Sd EUR 0.147463 22 June 2015
(6)
This fund was formerly named European ex-UK Equity Fund. Global Aggregate Bond Fund
(7)
This fund was formerly named Global Emerging Markets Equity Fund. Id USD 0.023835 21 January 2015
(8)
Id USD 0.024461 20 February 2015
4. DIVIDENDS Id USD 0.022066 24 March 2015

Id USD 0.018398 21 April 2015
The Company intends to declare and distribute dividends representing
substantially all of the net investment income attributable to Distributing Id USD 0.019949 21 May 2015
Shares. Dividends in respect of these Shares will be declared in the currency Id USD 0.018584 22 June 2015
of denomination of the relevant Class and will be recorded on ex-date. Interim
Sd USD 0.072240 24 March 2015
dividends in respect of the Distributing Shares of any particular Fund may be
paid from the attributable net investment income and realised capital gains with Sd USD 0.060717 22 June 2015
a frequency and at such intervals as the Board of Directors may decide. Global High Income Bond Fund (3)
The following dividend payments were made during the period ended Qdh GBP 0.014665 22 June 2015
30 June 2015: Global High Yield Bond Fund
Amount Ad USD 0.186882 24 March 2015
Fund Class Currency per Share Ex-date
Ad USD 0.155000 22 June 2015
Emerging Local Markets Bond Fund
Jd USD 0.058292 21 January 2015
Sd USD 0.15914 24 March 2015
Jd USD 0.053571 20 February 2015
Sd USD 0.092006 22 June 2015
Jd USD 0.068137 24 March 2015
Emerging Markets Bond Fund (1)
Jd USD 0.048432 21 April 2015
Id USD 0.070191 21 January 2015
Jd USD 0.051500 21 May 2015
Id USD 0.048456 20 February 2015
Jd USD 0.053398 22 June 2015
Id USD 0.057078 24 March 2015
Sd USD 0.171758 24 March 2015
Id USD 0.043777 21 April 2015
Sd USD 0.145645 22 June 2015
Id USD 0.071068 21 May 2015
US Aggregate Bond Fund
Id USD 0.055979 22 June 2015
Jd USD 0.027390 21 January 2015
Sd USD 0.174299 24 March 2015
Jd USD 0.023129 20 February 2015
Sd USD 0.168663 22 June 2015
T. ROWE PRICE 179


As at 30 June 2015
Amount of securities issued in or by certain foreign countries are subject to capital

Fund Class Currency per Share Ex-date gains tax imposed by those countries. All taxes are computed in accordance
US Aggregate Bond Fund (continued)
with the applicable foreign tax law, and, to the extent permitted, capital losses
are used to offset capital gains. To the extent that tax rates vary based upon
Jd USD 0.025128 24 March 2015 holding period, each Fund accrues a deferred tax liability using the minimum
Jd USD 0.020191 21 April 2015 applicable tax rate.
Jd USD 0.022972 21 May 2015 Current and deferred tax expenses attributable to net capital gains are
Jd USD 0.023341 22 June 2015 reflected net of eligible refunds as a component of realised and/or change
Sd USD 0.067784 24 March 2015 in unrealised, respectively, gain (loss) from investments. For the period ended
30 June 2015, no tax amounts attributable to Indian capital gains are netted
Sd USD 0.060281 22 June 2015
with net realised and unrealised gain (loss) on investments in the Asian ex-
Asian ex-Japan Equity Fund Japan Equity Fund, Global Emerging Markets Equity Fund, Global Focused
Id USD 0.012746 24 March 2015 Growth Equity Fund and Global Growth Equity Fund, as presented in the
Statement of Operations and Changes in Net Assets. As at 30 June 2015,
Id USD 0.042573 22 June 2015
none of these Funds had a deferred tax liability related to Indian capital gain
taxes on unrealised gains, but had the following capital loss carry forwards
Ad USD 0.001922 22 June 2015 to offset future realised gains on Indian securities subject to Indian capital
Jd USD 0.019569 20 February 2015 gain taxes:
Jd USD 0.031739 21 May 2015 Asian ex-Japan Equity USD 14,262,339

(1)
Global Emerging Markets Equity Fund USD 4,753,431
(2)
Global Focused Growth Equity Fund USD 23,070,928
This fund was formerly named Global Emerging Markets Corporate Bond Fund. Global Growth Equity Fund USD 495,038
(3)
(4)
This fund was formerly named Global Emerging Markets Equity Fund. The capital loss carry forwards would be eligible to be set off against the realised
gains for a period of 8 years from the year when the loss was first incurred.
5. CUSTODIAN FEES
8. RELATED PARTY TRANSACTIONS
The Fund is subject to an annual custodian fee, based upon a reducing scale,
from 0.025% to 0.001% depending upon the value of the assets held in custody. a) Management Company Fee
This fee is calculated and accrued each business day and paid monthly in arrears.
The Funds are managed by T. Rowe Price (Luxembourg) Management S.à r.l.
(the “Management Company”). The Management Company is entitled to
6. ACCOUNTING AND SHAREHOLDER receive from the Company a Management Company Fee. The Management
SERVICING Company pays the Investment Manager out of the Management Company
Accounting and Shareholder Servicing in the Statement of Operations and Fee. This fee is payable monthly in arrears and calculated on the daily net
Changes in Net Assets include transfer agent fees, domiciliary fees and assets of each Fund at the following annual rates:
administration fee. Class Class Class
Fund A* I** Q***
The Fund is subject to an annual administration fee, based upon a reducing
scale, from 0.07% to 0.01% depending upon the value of the Fund’s net assets. Emerging Local Markets Bond Fund 1.25% 0.65% 0.65%
Each Sub-Fund is, however, subject to a minimum annual administration fee
Emerging Markets Bond Fund (1) 1.25% 0.65% 0.65%
of USD 40,000. This fee is calculated and accrued each business day and
paid monthly. Emerging Markets Corporate Bond Fund (2) 1.35% 0.70% 0.70%
7. TAXATION Euro Corporate Bond Fund 0.90% 0.40% 0.40%
Under current law and practice, the Company is not liable for any Luxembourg European High Yield Bond Fund 1.15% 0.60% 0.60%
income tax, nor are dividends paid by the Company subject to any Luxembourg
Global Aggregate Bond Fund 0.90% 0.45% 0.45%
withholding tax. Additionally, no Luxembourg tax is payable on the realised or
unrealised capital appreciation of the assets of the Company. Global High Income Bond Fund (3)
1.15% 0.60% 0.60%
a) Taxe d’Abonnement Global High Yield Bond Fund 1.15% 0.60% 0.60%
For the period ended 30 June 2015, the Fund was subject to a tax (“Taxe Global Investment Grade Corporate Bond Fund (4) 0.90% 0.40% 0.40%
d’Abonnement”) of 0.05% per annum in respect to Class A and Q Shares
(“Advisers Classes”) and 0.01 % per annum in respect to Class I, J, S and Global Unconstrained Bond Fund (5) 1.00% 0.50% 0.50%
Z Shares (“Institutional Classes”), as provided by the relevant Luxembourg
US Aggregate Bond Fund 0.90% 0.40% 0.40%
laws. The Taxe d’Abonnement is payable quarterly on the basis of the value
of the net assets of each class at the end of the relevant calendar quarter. Asian ex-Japan Equity Fund 1.90% 1.00% 1.00%
b) Provision for Foreign Taxes Asian Opportunities Equity Fund 1.90% 1.00% 1.00%
Each Fund is subject to foreign income taxes imposed by certain countries Continental European Equity Fund (6)
1.50% 0.65% 0.65%
in which it invests. Taxes attributable to income are accrued by each Fund
as a reduction of income. Capital gains realised by a Fund upon disposition
180 T. ROWE PRICE


As at 30 June 2015
Class Class Class Class S Shares

Fund A* I** Q*** The fees attributable to Class S Shares charged by the Investment Manager
for its services are borne by the Investment Manager. Class S Shares are only
Emerging Europe Equity Fund 1.90% 1.00% 1.00%
available to institutional investors having a professional services arrangement
1.90% 1.00% 1.00% with the Investment Manager. The Investment Manager may, for such time
as it considers appropriate, choose to reimburse the Class certain other
European Equity Fund 1.50% 0.65% 0.65% expenses in order to reduce the impact such expenses may have on the
performance of the Class.
European Smaller Companies Equity Fund 1.80% 0.95% 0.95%
While expense waivers are not contractual and are not guaranteed to continue
European Structured Research Equity Fund 1.20% 0.55% 0.55%
in the future, the following expense limits were applied to certain classes for
Frontier Markets Equity Fund 2.00% 1.10% 1.10% the period ended 30 June 2015:
Total Expense Expense
Global Focused Growth Equity Fund 1.60% 0.75% 0.75% Fund Class Ratio* Limit
Global Growth Equity Fund 1.60% 0.75% 0.75% Emerging Local Markets Bond Fund I 0.75 0.75
Global Natural Resources Equity Fund 1.60% 0.75% 0.75% Q (EUR) 0.82 0.82
Sd 0.10 0.10
Global Real Estate Securities Fund 1.60% 0.75% 0.75%
Emerging Markets Bond Fund (1) A 1.42 1.42
Global Technology Equity Fund (8) 1.75% 0.85% 0.85% I 0.75 0.75
Global Value Equity Fund 1.60% 0.75% 0.75% Id 0.75 0.75
Ih (GBP) 10 0.40 0.40
Japanese Equity Fund 1.60% 0.75% 0.75%
**
Latin American Equity Fund 1.90% 1.00% 1.00% Q (EUR) 0.82 0.82
Middle East & Africa Equity Fund 1.90% 1.00% 1.00% Sd 0.10 0.10
Emerging Markets Corporate Bond Fund (2) A 1.52 1.52
US Blue Chip Equity Fund 1.50% 0.65% 0.65%
I 0.80 0.80
US Large Cap Equity Fund 1.50% 0.65% 0.65% Q (EUR) 0.87 0.87
US Large Cap Growth Equity Fund 1.50% 0.65% 0.65% Sd 0.10 0.10
Euro Corporate Bond Fund A 1.07 1.07
US Large Cap Value Equity Fund 1.50% 0.65% 0.65%
I 0.50 0.50
US Smaller Companies Equity Fund 1.60% 0.95% 0.95%
Ih (USD) 0.50 0.50
(1)
This fund was formerly named Global Emerging Markets Bond Fund. Q 0.57 0.57
(2)
(3)
Sd 0.10 0.10
(4)
This fund was launched on 8 June 2015. Z - -
(5)
This fund was launched on 10 June 2015. European High Yield Bond Fund A 1.32 1.32
(6)
This fund was formerly named European ex-UK Equity Fund. Ad 1.32 1.32
(7)
(8) Adh (USD) 1.32 1.32
* Includes Ad, Adh(USD), A (EUR), Ah (EUR), Ah (NOK) and Ah (SEK) Shares I 0.70 0.70
** Includes Id, Ih (EUR), Ih (USD) and I (GBP) Shares. Q 0.77 0.77
*** Includes Q (EUR) and Q (GBP) Shares,
Sd 0.10 0.10
There is no Management Company Fee charged directly to the J, S and Z Share
Classes. Global Aggregate Bond Fund A 1.07 1.07
I 0.55 0.55
b) Expense Waivers Id 0.55 0.55
Class A and Q Shares Q (EUR) 0.62 0.62

Classes A and Q are available to all investors. In the case of any individual Qh (EUR) 0.61 0.62
Fund, the Investment Manager may, for such time as it considers appropriate,
Sd 0.10 0.10
choose to waive all or part of the fees which it is entitled to receive and/or
reimburse the Class certain other expenses in order to reduce the impact Sh (JPY) 0.10 0.10
such fees and expenses may have on the performance of the Class. Z - -
Class I Shares Global High Income Bond Fund (3) A ** 1.32 1.32
Class I Shares are available to Institutional Investors only and are subject I ** 0.70 0.70
both to the Management Company Fee and the operating & administrative Q ** 0.77 0.77
expenses attributable to them.
Qdh (GBP) ** 0.77 0.77
T. ROWE PRICE 181


As at 30 June 2015
Total Expense Expense Total Expense Expense

Fund Class Ratio* Limit Fund Class Ratio* Limit
Global High Yield Bond Fund A 1.24 1.32 European Equity Fund A 1.62 1.67
Ad 1.24 1.32 I 0.73 0.75
Ah (EUR) 1.24 1.32 Q 0.79 0.82
Ah (NOK) 1.24 1.32 S 10 0.10 0.10
Ah (SEK) 1.26 1.32 European Smaller Companies Equity Fund A 1.97 1.97
I 0.65 0.70 I 1.05 1.05
Ih (EUR) 0.61 0.67 Q 1.12 1.12
Jd 0.05 - Q (GBP) 1.12 1.12
Q 0.70 0.77 European Structured Research Equity Fund I 0.65 0.65
Sd 0.10 0.10 Frontier Markets Equity Fund A 2.17 2.17
Z - - I 1.20 1.20
Global Investment Grade Corporate Bond A ** 1.07 1.07 Q 1.27 1.27
Fund (4)
I ** 0.50 0.50 Q (GBP) 1.27 1.27
Q ** 0.57 0.57 Global Focused Growth Equity Fund A 1.77 1.77
Global Unconstrained Bond Fund (5)
A ** 1.17 1.17 I 0.85 0.85
Ah (EUR) ** 1.17 1.17 Q (EUR) 0.92 0.92
I ** 0.60 0.60 Q (GBP) 0.92 0.92
Ih (EUR) ** 0.60 0.60 Global Growth Equity Fund A 1.77 1.77
Ih (GBP) 10 0.60 0.60 I 0.81 0.85
**
I (GBP) 0.83 0.85
Q ** 0.67 0.67
Q (EUR) 0.92 0.92
Qh (GBP) ** 0.67 0.67
Q (GBP) 0.92 0.92
US Aggregate Bond Fund I 0.51*** 0.50***
S 0.07 0.10
Ih (EUR) 0.49 0.50
Global Natural Resources Equity Fund A 1.74 1.77
Jd 0.08 -
I 0.81 0.85
Sd 0.10 0.10
Q (EUR) 0.85 0.92
Asian ex-Japan Equity Fund A 2.02 2.07
Global Real Estate Securities Fund A 1.77 1.77
I 1.07 1.10
I 0.85 0.85
Id 1.10 1.10
Q (GBP) 0.92 0.92
I 10 0.84 -
Global Technology Equity Fund (8) A ** 1.92 1.92
Q 1.15 1.17
I ** 0.95 0.95
Q (GBP) 1.17 1.17
Q ** 1.02 1.02
Asian Opportunities Equity Fund A 2.07 2.07
Global Value Equity Fund A 1.77 1.77
I 1.10 1.10
I 0.85 0.85
Q 1.17 1.17
Q (EUR) 0.92 0.92
Q (GBP) 1.17 1.17
Japanese Equity Fund A 1.77 1.77
Continental European Equity Fund (6) I 0.75 0.75
I 0.85 0.85
Q (GBP) 0.82 0.82
Q 0.92 0.92
Qh (USD) ** 0.82 0.82
Latin American Equity Fund A 2.17*** 2.07***
Emerging Europe Equity Fund A 2.07 2.07
I 1.13*** 1.10***
I 1.10 1.10
Middle East & Africa Equity Fund A 2.20*** 2.07***
Emerging Markets Equity Fund (7) A 2.01 2.07
I 1.22*** 1.10***
Ad 2.07 2.07
Q (EUR) 1.27 1.27
I 1.06 1.10
I 10 0.74 -
Jd 0.14 -
Q 1.15 1.17
Q (GBP) 1.17 1.17
182 T. ROWE PRICE


As at 30 June 2015
Total Expense Expense party may invest for the purpose of exercising management or control over
Fund Class Ratio* Limit any Fund or the Company. As at 30 June 2015, the following Funds had a
US Blue Chip Equity Fund A 1.62 1.67
percentage of their net assets expressed in U.S Dollars held by the Investment
Manager or its affiliates.
I ** 0.75 0.75
J 0.08 - Fund Name Percentage
Q 0.79 0.82 Emerging Local Markets Bond Fund 99%
Q (EUR) 0.81 0.82 Emerging Markets Bond Fund (1) 5%
Q (GBP) 0.82 0.82 Emerging Markets Corporate Bond Fund (2) 95%
US Large Cap Equity Fund A 1.67 1.67 Euro Corporate Bond Fund 98%
I 0.75 0.75 European High Yield Bond Fund 70%
Q (GBP) 0.82 0.82 Global Aggregate Bond Fund 42%
US Large Cap Growth Equity Fund A 1.59 1.67 Asian Opportunities Equity Fund 100%
I 0.70 0.75 Continental European Equity Fund (3) 42%
J 0.06 - Emerging Europe Equity Fund 100%
Q 0.76 0.82 European Equity Fund 9%
Q (GBP) 0.82 0.82 European Smaller Companies Equity Fund 88%
US Large Cap Value Equity Fund A 1.61 1.67 European Structured Research Equity Fund 100%
I 0.70 0.75 Frontier Markets Equity Fund 94%
J 0.06 - Global Real Estate Securities Fund 90%
Q 0.76 0.82 Global Value Equity Fund 93%
Q (GBP) 0.82 0.82 Japanese Equity Fund 98%
US Smaller Companies Equity Fund A 1.70 1.77 Latin American Equity Fund 79%
A (EUR) 1.77 1.77 Middle East & Africa Equity Fund 44%
I 0.99 1.05 US Large Cap Equity Fund 89%

(1)
Ih (EUR) 1.05 1.05 This fund was formerly named Global Emerging Markets Bond Fund.
(2)
Q 1.07 1.12 This fund was formerly named Global Emerging Markets Corporate Bond Fund.
(6)
Q (GBP) 1.12 1.12
(1)
This fund was formerly named Global Emerging Markets Bond Fund. Affiliated Investments
(2)
(3)
This fund was launched on 4 June 2015. Global High Yield Bond Fund 3%
(4)
This fund was launched on 8 June 2015. US Aggregate Bond Fund 36%
(5)
(6)
US Blue Chip Equity Fund 8%
(7)
This fund was formerly named Global Emerging Markets Equity Fund. US Large Cap Growth Equity Fund 3%
(8)
This fund was launched on 15 June 2015. US Large Cap Value Equity Fund 8%
* The Total Expense Ratio expresses the total fees and expenses borne by a
particular Class, net of any expenses waived, during the preceding 12 months ended
30 June 2015 as a percentage of the average net assets of that Class.
** Class incepted during the period ended 30 June 2015; the Total Expense Ratio
indicated is an annualised figure.
***The Expense Limits have changed during the period for these share classes
and thus the Total Expense Ratio is presented taking into account the applicable
Expense Limits over the period. Expense Limit disclosed is the one applicable as at
30 June 2015.
c) Shareholder Transactions
The Investment Manager or its affiliates may invest in a new Fund for the
purpose of providing seed capital (“Direct Investment”), with the intent of
remaining invested until the Fund has substantial net assets. Additionally,
other Funds and accounts managed by the Investment Manager or its
affiliates may invest in the Funds (“Affiliated Accounts”). However, no affiliated
T. ROWE PRICE 183


As at 30 June 2015
9. PERFORMANCE SUMMARY
SICAV SICAV SICAV
From 30/06/2014 From 30/06/2013 From 30/06/2012
Fund Class to 30/06/2015 to 30/06/2014 to 30/06/2013
Emerging Local Markets Bond Fund I (15.42)% 4.38% 1.28%
Q (EUR) 0.60% N/A N/A
Sd (15.68)% N/A N/A
Emerging Markets Bond Fund (1) A (4.49)% 9.18% 2.78%
I (3.85)% 9.90% 3.49%
Id (3.89)% 9.94% 3.50%
Ih (GBP) 10 (1.90)%* N/A N/A
Q (EUR) 11.60% N/A N/A
Sd (3.20)% N/A N/A
Emerging Markets Corporate Bond Fund (2) A (0.76)% 9.40% 5.54%
I 0.00% 10.26% 6.17%
Q (EUR) 14.50% N/A N/A
Sd 0.66% 4.38% N/A
Euro Corporate Bond Fund A 1.03% 8.30% 7.83%
I 1.60% 8.94% 8.39%
Ih (USD) 1.74% 8.89% N/A
Q 1.54% 3.90% N/A
Sd 2.06% 3.93% N/A
Z 2.15% 9.45% 9.02%
European High Yield Bond Fund A 2.35% 17.30% 13.77%
Ad 3.49% N/A N/A
Adh (USD) 2.76% N/A N/A
I 2.96% 18.04% 14.51%
Q 2.84% 5.80% N/A
Sd 3.54% 5.71% N/A
Global Aggregate Bond Fund A (6.64)% 6.92% (1.69)%
I (6.12)% 7.47% (1.23)%
Id (6.14)% 7.45% (1.19)%
Q (EUR) 8.70% N/A N/A
Qh (EUR) 0.70% N/A N/A
Sd (5.67)% N/A N/A
Sh (JPY) 3.95% 5.67% N/A
Z (5.61)% 8.07% (0.61)%
Global High Income Bond Fund (3) A (0.90)%* N/A N/A
I (0.90)%* N/A N/A
Q (0.90)%* N/A N/A
Qdh (GBP) (0.25)%* N/A N/A
Global High Yield Bond Fund A (0.89)% 11.43% 9.13%
Ad (0.87)% 11.40% 9.15%
Ah (EUR) (1.05)% 11.37% 8.64%
Ah (NOK) 0.19% 12.74% 10.35%
Ah (SEK) (0.82)% 12.02% 9.69%
I (0.29)% 12.08% 9.79%
Ih (EUR) (0.60)% N/A N/A
Jd 0.36% 12.85% 10.50%
Q (0.36)% 6.33% 0.50%
Sd 0.16% 2.05% N/A
Z 0.36% 12.84% 10.52%
Global Investment Grade Corporate Bond Fund (4) A (0.60)%* N/A N/A
I (0.60)%* N/A N/A
Q (0.60)%* N/A N/A
Global Unconstrained Bond Fund (5) A (0.50)%* N/A N/A
Ah (EUR) (0.60)%* N/A N/A
I (0.50)%* N/A N/A
Ih (EUR) (0.50)%* N/A N/A
Ih (GBP) 10 (0.50)%* N/A N/A
Q (0.50)%* N/A N/A
Qh (GBP) (0.50)%* N/A N/A
US Aggregate Bond Fund I 1.36% 4.84% (0.47)%
Ih (EUR) 1.06% 5.02% (0.74)%
Jd 1.78% 5.60% 0.17%
Sd 1.67% N/A N/A
184 T. ROWE PRICE


As at 30 June 2015
SICAV SICAV SICAV

From 30/06/2014 From 30/06/2013 From 30/06/2012
Asian ex-Japan Equity Fund A 0.81% 14.00% 5.44%
I 1.73% 15.14% 6.43%
Id 1.75% N/A N/A
I 10 5.70% N/A N/A
Q 1.68% 9.50% (6.70)%
Q (GBP) 10.02% 4.80% N/A
S N/A N/A 7.53%
Asian Opportunities Equity Fund A 8.91% 3.30% N/A
I 10.06% 3.40% N/A
Q 9.96% 3.40% N/A
Q (GBP) 19.06% 2.30% N/A
Continental European Equity Fund (6) I 17.04% 27.21% 23.33%
Q (GBP) 3.77% 0.44% (3.80)%
Qh (USD) (2.80)%* N/A N/A
Emerging Europe Equity Fund A (14.71)% (2.29)% 6.74%
I (13.90)% (1.25)% 7.79%
Emerging Markets Equity Fund (7) A (3.32)% 12.71% 3.30%
Ad (3.45)% 12.72% 3.26%
I (2.44)% 13.80% 4.30%
I 10 4.90% N/A N/A
Jd (1.44)% 15.00% 5.32%
Q (2.56)% 7.44% (10.40)%
Q (GBP) 5.49% N/A N/A
European Equity Fund A 18.62% 22.88% 20.91%
I 19.68% 24.00% 21.91%
Q 19.49% N/A N/A
S 10 25.60% N/A N/A
European Smaller Companies Equity Fund A 17.10% 26.39% 21.29%
I 18.19% 27.60% 22.43%
Q 18.05% 5.99% N/A
Q (GBP) 4.86% 2.90% N/A
European Structured Research Equity Fund I 14.39% 20.69% 14.23%
Frontier Markets Equity Fund A (4.73)% (0.60)% N/A
I 10.06% (0.60)% N/A
Q 9.96% (0.60)% N/A
Q (GBP) 19.06% (0.90)% N/A
Global Focused Growth Equity Fund A 6.00% 29.42% 17.11%
I 6.99% 30.64% 18.15%
Q (EUR) 24.20% N/A N/A
Q (GBP) 15.74% 4.80% N/A
Global Growth Equity Fund A 4.90% 23.79% 15.28%
I 5.89% 24.95% 16.32%
I (GBP) 14.58% 11.44% 19.89%
Q (EUR) 22.60% N/A N/A
Q (GBP) 14.50% N/A N/A
S 6.69% 25.88% 17.16%
Global Natural Resources Equity Fund A (23.27)% 29.46% 9.87%
I (22.55)% 30.94% 10.91%
Q (EUR) (5.51)% 15.10% (0.50)%
Global Real Estate Securities Fund A 0.54% 12.37% 10.32%
I 1.44% 13.43% 11.31%
Q (GBP) 9.75% 9.70% N/A
Global Technology Equity Fund (8) A (1.10)%* N/A N/A
I (1.10)%* N/A N/A
Q (1.10)%* N/A N/A
Global Value Equity Fund A 2.28% 28.43% N/A
I 3.20% 29.60% N/A
Q (EUR) 22.80% N/A N/A
Japanese Equity Fund A 28.36% 4.89% 20.42%
I 29.58% 5.91% 21.53%
Q 30.80% N/A N/A
Latin American Equity Fund A (22.27)% 6.12% (5.09)%
I (21.44)% 7.47% (3.95)%
T. ROWE PRICE 185


As at 30 June 2015
SICAV SICAV SICAV

From 30/06/2014 From 30/06/2013 From 30/06/2012
Middle East & Africa Equity Fund A 1.75% 26.78% 20.50%
I 2.84% 28.24% 21.74%
Q (EUR) 10.20% N/A N/A
US Blue Chip Equity Fund A 12.08% 27.84% 18.84%
I (0.50)%* N/A N/A
J 13.81% 30.00% 20.79%
Q 13.00% 3.09% (1.30)%
Q (EUR) 18.10% N/A N/A
Q (GBP) 22.24% 1.60% N/A
US Large Cap Equity Fund A 8.67% 22.50% 21.21%
I 9.70% 23.60% 22.30%
Q (GBP) 18.67% 5.50% N/A
US Large Cap Growth Equity Fund A 9.87% 30.11% 19.80%
I 10.88% 31.26% 20.88%
J 11.58% 32.17% 21.70%
Q 10.84% 3.32% 9.40%
Q (GBP) 19.82% 0.40% N/A
US Large Cap Value Equity Fund A 1.87% 22.84% 27.65%
I 2.80% 23.90% 28.89%
J 3.53% 24.76% 29.73%
Q 2.74% 7.90% 9.83%
Q (GBP) 11.13% 7.80% N/A
US Smaller Companies Equity Fund A 7.28% 24.46% 25.48%
A (EUR) 30.84% 5.31% (2.40)%
I 8.06% 25.31% 26.34%
Ih (EUR) 7.84% 3.30% N/A
Q 7.90% 4.90% 1.00%
Q (GBP) 16.76% 1.79% 17.60%
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
* Returns for the T. Rowe Price Funds SICAV are presented for the period since inception for those classes with operations less than six month.
10. SWING PRICING 11. TRANSACTION COSTS

Where the Board is of the view that the level of subscriptions, conversions or The transaction costs are costs incurred by the funds in connection with
redemptions in a particular Fund will require significant purchases of assets, transactions on securities and derivatives instruments. They consist of
or sales of assets in order to provide the required liquidity, the Board may commissions and taxes relating to these transactions.
decide, in the best interests of Shareholders, to adjust the Net Asset Value of
For the period ended 30 June 2015, the amounts are as follows:
such Fund to account for the estimated dealing spreads, costs and charges
incurred in purchasing or liquidating investments and thus more closely Total
reflect the actual prices of the underlying transactions. The adjustment shall Transaction
not exceed 2 per cent of the Net Asset Value of the relevant Fund on the Fund Name Currency Costs
relevant Valuation Day. Under normal market circumstances, the Swing Emerging Local Markets Bond Fund USD 6
Factor shall not exceed 2% of the Net Asset Value of the relevant Fund on the Emerging Markets Bond Fund (1) USD -
relevant Dealing Day.
Emerging Markets Corporate Bond Fund (2) USD -
The official Net Asset Value per Share as at period-end, disclosed in the Euro Corporate Bond Fund EUR -
Statement of Share and Net Assets Statistics may therefore include a Swing
pricing adjustment, which would not be recognized in the Statement of Net European High Yield Bond Fund EUR 5,269
Assets and the Statement of Operations and Changes in Net Assets. As at Global Aggregate Bond Fund USD -
30 June 2015, the net asset value of the European High Yield Bond Fund was Global High Income Bond Fund (3) USD 11
adjusted because of a large redemption exceeding the threshold.
186 T. ROWE PRICE


As at 30 June 2015
Total costs incurred on the issue and redemption of Fund shares. For performance
Transaction calculation purposes, securities are valued using prices as of the close of
Fund Name Currency Costs each primary market on 30 June 2015.
Global High Yield Bond Fund USD 33,164 Please note that Management Company fees and administration agent fees
Global Investment Grade Corporate Bond Fund (4) USD - attributable to Class J Shares, Management Company fees to the Class S
Global Unconstrained Bond Fund (5) USD - Shares and Management Company fees to Class Z Shares are not charged
directly to the Share Classes. Therefore, performance of those Shares is
US Aggregate Bond Fund USD -
shown gross of such charges. Investors should understand that returns
Asian ex-Japan Equity Fund USD 1,445,326 would be reduced by such charges if they were. Class J, S and Z Shares
Asian Opportunities Equity Fund USD 2,942 are available for an initial purchase of 10 million, 10 million and 25 million in
base currency, respectively, and are only available to institutional investors
Continental European Equity Fund (6) EUR 116,417
having a professional services arrangement with the Investment Manager. For
Emerging Europe Equity Fund EUR 7,839 availability of other Classes of Shares and their respective fees and expenses,
USD 1,282,961 please refer to the Prospectus or contact the Funds’ Distributor.
European Equity Fund EUR 740,553
European Smaller Companies Equity Fund EUR 44,169
European Structured Research Equity Fund EUR 3,042
Frontier Markets Equity Fund USD 16,329
Global Focused Growth Equity Fund USD 135,911
Global Growth Equity Fund USD 720,982
Global Natural Resources Equity Fund USD 205,733
Global Real Estate Securities Fund USD 16,277
Global Technology Equity Fund (8)
USD 1,445
Global Value Equity Fund USD 3,103
Japanese Equity Fund EUR 832
Latin American Equity Fund USD 4,646
Middle East & Africa Equity Fund USD 26,864
US Blue Chip Equity Fund USD 31,491
US Large Cap Equity Fund USD 720
US Large Cap Growth Equity Fund USD 235,588
US Large Cap Value Equity Fund USD 92,882
US Smaller Companies Equity Fund USD 238,448
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
There are no brokerage fees charged separately for transactions on fixed

income instruments and derivatives (except for futures). The transaction costs
are included in the transaction price, which is known as “marked up”. For this
reason there is currently no data available to disclose for Emerging Markets
Bond Fund, Emerging Markets Corporate Bond Fund, Euro Corporate Bond
Fund, Global Aggregate Bond Fund, Global Investment Grade Corporate
Bond Fund, Global Unconstrained Bond Fund and US Aggregate Bond Fund.
PERFORMANCE DISCLOSURE
Past performance is not indicative of current or future performance.
Investment in the Shares of the Funds is subject to risks, including possible
loss of principal amount invested. Performance data provided for the
Funds is based on the base currency of denomination of the relevant Fund
shares (unless otherwise noted) and include changes in principal value and
reinvested dividends but does not take into account any commissions and
T. ROWE PRICE 187

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
commitment approach or the (absolute or relative) VaR approach according to the CSSF Circular 11/512. The commitment approach is used by all of the equity
funds. The funds in the table hereafter use the VaR approach.
Var Ratio Data

Global Level of
Exposure Leverage %
Funds Code Methodology (Av) Lowest Highest Average Reference Portfolio
Emerging Local Markets Bond LUXELCMB Relative VaR 78% 1.02 1.08 1.05 JP Morgan GBI-EM Global Diversified Returns Index
Fund
Emerging Markets Bond Fund (1) LUXEMB Relative VaR 29% 0.89 1.14 1.01 JP Morgan Emerging Markets Global Diversified Bond Index
Emerging Markets Corporate SICEMCORP Relative VaR 4% 1.15 1.41 1.30 JP Morgan CEMBI Broad Diversified Index
Bond Fund (2)
Euro Corporate Bond Fund LUXECMB Relative VaR 8% 1.01 1.44 1.17 Barclays Capital Euro-Aggregate: Corporate Returns Index
European High Yield Bond Fund LUXEHYB Relative VaR 42% 1.10 1.52 1.28 BofA Merrill Lynch European Currency High Yield Constrained
Index ex. Sub-Financials
Global Aggregate Bond Fund LUXGAB Relative VaR 83% 0.93 1.07 0.98 Barclays Capital Global Aggregate Returns Index
Global High Yield Bond Fund SICHYCMB Relative VaR 69% 0.89 1.06 0.98 JP Morgan Global High Yield Index
U.S. Aggregate Bond Fund USAGG Relative VaR 37% 0.89 1.03 0.95 Barclays Capital US Aggregate Index
(1)
(2)
188 T. ROWE PRICE

Further Information
STATEMENT OF CHANGES IN PORTFOLIO in Iceland and Singapore. In addition, a selection of sub-funds has been
approved for distribution in Taiwan and Peru (Pension funds only).
A statement giving the changes in the portfolio of investments for the period
ended 30 June 2015 can be obtained free of charge from the registered Copies of the Company’s latest Prospectus, Key Investor Information
office of the Company. Additional information regarding the portfolio of each Document, Application Form, Articles of Incorporation and the latest
Fund may be requested from the registered office of the Company. annual and (where applicable) semi-annual reports may be obtained free of
charge from the offices of the Administrator or the Distributor. Furthermore,
SOFT COMMISSION the Company’s latest Prospectus, Key Investor Information Document,
Application Form, Articles of Incorporation and the latest annual and (where
The Investment Manager and its delegates currently use full service broker- applicable) semi-annual reports may be downloaded from the Distributor’s
dealers that provide bundled proprietary research and have also entered website at www.troweprice.com, where the daily issue and redemption prices
into commission sharing arrangements on a limited basis for the purchase are also published.
of independent, third-party vendor research all subject to best execution
obligations. Lower commissions may be available from other brokers that do Pursuant to Directive 2009/65/EC of the European Council and of
not provide research. In addition, the Investment Manager and its delegates the Parliament, Commission Regulation No 583/2010 and associated
pay directly for other services such as market data services. implementing legislation, the simplified prospectus produced in respect
of the SICAV has been replaced with Key Investor Information Documents
GENERAL INFORMATION (“KIID”) prior to 1 July 2012.
The Company’s articles of incorporation (“Articles of Incorporation”) may KIID is available in the same languages as the prospectus and is available to
be amended from time to time by a meeting of Shareholders, subject to the the investors at www.trpfundsicavkiid.com.
quorum and majority requirements as provided for by Luxembourg law. Any
Additional Information for Investors in the Federal Republic of Germany:
amendment thereto shall be published in the Mémorial, in a Luxembourg
daily newspaper and, if necessary, in the official publications specified for the J.P. Morgan AG, Junghofstrasse 14, 60311 Frankfurt am Main, has undertaken
respective countries in which Company shares are sold. Such amendments the function of Paying and Information Agent for the Company in the Federal
become legally binding on all Shareholders, following their approval by the Republic of Germany (the “German Paying and Information Agent”).
General Meeting of Shareholders.
Applications for the redemptions and conversion of shares may be sent to the
Any amendments affecting the rights of the holders of shares of any Class vis- German Paying and Information Agent. All payments to investors, including
à-vis those of any other Class shall be subject further to the said quorum and redemption proceeds and potential distributions, may, upon request, be paid
majority requirements in respect of each relevant Class. through the German Paying and Information Agent.
The Company is a single legal entity. However, each Fund is regarded as The prospectus, the Key Investor Information Documents, the Articles of
being separate from the others and is liable for all of its own obligations, Association of the Company and the annual and semi-annual reports may
unless other terms have been specifically agreed with its creditors. be obtained free of charge in hardcopy form at the office of the German
Paying and Information Agent during normal opening hours. The statement of
The Annual General Meeting of Shareholders of the Company will be held in
changes in the composition of the investment portfolio is also free of charge
Luxembourg at 11:30 a.m. on the last Friday of April in each year (or if such
upon request at the office of the German Paying and Information Agent
day is not a bank business day in Luxembourg, on the next following bank
available.
business day in Luxembourg).
Issue, redemption, and conversion prices of the shares and any other
Notices of all Annual General Meetings are sent by mail to all registered
information to the shareholders, are also available free of charge from the
Shareholders at their registered address at least eight days prior to each such
German Paying and Information Agent.
meeting, and notices of all extraordinary general meetings at least 21 days
prior to each such meeting. Such notice will indicate the time and place Notices to Shareholders will be communicated by mail. The subscription,
of such meeting and the conditions of admission thereto, will contain the conversion and redemption prices together with the interim profit and total
agenda and will refer to the requirements of Luxembourg law with regard to value profit, which are calculated for the holders of the foreign investment
the necessary quorum and majorities at such meeting. To the extent required shares after 31 December 1993, are published on every day the stock
by Luxembourg law, further notices will be published in the Mémorial and in exchange is open on the website “www.fundinfo.com”.
one Luxembourg newspaper.
Swiss investors may obtain copies of the Prospectus, Key Investor Information
The annual report, containing the audited combined financial accounts of the Document, Application Form, Articles of Incorporation and the latest annual
Company expressed in US dollars and of each Fund expressed in the relevant and semi-annual reports of the Funds, as well as the list of the purchases
currency of denomination, with respect to the preceding financial year will and sales which the Funds have undertaken during the financial year, free of
be made available at troweprice.com and at the registered office within four charge from the Office of the Swiss Representative:
months of the end of the financial year.
First Independent Fund Services Ltd
Unaudited semi-annual reports will also be sent, on demand, to Shareholders Klausstrasse 33
whose names appear in the register and will be made available at the CH-8008 Zürich
Company’s registered office within two months of the end of the year to which Switzerland
they relate.
Issue and redemption prices of the Shares will appear daily on the website
The Company has regulatory approvals to market itself to both retail and www.fundinfo.com.
institutional clients in thirteen countries. These are Austria, France, Estonia,
Denmark, Finland, Germany, Italy, Ireland, Latvia, Lithuania, Luxembourg,
The Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the UK.
The Company has also been granted limited, institutional-only registrations
T. ROWE PRICE 189

PRISMA 15/1442 TRP SAR ENG 0615

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T.

Rowe Price Funds SICAV

Unaudited Semi-Annual Report

Management and Administration

REGISTERED OFFICE BOARD OF MANAGERS

Management and Administration continued

DOMICILIARY, ADMINISTRATION, REGISTRAR, PAYING AGENT IN SWEDEN

Emerging Local Markets Bond Fund

market securities, with total investment in these 131,066 1.10

Emerging Local Markets Bond Fund continued

Quantity/ Market Quantity/ Market

Emerging Local Markets Bond Fund continued

Quantity/ Market Quantity/ Market

Emerging Local Markets Bond Fund continued

Unrealised Financial Futures Contracts

Emerging Local Markets Bond Fund continued

Cash 537,461 4.49

Geographic Allocation of Portfolio

The accompanying notes are an integral part of these financial statements.

Emerging Markets Bond Fund (1)

Europe, Africa and the Middle East or conduct most of 02/06/2017

Emerging Markets Bond Fund (1) continued

Quantity/ Market Quantity/ Market

Emerging Markets Bond Fund (1) continued

Quantity/ Market Quantity/ Market

Emerging Markets Bond Fund (1) continued

Quantity/ Market Quantity/ Market

Emerging Markets Bond Fund (1) continued

Quantity/ Market Quantity/ Market

Emerging Markets Bond Fund (1) continued

Unrealised Geographic Allocation of Portfolio

EUR 847,000 USD 962,070 21/08/2015 (12,843) (0.01) Brazil 9.53

Emerging Markets Corporate Bond Fund (2)

Emerging Markets Corporate Bond Fund (2) continued

Quantity/ Market Quantity/ Market

Emerging Markets Corporate Bond Fund (2) continued

Quantity/ Market Forward Currency Exchange Contracts

Euro Corporate Bond Fund

Euro Corporate Bond Fund continued

Quantity/ Market Quantity/ Market

Euro Corporate Bond Fund continued

Quantity/ Market Quantity/ Market

Euro Corporate Bond Fund continued

Quantity/ Market Quantity/ Market

Euro Corporate Bond Fund continued

Swaption Contracts % of Net Assets

Credit Default Swap Contracts

Cash 2,174,639 2.19

Geographic Allocation of Portfolio

European High Yield Bond Fund

The fund’s objective is to maximise the value of its Quantity/ Market

European High Yield Bond Fund continued

Quantity/ Market Quantity/ Market

European High Yield Bond Fund continued

Quantity/ Market Quantity/ Market

European High Yield Bond Fund continued

Forward Currency Exchange Contracts % of Net Assets

Credit Default Swap Contracts

Cash 6,020,353 4.51

Geographic Allocation of Portfolio

Global Aggregate Bond Fund

Global Aggregate Bond Fund continued