T. Rowe Price Emerg Mkts Lcl Ccy Bd (T. Rowe Price Emerging Markets ) fond

Under normal conditions, at least 80% of the fund’s net assets (plus any borrowings for investment purposes) are invested in bonds that are denominated in emerging markets currencies, and in derivative instruments that provide investment exposure to such securities. The fund may use a variety of derivatives, such as futures, forwards, options, and swaps for a number of purposes, such as for hedging risk or managing certain exposure. The fund is non-diversified.