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INTERIM LONG REPORT & UNAUDITED FINANCIAL STATEMENTS
For the period from 1 January 2026 to 30 June 2026
T. Rowe Price Funds OEIC
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T. Rowe Price Funds OEIC - Interim Long Report & Unaudited Financial Statements - For the period from 1 January 2026 to 30 June 2026
T. Rowe Price 1
CONTENTS
2 Authorised Corporate Director’s Report
5 T. Rowe Price Funds OEIC China Evolution Equity Fund
13 T. Rowe Price Funds OEIC Emerging Markets Discovery Equity Fund
20 T. Rowe Price Funds OEIC Global Dividend Equity Fund
28 T. Rowe Price Funds OEIC Global Focused Growth Equity Fund
36 T. Rowe Price Funds OEIC Global High Yield Opportunities Bond Fund
46 T. Rowe Price Funds OEIC Global Impact Credit Fund
57 T. Rowe Price Funds OEIC Global Impact Equity Fund
64 T. Rowe Price Funds OEIC Global Select Equity Fund
71 T. Rowe Price Funds OEIC Global Technology Equity Fund
78 T. Rowe Price Funds OEIC Global Value Equity Fund
86 T. Rowe Price Funds OEIC Japanese Equity Fund
94 T. Rowe Price Funds OEIC US All-Cap Opportunities Equity Fund
102 T. Rowe Price Funds OEIC US Equity Fund
110 T. Rowe Price Funds OEIC US Large Cap Growth Equity Fund
118 T. Rowe Price Funds OEIC US Large Cap Value Equity Fund
126 T. Rowe Price Funds OEIC US Smaller Companies Equity Fund
136 T. Rowe Price Funds OEIC US Structured Research Equity Fund
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T. Rowe Price Funds OEIC - Interim Long Report & Unaudited Financial Statements - For the period from 1 January 2026 to 30 June 2026
2 T. Rowe Price
Authorised Corporate Director’s Report
T. Rowe Price UK Limited, the Authorised Corporate Director (the “ACD”) of T. Rowe Price Funds OEIC (the “OEIC” or “the Company”), presents its Interim Long Report and unaudited Financial Statements for the period from 1 January 2026 to 30 June 2026.
For each sub-fund of the OEIC the unaudited financial statements and the investment report are presented in their individual sections of this report which are detailed on the contents page. All infor mation contained in the reports is at valuation date as of 30 June 2026.
THE COMPANY
The OEIC is an open-ended investment company with variable share capital incorporated with limited liability and registered in England and Wales under number IC 001068 and authorised by the Financial Conduct Authority (the “FCA”) pursuant to Regulation 14 of the Open-Ended Investment Companies Regulations 2001 (the “OEIC Regulations”) on 30 August 2016.
The OEIC has been established as an Undertaking for Collective Investment in Transferable Securities in accordance with sections 236A and 237 of the FSMA (“UK UCITS”) and is structured as an “umbrella company” under the OEIC Regulations, meaning that different funds may be established from time to time by the ACD with the agreement of the depositary and approval of the FCA.
The objective of the Company is to invest the scheme property in transferable securities, money market instruments, derivative instruments and forward transactions, deposits and units of collective investment schemes in accordance with the COLL Sourcebook with the aim of spreading investment risk and giving its shareholders the benefit of the results of the management of that property.
The Company has an umbrella structure and currently has seventeen sub-funds, each with a different investment objective.
The sub-funds are segregated portfolios of assets and, accordingly, the assets of a sub-fund belong exclusively to that sub-fund and shall not be used to discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the OEIC, or any other sub fund, and shall not be available for any such purpose.
Shareholders are not liable for the debts of the OEIC.
Shareholders are not liable to make any further payment to the OEIC after they have paid the purchase price of the shares.
DEVELOPMENTS SINCE INCORPORATION
26 September 2016 T. Rowe Price Funds OEIC Continental European Equity Fund Sub-fund launched
31 October 2016 T. Rowe Price Funds OEIC US Equity Fund** Sub-fund launched
12 December 2016 T. Rowe Price Funds OEIC Dynamic Global Bond Fund Sub-fund launched
13 March 2017 T. Rowe Price Funds OEIC Japanese Equity Fund Sub-fund launched
13 March 2017 T. Rowe Price Funds OEIC US Large Cap Value Equity Fund Sub-fund launched
13 March 2017 T. Rowe Price Funds OEIC US Smaller Companies Equity Fund Sub-fund launched
27 March 2017 T. Rowe Price Funds OEIC Global Natural Resources Equity Fund Sub-fund launched
27 March 2017 T. Rowe Price Funds OEIC Global Technology Equity Fund Sub-fund launched
30 May 2017 T. Rowe Price Funds OEIC Global Focused Growth Equity Fund Sub-fund launched
16 October 2017 T. Rowe Price Funds OEIC Asian Opportunities Equity Fund Sub-fund launched
29 May 2018 T. Rowe Price Funds OEIC US Large Cap Growth Equity Fund Sub-fund launched
25 June 2019 T. Rowe Price Funds OEIC Emerging Markets Discovery Equity Fund Sub-fund launched
15 January 2021 T. Rowe Price Funds OEIC Responsible UK Equity Fund Sub-fund launched
10 December 2021 T. Rowe Price Funds OEIC China Evolution Equity Fund** Sub-fund launched
10 December 2021 T. Rowe Price Funds OEIC Global Impact Equity Fund* Sub-fund launched
14 December 2021 T. Rowe Price Funds OEIC Global Impact Credit Fund Sub-fund launched
7 June 2022 T. Rowe Price Funds OEIC US All-Cap Opportunities Equity Fund Sub-fund launched
10 June 2022 T. Rowe Price Funds OEIC Global Select Equity Fund Sub-fund launched
10 June 2022 T. Rowe Price Funds OEIC Global Value Equity Fund Sub-fund launched
18 October 2022 T. Rowe Price Funds OEIC Future of Finance Equity Fund Sub-fund launched
27 October 2022 T. Rowe Price Funds OEIC Global High Yield Opportunities Bond Fund* Sub-fund launched
6 October 2023 T. Rowe Price Funds OEIC Responsible UK Equity Fund Sub-fund closed
10 October 2024 T. Rowe Price Funds OEIC US Structured Research Equity Fund Sub-fund launched
19 November 2024 T. Rowe Price Funds OEIC Global Natural Resources Equity Fund Sub-fund closed
19 November 2024 T. Rowe Price Funds OEIC Continental European Equity Fund Sub-fund closed
19 November 2024 T. Rowe Price Funds OEIC Future of Finance Equity Fund Sub-fund closed
19 June 2025 T. Rowe Price Funds OEIC Dynamic Global Bond Fund Sub-fund closed
25 September 2025 T. Rowe Price Funds OEIC Global Dividend Equity Fund Sub-fund launched
29 June 2026 T. Rowe Price Funds OEIC Asian Opportunities Equity Fund Sub-fund closed
* The sub-funds are expected to be terminated in August 2026. ** The sub-funds are expected to be terminated in September 2026.
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T. Rowe Price 3
Authorised Corporate Director’s Report continued
CHANGES TO THE PROSPECTUS
Since 28 April 2026, the following change was made to the Prospectus of the Company: • Removal of the T. Rowe Price Funds OEIC Asian Opportunities Equity Fund following its closure.
CHANGES TO THE INSTRUMENT OF INCORPORATION
Since 28 April 2026, there have been no significant changes made to the Instrument of Incorporation of the Company.
STATEMENT OF CROSS HOLDINGS
There are no holdings of the sub-funds of T. Rowe Price Funds OEIC by other sub-funds of the Company.
MANAGEMENT INFORMATION
THE AUTHORISED CORPORATE DIRECTOR T. Rowe Price UK Limited Warwick Court 5 Paternoster Square London EC4M 7DX
DIRECTORS OF THE ACD Chairman: Nataline Wilson Helen Ford Emma Beal Caron Ditchburn Louise Lenel Hugh Mullan (independent non-executive director) John McLaughlin (independent non-executive director)
INVESTMENT MANAGER AND DISTRIBUTOR T. Rowe Price International Ltd Warwick Court 5 Paternoster Square London EC4M 7DX
INVESTMENT SUB-MANAGERS T. Rowe Price Associates, Inc. 1307 Point Street Baltimore, Maryland 21231 United States of America
T. Rowe Price Hong Kong Limited 6/F, Chater House, 8 Connaught Road Central, Hong Kong
T. Rowe Price Japan, Inc. 1-9-2, Marunouchi, Chiyoda-ku Tokyo, Japan
T. Rowe Price Singapore Private Ltd 501 Orchard Road #10-02 Wheelock Place Singapore (238880)
T. Rowe Price Investment Management, Inc 1307 Point Street Baltimore, Maryland 21231 United States of America
REGISTRAR SS&C Financial Services Europe Limited SS&C House, St Nicholas Lane Basildon, Essex, SS15 5FS United Kingdom
DEPOSITARY JP Morgan Europe Limited 25 Bank Street London E14 5JP United Kingdom
ADMINISTRATOR JPMorgan Chase Bank, N.A., London Branch 25 Bank Street London E14 5JP United Kingdom
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Authorised Corporate Director’s Report continued
INDEPENDENT AUDITORS PricewaterhouseCoopers LLP 141 Bothwell Street, Glasgow, G2 7EQ United Kingdom
LEGAL ADVICE Eversheds Sutherland (International) LLP 1 Wood Street London EC2V 7WS United Kingdom
SECURITIES FINANCING TRANSACTIONS REGULATION
The European Regulation on reporting and transparency of securities financing transactions (SFTR), which aims to improve the transparency and monitoring of the financial system, entered into force on 13 January 2016 (and was subsequently made part of UK law by virtue of the European Union (Withdrawal) Act 2018). The SFTR applies to the ACD as a UK UCITS ACD and requires the ACD to comply with a series of obligations. In particular, the ACD will be required to provide investors with information on the use of securities financing transactions (SFTs) and total return swaps (TRS) by the OEIC in all interim and annual reports for the OEIC.
During the period from 1 January 2026 to 30 June 2026, none of the sub-funds of the OEIC entered into any SFTs and/or TRS. Should this change in the future, the interim and annual reports for the OEIC will disclose all required information on the use of SFTs and TRS by the OEIC.
AUTHORISED CORPORATE DIRECTOR’S STATEMENT
We hereby approve the Interim Report and Financial Statements of T. Rowe Price Funds OEIC for the period ended 30 June 2026 on behalf of T. Rowe Price UK Limited in accordance with the requirements of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority.
Nataline Wilson Director 27 August 2026
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T. Rowe Price 5
T. Rowe Price Funds OEIC China Evolution Equity Fund
FUND INFORMATION
This fund is in the process of being terminated. Until such time, the investment objective and policy remain in effect.
Investment objective
To increase the value of its shares through growth in the value of its investments over the long term (a minimum of 5 years).
Investment policy
The fund is actively managed and invests in a portfolio of shares of Chinese companies and may have significant exposure to smaller capitalisation companies (up to 45% of the total assets of the fund, where by smaller capitalisation the investment manager considers companies with a market capitalization below USD 5 billion). The fund aims to invest in companies with high returns on capital in the long-term, focusing on opportunities in the evolving Chinese economy.
The fund invests at least 80% of total assets in shares and related securities issued by companies that are either incorporated in China, Hong Kong, Macau or Taiwan, or conduct most of their business in China. The securities may be listed within and/or outside of China. Types of securities may include common shares (including A, B and H shares, Red-chips and P-chips), preferred shares, warrants, American Depository Receipts (ADRs), Chinese Depositary Receipts (CDRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs). Investments in China A shares may be made through the Shanghai-Hong Kong Stock Connect or the Shenzhen- Hong Kong Stock Connect programs and the QFII program.
The fund may also invest up to 20% of its assets in debt and money market securities.
Derivatives and Techniques
The fund may use derivatives for hedging and efficient portfolio management. The use of derivatives is expected to be limited.
In exceptional circumstances, the fund may temporarily hold a significant proportion of its assets in cash and other liquid assets, where deemed necessary. This might occur in circumstances of extremely adverse
market conditions and/or upon receipt of significant subscriptions or redemptions by the fund.
Investment process
The investment managerʼs approach is to:
– Seek attractive investment opportunities across Chinese companies, listed both onshore and offshore, across the market cycle (a minimum of 5 years).
– Employ fundamental research to identify change in business fundamentals or investor behaviour that will act as a catalyst to increase a company’s value.
– Seek to purchase shares of companies at reasonable prices in relation to present or anticipated earnings, cash flow, or book value.
– Governance and Sustainability Integration: the investment manager integrates the analysis of governance and sustainability factors into the investment process to evaluate investment risk and return, with the aim of optimising financial performance. Such factors can include, but are not limited to, climate change, resource depletion, labour standards, human rights issues, and governance structure and practices. Governance and sustainability factors are evaluated alongside other, more traditional investment factors such as valuation, financials, industry trends, and macro economics. Where these factors are deemed financially material, they are considered as part of the investment decision.
FUND COMMENTARY
How did the fund perform in the past six months on an absolute basis and versus the benchmark?
The China Evolution Equity Fund recorded an absolute gain and outperformed the MSCI China All Shares Index Net in the six-month period ended 30 June 2026.
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T. Rowe Price Funds OEIC China Evolution Equity Fund continued
Fund Performance vs Benchmark Chart
What factors influenced the fund’s performance?
• Chinese equities declined as optimism around artificial intelligence (AI), policy support and advanced manufacturing gave way to concerns over uneven domestic growth, property weakness, geopolitical tensions and renewed US-China frictions. Returns diverged sharply: consumer related and internet stocks lagged, while information technology (IT) advanced on AI infrastructure and semiconductor demand.
• Stock selection in materials and IT worked well. Kingboard Laminates, a producer of copper-clad laminates used in printed circuit boards (PCBs), benefitted from strong demand for materials used in AI servers and data-centre equipment. Unimicron Technology, a maker of PCBs and integrated circuit substrates, advanced as AI and high-performance computing demand strengthened the outlook for advanced circuit boards and chip substrates.
• Conversely, stock selection in real estate and consumer staples detracted. Guanghui Logistics, a real estate sector logistics infrastructure operator with coal-related transport exposure, was affected by weaker pricing power and softer energy-market expectations. Shanghai Chicmax Cosmetic declined amid subdued investor sentiment toward consumer stocks despite resilient fundamentals.
T. Rowe Price Funds OEIC China Evolution Equity Fund (C Acc Class) MSCI China All Shares Index Net
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
For the period from 1 January 2026 to 30 June 2026
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T. T. Rowe Price Funds OEIC China Evolution Equity Fund Rowe Price Funds OEIC China Evolution Equity Fund continuedcontinued
COMPARATIVE TABLES (UNAUDITED)
C Acc shares C Acc 9 shares Financial period to June 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 p p p p p p p p Change in net asset value per share Opening net asset value per share 928.63 730.81 641.09 809.25 933.55 734.44 643.17 810.54 Return before operating charges 425.11 204.31 96.23 (160.70) 427.46 205.59 96.70 (160.75) Operating charges (4.48) (6.49) (6.51) (7.46) (4.48) (6.48) (5.43) (6.62) Return after operating charges* 420.63 197.82 89.72 (168.16) 422.98 199.11 91.27 (167.37) Distributions – (14.56) (13.57) (7.53) – (14.98) (14.77) (8.44) Retained distributions – 14.56 13.57 7.53 – 14.98 14.77 8.44 Closing net asset value per share 1,349.26 928.63 730.81 641.09 1,356.53 933.55 734.44 643.17 *after direct transaction costs of (2.50) (2.29) (1.99) (2.24) (2.57) (2.35) (2.01) (2.34)
Performance Return after charges (%) 45.30 27.07 13.99 (20.78) 45.31 27.11 14.19 (20.65)
Other information Closing net asset value (£’000) 9,262 5,335 4,604 3,101 4,823 1,281 684 714 Closing number of shares 686,495 574,505 630,062 483,658 355,511 137,246 93,078 110,992 Operating charges (%) 0.81 0.81 0.95 1.00 0.79 0.79 0.79 0.85 Direct transaction costs (%) 0.22 0.29 0.29 0.30 0.22 0.29 0.29 0.30
Prices Highest share price (p) 1,360.07 941.84 831.47 887.11 1,367.40 946.79 835.46 888.62 Lowest share price (p) 939.22 672.64 566.28 615.57 944.19 676.11 568.20 617.53 C Acc shares: The share class was launched on 10 December 2021. C Acc 9 shares: The share class was launched on 10 December 2021.
The net asset value and, therefore, the net asset value per share, may include post year end accounting adjustments. As a result the net asset value per share above may differ to the prices released as at 30 June 2026.
Operating charges include payments made to the ACD and to providers independent of the ACD:
• Investment management: Charge paid to the ACD for investment management of the fund (also known as Annual Management Charge).
• Administration: Charge paid for administration services.
• Oversight and other independent services: Charges paid to providers independent of the ACD for services which include depositary, custody and audit.
The operating charges paid by each share class of the fund are shown in the Comparative Tables above. Operating charges do not include portfolio transaction costs or any entry and exit charges (also known as initial and redemption charges). The charging structures of each share class may differ, and therefore the operating charges may differ.
T. T. Rowe Price Funds OEIC China Evolution Equity Fund Rowe Price Funds OEIC China Evolution Equity Fund continuedcontinued
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T. T. Rowe Price Funds OEIC China Evolution Equity Fund Rowe Price Funds OEIC China Evolution Equity Fund continuedcontinued
RISK AND REWARD PROFILE (UNAUDITED)
The fund’s risk category was calculated using simulated historical performance data and it may not be a reliable indicator of the fund’s future risk profile. The risk and reward category shown is not guaranteed to remain unchanged and the categorisation of the fund may shift over time. The lowest category does not mean a risk-free investment. The fund is in the category shown because it invests in a segment of the market where volatility is moderately high.
The SRRI score is based on the limited period of time since inception and may vary between different share classes. The SRRI score is based on the highest score among all classes of the fund.
Lower risk Higher risk
Potentially lower reward Potentially higher reward
The value of an investment in the fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.
The risk/reward rating above is based on medium-term volatility (actual or estimated variations in the fund’s share price over five years).
The fund’s risk level reflects the following: • As a class, stocks carry higher risks than money market securities and bonds.
1 2 3 4 5 6 7
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T. Rowe Price Funds OEIC China Evolution Equity Fund continued
PORTFOLIO STATEMENT (UNAUDITED) Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market As at 30 June 2026
Investment Holding
Market Value £ʼ000 % of Net Assets Equities 94.01% (94.79%) Communication Services 0.00% (2.31%) DIVERSIFIED TELECOMMUNICATION SERVICES 0.00% (2.31%)
Consumer Discretionary 6.96% (14.28%) AUTOMOBILE COMPONENTS 2.11% (1.81%) CALB Group Co. Ltd. ‘Hʼ 131,200 297 2.11 297 2.11 AUTOMOBILES 0.89% (3.65%) Loncin Motor Co. Ltd. 94,100 125 0.89 125 0.89 BROADLINE RETAIL 0.55% (1.35%) MINISO Group Holding Ltd. 34,400 78 0.55 78 0.55 HOTELS, RESTAURANTS & LEISURE 3.13% (3.42%) Guming Holdings Ltd. 49,600 101 0.72 H World Group Ltd. 75,520 243 1.73 Luckin Coffee, Inc., ADR 4,528 96 0.68 440 3.13 SPECIALTY RETAIL 0.28% (0.59%) ATRenew, Inc., ADR 13,119 40 0.28 40 0.28 TEXTILES, APPAREL & LUXURY GOODS 0.00% (3.46%)
Consumer Discretionary total 980 6.96
Consumer Staples 4.26% (3.26%) BEVERAGES 1.01% (1.36%) China Resources Beer Holdings Co. Ltd. 69,000 142 1.01 142 1.01 CONSUMER STAPLES DISTRIBUTION & RETAIL 1.28% (0.00%) Busy Ming Group Co. Ltd. ‘Hʼ 6,000 180 1.28 180 1.28 FOOD PRODUCTS 1.59% (1.90%) Fujian Wanchen Food Group Co. Ltd. 5,700 110 0.78 Yankershop Food Co. Ltd. 22,875 114 0.81 224 1.59 PERSONAL CARE PRODUCTS 0.38% (0.00%) Shanghai Chicmax Cosmetic Co. Ltd. ‘Hʼ 20,400 54 0.38 54 0.38
Consumer Staples total 600 4.26
Energy 3.36% (2.48%) ENERGY EQUIPMENT & SERVICES 3.36% (2.48%) Yantai Jereh Oilfield Services Group Co. Ltd. 27,900 473 3.36 473 3.36
Energy total 473 3.36
Financials 1.63% (0.00%) CAPITAL MARKETS 1.63% (0.00%) China International Capital Corp. Ltd. ‘Hʼ 113,200 230 1.63 230 1.63
Financials total 230 1.63
Health Care 1.41% (1.12%) LIFE SCIENCES TOOLS & SERVICES 1.41% (1.12%) Hangzhou Tigermed Consulting Co. Ltd. ‘Hʼ 24,200 81 0.57 Pharmaron Beijing Co. Ltd. ‘Hʼ 67,200 118 0.84 199 1.41
Health Care total 199 1.41
Investment Holding
Market Value £ʼ000 % of Net Assets Industrials 25.20% (27.89%) AIR FREIGHT & LOGISTICS 3.07% (2.18%) Jiangsu Azure Corp. ‘Aʼ 111,300 232 1.65 ZTO Express Cayman, Inc. 12,113 200 1.42 432 3.07 CONSTRUCTION & ENGINEERING 1.79% (0.00%) United Integrated Services Co. Ltd. 8,000 252 1.79 252 1.79 ELECTRICAL EQUIPMENT 6.56% (7.48%) Bizlink Holding, Inc. 4,000 182 1.29 Hongfa Technology Co. Ltd. ‘Aʼ 62,268 239 1.70 Jiangsu Zhongtian Technology Co. Ltd. 51,400 348 2.47 Sigenergy Technology Co. Ltd. ‘Hʼ 300 10 0.07 TBEA Co. Ltd. ‘Aʼ 57,700 145 1.03 924 6.56 MACHINERY 10.51% (13.62%) Dongguan Yiheda Automation Co. Ltd. 28,600 86 0.61 Impro Precision Industries Ltd. 96,000 75 0.53 Kunshan Dongwei Technology Co. Ltd. 18,126 181 1.28 Sany Heavy Industry Co. Ltd. ‘Aʼ 114,900 221 1.57 Shenzhen Han's CNC Technology Co. Ltd. ‘Hʼ 11,500 202 1.43 Sinotruk Hong Kong Ltd. 45,500 170 1.21 Techtronic Industries Co. Ltd. 14,000 175 1.24 Weichai Power Co. Ltd. ‘Aʼ 78,000 237 1.68 Zhejiang Dingli Machinery Co. Ltd. 28,500 135 0.96 1,482 10.51 PASSENGER AIRLINES 0.91% (0.00%) Air China Ltd. ‘Hʼ 314,000 128 0.91 128 0.91 PROFESSIONAL SERVICES 1.16% (2.90%) Kanzhun Ltd., ADR 16,679 164 1.16 164 1.16 TRADING COMPANIES & DISTRIBUTORS 1.20% (1.71%) BOC Aviation Ltd. 21,500 169 1.20 169 1.20
Industrials total 3,551 25.20
Information Technology 37.77% (23.60%) COMMUNICATIONS EQUIPMENT 1.75% (1.81%) Suzhou TFC Optical Communication Co. Ltd. 7,280 246 1.75 246 1.75 ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 27.96% (15.53%) Castech, Inc. ‘Aʼ 17,000 175 1.24 Cowell e Holdings, Inc. 46,000 104 0.74 Delton Technology Guangzhou, Inc. ‘Hʼ 6,500 133 0.94 Kingboard Laminates Holdings Ltd. 95,000 911 6.47 Lotes Co. Ltd. 4,000 201 1.43 Shengyi Technology Co. Ltd. ‘Aʼ 19,500 376 2.67 Shenzhen Sunlord Electronics Co. Ltd. 40,200 328 2.33 Taiyo Yuden Co. Ltd. 2,000 188 1.33 TCL Technology Group Corp. ‘Aʼ 458,000 297 2.11 Unimicron Technology Corp. 21,000 534 3.79 WUS Printed Circuit Kunshan Co. Ltd. ‘Aʼ 23,700 403 2.86 Xiamen Faratronic Co. Ltd. 13,583 289 2.05 3,939 27.96 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 8.06% (6.26%) Beijing Huafeng Test & Control Technology Co. Ltd. ‘Aʼ 7,807 456 3.24 China Resources Microelectronics Ltd. ‘Aʼ 32,297 351 2.49 SG Micro Corp. ‘Hʼ 3,300 39 0.28 Wuxi NCE Power Co. Ltd. ‘Aʼ 26,200 289 2.05 1,135 8.06
Information Technology total 5,320 37.77
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T. Rowe Price Funds OEIC China Evolution Equity Fund continued
PORTFOLIO STATEMENT (UNAUDITED) (continued) Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market As at 30 June 2026
Investment Holding
Market Value £ʼ000 % of Net Assets Materials 10.16% (11.87%) CHEMICALS 1.17% (0.00%) Hengyi Petrochemical Co. Ltd. ‘Aʼ 109,000 165 1.17 165 1.17 CONSTRUCTION MATERIALS 4.15% (1.93%) China Jushi Co. Ltd. 71,700 584 4.15 584 4.15 METALS & MINING 4.84% (9.94%) Chifeng Jilong Gold Mining Group Ltd. ‘Hʼ 35,200 79 0.56 MMG Ltd. 232,000 156 1.11 Yunnan Aluminium Co. Ltd. 103,800 256 1.82 Yunnan Tin Co. Ltd. ‘Aʼ 39,900 190 1.35 681 4.84
Materials total 1,430 10.16
Real Estate 3.26% (7.98%) REAL ESTATE MANAGEMENT & DEVELOPMENT 3.26% (7.98%) C&D International Investment Group Ltd. 106,000 138 0.98 China Resources Mixc Lifestyle Services Ltd. 42,000 149 1.06 KE Holdings, Inc. ‘Aʼ 47,500 172 1.22 459 3.26
Real Estate total 459 3.26
Equities total 13,242 94.01
Investment assets 13,242 94.01 Net other assets 843 5.99 Net assets 14,085 100.00
The comparative percentage figures in brackets are as at 31 December 2025.
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T. Rowe Price Funds OEIC China Evolution Equity Fund continued
FINANCIAL STATEMENTS (UNAUDITED)
Statement of Total Return (unaudited) For the six months from 1 January 2026 to 30 June 2026
£’000 30.06.26 £ʼ000 £ʼ000 30.06.25 £ʼ000 Income Net capital gains/(losses) 3,582 (33) Revenue 106 86 Expenses (41) (21) Net revenue before taxation 65 65 Taxation (5) (4) Net revenue after taxation 60 61 Total return before distributions 3,642 28 Distributions* 3 Change in net assets attributable to shareholders from investment activities 3,645 28
* due to the effect of income equalisation on subscriptions and redemptions.
Statement of Change in Net Assets Attributable to Shareholders (unaudited) For the six months from 1 January 2026 to 30 June 2026 £’000 30.06.26 £ʼ000 £ʼ000 30.06.25 £ʼ000 Opening net assets attributable to shareholders 6,616 5,288 Amounts receivable on issue of shares 4,905 200 Amounts payable on cancellation of shares (1,086) (591) 3,819 (391) Dilution adjustment 5 1 Change in net assets attributable to shareholders from investment activities (see above) 3,645 28 Closing net assets attributable to shareholders 14,085 4,926
The Statement of Recommended Practice (2014) requires that comparatives are shown for the above report. As the comparatives are for the previous interim period, the net assets at the end of that period will not agree to the net assets at the start of the current period. The published net asset value as at 31 December 2025 was £6,616,315.
Balance Sheet (unaudited) As at 30 June 2026 30.06.26 £ʼ000 31.12.25 £ʼ000 Assets Investments 13,242 6,271 Amounts receivable 135 41 Cash and cash equivalents 881 439 Total assets 14,258 6,751 Liabilities Other amounts payable (173) (135) Total liabilities (173) (135) Net assets attributable to shareholders 14,085 6,616
ACCOUNTING POLICIES
The ACD has formally notified the regulator of its intention to close this sub-fund, which is expected to be terminated in September 2026. Accordingly, the going concern basis of preparation is no longer appropriate for the Fund, and the financial statements have been prepared on a basis other than going concern. The Authorised Corporate Director (“ACD”) will bear the costs relating to any liabilities arising from this decision.
The accounting policies have been applied for the first time in accordance with IA SORP 2025. For the year ended 31 December 2025, the financial statements were prepared under IA SORP 2014. The accounting policies applied are consistent with those in the annual financial statements for the year ended 31 December 2025 and are described in those annual financial statements with the exception of the below:
The listed investments and exchange traded derivatives held by the sub-fund have been valued at fair value which is the mid-market price at 12 noon on the final valuation date within the reporting period.
TOTAL PURCHASES AND SALES (UNAUDITED)
For the period to 30.06.26 £’000 Total purchases 7,604 Total sales 4,196
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T. Rowe Price Funds OEIC China Evolution Equity Fund continued
FAIR VALUE HIERARCHY (UNAUDITED)
30.06.2026 Level 1 £000’s Level 2 £000’s Level 3 £000’s Total £000’s Assets: Equities 3,128 10,114 – 13,242 Total 3,128 10,114 – 13,242
31.12.2025 Level 1 £000’s Level 2 £000’s Level 3 £000’s Total £000’s Assets: Equities 414 5,857 – 6,271 Total 414 5,857 – 6,271
FRS 104 requires the Company to disclose, for the financial instruments held, the level within the fair value hierarchy that the fair value measurement of those instruments should be categorised. The fair value hierarchy is as follows:
Level 1: Unadjusted quoted price in an active market for an identical instrument.
Level 2: Valuation techniques using observable inputs other than quoted prices within level 1.
Level 3: Valuation techniques using unobservable inputs.
Unobservable data
Unobservable data has been used only where relevant observable market data is not available. Where there was no reputable price source for an investment, the Authorised Corporate Director has assessed information available from internal and external sources in order to arrive at an estimated fair value. The fair value is established by using measures of value such as the price of recent transactions, earnings multiple and net assets. The Authorised Corporate Director of the Fund also makes judgements and estimates based on their knowledge of recent investment performance, historical experience and other assumptions that are considered reasonable under the circumstances. The estimates and the assumptions used are under continuous review by the Authorised Corporate Director with particular attention paid to the carrying value of the investments.
RELATED PARTY TRANSACTIONS
The ACD manages the fund and is therefore a related party by virtue of its controlling influence.
Amounts paid to the ACD during the period is £31,963 (31.12.25 – £37,358). The amount payable at the period end is £13,376 (31.12.25 – £7,350).
The rebates from the ACD during the period is £34,515 (31.12.25 – £91,760). Amounts due from the ACD at period end is £11,752 (31.12.25 – £21,405).
Distributions payable to the ACD and related parties of the ACD during the period amounted to nil (31.12.25 nil). Related parties of the ACD are deemed to be all companies under the control of T. Rowe Price Group, Inc. This will include companies which hold shares in the Fund on behalf of other external investors.
Any investments considered to be related parties have been identified in the portfolio statement where held at period end. The total purchases and sales on these investments during the period amounted to nil (31.12.25 – nil) and nil (31.12.25 – nil) respectively. The income received during the period amounted to nil (31.12.25 nil).
The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through the issue and cancellation of shares are disclosed in the Statement of Change in Net Assets Attributable to Shareholders.
Holdings at the period end and movements during the period are as follows:
Holdings at 31.12.25 (shares) Movement (shares)
Holdings at 30.06.26 (shares) ACD and related parties (C Acc shares) 450,220 (20) 450,200
The ACD and related parties of the ACD are ineligible to vote at any general meeting.
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T. Rowe Price Funds OEIC Emerging Markets Discovery Equity Fund
FUND INFORMATION
Investment objective
To increase the value of its shares through growth in the value of its investments.
Investment policy
The fund is actively managed and invests mainly in a widely diversified portfolio of shares of emerging market companies.
Specifically, the fund invests at least 70% of net assets in shares and related securities issued by companies that are either incorporated in one of the economically emerging countries of Latin America, Asia, Europe, Africa and the Middle East or conduct most of their business in such countries. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs).
The fund may invest up to 30% of its assets in debt and money market securities.
Derivatives and Techniques
The fund may use derivatives for hedging and efficient portfolio management.
In exceptional circumstances, the fund may temporarily hold a significant proportion of its assets in cash and other liquid assets, where deemed necessary. This might occur in circumstances of extremely adverse market conditions and/or upon receipt of significant subscriptions or redemptions by the fund.
Investment process
The investment managerʼs approach is to:
– Seek companies that are undervalued but have the potential for improving earnings over time
– Emphasise companies that are supported by a secure dividend or strong balance sheet
– Employ fundamental research to identify change in a business that will act as a catalyst to re-rate the company
– Employ a bottom up portfolio construction process
– Governance and Sustainability Integration: the investment manager integrates the analysis of governance and sustainability factors into the investment process to evaluate investment risk and return, with the aim of optimising financial performance. Such factors can include, but are not limited to, climate change, resource depletion, labour standards, human rights issues, and governance structure and practices. Governance and sustainability factors are evaluated alongside other, more traditional investment factors such as valuation, financials, industry trends, and macro economics. Where these factors are deemed financially material, they are considered as part of the investment decision.
FUND COMMENTARY
How did the fund perform in the past six months on an absolute basis and versus the benchmark?
The Emerging Markets Discovery Equity Fund recorded an absolute gain and outperformed the MSCI Emerging Markets Index Net in the six-month period ended 30 June 2026.
Fund Performance vs Benchmark Chart
What factors influenced the fund’s performance?
• Emerging market (EM) equities advanced over the first half of 2026. Although the US and Israel’s war with Iran and the resultant energy shock triggered a sharp sell-off in March, developing assets swiftly rebounded as progress on peace talks led to an interim ceasefire and moderated the earlier surge in oil prices. Sustained enthusiasm toward
T. Rowe Price Funds OEIC Emerging Markets Discovery Equity Fund (C Acc Class) MSCI Emerging Markets Index Net For the period from 1 January 2026 to 30 June 2026
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
T. Rowe Price Funds OEIC Emerging Markets Discovery Equity Fund
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continued
segments benefitting from artificial intelligence (AI) investments globally also buoyed sentiment.
• Within the portfolio, stock selection in the information technology sector contributed meaningfully. South Korean chip giants SK Hynix and Samsung Electronics stood out, rallying on rising memory prices due to tight supply and strong demand for advanced chips. Taiwanese chip designer MediaTek also fared well amid an upbeat outlook for its application-specific integrated circuits business. Our preferences in communication services added value, with Thai telecommunications company True Corp tracking the wider market higher on positive post-election sentiment.
• Less positively, our choice of holdings in industrials and business services detracted. Chinese logistics vendor J&T Global Express was among the laggards on concerns about slower growth in China, although we are upbeat about opportunities for growth in overseas markets. Positioning in the consumer discretionary sector was costly too. Online travel agency Tongcheng Travel declined after it lowered its full-year sales forecasts, but we think the company’s product and channel expansion are supportive of its prospects.
How is the fund positioned?
• The portfolio is focused on “forgotten” stocks with asymmetric risk/reward—underappreciated companies with identifiable catalysts for fundamental improvement. Our largest overweight by sector is materials, given our upbeat view on the medium term outlook for certain commodities, such as copper. By market, Brazil is our largest overweight due to positions in selective opportunities across financials, industrial cyclicals and energy.
What is portfolio management’s outlook?
• Hawkish central banks and a potential slowdown in AI investments remain near-term risks. However, forecasts for medium-term US dollar weakness and structural tailwinds, including the AI build-out and rising investment levels required for defence, infrastructure and the energy transition, support the longer-term case for EM.
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T. Rowe Price Funds OEIC Emerging Markets Discovery Equity Fund
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COMPARATIVE TABLES (UNAUDITED)
C Acc shares C Acc 9 shares Financial period to June 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 p p p p p p p p Change in net asset value per share Opening net asset value per share 1,543.36 1,200.16 1,107.05 1,057.76 1,560.50 1,211.67 1,115.97 1,065.21 Return before operating charges 407.24 354.35 102.89 58.71 411.87 358.04 103.86 59.16 Operating charges (7.39) (11.15) (9.78) (9.42) (6.13) (9.21) (8.16) (8.40) Return after operating charges* 399.85 343.20 93.11 49.29 405.74 348.83 95.70 50.76 Distributions – (27.23) (21.71) (22.37) – (29.53) (23.67) (23.63) Retained distributions – 27.23 21.71 22.37 – 29.53 23.67 23.63 Closing net asset value per share 1,943.21 1,543.36 1,200.16 1,107.05 1,966.24 1,560.50 1,211.67 1,115.97 *after direct transaction costs of (5.52) (2.06) (2.44) (1.50) (5.57) (2.07) (2.48) (1.51)
Performance Return after charges (%) 25.91 28.60 8.41 4.66 26.00 28.79 8.58 4.77
Other information Closing net asset value (£’000) 47,332 37,282 28,934 26,713 36,538 32,221 35,853 16,876 Closing number of shares 2,435,754 2,415,660 2,410,888 2,413,027 1,858,296 2,064,785 2,958,972 1,512,218 Operating charges (%) 0.84 0.84 0.84 0.88 0.69 0.69 0.69 0.78 Direct transaction costs (%) 0.31 0.16 0.21 0.14 0.31 0.16 0.21 0.14
Prices Highest share price (p) 2,031.61 1,568.04 1,276.03 1,117.56 2,055.63 1,585.08 1,287.81 1,125.41 Lowest share price (p) 1,576.53 1,097.99 1,036.42 1,023.57 1,594.05 1,108.97 1,044.86 1,031.54 C Acc shares: The share class was launched on 25 June 2019. C Acc 9 shares: The share class was launched on 25 June 2019.
The net asset value and, therefore, the net asset value per share, may include post year end accounting adjustments. As a result the net asset value per share above may differ to the prices released as at 30 June 2026.
Operating charges include payments made to the ACD and to providers independent of the ACD: • Investment management: Charge paid to the ACD for investment management of the fund (also known as Annual Management Charge). • Administration: Charge paid for administration services. • Oversight and other independent services: Charges paid to providers independent of the ACD for services which include depositary, custody and audit.
The operating charges paid by each share class of the fund are shown in the Comparative Tables above. Operating charges do not include portfolio transaction costs or any entry and exit charges (also known as initial and redemption charges). The charging structures of each share class may differ, and therefore the operating charges may differ.
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continued
RISK AND REWARD PROFILE (UNAUDITED)
The fund’s risk category was calculated using simulated historical performance data and it may not be a reliable indicator of the fund’s future risk profile. The risk and reward category shown is not guaranteed to remain unchanged and the categorisation of the fund may shift over time. The lowest category does not mean a risk-free investment. The fund is in the category shown because it invests in a segment of the market where volatility is moderately high.
The SRRI score is based on the limited period of time since inception and may vary between different share classes. The SRRI score is based on the highest score among all classes of the fund.
Lower risk Higher risk Potentially lower reward Potentially higher reward
The value of an investment in the fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.
The risk/reward rating above is based on medium-term volatility (actual or estimated variations in the fund’s share price over five years).
The fund’s risk level reflects the following:
• As a class, stocks carry higher risks than money market securities and bonds.
1 2 3 4 5 6 7
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PORTFOLIO STATEMENT (UNAUDITED) Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market As at 30 June 2026
T. Rowe Price Funds OEIC Emerging Markets Discovery Equity Fund
continued
Investment Holding
Market Value £ʼ000 % of Net Assets Equities 95.66% (95.16%) ARGENTINA 0.98% (1.05%) Grupo Financiero Galicia SA, ADR 6,192 239 0.28 Tenaris SA 27,418 583 0.70 822 0.98 BRAZIL 6.25% (5.85%) Banco Bradesco SA Preference 311,491 829 0.99 Embraer SA 52,621 617 0.74 Gerdau SA Preference 396,488 1,235 1.47 Petroleo Brasileiro SA - Petrobras, ADR 92,433 1,136 1.35 Rede D'Or Sao Luiz SA 195,180 991 1.18 Vivara Participacoes SA 128,997 434 0.52 5,242 6.25 CHILE 0.00% (0.64%) CHINA 17.92% (24.91%) Alibaba Group Holding Ltd. 24,600 221 0.26 Anhui Conch Cement Co. Ltd. 230,200 435 0.52 Bank of Ningbo Co. Ltd. 365,800 1,210 1.44 Bilibili, Inc. ‘Zʼ 66,200 845 1.01 China Construction Bank Corp. ‘Hʼ 1,803,000 1,405 1.68 China Pacific Insurance Group Co. Ltd. ‘Hʼ 320,200 831 0.99 China Resources Land Ltd. 297,500 863 1.03 Futu Holdings Ltd., ADR 2,829 208 0.25 iQIYI, Inc., ADR 407,082 316 0.38 J&T Global Express Ltd. 1,489,400 1,200 1.43 KE Holdings, Inc. ‘Aʼ 202,519 735 0.88 Kuaishou Technology 144,900 583 0.69 Meituan ‘Bʼ 107,900 714 0.85 NetEase, Inc. 95,400 1,867 2.23 Sany Heavy Industry Co. Ltd. ‘Aʼ 571,800 1,102 1.31 Tencent Holdings Ltd. 25,300 1,050 1.25 Tongcheng Travel Holdings Ltd. 806,800 933 1.11 Wanhua Chemical Group Co. Ltd. ‘Aʼ 66,500 508 0.61 15,026 17.92 HONG KONG 0.81% (0.88%) Xinyi Glass Holdings Ltd. 829,965 682 0.81 682 0.81 HUNGARY 1.59% (1.64%) OTP Bank Nyrt. 12,040 1,335 1.59 1,335 1.59 INDIA 9.86% (12.27%) Ashok Leyland Ltd. 758,536 955 1.14 GAIL India Ltd. 715,326 987 1.18 Hindalco Industries Ltd. 157,381 1,205 1.44 ICICI Bank Ltd. 165,662 1,825 2.18 Reliance Industries Ltd. 144,446 1,492 1.78 Shree Cement Ltd. 4,767 961 1.14 Shriram Finance Ltd. 100,896 841 1.00 8,266 9.86 INDONESIA 0.64% (1.13%) Bank Rakyat Indonesia Persero Tbk. PT 4,260,414 502 0.60 Semen Indonesia Persero Tbk. PT 509,000 31 0.04 533 0.64 MALAYSIA 1.51% (1.85%) CIMB Group Holdings Bhd. 920,217 1,266 1.51 1,266 1.51 MEXICO 3.01% (3.90%) Cemex SAB de CV, ADR 139,695 1,284 1.53 Grupo Aeroportuario del Pacifico SAB de CV, ADR 1,837 355 0.42 Grupo Mexico SAB de CV 101,804 889 1.06 2,528 3.01 NETHERLANDS 0.18% (2.70%) Prosus NV 4,701 155 0.18 155 0.18
Investment Holding
Market Value £ʼ000 % of Net Assets POLAND 1.13% (1.44%) Powszechny Zaklad Ubezpieczen SA 72,493 951 1.13 951 1.13 RUSSIA 0.00% (0.00%) Novatek PJSC^ 9,610 – – SAUDI ARABIA 2.45% (1.97%) Saudi Awwal Bank 76,179 497 0.59 Saudi National Bank (The) 200,450 1,561 1.86 2,058 2.45 SINGAPORE 1.16% (1.34%) Seatrium Ltd. 848,300 974 1.16 974 1.16 SOUTH AFRICA 2.42% (2.00%) FirstRand Ltd. 349,214 1,558 1.86 Woolworths Holdings Ltd. 202,277 470 0.56 2,028 2.42 SOUTH KOREA 21.49% (13.37%) Hyundai Motor Co. 2,969 717 0.86 Samsung Electronics Co. Ltd. 48,524 7,896 9.41 Samsung Life Insurance Co. Ltd. 8,501 1,665 1.99 SK Hynix, Inc. 5,852 7,567 9.02 SK Square Co. Ltd. 211 175 0.21 18,020 21.49 TAIWAN 18.24% (12.09%) ASE Technology Holding Co. Ltd. 129,000 2,093 2.49 Chroma ATE, Inc. 20,000 1,028 1.23 Eclat Textile Co. Ltd. 93,000 689 0.82 Globalwafers Co. Ltd. 30,000 718 0.86 MediaTek, Inc. 31,000 3,143 3.75 Taiwan Semiconductor Manufacturing Co. Ltd. 133,000 7,628 9.09 15,299 18.24 THAILAND 3.09% (2.71%) Airports of Thailand PCL 545,400 795 0.95 SCB X PCL 99,900 336 0.40 True Corp. PCL, NVDR 4,947,200 1,458 1.74 2,589 3.09 TÜRKIYE 0.05% (0.70%) TAV Havalimanlari Holding A/S 9,226 42 0.05 42 0.05 UNITED ARAB EMIRATES 1.25% (1.26%) ADNOC Drilling Co. PJSC 887,419 1,049 1.25 1,049 1.25 UNITED KINGDOM 1.19% (0.00%) Glencore plc 190,467 1,001 1.19 1,001 1.19 UNITED STATES OF AMERICA 0.44% (1.46%) Cognizant Technology Solutions Corp. ‘Aʼ 12,531 368 0.44 368 0.44
Equities total 80,234 95.66
Investment assets 80,234 95.66 Net other assets 3,636 4.34 Net assets 83,870 100.00
The comparative percentage figures in brackets are as at 31 December 2025. ^ Unlisted, suspended or delisted security. * Securities held and listed on the Moscow Stock Exchange are valued at 0.0001 RUB. The Portfolio Manager does not currently wish to liquidate this last position.
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18 T. Rowe Price
T. Rowe Price Funds OEIC Emerging Markets Discovery Equity Fund
continued
FINANCIAL STATEMENTS (UNAUDITED)
Statement of Total Return (unaudited) For the six months from 1 January 2026 to 30 June 2026
£’000 30.06.26 £ʼ000 £ʼ000 30.06.25 £ʼ000 Income Net capital gains 16,996 3,198 Revenue 894 1,009 Expenses (295) (229) Net revenue before taxation 599 780 Taxation 37 (280) Net revenue after taxation 636 500 Total return before distributions 17,632 3,698 Distributions* (3) 1 Change in net assets attributable to shareholders from investment activities 17,629 3,699
* due to the effect of income equalisation on subscriptions and redemptions.
Statement of Change in Net Assets Attributable to Shareholders (unaudited) For the six months from 1 January 2026 to 30 June 2026 £ʼ000 30.06.26 £ʼ000 £ʼ000 30.06.25 £ʼ000 Opening net assets attributable to shareholders 69,503 64,787 Amounts receivable on issue of shares 2,833 3,565 Amounts payable on cancellation of shares (6,102) (11,849) (3,269) (8,284) Dilution adjustment 7 11 Change in net assets attributable to shareholders from investment activities (see above) 17,629 3,699 Closing net assets attributable to shareholders 83,870 60,213
The Statement of Recommended Practice (2014) requires that comparatives are shown for the above report. As the comparatives are for the previous interim period, the net assets at the end of that period will not agree to the net assets at the start of the current period. The published net asset value as at 31 December 2025 was £69,503,476.
Balance Sheet (unaudited) As at 30 June 2026 30.06.26 £ʼ000 31.12.25 £ʼ000 Assets Investments 80,234 66,137 Amounts receivable 771 359 Cash and cash equivalents 3,690 3,758 Total assets 84,695 70,254 Liabilities Other amounts payable (825) (751) Total liabilities (825) (751) Net assets attributable to shareholders 83,870 69,503
ACCOUNTING POLICIES
The interim financial statements have been prepared in accordance with the Statement of Recommended Practice for authorised funds, as issued by the Investment Association in October 2025 (IA SORP 2025) and in accordance with United Kingdom Generally Accepted Accounting Principles, including Financial Reporting Standard 104 (Interim Financial Statements) (FRS 104)). The financial statements have been prepared on a going concern basis.
The accounting policies have been applied for the first time in accordance with IA SORP 2025. For the year ended 31 December 2025, the financial statements were prepared under IA SORP 2014. The accounting policies applied are consistent with those in the annual financial statements for the year ended 31 December 2025 and are described in those annual financial statements with the exception of the below:
The listed investments and exchange traded derivatives held by the sub-fund have been valued at fair value which is the mid-market price at 12 noon on the final valuation date within the reporting period.
TOTAL PURCHASES AND SALES (UNAUDITED)
For the period to 30.06.26 £’000 Total purchases 22,175 Total sales 25,064
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T. Rowe Price Funds OEIC Emerging Markets Discovery Equity Fund
continued
FAIR VALUE HIERARCHY (UNAUDITED)
30.06.2026 Level 1 £000’s Level 2 £000’s Level 3 £000’s Total £000’s Assets: Equities 17,468 62,766 – 80,234 Total 17,468 62,766 – 80,234
31.12.2025 Level 1 £000’s Level 2 £000’s Level 3 £000’s Total £000’s Assets: Equities 7,137 59,000 – 66,137 Total 7,137 59,000 – 66,137
FRS 104 requires the Company to disclose, for the financial instruments held, the level within the fair value hierarchy that the fair value measurement of those instruments should be categorised. The fair value hierarchy is as follows:
Level 1: Unadjusted quoted price in an active market for an identical instrument.
Level 2: Valuation techniques using observable inputs other than quoted prices within level 1.
Level 3: Valuation techniques using unobservable inputs .
Unobservable data
Unobservable data has been used only where relevant observable market data is not available. Where there was no reputable price source for an investment, the Authorised Corporate Director has assessed information available from internal and external sources in order to arrive at an estimated fair value. The fair value is established by using measures of value such as the price of recent transactions, earnings multiple and net assets. The Authorised Corporate Director of the Fund also makes judgements and estimates based on their knowledge of recent investment performance, historical experience and other assumptions that are considered reasonable under the circumstances. The estimates and the assumptions used are under continuous review by the Authorised Corporate Director with particular attention paid to the carrying value of the investments.
RELATED PARTY TRANSACTIONS
The ACD manages the fund and is therefore a related party by virtue of its controlling influence.
Amounts paid to the ACD during the period is £241,434 (31.12.25 – £393,417). The amount payable at the period end is £87,492 (31.12.25 – £72,670).
The rebates from the ACD during the period is £44,936 (31.12.25 – £149,546). Amounts due from the ACD at period end is £20,397 (31.12.25 – £40,061).
Distributions payable to the ACD and related parties of the ACD during the period amounted to nil (31.12.25 £655,734). Related parties of the ACD are deemed to be all companies under the control of T. Rowe Price Group, Inc. This will include companies which hold shares in the Fund on behalf of other external investors.
Any investments considered to be related parties have been identified in the portfolio statement where held at period end. The total purchases and sales on these investments during the period amounted to nil (31.12.25 – nil) and nil (31.12.25 – nil) respectively. The income received during the period amounted to nil (31.12.25 nil).
The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through the issue and cancellation of shares are disclosed in the Statement of Change in Net Assets Attributable to Shareholders.
Holdings at the period end and movements during the period are as follows:
Holdings at 31.12.25 (shares) Movement (shares)
Holdings at 30.06.26 (shares) ACD and related parties (C Acc shares) 2,407,957 – 2,407,957
The ACD and related parties of the ACD are ineligible to vote at any general meeting.
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20 T. ROWE PRICE
FUND INFORMATION
Investment objective
To increase the value of its shares through both growth in the value of, and income from, its investments over the long term (a minimum of 5 years).
Investment policy
The fund is actively managed and invests at least 80% of total assets in a diversified portfolio of shares and related securities issued by companies that, in the opinion of the investment manager, pay attractive dividends and/or have potential for dividend growth as well as the potential for capital appreciation. The companies may be anywhere in the world, including emerging markets.
Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs).
The fund does not invest more than 20% of its assets in debt and money market securities.
Derivatives and Techniques
The fund may use derivatives for hedging and efficient portfolio management.
In exceptional circumstances, the fund may temporarily hold a significant proportion of its assets in cash and other liquid assets, where deemed necessary. This might occur in circumstances of extremely adverse market conditions and/or upon receipt of significant subscriptions or redemptions by the fund.
Investment process
The investment managerʼs approach is to:
– Use an integrated approach to investing which combines quantitative models and fundamental analysis to identify global companies that pay attractive dividends and/or have potential for dividend growth as well as the potential for capital appreciation.
– Employ quantitative models which have been developed to select stocks in a systematic way based on criteria such as the quality of a company’s management team, profitability, reliability of earnings, valuation, and dividend yield.
– Incorporate fundamental research provided by a proprietary investment platform to select favoured stocks.
– The portfolio is typically constructed in a “bottom up” manner, an approach that focuses more on evaluations of individual stocks than on analysis of overall economic trends and market cycles.
– The fund attempts to create a portfolio with similar risk characteristics to the Benchmark (including sector, industry, region, country) with the potential to provide excess returns relative to the Benchmark by overweighting stocks that are viewed favourably, and underweighting or avoiding stocks that are viewed negatively. The fund is actively managed, and its performance may deviate from the Benchmark’s performance.
– Governance and Sustainability Integration: the investment manager integrates the analysis of governance and sustainability factors into the investment process to evaluate investment risk and return, with the aim of optimising financial performance. Such factors can include, but are not limited to, climate change, resource depletion, labour standards, human rights issues, and governance structure and practices. Governance and sustainability factors are evaluated alongside other, more traditional investment factors such as valuation, financials, industry trends, and macro-economics. Where these factors are deemed financially material, they are considered as part of the investment decision.
FUND COMMENTARY
How did the fund perform in the past six months on an absolute basis and versus the benchmark?
The Global Dividend Equity Fund recorded an absolute gain and outperformed the MSCI All Country World Index High Dividend Yield Net in the six-month period ended 30 June 2026.
T. Rowe Price Funds OEIC Global Dividend Equity Fund
T. Rowe Price Funds OEIC Global Dividend Equity Fund
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T. Rowe Price Funds OEIC Global Dividend Equity Fund continued
T. ROWE PRICE 21
T. Rowe Price Funds OEIC - Interim Long Report & Unaudited Financial Statements - For the period from 1 January 2026 to 30 June 2026
Fund Performance vs Benchmark Chart
What factors influenced the fund’s performance?
• Global equity markets generated strong returns during the first half of 2026 despite elevated volatility. A challenging first quarter, marked by geopolitical tensions, rising energy prices and inflation concerns, gave way to a broad recovery as ceasefire agreements in the Middle East eased uncertainty and energy prices declined. Resilient corporate earnings, continued enthusiasm surrounding artificial intelligence (AI) and semiconductor-related companies, improving trade conditions and stronger investor sentiment supported gains across developed and emerging markets by the end of June.
• From an absolute perspective, the leading contributor to performance was the fund’s position in Cisco Systems as the company was recognised as a large beneficiary of the AI infrastructure build out following an increase in bookings during the first half of the year. MediaTek also added value as the company provided an upbeat outlook for its application-specific integrated circuits (ASIC) business, underpinned by its partnership with Google to develop advanced tensor processing units.
• Conversely, the leading detractor from absolute performance was BMW due to intensifying competition and new tariffs on vehicles and components. Our stake in Las Vegas Sands also hurt returns. The stock fell following a quarterly earnings release as investors focused on margin compression in Macau, where intensifying competition among casino operators for premium players drove up promotional spending, costs and customer acquisition expenses.
How is the fund positioned?
• The fund combines fundamental and quantitative research to invest in companies worldwide that provide attractive and sustainable dividends, aiming to deliver consistent income and long-term capital growth.
What is portfolio management’s outlook?
• Tremendous opportunity exists as equity leadership broadens beyond mega-cap technology. These developments, fuelled by AI spreading to the real economy, expand the opportunity set in an environment where we believe capital intensity, supply security, policy support and earnings durability matter. In our view, this is an attractive set-up for active management.
T. Rowe Price Funds OEIC Global Dividend Equity Fund - Class C Acc (GBP) MSCI All Country World Index High Dividend Yield Net For the period from 1 January 2026 to 30 June 2026
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
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22 T. ROWE PRICE
T. Rowe Price Funds OEIC - Interim Long Report & Unaudited Financial Statements - For the period from 1 January 2026 to 30 June 2026
COMPARATIVE TABLES (UNAUDITED)
C Acc shares T Acc shares Financial period to June 30.06.26 31.12.25 30.06.26 31.12.25 p p p p Change in net asset value per share Opening net asset value per share 1,035.37 1,000.00 1,036.13 1,000.00 Return before operating charges 134.59 36.40 134.80 36.37 Operating charges (2.40) (1.03) (0.49) (0.24) Return after operating charges* 132.19 35.37 134.31 36.13 Distributions – (7.95) – (7.94) Retained distributions – 7.95 – 7.94 Closing net asset value per share 1,167.56 1,035.37 1,170.44 1,036.13 *after direct transaction costs of (2.17) (1.02) (2.17) (1.02)
Performance Return after charges (%) 12.77 3.54 12.96 3.61
Other information Closing net asset value (£’000) 4 4 5 4 Closing number of shares 371 371 371 371 Operating charges (%) 0.44 0.38 0.09 0.09 Direct transaction costs (%) 0.20 0.10 0.20 0.10
Prices Highest share price (p) 1,170.40 1,045.53 1,173.28 1,045.93 Lowest share price (p) 1,039.98 992.15 1,040.77 992.33 C Acc shares: The share class was launched on 25 September 2025. T Acc shares: The share class was launched on 25 September 2025. C Inc Q shares Financial period to June 30.06.26 31.12.25 p p Change in net asset value per share Opening net asset value per share 1,027.39 1,000.00 Return before operating charges 133.17 36.39 Operating charges (2.14) (1.06) Return after operating charges* 131.03 35.33 Distributions (19.35) (7.94) Retained distributions – Closing net asset value per share 1,139.07 1,027.39 *after direct transaction costs of (2.17) (1.02)
Performance Return after charges (%) 12.75 3.53
Other information Closing net asset value (£’000) 30,679 3,041 Closing number of shares 2,693,341 296,038 Operating charges (%) 0.39 0.39 Direct transaction costs (%) 0.20 0.10
Prices Highest share price (p) 1,154.13 1,045.52 Lowest share price (p) 1,032.00 992.15
C Inc Q shares: The share class was launched on 25 September 2025.
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T. Rowe Price Funds OEIC - Interim Long Report & Unaudited Financial Statements - For the period from 1 January 2026 to 30 June 2026
COMPARATIVE TABLES (UNAUDITED) (continued)
The net asset value and, therefore, the net asset value per share, may include post year end accounting adjustments. As a result the net asset value per share above may differ to the prices released as at 30 June 2026.
Operating charges include payments made to the ACD and to providers independent of the ACD:
• Investment management: Charge paid to the ACD for investment management of the fund (also known as Annual Management Charge).
• Administration: Charge paid for administration services.
• Oversight and other independent services: Charges paid to providers independent of the ACD for services which include depositary, custody and audit.
The operating charges paid by each share class of the fund are shown in the Comparative Tables above. Operating charges do not include portfolio transaction costs or any entry and exit charges (also known as initial and redemption charges). The charging structures of each share class may differ, and therefore the operating charges may differ.
RISK AND REWARD PROFILE (UNAUDITED)
The fund’s risk category was calculated using simulated historical performance data and it may not be a reliable indicator of the fund’s future risk profile. The risk and reward category shown is not guaranteed to remain unchanged and the categorisation of the fund may shift over time. The lowest category does not mean a risk-free investment. The fund is in the category shown because it invests in a segment of the market that is moderately volatile.
The SRRI score is based on the limited period of time since inception and may vary between different share classes. The SRRI score is based on the highest score among all classes of the fund.
Lower risk Higher risk
Potentially lower reward Potentially higher reward
The value of an investment in the fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.
The risk/reward rating above is based on medium-term volatility (actual or estimated variations in the fund’s share price over five years).
The fund’s risk level reflects the following:
• As a class, stocks carry higher risks than money market securities and bonds.
1 2 3 4 5 6 7
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PORTFOLIO STATEMENT (UNAUDITED) Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market As at 30 June 2026
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T. Rowe Price Funds OEIC - Interim Long Report & Unaudited Financial Statements - For the period from 1 January 2026 to 30 June 2026
Investment Holding
Market Value £ʼ000 % of Net Assets Equities 99.72% (100.07%) AUSTRALIA 1.01% (0.89%) ANZ Group Holdings Ltd. 7,337 135 0.44 Coles Group Ltd. 13,905 176 0.57 311 1.01 AUSTRIA 0.25% (1.08%) OMV AG 1,628 77 0.25 77 0.25 BELGIUM 0.36% (0.26%) Ageas SA 1,850 111 0.36 111 0.36 BRAZIL 0.89% (0.00%) Itau Unibanco Holding SA Preference 10,243 64 0.21 Klabin SA 24,020 59 0.19 Localiza Rent a Car SA 13,863 86 0.28 Petroleo Brasileiro SA - Petrobras Preference 'PR' 11,581 64 0.21 273 0.89 CANADA 4.35% (2.66%) Canadian National Railway Co. 2,579 234 0.76 Canadian Natural Resources Ltd. 7,581 225 0.73 Canadian Tire Corp. Ltd. ‘Aʼ 1,306 136 0.44 Empire Co. Ltd. ‘Aʼ 3,430 91 0.30 Magna International, Inc. 2,548 123 0.40 Nutrien Ltd. 2,859 132 0.43 Open Text Corp. 2,785 47 0.15 Quebecor, Inc. ‘Bʼ 3,387 122 0.40 Suncor Energy, Inc. 5,552 225 0.74 1,335 4.35 CHINA 2.85% (3.18%) China Construction Bank Corp. ‘Hʼ 140,000 109 0.35 China Mengniu Dairy Co. Ltd. 50,000 78 0.25 China Pacific Insurance Group Co. Ltd. ‘Hʼ 36,600 95 0.31 China Resources Land Ltd. 44,000 128 0.42 COSCO SHIPPING Holdings Co. Ltd. ‘Hʼ 39,000 49 0.16 ENN Energy Holdings Ltd. 9,000 35 0.11 Guangdong Investment Ltd. 56,000 42 0.14 Henan Shuanghui Investment & Development Co. Ltd. 13,000 32 0.10 NetEase, Inc. 1,700 33 0.11 Ping An Bank Co. Ltd. 95,900 107 0.35 Shaanxi Coal Industry Co. Ltd. ‘Aʼ 20,100 45 0.15 Tianshan Aluminum Group Co. Ltd. ‘Aʼ 34,900 42 0.14 Weichai Power Co. Ltd. ‘Aʼ 26,600 81 0.26 876 2.85 DENMARK 1.09% (0.39%) Novo Nordisk A/S ‘Bʼ 9,084 334 1.09 334 1.09 EGYPT 0.29% (0.00%) Commercial International Bank 44,380 88 0.29 88 0.29 FINLAND 0.87% (0.92%) UPM-Kymmene OYJ 8,352 166 0.54 Wartsila OYJ Abp 3,472 100 0.33 266 0.87 FRANCE 4.20% (4.92%) AXA SA 2,466 93 0.30 BNP Paribas SA 1,391 122 0.40 LVMH Moet Hennessy Louis Vuitton SE 232 97 0.31 Orange SA 11,243 162 0.53 Sanofi SA 3,340 218 0.71 TotalEnergies SE 4,828 282 0.92 Vinci SA 2,869 316 1.03 1,290 4.20 GERMANY 3.22% (1.74%) Allianz SE 520 185 0.60 Bayerische Motoren Werke AG 3,238 162 0.53
Investment Holding
Market Value £ʼ000 % of Net Assets GERMANY 3.22% (1.74%) (continued) Deutsche Post AG 4,423 202 0.66 Hannover Rueck SE 983 205 0.67 Siemens AG 972 235 0.76 989 3.22 GREECE 0.00% (0.52%) HONG KONG 1.07% (0.98%) Galaxy Entertainment Group Ltd. 27,000 77 0.25 HKT Trust & HKT Ltd. 111,000 125 0.41 Techtronic Industries Co. Ltd. 6,500 81 0.27 WH Group Ltd. 55,500 44 0.14 327 1.07 HUNGARY 0.00% (0.07%) INDIA 0.33% (0.20%) Infosys Ltd. 6,384 51 0.16 Oracle Financial Services Software Ltd. 589 51 0.17 102 0.33 INDONESIA 0.67% (0.72%) Bank Mandiri Persero Tbk. PT 530,400 87 0.28 Telkom Indonesia Persero Tbk. PT 815,100 82 0.27 United Tractors Tbk. PT 37,900 35 0.12 204 0.67 IRELAND 0.88% (1.84%) Ryanair Holdings plc 7,772 183 0.60 TE Connectivity plc 572 86 0.28 269 0.88 ITALY 1.63% (1.97%) Enel SpA 17,827 156 0.51 Poste Italiane SpA 5,296 131 0.42 UniCredit SpA 3,196 214 0.70 501 1.63 JAPAN 6.10% (8.40%) AGC, Inc. 2,400 78 0.26 Asahi Group Holdings Ltd. 25,700 185 0.60 Bridgestone Corp. 8,600 136 0.44 Canon, Inc. 4,200 81 0.26 Eisai Co. Ltd. 4,200 81 0.26 KDDI Corp. 13,700 175 0.57 Komatsu Ltd. 6,200 181 0.59 Mitsubishi Chemical Group Corp. 22,000 116 0.38 MS&AD Insurance Group Holdings, Inc. 11,000 217 0.71 Subaru Corp. 10,300 115 0.38 Sumitomo Corp. 17,200 124 0.41 Sumitomo Mitsui Trust Group, Inc. 3,300 93 0.30 Takeda Pharmaceutical Co. Ltd. 5,000 120 0.39 Toyota Motor Corp. 13,400 170 0.55 1,872 6.10 MALAYSIA 0.24% (0.00%) CIMB Group Holdings Bhd. 53,400 73 0.24 73 0.24 MEXICO 0.00% (0.26%) NETHERLANDS 0.06% (0.07%) Koninklijke Ahold Delhaize NV 549 17 0.06 17 0.06 NORWAY 0.58% (0.46%) Aker BP ASA 3,633 83 0.27 Telenor ASA 8,790 96 0.31 179 0.58 PHILIPPINES 0.00% (0.62%) POLAND 0.62% (0.72%) Bank Polska Kasa Opieki SA 2,148 99 0.32 Powszechny Zaklad Ubezpieczen SA 6,864 90 0.30 189 0.62 PORTUGAL 0.41% (0.26%) Jeronimo Martins SGPS SA 8,765 127 0.41 127 0.41
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PORTFOLIO STATEMENT (UNAUDITED) (continued) Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market As at 30 June 2026
T. Rowe Price Funds OEIC Global Dividend Equity Fund continued
T. ROWE PRICE 25
T. Rowe Price Funds OEIC - Interim Long Report & Unaudited Financial Statements - For the period from 1 January 2026 to 30 June 2026
Investment Holding
Market Value £ʼ000 % of Net Assets SAUDI ARABIA 0.30% (0.00%) Saudi National Bank (The) 11,751 92 0.30 92 0.30 SINGAPORE 1.21% (1.71%) DBS Group Holdings Ltd. 6,700 256 0.83 United Overseas Bank Ltd. 5,000 116 0.38 372 1.21 SOUTH AFRICA 1.33% (0.82%) Absa Group Ltd. 9,660 100 0.33 Anglogold Ashanti plc 1,433 88 0.29 FirstRand Ltd. 34,777 155 0.50 Gold Fields Ltd. 2,612 66 0.21 409 1.33 SOUTH KOREA 0.84% (2.62%) DB Insurance Co. Ltd. 1,173 77 0.25 Kia Corp. 1,145 77 0.25 Samsung Fire & Marine Insurance Co. Ltd. 345 104 0.34 258 0.84 SPAIN 0.66% (1.71%) Banco Bilbao Vizcaya Argentaria SA 5,030 94 0.30 Iberdrola SA 5,761 110 0.36 204 0.66 SWEDEN 0.84% (0.72%) Swedbank AB ‘Aʼ 4,252 119 0.39 Telefonaktiebolaget LM Ericsson ‘Bʼ 16,352 139 0.45 258 0.84 SWITZERLAND 3.31% (3.28%) Nestle SA 3,158 246 0.80 Novartis AG 3,135 374 1.22 Roche Holding AG 1,255 396 1.29 1,016 3.31 TAIWAN 2.00% (1.08%) Asustek Computer, Inc. 4,000 67 0.22 CTBC Financial Holding Co. Ltd. 65,000 110 0.36 Hon Hai Precision Industry Co. Ltd. 36,000 215 0.70 Realtek Semiconductor Corp. 4,000 76 0.25 United Microelectronics Corp. 37,000 145 0.47 613 2.00 THAILAND 0.24% (0.52%) CP ALL PCL 68,100 73 0.24 73 0.24 UNITED ARAB EMIRATES 0.41% (1.21%) Emaar Properties PJSC 25,496 63 0.20 Emirates Telecommunications Group Co. PJSC 16,320 64 0.21 127 0.41 UNITED KINGDOM 5.68% (5.61%) British American Tobacco plc 6,589 313 1.02 Bunzl plc 7,788 207 0.67 Imperial Brands plc 6,996 197 0.64 Kingfisher plc 51,461 148 0.48 National Grid plc 15,022 189 0.62 Shell plc 9,902 288 0.94 Tesco plc 29,558 137 0.45 Unilever plc 5,755 263 0.86 1,742 5.68 UNITED STATES OF AMERICA 50.93% (47.66%) Abbott Laboratories 1,200 84 0.27 AbbVie, Inc. 2,864 547 1.78 Allstate Corp. (The) 1,350 247 0.80 Altria Group, Inc. 3,328 186 0.61 Ameren Corp. 2,892 251 0.82 Amgen, Inc. 657 179 0.58 Archer-Daniels-Midland Co. 2,923 170 0.55 Automatic Data Processing, Inc. 1,657 282 0.92 Avery Dennison Corp. 1,196 148 0.48 Bank of America Corp. 4,443 193 0.63
Investment Holding
Market Value £ʼ000 % of Net Assets UNITED STATES OF AMERICA 50.93% (47.66%) (continued) Bank of New York Mellon Corp. (The) 2,029 221 0.72 BlackRock, Inc. 101 73 0.24 Booz Allen Hamilton Holding Corp. ‘Aʼ 1,704 80 0.26 Bristol-Myers Squibb Co. 8,130 359 1.17 Charles Schwab Corp. (The) 2,172 149 0.49 Chevron Corp. 3,114 396 1.29 Cigna Group (The) 187 39 0.13 Cisco Systems, Inc. 1,674 149 0.49 Citigroup, Inc. 1,327 142 0.46 Coca-Cola Co. (The) 7,553 472 1.54 Colgate-Palmolive Co. 3,822 267 0.87 Comcast Corp. ‘Aʼ 3,133 58 0.19 ConocoPhillips 3,893 306 1.00 Consolidated Edison, Inc. 3,082 261 0.85 Corebridge Financial, Inc. 7,836 171 0.56 CVS Health Corp. 4,923 386 1.26 DTE Energy Co. 2,201 256 0.83 EOG Resources, Inc. 1,768 176 0.57 Exxon Mobil Corp. 7,780 798 2.60 Gilead Sciences, Inc. 3,941 377 1.23 Hewlett Packard Enterprise Co. 2,645 89 0.29 Home Depot, Inc. (The) 1,758 465 1.52 Honeywell Aerospace, Inc. 440 74 0.24 Honeywell International, Inc. 440 76 0.25 International Business Machines Corp. 1,361 286 0.93 Johnson & Johnson 3,991 779 2.54 Keurig Dr. Pepper, Inc. 2,450 62 0.20 KeyCorp 11,509 202 0.66 Kinder Morgan, Inc. 4,604 112 0.37 Kraft Heinz Co. (The) 2,646 48 0.16 Las Vegas Sands Corp. 5,322 187 0.61 Lockheed Martin Corp. 163 62 0.20 Lowe's Cos., Inc. 1,674 279 0.91 McDonald's Corp. 1,163 235 0.77 Medtronic plc 3,020 185 0.60 Merck & Co., Inc. 4,121 399 1.30 Morgan Stanley 1,178 187 0.61 NextEra Energy, Inc. 3,288 220 0.72 PACCAR, Inc. 1,916 174 0.57 PepsiCo, Inc. 2,219 232 0.76 Pfizer, Inc. 11,046 204 0.66 Philip Morris International, Inc. 4,394 608 1.98 Procter & Gamble Co. (The) 4,085 457 1.49 Progressive Corp. (The) 520 86 0.28 Royalty Pharma plc ‘Aʼ 2,325 100 0.33 SLB Ltd. 577 20 0.07 Snap-on, Inc. 411 124 0.40 SS&C Technologies Holdings, Inc. 2,591 124 0.40 Texas Instruments, Inc. 2,179 470 1.53 T-Mobile US, Inc. 960 126 0.41 Union Pacific Corp. 363 75 0.24 United Parcel Service, Inc. ‘Bʼ 1,659 136 0.44 UnitedHealth Group, Inc. 1,434 455 1.48 US Bancorp 8,055 374 1.22 Verizon Communications, Inc. 6,465 216 0.70 Viatris, Inc. 15,280 188 0.61 WP Carey, Inc., REIT 1,618 90 0.29 15,629 50.93
Equities total 30,603 99.72
Investment assets 30,603 99.72 Net other assets 85 0.28 Net assets 30,688 100.00
The comparative percentage figures in brackets are as at 31 December 2025.
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FINANCIAL STATEMENTS (UNAUDITED)
T. Rowe Price Funds OEIC Global Dividend Equity Fund continued
26 T. ROWE PRICE
T. Rowe Price Funds OEIC - Interim Long Report & Unaudited Financial Statements - For the period from 1 January 2026 to 30 June 2026
Statement of Total Return For the six months from 1 January 2026 to 30 June 2026
£’000 30.06.26 £’000 £’000
25.09.25 to 31.12.25 £’000 Income Net capital gains 967 84 Revenue 571 29 Expenses (45) (3) Net revenue before taxation 526 26 Taxation (78) (5) Net revenue after taxation 448 21 Total return before distributions 1,415 105 Distributions (490) (24) Change in net assets attributable to shareholders from investment activities 925 81
Statement of Change in Net Assets Attributable to Shareholders For the six months from 1 January 2026 to 30 June 2026
£’000 30.06.26 £’000 £’000
25.09.25 to 31.12.25 £’000 Opening net assets attributable to shareholders 3,049 Amounts receivable on issue of shares 31,007 2,968 Amounts payable on cancellation of shares (4,356) 26,651 2,968 Dilution adjustment 63 – Change in net assets attributable to shareholders from investment activities (see above) 925 81 Closing net assets attributable to shareholders 30,688 3,049
The Statement of Recommended Practice (2014) requires that comparatives are shown for the above report. As the comparatives are for the previous interim period, the net assets at the end of that period will not agree to the net assets at the start of the current period. The published net asset value as at 31 December 2025 was £3,049,152.
Balance Sheet (unaudited) As at 30 June 2026 30.06.26 £’000 31.12.25 £’000 Assets Investments 30,603 3,051 Debtors 103 64 Cash and bank balances 334 4 Total assets 31,040 3,119 Liabilities Bank overdrafts – (15) Distributions payable (330) (24) Other creditors (22) (31) Total liabilities (352) (70) Net assets attributable to shareholders 30,688 3,049
ACCOUNTING POLICIES
The interim financial statements have been prepared in accordance with the Statement of Recommended Practice for authorised funds, as issued by the Investment Association in October 2025 (IA SORP 2025) and in accordance with United Kingdom Generally Accepted Accounting Principles, including Financial Reporting Standard 104 (Interim Financial Statements) (FRS 104)). The financial statements have been prepared on a going concern basis.
The accounting policies have been applied for the first time in accordance with IA SORP 2025. For the year ended 31 December 2025, the financial statements were prepared under IA SORP 2014. The accounting policies applied are consistent with those in the annual financial statements for the year ended 31 December 2025 and are described in those annual financial statements with the exception of the below:
The listed investments and exchange traded derivatives held by the sub-fund have been valued at fair value which is the mid-market price at 12 noon on the final valuation date within the reporting period.
TOTAL PURCHASES AND SALES (UNAUDITED)
For the period to 30.06.26 £’000 Total purchases 41,675 Total sales 15,121
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T. Rowe Price 27
T. Rowe Price Funds OEIC Global Dividend Equity Fund continued
FAIR VALUE HIERARCHY (UNAUDITED)
30.06.2026 Level 1 £000’s Level 2 £000’s Level 3 £000’s Total £000’s Assets: Equities 8,538 22,065 – 30,603 Total 8,538 22,065 – 30,603
31.12.2025 Level 1 £000’s Level 2 £000’s Level 3 £000’s Total £000’s Assets: Equities 502 2,549 – 3,051 Total 502 2,549 – 3,051
FRS 104 requires the Company to disclose, for the financial instruments held, the level within the fair value hierarchy that the fair value measurement of those instruments should be categorised. The fair value hierarchy is as follows:
Level 1: Unadjusted quoted price in an active market for an identical instrument.
Level 2: Valuation techniques using observable inputs other than quoted prices within level 1.
Level 3: Valuation techniques using unobservable inputs.
Unobservable data
Unobservable data has been used only where relevant observable market data is not available. Where there was no reputable price source for an investment, the Authorised Corporate Director has assessed information available from internal and external sources in order to arrive at an estimated fair value. The fair value is established by using measures of value such as the price of recent transactions, earnings multiple and net assets. The Authorised Corporate Director of the Fund also makes judgements and estimates based on their knowledge of recent investment performance, historical experience and other assumptions that are considered reasonable under the circumstances. The estimates and the assumptions used are under continuous review by the Authorised Corporate Director with particular attention paid to the carrying value of the investments.
RELATED PARTY TRANSACTIONS
The ACD manages the fund and is therefore a related party by virtue of its controlling influence.
Amounts paid to the ACD during the period is £29,110 (31.12.25 – £2,010). The amount payable at the period end is £12,646 (31.12.25 – £1,275).
The rebates from the ACD during the period is £38,081 (31.12.25 – £25,191). Amounts due from the ACD at period end is £13,763 (31.12.25 – £13,942).
Distributions payable to the ACD and related parties of the ACD during the period amounted to nil (31.12.25 £23,577). Related parties of the ACD are deemed to be all companies under the control of T. Rowe Price Group, Inc. This will include companies which hold shares in the Fund on behalf of other external investors.
Any investments considered to be related parties have been identified in the portfolio statement where held at period end. The total purchases and sales on these investments during the period amounted to nil (31.12.25 – nil) and nil (31.12.25 – nil) respectively. The income received during the period amounted to nil (31.12.25 nil).
The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through the issue and cancellation of shares are disclosed in the Statement of Change in Net Assets Attributable to Shareholders.
Holdings at the period end and movements during the period are as follows:
Holdings at 31.12.25 (shares) Movement (shares)
Holdings at 30.06.26 (shares) ACD and related parties (C Acc shares) 371 – 371 ACD and related parties (C Acc Q shares) 296,038 2,397,303 2,693,341 ACD and related parties (T Acc shares) 371 – 371
The ACD and related parties of the ACD are ineligible to vote at any general meeting.
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28 T. Rowe Price
T. Rowe Price Funds OEIC Global Focused Growth Equity Fund
FUND INFORMATION
Investment objective
To increase the value of its shares through growth in the value of its investments.
Investment policy
The fund is actively managed and invests mainly in a diversified portfolio of shares which, in the opinion of the investment manager, have the potential for above average and sustainable rates of earnings growth. The companies may be anywhere in the world, including emerging markets.
Specifically, the fund invests at least 70% of total assets in shares and related securities of listed companies. Types of securities may include common stocks, preferred stocks, warrants, American Depository Receipts (ADRs), European Depository Receipts (EDRs) and Global Depository Receipts (GDRs).
The fund does not invest more than 30% of its assets in debt and money market securities.
Derivatives and Techniques
The fund may use derivatives for hedging and efficient portfolio management.
In exceptional circumstances, the fund may temporarily hold a significant proportion of its assets in cash and other liquid assets, where deemed necessary. This might occur in circumstances of extremely adverse market conditions and/or upon receipt of significant subscriptions or redemptions by the fund.
Investment process
The investment managerʼs approach is to:
– Identify “best ideas” by assessing companies in a global sector context, using a bottom-up approach to create a focused portfolio of typically 60-80 holdings.
– Utilise a proprietary global research platform using fundamental analysis to identify companies with superior and sustainable growth prospects, and improving fundamentals.
– Integrate macroeconomic and local market factors in stock selection decisions.
– Measure valuation appeal against the local market and broad sector opportunity set.
– Invest in a broad range of stocks across all capitalisations, incorporating developed and emerging markets.
– Governance and Sustainability Integration: the investment manager integrates the analysis of governance and sustainability factors into the investment process to evaluate investment risk and return, with the aim of optimising financial performance. Such factors can include, but are not limited to, climate change, resource depletion, labour standards, human rights issues, and governance structure and practices. Governance and sustainability factors are evaluated alongside other, more traditional investment factors such as valuation, financials, industry trends, and macro-economics. Where these factors are deemed financially material, they are considered as part of the investment decision.
FUND COMMENTARY
How did the fund perform in the past six months on an absolute basis and versus the benchmark?
The Global Focused Growth Equity Fund recorded an absolute gain and outperformed the MSCI All Country World Index Net for the six-month period ended 30 June 2026.
Fund Performance vs Benchmark Chart
T. Rowe Price Funds OEIC Global Focused Growth Equity Fund (C Acc Class) MSCI All Country World Index Net For the period from 1 January 2026 to 30 June 2026
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
T. Rowe Price Funds OEIC Global Focused Growth Equity Fund
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T. Rowe Price Funds OEIC - Interim Long Report & Unaudited Financial Statements - For the period from 1 January 2026 to 30 June 2026
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T. Rowe Price Funds OEIC Global Focused Growth Equity Fund c continued
T. Rowe Price Funds OEIC Global Focused Growth Equity Fund
What factors influenced the fund’s performance?
• Global equity markets delivered strong gains over the first six months of 2026, although the path was far from smooth. The first quarter of 2026 saw a sharp sell-off triggered by US-Israeli strikes on Iran and the resulting closure of the Strait of Hormuz. Sentiment rebounded decisively, however, in the second quarter as ceasefire negotiations progressed, oil prices retreated and artificial intelligence (AI)-related earnings consistently exceeded expectations.
• Within the fund, stock selection and an overweight position in the information technology (IT) sector contributed the most to relative performance. Our position in SK Hynix—a leading manufacturer of dynamic random-access memory (DRAM), NAND flash and high-bandwidth memory (HBM) chips— benefitted from strong AI-driven demand for HBM chips and pricing momentum across the DRAM and NAND markets.
• Conversely, holdings in financials detracted the most from relative returns. Shares of full-stack payment platform Adyen were pressured by concerns about slowing growth, competition and recent management turnover, despite the company’s underlying payments business remaining generally fundamentally healthy. We continue to have conviction in Adyen’s technological advantage that is difficult to replicate, healthy incremental margins and strong free cash flow conversion.
How is the fund positioned?
• We seek to build a high-conviction, truly global portfolio of companies with stable-to-improving fundamentals and prospects for accelerating economic returns across developed and emerging markets. Notable changes during the period included increasing our allocation to IT, industrials and business services and energy, and reducing our exposure to financials and communication services.
What is portfolio management’s outlook?
• We continue to see the best economics in the physical bottlenecks of the AI infrastructure build-out but remain mindful of risks to the AI thesis that could be internal, exogenous to it or behavioural. We think the infrastructure cycle will eventually peak but, for now, believe it still has meaningful room to run.
Our goal is to keep capital in areas where revisions, pricing power and returns on capital are improving, while remaining willing to move on before today’s scarcity becomes tomorrow’s overcapacity.
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T. Rowe Price Funds OEIC Global Focused Growth Equity Fund c continued
COMPARATIVE TABLES (UNAUDITED)
C Acc shares C Acc 9 shares Financial period to June 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 p p p p p p p p Change in net asset value per share Opening net asset value per share 2,906.98 2,588.33 2,174.35 1,827.88 2,964.90 2,636.68 2,211.23 1,854.48 Return before operating charges 676.65 338.83 433.03 363.42 690.38 345.52 440.55 369.16 Operating charges (11.63) (20.18) (19.05) (16.95) (9.95) (17.30) (15.10) (12.41) Return after operating charges* 665.02 318.65 413.98 346.47 680.43 328.22 425.45 356.75 Distributions – (7.30) (3.44) (2.36) – (10.81) (7.68) (7.26) Retained distributions – 7.30 3.44 2.36 – 10.81 7.68 7.26 Closing net asset value per share 3,572.00 2,906.98 2,588.33 2,174.35 3,645.33 2,964.90 2,636.68 2,211.23 *after direct transaction costs of (2.95) (4.51) (2.69) (1.20) (3.01) (4.60) (2.72) (1.22)
Performance Return after charges (%) 22.88 12.31 19.04 18.95 22.95 12.45 19.24 19.24
Other information Closing net asset value (£’000) 135,937 126,973 177,410 146,767 175,664 186,981 196,783 229,142 Closing number of shares 3,805,627 4,367,871 6,854,200 6,749,947 4,818,899 6,306,480 7,463,298 10,362,622 Operating charges (%) 0.75 0.76 0.78 0.85 0.63 0.64 0.61 0.61 Direct transaction costs (%) 0.09 0.17 0.11 0.06 0.09 0.17 0.11 0.06
Prices Highest share price (p) 3,631.45 3,046.93 2,665.85 2,193.55 3,705.90 3,107.01 2,715.54 2,230.64 Lowest share price (p) 2,776.01 2,121.24 2,125.98 1,828.23 2,832.15 2,161.59 2,162.11 1,854.89 C Acc shares: The share class was launched on 30 May 2017. C Acc 9 shares: The share class was launched on 30 May 2017.
T Acc shares Financial period to June 30.06.26 31.12.25 31.12.24 31.12.23 p p p p Change in net asset value per share Opening net asset value per share 1,470.12 1,300.34 1,084.89 905.07 Return before operating charges (1,469.37) 171.12 216.67 180.52 Operating charges (0.75) (1.34) (1.22) (0.70) Return after operating charges* (1,470.12) 169.78 215.45 179.82 Distributions – (12.57) (10.11) (8.80) Retained distributions – 12.57 10.11 8.80 Closing net asset value per share – 1,470.12 1,300.34 1,084.89 *after direct transaction costs of – (2.29) (1.34) (0.60)
Performance Return after charges (%) – 13.06 19.86 19.87
Other information Closing net asset value (£’000) – 17,140 16,626 23,965 Closing number of shares – 1,165,888 1,278,599 2,208,962 Operating charges (%) 0.10 0.10 0.10 0.07 Direct transaction costs (%) 0.09 0.17 0.11 0.06
Prices Highest share price (p) 1,640.44 1,539.20 1,338.87 1,094.24 Lowest share price (p) 1,406.18 1,067.54 1,060.89 905.34 T Acc shares: The share class was launched on 9 December 2020 and closed on 29 April 2026.
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T. Rowe Price Funds OEIC Global Focused Growth Equity Fund c continued
COMPARATIVE TABLES (UNAUDITED) (continued)
The net asset value and, therefore, the net asset value per share, may include post year end accounting adjustments. As a result the net asset value per share above may differ to the prices released as at 30 June 2026.
Operating charges include payments made to the ACD and to providers independent of the ACD: • Investment management: Charge paid to the ACD for investment management of the fund (also known as Annual Management Charge). • Administration: Charge paid for administration services. • Oversight and other independent services: Charges paid to providers independent of the ACD for services which include depositary, custody and audit.
The operating charges paid by each share class of the fund are shown in the Comparative Tables above. Operating charges do not include portfolio transaction costs or any entry and exit charges (also known as initial and redemption charges). The charging structures of each share class may differ, and therefore the operating charges may differ.
RISK AND REWARD PROFILE (UNAUDITED)
The fund’s risk category was calculated using simulated historical performance data and it may not be a reliable indicator of the fund’s future risk profile. The risk and reward category shown is not guaranteed to remain unchanged and the categorisation of the fund may shift over time. The lowest category does not mean a risk-free investment. The fund is in the category shown because it invests in a segment of the market where volatility is moderately volatile.
The SRRI score is based on the limited period of time since inception and may vary between different share classes. The SRRI score is based on the highest score among all classes of the fund.
Lower risk Higher risk
Potentially lower reward Potentially higher reward
The value of an investment in the fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.
The risk/reward rating above is based on medium-term volatility (actual or estimated variations in the fund’s share price over five years).
The fund’s risk level reflects the following:
• As a class, stocks carry higher risks than money market securities and bonds.
1 2 3 4 5 6 7
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32 T. Rowe Price
T. Rowe Price Funds OEIC Global Focused Growth Equity Fund c continued
PORTFOLIO STATEMENT (UNAUDITED) Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market As at 30 June 2026
Investment Holding
Market Value £ʼ000 % of Net Assets Equities 99.13% (98.83%) ARGENTINA 0.00% (0.67%) CANADA 1.88% (2.07%) Canadian Natural Resources Ltd. 43,478 1,289 0.41 Celestica, Inc. 8,423 2,194 0.70 Shopify, Inc. ‘Aʼ 27,491 2,387 0.77 5,870 1.88 CHINA 1.24% (1.78%) Zhongji Innolight Co. Ltd. ‘Aʼ 27,200 3,846 1.24 3,846 1.24 FINLAND 0.28% (0.00%) Neste OYJ 36,352 883 0.28 883 0.28 FRANCE 2.85% (2.35%) Airbus SE 20,687 3,471 1.12 Kering SA 7,219 1,559 0.50 Schneider Electric SE 15,567 3,844 1.23 8,874 2.85 GERMANY 2.19% (2.05%) Infineon Technologies AG 40,091 2,788 0.89 Rheinmetall AG 1,397 1,181 0.38 Sartorius AG Preference 934 184 0.06 Siemens Energy AG 18,740 2,677 0.86 6,830 2.19 INDIA 0.00% (2.57%) ISRAEL 0.60% (0.00%) Tower Semiconductor Ltd. 9,576 1,852 0.60 1,852 0.60 ITALY 3.32% (1.20%) Ferrari NV 15,510 4,330 1.39 Prysmian SpA 31,881 4,035 1.29 UniCredit SpA 29,559 1,983 0.64 10,348 3.32 JAPAN 6.66% (5.51%) Asics Corp. 167,800 3,420 1.10 Chugai Pharmaceutical Co. Ltd. 90,800 3,180 1.02 Disco Corp. 4,400 1,662 0.53 Fujikura Ltd. 114,600 3,317 1.07 Murata Manufacturing Co. Ltd. 57,100 3,025 0.97 Recruit Holdings Co. Ltd. 19,100 1,008 0.32 Tokyo Electron Ltd. 14,300 5,124 1.65 20,736 6.66 NETHERLANDS 5.15% (4.58%) Adyen NV 3,675 2,618 0.84 ASM International NV 3,556 3,044 0.98 ASML Holding NV 5,246 7,565 2.43 BE Semiconductor Industries NV 11,455 2,818 0.90 16,045 5.15 PERU 0.43% (0.55%) Southern Copper Corp. 10,503 1,342 0.43 1,342 0.43 SINGAPORE 0.80% (0.31%) Sea Ltd., ADR 35,505 2,497 0.80 2,497 0.80 SOUTH KOREA 4.29% (3.37%) Samsung Electronics Co. Ltd. 44,334 7,215 2.32 SK Hynix, Inc. 4,756 6,149 1.97 13,364 4.29 SPAIN 1.81% (1.80%) Banco Bilbao Vizcaya Argentaria SA 187,987 3,529 1.13 Indra Sistemas SA 51,243 2,116 0.68 5,645 1.81 SWEDEN 0.26% (0.90%) Spotify Technology SA 2,342 818 0.26 818 0.26
Investment Holding
Market Value £ʼ000 % of Net Assets SWITZERLAND 0.62% (0.68%) UBS Group AG 51,691 1,933 0.62 1,933 0.62 TAIWAN 7.02% (5.99%) Accton Technology Corp. 29,000 1,721 0.55 All Ring Tech Co. Ltd. 31,000 738 0.24 Delta Electronics, Inc. 108,000 5,018 1.61 Taiwan Semiconductor Manufacturing Co. Ltd. 188,000 10,783 3.46 Unimicron Technology Corp. 142,000 3,613 1.16 21,873 7.02 UNITED KINGDOM 3.79% (6.30%) Barclays plc 394,383 2,018 0.65 London Stock Exchange Group plc 7,366 606 0.19 Rolls-Royce Holdings plc 173,538 2,518 0.81 Unilever plc 145,868 6,668 2.14 11,810 3.79 UNITED STATES OF AMERICA 55.94% (56.15%) Advanced Micro Devices, Inc. 8,549 3,485 1.12 Alphabet, Inc. ‘Aʼ 34,867 9,331 2.99 Amazon.com, Inc. 28,240 5,146 1.65 Apple, Inc. 40,614 8,664 2.78 AppLovin Corp. ‘Aʼ 2,195 832 0.27 Arista Networks, Inc. 32,312 4,010 1.29 Broadcom, Inc. 20,677 5,858 1.88 Carvana Co. ‘Aʼ 36,059 1,747 0.56 Caterpillar, Inc. 4,862 3,819 1.23 Ciena Corp. 4,296 1,559 0.50 Citigroup, Inc. 37,086 3,957 1.27 Coherent Corp. 8,607 2,553 0.82 ConocoPhillips 21,212 1,667 0.53 Crowdstrike Holdings, Inc. ‘Aʼ 4,412 2,481 0.80 Datadog, Inc. ‘Aʼ 13,020 2,454 0.79 Deere & Co. 5,447 2,580 0.83 DoorDash, Inc. ‘Aʼ 18,559 2,604 0.84 Eli Lilly & Co. 4,577 4,241 1.36 Exxon Mobil Corp. 45,136 4,629 1.49 Fifth Third Bancorp 64,285 2,766 0.89 Howmet Aerospace, Inc. 9,858 2,008 0.64 Intel Corp. 26,738 2,657 0.85 KLA Corp. 17,186 3,682 1.18 Lam Research Corp. 11,635 3,616 1.16 Linde plc 18,683 7,217 2.32 Louisiana-Pacific Corp. 11,739 717 0.23 Lumentum Holdings, Inc. 3,736 2,416 0.77 Marvell Technology, Inc. 7,420 1,556 0.50 Mastercard, Inc. ‘Aʼ 9,071 3,500 1.12 Meta Platforms, Inc. ‘Aʼ 4,460 1,902 0.61 Micron Technology, Inc. 6,061 5,256 1.69 Microsoft Corp. 12,252 3,428 1.10 Monolithic Power Systems, Inc. 549 546 0.17 Natera, Inc. 12,631 2,607 0.84 NVIDIA Corp. 117,739 17,412 5.59 Old Dominion Freight Line, Inc. 9,823 1,633 0.52 Oracle Corp. 18,539 2,102 0.67 Quanta Services, Inc. 2,998 1,624 0.52 Regeneron Pharmaceuticals, Inc. 5,458 2,610 0.84 SLB Ltd. 41,287 1,446 0.46 Snowflake, Inc. ‘Aʼ 18,121 3,440 1.10 Southern Co. (The) 82,833 6,055 1.94 Space Exploration Technologies Corp. ‘Aʼ 1,489 185 0.06 Stryker Corp. 19,675 4,915 1.58 Teledyne Technologies, Inc. 3,514 1,705 0.55 Tesla, Inc. 2,036 630 0.20
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T. Rowe Price Funds OEIC Global Focused Growth Equity Fund c continued
PORTFOLIO STATEMENT (UNAUDITED) (continued) Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market As at 30 June 2026
Investment Holding
Market Value £ʼ000 % of Net Assets UNITED STATES OF AMERICA 55.94% (56.15%) (continued) Tradeweb Markets, Inc. ‘Aʼ 25,366 1,767 0.57 UnitedHealth Group, Inc. 20,670 6,564 2.11 Uranium Energy Corp. 103,986 855 0.27 Vertiv Holdings Co. ‘Aʼ 16,112 3,741 1.20 Vicor Corp. 7,709 2,140 0.69 174,315 55.94
Equities total 308,881 99.13
Investment assets 308,881 99.13 Net other assets 2,720 0.87 Net assets 311,601 100.00
The comparative percentage figures in brackets are as at 31 December 2025.
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T. Rowe Price Funds OEIC Global Focused Growth Equity Fund c continued
FINANCIAL STATEMENTS (UNAUDITED)
Statement of Total Return (unaudited) For the six months from 1 January 2026 to 30 June 2026
£ʼ000 30.06.26 £ʼ000 £ʼ000 30.06.25 £ʼ000 Income Net capital gains/(losses) 62,064 (5,466) Revenue 1,607 2,670 Expenses (1,003) (1,207) Net revenue before taxation 604 1,463 Taxation (86) (502) Net revenue after taxation 518 961 Total return before distributions 62,582 (4,505) Distributions* (38) (88) Change in net assets attributable to shareholders from investment activities 62,544 (4,593)
* due to the effect of income equalisation on subscriptions and redemptions.
Statement of Change in Net Assets Attributable to Shareholders (unaudited) For the six months from 1 January 2026 to 30 June 2026 £ʼ000 30.06.26 £ʼ000 £ʼ000 30.06.25 £ʼ000 Opening net assets attributable to shareholders 331,094 390,819 Amounts receivable on issue of shares 4,049 40,368 Amounts payable on cancellation of shares (86,119) (91,613) (82,070) (51,245) Dilution adjustment 33 Change in net assets attributable to shareholders from investment activities (see above) 62,544 (4,593) Closing net assets attributable to shareholders 311,601 334,981
The Statement of Recommended Practice (2014) requires that comparatives are shown for the above report. As the comparatives are for the previous interim period, the net assets at the end of that period will not agree to the net assets at the start of the current period. The published net asset value as at 31 December 2025 was £331,093,824.
Balance Sheet (unaudited) As at 30 June 2026 30.06.26 £’000 31.12.25 £ʼ000 Assets Investments 308,881 327,211 Amounts receivable 618 2,364 Cash and cash equivalents 3,158 4,161 Total assets 312,657 333,736 Liabilities Other amounts payable (1,056) (2,642) Total liabilities (1,056) (2,642) Net assets attributable to shareholders 311,601 331,094
ACCOUNTING POLICIES
The interim financial statements have been prepared in accordance with the Statement of Recommended Practice for authorised funds, as issued by the Investment Association in October 2025 (IA SORP 2025) and in accordance with United Kingdom Generally Accepted Accounting Principles, including Financial Reporting Standard 104 (Interim Financial Statements) (FRS 104)). The financial statements have been prepared on a going concern basis.
The accounting policies have been applied for the first time in accordance with IA SORP 2025. For the year ended 31 December 2025, the financial statements were prepared under IA SORP 2014. The accounting policies applied are consistent with those in the annual financial statements for the year ended 31 December 2025 and are described in those annual financial statements with the exception of the below:
The listed investments and exchange traded derivatives held by the sub-fund have been valued at fair value which is the mid-market price at 12 noon on the final valuation date within the reporting period.
TOTAL PURCHASES AND SALES (UNAUDITED)
For the period to 30.06.26 £’000 Total purchases 274,939 Total sales 355,373
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T. Rowe Price Funds OEIC Global Focused Growth Equity Fund c continued
FAIR VALUE HIERARCHY (UNAUDITED)
30.06.2026 Level 1 £000’s Level 2 £000’s Level 3 £000’s Total £000’s Assets: Equities 66,399 242,482 – 308,881 Total 66,399 242,482 – 308,881
31.12.2025 Level 1 £000’s Level 2 £000’s Level 3 £000’s Total £000’s Assets: Equities 49,747 277,464 – 327,211 Total 49,747 277,464 – 327,211
FRS 104 requires the Company to disclose, for the financial instruments held, the level within the fair value hierarchy that the fair value measurement of those instruments should be categorised. The fair value hierarchy is as follows:
Level 1: Unadjusted quoted price in an active market for an identical instrument.
Level 2: Valuation techniques using observable inputs other than quoted prices within level 1.
Level 3: Valuation techniques using unobservable inputs.
Unobservable data
Unobservable data has been used only where relevant observable market data is not available. Where there was no reputable price source for an investment, the Authorised Corporate Director has assessed information available from internal and external sources in order to arrive at an estimated fair value. The fair value is established by using measures of value such as the price of recent transactions, earnings multiple and net assets. The Authorised Corporate Director of the Fund also makes judgements and estimates based on their knowledge of recent investment performance, historical experience and other assumptions that are considered reasonable under the circumstances. The estimates and the assumptions used are under continuous review by the Authorised Corporate Director with particular attention paid to the carrying value of the investments.
RELATED PARTY TRANSACTIONS
The ACD manages the fund and is therefore a related party by virtue of its controlling influence.
Amounts paid to the ACD during the period is £813,534 (31.12.25 – £1,848,659). The amount payable at the period end is £282,622 (31.12.25 – £295,263).
The rebates from the ACD during the period is £1,262 (31.12.25 – £60,547). Amounts due to the ACD at period end is £883 (31.12.25 – £36,307).
Distributions payable to the ACD and related parties of the ACD during the period amounted to nil (31.12.25 nil). Related parties of the ACD are deemed to be all companies under the control of T. Rowe Price Group, Inc. This will include companies which hold shares in the Fund on behalf of other external investors.
Any investments considered to be related parties have been identified in the portfolio statement where held at period end. The total purchases and sales on these investments during the period amounted to nil (31.12.25 – nil) and nil (31.12.25 – nil) respectively. The income received during the period amounted to nil (31.12.25 nil).
There were no related party holdings as at 30.06.2026 and 31.12.2025.
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T. Rowe Price Funds OEIC Global High Yield Opportunities Bond Fund
FUND INFORMATION
This fund is in the process of being terminated. Until such time, the investment objective and policy remain in effect.
Investment objective
To maximise the value of its shares through both growth in the value of, and income from, its investments over a full market cycle (a minimum of 5 years).
Investment policy
The fund is actively managed and invests at least 80% of total assets in a portfolio of high yield (non-investment grade) corporate bonds that have the potential for consistent growth. The high yield corporate bonds will be from issuers around the world, including emerging markets (up to 40% of the total assets of the fund).
Debt securities can include fixed and floating rate bonds, warrants and other transferable debt securities of any type. The debt securities are rated by Standard & Poor’s or an alternative credit rating agency. Where the securities are unrated, the investment manager will ensure they are of a similar quality in accordance with its in-house rating. The fund may also invest up to 25% in convertible bonds (including up to 15% in contingent convertible bonds).
The fund aims to hedge any non-Sterling assets to Sterling.
The fund may also invest up to 20% of its assets in other transferable securities (including government bonds, deposits, preferred shared and equity related securities).
Derivatives and Techniques
The fund may use derivatives for hedging, efficient portfolio management and investment purposes. The fund may also use derivatives to create synthetic short positions in debt securities and credit indices. The use of derivatives for investment purposes is expected to be limited.
In exceptional circumstances, the fund may temporarily hold a significant proportion of its assets in cash and other liquid assets, where deemed necessary. This might occur in circumstances of extremely adverse market conditions and/or upon receipt of significant subscriptions or redemptions by the fund.
Investment process
The investment managerʼs approach is to:
– Use proprietary fundamental research and relative value analysis.
– Seek out opportunities where they exist in the market, and identify “best ideas” by assessing issuers in a global context.
– Place a strong emphasis on risk management practices and portfolio diversification to manage the overall risk profile.
– Governance and Sustainability Integration: the investment manager integrates the analysis of governance and sustainability factors into the investment process to evaluate investment risk and return, with the aim of optimising financial performance. Such factors can include, but are not limited to, climate change, resource depletion, labour standards, human rights issues, and governance structure and practices. Governance and sustainability factors are evaluated alongside other, more traditional investment factors such as valuation, financials, industry trends, and macro economics. Where these factors are deemed financially material, they are considered as part of the investment decision.
FUND COMMENTARY
How did the fund perform in the past six months on an absolute basis and versus the benchmark?
The Global High Yield Opportunities Bond Fund recorded an absolute gain but underperformed the ICE BofA Global High Yield Index in the six-month period ended 30 June 2026.
T. Rowe Price Funds OEIC Global High Yield Opportunities Bond Fund
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T. Rowe Price Funds OEIC Global High Yield Opportunities Bond Fund
continued
Fund Performance vs Benchmark Chart
What factors influenced the fund’s performance?
• Global high yield bonds advanced as solid performance in the period’s second half more than offset first-quarter losses. Diplomatic progress in the Middle East eased geopolitical tensions and declining energy prices mitigated inflation concerns, allowing fixed income markets to rebound from earlier weakness despite anticipation of less accommodative monetary policy.
• Compared with the style-specific ICE BofA Global High Yield Index, credit selection in the health care segment contributed, partly due to Organon, a US-based pharmaceuticals company focusing on women’s health, biosimilars and other established brands, and hospital company Community Health Systems. Liquefied natural gas (LNG) company Venture Global added value as higher LNG prices amid supply disruptions aided the issuer’s performance. Our avoidance of global label solutions provider Multi-Color, a troubled issuer in the containers segment, was supportive.
• Credit selection in the metals and mining and energy segments weighed on relative performance, partly due to Brazilian integrated steel company CSN Resources, and sugar and ethanol producer Raízen, respectively. Tower owner and operator Arqiva held back gains in the wireless communications sector. CDK Global, a provider of dealer management systems to automotive dealerships, was a notable detractor in the information technology segment.
T. Rowe Price Funds OEIC Global High Yield Opportunities Bond Fund (C Inc Q Class) ICE BofA Global High Yield Index (Hedged to GBP) For the period from 1 January 2026 to 30 June 2026
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
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T. Rowe Price Funds OEIC Global High Yield Opportunities Bond Fund
continued
COMPARATIVE TABLES (UNAUDITED)
C Inc Q shares C Inc Q 9 shares Financial period to June 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 p p p p p p p p Change in net asset value per share Opening net asset value per share 1,056.66 1,042.22 1,041.94 1,007.53 1,061.13 1,045.58 1,043.79 1,007.80 Return before operating charges 26.24 99.48 95.81 127.66 26.36 99.85 96.09 127.80 Operating charges (3.09) (6.25) (6.65) (6.68) (2.58) (5.21) (5.19) (5.15) Return after operating charges* 23.15 93.23 89.16 120.98 23.78 94.64 90.90 122.65 Distributions (38.96) (78.79) (88.88) (86.57) (39.13) (79.09) (89.11) (86.66) Closing net asset value per share 1,040.85 1,056.66 1,042.22 1,041.94 1,045.78 1,061.13 1,045.58 1,043.79 *after direct transaction costs of – – – – – – – Performance Return after charges (%) 2.19 8.95 8.56 12.01 2.24 9.05 8.71 12.17
Other information Closing net asset value (£’000) 22,635 22,874 22,296 22,290 973 971 933 932 Closing number of shares 2,174,618 2,164,693 2,139,252 2,139,252 93,043 91,524 89,297 89,297 Operating charges (%) 0.59 0.59 0.63 0.65 0.49 0.49 0.49 0.50 Direct transaction costs (%) – – – – – – – Prices Highest share price (p) 1,068.14 1,086.39 1,081.83 1,070.17 1,072.75 1,090.69 1,084.99 1,072.07 Lowest share price (p) 1,029.28 1,005.41 1,028.31 986.02 1,033.90 1,008.92 1,030.61 987.50 C Inc Q shares: The share class was launched on 27 October 2022. C Inc Q 9 shares: The share class was launched on 27 October 2022.
The net asset value and, therefore, the net asset value per share, may include post year end accounting adjustments. As a result the net asset value per share above may differ to the prices released as at 30 June 2026.
Operating charges include payments made to the ACD and to providers independent of the ACD:
• Investment management: Charge paid to the ACD for investment management of the fund (also known as Annual Management Charge).
• Administration: Charge paid for administration services.
• Oversight and other independent services: Charges paid to providers independent of the ACD for services which include depositary, custody and audit.
The operating charges paid by each share class of the fund are shown in the Comparative Tables above. Operating charges do not include portfolio transaction costs or any entry and exit charges (also known as initial and redemption charges). The charging structures of each share class may differ, and therefore the operating charges may differ.
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T. Rowe Price Funds OEIC Global High Yield Opportunities Bond Fund
continued
RISK AND REWARD PROFILE (UNAUDITED)
The fund’s risk category was calculated using simulated historical performance data and it may not be a reliable indicator of the fund’s future risk profile. The risk and reward category shown is not guaranteed to remain unchanged and the categorisation of the fund may shift over time. The lowest category does not mean a risk-free investment. The fund is in the category shown because it invests in a segment of the market that is moderately volatile.
The SRRI score is based on the limited period of time since inception and may vary between different share classes. The SRRI score is based on the highest score among all classes of the fund.
Lower risk Higher risk Potentially lower reward Potentially higher reward
The value of an investment in the fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.
The risk/reward rating above is based on medium-term volatility (actual or estimated variations in the fund’s share price over five years).
The fund’s risk level reflects the following:
• As a class, stocks carry higher risks than money market securities and bonds.
1 2 3 4 5 6 7
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40 T. Rowe Price
PORTFOLIO STATEMENT (UNAUDITED) Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market As at 30 June 2026
T. Rowe Price Funds OEIC Global High Yield Opportunities Bond Fund
continued
Investment Holding
Market Value £ʼ000 % of Net Assets Equities 0.17% (0.21%) CANADA 0.17% (0.17%) Bausch + Lomb Corp. 3,116 39 0.17 39 0.17 EUROPEAN UNION 0.00% (0.04%)
Equities total 39 0.17
Corporate Bonds 99.03% (98.03%) ARGENTINA 0.50% (0.47%) Telecom Argentina SA 9.25% 28/05/2033 $145,000 117 0.50 117 0.50 AUSTRIA 1.01% (1.02%) Benteler International Austria GmbH 7.25% 15/06/2031 €260,000 238 1.01 238 1.01 BRAZIL 1.82% (3.07%) Globo Comunicacao e Participacoes SA 5.50% 14/01/2032 $235,000 175 0.74 Petrobras Global Finance BV 6.50% 03/07/2033 $220,000 170 0.72 Raizen Fuels Finance SA 6.45% 05/03/2034 $200,000 84 0.36 429 1.82 CANADA 2.25% (3.34%) Jones Deslauriers Insurance Management, Inc. 8.50% 15/03/2030 $145,000 112 0.47 Jones Deslauriers Insurance Management, Inc. 7.25% 01/10/2033 CAD 160,000 86 0.36 Rogers Communications, Inc., FRN 7.00% 15/04/2055 $75,000 58 0.25 Rogers Communications, Inc., FRN 7.13% 15/04/2055 $165,000 129 0.55 South Bow Canadian Infrastructure Holdings Ltd., FRN 7.50% 01/03/2055 $15,000 12 0.05 South Bow Canadian Infrastructure Holdings Ltd., FRN 7.63% 01/03/2055 $170,000 133 0.57 530 2.25 CHILE 1.60% (2.25%) Agrosuper SA 4.60% 20/01/2032 $300,000 215 0.91 ATP Tower Holdings 7.88% 03/02/2030 $210,000 164 0.69 379 1.60 COLOMBIA 0.62% (2.18%) Ecopetrol SA 4.63% 02/11/2031 $65,000 45 0.19 Ecopetrol SA 8.88% 13/01/2033 $5,000 4 0.02 Ecopetrol SA 8.38% 19/01/2036 $35,000 28 0.12 Ecopetrol SA 5.88% 28/05/2045 $110,000 69 0.29 146 0.62 FRANCE 5.51% (5.72%) Altice France SA 7.25% 01/11/2029 €99,085 86 0.36 Altice France SA 4.75% 15/10/2030 €39,589 33 0.14 CAB SELAS 7.75% 09/08/2031 €100,000 86 0.36 CMA CGM SA, 144A 4.88% 15/01/2032 €100,000 86 0.36 CMA CGM SA, Reg S 4.88% 15/01/2032 €100,000 86 0.36 Forvia SE 5.38% 15/03/2031 €100,000 88 0.37 Forvia SE 5.50% 15/06/2031 €205,000 181 0.77 Iliad Holding SAS 8.50% 15/04/2031 $200,000 160 0.68 IPD 3 BV 5.50% 15/06/2031 €155,000 131 0.56 IPD 3 BV, FRN 5.78% 15/06/2031 €100,000 86 0.37 Loxam SAS 4.25% 15/02/2030 €160,000 139 0.59 Opal Bidco SAS 5.50% 31/03/2032 €155,000 138 0.59 1,300 5.51 GERMANY 2.83% (2.57%) Alstria Office AG, REIT 5.50% 20/03/2031 €100,000 86 0.36 Grand City Properties Finance Sarl, FRN 4.75% Perpetual €100,000 83 0.35
Investment Holding
Market Value £ʼ000 % of Net Assets GERMANY 2.83% (2.57%) (continued) Gruenenthal GmbH 4.63% 15/11/2031 €205,000 178 0.75 IHO Verwaltungs GmbH 7.38% 15/05/2033 $200,000 158 0.67 ZF North America Capital, Inc. 6.88% 23/04/2032 $220,000 164 0.70 669 2.83 GREECE 0.38% (0.37%) United Group BV 6.25% 31/01/2032 €100,000 89 0.38 89 0.38 GUATEMALA 0.00% (0.60%) INDIA 0.00% (0.45%) ISRAEL 0.80% (0.81%) Teva Pharmaceutical Finance Netherlands II BV 7.88% 15/09/2031 €100,000 101 0.43 Teva Pharmaceutical Finance Netherlands II BV, FRN 4.38% 09/05/2030 €100,000 88 0.37 189 0.80 ITALY 2.97% (2.21%) Fibercop SpA 4.75% 30/06/2030 €110,000 97 0.41 Gg12 SpA 6.25% 28/04/2033 €100,000 88 0.37 Gg12 SpA, FRN 6.16% 28/04/2033 €100,000 88 0.37 IMA Industria Macchine Automatiche SpA 3.75% 15/01/2028 €100,000 87 0.37 IMA Industria Macchine Automatiche SpA, FRN 5.95% 15/04/2029 €165,000 144 0.61 Itelyum Regeneration Spa 5.75% 15/04/2030 €225,000 197 0.84 701 2.97 JAPAN 0.37% (0.38%) Nissan Motor Co. Ltd. 6.38% 17/07/2033 €100,000 88 0.37 88 0.37 LUXEMBOURG 3.21% (3.28%) Aegis Lux 1a Sarl 5.63% 29/10/2031 €270,000 236 1.00 Albion Financing 1 Sarl 5.38% 21/05/2030 €100,000 89 0.38 Albion Financing 1 SARL 5.38% 21/05/2030 €143,000 128 0.54 INEOS Finance plc 7.88% 15/11/2031 €100,000 83 0.35 Maxam Prill Sarl 7.75% 15/07/2030 $285,000 222 0.94 758 3.21 MADAGASCAR 0.91% (0.88%) Axian Telecom Holding & Management plc 7.25% 11/07/2030 $280,000 214 0.91 214 0.91 MEXICO 5.14% (4.01%) Banco Mercantil del Norte SA, FRN 8.38% Perpetual $210,000 164 0.69 Banco Nacional de Mexico SA, FRN 6.70% 07/08/2036 $200,000 149 0.63 BBVA Mexico SA, FRN 8.45% 29/06/2038 $200,000 164 0.69 Petroleos Mexicanos 6.50% 23/01/2029 $140,000 108 0.46 Petroleos Mexicanos 6.70% 16/02/2032 $150,000 115 0.49 Petroleos Mexicanos 10.00% 07/02/2033 $255,000 228 0.97 Petroleos Mexicanos 7.69% 23/01/2050 $170,000 120 0.51 Saavi Energia Sarl 8.88% 10/02/2035 $200,000 165 0.70 1,213 5.14 NETHERLANDS 1.22% (1.22%) Trivium Packaging Finance BV, 144A 6.63% 15/07/2030 €100,000 91 0.38 Trivium Packaging Finance BV, Reg S 6.63% 15/07/2030 €100,000 90 0.38 Ziggo Bond Co. BV 3.38% 28/02/2030 €140,000 108 0.46 289 1.22 PAKISTAN 0.70% (0.00%) Veon Midco BV 6.95% 01/06/2031 $220,000 166 0.70 166 0.70
Page 43
T. Rowe Price Funds OEIC - Interim Long Report & Unaudited Financial Statements - For the period from 1 January 2026 to 30 June 2026
T. Rowe Price 41
T. Rowe Price Funds OEIC Global High Yield Opportunities Bond Fund
continued
PORTFOLIO STATEMENT (UNAUDITED) (continued) Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market As at 30 June 2026
Investment Holding
Market Value £ʼ000 % of Net Assets PANAMA 0.97% (0.96%) C&W Senior Finance Ltd. 9.00% 15/01/2033 $300,000 230 0.97 230 0.97 PERU 0.61% (0.60%) Minsur SA 4.50% 28/10/2031 $200,000 145 0.61 145 0.61 ROMANIA 0.76% (1.60%) Banca Transilvania SA, FRN 7.13% Perpetual €200,000 179 0.76 179 0.76 SLOVENIA 0.00% (0.42%) SOUTH AFRICA 1.97% (0.63%) Absa Group Ltd., FRN 6.63% 08/06/2036 $200,000 154 0.65 Absa Group Ltd., FRN 7.38% Perpetual $200,000 154 0.65 Sasol Financing USA LLC 8.75% 03/05/2029 $200,000 158 0.67 466 1.97 SPAIN 0.83% (1.20%) California Buyer Ltd. 5.63% 15/02/2032 €120,000 105 0.45 Eroski S Coop 5.75% 15/05/2031 €100,000 90 0.38 195 0.83 TANZANIA 0.69% (0.00%) HTA Group Ltd. 7.50% 04/06/2029 $210,000 163 0.69 163 0.69 TANZANIA, UNITED REPUBLIC OF 0.00% (0.68%) TÜRKIYE 0.66% (0.00%) Akbank TAS, FRN 7.88% 04/09/2035 $205,000 156 0.66 156 0.66 UNITED KINGDOM 8.08% (9.60%) Arqiva Broadcast Finance plc 8.63% 01/07/2030 £200,000 176 0.74 Barclays plc, FRN 7.63% Perpetual $200,000 158 0.67 Bellis Acquisition Co. plc 8.13% 14/05/2030 £100,000 94 0.40 Biffa Group Holdings Ltd. 7.38% 15/06/2031 £200,000 202 0.86 Boots Group Finco LP 5.38% 31/08/2032 €100,000 89 0.38 Co-Operative Group Ltd. 8.25% 15/12/2031 £100,000 102 0.43 Iceland Bondco plc 10.88% 15/12/2027 £192,000 200 0.85 INEOS Finance plc 6.38% 15/04/2029 €115,000 98 0.41 Jerrold Finco plc 7.50% 15/06/2031 £200,000 203 0.86 Kane Bidco Ltd. 7.75% 15/07/2031 £100,000 101 0.43 Miller Homes Group Finco plc 7.00% 15/05/2029 £120,000 120 0.51 PCC Global plc 8.25% 15/11/2030 €100,000 69 0.29 RAC Bond Co. plc 5.25% 04/11/2046 £160,000 159 0.67 Vmed O2 UK Financing I plc 4.50% 15/07/2031 £165,000 137 0.58 1,908 8.08 UNITED STATES OF AMERICA 50.52% (46.86%) 1261229 BC Ltd. 10.00% 15/04/2032 $200,000 153 0.65 Advance Auto Parts, Inc. 7.00% 01/08/2030 $80,000 62 0.26 Advance Auto Parts, Inc. 7.38% 01/08/2033 $160,000 125 0.53 Alliant Holdings Intermediate LLC 5.88% 01/11/2029 $265,000 196 0.83 AmeriGas Partners LP 9.38% 01/06/2028 $45,000 35 0.15 AmeriGas Partners LP 9.50% 01/06/2030 $41,000 33 0.14 Aretec Group, Inc. 10.00% 15/08/2030 $64,000 51 0.22 Arsenal AIC Parent LLC 11.50% 01/10/2031 $140,000 114 0.48 Asurion LLC 8.00% 31/12/2032 $130,000 99 0.42 Asurion LLC 8.38% 01/02/2034 $135,000 92 0.39 AthenaHealth Group, Inc. 6.50% 15/02/2030 $170,000 123 0.52
Investment Holding
Market Value £ʼ000 % of Net Assets UNITED STATES OF AMERICA 50.52% (46.86%) (continued) Avis Budget Finance plc 7.25% 31/07/2030 €100,000 88 0.37 Bausch + Lomb Netherlands BV, FRN 6.08% 15/01/2031 €100,000 87
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"text": "Rowe Price Funds OEIC Continental"
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