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Overseas Stock Fund

Invests in firms with a favorable combination of growth prospects and valuation. Several of the characteristics we look for: accelerating earnings and cash flow growth, reasonable valuation, and barriers to entry at industry and product level.

Investing internationally involves special risks including economic and political uncertainty and currency fluctuation.

TROSXCUSIP 77956H757

Factsheet

Fund Story Prospectus

More Literature

Morningstar (Category)

Morningstar
(Overall Rating)¹

Foreign Large Blend

(628 funds)

Data as of 12/31/2019

Fund Manager Tenure²

Net Assets³
(USD)

13yrs

$18.0b

Data as of 12/31/2019

Price
(USD)

Daily Price Change

$11.29

$+0.05

Data as of 01/16/2020

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

References

Raymond A. Mills, Portfolio Manager

Raymond A. Mills is the portfolio manager of the T. Rowe Price International Core Equity Strategy. Mr. Mills also serves on the Investment Advisory Committees for other international equity, asset allocation, and global real estate strategies. He is a member of the International Equity Steering Committee and the Equity Brokerage and Trading Control Committee. Mr. Mills is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Strategy

Investment Objective

The fund seeks long-term growth of capital through investments in the common stocks of non-U.S. companies.

Morningstar Equity Style

Large Blend

Data as of 12/31/2019

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period	Rating	Funds In Category (Foreign Large Blend)
Overall		628
3 Years		628
5 Years		495
10 Years		372

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Average Annual Total Returns (Investor Class)

1 YR

22.91%

Benchmark

22.01%

Value

9.70%

Benchmark

8.17%

Value

1.53%

Asset Allocation

Net Assets
(USD)

$18.0b

Largest Global ex-US Stock 96.72% $17.5b

Other View complete Asset Allocation

Holdings

Total
Holdings

159

Largest Holding Nestle 3.05% Was (09/30/2019) 3.36%

Other View complete Full Holdings

Top 10 Holdings 18.46% View the latest Top 10 Holdings

12-Month Portfolio Turnover 15.2% Data as of 12/31/2019

Largest Contributor

Roche Holding

1.97%

Largest Detractor

Unilever

2.03%

Purchase

Sampo (N)

0.34%

Was 0.00%

Sale

Prudential

0.48%

Was 0.81%

Sectors

Total
Sectors

Largest Sector Financials 21.73% Was (11/30/2019) 21.09%

Other View complete Sector Diversification

Contributor

Financials

By 0.49%

Sector 0.01%

Selection 0.48%

Over

Financials

By 3.18%

Fund 21.73%

Benchmark 18.55%

Under

Industrials & Business Services

By -3.68%

Fund 11.33%

Benchmark 15.01%

MSCI index returns are shown with gross dividends reinvested.

Regions

Total
Regions

Largest Region Europe 57.61% Was (11/30/2019) 56.28%

Other View complete Region Diversification

Contributor

Developed Europe

By 0.97%

Region -0.04%

Selection 1.01%

Detractor

Team (As of 12/31/2019)

Raymond A. Mills
Portfolio Manager

Fund manager
since 2006
Years at
T. Rowe Price 22
Years investment
experience 22

Jason A. White
Portfolio Specialist

Jason A. White is a portfolio specialist in the Equity Division of T. Rowe Price. He is a member of the international equity investment team, participates in investment strategy calls, and regularly travels with other investment professionals to visit companies around the world. Mr. White is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Years at
T. Rowe Price 15
Years investment
experience 18

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information

Share Class	Min Initial Investment (USD)	Min Subsequent Investment (USD)	12b-1 Fee	Expense Ratio
Share Class	Min Initial Investment (USD)	Min Subsequent Investment (USD)	12b-1 Fee	Gross	Net	Limitation Type	Limitation Expiration Date
Investor Class Cusip 77956H757	$2,500	$100	0.00%	0.81%	0.81%	N/A	N/A
Advisor Class Cusip 77956H443	$2,500	$100	0.25%	1.10%	1.10%	N/A	N/A
I Class Cusip 77956H435	$1,000,000*	N/A	0.00%	0.66%	0.66%	N/A	N/A

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

Investor Profile

Appropriate for an investor seeking a diversified portfolio of international securities with a core approach that has the flexibility to invest across the style spectrum.
For investors looking for the diversification benefits associated with holding international investments.

Risk/Return Characteristics

Data as of 12/31/2019

Risk/Return (5 Years)	Fund	MSCI EAFE Index Net
Alpha	0.31%	0.00%
Beta	0.98	1.00
R-Squared	0.95	1.00
Annualized Std. Deviation	12.13%	12.13%
Information Ratio	0.07	0.00
Sharpe Ratio	0.39	0.38
Tracking Error	2.68%	0.00%

Figures are calculated using monthly data and are net of fees. Past performance cannot guarantee future results.

Asset Allocation (12/31/2019)

As of end:

Category	% of Total Net Assets	Market Value (USD)
Global ex-US Stock	96.72%	$17,450,630,548.32
Reserves	2.54%	$458,277,518.54
US Stock	0.74%	$133,513,922.72
Total Allocation		$18,042,421,989.58

Numbers may not total due to rounding; all numbers are percentages.

The information shown does not reflect any ETFs that may be held in the portfolio.

T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all future updates to GICS.

Holdings (12/31/2019)

As of end:

Security Name	% of Fund	Prev Qtr Change	Value	Sector	Industry	Country
Nestle	3.05%	-0.32%	$549,550,681.42	Consumer Staples	Food Products	Switzerland
Unilever	2.03%	-0.26%	$365,923,145.24	Consumer Staples	Personal Products	United Kingdom
Roche Holding	1.97%	0.02%	$355,715,109.29	Health Care	Pharmaceuticals	Switzerland
Novartis	1.92%	0.05%	$346,920,238.32	Health Care	Pharmaceuticals	Switzerland
Siemens	1.78%	0.17%	$321,888,686.64	Industrials & Business Services	Industrial Conglomerates	Germany
Nippon Telegraph & Telephone	1.71%	-0.07%	$308,060,987.23	Communication Services	Diversified Telecommunication Services	Japan
Koninklijke Philips	1.68%	-0.07%	$303,753,919.67	Health Care	Health Care Equipment & Supplies	Netherlands
Taiwan Semiconductor Manufacturing	1.51%	0.09%	$273,144,091.76	Information Technology	Semiconductors & Semiconductor Equipment	Taiwan
Astellas Pharma	1.46%	0.15%	$263,133,777.61	Health Care	Pharmaceuticals	Japan
Samsung Electronics	1.34%	0.14%	$242,664,075.71	Information Technology	Technology Hardware, Storage & Peripherals	South Korea
Total	1.34%	-0.05%	$242,611,083.85	Energy	Oil, Gas & Consumable Fuels	France
Bayer	1.29%	0.11%	$232,909,599.83	Health Care	Pharmaceuticals	Germany
AXA	1.29%	0.13%	$232,617,393.42	Financials	Insurance	France
Toyota Motor	1.21%	-0.06%	$218,120,737.67	Consumer Discretionary	Automobiles	Japan
Sanofi	1.17%	-0.02%	$211,054,010.31	Health Care	Pharmaceuticals	France
Munich Re	1.17%	0.04%	$210,692,875.39	Financials	Insurance	Germany
GlaxoSmithKline	1.01%	-0.00%	$183,059,553.87	Health Care	Pharmaceuticals	United Kingdom
BNP Paribas	0.99%	0.10%	$177,800,944.14	Financials	Banks	France
Mitsubishi Electric	0.94%	-0.08%	$170,124,054.88	Industrials & Business Services	Electrical Equipment	Japan
L'Oreal	0.93%	-0.04%	$167,156,157.89	Consumer Staples	Personal Products	France
Tokio Marine Holdings	0.91%	-0.05%	$164,355,227.85	Financials	Insurance	Japan
Sun Life Financial	0.91%	-0.07%	$164,298,528.00	Financials	Insurance	Canada
ASML Holding	0.90%	0.07%	$162,672,053.95	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
NXP Semiconductors	0.90%	0.05%	$161,569,296.00	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
Engie	0.89%	-0.10%	$160,705,505.17	Utilities	Multi-Utilities	France
Meggitt	0.89%	0.01%	$160,205,850.52	Industrials & Business Services	Aerospace & Defense	United Kingdom
Royal Dutch Shell	0.89%	-0.09%	$160,147,006.44	Energy	Oil, Gas & Consumable Fuels	United Kingdom
Sumitomo Corporation	0.88%	-0.14%	$159,674,983.56	Industrials & Business Services	Trading Companies & Distributors	Japan
DNB	0.87%	-0.03%	$157,107,499.13	Financials	Banks	Norway
Zurich Insurance Group	0.87%	-0.03%	$156,206,477.58	Financials	Insurance	Switzerland
Diageo	0.84%	-0.06%	$151,436,168.69	Consumer Staples	Beverages	United Kingdom
Vodafone	0.80%	-0.08%	$145,220,375.02	Communication Services	Wireless Telecommunication Services	United Kingdom
Fresenius	0.80%	0.11%	$145,101,552.41	Health Care	Health Care Providers & Services	Germany
Svenska Handelsbanken	0.80%	0.03%	$143,856,114.55	Financials	Banks	Sweden
ING Groep	0.78%	0.03%	$140,797,491.60	Financials	Banks	Netherlands
Magna International	0.77%	-0.06%	$138,624,552.00	Consumer Discretionary	Auto Components	Canada
ABB	0.76%	0.08%	$136,497,785.36	Industrials & Business Services	Electrical Equipment	Switzerland
Broadcom	0.74%	0.03%	$133,992,480.00	Information Technology	Semiconductors & Semiconductor Equipment	United States
LM Ericsson	0.74%	0.18%	$133,118,913.53	Information Technology	Communications Equipment	Sweden
Equinor	0.73%	0.01%	$131,985,399.21	Energy	Oil, Gas & Consumable Fuels	Norway
WPP	0.73%	0.05%	$131,447,230.24	Communication Services	Media	United Kingdom
Lloyds Banking Group	0.72%	0.13%	$129,956,721.51	Financials	Banks	United Kingdom
National Bank of Canada	0.71%	0.01%	$128,834,222.79	Financials	Banks	Canada
Mitsubishi UFJ Financial	0.71%	-0.03%	$128,740,075.25	Financials	Banks	Japan
Mitsui Fudosan	0.71%	-0.03%	$127,652,255.19	Real Estate	Real Estate Management & Development	Japan
Macquarie Group	0.70%	-0.01%	$127,018,454.22	Financials	Capital Markets	Australia
Melrose Industries	0.70%	0.10%	$125,827,765.73	Industrials & Business Services	Electrical Equipment	United Kingdom
Recruit Holdings	0.68%	0.07%	$121,909,720.83	Industrials & Business Services	Professional Services	Japan
Alibaba Group Holding	0.67%	0.09%	$120,109,048.50	Consumer Discretionary	Internet & Direct Marketing Retail	China
Seven & i Holdings	0.66%	-0.10%	$119,833,965.22	Consumer Staples	Food & Staples Retailing	Japan
Air Liquide	0.66%	-0.00%	$119,334,182.64	Materials	Chemicals	France
Kering	0.66%	0.10%	$118,287,006.57	Consumer Discretionary	Textiles, Apparel & Luxury Goods	France
Stora Enso	0.65%	0.06%	$117,083,933.38	Materials	Paper & Forest Products	Finland
Johnson Matthey	0.65%	0.07%	$117,012,741.46	Materials	Chemicals	United Kingdom
CK Hutchison Holdings	0.64%	0.03%	$116,261,720.83	Industrials & Business Services	Industrial Conglomerates	Hong Kong
United Overseas Bank	0.64%	-0.03%	$115,270,099.61	Financials	Banks	Singapore
Asahi Kasei	0.64%	0.02%	$115,248,478.40	Materials	Chemicals	Japan
Element Fleet Management	0.64%	-0.02%	$114,773,911.95	Financials	Diversified Financial Services	Canada
PICC Property & Casualty	0.63%	0.13%	$114,408,876.51	Financials	Insurance	China
Mitsubishi Corporation	0.63%	0.02%	$113,722,204.21	Industrials & Business Services	Trading Companies & Distributors	Japan
Moncler	0.62%	0.08%	$112,245,205.46	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Italy
BASF	0.61%	-0.01%	$110,084,403.59	Materials	Chemicals	Germany
Bhp	0.61%	0.00%	$109,312,250.10	Materials	Metals & Mining	United Kingdom
Tokyo Electron	0.60%	-0.03%	$107,440,175.79	Information Technology	Semiconductors & Semiconductor Equipment	Japan
Umicore	0.59%	0.09%	$106,386,436.32	Materials	Chemicals	Belgium
National Grid	0.58%	0.03%	$104,551,273.85	Utilities	Multi-Utilities	United Kingdom
Siemens Healthineers	0.58%	0.10%	$104,363,120.13	Health Care	Health Care Technology	Germany
Ping An Insurance	0.57%	-0.25%	$103,649,384.77	Financials	Insurance	China
Storebrand	0.57%	0.07%	$102,759,668.51	Financials	Insurance	Norway
Otsuka Holdings	0.56%	0.11%	$101,054,244.25	Health Care	Pharmaceuticals	Japan
Compass Group	0.55%	-0.07%	$99,254,655.65	Consumer Discretionary	Hotels Restaurants & Leisure	United Kingdom
Direct Line Insurance	0.55%	0.01%	$98,730,395.22	Financials	Insurance	United Kingdom
THK	0.53%	-0.05%	$95,697,906.90	Industrials & Business Services	Machinery	Japan
Sony	0.52%	0.06%	$94,622,276.04	Consumer Discretionary	Household Durables	Japan
Burberry	0.52%	-0.00%	$94,392,449.41	Consumer Discretionary	Textiles, Apparel & Luxury Goods	United Kingdom
Persimmon	0.52%	0.05%	$94,015,323.06	Consumer Discretionary	Household Durables	United Kingdom
Murata Manufacturing	0.52%	0.07%	$93,209,241.87	Information Technology	Electronic Equip, Instr & Cmpts	Japan
DCC	0.52%	-0.06%	$92,955,280.33	Industrials & Business Services	Industrial Conglomerates	Ireland
Australia & New Zealand Banking	0.51%	-0.12%	$92,630,251.44	Financials	Banks	Australia
Abn Amro Bank	0.51%	0.01%	$92,072,756.21	Financials	Banks	Netherlands
Antofagasta	0.50%	-0.00%	$90,757,362.76	Materials	Metals & Mining	Chile
Kingfisher	0.50%	0.01%	$90,355,137.79	Consumer Discretionary	Specialty Retail	United Kingdom
Worley	0.49%	0.09%	$88,840,292.80	Energy	Energy Equipment & Services	Australia
Central Japan Railway	0.49%	-0.06%	$88,188,741.51	Industrials & Business Services	Road & Rail	Japan
Prudential	0.48%	-0.32%	$87,431,013.88	Financials	Insurance	United Kingdom
Wilmar International	0.48%	0.01%	$86,137,757.14	Consumer Staples	Food Products	Singapore
ASOS	0.47%	0.13%	$84,570,316.59	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
AIA Group	0.47%	0.01%	$84,164,801.45	Financials	Insurance	Hong Kong
Standard Chartered	0.46%	0.01%	$82,849,069.20	Financials	Banks	United Kingdom
Aviva	0.46%	0.01%	$82,165,835.62	Financials	Insurance	United Kingdom
Prysmian	0.45%	0.04%	$82,054,105.52	Industrials & Business Services	Electrical Equipment	Italy
Sumitomo Mitsui Trust Holdings	0.45%	-0.00%	$80,648,303.74	Financials	Banks	Japan
Panasonic	0.45%	0.02%	$80,496,896.88	Consumer Discretionary	Household Durables	Japan
Independence	0.44%	-0.04%	$79,394,877.59	Materials	Metals & Mining	Australia
Omron	0.44%	-0.02%	$79,172,861.42	Information Technology	Electronic Equip, Instr & Cmpts	Japan
DBS Group	0.43%	-0.01%	$78,391,735.24	Financials	Banks	Singapore
Suzuki Motor	0.43%	-0.05%	$78,082,533.37	Consumer Discretionary	Automobiles	Japan
Tencent Holdings	0.43%	0.02%	$77,664,807.07	Communication Services	Interactive Media & Services	China
Stanley Electric	0.42%	-0.01%	$76,518,026.21	Consumer Discretionary	Auto Components	Japan
Electric Power development	0.42%	-0.02%	$75,594,559.56	Utilities	Independent Power & Renewable Electricity Producer	Japan
Autoliv	0.42%	-0.01%	$75,575,911.71	Consumer Discretionary	Auto Components	Sweden
Legrand	0.42%	0.02%	$75,271,305.93	Industrials & Business Services	Electrical Equipment	France
Largan Precision	0.42%	0.03%	$75,167,203.19	Information Technology	Electronic Equip, Instr & Cmpts	Taiwan
Great Portland Estates	0.41%	0.05%	$74,746,185.18	Real Estate	Equity Real Estate Investment Trusts (REITs)	United Kingdom
Intesa Sanpaolo	0.41%	0.00%	$74,199,348.45	Financials	Banks	Italy
Zalando	0.41%	0.07%	$74,157,560.74	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
Challenger Ltd/Australia	0.41%	0.01%	$73,797,432.07	Financials	Diversified Financial Services	Australia
Elekta	0.41%	-0.04%	$73,744,146.93	Health Care	Health Care Equipment & Supplies	Sweden
Telefonica Deutschland Holding	0.41%	-0.02%	$73,703,293.56	Communication Services	Diversified Telecommunication Services	Germany
SMC	0.41%	-0.01%	$73,216,170.35	Industrials & Business Services	Machinery	Japan
Novo Nordisk	0.41%	-0.04%	$73,117,868.33	Health Care	Pharmaceuticals	Denmark
Amcor	0.40%	0.01%	$71,312,401.77	Materials	Containers & Packaging	United Kingdom
GN Store Nord	0.38%	0.02%	$69,455,269.91	Health Care	Health Care Equipment & Supplies	Denmark
Danske Bank	0.37%	0.06%	$66,514,497.92	Financials	Banks	Denmark
Rsa Insurance	0.37%	0.01%	$65,941,830.93	Financials	Insurance	United Kingdom
Hamamatsu Photonics KK	0.36%	-0.00%	$65,822,839.00	Information Technology	Electronic Equip, Instr & Cmpts	Japan
Deutsche Wohnen	0.36%	0.04%	$65,334,167.18	Real Estate	Real Estate Management & Development	Germany
CyberAgent	0.36%	0.06%	$64,460,145.95	Communication Services	Media	Japan
Covestro	0.35%	-0.06%	$63,739,437.27	Materials	Chemicals	Germany
SOFTBANK GROUP CORP	0.35%	-0.00%	$62,750,683.49	Communication Services	Wireless Telecommunication Services	Japan
CSL	0.35%	0.03%	$62,476,702.24	Health Care	Biotechnology	Australia
Sampo	0.34%	N/A	$62,061,336.72	Financials	Insurance	Finland
Knorr-Bremse	0.34%	-0.01%	$61,529,809.16	Industrials & Business Services	Machinery	Germany
Scentre	0.34%	-0.03%	$61,026,242.99	Real Estate	Equity Real Estate Investment Trusts (REITs)	Australia
Mitsubishi UFJ Lease & Finance	0.34%	0.00%	$60,688,159.95	Financials	Diversified Financial Services	Japan
Stroeer SE & Co KGaA	0.33%	-0.07%	$60,173,085.77	Communication Services	Media	Germany
Samsonite International	0.32%	0.04%	$58,249,435.34	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Hong Kong
Unibail-Rodamco-Westfield	0.32%	-0.01%	$58,190,098.67	Real Estate	Equity Real Estate Investment Trusts (REITs)	France
Kirin Holdings	0.32%	-0.02%	$58,071,829.85	Consumer Staples	Beverages	Japan
South32	0.32%	0.06%	$57,862,689.67	Materials	Metals & Mining	Australia
Eutelsat Communications	0.32%	-0.12%	$57,373,494.71	Communication Services	Media	France
Z Holdings	0.30%	0.08%	$54,950,839.02	Communication Services	Interactive Media & Services	Japan
NAVER	0.30%	0.03%	$54,233,660.05	Communication Services	Interactive Media & Services	South Korea
Aisin Seiki	0.29%	0.02%	$53,048,280.83	Consumer Discretionary	Auto Components	Japan
Beijing Enterprises Holdings	0.29%	0.03%	$52,002,252.16	Utilities	Gas Utilities	China
Welcia Holdings	0.29%	-0.01%	$51,909,780.94	Consumer Staples	Food & Staples Retailing	Japan
JOYY	0.29%	N/A	$51,473,945.30	Communication Services	Interactive Media & Services	China
Honda Motor	0.28%	-0.01%	$49,986,176.41	Consumer Discretionary	Automobiles	Japan
TechnoPro Holdings	0.27%	0.02%	$49,349,252.18	Industrials & Business Services	Professional Services	Japan
Rio Tinto	0.26%	0.01%	$46,890,842.28	Materials	Metals & Mining	Australia
Telecom Italia	0.24%	0.00%	$43,956,725.95	Communication Services	Diversified Telecommunication Services	Italy
Takeda Pharmaceutical	0.24%	0.01%	$42,620,785.46	Health Care	Pharmaceuticals	Japan
Erste Group Bank	0.23%	0.05%	$41,902,834.76	Financials	Banks	Austria
Alcon	0.23%	-0.03%	$41,887,550.49	Health Care	Health Care Equipment & Supplies	Switzerland
Baidu	0.23%	0.02%	$41,749,920.00	Communication Services	Interactive Media & Services	China
KT	0.23%	-0.02%	$40,762,755.97	Communication Services	Diversified Telecommunication Services	South Korea
Renesas Electronics	0.21%	-0.01%	$38,411,258.14	Information Technology	Semiconductors & Semiconductor Equipment	Japan
Sumitomo Rubber Industries	0.21%	-0.02%	$37,457,988.45	Consumer Discretionary	Auto Components	Japan
Ascendis Pharma	0.19%	0.05%	$34,350,536.56	Health Care	Biotechnology	Denmark
Evotec	0.18%	N/A	$33,209,122.70	Health Care	Life Sciences Tools & Services	Germany
Bhp	0.18%	0.00%	$32,081,655.24	Materials	Metals & Mining	Australia
Pola Orbis Holdings	0.16%	-0.01%	$28,177,962.28	Consumer Staples	Personal Products	Japan
Telstra	0.13%	0.03%	$24,315,317.00	Communication Services	Diversified Telecommunication Services	Australia
Close Brothers	0.11%	0.01%	$19,857,096.47	Financials	Capital Markets	United Kingdom
Barclays	0.11%	0.02%	$19,198,070.08	Financials	Banks	United Kingdom
XP	0.10%	N/A	$18,382,745.52	Financials	Capital Markets	Brazil
Commerzbank	0.10%	-0.00%	$18,377,964.07	Financials	Banks	Germany
Tosoh	0.09%	0.00%	$15,884,908.00	Materials	Chemicals	Japan
Gam Holding	0.04%	-0.02%	$7,676,222.80	Financials	Capital Markets	Switzerland

Numbers may not total due to rounding; all numbers are percentages.

Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed. This is done to prevent potential harm to the portfolio while the manager completes a buying or selling program in those securities.

The information shown does not reflect any ETFs that may be held in the portfolio.

T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all future updates to GICS.

Purchases (12/31/2019)

As of end:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Sampo (N)	0.34%	0.34%	Insurance	Finland
LM Ericsson	0.73%	0.17%	Communications Equipment	Sweden
Evotec (N)	0.18%	0.18%	Life Sciences Tools & Services	Germany
PICC Property & Casualty	0.63%	0.12%	Insurance	China
AXA	1.28%	0.12%	Insurance	France
CyberAgent	0.36%	0.06%	Media	Japan
Johnson Matthey	0.64%	0.06%	Chemicals	United Kingdom
XP (N)	0.10%	0.10%	Capital Markets	Brazil
Novartis	1.92%	0.05%	Pharmaceuticals	Switzerland
Otsuka Holdings	0.56%	0.11%	Pharmaceuticals	Japan

Sales (12/31/2019)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Prudential	0.48%	-0.33%	Insurance	United Kingdom
Mitsui Mining & Smelting (E)	0.00%	-0.20%	Metals & Mining	Japan
Ping An Insurance	0.57%	-0.26%	Insurance	China
M&G (E)	0.00%	0.00%	Insurance	United Kingdom
Taiwan Semiconductor Manufacturing	1.50%	0.08%	Semiconductors & Semiconductor Equipment	Taiwan
Stroeer SE & Co KGaA	0.33%	-0.07%	Media	Germany
Persimmon	0.52%	0.05%	Household Durables	United Kingdom
Novo Nordisk	0.40%	-0.05%	Pharmaceuticals	Denmark
Welcia Holdings	0.29%	-0.01%	Food & Staples Retailing	Japan
Tokyo Electron	0.60%	-0.03%	Semiconductors & Semiconductor Equipment	Japan

(N) New position.

(E) Eliminated.

The information shown does not reflect any ETFs that may be held in the portfolio.

Contributors (12/31/2019)

As of end:

Contributors	% of Fund	Industry	Country
Siemens	1.78%	Industrial Conglomerates	Germany
Taiwan Semiconductor Manufacturing	1.51%	Semiconductors & Semiconductor Equipment	Taiwan
Astellas Pharma	1.46%	Pharmaceuticals	Japan
Roche Holding	1.97%	Pharmaceuticals	Switzerland
Samsung Electronics	1.35%	Technology Hardware, Storage & Peripherals	South Korea
BNP Paribas	0.99%	Banks	France
Bayer	1.29%	Pharmaceuticals	Germany
Melrose Industries	0.70%	Electrical Equipment	United Kingdom
Novartis	1.92%	Pharmaceuticals	Switzerland
ASML Holding	0.90%	Semiconductors & Semiconductor Equipment	Netherlands

Detractors (12/31/2019)

Detractors	% of Fund	Industry	Country
Unilever	2.03%	Personal Products	United Kingdom
Australia & New Zealand Banking	0.51%	Banks	Australia
CyberAgent	0.36%	Media	Japan
Sumitomo Corporation	0.89%	Trading Companies & Distributors	Japan
Vodafone	0.80%	Wireless Telecommunication Services	United Kingdom
Eutelsat Communications	0.32%	Media	France
Seven & i Holdings	0.66%	Food & Staples Retailing	Japan
Covestro	0.35%	Chemicals	Germany
JOYY	0.29%	Interactive Media & Services	China
Gam Holding	0.04%	Capital Markets	Switzerland

The information shown does not reflect any ETFs that may be held in the portfolio.

Sector Diversification (12/31/2019)

As of end:

Sector	% of Fund	% of Benchmark
Financials	21.73%	18.55%
Health Care	14.84%	12.16%
Communication Services	7.16%	5.18%
Information Technology	8.68%	7.10%
Materials	6.94%	7.12%
Consumer Discretionary	10.24%	11.53%
Real Estate	2.14%	3.50%
Energy	3.46%	4.86%
Utilities	2.18%	3.73%
Consumer Staples	8.75%	11.26%
Industrials & Business Services	11.33%	15.01%

Benchmark: MSCI EAFE Index

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

T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.

Sector Attribution (12/31/2019)

As of end:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Total	2.00%	0.11%	1.89%
Financials	0.49%	0.01%	0.48%
Information Technology	0.45%	0.06%	0.39%
Consumer Discretionary	0.45%	-0.02%	0.47%
Energy	0.18%	0.07%	0.11%
Health Care	0.17%	0.11%	0.06%
Real Estate	0.12%	0.06%	0.06%
Consumer Staples	0.11%	0.15%	-0.04%
Industrials & Business Services	0.08%	-0.05%	0.13%
Materials	0.05%	0.00%	0.05%
Utilities	0.04%	0.04%	-0.01%

Benchmark: MSCI EAFE Index

Numbers may not total due to rounding; all numbers are percentages.

Note: Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted to U.S. dollars using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Source: Financial data and analytics provider FactSet. Copyright 2019 FactSet. All Rights Reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting. Figures are shown gross of fees. Past Performance cannot guarantee future results.

MSCI index returns are shown with gross dividends reinvested.

Country Diversification (12/31/2019)

As of end:

Country	% of Fund	% of Benchmark
China	3.11%	0.05%
Canada	3.03%	0.00%
Taiwan	1.93%	0.00%
South Korea	1.87%	0.00%
Norway	2.17%	0.62%
Netherlands	4.77%	3.97%
United States	0.74%	0.04%
Chile	0.50%	0.03%
Singapore	1.55%	1.27%
Brazil	0.10%	0.00%
Germany	8.73%	8.65%
Finland	0.99%	0.94%
Austria	0.23%	0.22%
Luxembourg	0.00%	0.03%
Argentina	0.00%	0.04%
United Kingdom	16.34%	16.38%
Ireland	0.52%	0.65%
Portugal	0.00%	0.16%
New Zealand	0.00%	0.28%
Sweden	2.36%	2.68%
Belgium	0.59%	0.99%
Denmark	1.35%	1.84%
Switzerland	8.84%	9.33%
Israel	0.00%	0.52%
Italy	1.73%	2.31%
Hong Kong	1.43%	3.45%
France	8.98%	11.38%
Australia	4.14%	6.80%
Spain	0.00%	2.84%
Japan	21.44%	24.53%

Benchmark: MSCI EAFE Index

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

Region Diversification (12/31/2019)

As of end:

Region	% of Fund	% of Benchmark
North America	3.77%	0.04%
Pacific Ex Japan	14.03%	11.84%
Latin America	0.60%	0.07%
Middle East & Africa	0.00%	0.52%
Japan	21.44%	24.53%
Europe	57.61%	63.00%

Benchmark: MSCI EAFE Index

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

Region Attribution (12/31/2019)

As of end:

Region	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Total	2.00	-0.39	2.39
Developed Europe	0.97	-0.04	1.01
Pacific ex Japan	0.79	-0.03	0.82
Japan	0.40	0.03	0.38
United States	0.09	-0.03	0.12
Latin America	0.05	-0.01	0.06
EM EMEA	0.01	0.01	0.00
Canada	-0.06	-0.06	0.00

Benchmark: MSCI EAFE Index

Numbers may not total due to rounding; all numbers are percentages.

Sources: Financial data and analytics provider FactSet. Copyright 2019 FactSet. All Rights Reserved. Analysis by T. Rowe Price Associates, Inc. Figures are shown gross of fees. Past Performance cannot guarantee future results.

MSCI index returns are shown with gross dividends reinvested.

Currency Diversification (12/31/2019)

As of end:

Currency	% of Fund	% of Benchmark
U.S. dollar	8.99%	0.86%
Australian dollar	4.57%	6.80%
Canadian dollar	2.29%	0.00%
New Zealand dollar	0.00%	0.28%
Dollar Bloc	15.85%	7.94%

Benchmark: MSCI EAFE Index

Currency	% of Fund	% of Benchmark
euro	25.18%	31.75%
British pound sterling	14.25%	16.47%
Swiss franc	8.84%	9.33%
Swedish krona	2.37%	2.68%
Norwegian krone	2.18%	0.62%
Danish krone	1.16%	1.84%
European Bloc	53.97%	62.69%

Benchmark: MSCI EAFE Index

Currency	% of Fund	% of Benchmark
Japanese yen	21.44%	24.53%
Hong Kong dollar	3.36%	3.23%
New Taiwan dollar	1.94%	0.00%
Korean won	1.89%	0.00%
Singapore dollar	1.56%	1.28%
Far East Bloc	30.18%	29.04%

Benchmark: MSCI EAFE Index

Currency	% of Fund	% of Benchmark	% Underweight/Overweight
Israeli shekel	0.00%	0.33%
Emerging Markets Bloc	0.00%	0.33%

Benchmark: MSCI EAFE Index

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

Currency Bloc breakdown source: T. Rowe Price

Numbers may not total 100% due to rounding.

Platforms (Investor Class)

Platform	Retail Investor	Institutional Investor
Pershing	N/A	NTF
TD Ameritrade	NTF	NTF
Schwab	NTF	NTF
Fidelity	NTF	NTF
E*Trade	NTF	N/A

NTF No Transaction Fee
TF Transaction Fee
N/A Not Available

Calendar Year Performance

2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
10.57%	-10.12%	18.59%	21.75%	-4.49%	-2.56%	2.90%	27.02%	-15.05%	22.91%	Fund
7.75%	-12.14%	17.32%	22.78%	-4.90%	-0.81%	1.00%	25.03%	-13.79%	22.01%	Benchmark
2.82%	2.02%	1.27%	-1.03%	0.41%	-1.75%	1.90%	1.99%	-1.26%	0.90%	Value added

Fund
Benchmark
Annual Report

Investor Class Inception Date: 12/29/2006

Benchmark: MSCI EAFE Index Net

Distributions (Investor Class)

Period	Dividend From Net Income (USD)	Short-Term Capital Gains (USD)	Long-Term Capital Gains (USD)	Declaration/Record Date	Ex-Dividend Date	Payment Date	Sort Column
2019 Year End	$0.24	-	-	12/16/2019	12/17/2019	12/18/2019	20191218
2018 Year End	$0.21	-	$0.10	12/14/2018	12/17/2018	12/18/2018	20181218
2017 Year End	$0.21	-	-	12/15/2017	12/18/2017	12/19/2017	20171219
2016 Year End	$0.18	-	-	12/15/2016	12/16/2016	12/19/2016	20161219

Future Declarations

Period	Declaration/Record Date	Ex-Dividend Date	Payment Date	Sort Column
2019 Year End	12/16/2019	12/17/2019	12/18/2019	20191218

© 2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.

Figure applies to all share classes.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

Morningstar (Category)

Morningstar(Overall Rating)1

Fund Manager Tenure2

Net Assets3(USD)

Price(USD)

Daily Price Change

Strategy

Investment Objective

Morningstar Equity Style

Morningstar Rating

Average Annual Total Returns (Investor Class)

1 YR

Benchmark

Value

3 YR

Benchmark

Value

5 YR

Benchmark

Value

10 YR

Benchmark

Value

Expense Ratio

Gross

Net

Current Year Performance (Investor Class)

Daily YTD

Benchmark

Value

Monthly YTD

Benchmark

Value

One Month

Benchmark

Value

Three Months

Benchmark

Value

Asset Allocation

Net Assets(USD)

Holdings

TotalHoldings

Largest Contributor

Roche Holding

Largest Detractor

Unilever

Purchase

Sampo (N)

Sale

Prudential

Sectors

TotalSectors

Contributor

Financials

Over

Financials

Under

Industrials & Business Services

Regions

TotalRegions

Contributor

Developed Europe

Detractor

Canada

Over

North America

Under

Europe

Countries

TotalCountries

Over

China

Under

Japan

Currency

TotalCurrencies

Over

U.S. dollar

Under

Morningstar
(Overall Rating)¹

Fund Manager Tenure²

Net Assets³
(USD)

Price
(USD)

Net Assets
(USD)

Total
Holdings

Total
Sectors

Total
Regions

Total
Countries

Total
Currencies

Raymond A. Mills
Portfolio Manager

Jason A. White
Portfolio Specialist