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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

(636 funds)

Data as of 11/30/2018

Fund Manager Tenure²

Net Assets³
(USD)

11yrs

$16.1b

Data as of 11/30/2018

Price
(USD)

Daily Price Change

$9.78

$-0.13

Data as of 12/14/2018

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 11/30/2018

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		636
3 Years		636
5 Years		511
10 Years		380

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

1.41%

Benchmark

2.74%

Value

-1.33%

Data as of 09/30/2018

3 YR

9.51%

Benchmark

9.23%

Value

0.28%

5 YR

5.01%

Benchmark

4.42%

Value

0.59%

10 YR

6.29%

Benchmark

5.38%

Value

0.91%

Expense Ratio

Gross

0.83%

Net

0.83%

Redemption Fee

90 days or less

2.00%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement. If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above. Expense ratios are as of the most recent prospectus.

The performance information shown does not reflect the deduction of a 2.00% redemption fee on shares held for 90 days or less; if it did, the performance would be lower.

Current Year Performance (Investor Class)

Daily YTD

-13.53%

Benchmark

-12.22%

Value

-1.31%

Data as of 12/14/2018

Monthly YTD

-9.81%

Benchmark

-9.39%

Value

-0.42%

Data as of 11/30/2018

One Month

0.39%

Benchmark

-0.13%

Value

0.52%

Three Months

-8.27%

Benchmark

-7.28%

Value

-0.99%

Asset Allocation

Net Assets
(USD)

$16.1b

Largest Global ex-US Stock 94.70% $15.3b

Other View complete Asset Allocation

Holdings

Total
Holdings

161

Largest Holding Nestle 2.53% Was (06/30/2018) 2.36%

Other View complete Full Holdings

Top 10 Holdings 17.23% View the latest Top 10 Holdings

Largest Contributor

Nestle

2.53%

Largest Detractor

Bayer

1.43%

Purchase

NXP Semiconductors (N)

0.49%

Was 0.00%

Sale

Kakaku.com (E)

0.00%

Was 0.28%

Sectors

Total
Sectors

Largest Sector Financials 23.13% Was (10/31/2018) 23.65%

Other View complete Sector Diversification

Contributor

Consumer Staples

By 0.23%

Sector 0.05%

Selection 0.18%

Detractor

Information Technology

By -0.46%

Sector -0.02%

Selection -0.44%

Over

Financials

By 3.40%

Fund 23.13%

Benchmark 19.74%

Under

Industrials & Business Services

By -3.89%

Fund 10.46%

Benchmark 14.35%

MSCI index returns are shown with gross dividends reinvested.

Regions

Total
Regions

Largest Region Europe 55.32% Was (10/31/2018) 56.88%

Other View complete Region Diversification

Contributor

Pacific ex Japan

By 0.12%

Region -0.06%

Selection 0.18%

Detractor

Developed Europe

By -0.51%

Region 0.05%

Selection -0.56%

Over

North America

By 3.67%

Fund 3.67%

Benchmark 0.00%

Under

Europe

By -7.24%

Fund 55.32%

Benchmark 62.55%

Countries

Total
Countries

Largest Country Japan 20.89% Was (10/31/2018) 20.91%

Other View complete Country Diversification

Over

China

By 2.81%

Fund 2.82%

Benchmark 0.02%

Under

Japan

By -3.87%

Fund 20.89%

Benchmark 24.76%

Currency

Total
Currencies

Largest Currency euro 23.69% Was (10/31/2018) 24.45%

Other View complete Currency Diversification

Over

U.S. dollar

By 10.90%

Fund 11.80%

Benchmark 0.90%

Under

euro

By -7.47%

Fund 23.69%

Benchmark 31.16%

Team (As of 09/30/2018)

Raymond A. Mills
Portfolio Manager

Fund manager
since 2006
Years at
T. Rowe Price 21
Years investment
experience 21

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 14
Years investment
experience 17

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)	Redemption Fee	12b-1 Fee	Expense Ratio
Share Class	Min Initial Investment (USD)	Min Subsequent Investment (USD)	Redemption Fee	12b-1 Fee	Gross	Net	Limitation Type	Limitation Expiration Date
Investor Class Cusip 77956H757	$2,500	$100	2.00% 90 days or less	0.00%	0.83%	0.83%	N/A	N/A
Advisor Class Cusip 77956H443	$2,500	$100	2.00% 90 days or less	0.25%	1.11%	1.10%	Contractual	02/29/2020
I Class Cusip 77956H435	$1,000,000*	N/A	2.00% 90 days or less	0.00%	0.67%	0.67%	N/A	N/A

* Minimum initial investment $1,000,000, certain exceptions may apply. Minimum waived for I Classes offered through Workplace Retirement plans.

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 11/30/2018

Risk/Return (5 Years)	Fund	MSCI EAFE Index Net
Alpha	0.49%	0.00%
Beta	0.93	1.00
R-Squared	0.95	1.00
Annualized Std. Deviation	10.88%	11.48%
Information Ratio	0.17	0.00
Sharpe Ratio	0.15	0.11
Tracking Error	2.49%	0.00%

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

Asset Allocation (11/30/2018)

As of end:

Category	% of Total Net Assets	Market Value (USD)
Global ex-US Stock	94.70%	$15,263,261,502.74
Reserves	4.43%	$714,004,735.56
US Stock	0.87%	$140,222,148.97
Total Allocation		$16,117,488,387.27

Numbers may not total 100% due to rounding.

Top 10 Holdings (11/30/2018)

As of end:

Holding Name	Sector	Industry	Country
Koninklijke Philips	Health Care	Health Care Equipment & Supplies	Netherlands
Nestle	Consumer Staples	Food Products	Switzerland
Nippon Telegraph & Telephone	Communication Services	Diversified Telecommunication Services	Japan
Novartis	Health Care	Pharmaceuticals	Switzerland
Roche Holding	Health Care	Pharmaceuticals	Switzerland
Siemens	Industrials & Business Services	Industrial Conglomerates	Germany
Taiwan Semiconductor Manufacturing	Information Technology	Semiconductors & Semiconductor Equipment	Taiwan
Total	Energy	Oil, Gas & Consumable Fuels	France
Toyota Motor	Consumer Discretionary	Automobiles	Japan
Unilever	Consumer Staples	Personal Products	United Kingdom

Represents 17.55% of Total Net Assets

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

Source: Wilshire Atlas, MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. Each year, MSCI and S&P review the GICS structure. The last change occurred on September 28, 2018. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.

Holdings (09/30/2018)

As of end:

Security Name	% of Fund	Prev Qtr Change	Value	Sector	Industry	Country
Nestle	2.53%	0.17%	$436,402,599.04	Consumer Staples	Food Products	Switzerland
Novartis	1.93%	0.21%	$332,722,061.95	Health Care	Pharmaceuticals	Switzerland
Unilever	1.88%	-0.04%	$324,225,999.05	Consumer Staples	Personal Products	United Kingdom
Total	1.75%	0.09%	$301,667,688.66	Energy	Oil, Gas & Consumable Fuels	France
Nippon Telegraph & Telephone	1.61%	0.10%	$278,472,272.59	Communication Services	Diversified Telecommunication Services	Japan
Siemens	1.60%	-0.03%	$275,991,552.26	Industrials & Business Services	Industrial Conglomerates	Germany
Roche Holding	1.58%	0.01%	$273,275,258.17	Health Care	Pharmaceuticals	Switzerland
Koninklijke Philips	1.53%	0.18%	$264,488,513.79	Health Care	Health Care Equipment & Supplies	Netherlands
Bayer	1.43%	-0.18%	$247,257,020.96	Health Care	Pharmaceuticals	Germany
Taiwan Semiconductor Manufacturing	1.37%	0.22%	$236,917,224.26	Information Technology	Semiconductors & Semiconductor Equipment	Taiwan
Toyota Motor	1.25%	-0.07%	$216,072,357.44	Consumer Discretionary	Automobiles	Japan
Astellas Pharma	1.19%	0.14%	$204,566,458.19	Health Care	Pharmaceuticals	Japan
Fresenius	1.12%	-0.03%	$193,385,798.87	Health Care	Health Care Providers & Services	Germany
Sumitomo Corporation	1.11%	0.00%	$192,118,636.36	Industrials & Business Services	Trading Companies & Distributors	Japan
DNB	1.11%	0.07%	$190,821,921.12	Financials	Banks	Norway
BNP Paribas	1.10%	0.07%	$189,867,802.27	Financials	Banks	France
Royal Dutch Shell	1.09%	0.00%	$187,897,258.36	Energy	Oil, Gas & Consumable Fuels	United Kingdom
Mitsubishi Electric	1.08%	0.02%	$186,008,042.87	Industrials & Business Services	Electrical Equipment	Japan
AXA	1.05%	-0.02%	$181,410,091.63	Financials	Insurance	France
Samsung Electronics	1.05%	0.10%	$180,866,092.87	Information Technology	Technology Hardware, Storage & Peripherals	South Korea
Nordea Bank	1.03%	0.11%	$177,926,135.16	Financials	Banks	Sweden
Sanofi	0.98%	0.09%	$169,263,658.95	Health Care	Pharmaceuticals	France
Vodafone	0.97%	-0.10%	$167,011,749.80	Communication Services	Wireless Telecommunication Services	United Kingdom
Prudential	0.97%	0.04%	$166,568,683.98	Financials	Insurance	United Kingdom
Munich Re	0.93%	0.03%	$160,750,023.14	Financials	Insurance	Germany
Mitsubishi UFJ Financial	0.93%	0.07%	$160,389,408.54	Financials	Banks	Japan
Tokio Marine Holdings	0.86%	0.04%	$148,111,690.63	Financials	Insurance	Japan
L'Oreal	0.85%	-0.03%	$147,185,519.35	Consumer Staples	Personal Products	France
ING Groep	0.85%	-0.10%	$146,638,831.32	Financials	Banks	Netherlands
GlaxoSmithKline	0.85%	0.05%	$145,881,894.21	Health Care	Pharmaceuticals	United Kingdom
Broadcom	0.84%	0.00%	$145,175,932.00	Information Technology	Semiconductors & Semiconductor Equipment	United States
Svenska Handelsbanken	0.84%	0.09%	$145,165,406.68	Financials	Banks	Sweden
Sun Life Financial	0.84%	0.04%	$144,350,648.32	Financials	Insurance	Canada
Australia & New Zealand Banking	0.82%	-0.04%	$141,884,287.74	Financials	Banks	Australia
CK Hutchison Holdings	0.82%	0.09%	$140,655,716.11	Industrials & Business Services	Industrial Conglomerates	Hong Kong
DBS Group	0.81%	-0.03%	$140,302,986.25	Financials	Banks	Singapore
Diageo	0.77%	-0.02%	$133,204,803.82	Consumer Staples	Beverages	United Kingdom
National Bank of Canada	0.75%	-0.02%	$129,864,051.41	Financials	Banks	Canada
Seven & i Holdings	0.75%	0.01%	$129,117,913.78	Consumer Staples	Food & Staples Retailing	Japan
Asahi Kasei	0.74%	0.11%	$127,775,665.38	Materials	Chemicals	Japan
Engie	0.74%	-0.01%	$127,645,231.56	Utilities	Multi-Utilities	France
BASF	0.74%	0.00%	$126,783,426.09	Materials	Chemicals	Germany
Macquarie Group	0.73%	-0.01%	$126,046,947.01	Financials	Capital Markets	Australia
Meggitt	0.72%	0.08%	$124,360,435.14	Industrials & Business Services	Aerospace & Defense	United Kingdom
Zurich Insurance Group	0.71%	0.09%	$123,186,315.76	Financials	Insurance	Switzerland
Lloyds Banking Group	0.70%	-0.07%	$121,391,386.71	Financials	Banks	United Kingdom
ABB	0.68%	-0.05%	$117,731,368.68	Industrials & Business Services	Electrical Equipment	Switzerland
WPP	0.68%	-0.06%	$117,167,305.14	Communication Services	Media	United Kingdom
Tokyo Electron	0.65%	-0.14%	$112,778,448.03	Information Technology	Semiconductors & Semiconductor Equipment	Japan
Burberry	0.65%	-0.06%	$112,638,043.89	Consumer Discretionary	Textiles, Apparel & Luxury Goods	United Kingdom
Panasonic	0.65%	-0.02%	$111,453,106.88	Consumer Discretionary	Household Durables	Japan
Magna International	0.65%	-0.08%	$111,332,082.00	Consumer Discretionary	Auto Components	Canada
Kingfisher	0.64%	-0.08%	$109,538,193.02	Consumer Discretionary	Specialty Retail	United Kingdom
Direct Line Insurance	0.63%	0.11%	$108,776,520.15	Financials	Insurance	United Kingdom
Telefonica Deutschland Holding	0.63%	0.04%	$108,707,560.79	Communication Services	Diversified Telecommunication Services	Germany
Mitsubishi Corporation	0.63%	0.05%	$108,111,421.03	Industrials & Business Services	Trading Companies & Distributors	Japan
Ping An Insurance	0.63%	0.08%	$108,053,899.34	Financials	Insurance	China
Johnson Matthey	0.63%	0.04%	$108,011,146.29	Materials	Chemicals	United Kingdom
AIA Group	0.62%	-0.04%	$106,612,517.57	Financials	Insurance	Hong Kong
Umicore	0.62%	-0.02%	$106,444,186.62	Materials	Chemicals	Belgium
Storebrand	0.62%	0.05%	$106,436,512.94	Financials	Insurance	Norway
DCC	0.61%	0.10%	$104,980,413.22	Industrials & Business Services	Industrial Conglomerates	Ireland
Moncler	0.60%	-0.04%	$103,952,375.30	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Italy
Recruit Holdings	0.60%	0.10%	$103,658,129.93	Industrials & Business Services	Professional Services	Japan
Suzuki Motor	0.60%	0.01%	$102,718,729.55	Consumer Discretionary	Automobiles	Japan
Central Japan Railway	0.59%	-0.01%	$102,308,397.12	Industrials & Business Services	Road & Rail	Japan
THK	0.59%	0.00%	$101,617,015.49	Industrials & Business Services	Machinery	Japan
Bhp	0.58%	N/A	$100,170,024.26	Materials	Metals & Mining	United Kingdom
Persimmon	0.58%	-0.06%	$99,839,024.49	Consumer Discretionary	Household Durables	United Kingdom
ASML Holding	0.58%	-0.04%	$99,629,499.22	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
Alibaba Group Holding	0.58%	-0.03%	$99,397,236.60	Consumer Discretionary	Internet & Direct Marketing Retail	China
Challenger Ltd/Australia	0.58%	0.04%	$99,176,142.03	Financials	Diversified Financial Services	Australia
Kering	0.57%	-0.14%	$97,929,736.82	Consumer Discretionary	Textiles, Apparel & Luxury Goods	France
Air Liquide	0.57%	0.02%	$97,922,881.75	Materials	Chemicals	France
Stora Enso	0.56%	-0.02%	$96,073,582.14	Materials	Paper & Forest Products	Finland
Shire	0.55%	0.03%	$95,438,655.00	Health Care	Biotechnology	United Kingdom
Compass Group	0.55%	0.02%	$95,099,049.28	Consumer Discretionary	Hotels Restaurants & Leisure	United Kingdom
Sumitomo Mitsui Trust Holdings	0.55%	0.07%	$94,041,496.57	Financials	Banks	Japan
National Grid	0.54%	-0.01%	$93,325,381.14	Utilities	Multi-Utilities	United Kingdom
GN Store Nord	0.54%	-0.25%	$93,170,455.90	Health Care	Health Care Equipment & Supplies	Denmark
Electric Power development	0.52%	0.06%	$90,008,968.12	Utilities	Independent Power & Renewable Electricity Producer	Japan
Danske Bank	0.52%	-0.11%	$88,880,344.59	Financials	Banks	Denmark
NXP Semiconductors	0.49%	N/A	$84,303,000.00	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
Equinor	0.49%	0.02%	$84,138,001.93	Energy	Oil, Gas & Consumable Fuels	Norway
Aviva	0.49%	-0.03%	$83,902,251.01	Financials	Insurance	United Kingdom
Mitsui Fudosan	0.48%	0.03%	$82,967,250.90	Real Estate	Real Estate Management & Development	Japan
Abn Amro	0.47%	0.02%	$81,533,987.53	Financials	Banks	Netherlands
Softbank	0.47%	0.13%	$80,878,668.26	Communication Services	Wireless Telecommunication Services	Japan
Unibail-Rodamco-Westfield	0.47%	-0.05%	$80,198,293.05	Real Estate	Equity Real Estate Investment Trusts (REITs)	France
Standard Chartered	0.46%	0.00%	$78,673,943.80	Financials	Banks	United Kingdom
BMW	0.45%	-0.01%	$78,341,514.29	Consumer Discretionary	Automobiles	Germany
Sony	0.45%	0.07%	$78,087,879.06	Consumer Discretionary	Household Durables	Japan
Intesa Sanpaolo	0.45%	-0.07%	$77,512,540.77	Financials	Banks	Italy
Infosys	0.45%	-0.10%	$77,371,326.00	Information Technology	IT Services	India
Essity	0.44%	0.00%	$75,996,222.04	Consumer Staples	Household Products	Sweden
Erste Group Bank	0.44%	-0.01%	$75,396,947.14	Financials	Banks	Austria
WorleyParsons	0.44%	0.05%	$75,331,384.59	Energy	Energy Equipment & Services	Australia
Tencent Holdings	0.43%	-0.06%	$73,744,558.60	Communication Services	Interactive Media & Services	China
Elekta	0.43%	0.00%	$73,398,552.43	Health Care	Health Care Equipment & Supplies	Sweden
United Overseas Bank	0.42%	-0.00%	$72,896,157.83	Financials	Banks	Singapore
Legrand	0.42%	-0.01%	$72,586,302.95	Industrials & Business Services	Electrical Equipment	France
YY	0.42%	-0.07%	$72,386,580.20	Communication Services	Interactive Media & Services	China
Amcor	0.42%	-0.04%	$72,213,869.29	Materials	Containers & Packaging	Australia
Covestro	0.41%	0.02%	$71,280,413.74	Materials	Chemicals	Germany
Wilmar International	0.40%	0.01%	$69,191,841.18	Consumer Staples	Food Products	Singapore
Independence	0.40%	-0.06%	$68,343,179.66	Materials	Metals & Mining	Australia
Autoliv	0.40%	0.02%	$68,300,110.85	Consumer Discretionary	Auto Components	Sweden
Scentre	0.39%	-0.06%	$67,829,301.13	Real Estate	Equity Real Estate Investment Trusts (REITs)	Australia
Telefonica	0.39%	-0.04%	$67,424,266.51	Communication Services	Diversified Telecommunication Services	Spain
Baidu	0.39%	-0.02%	$67,003,240.00	Communication Services	Interactive Media & Services	China
Sumitomo Metal Mining	0.39%	N/A	$66,881,733.45	Materials	Metals & Mining	Japan
Eutelsat Communications	0.39%	-0.02%	$66,702,225.84	Communication Services	Media	France
Prysmian	0.38%	0.05%	$66,253,080.30	Industrials & Business Services	Electrical Equipment	Italy
Antofagasta	0.38%	0.07%	$66,159,595.97	Materials	Metals & Mining	Chile
CyberAgent	0.37%	-0.05%	$64,386,858.13	Communication Services	Media	Japan
Omron	0.37%	-0.04%	$64,307,833.84	Information Technology	Electronic Equip, Instr & Cmpts	Japan
SMC	0.36%	-0.06%	$62,317,894.68	Industrials & Business Services	Machinery	Japan
Element Fleet Management	0.36%	0.03%	$61,697,589.48	Financials	Diversified Financial Services	Canada
Novo Nordisk	0.35%	0.00%	$60,602,239.23	Health Care	Pharmaceuticals	Denmark
Siemens Healthineers	0.34%	-0.08%	$58,320,751.85	Health Care	Health Care Technology	Germany
LM Ericsson	0.33%	0.04%	$56,198,733.93	Information Technology	Communications Equipment	Sweden
Aisin Seiki	0.32%	0.10%	$55,393,943.71	Consumer Discretionary	Auto Components	Japan
Melrose Industries	0.32%	0.04%	$54,871,633.43	Industrials & Business Services	Electrical Equipment	United Kingdom
Samsonite International	0.32%	0.01%	$54,790,706.75	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Hong Kong
KT	0.31%	0.02%	$53,949,981.63	Communication Services	Diversified Telecommunication Services	South Korea
Honda Motor	0.31%	0.00%	$53,504,531.53	Consumer Discretionary	Automobiles	Japan
Stroeer SE & Co KGaA	0.31%	-0.02%	$53,283,771.18	Communication Services	Media	Germany
South32	0.31%	0.01%	$53,242,416.04	Materials	Metals & Mining	Australia
Mitsubishi UFJ Lease & Finance	0.30%	-0.02%	$52,471,939.48	Financials	Diversified Financial Services	Japan
CSL	0.30%	-0.05%	$52,455,367.29	Health Care	Biotechnology	Australia
Largan Precision	0.30%	-0.07%	$52,272,559.57	Information Technology	Electronic Equip, Instr & Cmpts	Taiwan
Kirin Holdings	0.28%	-0.02%	$48,854,174.96	Consumer Staples	Beverages	Japan
Pola Orbis Holdings	0.28%	-0.01%	$48,407,819.72	Consumer Staples	Personal Products	Japan
Yahoo! Japan	0.27%	0.02%	$45,827,617.82	Communication Services	Interactive Media & Services	Japan
Rsa Insurance	0.27%	-0.27%	$45,745,940.45	Financials	Insurance	United Kingdom
America Movil	0.26%	-0.01%	$45,096,480.00	Communication Services	Wireless Telecommunication Services	Mexico
Credit Saison	0.26%	0.01%	$44,784,162.81	Financials	Consumer Finance	Japan
Rio Tinto	0.24%	-0.02%	$42,228,854.32	Materials	Metals & Mining	Australia
Hamamatsu Photonics KK	0.24%	-0.02%	$42,156,341.36	Information Technology	Electronic Equip, Instr & Cmpts	Japan
Great Portland Estates	0.24%	-0.02%	$41,723,007.30	Real Estate	Equity Real Estate Investment Trusts (REITs)	United Kingdom
Telecom Italia	0.24%	-0.06%	$41,585,333.69	Communication Services	Diversified Telecommunication Services	Italy
Lojas Renner	0.22%	0.04%	$38,795,224.68	Consumer Discretionary	Multiline Retail	Brazil
E.ON	0.22%	-0.01%	$38,473,143.64	Utilities	Multi-Utilities	Germany
Zalando	0.21%	0.02%	$35,392,586.69	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
NAVER	0.20%	-0.01%	$34,681,204.82	Communication Services	Interactive Media & Services	South Korea
Veoneer	0.20%	0.07%	$34,306,339.69	Consumer Discretionary	Auto Components	Sweden
Commerzbank	0.19%	0.04%	$33,391,244.31	Financials	Banks	Germany
Koito Manufacturing	0.19%	-0.02%	$32,248,986.94	Consumer Discretionary	Auto Components	Japan
Miraca Holdings	0.18%	-0.03%	$31,185,567.58	Health Care	Health Care Providers & Services	Japan
Sumitomo Rubber Industries	0.18%	-0.01%	$30,446,999.27	Consumer Discretionary	Auto Components	Japan
BHP Billiton Limited	0.16%	-0.00%	$27,620,107.91	Materials	Metals & Mining	Australia
Renesas Electronics	0.16%	-0.09%	$27,140,525.02	Information Technology	Semiconductors & Semiconductor Equipment	Japan
SSE	0.15%	-0.03%	$25,832,890.42	Utilities	Electric Utilities	United Kingdom
Sembcorp Industries	0.14%	0.06%	$24,395,398.30	Industrials & Business Services	Industrial Conglomerates	Singapore
Gam Holding	0.12%	-0.13%	$21,084,883.63	Financials	Capital Markets	Switzerland
Close Brothers	0.12%	0.00%	$20,869,323.26	Financials	Capital Markets	United Kingdom
Barclays	0.11%	-0.02%	$19,493,135.80	Financials	Banks	United Kingdom
Beijing Enterprises Holdings	0.11%	N/A	$19,285,230.18	Utilities	Gas Utilities	China
Telstra	0.11%	0.02%	$18,252,757.81	Communication Services	Diversified Telecommunication Services	Australia
Tosoh	0.10%	-0.00%	$17,793,862.07	Materials	Chemicals	Japan
Stanley Electric	0.02%	N/A	$4,194,825.65	Consumer Discretionary	Auto Components	Japan

Numbers may not total 100% due to rounding.

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.

Purchases (09/30/2018)

As of end:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
NXP Semiconductors (N)	0.49%	0.49%	Semiconductors & Semiconductor Equipment	Netherlands
Sumitomo Metal Mining (N)	0.39%	0.39%	Metals & Mining	Japan
Bayer	1.43%	-0.19%	Pharmaceuticals	Germany
Nippon Telegraph & Telephone	1.61%	0.09%	Diversified Telecommunication Services	Japan
Direct Line Insurance	0.63%	0.11%	Insurance	United Kingdom
Nestle	2.54%	0.18%	Food Products	Switzerland
Koninklijke Philips	1.53%	0.18%	Health Care Equipment & Supplies	Netherlands
BNP Paribas	1.10%	0.07%	Banks	France
Samsung Electronics	1.04%	0.09%	Technology Hardware, Storage & Peripherals	South Korea
Fresenius	1.12%	-0.03%	Health Care Providers & Services	Germany

Sales (09/30/2018)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
GN Store Nord	0.54%	-0.25%	Health Care Equipment & Supplies	Denmark
Kakaku.com (E)	0.00%	-0.28%	Interactive Media & Services	Japan
Rsa Insurance	0.26%	-0.28%	Insurance	United Kingdom
Infosys	0.45%	-0.10%	IT Services	India
Siemens Healthineers	0.34%	-0.07%	Health Care Technology	Germany
Kering	0.57%	-0.14%	Textiles, Apparel & Luxury Goods	France
Roche Holding	1.59%	0.02%	Pharmaceuticals	Switzerland
AXA	1.05%	-0.02%	Insurance	France
Adyen (E)	0.00%	-0.06%	IT Services	Netherlands
AIA Group	0.62%	-0.04%	Insurance	Hong Kong

(N) New position.

(E) Eliminated.

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

Contributors (09/30/2018)

As of end:

Contributors	% of Fund	Industry	Country
Taiwan Semiconductor Manufacturing	1.37%	Semiconductors & Semiconductor Equipment	Taiwan
Novartis	1.93%	Pharmaceuticals	Switzerland
Nestle	2.53%	Food Products	Switzerland
Astellas Pharma	1.19%	Pharmaceuticals	Japan
Roche Holding	1.58%	Pharmaceuticals	Switzerland
Softbank	0.47%	Wireless Telecommunication Services	Japan
Nordea Bank	1.03%	Banks	Sweden
Total	1.75%	Oil, Gas & Consumable Fuels	France
Asahi Kasei	0.74%	Chemicals	Japan
Koninklijke Philips	1.53%	Health Care Equipment & Supplies	Netherlands

Detractors (09/30/2018)

Detractors	% of Fund	Industry	Country
Bayer	1.43%	Pharmaceuticals	Germany
Tokyo Electron	0.65%	Semiconductors & Semiconductor Equipment	Japan
Gam Holding	0.12%	Capital Markets	Switzerland
YY	0.42%	Interactive Media & Services	China
Panasonic	0.65%	Household Durables	Japan
Fresenius	1.12%	Health Care Providers & Services	Germany
Kingfisher	0.64%	Specialty Retail	United Kingdom
Danske Bank	0.52%	Banks	Denmark
Tencent Holdings	0.43%	Interactive Media & Services	China
Zalando	0.21%	Internet & Direct Marketing Retail	Germany

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

Sector Diversification (11/30/2018)

As of end:

Sector	% of Fund	% of Benchmark
Financials	23.13%	19.74%
Communication Services	8.03%	5.62%
Health Care	13.33%	11.68%
Information Technology	7.25%	6.01%
Consumer Discretionary	10.79%	10.94%
Materials	6.64%	7.32%
Utilities	2.65%	3.51%
Real Estate	1.53%	3.58%
Energy	3.54%	5.79%
Consumer Staples	8.21%	11.47%
Industrials & Business Services	10.46%	14.35%

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. Each year, MSCI and S&P review the GICS structure. The last change occurred on September 28, 2018. The information above currently utilizes the GICS structure in place prior to the recent change on September 28, 2018 and will be updated upon the next reporting cycle. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.

Sector Attribution (09/30/2018)

As of end:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Total	-0.98%	0.15%	-1.13%
Consumer Staples	0.23%	0.05%	0.18%
Financials	0.09%	-0.02%	0.11%
Energy	0.03%	-0.05%	0.08%
Real Estate	0.02%	0.08%	-0.06%
Industrials & Business Services	-0.02%	-0.04%	0.03%
Materials	-0.11%	0.02%	-0.13%
Communication Services	-0.13%	0.03%	-0.16%
Health Care	-0.18%	0.10%	-0.28%
Consumer Discretionary	-0.41%	-0.00%	-0.41%
Information Technology	-0.46%	-0.02%	-0.44%

Benchmark: MSCI EAFE Index

Numbers may not total 100% due to rounding.

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 2018 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 (11/30/2018)

As of end:

Country	% of Fund	% of Benchmark
China	2.82%	0.02%
Canada	2.80%	0.00%
South Korea	1.71%	0.00%
Taiwan	1.57%	0.00%
Norway	2.01%	0.74%
United States	0.87%	0.00%
Singapore	1.79%	1.30%
India	0.46%	0.00%
Netherlands	3.89%	3.47%
Chile	0.41%	0.03%
Sweden	2.99%	2.66%
Brazil	0.32%	0.00%
Austria	0.44%	0.24%
Ireland	0.54%	0.55%
Mexico	0.00%	0.02%
Argentina	0.00%	0.04%
Luxembourg	0.00%	0.06%
Switzerland	8.33%	8.72%
Belgium	0.51%	0.99%
Finland	0.51%	1.00%
Germany	8.38%	8.88%
Denmark	1.20%	1.72%
Israel	0.00%	0.56%
Italy	1.52%	2.25%
United Kingdom	16.00%	17.19%
Australia	4.88%	6.83%
Hong Kong	1.72%	3.68%
France	8.52%	10.88%
Spain	0.48%	3.06%
Japan	20.89%	24.76%

Benchmark: MSCI EAFE Index

A maximum of the 30 largest countries by portfolio rank are displayed and shown in descending order by relative over/underweight.

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

Region Diversification (11/30/2018)

As of end:

Region	% of Fund	% of Benchmark
North America	3.67%	0.00%
Pacific Ex Japan	14.97%	12.04%
Latin America	0.73%	0.09%
Middle East & Africa	0.00%	0.56%
Japan	20.89%	24.76%
Europe	55.32%	62.55%

Benchmark: MSCI EAFE Index

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

Region Attribution (09/30/2018)

As of end:

Region	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Total	-0.98	-0.30	-0.68
Pacific ex Japan	0.12	-0.06	0.18
United States	0.01	0.01	0.00
EM EMEA	-0.02	-0.02	0.00
Canada	-0.04	-0.04	0.00
Latin America	-0.05	-0.12	0.07
Japan	-0.48	-0.10	-0.38
Developed Europe	-0.51	0.05	-0.56

Benchmark: MSCI EAFE Index

Numbers may not total 100% due to rounding.

Sources: Financial data and analytics provider FactSet. Copyright 2018 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 (11/30/2018)

As of end:

Currency	% of Fund	% of Benchmark
U.S. dollar	11.80%	0.90%
Australian dollar	4.92%	6.83%
Canadian dollar	2.07%	0.00%
New Zealand dollar	0.00%	0.22%
Dollar Bloc	18.79%	7.96%

Benchmark: MSCI EAFE Index

Currency	% of Fund	% of Benchmark
euro	23.69%	31.16%
British pound sterling	13.32%	17.30%
Swiss franc	8.33%	8.72%
Swedish krona	2.99%	2.66%
Norwegian krone	2.01%	0.74%
Danish krone	1.20%	1.72%
European Bloc	51.54%	62.30%

Benchmark: MSCI EAFE Index

Currency	% of Fund	% of Benchmark
Japanese yen	21.27%	24.76%
Hong Kong dollar	3.14%	3.39%
Singapore dollar	1.79%	1.31%
New Taiwan dollar	1.57%	0.00%
Korean won	1.57%	0.00%
Far East Bloc	29.35%	29.46%

Benchmark: MSCI EAFE Index

Currency	% of Fund	% of Benchmark
Brazilian real	0.32%	0.00%
Israeli shekel	0.00%	0.29%
Emerging Markets Bloc	0.32%	0.29%

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

2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
-45.06%	36.70%	10.57%	-10.12%	18.59%	21.75%	-4.49%	-2.56%	2.90%	27.02%	Fund
-43.38%	31.78%	7.75%	-12.14%	17.32%	22.78%	-4.90%	-0.81%	1.00%	25.03%	Benchmark
-1.68%	4.92%	2.82%	2.02%	1.27%	-1.03%	0.41%	-1.75%	1.90%	1.99%	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
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
2015 Year End	$0.19	-	-	12/15/2015	12/16/2015	12/17/2015	20151217
2014 Year End	$0.27	-	-	12/15/2014	12/16/2014	12/17/2014	20141217

Future Declarations

Period	Declaration/Record Date	Ex-Dividend Date	Payment Date	Sort Column
2018 Year End	12/14/2018	12/17/2018	12/18/2018	12/18/2018

© 2018 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.

Effective July 1, 2018, the "net" version of the benchmark replaced the "gross" version of the benchmark. The "net" version of the benchmark assumes the reinvestment of dividends after the deduction of withholding taxes.

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

Redemption Fee

90 days or less

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

Nestle

Largest Detractor

Bayer

Purchase

NXP Semiconductors (N)

Sale

Kakaku.com (E)

Sectors

TotalSectors

Contributor

Consumer Staples

Detractor

Information Technology

Over

Financials

Under

Industrials & Business Services

Regions

TotalRegions

Contributor

Pacific ex Japan

Detractor

Developed Europe

Over

North America

Under

Europe

Countries

TotalCountries

Over

China

Under

Japan

Currency

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