Overseas Stock Fund (TROSX)

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TROSXCUSIP 77956H757

Factsheet

Fund Story Prospectus

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Morningstar (Category)

Morningstar
(Overall Rating)¹

Foreign Large Blend

(661 funds)

Data as of 10/31/2020

Fund Manager Tenure²

Net Assets³
(USD)

13yrs

$16.6b

Data as of 10/31/2020

Price
(USD)

Daily Price Change

$11.90

$+0.11

Data as of 12/04/2020

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, Ph.D., CFA, Portfolio Manager

Raymond A. Mills is the portfolio manager of the International Core Equity Strategy in the International Equity Division. Ray also serves on the Investment Advisory Committees of 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. Ray also 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 Value

Data as of 10/31/2020

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		661
3 Years		661
5 Years		563
10 Years		367

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

2.84%

Benchmark

0.49%

Value

-1.27%

Benchmark

-1.68%

Value

0.41%

Asset Allocation

Net Assets
(USD)

$16.6b

Largest Global ex-US Stock 97.22% $16.1b

Other View complete Asset Allocation

Holdings

Total
Holdings

160

Largest Holding Nestle 3.60% Was (06/30/2020) 3.56%

Other View complete Full Holdings

Top 10 Holdings 20.20% View the latest Top 10 Holdings

12-Month Portfolio Turnover 13.1% Data as of 10/31/2020

Largest Contributor

Nestle

3.60%

Largest Detractor

Nippon Telegraph & Telephone

1.54%

Purchase

Barry Callebaut (N)

0.43%

Was 0.00%

Sale

Burberry (E)

0.00%

Was 0.42%

Sectors

Total
Sectors

Largest Sector Financials 17.15% Was (09/30/2020) 16.75%

Other View complete Sector Diversification

Contributor

Information Technology

By 0.90%

Sector 0.12%

Selection 0.77%

Detractor

Health Care

By -0.81%

Sector -0.04%

Selection -0.76%

Over

Information Technology

By 4.20%

Fund 12.63%

Benchmark 8.44%

Under

Industrials & Business Services

By -2.39%

Fund 12.90%

Benchmark 15.29%

MSCI index returns are shown with gross dividends reinvested.

Regions

Total
Regions

Largest Region Europe 56.65% Was (09/30/2020) 58.42%

Other View complete Region Diversification

Contributor

Developed Europe

By 0.92%

Region 0.02%

Selection 0.90%

Detractor

Team (As of 10/21/2020)

Raymond A. Mills, Ph.D., CFA
Portfolio Manager

Fund manager
since 2006
Years at
T. Rowe Price 23
Years investment
experience 23

Jason A. White
Portfolio Specialist

Jason A. White is a portfolio specialist in the Equity Division. 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. Jason also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Years at
T. Rowe Price 16
Years investment
experience 19

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%	1.07%	1.07%	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 10/31/2020

Risk/Return (5 Years)	Fund	MSCI EAFE Index Net
Alpha	0.59%	0.00%
Beta	1.05	1.00
R-Squared	0.96	1.00
Annualized Std. Deviation	14.62%	13.63%
Information Ratio	0.20	0.00
Sharpe Ratio	0.15	0.12
Tracking Error	2.94%	0.00%

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

Asset Allocation (10/31/2020)

As of end:

Category	% of Total Net Assets	Market Value (USD)
Global ex-US Stock	97.22%	$16,131,329,826.98
Reserves	0.79%	$131,081,573.37
US Stock	1.99%	$330,192,824.07
Total Allocation		$16,592,604,224.42

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 (09/30/2020)

As of end:

Security Name	% of Fund	Prev Qtr Change	Value	Sector	Industry	Country
Nestle	3.60%	0.04%	$625,181,673.11	Consumer Staples	Food Products	Switzerland
Unilever	2.39%	0.17%	$416,167,984.89	Consumer Staples	Personal Products	United Kingdom
Roche Holding	2.03%	-0.35%	$353,457,324.69	Health Care	Pharmaceuticals	Switzerland
Siemens	2.03%	0.02%	$353,194,372.64	Industrials & Business Services	Industrial Conglomerates	Germany
Novartis	1.99%	-0.13%	$346,598,435.41	Health Care	Pharmaceuticals	Switzerland
Taiwan Semiconductor Manufacturing	1.92%	0.48%	$334,340,935.58	Information Technology	Semiconductors & Semiconductor Equipment	Taiwan
Koninklijke Philips	1.78%	-0.05%	$310,120,185.85	Health Care	Health Care Equipment & Supplies	Netherlands
Nippon Telegraph & Telephone	1.54%	-0.30%	$267,505,446.34	Communication Services	Diversified Telecommunication Services	Japan
Sanofi	1.46%	0.20%	$253,463,044.73	Health Care	Pharmaceuticals	France
Astellas Pharma	1.45%	-0.23%	$251,942,357.59	Health Care	Pharmaceuticals	Japan
Samsung Electronics	1.40%	0.08%	$243,433,474.87	Information Technology	Technology Hardware, Storage & Peripherals	South Korea
Munich Re	1.33%	-0.09%	$230,752,677.15	Financials	Insurance	Germany
SAP	1.28%	0.06%	$222,012,126.03	Information Technology	Software	Germany
Toyota Motor	1.20%	-0.01%	$208,315,572.74	Consumer Discretionary	Automobiles	Japan
ASML Holding	1.12%	-0.06%	$194,691,024.06	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
AXA	1.10%	-0.19%	$191,358,863.53	Financials	Insurance	France
L'Oreal	1.06%	-0.06%	$184,093,696.56	Consumer Staples	Personal Products	France
Bayer	1.02%	-0.28%	$176,881,816.16	Health Care	Pharmaceuticals	Germany
LM Ericsson	1.01%	0.10%	$174,898,814.86	Information Technology	Communications Equipment	Sweden
ASOS	0.98%	0.29%	$171,019,100.53	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Mitsubishi Electric	0.98%	-0.02%	$169,670,731.58	Industrials & Business Services	Electrical Equipment	Japan
NXP Semiconductors	0.97%	0.03%	$168,525,825.79	Information Technology	Semiconductors & Semiconductor Equipment	United States
Engie	0.92%	0.04%	$160,326,911.08	Utilities	Multi-Utilities	France
ABB	0.89%	0.05%	$155,118,901.84	Industrials & Business Services	Electrical Equipment	Switzerland
Broadcom	0.89%	0.07%	$154,549,644.48	Information Technology	Semiconductors & Semiconductor Equipment	United States
GlaxoSmithKline	0.89%	-0.13%	$154,509,565.20	Health Care	Pharmaceuticals	United Kingdom
Total	0.89%	-0.17%	$154,254,124.59	Energy	Oil, Gas & Consumable Fuels	France
Sun Life Financial	0.89%	0.04%	$154,220,770.76	Financials	Insurance	Canada
DNB	0.87%	-0.02%	$151,733,279.75	Financials	Banks	Norway
Zalando	0.84%	0.16%	$146,234,890.11	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
National Bank of Canada	0.82%	0.03%	$142,745,026.40	Financials	Banks	Canada
Tokio Marine Holdings	0.82%	-0.05%	$142,447,387.20	Financials	Insurance	Japan
Stora Enso	0.79%	0.15%	$138,090,087.11	Materials	Paper & Forest Products	Finland
Fresenius	0.79%	-0.06%	$136,824,255.40	Health Care	Health Care Providers & Services	Germany
Sampo	0.78%	0.06%	$134,837,583.47	Financials	Insurance	Finland
Air Liquide	0.77%	0.02%	$133,525,708.69	Materials	Chemicals	France
Diageo	0.77%	0.01%	$133,298,016.45	Consumer Staples	Beverages	United Kingdom
Zurich Insurance Group	0.76%	-0.06%	$132,247,486.92	Financials	Insurance	Switzerland
Kingfisher	0.74%	0.18%	$129,387,014.25	Consumer Discretionary	Specialty Retail	United Kingdom
NTT Data	0.73%	0.16%	$126,383,764.23	Information Technology	IT Services	Japan
Magna International	0.72%	-0.02%	$125,754,489.00	Consumer Discretionary	Auto Components	Canada
Kion	0.71%	0.17%	$123,478,706.33	Industrials & Business Services	Machinery	Germany
Mitsui Fudosan	0.71%	0.02%	$122,619,242.22	Real Estate	Real Estate Management & Development	Japan
Murata Manufacturing	0.69%	0.03%	$119,858,080.96	Information Technology	Electronic Equip, Instr & Cmpts	Japan
Equinor	0.68%	-0.05%	$119,110,820.05	Energy	Oil, Gas & Consumable Fuels	Norway
Macquarie Group	0.68%	-0.01%	$119,049,406.69	Financials	Capital Markets	Australia
Recruit Holdings	0.68%	-0.00%	$118,903,816.46	Industrials & Business Services	Professional Services	Japan
Sony	0.68%	0.09%	$118,365,958.47	Consumer Discretionary	Household Durables	Japan
Element Fleet Management	0.68%	0.03%	$117,423,144.79	Financials	Diversified Financial Services	Canada
Otsuka Holdings	0.67%	-0.06%	$116,288,572.78	Health Care	Pharmaceuticals	Japan
National Grid	0.67%	-0.03%	$115,676,429.00	Utilities	Multi-Utilities	United Kingdom
Seven & i Holdings	0.66%	-0.08%	$114,732,587.28	Consumer Staples	Food & Staples Retailing	Japan
CyberAgent	0.66%	0.10%	$114,351,492.78	Communication Services	Media	Japan
BNP Paribas	0.62%	-0.14%	$107,661,978.26	Financials	Banks	France
Moncler	0.62%	0.00%	$107,038,049.40	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Italy
Johnson Matthey	0.61%	0.08%	$106,161,460.06	Materials	Chemicals	United Kingdom
Bhp	0.61%	-0.01%	$105,259,767.54	Materials	Metals & Mining	United Kingdom
Prysmian	0.60%	0.09%	$104,781,027.95	Industrials & Business Services	Electrical Equipment	Italy
Antofagasta	0.60%	0.04%	$104,558,331.27	Materials	Metals & Mining	Chile
Siemens Healthineers	0.59%	-0.08%	$102,133,043.69	Health Care	Health Care Equipment & Supplies	Germany
Wilmar International	0.58%	0.07%	$100,288,916.33	Consumer Staples	Food Products	Singapore
Tokyo Electron	0.58%	-0.00%	$100,217,309.36	Information Technology	Semiconductors & Semiconductor Equipment	Japan
ING Groep	0.57%	-0.13%	$99,909,863.96	Financials	Banks	Netherlands
Elekta	0.56%	0.12%	$98,161,145.08	Health Care	Health Care Equipment & Supplies	Sweden
Asahi Kasei	0.56%	0.05%	$97,377,549.18	Materials	Chemicals	Japan
Z Holdings	0.56%	0.12%	$97,226,397.80	Communication Services	Interactive Media & Services	Japan
EssilorLuxottica	0.56%	-0.00%	$96,517,322.39	Consumer Discretionary	Textiles, Apparel & Luxury Goods	France
Kering	0.55%	0.04%	$96,010,122.23	Consumer Discretionary	Textiles, Apparel & Luxury Goods	France
Svenska Handelsbanken	0.54%	-0.11%	$94,569,016.77	Financials	Banks	Sweden
Hamamatsu Photonics KK	0.54%	0.05%	$94,255,853.16	Information Technology	Electronic Equip, Instr & Cmpts	Japan
Melrose Industries	0.54%	0.11%	$93,797,588.48	Industrials & Business Services	Electrical Equipment	United Kingdom
BASF	0.54%	0.01%	$93,786,878.99	Materials	Chemicals	Germany
Vodafone	0.54%	-0.14%	$93,310,655.68	Communication Services	Wireless Telecommunication Services	United Kingdom
Next	0.54%	0.14%	$93,090,998.30	Consumer Discretionary	Multiline Retail	United Kingdom
Sumitomo Corporation	0.53%	-0.01%	$91,345,342.89	Industrials & Business Services	Trading Companies & Distributors	Japan
WPP	0.51%	0.05%	$89,499,201.82	Communication Services	Media	United Kingdom
SOFTBANK GROUP CORP	0.51%	0.07%	$89,489,212.23	Communication Services	Wireless Telecommunication Services	Japan
United Overseas Bank	0.51%	-0.05%	$88,270,355.25	Financials	Banks	Singapore
Suzuki Motor	0.51%	0.08%	$88,241,714.04	Consumer Discretionary	Automobiles	Japan
NAVER	0.50%	0.03%	$87,377,274.62	Communication Services	Interactive Media & Services	South Korea
Safran	0.49%	0.00%	$85,920,693.16	Industrials & Business Services	Aerospace & Defense	France
Alibaba Group Holding	0.49%	0.11%	$85,206,575.24	Consumer Discretionary	Internet & Direct Marketing Retail	China
AIA Group	0.49%	-0.00%	$84,842,709.01	Financials	Insurance	Hong Kong
Persimmon	0.48%	0.03%	$83,942,586.25	Consumer Discretionary	Household Durables	United Kingdom
Omron	0.48%	0.04%	$83,041,475.56	Information Technology	Electronic Equip, Instr & Cmpts	Japan
DCC	0.48%	-0.07%	$83,022,023.01	Industrials & Business Services	Industrial Conglomerates	Ireland
Teleperformance	0.47%	0.06%	$82,117,974.57	Industrials & Business Services	Professional Services	France
Umicore	0.47%	-0.10%	$81,550,783.56	Materials	Chemicals	Belgium
Compass Group	0.47%	0.05%	$81,252,810.58	Consumer Discretionary	Hotels Restaurants & Leisure	United Kingdom
THK	0.46%	-0.02%	$80,149,772.23	Industrials & Business Services	Machinery	Japan
Amadeus IT	0.45%	-0.00%	$78,711,230.73	Information Technology	IT Services	Spain
Legrand	0.45%	-0.01%	$78,621,654.29	Industrials & Business Services	Electrical Equipment	France
JOYY	0.45%	-0.08%	$78,485,375.73	Communication Services	Interactive Media & Services	China
Knorr-Bremse	0.45%	0.04%	$78,433,420.07	Industrials & Business Services	Machinery	Germany
Central Japan Railway	0.45%	-0.07%	$78,406,826.28	Industrials & Business Services	Road & Rail	Japan
Tencent Holdings	0.45%	-0.00%	$78,397,612.82	Communication Services	Interactive Media & Services	China
TechnoPro Holdings	0.45%	0.04%	$78,201,753.89	Industrials & Business Services	Professional Services	Japan
Storebrand	0.45%	0.00%	$77,754,521.63	Financials	Insurance	Norway
Worley	0.44%	0.07%	$76,913,038.45	Energy	Energy Equipment & Services	Australia
Mitsubishi Corporation	0.44%	0.03%	$76,547,695.43	Industrials & Business Services	Trading Companies & Distributors	Japan
Stanley Electric	0.44%	0.05%	$76,408,156.72	Consumer Discretionary	Auto Components	Japan
Ping An Insurance	0.43%	-0.01%	$74,461,823.59	Financials	Insurance	China
Covestro	0.43%	0.08%	$74,107,201.65	Materials	Chemicals	Germany
Barry Callebaut	0.43%	N/A	$73,995,234.99	Consumer Staples	Food Products	Switzerland
Ashtead	0.42%	0.00%	$73,170,001.21	Industrials & Business Services	Trading Companies & Distributors	United Kingdom
Panasonic	0.42%	-0.04%	$73,160,064.07	Consumer Discretionary	Household Durables	Japan
Amcor	0.42%	0.01%	$72,198,131.32	Materials	Containers & Packaging	United Kingdom
Ipsen	0.41%	0.06%	$71,732,383.63	Health Care	Pharmaceuticals	France
Autoliv	0.41%	0.02%	$70,976,209.26	Consumer Discretionary	Auto Components	Sweden
Meggitt	0.40%	-0.05%	$70,131,360.18	Industrials & Business Services	Aerospace & Defense	United Kingdom
Great Portland Estates	0.40%	0.00%	$69,242,141.94	Real Estate	Equity Real Estate Investment Trusts (REITs)	United Kingdom
Stroeer SE & Co KGaA	0.40%	0.05%	$69,040,957.18	Communication Services	Media	Germany
Mitsubishi UFJ Financial	0.39%	-0.02%	$67,413,521.58	Financials	Banks	Japan
Australia & New Zealand Banking	0.39%	-0.04%	$67,059,647.58	Financials	Banks	Australia
Lloyds Banking Group	0.38%	-0.08%	$66,888,854.80	Financials	Banks	United Kingdom
Bunzl	0.38%	0.04%	$65,377,620.30	Industrials & Business Services	Trading Companies & Distributors	United Kingdom
PICC Property & Casualty	0.37%	-0.16%	$65,085,533.68	Financials	Insurance	China
IGO	0.37%	-0.08%	$65,023,754.46	Materials	Metals & Mining	Australia
Housing Development Finance	0.36%	N/A	$61,846,980.63	Financials	Thrifts & Mortgage Finance	India
Denso	0.35%	0.02%	$61,360,062.11	Consumer Discretionary	Auto Components	Japan
Aviva	0.34%	0.01%	$59,514,056.16	Financials	Insurance	United Kingdom
Largan Precision	0.33%	-0.09%	$57,735,002.65	Information Technology	Electronic Equip, Instr & Cmpts	Taiwan
Welcia Holdings	0.33%	-0.02%	$56,569,940.70	Consumer Staples	Food & Staples Retailing	Japan
CK Hutchison Holdings	0.32%	-0.04%	$56,119,338.45	Industrials & Business Services	Industrial Conglomerates	Hong Kong
Kirin Holdings	0.32%	-0.06%	$55,658,496.09	Consumer Staples	Beverages	Japan
Electric Power development	0.31%	-0.10%	$54,581,780.20	Utilities	Independent Power & Renewable Electricity Producer	Japan
Sumitomo Mitsui Trust Holdings	0.31%	-0.04%	$54,313,427.68	Financials	Banks	Japan
Intesa Sanpaolo	0.30%	-0.03%	$53,033,470.58	Financials	Banks	Italy
Novo Nordisk	0.30%	-0.08%	$52,856,795.36	Health Care	Pharmaceuticals	Denmark
DBS Group	0.30%	-0.03%	$52,464,722.36	Financials	Banks	Singapore
SMC	0.29%	0.01%	$50,818,925.39	Industrials & Business Services	Machinery	Japan
Takeda Pharmaceutical	0.29%	-0.02%	$50,816,776.16	Health Care	Pharmaceuticals	Japan
Bhp	0.28%	-0.01%	$49,357,527.27	Materials	Metals & Mining	Australia
Royal Dutch Shell	0.28%	-0.09%	$48,951,938.14	Energy	Oil, Gas & Consumable Fuels	United Kingdom
CSL	0.28%	-0.01%	$48,324,467.50	Health Care	Biotechnology	Australia
Scentre	0.28%	0.06%	$47,835,549.48	Real Estate	Equity Real Estate Investment Trusts (REITs)	Australia
Erste Group Bank	0.27%	-0.05%	$46,395,388.56	Financials	Banks	Austria
South32	0.26%	-0.00%	$45,515,646.57	Materials	Metals & Mining	Australia
Rio Tinto	0.26%	-0.02%	$45,301,539.39	Materials	Metals & Mining	Australia
Evotec	0.26%	-0.03%	$44,964,750.84	Health Care	Life Sciences Tools & Services	Germany
Mitsubishi UFJ Lease & Finance	0.25%	-0.02%	$43,834,670.11	Financials	Diversified Financial Services	Japan
Honda Motor	0.24%	-0.03%	$41,975,703.25	Consumer Discretionary	Automobiles	Japan
Alcon	0.24%	-0.02%	$41,960,385.64	Health Care	Health Care Equipment & Supplies	Switzerland
Renesas Electronics	0.24%	0.06%	$41,294,285.90	Information Technology	Semiconductors & Semiconductor Equipment	Japan
Telecom Italia	0.23%	-0.01%	$39,695,921.95	Communication Services	Diversified Telecommunication Services	Italy
Ascendis Pharma	0.22%	-0.00%	$38,124,447.36	Health Care	Biotechnology	Denmark
Siemens Energy	0.22%	N/A	$37,708,568.90	Industrials & Business Services	Electrical Equipment	Germany
KT	0.20%	-0.01%	$34,867,345.52	Communication Services	Diversified Telecommunication Services	South Korea
Beijing Enterprises Holdings	0.20%	-0.04%	$34,190,928.01	Utilities	Gas Utilities	China
Baidu	0.19%	-0.00%	$32,575,911.06	Communication Services	Interactive Media & Services	China
Direct Line Insurance	0.18%	-0.00%	$31,698,833.47	Financials	Insurance	United Kingdom
Standard Chartered	0.17%	-0.04%	$28,851,613.63	Financials	Banks	United Kingdom
Sumitomo Rubber Industries	0.16%	-0.02%	$28,557,614.69	Consumer Discretionary	Auto Components	Japan
Samsonite International	0.16%	-0.01%	$27,597,746.47	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Hong Kong
Challenger Ltd/Australia	0.15%	-0.09%	$26,586,680.80	Financials	Diversified Financial Services	Australia
Close Brothers	0.14%	-0.01%	$23,789,215.58	Financials	Banks	United Kingdom
Pola Orbis Holdings	0.13%	0.00%	$22,319,040.85	Consumer Staples	Personal Products	Japan
XP	0.11%	-0.01%	$19,513,588.16	Financials	Capital Markets	Brazil
THG Holdings	0.11%	N/A	$18,378,768.34	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Tosoh	0.10%	0.01%	$16,753,935.61	Materials	Chemicals	Japan

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 (09/30/2020)

As of end:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Barry Callebaut (N)	0.43%	0.43%	Food Products	Switzerland
Housing Development Finance (N)	0.35%	0.35%	Thrifts & Mortgage Finance	India
Sanofi	1.45%	0.19%	Pharmaceuticals	France
Siemens Energy (N)	0.00%	0.00%	Industrial Conglomerates	Germany
Melrose Industries	0.54%	0.11%	Electrical Equipment	United Kingdom
NTT Data	0.72%	0.15%	IT Services	Japan
THG Holdings (N)	0.11%	0.11%	Internet & Direct Marketing Retail	United Kingdom
Mitsui Fudosan	0.70%	0.01%	Real Estate Management & Development	Japan
WPP	0.51%	0.04%	Media	United Kingdom
Sony	0.68%	0.09%	Household Durables	Japan

Sales (09/30/2020)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Burberry (E)	0.00%	-0.42%	Textiles, Apparel & Luxury Goods	United Kingdom
Roche Holding	2.03%	-0.35%	Pharmaceuticals	Switzerland
ING Groep	0.57%	-0.13%	Banks	Netherlands
Novo Nordisk	0.30%	-0.08%	Pharmaceuticals	Denmark
PICC Property & Casualty	0.37%	-0.16%	Insurance	China
Recruit Holdings	0.68%	0.00%	Professional Services	Japan
Challenger Ltd/Australia	0.15%	-0.10%	Diversified Financial Services	Australia
ASOS	0.99%	0.29%	Internet & Direct Marketing Retail	United Kingdom
Kering	0.55%	0.04%	Textiles, Apparel & Luxury Goods	France
Welcia Holdings	0.32%	-0.02%	Food & Staples Retailing	Japan

(N) New position.

(E) Eliminated.

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

Contributors (09/30/2020)

As of end:

Contributors	% of Fund	Industry	Country
Taiwan Semiconductor Manufacturing	1.92%	Semiconductors & Semiconductor Equipment	Taiwan
ASOS	0.98%	Internet & Direct Marketing Retail	United Kingdom
Unilever	2.39%	Personal Products	United Kingdom
Nestle	3.60%	Food Products	Switzerland
Kingfisher	0.74%	Specialty Retail	United Kingdom
Zalando	0.84%	Internet & Direct Marketing Retail	Germany
Kion	0.71%	Machinery	Germany
Stora Enso	0.79%	Paper & Forest Products	Finland
Samsung Electronics	1.40%	Technology Hardware, Storage & Peripherals	South Korea
LM Ericsson	1.01%	Communications Equipment	Sweden

Detractors (09/30/2020)

Detractors	% of Fund	Industry	Country
Nippon Telegraph & Telephone	1.54%	Diversified Telecommunication Services	Japan
Bayer	1.02%	Pharmaceuticals	Germany
Astellas Pharma	1.45%	Pharmaceuticals	Japan
AXA	1.10%	Insurance	France
Total	0.89%	Oil, Gas & Consumable Fuels	France
Vodafone	0.54%	Wireless Telecommunication Services	United Kingdom
Svenska Handelsbanken	0.54%	Banks	Sweden
Electric Power development	0.31%	Independent Power & Renewable Electricity Producer	Japan
Royal Dutch Shell	0.28%	Oil, Gas & Consumable Fuels	United Kingdom
GlaxoSmithKline	0.89%	Pharmaceuticals	United Kingdom

If fewer than 10 contributors or detractors are shown, those are all of the contributors or detractors for the period.

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

Sector Diversification (10/31/2020)

As of end:

Sector	% of Fund	% of Benchmark
Information Technology	12.63%	8.44%
Financials	17.15%	15.40%
Communication Services	7.27%	5.70%
Health Care	14.51%	13.84%
Consumer Discretionary	11.96%	12.16%
Energy	2.20%	2.68%
Materials	7.00%	7.57%
Consumer Staples	10.13%	11.78%
Real Estate	1.39%	3.11%
Utilities	2.09%	4.03%
Industrials & Business Services	12.90%	15.29%

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 (09/30/2020)

As of end:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Total	1.39%	-0.02%	1.41%
Information Technology	0.90%	0.12%	0.77%
Consumer Discretionary	0.68%	-0.02%	0.70%
Energy	0.40%	0.13%	0.27%
Consumer Staples	0.32%	0.01%	0.31%
Financials	0.20%	-0.11%	0.31%
Materials	-0.05%	-0.02%	-0.03%
Utilities	-0.05%	0.04%	-0.09%
Industrials & Business Services	-0.08%	-0.11%	0.04%
Communication Services	-0.09%	-0.02%	-0.07%
Health Care	-0.81%	-0.04%	-0.76%

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 (10/31/2020)

As of end:

Country	% of Fund	% of Benchmark
Canada	3.38%	0.00%
China	2.84%	0.12%
Taiwan	2.34%	0.00%
South Korea	2.23%	0.00%
United States	1.99%	0.10%
Norway	1.99%	0.54%
United Kingdom	14.34%	13.06%
Germany	9.75%	9.02%
Chile	0.64%	0.04%
Finland	1.55%	1.01%
India	0.41%	0.00%
Singapore	1.39%	1.04%
Austria	0.27%	0.16%
Brazil	0.11%	0.00%
Argentina	0.00%	0.02%
Luxembourg	0.00%	0.02%
New Zealand	0.00%	0.32%
Ireland	0.42%	0.78%
Belgium	0.45%	0.95%
Israel	0.00%	0.52%
Switzerland	9.71%	10.24%
Italy	1.62%	2.16%
Sweden	2.61%	3.28%
Netherlands	3.55%	4.46%
France	9.43%	10.56%
Spain	0.41%	2.24%
Denmark	0.54%	2.57%
Hong Kong	0.99%	3.30%
Australia	3.56%	6.84%
Japan	22.69%	26.48%

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 (10/31/2020)

As of end:

Region	% of Fund	% of Benchmark
North America	5.37%	0.10%
Pacific Ex Japan	13.76%	11.63%
Latin America	0.75%	0.06%
Middle East & Africa	0.00%	0.52%
Japan	22.69%	26.48%
Europe	56.65%	61.22%

Benchmark: MSCI EAFE Index

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

Region Attribution (09/30/2020)

As of end:

Region	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Total	1.39	-0.14	1.52
Developed Europe	0.92	0.02	0.90
Pacific ex Japan	0.71	-0.04	0.75
United States	0.21	-0.13	0.34
Canada	0.14	0.14	0.00
Latin America	0.05	-0.04	0.09
EM EMEA	0.04	0.04	0.00
Japan	-0.65	-0.09	-0.55

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 (10/31/2020)

As of end:

Currency	% of Fund	% of Benchmark
U.S. dollar	6.57%	0.65%
Australian dollar	3.97%	6.84%
Canadian dollar	2.56%	0.00%
New Zealand dollar	0.00%	0.32%
Dollar Bloc	13.10%	7.81%

Benchmark: MSCI EAFE Index

Currency	% of Fund	% of Benchmark
euro	27.09%	31.38%
British pound sterling	13.37%	13.15%
Swiss franc	9.72%	10.24%
Swedish krona	2.62%	3.31%
Norwegian krone	1.99%	0.54%
Danish krone	0.29%	2.57%
European Bloc	55.08%	61.20%

Benchmark: MSCI EAFE Index

Currency	% of Fund	% of Benchmark
Japanese yen	22.87%	26.48%
Hong Kong dollar	2.56%	3.14%
New Taiwan dollar	2.34%	0.00%
Korean won	2.24%	0.00%
Singapore dollar	1.40%	1.05%
Far East Bloc	31.41%	30.68%

Benchmark: MSCI EAFE Index

Currency	% of Fund	% of Benchmark
Indian rupee	0.41%	0.00%
Israeli shekel	0.00%	0.32%
Emerging Markets Bloc	0.41%	0.32%

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
2020 Year End	12/15/2020	12/16/2020	12/17/2020	20201217

© 2020 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

Nestle

Largest Detractor

Nippon Telegraph & Telephone

Purchase

Barry Callebaut (N)

Sale

Burberry (E)

Sectors

TotalSectors

Contributor

Information Technology

Detractor

Health Care

Over

Information Technology

Under

Industrials & Business Services

Regions

TotalRegions

Contributor

Developed Europe

Detractor

Japan

Over

North America

Under

Europe

Countries

TotalCountries

Over

Canada

Under

Japan

Currency

TotalCurrencies

Over

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, Ph.D., CFA
Portfolio Manager

Jason A. White
Portfolio Specialist

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