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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

(639 funds)

Data as of 12/31/2018

Fund Manager Tenure²

Net Assets³
(USD)

12yrs

$15.3b

Data as of 12/31/2018

Price
(USD)

Daily Price Change

$9.72

$-0.12

Data as of 01/22/2019

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 12/31/2018

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		639
3 Years		639
5 Years		508
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

-15.05%

Benchmark

-13.79%

Value

-1.26%

Data as of 12/31/2018

3 YR

3.55%

Benchmark

2.87%

Value

0.68%

5 YR

0.66%

Benchmark

0.53%

Value

0.13%

10 YR

7.32%

Benchmark

6.32%

Value

1.00%

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

4.52%

Benchmark

4.48%

Value

0.04%

Data as of 01/22/2019

Monthly YTD

-15.05%

Benchmark

-13.79%

Value

-1.26%

Data as of 12/31/2018

One Month

-5.81%

Benchmark

-4.85%

Value

-0.96%

Three Months

-13.68%

Benchmark

-12.54%

Value

-1.14%

Asset Allocation

Net Assets
(USD)

$15.3b

Largest Global ex-US Stock 96.52% $14.8b

Other View complete Asset Allocation

Holdings

Total
Holdings

159

Largest Holding Nestle 2.93% Was (09/30/2018) 2.53%

Other View complete Full Holdings

Top 10 Holdings 18.30% View the latest Top 10 Holdings

Largest Contributor

Roche Holding

1.94%

Largest Detractor

Total

1.68%

Purchase

Nordea Bank Abp (N)

0.92%

Was 0.00%

Sale

Nordea Bank (E)

0.00%

Was 1.03%

Sectors

Total
Sectors

Largest Sector Financials 23.39% Was (11/30/2018) 23.13%

Other View complete Sector Diversification

Contributor

Information Technology

By 0.30%

Sector -0.03%

Selection 0.33%

Detractor

Financials

By -0.49%

Sector -0.04%

Selection -0.46%

Over

Financials

By 3.90%

Fund 23.39%

Benchmark 19.49%

Under

Industrials & Business Services

By -3.88%

Fund 10.43%

Benchmark 14.31%

MSCI index returns are shown with gross dividends reinvested.

Regions

Total
Regions

Largest Region Europe 57.99% Was (11/30/2018) 55.32%

Other View complete Region Diversification

Contributor

Latin America

By 0.16%

Region -0.05%

Selection 0.21%

Detractor

Pacific ex Japan

By -0.73%

Region 0.13%

Selection -0.86%

Over

North America

By 3.63%

Fund 3.66%

Benchmark 0.03%

Under

Japan

By -4.43%

Fund 20.18%

Benchmark 24.61%

Countries

Total
Countries

Largest Country Japan 20.18% Was (11/30/2018) 20.89%

Other View complete Country Diversification

Over

Canada

By 2.69%

Fund 2.69%

Benchmark 0.00%

Under

Japan

By -4.43%

Fund 20.18%

Benchmark 24.61%

Currency

Total
Currencies

Largest Currency euro 24.74% Was (11/30/2018) 23.69%

Other View complete Currency Diversification

Over

U.S. dollar

By 9.14%

Fund 10.06%

Benchmark 0.92%

Under

euro

By -6.58%

Fund 24.74%

Benchmark 31.32%

Team (As of 12/31/2018)

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 12/31/2018

Risk/Return (5 Years)	Fund	MSCI EAFE Index Net
Alpha	0.11%	0.00%
Beta	0.94	1.00
R-Squared	0.95	1.00
Annualized Std. Deviation	11.18%	11.68%
Information Ratio	0.05	0.00
Sharpe Ratio	0.00	-0.01
Tracking Error	2.52%	0.00%

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

Asset Allocation (12/31/2018)

As of end:

Category	% of Total Net Assets	Market Value (USD)
Global ex-US Stock	96.52%	$14,807,989,487.52
Reserves	2.51%	$385,081,367.73
US Stock	0.97%	$148,816,305.46
Total Allocation		$15,341,887,160.71

Numbers may not total 100% due to rounding.

Top 10 Holdings (12/31/2018)

As of end:

Holding Name	Sector	Industry	Country
Bayer	Health Care	Pharmaceuticals	Germany
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
Unilever	Consumer Staples	Personal Products	United Kingdom

Represents 18.30% 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 (12/31/2018)

As of end:

Security Name	% of Fund	Prev Qtr Change	Value	Sector	Industry	Country
Nestle	2.93%	0.40%	$449,923,617.36	Consumer Staples	Food Products	Switzerland
Novartis	2.26%	0.33%	$346,498,156.38	Health Care	Pharmaceuticals	Switzerland
Unilever	2.12%	0.24%	$324,699,570.47	Consumer Staples	Personal Products	United Kingdom
Roche Holding	1.94%	0.36%	$297,912,590.61	Health Care	Pharmaceuticals	Switzerland
Siemens	1.68%	0.08%	$258,260,911.88	Industrials & Business Services	Industrial Conglomerates	Germany
Total	1.68%	-0.07%	$257,043,986.80	Energy	Oil, Gas & Consumable Fuels	France
Nippon Telegraph & Telephone	1.66%	0.05%	$255,060,941.27	Communication Services	Diversified Telecommunication Services	Japan
Koninklijke Philips	1.42%	-0.12%	$217,148,412.88	Health Care	Health Care Equipment & Supplies	Netherlands
Taiwan Semiconductor Manufacturing	1.31%	-0.06%	$201,594,354.02	Information Technology	Semiconductors & Semiconductor Equipment	Taiwan
Bayer	1.30%	-0.13%	$200,084,421.76	Health Care	Pharmaceuticals	Germany
Toyota Motor	1.30%	0.05%	$199,737,768.61	Consumer Discretionary	Automobiles	Japan
Samsung Electronics	1.15%	0.10%	$176,678,121.06	Information Technology	Technology Hardware, Storage & Peripherals	South Korea
Royal Dutch Shell	1.13%	0.04%	$173,427,518.88	Energy	Oil, Gas & Consumable Fuels	United Kingdom
Sanofi	1.11%	0.13%	$170,901,705.76	Health Care	Pharmaceuticals	France
Munich Re	1.10%	0.17%	$168,907,259.80	Financials	Insurance	Germany
Sumitomo Corporation	1.06%	-0.05%	$162,739,534.62	Industrials & Business Services	Trading Companies & Distributors	Japan
Astellas Pharma	1.02%	-0.16%	$157,210,097.03	Health Care	Pharmaceuticals	Japan
GlaxoSmithKline	1.02%	0.17%	$156,168,587.73	Health Care	Pharmaceuticals	United Kingdom
AXA	0.98%	-0.07%	$150,795,436.66	Financials	Insurance	France
BNP Paribas	0.98%	-0.12%	$150,578,885.97	Financials	Banks	France
DNB	0.98%	-0.13%	$150,214,133.65	Financials	Banks	Norway
Vodafone	0.98%	0.01%	$149,655,100.32	Communication Services	Wireless Telecommunication Services	United Kingdom
Mitsubishi Electric	0.97%	-0.11%	$148,971,877.98	Industrials & Business Services	Electrical Equipment	Japan
Broadcom	0.97%	0.13%	$148,855,512.00	Information Technology	Semiconductors & Semiconductor Equipment	United States
Tokio Marine Holdings	0.95%	0.09%	$145,761,455.47	Financials	Insurance	Japan
Prudential	0.94%	-0.02%	$144,525,221.27	Financials	Insurance	United Kingdom
L'Oreal	0.94%	0.09%	$144,176,605.96	Consumer Staples	Personal Products	France
Nordea Bank Abp	0.93%	N/A	$142,071,665.62	Financials	Banks	Sweden
Diageo	0.90%	0.13%	$138,661,969.82	Consumer Staples	Beverages	United Kingdom
Engie	0.90%	0.16%	$137,569,119.28	Utilities	Multi-Utilities	France
ING Groep	0.89%	0.04%	$135,950,210.36	Financials	Banks	Netherlands
Svenska Handelsbanken	0.86%	0.02%	$132,165,867.55	Financials	Banks	Sweden
Mitsubishi UFJ Financial	0.85%	-0.08%	$130,261,981.42	Financials	Banks	Japan
Sun Life Financial	0.84%	0.00%	$128,524,275.17	Financials	Insurance	Canada
DBS Group	0.83%	0.02%	$127,244,977.90	Financials	Banks	Singapore
Zurich Insurance Group	0.82%	0.11%	$126,527,101.01	Financials	Insurance	Switzerland
Seven & i Holdings	0.82%	0.07%	$125,207,201.07	Consumer Staples	Food & Staples Retailing	Japan
CK Hutchison Holdings	0.80%	-0.02%	$122,602,976.55	Industrials & Business Services	Industrial Conglomerates	Hong Kong
Fresenius	0.79%	-0.33%	$120,950,985.19	Health Care	Health Care Providers & Services	Germany
Australia & New Zealand Banking	0.78%	-0.04%	$119,819,629.20	Financials	Banks	Australia
ABB	0.71%	0.03%	$108,810,051.21	Industrials & Business Services	Electrical Equipment	Switzerland
Direct Line Insurance	0.70%	0.07%	$108,117,077.57	Financials	Insurance	United Kingdom
Magna International	0.70%	0.06%	$107,511,975.00	Consumer Discretionary	Auto Components	Canada
Lloyds Banking Group	0.70%	-0.00%	$107,378,176.06	Financials	Banks	United Kingdom
BASF	0.70%	-0.04%	$107,242,511.75	Materials	Chemicals	Germany
Mitsubishi Corporation	0.70%	0.07%	$106,995,815.12	Industrials & Business Services	Trading Companies & Distributors	Japan
National Bank of Canada	0.69%	-0.06%	$106,212,532.96	Financials	Banks	Canada
Macquarie Group	0.69%	-0.04%	$105,593,600.18	Financials	Capital Markets	Australia
Telefonica Deutschland Holding	0.68%	0.05%	$104,532,464.37	Communication Services	Diversified Telecommunication Services	Germany
Meggitt	0.68%	-0.04%	$104,427,202.97	Industrials & Business Services	Aerospace & Defense	United Kingdom
Central Japan Railway	0.67%	0.08%	$103,151,731.15	Industrials & Business Services	Road & Rail	Japan
Asahi Kasei	0.66%	-0.08%	$101,476,045.19	Materials	Chemicals	Japan
Air Liquide	0.66%	0.09%	$100,695,897.02	Materials	Chemicals	France
Bhp	0.65%	0.01%	$100,108,439.38	Materials	Metals & Mining	United Kingdom
AIA Group	0.64%	0.03%	$98,814,586.71	Financials	Insurance	Hong Kong
Burberry	0.63%	-0.02%	$97,210,700.23	Consumer Discretionary	Textiles, Apparel & Luxury Goods	United Kingdom
Challenger Ltd/Australia	0.63%	0.05%	$96,641,900.43	Financials	Diversified Financial Services	Australia
Suzuki Motor	0.62%	0.02%	$94,652,551.01	Consumer Discretionary	Automobiles	Japan
WPP	0.62%	-0.06%	$94,439,729.03	Communication Services	Media	United Kingdom
Storebrand	0.61%	-0.00%	$94,128,371.70	Financials	Insurance	Norway
Kering	0.61%	0.04%	$93,739,744.23	Consumer Discretionary	Textiles, Apparel & Luxury Goods	France
Ping An Insurance	0.61%	-0.02%	$93,623,624.08	Financials	Insurance	China
Compass Group	0.61%	0.05%	$92,900,175.19	Consumer Discretionary	Hotels Restaurants & Leisure	United Kingdom
National Grid	0.59%	0.05%	$91,229,669.93	Utilities	Multi-Utilities	United Kingdom
DCC	0.59%	-0.01%	$91,117,805.16	Industrials & Business Services	Industrial Conglomerates	Ireland
Johnson Matthey	0.59%	-0.03%	$90,723,509.76	Materials	Chemicals	United Kingdom
Panasonic	0.56%	-0.09%	$85,939,967.20	Consumer Discretionary	Household Durables	Japan
ASML Holding	0.56%	-0.02%	$85,793,795.85	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
Abn Amro	0.55%	0.08%	$84,758,838.51	Financials	Banks	Netherlands
Kingfisher	0.55%	-0.08%	$84,745,913.21	Consumer Discretionary	Specialty Retail	United Kingdom
Shire	0.54%	-0.01%	$83,243,332.00	Health Care	Biotechnology	United Kingdom
Moncler	0.54%	-0.06%	$82,974,326.87	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Italy
Sumitomo Mitsui Trust Holdings	0.54%	-0.01%	$82,813,299.35	Financials	Banks	Japan
Alibaba Group Holding	0.54%	-0.04%	$82,267,357.95	Consumer Discretionary	Internet & Direct Marketing Retail	China
NXP Semiconductors	0.54%	0.05%	$82,183,520.00	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
Equinor	0.54%	0.05%	$82,110,701.08	Energy	Oil, Gas & Consumable Fuels	Norway
Persimmon	0.52%	-0.06%	$79,452,415.80	Consumer Discretionary	Household Durables	United Kingdom
Aviva	0.51%	0.03%	$78,969,665.66	Financials	Insurance	United Kingdom
Umicore	0.51%	-0.11%	$78,480,668.69	Materials	Chemicals	Belgium
Mitsui Fudosan	0.51%	0.02%	$77,523,976.58	Real Estate	Real Estate Management & Development	Japan
Electric Power development	0.50%	-0.02%	$76,773,268.68	Utilities	Independent Power & Renewable Electricity Producer	Japan
Stora Enso	0.50%	-0.06%	$76,616,548.00	Materials	Paper & Forest Products	Finland
Standard Chartered	0.50%	0.04%	$76,162,393.29	Financials	Banks	United Kingdom
Recruit Holdings	0.49%	-0.11%	$74,594,907.42	Industrials & Business Services	Professional Services	Japan
Telefonica	0.48%	0.09%	$74,252,507.87	Communication Services	Diversified Telecommunication Services	Spain
THK	0.48%	-0.11%	$74,225,066.77	Industrials & Business Services	Machinery	Japan
GN Store Nord	0.48%	-0.06%	$74,017,391.49	Health Care	Health Care Equipment & Supplies	Denmark
BMW	0.47%	0.02%	$72,788,349.90	Consumer Discretionary	Automobiles	Germany
Tokyo Electron	0.47%	-0.18%	$72,374,061.80	Information Technology	Semiconductors & Semiconductor Equipment	Japan
Infosys	0.47%	0.02%	$72,058,784.00	Information Technology	IT Services	India
Tencent Holdings	0.47%	0.04%	$72,020,403.71	Communication Services	Interactive Media & Services	China
United Overseas Bank	0.46%	0.04%	$71,144,304.39	Financials	Banks	Singapore
Element Fleet Management	0.46%	0.11%	$71,074,016.73	Financials	Diversified Financial Services	Canada
Intesa Sanpaolo	0.46%	0.01%	$69,908,904.91	Financials	Banks	Italy
Danske Bank	0.45%	-0.06%	$69,472,312.44	Financials	Banks	Denmark
Amcor	0.44%	0.02%	$67,879,823.56	Materials	Containers & Packaging	Australia
Wilmar International	0.44%	0.04%	$66,955,322.98	Consumer Staples	Food Products	Singapore
Elekta	0.44%	0.01%	$66,896,814.84	Health Care	Health Care Equipment & Supplies	Sweden
Antofagasta	0.43%	0.05%	$66,467,902.49	Materials	Metals & Mining	Chile
Scentre	0.42%	0.03%	$64,559,186.11	Real Estate	Equity Real Estate Investment Trusts (REITs)	Australia
Autoliv	0.41%	0.02%	$63,341,398.33	Consumer Discretionary	Auto Components	Sweden
Erste Group Bank	0.41%	-0.03%	$62,146,203.51	Financials	Banks	Austria
Eutelsat Communications	0.40%	0.02%	$62,044,550.29	Communication Services	Media	France
Sony	0.40%	-0.05%	$61,616,712.31	Consumer Discretionary	Household Durables	Japan
Novo Nordisk	0.40%	0.05%	$61,032,344.39	Health Care	Pharmaceuticals	Denmark
Knorr-Bremse	0.40%	N/A	$60,772,479.02	Consumer Discretionary	Auto Components	Germany
Unibail-Rodamco-Westfield	0.39%	-0.07%	$60,385,395.15	Real Estate	Equity Real Estate Investment Trusts (REITs)	France
YY	0.39%	-0.03%	$60,199,406.20	Communication Services	Interactive Media & Services	China
SMC	0.38%	0.02%	$58,317,787.64	Industrials & Business Services	Machinery	Japan
Legrand	0.38%	-0.04%	$58,080,549.85	Industrials & Business Services	Electrical Equipment	France
LM Ericsson	0.38%	0.05%	$58,007,640.57	Information Technology	Communications Equipment	Sweden
Murata Manufacturing	0.38%	N/A	$57,713,366.97	Information Technology	Electronic Equip, Instr & Cmpts	Japan
Prysmian	0.37%	-0.01%	$57,301,100.53	Industrials & Business Services	Electrical Equipment	Italy
Siemens Healthineers	0.37%	0.03%	$57,244,800.35	Health Care	Health Care Technology	Germany
Lojas Renner	0.36%	0.13%	$55,209,730.22	Consumer Discretionary	Multiline Retail	Brazil
Omron	0.36%	-0.02%	$54,885,355.89	Information Technology	Electronic Equip, Instr & Cmpts	Japan
WorleyParsons	0.36%	-0.08%	$54,661,859.77	Energy	Energy Equipment & Services	Australia
Independence	0.35%	-0.04%	$54,313,548.88	Materials	Metals & Mining	Australia
Stanley Electric	0.35%	0.33%	$54,242,667.09	Consumer Discretionary	Auto Components	Japan
KT	0.35%	0.04%	$54,081,888.85	Communication Services	Diversified Telecommunication Services	South Korea
SOFTBANK GROUP CORP	0.34%	-0.13%	$52,759,606.10	Communication Services	Wireless Telecommunication Services	Japan
South32	0.34%	0.03%	$51,537,332.87	Materials	Metals & Mining	Australia
Covestro	0.33%	-0.08%	$51,228,278.17	Materials	Chemicals	Germany
Sumitomo Metal Mining	0.33%	-0.06%	$50,819,415.87	Materials	Metals & Mining	Japan
Baidu	0.33%	-0.06%	$50,149,320.00	Communication Services	Interactive Media & Services	China
Melrose Industries	0.33%	0.01%	$50,065,419.71	Industrials & Business Services	Electrical Equipment	United Kingdom
Kirin Holdings	0.32%	0.04%	$49,770,590.58	Consumer Staples	Beverages	Japan
Beijing Enterprises Holdings	0.32%	0.21%	$48,769,233.69	Utilities	Gas Utilities	China
Mitsubishi UFJ Lease & Finance	0.31%	0.00%	$46,984,577.48	Financials	Diversified Financial Services	Japan
CSL	0.31%	0.00%	$46,915,685.53	Health Care	Biotechnology	Australia
Stroeer SE & Co KGaA	0.30%	-0.00%	$46,655,554.03	Communication Services	Media	Germany
Honda Motor	0.30%	-0.01%	$46,567,528.13	Consumer Discretionary	Automobiles	Japan
CyberAgent	0.30%	-0.07%	$46,536,017.20	Communication Services	Media	Japan
Largan Precision	0.30%	-0.00%	$45,911,794.06	Information Technology	Electronic Equip, Instr & Cmpts	Taiwan
Samsonite International	0.27%	-0.04%	$41,866,746.59	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Hong Kong
Great Portland Estates	0.27%	0.03%	$41,548,386.37	Real Estate	Equity Real Estate Investment Trusts (REITs)	United Kingdom
Rsa Insurance	0.27%	0.00%	$41,355,090.02	Financials	Insurance	United Kingdom
Rio Tinto	0.27%	0.02%	$40,886,771.71	Materials	Metals & Mining	Australia
Hamamatsu Photonics KK	0.26%	0.02%	$40,148,086.57	Information Technology	Electronic Equip, Instr & Cmpts	Japan
Aisin Seiki	0.25%	-0.07%	$38,886,082.70	Consumer Discretionary	Auto Components	Japan
E.ON	0.25%	0.03%	$38,518,489.04	Utilities	Multi-Utilities	Germany
Telecom Italia	0.25%	0.01%	$38,371,530.51	Communication Services	Diversified Telecommunication Services	Italy
Pola Orbis Holdings	0.23%	-0.05%	$35,533,845.73	Consumer Staples	Personal Products	Japan
Zalando	0.21%	0.01%	$32,327,743.96	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
Yahoo! Japan	0.21%	-0.06%	$31,585,604.91	Communication Services	Interactive Media & Services	Japan
NAVER	0.19%	-0.01%	$29,443,477.07	Communication Services	Interactive Media & Services	South Korea
Renesas Electronics	0.19%	0.03%	$28,463,807.53	Information Technology	Semiconductors & Semiconductor Equipment	Japan
Miraca Holdings	0.18%	-0.01%	$26,921,261.71	Health Care	Health Care Providers & Services	Japan
Veoneer	0.17%	-0.02%	$26,844,803.69	Consumer Discretionary	Auto Components	Sweden
Bhp	0.17%	0.01%	$26,663,733.02	Materials	Metals & Mining	Australia
SSE	0.16%	0.01%	$24,653,610.01	Utilities	Electric Utilities	United Kingdom
Sumitomo Rubber Industries	0.15%	-0.02%	$23,749,439.80	Consumer Discretionary	Auto Components	Japan
Commerzbank	0.14%	-0.05%	$22,024,028.35	Financials	Banks	Germany
Sembcorp Industries	0.13%	-0.01%	$20,021,338.69	Industrials & Business Services	Industrial Conglomerates	Singapore
Close Brothers	0.13%	0.00%	$19,178,153.00	Financials	Capital Markets	United Kingdom
Barclays	0.11%	-0.00%	$16,949,196.16	Financials	Banks	United Kingdom
Telstra	0.10%	-0.00%	$15,818,778.26	Communication Services	Diversified Telecommunication Services	Australia
Tosoh	0.10%	-0.01%	$14,908,990.48	Materials	Chemicals	Japan
Gam Holding	0.08%	-0.05%	$11,632,957.13	Financials	Capital Markets	Switzerland

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 (12/31/2018)

As of end:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Nordea Bank Abp (N)	0.92%	0.92%	Banks	Sweden
Murata Manufacturing (N)	0.38%	0.38%	Electronic Equip, Instr & Cmpts	Japan
Knorr-Bremse (N)	0.39%	0.39%	Auto Components	Germany
Stanley Electric	0.35%	0.33%	Auto Components	Japan
Beijing Enterprises Holdings	0.32%	0.21%	Gas Utilities	China
Samsung Electronics	1.14%	0.09%	Technology Hardware, Storage & Peripherals	South Korea
Nestle	2.91%	0.38%	Food Products	Switzerland
Stora Enso	0.49%	-0.07%	Paper & Forest Products	Finland
Equinor	0.53%	0.04%	Oil, Gas & Consumable Fuels	Norway
Siemens	1.67%	0.07%	Industrial Conglomerates	Germany

Sales (12/31/2018)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Nordea Bank (E)	0.00%	-1.03%	Banks	Sweden
Essity (E)	0.00%	-0.44%	Household Products	Sweden
America Movil (E)	0.00%	-0.26%	Wireless Telecommunication Services	Mexico
Credit Saison (E)	0.00%	-0.26%	Consumer Finance	Japan
Koito Manufacturing (E)	0.00%	-0.19%	Auto Components	Japan
Fresenius	0.79%	-0.33%	Health Care Providers & Services	Germany
Tokyo Electron	0.48%	-0.17%	Semiconductors & Semiconductor Equipment	Japan
Unibail-Rodamco-Westfield	0.39%	-0.08%	Equity Real Estate Investment Trusts (REITs)	France
Vodafone	0.97%	0.00%	Wireless Telecommunication Services	United Kingdom
Shire	0.54%	-0.01%	Biotechnology	United Kingdom

(N) New position.

(E) Eliminated.

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

Contributors (12/31/2018)

As of end:

Contributors	% of Fund	Industry	Country
Lojas Renner	0.36%	Multiline Retail	Brazil
Roche Holding	1.94%	Pharmaceuticals	Switzerland
Broadcom	0.97%	Semiconductors & Semiconductor Equipment	United States
Telefonica	0.48%	Diversified Telecommunication Services	Spain
Diageo	0.90%	Beverages	United Kingdom
Central Japan Railway	0.67%	Road & Rail	Japan
Engie	0.90%	Multi-Utilities	France
KT	0.35%	Diversified Telecommunication Services	South Korea
LM Ericsson	0.38%	Communications Equipment	Sweden

Detractors (12/31/2018)

Detractors	% of Fund	Industry	Country
Koninklijke Philips	1.42%	Health Care Equipment & Supplies	Netherlands
Fresenius	0.79%	Health Care Providers & Services	Germany
Astellas Pharma	1.02%	Pharmaceuticals	Japan
Total	1.68%	Oil, Gas & Consumable Fuels	France
Bayer	1.30%	Pharmaceuticals	Germany
BNP Paribas	0.98%	Banks	France
DNB	0.98%	Banks	Norway
Stora Enso	0.50%	Paper & Forest Products	Finland
Asahi Kasei	0.66%	Chemicals	Japan
Nordea Bank Abp	0.93%	Banks	Sweden

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

Sector Diversification (12/31/2018)

As of end:

Sector	% of Fund	% of Benchmark
Financials	23.39%	19.49%
Communication Services	8.07%	5.55%
Health Care	13.58%	11.18%
Information Technology	7.33%	5.98%
Consumer Discretionary	10.95%	11.20%
Materials	7.04%	7.37%
Utilities	2.72%	3.76%
Real Estate	1.59%	3.73%
Energy	3.70%	5.86%
Consumer Staples	8.70%	11.57%
Industrials & Business Services	10.43%	14.31%

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 (12/31/2018)

As of end:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Total	-1.08%	0.46%	-1.54%
Information Technology	0.30%	-0.03%	0.33%
Consumer Staples	0.15%	-0.13%	0.27%
Energy	-0.01%	0.13%	-0.14%
Industrials & Business Services	-0.05%	0.09%	-0.14%
Consumer Discretionary	-0.08%	0.02%	-0.10%
Utilities	-0.22%	-0.10%	-0.12%
Communication Services	-0.28%	0.07%	-0.36%
Health Care	-0.30%	0.07%	-0.36%
Materials	-0.38%	0.04%	-0.41%
Financials	-0.49%	-0.04%	-0.46%

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 (12/31/2018)

As of end:

Country	% of Fund	% of Benchmark
Canada	2.69%	0.00%
China	2.65%	0.05%
South Korea	1.70%	0.00%
Taiwan	1.61%	0.00%
Norway	2.13%	0.73%
United States	0.97%	0.03%
Netherlands	3.95%	3.43%
Singapore	1.86%	1.35%
Sweden	3.19%	2.71%
India	0.47%	0.00%
Chile	0.43%	0.03%
Brazil	0.36%	0.00%
Austria	0.41%	0.24%
Switzerland	8.74%	8.65%
Ireland	0.59%	0.60%
Mexico	0.00%	0.02%
Argentina	0.00%	0.04%
Luxembourg	0.00%	0.06%
Germany	8.74%	8.82%
United Kingdom	16.75%	16.83%
Denmark	1.33%	1.75%
Belgium	0.51%	0.95%
Israel	0.00%	0.51%
Finland	0.50%	1.04%
Italy	1.62%	2.22%
France	9.03%	11.05%
Australia	4.86%	6.92%
Hong Kong	1.72%	3.87%
Spain	0.48%	3.10%
Japan	20.18%	24.61%

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 (12/31/2018)

As of end:

Region	% of Fund	% of Benchmark
North America	3.66%	0.03%
Pacific Ex Japan	14.87%	12.43%
Latin America	0.79%	0.09%
Middle East & Africa	0.00%	0.51%
Europe	57.99%	62.33%
Japan	20.18%	24.61%

Benchmark: MSCI EAFE Index

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

Region Attribution (12/31/2018)

As of end:

Region	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Total	-1.08	0.95	-2.04
Latin America	0.16	-0.05	0.21
United States	0.03	0.27	-0.24
EM EMEA	0.01	0.01	0.00
Canada	-0.02	-0.02	0.00
Japan	-0.40	0.06	-0.47
Developed Europe	-0.63	0.04	-0.67
Pacific ex Japan	-0.73	0.13	-0.86

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 (12/31/2018)

As of end:

Currency	% of Fund	% of Benchmark
U.S. dollar	10.06%	0.92%
Australian dollar	4.90%	6.92%
Canadian dollar	2.01%	0.00%
New Zealand dollar	0.00%	0.23%
Dollar Bloc	16.96%	8.07%

Benchmark: MSCI EAFE Index

Currency	% of Fund	% of Benchmark
euro	24.74%	31.32%
British pound sterling	14.05%	16.94%
Swiss franc	8.74%	8.65%
Swedish krona	3.19%	2.71%
Norwegian krone	2.13%	0.73%
Danish krone	1.33%	1.75%
European Bloc	54.18%	62.10%

Benchmark: MSCI EAFE Index

Currency	% of Fund	% of Benchmark
Japanese yen	20.20%	24.61%
Hong Kong dollar	3.11%	3.56%
Singapore dollar	1.86%	1.37%
Korean won	1.71%	0.00%
New Taiwan dollar	1.61%	0.00%
Far East Bloc	28.50%	29.54%

Benchmark: MSCI EAFE Index

Currency	% of Fund	% of Benchmark
Brazilian real	0.36%	0.00%
Israeli shekel	0.00%	0.28%
Emerging Markets Bloc	0.36%	0.28%

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

2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
36.70%	10.57%	-10.12%	18.59%	21.75%	-4.49%	-2.56%	2.90%	27.02%	-15.05%	Fund
31.78%	7.75%	-12.14%	17.32%	22.78%	-4.90%	-0.81%	1.00%	25.03%	-13.79%	Benchmark
4.92%	2.82%	2.02%	1.27%	-1.03%	0.41%	-1.75%	1.90%	1.99%	-1.26%	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

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
2019 Year End	12/16/2019	12/17/2019	12/18/2019	20191218

© 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

Roche Holding

Largest Detractor

Total

Purchase

Nordea Bank Abp (N)

Sale

Nordea Bank (E)

Sectors

TotalSectors

Contributor

Information Technology

Detractor

Financials

Over

Financials

Under

Industrials & Business Services

Regions

TotalRegions

Contributor

Latin America

Detractor

Pacific ex Japan

Over

North America

Under

Japan

Countries

TotalCountries

Over

Canada

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