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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

(610 funds)

Data as of 08/31/2019

Fund Manager Tenure²

Net Assets³
(USD)

12yrs

$17.0b

Data as of 08/31/2019

Price
(USD)

Daily Price Change

$10.47

$-0.04

Data as of 09/18/2019

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 08/31/2019

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

Morningstar Rating

Period	Rating	Funds In Category (Foreign Large Blend)
Overall		610
3 Years		610
5 Years		487
10 Years		365

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

-3.02%

Benchmark

1.08%

Value

1.93%

Benchmark

1.88%

Value

0.05%

Asset Allocation

Net Assets
(USD)

$17.0b

Largest Global ex-US Stock 95.63% $16.3b

Other View complete Asset Allocation

Holdings

Total
Holdings

159

Largest Holding Nestle 3.28% Was (03/31/2019) 3.04%

Other View complete Full Holdings

Top 10 Holdings 18.93% View the latest Top 10 Holdings

12-Month Portfolio Turnover 10.8% Data as of 08/31/2019

Largest Contributor

Nestle

3.28%

Largest Detractor

Vodafone

0.75%

Purchase

PICC Property & Casualty (N)

0.28%

Was 0.00%

Sale

BMW (E)

0.00%

Was 0.40%

Sectors

Total
Sectors

Largest Sector Financials 20.44% Was (07/31/2019) 21.83%

Other View complete Sector Diversification

Contributor

Consumer Staples

By 0.46%

Sector 0.04%

Selection 0.41%

Detractor

Consumer Discretionary

By -0.68%

Sector -0.02%

Selection -0.66%

Over

Health Care

By 2.50%

Fund 14.35%

Benchmark 11.85%

Under

Industrials & Business Services

By -3.58%

Fund 11.12%

Benchmark 14.70%

MSCI index returns are shown with gross dividends reinvested.

Regions

Total
Regions

Largest Region Europe 56.86% Was (07/31/2019) 57.18%

Other View complete Region Diversification

Contributor

Canada

By 0.13%

Region 0.13%

Selection 0.00%

Detractor

Team (As of 06/30/2019)

Raymond A. Mills
Portfolio Manager

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

Jason A. White
Portfolio Specialist

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

Years at
T. Rowe Price 15
Years investment
experience 18

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

How to Invest

View platform information

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

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

Investor Profile

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

Risk/Return Characteristics

Data as of 08/31/2019

Risk/Return (5 Years)	Fund	MSCI EAFE Index Net
Alpha	-0.05%	0.00%
Beta	0.96	1.00
R-Squared	0.95	1.00
Annualized Std. Deviation	12.03%	12.23%
Information Ratio	-0.04	0.00
Sharpe Ratio	0.07	0.08
Tracking Error	2.66%	0.00%

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

Asset Allocation (08/31/2019)

As of end:

Category	% of Total Net Assets	Market Value (USD)
Global ex-US Stock	95.63%	$16,263,340,204.89
Reserves	3.60%	$612,234,913.08
US Stock	0.76%	$129,249,592.76
Total Allocation		$17,006,525,363.26

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 (06/30/2019)

As of end:

Security Name	% of Fund	Prev Qtr Change	Value	Sector	Industry	Country
Nestle	3.28%	0.23%	$560,126,698.80	Consumer Staples	Food Products	Switzerland
Unilever	2.36%	0.25%	$402,909,066.01	Consumer Staples	Personal Products	United Kingdom
Novartis	2.05%	-0.23%	$350,333,732.50	Health Care	Pharmaceuticals	Switzerland
Roche Holding	1.96%	0.05%	$334,824,796.31	Health Care	Pharmaceuticals	Switzerland
Nippon Telegraph & Telephone	1.81%	0.21%	$308,913,132.81	Communication Services	Diversified Telecommunication Services	Japan
Siemens	1.74%	0.21%	$296,910,911.50	Industrials & Business Services	Industrial Conglomerates	Germany
Koninklijke Philips	1.69%	0.12%	$288,877,919.66	Health Care	Health Care Equipment & Supplies	Netherlands
Total	1.56%	-0.00%	$266,815,326.26	Energy	Oil, Gas & Consumable Fuels	France
Taiwan Semiconductor Manufacturing	1.27%	-0.06%	$217,474,852.56	Information Technology	Semiconductors & Semiconductor Equipment	Taiwan
Toyota Motor	1.22%	0.05%	$209,018,536.96	Consumer Discretionary	Automobiles	Japan
Samsung Electronics	1.21%	0.04%	$206,665,935.87	Information Technology	Technology Hardware, Storage & Peripherals	South Korea
Astellas Pharma	1.20%	0.11%	$205,525,923.33	Health Care	Pharmaceuticals	Japan
Bayer	1.17%	0.07%	$200,702,276.57	Health Care	Pharmaceuticals	Germany
AXA	1.15%	0.07%	$196,982,020.79	Financials	Insurance	France
Prudential	1.14%	0.08%	$194,472,951.06	Financials	Insurance	United Kingdom
Royal Dutch Shell	1.12%	0.02%	$190,997,840.48	Energy	Oil, Gas & Consumable Fuels	United Kingdom
Munich Re	1.11%	0.05%	$189,472,839.41	Financials	Insurance	Germany
Mitsubishi Electric	1.05%	0.02%	$179,707,174.98	Industrials & Business Services	Electrical Equipment	Japan
Sanofi	1.04%	-0.03%	$178,106,552.01	Health Care	Pharmaceuticals	France
Sumitomo Corporation	1.04%	0.12%	$177,632,095.78	Industrials & Business Services	Trading Companies & Distributors	Japan
L'Oreal	1.02%	0.05%	$174,857,361.63	Consumer Staples	Personal Products	France
DNB	1.00%	0.00%	$170,200,064.69	Financials	Banks	Norway
GlaxoSmithKline	0.96%	-0.05%	$164,602,780.26	Health Care	Pharmaceuticals	United Kingdom
Diageo	0.95%	0.04%	$163,011,670.14	Consumer Staples	Beverages	United Kingdom
Sun Life Financial	0.95%	0.06%	$162,338,998.91	Financials	Insurance	Canada
BNP Paribas	0.90%	-0.01%	$154,276,709.80	Financials	Banks	France
Tokio Marine Holdings	0.88%	0.02%	$150,260,183.58	Financials	Insurance	Japan
ING Groep	0.86%	-0.05%	$147,589,632.17	Financials	Banks	Netherlands
Engie	0.86%	0.04%	$146,887,836.87	Utilities	Multi-Utilities	France
Zurich Insurance Group	0.84%	0.03%	$144,153,341.82	Financials	Insurance	Switzerland
DBS Group	0.80%	0.02%	$137,200,131.63	Financials	Banks	Singapore
Magna International	0.80%	0.14%	$136,684,940.00	Consumer Discretionary	Auto Components	Canada
NXP Semiconductors	0.79%	0.22%	$134,828,693.00	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
Meggitt	0.78%	0.10%	$133,320,825.60	Industrials & Business Services	Aerospace & Defense	United Kingdom
Broadcom	0.78%	-0.24%	$132,818,604.00	Information Technology	Semiconductors & Semiconductor Equipment	United States
Fresenius	0.78%	-0.03%	$132,625,243.86	Health Care	Health Care Providers & Services	Germany
Ping An Insurance	0.77%	0.04%	$131,077,123.37	Financials	Insurance	China
Vodafone	0.75%	-0.09%	$128,513,736.02	Communication Services	Wireless Telecommunication Services	United Kingdom
AIA Group	0.73%	0.05%	$125,381,691.80	Financials	Insurance	Hong Kong
Bhp	0.72%	0.01%	$123,923,361.62	Materials	Metals & Mining	United Kingdom
ABB	0.72%	0.07%	$123,416,232.57	Industrials & Business Services	Electrical Equipment	Switzerland
Mitsubishi UFJ Financial	0.72%	-0.03%	$123,393,911.83	Financials	Banks	Japan
CK Hutchison Holdings	0.72%	-0.05%	$122,976,559.21	Industrials & Business Services	Industrial Conglomerates	Hong Kong
National Bank of Canada	0.70%	0.03%	$119,954,542.40	Financials	Banks	Canada
ASML Holding	0.70%	0.06%	$119,469,786.83	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
Svenska Handelsbanken	0.70%	-0.02%	$119,313,680.58	Financials	Banks	Sweden
Macquarie Group	0.69%	-0.04%	$118,686,434.05	Financials	Capital Markets	Australia
WPP	0.68%	0.11%	$116,585,305.21	Communication Services	Media	United Kingdom
Air Liquide	0.68%	0.06%	$116,441,706.54	Materials	Chemicals	France
Australia & New Zealand Banking	0.68%	-0.06%	$115,989,108.73	Financials	Banks	Australia
BASF	0.68%	-0.02%	$115,651,692.89	Materials	Chemicals	Germany
Kering	0.67%	0.01%	$115,273,500.15	Consumer Discretionary	Textiles, Apparel & Luxury Goods	France
Lloyds Banking Group	0.67%	-0.09%	$114,193,532.83	Financials	Banks	United Kingdom
Asahi Kasei	0.66%	0.07%	$113,272,982.51	Materials	Chemicals	Japan
Equinor	0.66%	0.09%	$112,553,763.15	Energy	Oil, Gas & Consumable Fuels	Norway
Mitsui Fudosan	0.65%	0.14%	$110,464,954.71	Real Estate	Real Estate Management & Development	Japan
Direct Line Insurance	0.64%	-0.06%	$109,430,621.40	Financials	Insurance	United Kingdom
Abn Amro Bank	0.64%	-0.04%	$109,198,524.78	Financials	Banks	Netherlands
Seven & i Holdings	0.64%	0.01%	$109,084,496.04	Consumer Staples	Food & Staples Retailing	Japan
Element Fleet Management	0.62%	0.08%	$106,736,511.20	Financials	Diversified Financial Services	Canada
Mitsubishi Corporation	0.62%	-0.01%	$105,701,578.44	Industrials & Business Services	Trading Companies & Distributors	Japan
Johnson Matthey	0.61%	0.01%	$104,849,318.89	Materials	Chemicals	United Kingdom
Storebrand	0.61%	0.02%	$104,444,998.19	Financials	Insurance	Norway
Moncler	0.61%	0.03%	$104,310,273.71	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Italy
DCC	0.61%	0.01%	$104,012,081.42	Industrials & Business Services	Industrial Conglomerates	Ireland
Compass Group	0.60%	0.01%	$103,286,517.15	Consumer Discretionary	Hotels Restaurants & Leisure	United Kingdom
Stora Enso	0.60%	0.14%	$103,016,253.08	Materials	Paper & Forest Products	Finland
Burberry	0.60%	-0.05%	$102,414,711.23	Consumer Discretionary	Textiles, Apparel & Luxury Goods	United Kingdom
Recruit Holdings	0.59%	0.08%	$100,907,708.06	Industrials & Business Services	Professional Services	Japan
Alibaba Group Holding	0.58%	-0.05%	$99,244,323.25	Consumer Discretionary	Internet & Direct Marketing Retail	China
National Grid	0.57%	-0.03%	$96,795,408.23	Utilities	Multi-Utilities	United Kingdom
Central Japan Railway	0.56%	-0.09%	$95,682,395.38	Industrials & Business Services	Road & Rail	Japan
THK	0.55%	-0.02%	$93,277,001.92	Industrials & Business Services	Machinery	Japan
Antofagasta	0.53%	0.05%	$90,445,335.23	Materials	Metals & Mining	Chile
Elekta	0.52%	0.07%	$88,399,455.69	Health Care	Health Care Equipment & Supplies	Sweden
Tokyo Electron	0.52%	-0.02%	$88,184,424.14	Information Technology	Semiconductors & Semiconductor Equipment	Japan
Standard Chartered	0.51%	0.07%	$86,775,224.71	Financials	Banks	United Kingdom
Suzuki Motor	0.50%	0.03%	$86,216,757.11	Consumer Discretionary	Automobiles	Japan
Kingfisher	0.50%	-0.07%	$85,748,656.15	Consumer Discretionary	Specialty Retail	United Kingdom
Aviva	0.50%	-0.01%	$85,300,955.75	Financials	Insurance	United Kingdom
Wilmar International	0.49%	0.05%	$83,733,513.23	Consumer Staples	Food Products	Singapore
Amcor	0.47%	0.01%	$80,736,196.62	Materials	Containers & Packaging	United Kingdom
Sumitomo Mitsui Trust Holdings	0.47%	0.00%	$80,642,778.29	Financials	Banks	Japan
Persimmon	0.47%	-0.06%	$80,003,229.52	Consumer Discretionary	Household Durables	United Kingdom
Tencent Holdings	0.46%	-0.01%	$79,345,440.92	Communication Services	Interactive Media & Services	China
LM Ericsson	0.46%	0.07%	$79,138,207.16	Information Technology	Communications Equipment	Sweden
Panasonic	0.46%	-0.02%	$77,996,739.51	Consumer Discretionary	Household Durables	Japan
Omron	0.45%	0.04%	$77,504,802.84	Information Technology	Electronic Equip, Instr & Cmpts	Japan
Telefonica Deutschland Holding	0.45%	-0.03%	$77,308,017.90	Communication Services	Diversified Telecommunication Services	Germany
SMC	0.45%	-0.01%	$76,399,558.81	Industrials & Business Services	Machinery	Japan
SOFTBANK GROUP CORP	0.44%	-0.01%	$75,735,129.83	Communication Services	Wireless Telecommunication Services	Japan
Melrose Industries	0.44%	0.04%	$75,704,361.67	Industrials & Business Services	Electrical Equipment	United Kingdom
United Overseas Bank	0.43%	0.01%	$74,208,368.43	Financials	Banks	Singapore
Murata Manufacturing	0.43%	-0.02%	$74,176,157.12	Information Technology	Electronic Equip, Instr & Cmpts	Japan
WorleyParsons	0.43%	0.01%	$73,830,131.84	Energy	Energy Equipment & Services	Australia
Knorr-Bremse	0.43%	0.04%	$73,454,082.76	Industrials & Business Services	Machinery	Germany
Legrand	0.43%	0.03%	$73,311,690.62	Industrials & Business Services	Electrical Equipment	France
Eutelsat Communications	0.43%	0.05%	$73,264,723.29	Communication Services	Media	France
Sony	0.43%	0.08%	$73,254,699.87	Consumer Discretionary	Household Durables	Japan
Electric Power development	0.42%	-0.03%	$71,859,652.34	Utilities	Independent Power & Renewable Electricity Producer	Japan
Umicore	0.41%	-0.12%	$70,825,212.07	Materials	Chemicals	Belgium
Telefonica	0.41%	-0.01%	$70,802,697.99	Communication Services	Diversified Telecommunication Services	Spain
Stroeer SE & Co KGaA	0.41%	0.09%	$70,584,370.73	Communication Services	Media	Germany
Siemens Healthineers	0.40%	0.03%	$68,560,763.40	Health Care	Health Care Technology	Germany
YY	0.40%	-0.09%	$68,398,644.30	Communication Services	Interactive Media & Services	China
Scentre	0.39%	-0.04%	$66,578,732.39	Real Estate	Equity Real Estate Investment Trusts (REITs)	Australia
Novo Nordisk	0.39%	-0.01%	$66,250,546.55	Health Care	Pharmaceuticals	Denmark
Prysmian	0.39%	0.03%	$66,246,654.01	Industrials & Business Services	Electrical Equipment	Italy
Challenger Ltd/Australia	0.39%	-0.11%	$65,855,725.46	Financials	Diversified Financial Services	Australia
Intesa Sanpaolo	0.38%	-0.06%	$65,604,423.05	Financials	Banks	Italy
Independence	0.38%	-0.02%	$65,558,698.97	Materials	Metals & Mining	Australia
GN Store Nord	0.38%	-0.00%	$64,698,856.30	Health Care	Health Care Equipment & Supplies	Denmark
Danske Bank	0.37%	-0.01%	$62,832,521.05	Financials	Banks	Denmark
Autoliv	0.36%	-0.02%	$61,570,441.69	Consumer Discretionary	Auto Components	Sweden
Nordea Bank Abp	0.36%	-0.02%	$61,044,377.31	Financials	Banks	Sweden
Largan Precision	0.35%	-0.03%	$60,573,388.67	Information Technology	Electronic Equip, Instr & Cmpts	Taiwan
Covestro	0.34%	-0.03%	$57,585,786.30	Materials	Chemicals	Germany
Kirin Holdings	0.32%	-0.04%	$55,056,570.35	Consumer Staples	Beverages	Japan
Mitsubishi UFJ Lease & Finance	0.32%	0.03%	$54,500,311.06	Financials	Diversified Financial Services	Japan
Zalando	0.32%	0.03%	$54,069,670.47	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
Rsa Insurance	0.31%	0.03%	$53,664,698.56	Financials	Insurance	United Kingdom
CSL	0.31%	0.02%	$53,086,193.77	Health Care	Biotechnology	Australia
Rio Tinto	0.31%	0.01%	$52,799,357.34	Materials	Metals & Mining	Australia
Hamamatsu Photonics KK	0.30%	-0.00%	$51,244,107.62	Information Technology	Electronic Equip, Instr & Cmpts	Japan
Great Portland Estates	0.30%	0.02%	$51,128,285.93	Real Estate	Equity Real Estate Investment Trusts (REITs)	United Kingdom
Stanley Electric	0.30%	-0.03%	$50,623,367.46	Consumer Discretionary	Auto Components	Japan
CyberAgent	0.30%	-0.04%	$50,457,719.12	Communication Services	Media	Japan
Beijing Enterprises Holdings	0.29%	-0.01%	$50,158,755.87	Utilities	Gas Utilities	China
Alcon	0.29%	N/A	$49,680,982.79	Health Care	Health Care Equipment & Supplies	Switzerland
Unibail-Rodamco-Westfield	0.29%	-0.03%	$49,255,824.83	Real Estate	Equity Real Estate Investment Trusts (REITs)	France
South32	0.28%	-0.06%	$48,618,182.79	Materials	Metals & Mining	Australia
PICC Property & Casualty	0.28%	N/A	$48,410,291.67	Financials	Insurance	China
KT	0.27%	-0.00%	$46,657,163.38	Communication Services	Diversified Telecommunication Services	South Korea
Honda Motor	0.26%	-0.02%	$44,614,179.69	Consumer Discretionary	Automobiles	Japan
Baidu	0.25%	-0.10%	$42,167,448.00	Communication Services	Interactive Media & Services	China
Yahoo! Japan	0.24%	0.06%	$41,650,804.04	Communication Services	Interactive Media & Services	Japan
Takeda Pharmaceutical	0.24%	-0.04%	$41,598,575.40	Health Care	Pharmaceuticals	Japan
E.ON	0.24%	-0.01%	$41,323,651.92	Utilities	Multi-Utilities	Germany
ASOS	0.24%	N/A	$41,033,490.82	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Telecom Italia	0.24%	-0.02%	$40,488,850.74	Communication Services	Diversified Telecommunication Services	Italy
Samsonite International	0.24%	-0.10%	$40,351,689.18	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Hong Kong
Aisin Seiki	0.22%	-0.01%	$38,089,568.42	Consumer Discretionary	Auto Components	Japan
Erste Group Bank	0.22%	0.00%	$37,029,481.49	Financials	Banks	Austria
Pola Orbis Holdings	0.21%	-0.03%	$36,064,448.77	Consumer Staples	Personal Products	Japan
NAVER	0.21%	0.01%	$35,878,989.94	Communication Services	Interactive Media & Services	South Korea
Mitsui Mining & Smelting	0.21%	N/A	$35,724,706.87	Materials	Metals & Mining	Japan
TechnoPro Holdings	0.20%	0.05%	$34,441,711.35	Industrials & Business Services	Professional Services	Japan
Sumitomo Rubber Industries	0.20%	0.02%	$33,434,505.61	Consumer Discretionary	Auto Components	Japan
Bhp	0.18%	0.01%	$31,298,275.34	Materials	Metals & Mining	Australia
Ascendis Pharma	0.18%	N/A	$30,942,301.95	Health Care	Biotechnology	Denmark
Renesas Electronics	0.18%	0.01%	$30,429,631.01	Information Technology	Semiconductors & Semiconductor Equipment	Japan
Welcia Holdings	0.16%	N/A	$26,658,163.23	Consumer Staples	Food & Staples Retailing	Japan
Commerzbank	0.14%	-0.01%	$23,248,639.83	Financials	Banks	Germany
Miraca Holdings	0.13%	-0.04%	$21,760,532.21	Health Care	Health Care Providers & Services	Japan
Telstra	0.12%	0.01%	$20,804,190.47	Communication Services	Diversified Telecommunication Services	Australia
Close Brothers	0.11%	-0.01%	$18,306,483.26	Financials	Capital Markets	United Kingdom
Barclays	0.10%	-0.01%	$16,696,370.44	Financials	Banks	United Kingdom
Tosoh	0.09%	-0.01%	$15,822,917.15	Materials	Chemicals	Japan
Gam Holding	0.08%	0.02%	$13,327,355.47	Financials	Capital Markets	Switzerland

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

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

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

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

Purchases (06/30/2019)

As of end:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
ASOS (N)	0.24%	0.24%	Internet & Direct Marketing Retail	United Kingdom
PICC Property & Casualty (N)	0.28%	0.28%	Insurance	China
Ascendis Pharma (N)	0.18%	0.18%	Biotechnology	Denmark
Mitsui Mining & Smelting (N)	0.21%	0.21%	Metals & Mining	Japan
Astellas Pharma	1.19%	0.09%	Pharmaceuticals	Japan
NXP Semiconductors	0.78%	0.21%	Semiconductors & Semiconductor Equipment	Netherlands
Mitsui Fudosan	0.64%	0.13%	Real Estate Management & Development	Japan
Welcia Holdings (N)	0.15%	0.15%	Food & Staples Retailing	Japan
Equinor	0.65%	0.08%	Oil, Gas & Consumable Fuels	Norway
Stora Enso	0.60%	0.13%	Paper & Forest Products	Finland

Sales (06/30/2019)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
BMW (E)	0.00%	-0.40%	Automobiles	Germany
Sumitomo Metal Mining (E)	0.00%	-0.32%	Metals & Mining	Japan
Infosys (E)	0.00%	-0.28%	IT Services	India
Lojas Renner (E)	0.00%	-0.25%	Multiline Retail	Brazil
Broadcom	0.77%	-0.24%	Semiconductors & Semiconductor Equipment	United States
Sembcorp Industries (E)	0.00%	-0.12%	Industrial Conglomerates	Singapore
Veoneer (E)	0.00%	-0.14%	Auto Components	Sweden
Australia & New Zealand Banking	0.67%	-0.07%	Banks	Australia
Novartis	2.04%	-0.24%	Pharmaceuticals	Switzerland
SSE (E)	0.00%	-0.04%	Electric Utilities	United Kingdom

(N) New position.

(E) Eliminated.

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

Contributors (06/30/2019)

As of end:

Contributors	% of Fund	Industry	Country
Nestle	3.28%	Food Products	Switzerland
Nippon Telegraph & Telephone	1.81%	Diversified Telecommunication Services	Japan
Unilever	2.36%	Personal Products	United Kingdom
Siemens	1.74%	Industrial Conglomerates	Germany
Novartis	2.05%	Pharmaceuticals	Switzerland
Koninklijke Philips	1.69%	Health Care Equipment & Supplies	Netherlands
Bayer	1.17%	Pharmaceuticals	Germany
Prudential	1.14%	Insurance	United Kingdom
Sumitomo Corporation	1.04%	Trading Companies & Distributors	Japan
WPP	0.68%	Media	United Kingdom

Detractors (06/30/2019)

Detractors	% of Fund	Industry	Country
Umicore	0.41%	Chemicals	Belgium
ASOS	0.24%	Internet & Direct Marketing Retail	United Kingdom
Challenger Ltd/Australia	0.39%	Diversified Financial Services	Australia
Baidu	0.25%	Interactive Media & Services	China
Samsonite International	0.24%	Textiles, Apparel & Luxury Goods	Hong Kong
Central Japan Railway	0.56%	Road & Rail	Japan
Vodafone	0.75%	Wireless Telecommunication Services	United Kingdom
YY	0.40%	Interactive Media & Services	China
Kingfisher	0.50%	Specialty Retail	United Kingdom
Largan Precision	0.35%	Electronic Equip, Instr & Cmpts	Taiwan

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

Sector Diversification (08/31/2019)

As of end:

Sector	% of Fund	% of Benchmark
Health Care	14.35%	11.85%
Financials	20.44%	18.06%
Communication Services	7.50%	5.54%
Information Technology	7.85%	6.75%
Miscellaneous	0.53%	0.00%
Materials	6.82%	6.97%
Consumer Discretionary	9.84%	11.20%
Real Estate	2.12%	3.65%
Energy	3.41%	5.01%
Utilities	2.25%	3.86%
Consumer Staples	10.17%	12.41%
Industrials & Business Services	11.12%	14.70%

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 (06/30/2019)

As of end:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Total	-1.50%	0.01%	-1.51%
Consumer Staples	0.46%	0.04%	0.41%
Health Care	0.11%	-0.03%	0.14%
Energy	0.08%	0.07%	0.01%
Real Estate	0.05%	0.13%	-0.08%
Utilities	-0.01%	0.02%	-0.04%
Financials	-0.18%	0.02%	-0.21%
Materials	-0.30%	0.00%	-0.30%
Industrials & Business Services	-0.31%	-0.08%	-0.23%
Information Technology	-0.36%	0.03%	-0.39%
Consumer Discretionary	-0.68%	-0.02%	-0.66%

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 (08/31/2019)

As of end:

Country	% of Fund	% of Benchmark
Canada	3.13%	0.00%
China	3.07%	0.05%
Taiwan	1.73%	0.00%
South Korea	1.62%	0.00%
Norway	2.02%	0.65%
Netherlands	4.68%	3.71%
United States	0.76%	0.05%
United Kingdom	16.77%	16.07%
Chile	0.50%	0.03%
Singapore	1.62%	1.28%
Mexico	0.00%	0.01%
Ireland	0.58%	0.60%
Austria	0.19%	0.22%
Argentina	0.00%	0.04%
Luxembourg	0.00%	0.04%
Switzerland	9.47%	9.63%
Portugal	0.00%	0.16%
New Zealand	0.00%	0.25%
Sweden	2.17%	2.53%
Germany	8.21%	8.62%
Finland	0.57%	0.99%
Denmark	1.35%	1.82%
Israel	0.00%	0.53%
Belgium	0.44%	1.02%
Italy	1.64%	2.31%
Hong Kong	1.56%	3.63%
France	8.76%	11.36%
Spain	0.00%	2.86%
Japan	21.50%	24.44%
Australia	4.04%	7.10%

Benchmark: MSCI EAFE Index

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

Region Diversification (08/31/2019)

As of end:

Region	% of Fund	% of Benchmark
North America	3.89%	0.05%
Pacific Ex Japan	13.64%	12.31%
Latin America	0.50%	0.08%
Middle East & Africa	0.00%	0.53%
Japan	21.50%	24.44%
Europe	56.86%	62.59%

Benchmark: MSCI EAFE Index

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

Region Attribution (06/30/2019)

As of end:

Region	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Total	-1.50	0.04	-1.54
Canada	0.13	0.13	0.00
EM EMEA	0.04	0.04	0.00
Japan	-0.03	0.10	-0.13
Latin America	-0.03	-0.03	-0.00
United States	-0.13	0.05	-0.18
Developed Europe	-0.36	-0.07	-0.29
Pacific ex Japan	-0.93	0.00	-0.94

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 (08/31/2019)

As of end:

Currency	% of Fund	% of Benchmark
U.S. dollar	9.98%	0.88%
Australian dollar	4.50%	7.10%
Canadian dollar	2.34%	0.00%
New Zealand dollar	0.00%	0.25%
Dollar Bloc	16.82%	8.23%

Benchmark: MSCI EAFE Index

Currency	% of Fund	% of Benchmark
euro	23.78%	31.51%
British pound sterling	14.65%	16.18%
Swiss franc	9.51%	9.63%
Swedish krona	2.18%	2.53%
Norwegian krone	2.04%	0.65%
Danish krone	1.17%	1.82%
European Bloc	53.33%	62.31%

Benchmark: MSCI EAFE Index

Currency	% of Fund	% of Benchmark
Japanese yen	21.42%	24.44%
Hong Kong dollar	3.43%	3.39%
New Taiwan dollar	1.73%	0.00%
Singapore dollar	1.64%	1.29%
Korean won	1.62%	0.00%
Far East Bloc	29.85%	29.12%

Benchmark: MSCI EAFE Index

Currency	% of Fund	% of Benchmark	% Underweight/Overweight
Israeli shekel	0.00%	0.34%
Emerging Markets Bloc	0.00%	0.34%

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

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

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

Figure applies to all share classes.

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

Morningstar (Category)

Morningstar(Overall Rating)1

Fund Manager Tenure2

Net Assets3(USD)

Price(USD)

Daily Price Change

Strategy

Investment Objective

Morningstar Equity Style

Morningstar Rating

Average Annual Total Returns (Investor Class)

1 YR

Benchmark

Value

3 YR

Benchmark

Value

5 YR

Benchmark

Value

10 YR

Benchmark

Value

Expense Ratio

Gross

Net

Current Year Performance (Investor Class)

Daily YTD

Benchmark

Value

Monthly YTD

Benchmark

Value

One Month

Benchmark

Value

Three Months

Benchmark

Value

Asset Allocation

Net Assets(USD)

Holdings

TotalHoldings

Largest Contributor

Nestle

Largest Detractor

Vodafone

Purchase

PICC Property & Casualty (N)

Sale

BMW (E)

Sectors

TotalSectors

Contributor

Consumer Staples

Detractor

Consumer Discretionary

Over

Health Care

Under

Industrials & Business Services

Regions

TotalRegions

Contributor

Canada

Detractor

Pacific ex Japan

Over

North America

Under

Europe

Countries

TotalCountries

Over

Canada

Under

Australia

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
Portfolio Manager

Jason A. White
Portfolio Specialist