Global Growth Equity Fund

Strategy

Manager's Outlook

As we have mentioned in previous quarters, the challenges facing equity investors right now are multi-dimensional. At the start of the year, concerns about global interest rates and the relationship between the two world superpowers, the U.S. and China, were at the forefront of investors' minds. We would now add the uncertainty around the 2020 U.S. election cycle, which could usher in market-unfriendly policies, to the mix of notable challenges, along with the ongoing Brexit saga, rising geopolitical tensions with Iran, and political unrest in Hong Kong adding more wrinkles and complexity to the investment landscape.

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However, all is not doom and gloom. Monetary expectations have shifted dramatically since the beginning of the year, with the U.S. Federal Reserve and other leading central banks becoming more dovish than most had expected. As a growth equity investor, the notion of a lower discount rate is a significant positive. Broadly, we still feel very good about the names we own in the portfolio in terms of their growth outlooks and valuations over a multiyear view. While we are more cautious over the short-term given the mix of uncertainties in the market and think it is a time for prudence in positioning, we think equity markets can still grind higher in a low interest rate world with moderate growth and fear there could be a cost to being too defensive too early.

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We remain largely sector neutral across the portfolio with a few notable exceptions: We are meaningfully underweight energy due to our bearish view on the sector as well as overweight to consumer discretionary due to the global trend toward online commerce and the digital side of consumer, which we think is a significant structural trend over time. At the regional level, selective emerging markets still represent a fertile source of long-term ideas and area meaningful component of the portfolio.

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We continue to search for high-quality, growing businesses in good industries where we believe the magnitude and/or change in growth is misunderstood by the market. We think picking stocks individually, controlling for risk in the aggregate, and searching for real and positive economic returns stock by stock in a low rate, low growth world will add value for our clients over time.

Investment Objective

To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of companies that have the potential for above-average and sustainable rates of earnings growth. The companies may be anywhere in the world, including emerging markets.

Investment Approach

Single decision-maker provides clear accountability.
Identify “best ideas” by assessing companies in a global sector context, using bottom-up approach to create focused, high conviction portfolio.
Global research platform uses fundamental analysis to identify companies with superior and sustainable growth prospects, and improving fundamentals.
Macroeconomic and local market factors are integrated in stock selection decisions.
Valuation appeal is measured against local market and broad sector opportunity set.
Broad range of large-cap stocks, incorporating developed and emerging markets.

Portfolio Construction

Number of holdings: Typically around 130 holdings.
Individual positions: Typically 0.3%-3.0%, maximum 5%
Emerging markets exposure: +/- 15% of benchmark
Broad sector ranges: +/- 10% of benchmark
Country ranges: +/- 10% of benchmark (USA is +/- 20%)
Currency hedging: Currency views incorporated in stock selection
Cash target range: Typically less than 5%
Expected tracking error: 300 to 700 basis points

Performance (Class I)

Annualised Performance

Calculated:

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised	Since Manager Inception Annualised
Fund %	17.08%	14.75%	9.63%	10.32%	14.87%
Indicative Benchmark %	12.59%	11.33%	7.08%	8.81%	11.46%
Excess Return %	4.49%	3.42%	2.55%	1.51%	3.41%

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised
Fund %	5.13%	13.05%	9.53%	10.16%
Indicative Benchmark %	1.38%	9.71%	6.65%	8.35%
Excess Return %	3.75%	3.34%	2.88%	1.81%

Recent Performance

	Month to DateData as of 04-Dec-2019	Quarter to DateData as of 04-Dec-2019	Year to DateData as of 04-Dec-2019	1 MonthData as of 31-Oct-2019	3 MonthsData as of 31-Oct-2019
Fund %	-0.71%	5.37%	25.93%	2.47%	-0.24%
Indicative Benchmark %	-0.67%	4.53%	21.47%	2.74%	2.41%
Excess Return %	-0.04%	0.84%	4.46%	-0.27%	-2.65%

Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

Returns shown with reinvestment of dividends after the deduction of withholding taxes.

Effective 1 July 2018, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.

31-Oct-2019 - Scott Berg, Portfolio Manager,

Global equities rallied in October amid increasing optimism about global growth and as trade negotiations between the U.S. and China seemed to progress. At the portfolio level, our holdings in the information technology sector weighed the most on relative performance. While shares of Apple rose over the period, our underweight position dragged on the portfolio. While we like Apple’s strong free cash flow, innovative products, and massive research and development programme, our underweight position illustrates our efforts to manage our position size in light of near-term risks from slowing iPhone demand and trade tensions. On the positive side, stock selection in the consumer discretionary sector helped relative results. Shares of UK-based online fashion and cosmetics retailer ASOS rose over the month on solid earnings results, with robust organic sales growth, better-than-expected earnings, and lower debt. With its strong fashion positioning, technological innovation, and leading service proposition, we think ASOS is a truly differentiated, high-quality business.

Holdings

Total
Holdings

159

Largest Holding Alphabet Class C 2.85% Was (30-Jun-2019) 3.03%

Other View Full Holdings Quarterly data as of 30-Sep-2019

Top 10 Holdings 17.55% View Top 10 Holdings Monthly data as of 31-Oct-2019

Largest Top Contributor^

Alphabet

By 1.38%

% of fund 2.77%

Largest Top Detractor^

Amazon.com

By -0.79%

% of fund 2.66%

Top Purchase

Experian (N)

0.98%

Was (30-Jun-2019) 0.00%

Top Sale

Northrop Grumman (E)

0.00%

Was (30-Jun-2019) 0.72%

30-Sep-2019 - Scott Berg, Portfolio Manager,

As always, our trading activity during the quarter was driven from the bottom up. The portfolio's sector and region allocations are driven primarily by individual stock considerations but are also influenced, to a lesser degree, by an assessment of macroeconomic and geopolitical considerations. We are monitoring global interest rates, US-China trade, and a variety of macro events that influence the equity risk premiums globally of the securities that we own. Currently, we continue to play it 'down the middle of the fairway' with the portfolio given the ongoing tug of different forces. As a result, we are largely sector neutral across the portfolio while continuing to focus on finding high-quality names with growing businesses in good industries.

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Over the quarter, the portfolio's exposure to industrials and business services and information technology increased, while exposure decreased in consumer discretionary and financials. Regionally, our allocation to Europe increased, while exposure to North America decreased. Within emerging markets, we continue to favor what we consider the more fertile and demographically advantaged regions, such as India, Indonesia, the Philippines, Peru, and Vietnam. Our exposure to China is very purposeful in areas such as artificial intelligence and health care we think can be long-term holds.

Information Technology

We continue to believe that innovations in artificial intelligence (AI) are not only affecting technology companies, but also reshaping more traditional industries, ones viewed as less susceptible to business model disruption. We remain positioned to benefit from increasing AI adoption and application as well as the ongoing transition toward greater computing mobility, increasing use of the Web, and growing technology consumption in emerging markets. As a result, our holdings are tilted toward payment and cloud software companies.

We added to our core holding in Sweden-based Hexagon on weakness. The stock, which specializes in highly advanced measurement technologies for manufacturing and construction end markets, pulled back recently after the company issued a profit warning for the second quarter due to weakening demand, particularly in China. Despite the macro environment, we believe Hexagon has the ability to drive accelerating growth given its strong business model with significant recurring revenue streams and free cash flow, a diversified and unique portfolio of products, and an under-levered balance sheet with substantial optionality.
We initiated a position in Twilio, a leading cloud communications software company that enables developers to rapidly incorporate telecom connectivity (such as voice, messaging, or video) into Web and mobile applications. We think Twilio provides highly elastic, cost-effective solutions and is levered to strong secular growth in the digital economy.

Industrials and Business Services

We are focused on high-quality companies that can benefit from multiyear growth trends and increases in global trade and capital spending. We are attracted to less cyclical, durable earnings growers in industries with attractive growth dynamics and are largely avoiding companies with commodity capital expenditures exposure.

We initiated a position in Wartsila, an internal combustion engine manufacturer, with applications in the marine and power generation markets. Equipment sold is maintenance intensive, and the company generates approximately 40% of sales from aftermarket services, which we believe is an extremely resilient earnings stream. The stock pulled back in July after the company reported weak second-quarter earnings and lowered their 2019 guidance. Despite near-term headwinds, we think Wartsila is a high-quality engineering business that can compound earnings over the long term through a best-in-class services business that is driven by two high-growth businesses.
We initiated a position in diversified global industrial company Siemens. We think Siemens is a misunderstood company that has sold off in recent months on cyclical weakness, which created an attractive entry point for us. We believe Siemens can drive earnings growth and improvement via two main areas: Cost-cutting and productivity growth as the company becomes more focused and disposes of non-core, less successful business segments, and, in particular, growth in its digital industries segment, where it is has a leading-edge, high-quality business.
We eliminated our position in global security lock maker Assa Abloy, partly to fund our new position in Siemens. The stock has been a strong contributor for the portfolio, but we now feel the risk/reward profile has become more balanced and there is less upside potential, so we elected to exit our position.

Financials

Our holdings in this area are broadly diversified, but we retain a focus on commercial banks in fertile emerging market economies and high-quality U.S. banks and U.S. capital markets companies with global exposure. We scaled back some of our positions in India given some recent stresses in the country's financial system; however, we still have strong longer-term conviction in the private banks we own due to their regulatory advantages over state-owned banks and better balance sheets and management teams. Additionally, the country's real GDP growth, normal interest rates, and low debt levels are attractive from an investment standpoint, especially compared with the developed world.

We eliminated our position in private Swiss bank Julius Baer. Given the recent signs of slowing global growth and falling interest rates, we think the risk/reward profile for the firm has become less attractive, and we chose to exit our position in favor of higher conviction names like CME Group.
We eliminated our position in private Indian bank Yes Bank. The company has battled a variety of issues over the past year, including the removal of the CEO, credit issues, and a more challenged macroeconomic and industry backdrop adding to the firm's woes. We have higher conviction in other Indian financials like HDFC Bank and Kotak Mahindra, so we chose to exit our position and reallocate to those higher quality names in the region.

Energy

Our current outlook for the sector remains subdued given the global oversupply of oil. While escalating tensions in the Middle East between Saudi Arabia and Iran are another complicating factor, we expect the surge in U.S. shale oil production and productivity will continue to drive oversupply for some time to come. Our focus in the sector is on companies with high-quality balance sheets, low-cost production, and better production growth profiles.

We eliminated our positions in European integrated oil and gas firm Galp Energeia and U.S. onshore exploration and production company Continental Resources. We are more bearish on energy in the current environment and chose to move on from these names and consolidate funds into our three highest conviction names within the sector: Concho Resources, Total, and EOG Resources.

Sectors

Total
Sectors

Largest Sector Information Technology 19.08% Was (30-Sep-2019) 18.23%

Other View complete Sector Diversification

Top Contributor^

Materials

Net Contribution 0.44%

Sector

0.08%

Selection 0.36%

Top Detractor^

Consumer Discretionary

Net Contribution -1.08%

Sector

-0.01%

Selection

-1.07%

Largest Overweight

Consumer Discretionary

By3.79%

Fund 14.61%

Indicative Benchmark 10.83%

Largest Underweight

Energy

By-3.44%

Fund 1.87%

Indicative Benchmark 5.30%

31-Oct-2019 - Scott Berg, Portfolio Manager,

Our current outlook for the energy sector remains subdued given the global oversupply of oil. While escalating tensions in the Middle East between Saudi Arabia and Iran are another complicating factor, we expect the surge in U.S. shale oil production and productivity will continue to drive oversupply for some time to come. Our focus in the sector is on companies with high-quality balance sheets, low-cost production, and better production growth profiles.

Countries

Total
Countries

Largest Country United States 45.81% Was (30-Sep-2019) 46.07%

Other View complete Country Diversification

Top Contributor

N/A

Top Detractor

N/A

Largest Overweight

India

By5.76%

Fund 6.81%

Indicative Benchmark 1.04%

Largest Underweight

United States

By-9.49%

Fund 45.81%

Indicative Benchmark 55.30%

Currency

Total
Currencies

Largest Currency U.S. dollar 57.57% Was (30-Sep-2019) 57.20%

Other View complete Currency Diversification

Largest Overweight

Indian rupee

By 5.75%

Fund 6.80%

Indicative Benchmark 1.04%

Largest Underweight

Japanese yen

By -5.97%

Fund 1.45%

Indicative Benchmark 7.42%

Team (As of 31-Aug-2019)

R. Scott Berg
Lead Portfolio Manager

Scott Berg is the portfolio manager for the T. Rowe Price Global Growth Equity Strategy and a vice president of T. Rowe Price Group, Inc.

Mr. Berg has 17 years of investment experience, all of which have been with T. Rowe Price. He joined the firm in 2002 as a research analyst covering the business services sector after serving as a summer intern in 2001. In 2005, he joined the global equity team as an associate portfolio manager and in 2008 launched the Global Growth Equity Strategy. Prior to T. Rowe Price, he was the manager of financial analysis and planning for Mead Consumer and Office Products. Previously, Mr. Berg was also employed by McKinsey & Company as a business analyst and was a core team member on the firm's global growth initiative.

Mr. Berg graduated first in his class from Macquarie University in Australia, with a B.Ec. in actuarial studies and finance. He also holds an M.B.A. from the Stanford Graduate School of Business, where he again graduated at the top of his class. Mr. Berg has earned the Chartered Financial Analyst designation.

Fund manager
since
2008
Years at
T. Rowe Price
17
Years investment
experience
17

Harishankar Balkrishna
Portfolio Manager

Hari Balkrishna is an associate portfolio manager for the Global Growth Equity Strategy in the Equity Division of T. Rowe Price. Mr. Balkrishna is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Balkrishna has 12 years of investment experience. He completed an internship at T. Rowe Price in 2009. Prior to joining the firm in 2010, he worked at Goldman Sachs, Sydney, Australia, in the financial institutions group of the Investment Banking Division.

Mr. Balkrishna has a bachelor of commerce in finance and accounting (university medal and first-class honours) from the University of New South Wales and also has earned an M.B.A., with distinction, from Harvard Business School.

Fund manager
since
2015
Years at
T. Rowe Price
9
Years investment
experience
12

Kurt A. Umbarger
Portfolio Specialist

Kurt Umbarger is the regional head of the Equity Investment Specialist Group of T. Rowe Price. Previously, he was a global equity portfolio specialist in the International Equity Division. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Mr. Umbarger has 26 years of investment experience, all of which have been at T. Rowe Price. He joined the firm in 1992 and has been a portfolio specialist since 2001. Prior to joining the global equity team in 2005, Mr. Umbarger worked with the international and emerging market equity teams. As a portfolio specialist, he has traveled the world, working closely with institutional clients, consultants, and prospects.

Mr. Umbarger earned a B.S. in finance from Towson University and an M.S.F. in finance from Loyola University Maryland. He also has earned the Chartered Financial Analyst designation and is a Series 6, 7, 63, and 65 registered representative.

Years at
T. Rowe Price
26
Years investment
experience
26

Laurence Taylor
Portfolio Specialist

Laurence Taylor is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's global equity strategies to institutional clients, consultants and prospects. Mr. Taylor is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Taylor has 19 years of investment experience, 10 of which have been with T. Rowe Price. Prior to joining the firm in 2008, Mr. Taylor was a quantitative portfolio manager at AXA Rosenberg, with responsibility for European institutional clients, and began his career at Hewitt Associates in the UK investment practice. At Hewitt, Mr. Taylor provided investment advice to European institutions as a client-facing consultant before specializing in the research and selection of global and regional equity managers in the manager research team.

Mr. Taylor obtained his B.A., with honours, from Greenwich University and has earned the Chartered Financial Analyst designation.

Years at
T. Rowe Price
11
Years investment
experience
20

Fee Schedule

Share Class	Minimum Initial Investment and Holding Amount	Minimum Subsequent Investment	Minimum Redemption Amount	Sales Charge (up to)	Investment Management Fee (up to)	Ongoing Charges
Class A	$15,000	$100	$100	5.00%	160 basis points	1.77%
Class I	$2,500,000	$100,000	$0	0.00%	75 basis points	0.82%
Class Q	$15,000	$100	$100	0.00%	75 basis points	0.92%
Class S	$10,000,000	$0	$0	0.00%	0 basis points	0.07%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

Portfolio Characteristics

as of 31-Oct-2019

Characteristic	Fund	Indicative Benchmark
Projected Earnings Growth Rate (IBES)	12.0%	8.5%
Price to Earnings (Current Fiscal Year)	28.1x	19.2x
Return on Equity (Current Fiscal Year)	16.6%	15.7%
Price to Book	5.7x	3.2x
Investment Weighted Median Market Cap (USD mm)	46,633	62,852
Investment Weighted Average Market Cap (USD mm)	154,241	171,214
Number of Holdings	160	2,768
Top 20 Holdings as % of Total	28.4%	17.8%
Portfolio Holdings Turnover (12 Months)	61.5%	N/A
Percent of Portfolio in Cash	0.8%	0.0%
Active Share Percentage	78.97%	N/A

Statistics are Investment Weighted Median unless otherwise noted.

Risks

The following risks are materially relevant to the fund (refer to prospectus for further details):

Capital risk
Country risk (China)
Country risk (Russia and Ukraine)
Currency risk
Emerging markets risk
Equity risk
Geographic concentration risk
Hedging risk
Investment fund risk
Management risk
Market risk
Operational risk
Small and mid-cap risk
Style risk

Risk/Return Characteristics

as of 31-Oct-2019

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	2.08%	0.00%
Beta	1.07	1.00
R-Squared	0.91	1.00
Annualized Std. Deviation	13.15%	11.65%
Information Ratio	0.61	0.00
Sharpe Ratio	0.65	0.52
Tracking Error	4.15%	0.00%

Unless otherwise noted, index returns are shown with gross dividends reinvested.

Calendar Year Performance (Class I)

2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
52.61%	13.54%	-11.00%	20.94%	20.93%	9.12%	1.13%	2.51%	34.34%	-7.60%	Fund
34.63%	12.67%	-7.35%	16.13%	22.80%	4.16%	-2.36%	7.86%	23.97%	-9.41%	Indicative Benchmark
17.98%	0.87%	-3.65%	4.81%	-1.87%	4.96%	3.49%	-5.35%	10.37%	1.81%	Value added

Fund
Indicative Benchmark
Annual Report

Returns shown with reinvestment of dividends after the deduction of withholding taxes.

Purchases - 10 Largest (30-Sep-2019)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Experian (N)	0.98%	0.98%	Professional Services	United Kingdom
CME Group (N)	0.68%	0.68%	Capital Markets	United States
Boeing	1.23%	0.42%	Aerospace & Defense	United States
United Spirits (N)	0.61%	0.61%	Beverages	India
Airbus	1.03%	0.26%	Aerospace & Defense	France
Symrise (N)	0.46%	0.46%	Chemicals	Germany
Magazine Luiza (N)	0.45%	0.45%	Multiline Retail	Brazil
Havells India (N)	0.45%	0.45%	Electrical Equipment	India
HDFC Asset Management (N)	0.40%	0.40%	Capital Markets	India
Twilio (N)	0.32%	0.32%	IT Services	United States

(N) New Position.

30-Sep-2019 - Scott Berg, Portfolio Manager,

We added to our core holding in Sweden-based Hexagon on weakness. The stock, which specializes in highly advanced measurement technologies for manufacturing and construction end markets, pulled back recently after the company issued a profit warning for the second quarter due to weakening demand, particularly in China. Despite the macro environment, we believe Hexagon has the ability to drive accelerating growth given its strong business model with significant recurring revenue streams and free cash flow, a diversified and unique portfolio of products, and an under-levered balance sheet with substantial optionality.
We initiated a position in Twilio, a leading cloud communications software company that enables developers to rapidly incorporate telecom connectivity (such as voice, messaging, or video) into Web and mobile applications. We think Twilio provides highly elastic, cost-effective solutions and is levered to strong secular growth in the digital economy.
We initiated a position in Wartsila, an internal combustion engine manufacturer, with applications in the marine and power generation markets. Equipment sold is maintenance intensive, and the company generates approximately 40% of sales from aftermarket services, which we believe is an extremely resilient earnings stream. The stock pulled back in July after the company reported weak second-quarter earnings and lowered their 2019 guidance. Despite near-term headwinds, we think Wartsila is a high-quality engineering business that can compound earnings over the long term through a best-in-class services business that is driven by two high-growth businesses.
We initiated a position in diversified global industrial company Siemens. We think Siemens is a misunderstood company that has sold off in recent months on cyclical weakness, which created an attractive entry point for us. We believe Siemens can drive earnings growth and improvement via two main areas: Cost-cutting and productivity growth as the company becomes more focused and disposes of non-core, less successful business segments, and, in particular, growth in its digital industries segment, where it is has a leading-edge, high-quality business.
We eliminated our position in global security lock maker Assa Abloy, partly to fund our new position in Siemens. The stock has been a strong contributor for the portfolio, but we now feel the risk/reward profile has become more balanced and there is less upside potential, so we elected to exit our position.
We eliminated our position in private Swiss bank Julius Baer. Given the recent signs of slowing global growth and falling interest rates, we think the risk/reward profile for the firm has become less attractive, and we chose to exit our position in favor of higher conviction names like CME Group.
We eliminated our position in private Indian bank Yes Bank. The company has battled a variety of issues over the past year, including the removal of the CEO, credit issues, and a more challenged macroeconomic and industry backdrop adding to the firm's woes. We have higher conviction in other Indian financials like HDFC Bank and Kotak Mahindra, so we chose to exit our position and reallocate to those higher quality names in the region.
We eliminated our positions in European integrated oil and gas firm Galp Energeia and U.S. onshore exploration and production company Continental Resources. We are more bearish on energy in the current environment and chose to move on from these names and consolidate funds into our three highest conviction names within the sector: Concho Resources, Total, and EOG Resources.

Sales - 10 Largest (30-Sep-2019)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Northrop Grumman (E)	0.00%	-0.72%	Aerospace & Defense	United States
Alphabet Class C	2.77%	-0.26%	Interactive Media & Services	United States
Prudential (E)	0.00%	-0.43%	Insurance	United Kingdom
Julius Baer (E)	0.00%	-0.44%	Capital Markets	Switzerland
Alibaba Group Holding	1.96%	-0.33%	Internet & Direct Marketing Retail	China
Axis Bank	0.40%	-0.38%	Banks	India
Assa Abloy (E)	0.00%	-0.35%	Building Products	Sweden
Eli Lilly (E)	0.00%	-0.32%	Pharmaceuticals	United States
MGM Resorts International	0.19%	-0.32%	Hotels Restaurants & Leisure	United States
Yes Bank (E)	0.00%	-0.35%	Banks	India

(E) Eliminated.

Major Purchases/Sales represent the highest to lowest total cost (purchases) and proceeds (sales) for the time period indicated.

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

Contributors (30-Sep-2019)

Quarterly as of:

Contributors	% of Fund	Industry	Country
Alphabet	2.77%	Interactive Media & Services	United States
NextEra Energy	1.39%	Electric Utilities	United States
James Hardie Industries	0.55%	Construction Materials	Australia
Northrop Grumman	0.00%	Aerospace & Defense	United States
ASML Holding	0.67%	Semiconductors & Semiconductor Equipment	Netherlands
Country Garden Services Holdings	0.55%	Real Estate Management & Development	China
Sempra Energy	1.35%	Multi-Utilities	United States
Rentokil Initial	0.79%	Commercial Services & Supplies	United Kingdom
Jiangsu Hengrui Medicine	0.60%	Pharmaceuticals	China
Kotak Mahindra Bank	1.23%	Banks	India

30-Sep-2019 - Scott Berg, Portfolio Manager,

Shares of Farfetch, the leading global luxury digital marketplace, pulled back in August following the firm's quarterly earnings release. While the company reported strong revenue growth, profitability remained weak, which spooked investors. We continue to believe Farfetch is a unique platform that can capitalize on the growth of the luxury market and the shift online.
Shares of Jollibee Foods, a Philippines fast food chain, fell with the broader Philippine market as trade tensions added a macroeconomic overhang to the country and Southeast Asian region. We think Jollibee is a quality name that is highly levered to demographically driven consumer and middle-class growth in the Philippines.
Shares of Workday, which sells a software-as-a-service (SaaS) HR, payroll, and talent management platform to businesses, fell over the period. While the company reported solid second-quarter earnings results, investors reacted to more subdued messaging from the company on its outlook and comments on macro uncertainties. We think the market's reaction is overdone and continue to have high conviction in Workday as one of the most durable and innovative SaaS companies.
While shares of Apple rose over the period, our underweight position was a relative detractor within the portfolio. While we like Apple's strong free cash flow, innovative products, and massive research and development program, our underweight position illustrates our efforts to manage our position size in light of near-term risks from slowing iPhone demand and trade tensions.
Shares of fiber cement siding manufacturer James Hardie Industries spiked after reporting strong quarterly results that demonstrated early progress on share gain and cost-cutting momentum. Investors also liked that the firm would be a meaningful beneficiary of falling interest rates' ability to boost the U.S. housing market. We think James Hardie is well positioned to benefit from continued recovery in its end markets, market share gain, price increases, and manufacturing efficiencies.
Pidilite Industries is one of India's leading branded adhesive companies. Shares rose over the quarter on strong earnings results. Highlights included solid earnings and revenue growth as well as impressive standalone operations growth driven by franchise expansion in rural areas, pricing actions, and moderation in input costs. We think Pidilite has a long runway for growth given its strong market leadership, high-quality management team, and high moat on the back of good innovation, advertising, user engagement, and distribution.
Jiangsu Hengrui Medicine, a leading player in China's oncology market has benefited from the launch of its PD-1 treatment for Hodgkin's lymphoma and other new products, which have helped drive revenue growth. We think the company is entering a favorable product cycle driven by new products, three of which were approved and launched in the fourth quarter of 2018.

Detractors (30-Sep-2019)

Detractors	% of Fund	Industry	Country
Farfetch	0.48%	Internet & Direct Marketing Retail	United Kingdom
Amazon.com	2.66%	Internet & Direct Marketing Retail	United States
Netflix	0.61%	Entertainment	United States
Workday	0.97%	Software	United States
Facebook	1.86%	Interactive Media & Services	United States
Jollibee Foods	0.54%	Hotels Restaurants & Leisure	Philippines
Concho Resources	0.44%	Oil, Gas & Consumable Fuels	United States
GE	1.04%	Industrial Conglomerates	United States
Axis Bank	0.40%	Banks	India
SOFTBANK GROUP CORP	0.49%	Wireless Telecommunication Services	Japan

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

N/A indicates Not Available.

Holdings (30-Sep-2019)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares	Sector	Industry	Country
Alphabet Class C	2.85%	-0.18	$13,021,151.50	10,675	Communication Services	Interactive Media & Services	United States
Amazon.com	2.64%	-0.40	$12,038,126.40	6,992	Consumer Discretionary	Internet & Direct Marketing Retail	United States
Alibaba Group Holding	1.99%	-0.29	$9,091,695.26	53,689	Consumer Discretionary	Internet & Direct Marketing Retail	China
Facebook	1.89%	-0.29	$8,630,083.20	48,560	Communication Services	Interactive Media & Services	United States
Microsoft	1.50%	0.11	$6,843,084.00	49,480	Information Technology	Software	United States
NextEra Energy	1.39%	0.18	$6,359,679.70	27,310	Utilities	Electric Utilities	United States
Sempra Energy	1.35%	0.12	$6,178,631.20	41,804	Utilities	Multi-Utilities	United States
Boeing	1.35%	0.54	$6,136,444.30	16,030	Industrials & Business Services	Aerospace & Defense	United States
HDFC Bank	1.34%	N/A	$6,128,560.34	353,896	Financials	Banks	India
Salesforce.com	1.29%	0.58	$5,865,156.00	39,496	Information Technology	Software	United States
Bank Central Asia	1.25%	0.00	$5,721,389.65	2,676,400	Financials	Banks	Indonesia
Kotak Mahindra Bank	1.23%	0.02	$5,632,879.91	242,782	Financials	Banks	India
Tencent Holdings	1.17%	-0.09	$5,322,604.03	126,600	Communication Services	Interactive Media & Services	China
SM Investments	1.14%	-0.07	$5,183,611.53	276,555	Industrials & Business Services	Industrial Conglomerates	Philippines
Airbus	1.13%	0.36	$5,175,352.15	39,761	Industrials & Business Services	Aerospace & Defense	France
Danaher	1.10%	0.00	$5,015,087.76	34,798	Health Care	Health Care Equipment & Supplies	United States
Roper Technologies	1.07%	0.07	$4,874,734.59	13,739	Industrials & Business Services	Industrial Conglomerates	United States
GE	1.04%	0.10	$4,767,285.90	531,470	Industrials & Business Services	Industrial Conglomerates	United States
Visa	1.04%	-0.06	$4,745,198.80	27,190	Information Technology	IT Services	United States
Experian	0.98%	N/A	$4,477,371.25	139,424	Industrials & Business Services	Professional Services	United Kingdom
Workday	0.97%	0.03	$4,447,139.68	26,192	Information Technology	Software	United States
Intuit	0.95%	-0.02	$4,343,153.88	16,419	Information Technology	Software	United States
Masan	0.92%	-0.06	$4,215,662.60	1,246,065	Consumer Staples	Food Products	Vietnam
Prologis	0.90%	0.04	$4,126,459.50	48,010	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
InRetail Peru	0.88%	-0.22	$4,009,936.70	109,636	Consumer Staples	Food & Staples Retailing	Peru
Hexagon	0.84%	0.31	$3,835,898.23	79,253	Information Technology	Electronic Equip, Instr & Cmpts	Sweden
Splunk	0.84%	0.14	$3,828,217.76	32,731	Information Technology	Software	United States
Intuitive Surgical	0.83%	0.07	$3,780,840.00	7,000	Health Care	Health Care Equipment & Supplies	United States
EssilorLuxottica	0.83%	0.07	$3,776,152.99	26,143	Consumer Discretionary	Textiles, Apparel & Luxury Goods	France
Charles Schwab	0.82%	-0.02	$3,741,774.40	90,272	Financials	Capital Markets	United States
Nestle	0.81%	0.11	$3,679,635.78	33,850	Consumer Staples	Food Products	Switzerland
Becton, Dickinson & Company	0.80%	-0.02	$3,653,874.95	14,537	Health Care	Health Care Equipment & Supplies	United States
Rentokil Initial	0.79%	0.08	$3,598,233.83	625,473	Industrials & Business Services	Commercial Services & Supplies	United Kingdom
Keyence	0.79%	0.08	$3,595,385.12	5,800	Information Technology	Electronic Equip, Instr & Cmpts	Japan
Apple	0.78%	0.15	$3,570,175.00	16,100	Information Technology	Technology Hardware, Storage & Peripherals	United States
Atlassian	0.78%	0.27	$3,547,597.84	28,582	Information Technology	Software	United States
Credicorp	0.76%	-0.09	$3,457,230.00	16,300	Financials	Banks	Peru
Stryker	0.74%	0.03	$3,368,219.50	15,590	Health Care	Health Care Equipment & Supplies	United States
Roche Holding	0.72%	0.16	$3,285,451.06	11,264	Health Care	Pharmaceuticals	Switzerland
Ayala Land	0.72%	-0.04	$3,279,496.06	3,435,800	Real Estate	Real Estate Management & Development	Philippines
Eversource Energy	0.71%	0.28	$3,229,730.00	37,625	Utilities	Electric Utilities	United States
CME Group	0.69%	N/A	$3,148,460.80	14,720	Financials	Capital Markets	United States
Housing Development Finance	0.68%	-0.08	$3,101,340.29	111,182	Financials	Thrifts & Mortgage Finance	India
Chubb	0.67%	0.10	$3,063,739.56	19,046	Financials	Insurance	United States
Sumber Alfaria Trijaya	0.66%	0.03	$3,033,329.20	43,271,300	Consumer Staples	Food & Staples Retailing	Indonesia
ASML Holding	0.66%	0.05	$3,021,865.20	12,290	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
BDO Unibank	0.66%	0.01	$3,016,220.79	1,092,681	Financials	Banks	Philippines
Unilever	0.66%	-0.06	$3,003,896.03	49,822	Consumer Staples	Personal Products	United Kingdom
ServiceNow	0.66%	0.06	$2,995,007.70	11,910	Information Technology	Software	United States
Sea	0.64%	-0.31	$2,926,873.73	94,021	Communication Services	Entertainment	Singapore
TD Ameritrade Holding	0.64%	-0.15	$2,914,495.50	62,610	Financials	Capital Markets	United States
Samsung Electronics	0.63%	-0.05	$2,896,203.49	70,866	Information Technology	Technology Hardware, Storage & Peripherals	South Korea
MercadoLibre	0.63%	-0.11	$2,873,260.80	5,312	Consumer Discretionary	Internet & Direct Marketing Retail	Argentina
American Water Works	0.62%	0.05	$2,839,431.60	22,730	Utilities	Water Utilities	United States
Zalando	0.62%	-0.02	$2,836,926.07	62,437	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
Godrej Consumer Products	0.62%	0.02	$2,825,753.57	291,389	Consumer Staples	Personal Products	India
Britannia Industries	0.62%	0.04	$2,817,653.79	67,832	Consumer Staples	Food Products	India
United Spirits	0.61%	N/A	$2,804,075.62	297,974	Consumer Staples	Beverages	India
Netflix	0.61%	-0.04	$2,781,529.20	10,440	Communication Services	Entertainment	United States
Hilton Worldwide Holdings	0.61%	0.07	$2,773,215.75	30,075	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Adyen	0.61%	0.08	$2,772,424.65	4,212	Information Technology	IT Services	Netherlands
Citigroup	0.61%	-0.07	$2,760,360.90	39,930	Financials	Banks	United States
Brookfield Asset Management	0.60%	0.01	$2,731,690.50	51,590	Financials	Capital Markets	Canada
Gree Electric Appliances Inc of Zhuhai	0.60%	0.09	$2,723,755.80	339,500	Consumer Discretionary	Household Durables	China
Agilent Technologies	0.60%	0.12	$2,721,514.20	35,580	Health Care	Life Sciences Tools & Services	United States
Jiangsu Hengrui Medicine	0.60%	0.03	$2,718,744.10	240,664	Health Care	Pharmaceuticals	China
Daikin Industries	0.59%	-0.02	$2,707,074.33	20,600	Industrials & Business Services	Building Products	Japan
Vertex Pharmaceuticals	0.58%	-0.06	$2,664,268.36	15,838	Health Care	Biotechnology	United States
Lonza Group	0.58%	-0.05	$2,655,365.57	7,809	Health Care	Life Sciences Tools & Services	Switzerland
Cigna	0.58%	0.09	$2,644,636.40	17,570	Health Care	Health Care Providers & Services	United States
WuXi Biologics	0.58%	0.08	$2,633,149.51	258,000	Health Care	Life Sciences Tools & Services	China
KKR	0.57%	0.13	$2,612,533.00	96,940	Financials	Capital Markets	United States
Pidilite Industries	0.57%	0.06	$2,604,641.83	127,866	Materials	Chemicals	India
ASOS	0.57%	0.09	$2,583,627.37	83,329	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
FleetCor Technologies	0.56%	0.04	$2,562,863.49	8,937	Information Technology	IT Services	United States
Booking Holdings	0.56%	0.14	$2,557,733.65	1,307	Consumer Discretionary	Internet & Direct Marketing Retail	United States
China Resources Beer Holdings	0.56%	0.09	$2,544,130.59	480,000	Consumer Staples	Beverages	China
Country Garden Services Holdings	0.55%	0.17	$2,525,442.88	876,000	Real Estate	Real Estate Management & Development	China
James Hardie Industries	0.55%	0.03	$2,524,956.70	150,412	Materials	Construction Materials	Australia
Jollibee Foods	0.55%	-0.18	$2,487,388.87	580,460	Consumer Discretionary	Hotels Restaurants & Leisure	Philippines
Tesla	0.54%	-0.22	$2,467,665.00	10,155	Consumer Discretionary	Automobiles	United States
JPMorgan Chase	0.54%	-0.13	$2,456,532.00	20,880	Financials	Banks	United States
PayPal Holdings	0.52%	-0.16	$2,387,784.00	23,300	Information Technology	IT Services	United States
AIA Group	0.52%	-0.17	$2,361,782.19	250,000	Financials	Insurance	Hong Kong
TC Energy	0.51%	-0.02	$2,337,943.00	44,900	Energy	Oil, Gas & Consumable Fuels	Canada
Marriott	0.51%	-0.09	$2,325,040.65	18,990	Consumer Discretionary	Hotels Restaurants & Leisure	United States
3SBio	0.51%	-0.02	$2,313,719.23	1,395,000	Health Care	Biotechnology	China
Shopify	0.50%	0.03	$2,295,833.73	7,323	Information Technology	IT Services	Canada
StoneCo	0.50%	0.02	$2,260,306.98	66,207	Information Technology	IT Services	Brazil
SOFTBANK GROUP CORP	0.50%	-0.03	$2,260,240.22	57,500	Communication Services	Wireless Telecommunication Services	Japan
Amphenol	0.49%	0.16	$2,249,362.50	23,370	Information Technology	Electronic Equip, Instr & Cmpts	United States
Eurofins Scientific	0.49%	0.08	$2,242,235.36	4,799	Health Care	Life Sciences Tools & Services	France
Veeva Systems	0.49%	0.11	$2,234,126.13	14,933	Health Care	Health Care Technology	United States
Estee Lauder	0.49%	-0.00	$2,222,640.00	11,200	Consumer Staples	Personal Products	United States
Farfetch	0.48%	-0.39	$2,189,807.56	254,038	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Gartner	0.47%	-0.07	$2,165,349.40	15,220	Information Technology	IT Services	United States
UnitedHealth Group	0.46%	-0.01	$2,113,253.40	9,830	Health Care	Health Care Providers & Services	United States
Symrise	0.46%	N/A	$2,112,141.21	21,721	Materials	Chemicals	Germany
Dassault Systemes	0.46%	-0.06	$2,082,635.43	14,578	Information Technology	Software	France
Magazine Luiza	0.45%	N/A	$2,074,404.70	233,000	Consumer Discretionary	Multiline Retail	Brazil
Linde	0.45%	0.08	$2,069,904.70	10,690	Materials	Chemicals	United States
Havells India	0.45%	N/A	$2,062,839.80	203,545	Industrials & Business Services	Electrical Equipment	India
Koninklijke DSM	0.45%	-0.05	$2,056,459.55	17,212	Materials	Chemicals	Netherlands
Givaudan	0.45%	0.08	$2,052,049.37	737	Materials	Chemicals	Switzerland
Clorox	0.45%	-0.13	$2,051,039.20	13,540	Consumer Staples	Household Products	United States
Heineken	0.45%	-0.00	$2,042,734.75	18,901	Consumer Staples	Beverages	Netherlands
Diageo	0.45%	-0.02	$2,031,603.35	49,310	Consumer Staples	Beverages	United Kingdom
Concho Resources	0.44%	0.02	$2,016,147.00	29,450	Energy	Oil, Gas & Consumable Fuels	United States
Sartorius	0.43%	-0.08	$1,971,077.09	10,840	Health Care	Health Care Equipment & Supplies	Germany
Cognex	0.43%	0.17	$1,959,882.40	40,460	Information Technology	Electronic Equip, Instr & Cmpts	United States
Chr. Hansen Holding	0.43%	0.09	$1,946,095.25	22,886	Materials	Chemicals	Denmark
Daiichi Sankyo	0.43%	0.06	$1,941,670.05	30,800	Health Care	Pharmaceuticals	Japan
Rolls-Royce	0.43%	0.03	$1,939,475.33	197,727	Industrials & Business Services	Aerospace & Defense	United Kingdom
Concentradora Fibra Danhos	0.42%	-0.08	$1,931,641.01	1,407,893	Real Estate	Equity Real Estate Investment Trusts (REITs)	Mexico
Total	0.42%	-0.05	$1,927,291.78	36,967	Energy	Oil, Gas & Consumable Fuels	France
Maxim Integrated Products	0.41%	-0.04	$1,881,159.00	32,830	Information Technology	Semiconductors & Semiconductor Equipment	United States
Ocado	0.41%	0.06	$1,880,515.96	114,184	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
HDFC Asset Management	0.40%	N/A	$1,843,335.31	46,634	Financials	Capital Markets	India
FANUC	0.40%	-0.02	$1,842,466.95	9,800	Industrials & Business Services	Machinery	Japan
Itau Unibanco Holding	0.40%	-0.08	$1,805,002.40	212,000	Financials	Banks	Brazil
Morgan Stanley	0.39%	-0.10	$1,792,133.20	41,990	Financials	Capital Markets	United States
CP ALL	0.39%	-0.00	$1,784,876.94	672,100	Consumer Staples	Food & Staples Retailing	Thailand
Trip.Com	0.38%	N/A	$1,742,506.00	59,068	Consumer Discretionary	Internet & Direct Marketing Retail	China
Umicore	0.38%	0.07	$1,741,304.82	45,993	Materials	Chemicals	Belgium
Unilever Indonesia	0.38%	-0.00	$1,740,429.22	531,400	Consumer Staples	Household Products	Indonesia
Colgate-Palmolive	0.38%	0.03	$1,730,141.00	23,450	Consumer Staples	Household Products	United States
Nestle Foods Nigeria	0.38%	0.07	$1,723,478.33	448,050	Consumer Staples	Food Products	Nigeria
MarketAxess Holdings	0.38%	-0.05	$1,711,748.70	5,270	Financials	Capital Markets	United States
Siemens	0.37%	N/A	$1,676,460.52	15,670	Industrials & Business Services	Industrial Conglomerates	Germany
Ulker Biskuvi Sanayi	0.36%	0.01	$1,628,195.19	459,957	Consumer Staples	Food Products	Turkey
LVMH Moet Hennessy Louis Vuitton	0.34%	-0.03	$1,543,511.54	3,907	Consumer Discretionary	Textiles, Apparel & Luxury Goods	France
CoStar Group	0.34%	0.08	$1,540,334.40	2,640	Industrials & Business Services	Professional Services	United States
Marsh & McLennan	0.33%	0.03	$1,528,082.60	15,290	Financials	Insurance	United States
Temenos	0.33%	N/A	$1,499,514.27	8,933	Information Technology	Software	Switzerland
Kalbe Farma	0.33%	0.02	$1,493,805.78	12,660,600	Health Care	Pharmaceuticals	Indonesia
Zoetis	0.33%	N/A	$1,486,963.50	11,910	Health Care	Pharmaceuticals	United States
Infineon Technologies	0.32%	0.01	$1,451,562.66	80,847	Information Technology	Semiconductors & Semiconductor Equipment	Germany
Axis Bank	0.32%	-0.46	$1,445,423.75	149,561	Financials	Banks	India
Twilio	0.31%	N/A	$1,427,782.50	13,350	Information Technology	IT Services	United States
Sanlam	0.31%	-0.03	$1,417,715.79	287,015	Financials	Insurance	South Africa
EOG Resources	0.31%	-0.02	$1,413,680.20	19,060	Energy	Oil, Gas & Consumable Fuels	United States
Wirecard	0.30%	-0.08	$1,358,160.99	8,438	Information Technology	IT Services	Germany
Military Commercial Joint Stock Bank	0.30%	0.05	$1,353,454.67	1,294,915	Financials	Banks	Vietnam
Seven Generations Energy	0.30%	0.02	$1,351,309.31	213,050	Energy	Oil, Gas & Consumable Fuels	Canada
Recruit Holdings	0.29%	-0.04	$1,321,654.97	43,400	Industrials & Business Services	Professional Services	Japan
Sumitomo Metal Mining	0.29%	0.08	$1,317,350.52	42,400	Materials	Metals & Mining	Japan
Knorr-Bremse	0.28%	0.01	$1,297,828.08	13,800	Industrials & Business Services	Machinery	Germany
Glodon	0.28%	N/A	$1,288,015.03	259,200	Information Technology	Software	China
Huazhu	0.26%	-0.06	$1,206,502.50	36,750	Consumer Discretionary	Hotels Restaurants & Leisure	China
Tencent Music Entertainment	0.25%	-0.10	$1,156,598.40	89,520	Communication Services	Entertainment	China
Prosus	0.25%	N/A	$1,119,039.78	15,448	Consumer Discretionary	Internet & Direct Marketing Retail	Netherlands
Galaxy Entertainment	0.24%	-0.09	$1,113,265.34	179,000	Consumer Discretionary	Hotels Restaurants & Leisure	Hong Kong
Boliden	0.23%	N/A	$1,055,670.24	45,720	Materials	Metals & Mining	Sweden
Wartsila	0.22%	N/A	$1,000,273.00	89,258	Industrials & Business Services	Machinery	Finland
Waste Connections	0.21%	-0.03	$959,628.00	10,550	Industrials & Business Services	Commercial Services & Supplies	United States
MGM Resorts International	0.19%	-0.32	$858,512.70	31,230	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Suofeiya Home Collection	0.17%	-0.02	$771,179.89	321,702	Consumer Discretionary	Household Durables	China
BIM Birlesik Magazalar	0.16%	-0.02	$729,499.87	83,943	Consumer Staples	Food & Staples Retailing	Turkey
Britannia Industries	0.00%	N/A	$983.35	67,832	Corporate Securities	Food/Tobacco	India

N/A indicates Not Available.

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

Sector Diversification (31-Oct-2019)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Consumer Discretionary	14.61%	10.83%
Information Technology	19.08%	16.55%
Consumer Staples	9.42%	8.39%
Utilities	3.90%	3.42%
Industrials & Business Services	10.40%	10.46%
Health Care	11.36%	11.57%
Materials	4.40%	4.66%
Communication Services	7.82%	8.76%
Real Estate	2.36%	3.32%
Financials	13.96%	16.74%
Energy	1.87%	5.30%

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 updates to GICS for prospective reporting.

Sector Attribution - Top and Bottom Five by Total Value Added (30-Sep-2019)

Data as of:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Materials	0.44%	0.08%	0.36%
Health Care	0.35%	0.01%	0.33%
Utilities	0.21%	0.02%	0.19%
Industrials & Business Services	0.11%	0.02%	0.10%
Energy	0.09%	0.18%	-0.09%
Consumer Staples	-0.13%	0.04%	-0.17%
Financials	-0.15%	-0.01%	-0.14%
Communication Services	-0.27%	0.02%	-0.29%
Information Technology	-0.79%	0.01%	-0.80%
Consumer Discretionary	-1.08%	-0.01%	-1.07%
Total	-1.28%	0.33%	-1.60%

Past performance is not a reliable indicator of future performance.

Numbers may not add to 100% due to rounding; all numbers are percentages.

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 using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: 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. Returns would be lower as a result of the deduction of such fees.

30-Sep-2019 - Scott Berg, Portfolio Manager,

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