QUARTERLY REVIEW Global Stock Fund As of March 31, 2018 FUND INFORMATION PORTFOLIO HIGHLIGHTS. PERFORMANCE (NAV, total return) Three Months

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1 Nimbus 9 QUARTERLY REVIEW Global Stock Fund As of March 31, 2018 PORTFOLIO HIGHLIGHTS The portfolio outperformed the MSCI All Country World Index for the three-month period ended March 31, Relative performance drivers: p Stock selection in consumer discretionary drove relative performance. p Stock selection in materials modestly detracted from relative returns. p Stock picks in North America helped; emerging markets detracted. Additional highlights: p Our allocations to industrials and real estate increased, while our exposure to consumer staples, materials, and consumer discretionary decreased. Regionally, we found attractive opportunities in North America, while we reduced select holdings in the Pacific ex-japan. p Given the strong performance in many areas of the market, we are taking a more balanced approach, reducing some of our cyclical growth exposure and increasing our investments in more high-quality, durable growth companies. As always, we use any form of volatility or market disruption as an opportunity to refresh our portfolio. FUND INFORMATION Symbol PRGSX 1 CUSIP 77956H856 2 Inception Date of Fund December 29, Benchmark Expense Information (as of the most recent Prospectus)* MSCI All Country World Index % 5 Fiscal Year End October B-1 Fee 7 Redemption Fee** Total Assets (all share classes) Percent of Portfolio in Cash 1. $1,072,531,180 9 *Figure is equivalent to the annual Operating Expense ratio. **The redemption fee applies on shares held for 90 days or less. 1 0 PERFORMANCE (NAV, total return) Three Months One Year Three Years Annualized Global Stock Fund 4.73% 26.11% 14.53% 15.86% % MSCI All Country World Index MSCI World Index CALENDAR YEAR PERFORMANCE (NAV, total return) Inception Date Global Stock Fund Dec % 44.77% 12.45% % 16.39% 32.55% % 6.02% 33.09% MSCI All Country World Index MSCI World Index 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. To obtain the most recent month-end performance or to request a prospectus or summary prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing, please call or visit our website at troweprice.com. Total return figures include changes in principal value, reinvested dividends, and capital gain distributions. The performance information shown does not reflect the deduction of any redemption fee; if it did, the performance would be lower. Share prices are subject to market risk, including loss of the money you invest. In addition, there are risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad. Five Years Ten Years Fifteen Years Not for use with Individual Investors. 1

2 PERFORMANCE REVIEW Market Volatility Returns In Full Force Global equities fell in the first quarter of 2018 as investors feared escalating global trade tensions and rising interest rates could dampen global growth. U.S. stocks edged lower over the period. After rising to record highs through late January, major indexes fell sharply in response to stronger-than-expected wage growth data and concerns that the Federal Reserve would respond to rising inflation with a faster pace of interest rate increases. Equities pared their losses after bottoming in early February, but stocks turned south again in March in response to the Trump administration's announcements of steel and aluminum tariffs, as well as tariffs targeting Chinese imports and restrictions on technology transfers and acquisitions. Allegations that a data analysis firm acquired data on more than 50 million Facebook users without authorization weighed on the tech sector and raised concerns about data privacy and security among social media companies and the potential for new regulations. Developed European markets were mixed. Stocks in Finland advanced, but UK shares lagged, hindered by continuing Brexit uncertainty and elevated inflation. Shares in developed Asian markets were mixed. Australia and New Zealand fared poorly. Japanese shares were modestly positive despite political turmoil as a long-standing real estate scandal surrounding Prime Minister Shinzo Abe and his wife resurfaced. Stocks in emerging equity markets outperformed developed markets. Latin American markets rose broadly, led by Brazil. Emerging Asian markets were widely mixed. Shares in the Philippines and Indonesia fell, hurt by concerns about a U.S.-China trade war. Indian shares also dropped. In emerging Europe, Russian stocks advanced thanks in part to rising oil prices, falling interest rates, and an S&P Global credit rating upgrade into investment-grade territory. On the other hand, shares in Poland and Turkey dropped. Sector performance in the MSCI All Country World Index was mostly negative. Telecommunication services, consumer staples, and materials were the worst performers, while information technology and consumer discretionary were the only positive sectors. Consumer Discretionary Names Contributed the Most to Relative Returns While the macro backdrop for many consumer discretionary names, particularly brick and mortar businesses, continues to be challenging, sector performance was generally lifted by its more technology and e-commerce focused names. Our outperformance was driven by positions in a number of these companies (Netflix, Amazon.com, Booking Holdings) as well as more idiosyncratic names that have done well, like Tapestry. p Shares of Netflix surged after the company announced fourth-quarter U.S. net subscriber additions that came in well ahead of guidance as management balanced popular original content against price hikes on the HD/4K tiers. Additionally, its international streaming segment continued to grow subscribers at an impressive rate. As viewership builds on an aggregate and per-subscriber basis, we anticipate that Netflix's content algorithms will improve the consumer viewing experience, thereby increasing the company's negotiating leverage with content suppliers globally and increasing its competitive positioning against regional companies. p Better-than-expected retail revenue following a strong holiday season and robust ongoing growth in Amazon Web Services helped propel shares of Amazon higher during the recent quarter. In addition to its dominant e-commerce and cloud computing businesses, which we think both still have substantial p growth runways, the company continues to reinvest profits into other business segments like devices and video. We feel such initiatives bode well for future growth and enhance the overall value proposition of its expanding ecosystem. The company's push into advertising also continues to gain traction as more consumers begin their product search on Amazon's platform. Booking Holdings (formerly Priceline) reported strong fourth-quarter results that were well ahead of expectations, driven by higher gross profit and lower advertising spend. The company's board also authorized $8 billion in incremental share repurchases, bringing the total authorization to $10 billion, as tax reform has provided access to its large amount of offshore cash while the business continues to generate significant free cash flow. We think Booking Holdings has a long runway for future growth, with top-notch management, a strong balance sheet, and a robust business model. Stock Selection And an Overweight in Information Technology Also Helped Despite a significant increase in volatility within the sector, information technology names were among the best performers over the period. A spate of strong corporate earnings results helped boost the sector broadly for much of the quarter, although a series of negative news items (Facebook data scandal, autonomous car crashes, and President Trump's attacks on Amazon) led the sector to give back some of its gains near the end of the period. p Shares of optical laser provider Lumentum Holdings surged after the company reported fiscal second-quarter results, with 3-D sensing sales exceeding expectations and management providing strong sales guidance for fiscal third quarter. We think Lumentum Holdings is well positioned to benefit from an increase in 3-D sensing adoption in android smartphones and other devices outside smartphones (e.g., tablets). p Workday's shares climbed steadily, culminating in encouraging quarterly results at the end of February highlighted by strong billings and backlog growth. Business momentum continues to improve as the company broadens strength across customers and product, with its financials business taking a notable step forward thanks to recent customer wins. We consider Workday one of the most durable software companies that remains early in penetrating a large addressable market. Holdings in Health Care Boosted Relative Performance The health care sector was broadly negative, and much of the losses were concentrated in the pharmaceutical industry, as disappointing clinical readouts and concerns of increasing competition from biosimilars weighed on stock prices. However, returns in the portfolio were positive due to our strong stock selection, which helped us outperform the index by a significant margin. Much of our value add was derived from our focus on innovative companies where we have idiosyncratic insights into improving returns. p Sartorius is a leading international technology partner of the biopharmaceutical industry and research laboratories. Shares spiked after the firm reported better-than-expected earnings for 2017, with particularly strong growth in the firm's bioanalytics segment. Sartorius also issued strong guidance for 2018 and expects to see additional positive effects from U.S. tax reform. We think Sartorius offers a strong growth profile as demand for the company's services grows. p Animal-health pharmaceutical company Zoetis benefited from strong operational growth in both the U.S. and internationally as it reported fourth-quarter results that exceeded expectations. Strength in the quarter was driven by its livestock segment as well by its international companion animal segment. Not for use with Individual Investors. 2

3 Management also provided positive fiscal year 2018 guidance that was well received. We continue to view Zoetis as a high-quality company that can compound earnings at a healthy rate over time. Stock Selection in Materials Detracted Modestly The materials sector experienced a number of challenges over the quarter, including commodity price volatility and concerns that an escalating global trade war could dampen demand. While our underweight to the sector helped, our stock picks detracted modestly. p Despite reporting solid fourth-quarter earnings, shares of Vulcan Materials fell with the broader materials sector. Aggregates shipping and pricing improved, and management indicated that weather-related cost pressure in 2017 was not expected to continue in 2018, helping pave the way for accelerating growth in We think Vulcan remains well positioned within the industry to experience outsized benefits over the long term. U.S. domestic construction demand continues to grow, and infrastructure spending is still well below pre-financial crisis levels, leaving a long runway for improvement. Regional Attribution Effect: At the regional level, stock selection in North America contributed the most to relative results, while holdings in emerging markets detracted. PORTFOLIO POSITIONING AND ACTIVITY With the strong performance seen in many areas of the market, we now feel stocks are generally well balanced from a valuation perspective. In particular, we have seen areas of cyclical growth that were previously depressed reflate. With sentiment on global growth so broadly positive, our carefully contrarian nature has spurred us to question the longevity of the market rally given the deflationary forces that are still at play in the world (automation, low oil prices, etc.). As such, we have taken the opportunity to upgrade our portfolio and focus on adding more high-quality, durable growth names and reducing some of our more cyclical growth exposure. Sector-wise, our exposure to financials, industrials and business services (specifically airline and aerospace names with more durable growth profiles), and real estate increased, while we took down positions in consumer staples and materials. Regionally, we found attractive opportunities in North America, while we reduced select holdings in the Pacific ex-japan. We have trimmed some of our winners and are being very specific in the names we own as we take a more balanced approach to the growth opportunities we see. Information Technology We have high conviction in the technology sector, as this is an area where rapid market share shifts mean growth companies are plentiful regardless of the broader macroeconomic environment. We look for innovative companies with the potential to be true market disruptors on the right side of change. The shifts toward greater connectivity, mobility, and use of cloud software applications are powerful long-term trends, and the markets for consumer and enterprise technology products are expanding in all regions. Rapid growth in the use of the Internet, particularly in Asia, has yielded many compelling stories with long runways for growth. p In January, we re-initiated a position in Facebook, the dominant social media platform globally. Shares sank in March after news broke that data analysis firm Cambridge Analytica had acquired p p information on more than 50 million Facebook users without authorization, raising concerns about privacy and the potential for new regulations. We think the stock's sell-off is overdone and took the opportunity to raise our position at what we believed to be a compelling valuation. We feel Facebook's strong underlying fundamentals have not changed: The platform has become inextricably integrated into peoples' lives, and the firm has world-class ad monetization, is effective in capturing direct-response dollars, and continues to diversify its business through various innovative means. We eliminated our position in Samsung Electronics. We think a variety of factors will lead to muted growth over the next 12 months, including weaker-than-expected smartphone demand, negative foreign exchange impact, and effects from a late-business cycle slowdown. We chose to reallocate funds to names with greater upside potential. We have a core holding in Amazon.com We feel Amazon.com has a competitive edge in online retail through its discounting strategy, dominant brand, and superior technology. Amazon also holds a very strong position in cloud computing services via Amazon Web Services, which continues to grow at a rapid clip. We believe the company remains well positioned to compound at a healthy rate for several years as it expands its services and private-label offerings and continues to disrupt the traditional retail business model. Industrials and Business Services We continue to be cautious on the outlook for industrials as the sector has become broadly expensive. Within the sector, our focus is on high-quality names as well as areas that will benefit from industry consolidation that has been driven by the sharp uptick in merger and acquisition activity. We also believe there is significant potential for acceleration of residential and nonresidential construction in the U.S. p We initiated a position in Alaska Air Group, which is the fifth largest passenger airline in the U.S. and operates primarily in North America. We think the company is high-quality, with multiple drivers of revenue growth over the next two years as the firm begins to unlock the value of its merger with Virgin America and upgrade its reservation system and aircraft. Alaska also has strong positions in the attractive markets of the Pacific Northwest, California, and Hawaii. The stock has recently underperformed due to investor concerns that broad increases in airline capacity would pressure revenue, but we think these fears are overdone, particularly with a company as well positioned as Alaska. p We initiated a position in Boeing, a leading aerospace manufacturer. Boeing holds a duopoly position in the commercial air travel industry, and we think the firm should continue to benefit from secular growth in global air traffic. Boeing has a seven-year back log, so we expect production to accelerate over the near term, driving strong increases in earnings and free cash flow. The firm should also be a beneficiary of recent tax reform in the U.S., and a cheap valuation means there is a solid runway for growth in the stock price. p We eliminated our position in Southwest Airlines. We prefer Alaska Air Group, which we think has a greater opportunity for growth and improvement over the next few years. p We have a core holding in Assa Abloy, the global leader in security lock products and solutions. We think Assa Abloy is a durable, high single-digit revenue growth company that will benefit from an improving nonresidential construction market and the secular shift to electromechanical locks. We are also Not for use with Individual Investors. 3

4 impressed by the firm's best-in-class management team and strong free cash flow generation, while operating in an industry with high barriers to entry. Real Estate We think there are limited opportunities in the real estate sector. However, the sector has been hit hard in recent months on expectations for rising interest rates, inflation, and global growth, which has given us the opportunity to start a position in a high-quality REIT with compelling assets and a good valuation. p We initiated a position in Crown Castle International, the largest wireless tower operator in the U.S. We think CCI is a high-quality, durable growth REIT with the ability to produce high single-digit returns while paying a solid dividend. The company has a stable business with a strong foundation of macro towers and, we believe, an underappreciated small cell business that will help drive long-term growth. Consumer Staples We continue to maintain our meaningful underweight to the sector. We feel many companies in the space are losing their traditional distribution strength due to the ongoing shift to e-commerce and social networking models. We also find the sector broadly expensive as investors have flocked to higher-yielding stocks in recent years. The ongoing disruption, coupled with stretched valuations, means that the opportunities we are seeing are limited. p We eliminated our position in global consumer staples firm Reckitt Benckiser. While the firm continues to have a unique portfolio within staples given its consumer health focus, we think the backdrop for the sector is becoming increasingly difficult, and our shorter-term outlook for the company has become more uncertain. As a result, we elected to exit our position in favor of names where we have higher conviction. p We eliminated our position in Raia Drogasil, the largest drug store retailer in Brazil. While we believe the company is a high-quality grower over the longer term, we think it is entering a period of weaker growth over the near and medium term and chose to exit our position in favor of higher conviction names. Consumer Discretionary While we think the consumer discretionary sector offers strong growth stories in specific areas, the traditional consumer names in the sector have become increasingly challenged as market disruption, driven in part by rapid changes in consumer behavior and e-commerce, has led to a more dramatic demarcation between winners and losers. While many of the "winners" in the sector that we own are becoming increasingly crowded investments, we remain confident in the long-term outlook for those companies that are on the right side of change with dominant market positions. We recognize that this is an area that could face increased volatility and are managing our position sizes when the opportunities present themselves. We have found Internet-based media and select retailing companies particularly attractive, but most of our holdings will be driven by product-specific stories. p We eliminated our position in intimate apparel and personal care retailer L Brands. Our thesis has not played out as expected, as the firm's Victoria's Secret segment continues to struggle and the macroeconomic backdrop for brick-and-mortar retailers remains challenged. p We initiated a position in Nike. Nike is the global brand leader in the athletic space, and in a difficult backdrop for consumer brands, we think Nike is well positioned for durable growth. Additionally, we think the firm is on the cusp of a product cycle upturn, with new product launches and innovation set to drive accelerated earnings over the next year. MANAGER'S OUTLOOK Given the sharp run-up equity markets experienced in 2017 and the first part of 2018, particularly among growth stocks, we have become a little more cautious as we move further into Many cyclical areas that were structurally depressed, such as financials and industrials, have rebounded in response to rising global growth expectations. Meanwhile, information technology and other areas that have been clear market beneficiaries in recent months are very crowded, which poses challenges to our valuation-conscious investing. However, while winners like Alphabet, Amazon.com, and Netflix are favored by the market, we think this is mainly a reflection of their sizable growth profiles and dominance rather than a sign of dramatic overvaluation. Given the strong performance in many areas of the market, we are taking a more balanced approach to the growth opportunities we see and have trimmed some of our winners. However, we remain confident in the long-term outlook for companies on the right side of change that are likely to define how we think about the future. As volatility returns to the market, we are carefully monitoring the position sizes of our holdings to help ensure they accurately reflect any associated risks. In general, emerging markets are seeing strong earnings growth across regions, and we maintain an overweight exposure to the group. Emerging markets tend to perform well when investors are disappointed with U.S. economic growth and, therefore, act as a good diversifier of cyclical risks in the U.S. With regard to China, we are now two years removed from the country's first efforts to stabilize the economy after signs of slowing growth rattled markets in We have already seen accelerating growth as a result of the Chinese government's monetary and fiscal actions, and while we think growth has peaked, we also don't anticipate a recession. From here, we expect that China's growth will be steady to modestly declining. As always, we use any form of volatility or market disruption as an opportunity to refresh our portfolio, which is exactly what we did in the first quarter. We are more quality conscious after high expectations around interest rate increases, tax cuts, and regulatory changes drove markets higher. While we think there is a chance for more cyclical growth, we are also cognizant that a low growth world could persist, driven by a number of very powerful deflationary forces, including an oversupply of oil, particularly in the U.S., rising automation, and ballooning debt in the developed world. Additionally, the Trump administration's complicated and unpredictable proposals and policy around trade could slow growth in the coming quarters. With the investment opportunity spectrum more symmetrical than it has been in quite some time, we are also taking a more balanced approach, reducing some of our cyclical growth exposure and increasing our investments in more high-quality, durable growth companies. We are being very specific about the names we own, but remain committed to our investment framework that focuses on identifying and investing in high-quality companies where we have an insight about improving economic returns in the future. Not for use with Individual Investors. 4

5 QUARTERLY ATTRIBUTION REGION ATTRIBUTION DATA VS. MSCI ALL COUNTRY WORLD INDEX (3 months ended March 31, 2018) Total Value Added from Region Weight from Stock Selection 6% 5% 4% 3% 2% 1% -1% SECTOR ATTRIBUTION DATA VS. MSCI ALL COUNTRY WORLD INDEX (3 months ended March 31, 2018) Total Value Added from Group Weight from Stock Selection 6% 5% 4% 3% 2% 1% -1% Total North America Developed Europe Japan Dev. Asia Pacific x Japan % -7.05% % -0.03% Fund Performance Index Performance Value Add - Region Weight Value Add - Stock Selection Total Contribution Total Emerging Markets Consumer Disc Info Tech Health Care Financials Energy Utilities Industrials & Bus Svcs Telecomm Services Real Estate Consumer Staples 48% 4 32% 24% 16% 8% -8% 42% % 13.22% 3.76% -3.08% -3.97% 0.24% -1.61% % -6.81% -1.89% Fund Performance Index Performance Value Add - Group Weight Value Add - Stock Selection Total Contribution TOP 5 RELATIVE CONTRIBUTORS VS. MSCI ALL COUNTRY WORLD INDEX (3 months ended March 31, 2018) Security % of Equities Materials TOP 5 RELATIVE DETRACTORS VS. MSCI ALL COUNTRY WORLD INDEX (3 months ended March 31, 2018) Net Contribution (Basis Points) Security % of Equities 35% 28% 21% 14% 7% -7% Net Contribution (Basis Points) Netflix Com Inc 1.5% 76 Coherent Inc 0.7% -38 Lumentum Hldgs Inc L Brands Inc AMAZON COM INC Reckitt Benckiser Group Tapestry Inc Tesla Mtrs Inc Sartorius Ag Axis Bank Net contribution is calculated versus a specific benchmark. It is the difference between the security s absolute contribution to the portfolio and the security s absolute contribution to the benchmark. This reflects the amount the security has impacted relative return. Past performance cannot guarantee future results. All numbers are percentages. Analysis represents the equity-only performance of the portfolio as calculated by the Wilshire Atlas attribution model, and is exclusive of cash, trusts, mutual funds, de-listed securities and other non-equity holdings. Returns will not match official TRP performance because Wilshire uses different pricing and exchange rate sources and does not capture intra-day trading or fair-value pricing. 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. 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 August 31, T. Rowe Price will adhere to all future updates to GICS for prospective reporting. Figures are shown gross of fees. Not for use with Individual Investors. 5

6 12-MONTH ATTRIBUTION REGION ATTRIBUTION DATA VS. MSCI ALL COUNTRY WORLD INDEX (12 months ended March 31, 2018) Total Value Added from Region Weight from Stock Selection 15% 12% 9% 6% 3% -3% SECTOR ATTRIBUTION DATA VS. MSCI ALL COUNTRY WORLD INDEX (12 months ended March 31, 2018) Total Value Added from Group Weight from Stock Selection 15% 12% 9% 6% 3% -3% Total North America Japan Emerging Markets Dev. Asia Pacific x Japan % % -2.74% -7.05% Fund Performance Index Performance Value Add - Region Weight Value Add - Stock Selection Total Contribution Total Info Tech Health Care Developed Europe Financials Consumer Disc Utilities Energy Telecomm Services Industrials & Bus Svcs Real Estate Consumer Staples 45% 36% 27% 18% 9% -9% 45% % 3.76% -3.08% 4.23% 0.24% % -1.61% -1.19% -6.81% -1.89% Fund Performance Index Performance Value Add - Group Weight Value Add - Stock Selection Total Contribution TOP 5 RELATIVE CONTRIBUTORS VS. MSCI ALL COUNTRY WORLD INDEX (12 months ended March 31, 2018) Security % of Equities Materials TOP 5 RELATIVE DETRACTORS VS. MSCI ALL COUNTRY WORLD INDEX (12 months ended March 31, 2018) Net Contribution (Basis Points) Security % of Equities AMAZON COM INC Chipotle Mexican Gri Nintendo Co Ltd Largan Precision Co Paypal Hldgs Inc Facebook Inc Netflix Com Inc Petra Diamonds Salesforce Com Inc Coherent Inc Net contribution is calculated versus a specific benchmark. It is the difference between the security s absolute contribution to the portfolio and the security s absolute contribution to the benchmark. This reflects the amount the security has impacted relative return. Past performance cannot guarantee future results. All numbers are percentages. Analysis represents the equity-only performance of the portfolio as calculated by the Wilshire Atlas attribution model, and is exclusive of cash, trusts, mutual funds, de-listed securities and other non-equity holdings. Returns will not match official TRP performance because Wilshire uses different pricing and exchange rate sources and does not capture intra-day trading or fair-value pricing. 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. 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 August 31, T. Rowe Price will adhere to all future updates to GICS for prospective reporting. Figures are shown gross of fees. 36% 27% 18% 9% -9% Net Contribution (Basis Points) Not for use with Individual Investors. 6

7 PORTFOLIO POSITIONING GEOGRAPHIC DIVERSIFICATION - CHANGES OVER TIME Fund - Prior Year (3/31/17) Fund - Prior (12/31/17) Fund - Current (3/31/18) MSCI All Country World Index - Current (3/31/18) North America Europe Pacific Ex Japan Japan Reserves Middle East & Africa Latin America SECTOR DIVERSIFICATION CHANGES OVER TIME Fund - Prior Year (3/31/17) Fund - Prior (12/31/17) Fund - Current (3/31/18) MSCI All Country World Index - Current (3/31/18) 35% 3 25% 2 15% 1 5% -5% Info Tech Cons Disc Financials Health Care Indust & Bus Svcs Cons Stpls Materials Utilities Energy Real Estate Telecomm Svcs LARGEST PURCHASES LARGEST SALES Issuer Sector % of Fund Current 3/31/18 % of Fund Prior 12/31/17 Issuer Sector % of Fund Current 3/31/18 % of Fund Prior 12/31/17 J.P. Morgan Chase & Co. 3.1% 2.7% Apple 1.5% 4.6% Alphabet Netflix Crown Castle International (N) Ross Stores Facebook (N) Tesla Boeing (N) Southwest Airlines (E) Ctrip.com International Reckitt Benckiser (E) Visa (N) Samsung Electronics (E) Tesla Equinix (NE) Texas Instruments (N) L Brands (E) Equinix (NE) BNP Paribas (E) (N) New Position (E) Eliminated (NE) New Position Eliminated Not for use with Individual Investors. 7

8 HOLDINGS TOP 10 ISSUERS Issuer Country Industry % of Fund % of MSCI All Country World Index J.P. Morgan Chase & Co. United States Banks 3.1% 0.8% Booking Holdings United States Internet & Direct Marketing Retail Amazon.com United States Internet & Direct Marketing Retail Alphabet United States Internet Software & Services Becton, Dickinson & Company United States Health Care Equip & Supplies Salesforce.com United States Software Assa Abloy Sweden Building Products Charles Schwab United States Capital Markets Vertex Pharmaceuticals United States Biotechnology London Stock Exchange United Kingdom Capital Markets TOP 5 OVER/UNDERWEIGHT POSITIONS VS. MSCI ALL COUNTRY WORLD INDEX Issuer Country Industry % of Fund % of MSCI All Country World Index Booking Holdings United States Internet & Direct Marketing Retail % 2.8% J.P. Morgan Chase & Co. United States Banks Becton, Dickinson & Company United States Health Care Equip & Supplies Assa Abloy Sweden Building Products Salesforce.com United States Software Johnson & Johnson United States Pharmaceuticals ExxonMobil United States Oil, Gas & Consumable Fuels Bank of America United States Banks Royal Dutch Shell United Kingdom Oil, Gas & Consumable Fuels Samsung Electronics South Korea PORTFOLIO MANAGEMENT Portfolio Manager: David J. Eiswert Managed Fund Since: 2012 Joined Firm: 2003 Technology Hardware, Storage & Peripherals Not for use with Individual Investors. 8

9 Additional Disclosures Source for MSCI data: 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. MSCI index returns are shown with gross dividends reinvested. The manager s views and portfolio holdings are historical and subject to change. This material should not be deemed a recommendation to buy or sell any of the securities mentioned. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for the Fund and no assumptions should be made that the securities identified and discussed were or will be profitable. The information shown does not reflect any ETFs that may be held in the portfolio. Source for Sector Diversification: 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 August 31, T. Rowe Price will adhere to all future updates to GICS for prospective reporting. Diversification exhibits may not add to 10 due to exclusion or inclusion of cash. Certain numbers in this report may not equal stated totals due to rounding. Unless otherwise stated, data is as of the report date. Unless indicated otherwise the source of all data is T. Rowe Price. This material has been prepared for informational purposes only. The views and opinions stated in this commentary are those of the portfolio managers listed as of the date indicated. These views and opinions are subject to change based on market or other conditions and may differ from those of other T. Rowe Price associates. Actual market and investment results may differ materially from expectations. T. ROWE PRICE, INVEST WITH CONFIDENCE and the Bighorn Sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc. All rights reserved. T. Rowe Price Investment Services, Inc., Distributor Not for use with Individual Investors. 9