T.
ROWE
PRICE
International
Value
Equity
Fund
January
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
AUSTRALIA
2.8%
Common
Stocks
2.8%
BHP
Group
2,016,197
61,684
BHP
Group
(GBP)
2,856,008
87,482
Downer
EDI
16,779,861
45,699
South32
31,348,864
67,877
Worley
3,402,618
32,677
Total
Australia
(Cost
$271,792
)
295,419
AUSTRIA
2.1%
Common
Stocks
2.1%
BAWAG
Group
1,909,880
98,333
Erste
Group
Bank
1,384,137
59,626
OMV
1,319,858
58,749
Total
Austria
(Cost
$176,701
)
216,708
BELGIUM
0.5%
Common
Stocks
0.5%
KBC
Group
773,851
50,480
Total
Belgium
(Cost
$55,165
)
50,480
BRAZIL
0.3%
Common
Stocks
0.3%
Multiplan
Empreendimentos
Imobiliarios
5,279,273
29,623
Total
Brazil
(Cost
$25,397
)
29,623
CANADA
3.1%
Common
Stocks
3.1%
BRP
716,283
45,200
Cenovus
Energy
5,884,700
95,332
Definity
Financial
1,212,278
35,274
Magna
International
(USD) (1)
588,514
33,457
National
Bank
of
Canada (1)
759,866
58,118
Sun
Life
Financial
1,222,584
63,373
Total
Canada
(Cost
$279,503
)
330,754
T.
ROWE
PRICE
International
Value
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
CHINA
1.8%
Common
Stocks
1.8%
Alibaba
Group
Holding,
ADR
(USD)
937,165
67,635
Baidu,
ADR
(USD) (2)
418,766
44,100
Fosun
International
(HKD)
30,864,500
16,197
JOYY,
ADR
(USD) (1)
759,565
23,289
Yangzijiang
Shipbuilding
Holdings
(SGD)
27,059,000
33,781
Total
China
(Cost
$299,198
)
185,002
FINLAND
0.8%
Common
Stocks
0.8%
Mandatum (2)
1,612,200
7,279
Sampo,
Class
A
1,738,856
72,781
Total
Finland
(Cost
$67,294
)
80,060
FRANCE
12.5%
Common
Stocks
12.5%
Airbus
942,043
150,054
Alstom (1)
2,208,692
27,853
ArcelorMittal
2,146,299
59,109
AXA
5,453,661
183,054
BNP
Paribas
1,858,057
124,832
Cie
de
Saint-Gobain
981,956
69,431
Dassault
Aviation
240,899
45,628
Engie
6,507,363
103,939
Euronext
480,589
42,271
Forvia (2)
1,753,906
30,145
Sanofi
1,814,381
181,702
TotalEnergies
3,866,609
250,848
Ubisoft
Entertainment (2)
2,023,345
44,631
Total
France
(Cost
$1,123,363
)
1,313,497
GERMANY
8.5%
Common
Stocks
7.9%
BASF
944,607
45,156
Bayer
1,786,012
55,575
Covestro (2)
1,644,820
86,855
Daimler
Truck
Holding
1,806,288
64,551
Deutsche
Post
1,684,457
80,676
T.
ROWE
PRICE
International
Value
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Deutsche
Telekom
4,563,347
112,020
Fresenius
1,626,796
45,669
Heidelberg
Materials
588,493
54,344
KION
Group
846,174
38,607
Mercedes-Benz
Group
948,474
64,034
Puma
657,084
26,443
Siemens
846,332
151,514
825,444
Preferred
Stocks
0.6%
Volkswagen
509,995
65,593
65,593
Total
Germany
(Cost
$904,375
)
891,037
HONG
KONG
2.1%
Common
Stocks
2.1%
AIA
Group
10,924,600
85,675
CK
Hutchison
Holdings
7,690,500
39,720
Galaxy
Entertainment
Group
8,890,000
46,138
Hongkong
Land
Holdings
(USD)
9,181,803
28,661
Wharf
Real
Estate
Investment
7,057,000
20,676
Total
Hong
Kong
(Cost
$290,586
)
220,870
HUNGARY
0.5%
Common
Stocks
0.5%
OTP
Bank
1,158,994
53,703
Total
Hungary
(Cost
$38,776
)
53,703
INDIA
0.5%
Common
Stocks
0.5%
ICICI
Bank,
ADR
(USD)
2,316,259
56,517
Total
India
(Cost
$24,835
)
56,517
ITALY
4.4%
Common
Stocks
4.4%
Enel
16,951,725
115,668
Leonardo
4,567,522
79,722
Prysmian
1,073,433
47,241
Stellantis
3,788,890
83,483
T.
ROWE
PRICE
International
Value
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
UniCredit
4,711,893
138,021
Total
Italy
(Cost
$319,504
)
464,135
JAPAN
18.8%
Common
Stocks
18.8%
Asahi
Group
Holdings
2,118,100
78,725
Astellas
Pharma
4,842,400
56,378
Fujitsu
429,600
59,463
Hitachi
2,151,100
168,970
Isetan
Mitsukoshi
Holdings
2,349,800
27,475
Kao
1,681,200
66,521
MatsukiyoCocokara
2,997,300
54,481
Minebea
Mitsumi
1,675,500
34,633
Mitsubishi
Electric
4,936,000
73,252
Mitsubishi
Estate
5,085,400
70,463
Mitsubishi
UFJ
Financial
Group
15,357,500
143,847
Mitsui
Fudosan
3,948,000
99,110
Nippon
Sanso
Holdings
1,638,200
41,511
Nippon
Steel
2,271,000
54,651
Nippon
Telegraph
&
Telephone
93,681,800
117,641
Niterra
1,128,700
30,394
ORIX
4,138,700
79,915
Otsuka
Holdings
1,353,100
53,188
Persol
Holdings
34,344,700
54,598
Resona
Holdings
4,502,700
24,856
Sompo
Holdings
1,411,500
73,188
Stanley
Electric
1,649,200
31,501
SUMCO
2,660,100
40,328
Sumitomo
2,748,600
63,212
Taiheiyo
Cement
1,899,700
39,100
Takeda
Pharmaceutical
1,757,300
51,648
Tokyo
Electron
502,700
93,287
Toyota
Motor
9,700,700
193,702
Total
Japan
(Cost
$1,456,737
)
1,976,038
NETHERLANDS
8.3%
Common
Stocks
8.3%
AerCap
Holdings
(USD) (2)
842,151
64,475
Akzo
Nobel
802,980
61,679
ASML
Holding
172,264
149,454
ASR
Nederland
987,457
46,535
DSM-Firmenich
348,825
36,881
Heineken
797,575
80,233
T.
ROWE
PRICE
International
Value
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
ING
Groep
14,787,920
210,114
Koninklijke
Philips (2)
5,068,839
107,234
Prosus
2,233,944
66,073
Signify
1,626,284
48,764
Total
Netherlands
(Cost
$730,166
)
871,442
PORTUGAL
1.2%
Common
Stocks
1.2%
Banco
Comercial
Portugues,
Class
R (2)
109,048,793
31,722
Galp
Energia
5,851,879
92,119
Total
Portugal
(Cost
$107,167
)
123,841
RUSSIA
0.0%
Common
Stocks
0.0%
Gazprom (2)(3)
12,742,080
—
Total
Russia
(Cost
$54,960
)
—
SINGAPORE
0.8%
Common
Stocks
0.8%
United
Overseas
Bank
4,126,836
86,988
Total
Singapore
(Cost
$63,870
)
86,988
SOUTH
KOREA
2.0%
Common
Stocks
2.0%
KT,
ADR
(USD) (2)
4,182,216
55,163
Lotte
Chemical (2)
245,396
24,004
Samsung
Electronics
2,486,843
135,127
Total
South
Korea
(Cost
$158,873
)
214,294
SPAIN
1.0%
Common
Stocks
1.0%
Iberdrola (1)
8,768,681
105,589
Total
Spain
(Cost
$59,681
)
105,589
SWEDEN
2.2%
Common
Stocks
2.2%
Boliden
1,488,216
39,501
T.
ROWE
PRICE
International
Value
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
Millicom
International
Cellular,
SDR (2)
2,223,726
38,147
Swedbank,
Class
A (1)
3,885,134
79,171
Telefonaktiebolaget
LM
Ericsson,
Class
B
13,026,658
72,213
Total
Sweden
(Cost
$265,172
)
229,032
SWITZERLAND
5.6%
Common
Stocks
5.6%
Julius
Baer
Group
582,983
31,738
Novartis
1,130,402
116,899
Roche
Holding
656,744
186,986
Sandoz
Group (2)
1,947,039
66,774
UBS
Group
2,964,660
88,740
Zurich
Insurance
Group
195,780
99,474
Total
Switzerland
(Cost
$395,514
)
590,611
TAIWAN
1.0%
Common
Stocks
1.0%
Taiwan
Semiconductor
Manufacturing
5,294,000
105,978
Total
Taiwan
(Cost
$20,472
)
105,978
UNITED
KINGDOM
17.4%
Common
Stocks
17.4%
Amcor,
CDI
(AUD)
3,696,181
35,068
AstraZeneca,
ADR
(USD)
4,020,324
267,914
Barclays
27,741,567
51,553
BP
23,688,453
138,350
British
American
Tobacco
1,471,830
43,395
BT
Group
35,110,910
49,743
Great
Portland
Estates
4,322,381
22,743
GSK,
ADR
(USD) (1)
3,095,606
122,091
HSBC
Holdings
17,775,709
138,787
Imperial
Brands
5,045,514
121,118
Informa
5,936,680
58,307
Investec
5,007,172
32,599
Lloyds
Banking
Group
121,649,808
65,211
Next
303,286
32,378
Pearson
4,031,006
49,452
Prudential
8,907,487
91,503
Rolls-Royce
Holdings (2)
45,633,499
173,245
Smiths
Group
2,540,644
52,067
Taylor
Wimpey
25,969,847
48,486
T.
ROWE
PRICE
International
Value
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
Unilever
3,270,432
159,140
WPP
8,544,609
82,631
Total
United
Kingdom
(Cost
$1,679,196
)
1,835,781
SHORT-TERM
INVESTMENTS
1.1%
Money
Market
Funds
1.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (4)(5)
118,036,833
118,037
Total
Short-Term
Investments
(Cost
$118,037)
118,037
SECURITIES
LENDING
COLLATERAL
0.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (4)(5)
40,782,796
40,783
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
40,783
Total
Securities
Lending
Collateral
(Cost
$40,783)
40,783
Total
Investments
in
Securities
99.7%
(Cost
$9,027,117)
$
10,486,219
Other
Assets
Less
Liabilities
0.3%
30,684
Net
Assets
100.0%
$
10,516,903
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
All
or
a
portion
of
this
security
is
on
loan
at
January
31,
2024.
(2)
Non-income
producing
(3)
Level
3
in
fair
value
hierarchy.
(4)
Seven-day
yield
(5)
Affiliated
Companies
T.
ROWE
PRICE
International
Value
Equity
Fund
8
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
GBP
British
Pound
HKD
Hong
Kong
Dollar
SDR
Swedish
Depository
Receipts
SGD
Singapore
Dollar
USD
U.S.
Dollar
T.
ROWE
PRICE
International
Value
Equity
Fund
9
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
January
31,
2024.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
—
$
—
$
1,227++
Totals
$
—#
$
—
$
1,227+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/23
Purchase
Cost
Sales
Cost
Value
01/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
109,222
¤
¤
$
158,820
Total
$
158,820^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$1,227
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$158,820.
T.
ROWE
PRICE
International
Value
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
10
T.
Rowe
Price
International
Value
Equity
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
International
Value
Equity
Fund
11
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
T.
ROWE
PRICE
International
Value
Equity
Fund
12
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
International
Value
Equity
Fund
13
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
January
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
734,641
$
9,527,165
$
—
$
10,261,806
Preferred
Stocks
—
65,593
—
65,593
Short-Term
Investments
118,037
—
—
118,037
Securities
Lending
Collateral
40,783
—
—
40,783
Total
$
893,461
$
9,592,758
$
—
$
10,486,219
T.
ROWE
PRICE
International
Value
Equity
Fund
14
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund's
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F127-054Q1
01/24