T. Rowe Price Global Value Equity Fund (TRGVX) NPORT-P T. Rowe Price Global Value Equity Fund (Jan 2024 report)

T.

ROWE

PRICE

Global

Value

Equity

Fund

January

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(

Cost

and

value

in

$000s)

‡

AUSTRALIA

0.4%

Common

Stocks

0.4%

Downer

EDI 

193,426‌

527‌

Total

Australia

(Cost

$432

)

527‌

AUSTRIA

1.1%

Common

Stocks

1.1%

OMV 

15,974‌

711‌

voestalpine 

20,090‌

598‌

Total

Austria

(Cost

$1,336

)

1,309‌

BRAZIL

0.6%

Common

Stocks

0.6%

Iguatemi 

139,326‌

673‌

Total

Brazil

(Cost

$520

)

673‌

CANADA

4.7%

Common

Stocks

4.7%

BRP 

10,259‌

648‌

Canadian

Pacific

Kansas

City

(USD) 

14,531‌

1,169‌

Fairfax

Financial

Holdings (1)

1,491‌

1,554‌

Franco-Nevada 

10,623‌

1,149‌

Wheaton

Precious

Metals

(USD) 

24,992‌

1,172‌

Total

Canada

(Cost

$4,875

)

5,692‌

CHINA

0.6%

Common

Stocks

0.6%

Baidu,

ADR

(USD) (2)

4,090‌

431‌

BOE

Varitronix

(HKD) (1)

441,000‌

286‌

Total

China

(Cost

$1,127

)

717‌

FRANCE

2.7%

Common

Stocks

2.7%

Airbus 

8,180‌

1,303‌

Sanofi 

14,889‌

1,491‌

T.

ROWE

PRICE

Global

Value

Equity

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

Ubisoft

Entertainment (2)

23,269‌

513‌

Total

France

(Cost

$2,780

)

3,307‌

GERMANY

3.4%

Common

Stocks

3.4%

Covestro (2)

13,400‌

708‌

Daimler

Truck

Holding 

24,377‌

871‌

Puma 

13,656‌

549‌

Siemens 

6,826‌

1,222‌

Siltronic (1)

7,980‌

750‌

Total

Germany

(Cost

$3,595

)

4,100‌

INDIA

1.4%

Common

Stocks

1.4%

Axis

Bank 

57,107‌

734‌

Power

Grid

Corp.

of

India 

313,683‌

982‌

Total

India

(Cost

$1,340

)

1,716‌

ITALY

1.0%

Common

Stocks

1.0%

Intesa

Sanpaolo 

399,319‌

1,230‌

Total

Italy

(Cost

$1,058

)

1,230‌

JAPAN

6.6%

Common

Stocks

6.6%

Aida

Engineering 

101,300‌

576‌

Hikari

Tsushin 

4,400‌

767‌

IHI 

38,000‌

727‌

ITOCHU 

17,200‌

781‌

Lixil 

44,400‌

593‌

Nextage 

50,500‌

761‌

Nintendo 

11,000‌

614‌

Nippon

Telegraph

&

Telephone 

1,010,000‌

1,268‌

Sharp (2)

115,400‌

776‌

Sintokogio 

61,900‌

456‌

Taisei 

19,000‌

693‌

Total

Japan

(Cost

$7,469

)

8,012‌

T.

ROWE

PRICE

Global

Value

Equity

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

NETHERLANDS

3.1%

Common

Stocks

3.1%

Heineken

Holding 

14,374‌

1,206‌

ING

Groep 

103,422‌

1,469‌

Koninklijke

Philips (2)

48,384‌

1,024‌

Total

Netherlands

(Cost

$3,146

)

3,699‌

NORWAY

0.6%

Common

Stocks

0.6%

Seadrill

(USD) (2)

16,440‌

711‌

Total

Norway

(Cost

$784

)

711‌

PORTUGAL

0.0%

Common

Stocks

0.0%

Galp

Energia 

3,843‌

60‌

Total

Portugal

(Cost

$62

)

60‌

SOUTH

KOREA

1.1%

Common

Stocks

1.1%

Samsung

Electronics 

23,701‌

1,288‌

Total

South

Korea

(Cost

$1,170

)

1,288‌

SWITZERLAND

1.2%

Common

Stocks

1.2%

Zurich

Insurance

Group 

2,976‌

1,512‌

Total

Switzerland

(Cost

$1,209

)

1,512‌

TAIWAN

0.9%

Common

Stocks

0.9%

Taiwan

Semiconductor

Manufacturing,

ADR

(USD) 

9,200‌

1,039‌

Total

Taiwan

(Cost

$952

)

1,039‌

UNITED

KINGDOM

5.6%

Common

Stocks

5.6%

AstraZeneca 

15,175‌

2,012‌

T.

ROWE

PRICE

Global

Value

Equity

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

BP 

211,473‌

1,235‌

Compass

Group 

44,923‌

1,237‌

Rio

Tinto 

11,650‌

807‌

Unilever 

30,660‌

1,492‌

Total

United

Kingdom

(Cost

$6,151

)

6,783‌

UNITED

STATES

61.1%

Common

Stocks

61.1%

AbbVie 

9,368‌

1,540‌

Allstate 

5,700‌

885‌

Alphabet,

Class

C (2)

17,040‌

2,416‌

American

International

Group 

18,905‌

1,314‌

Apollo

Global

Management 

10,946‌

1,099‌

Avantor (2)

43,626‌

1,003‌

Baxter

International 

24,144‌

934‌

Becton

Dickinson

&

Company 

7,210‌

1,722‌

Berkshire

Hathaway,

Class

B (2)

5,500‌

2,111‌

Broadcom 

1,879‌

2,217‌

Charles

Schwab 

21,582‌

1,358‌

Chubb 

7,533‌

1,846‌

Constellation

Energy (1)

6,000‌

732‌

Corebridge

Financial 

36,551‌

883‌

Crown

Holdings 

9,458‌

837‌

Diamondback

Energy 

6,580‌

1,012‌

Elevance

Health 

4,214‌

2,079‌

Exxon

Mobil 

23,499‌

2,416‌

Fiserv (2)

8,114‌

1,151‌

FleetCor

Technologies (2)

3,582‌

1,039‌

General

Electric 

12,212‌

1,617‌

Intel 

24,690‌

1,064‌

JPMorgan

Chase 

12,632‌

2,203‌

Keurig

Dr

Pepper (1)

48,838‌

1,535‌

L3Harris

Technologies 

6,438‌

1,342‌

Lam

Research 

1,567‌

1,293‌

Marvell

Technology 

18,220‌

1,233‌

Meta

Platforms,

Class

A (2)

4,499‌

1,755‌

Micron

Technology 

16,105‌

1,381‌

Microsoft 

13,281‌

5,280‌

MKS

Instruments (1)

10,220‌

1,088‌

Morgan

Stanley 

8,945‌

780‌

News,

Class

A (1)

42,066‌

1,037‌

Norfolk

Southern 

3,569‌

840‌

PG&E 

86,093‌

1,452‌

Salesforce (1)(2)

6,700‌

1,883‌

T.

ROWE

PRICE

Global

Value

Equity

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

Select

Medical

Holdings (1)

27,500‌

715‌

Southern 

25,537‌

1,775‌

Southwestern

Energy (2)

119,540‌

771‌

SS&C

Technologies

Holdings 

14,911‌

910‌

Stanley

Black

&

Decker (1)

11,465‌

1,070‌

T-Mobile

U.S. 

11,902‌

1,919‌

TechnipFMC 

39,814‌

770‌

Thermo

Fisher

Scientific 

2,482‌

1,338‌

Travelers 

6,027‌

1,274‌

UnitedHealth

Group 

4,398‌

2,251‌

Vornado

Realty

Trust,

REIT 

26,090‌

709‌

Walmart 

11,254‌

1,860‌

Wells

Fargo 

32,738‌

1,643‌

Western

Digital (2)

21,193‌

1,213‌

Westrock 

24,800‌

998‌

Total

United

States

(Cost

$59,659

)

73,593‌

VIETNAM

1.8%

Common

Stocks

1.8%

FPT 

196,200‌

819‌

Hoa

Phat

Group (2)

520,300‌

589‌

Military

Commercial

Joint

Stock

Bank 

754,140‌

727‌

Total

Vietnam

(Cost

$1,724

)

2,135‌

SHORT-TERM

INVESTMENTS

1.7%

Money

Market

Funds

1.7%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (3)(4)

2,018,092‌

2,018‌

Total

Short-Term

Investments

(Cost

$2,018)

2,018‌

T.

ROWE

PRICE

Global

Value

Equity

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

SECURITIES

LENDING

COLLATERAL

4.5%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

4.5%

Money

Market

Funds

4.5%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (3)(4)

5,403,272‌

5,403‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

5,403‌

Total

Securities

Lending

Collateral

(Cost

$5,403)

5,403‌

Total

Investments

in

Securities

104.1%

(Cost

$106,810)

$

125,524‌

Other

Assets

Less

Liabilities

(4.1)%

(4,998)

Net

Assets

100.0%

$

120,526‌

‡

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)

Seven-day

yield

(4)

Affiliated

Companies

ADR

American

Depositary

Receipts

HKD

Hong

Kong

Dollar

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

USD

U.S.

Dollar

T.

ROWE

PRICE

Global

Value

Equity

Fund

7

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%

$

—‌

$

—‌

$

29‌++

Totals

$

—‌#

$

—‌

$

29‌+

Supplementary

Investment

Schedule

Affiliate

Value

10/31/23

Purchase

Cost

Sales

Cost

Value

01/31/24

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

9,652‌

 ¤

 ¤

$

7,421‌

Total

$

7,421‌^

#

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

$29

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

$7,421.

T.

ROWE

PRICE

Global

Value

Equity

Fund

Unaudited

Notes

to

Portfolio

of

Investments

8

T.

Rowe

Price

Global

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)

T.

ROWE

PRICE

Global

Value

Equity

Fund

9

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

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.

T.

ROWE

PRICE

Global

Value

Equity

Fund

10

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.

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.

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):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

78,115‌

$

39,988‌

$

—‌

$

118,103‌

Short-Term

Investments

2,018‌

—‌

—‌

2,018‌

Securities

Lending

Collateral

5,403‌

—‌

—‌

5,403‌

Total

$

85,536‌

$

39,988‌

$

—‌

$

125,524‌

T.

ROWE

PRICE

Global

Value

Equity

Fund

11

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.

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.

F1231-054Q1

01/24