T.
ROWE
PRICE
Global
Value
Equity
Fund
July
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
AUSTRALIA 0.4%
Common
Stocks 0.4%
Downer
EDI
187,759
613
Total
Australia
(Cost
$420)
613
AUSTRIA 0.4%
Common
Stocks 0.4%
voestalpine
20,688
531
Total
Austria
(Cost
$618)
531
BRAZIL 0.4%
Common
Stocks 0.4%
Iguatemi
140,816
525
Total
Brazil
(Cost
$527)
525
CANADA 4.8%
Common
Stocks 4.8%
BRP
10,368
751
Canadian
Pacific
Kansas
City
(USD)
14,686
1,231
Fairfax
Financial
Holdings
1,326
1,564
Franco-Nevada
12,290
1,584
Wheaton
Precious
Metals
(USD)
26,678
1,594
Total
Canada
(Cost
$5,068)
6,724
FRANCE 4.9%
Common
Stocks 4.9%
Airbus
9,643
1,459
Edenred
27,495
1,145
Sanofi
17,114
1,765
TotalEnergies
20,503
1,383
Ubisoft
Entertainment (1)
22,821
469
Verallia
22,888
673
Total
France
(Cost
$6,756)
6,894
T.
ROWE
PRICE
Global
Value
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
GERMANY 2.7%
Common
Stocks 2.7%
Daimler
Truck
Holding
21,062
813
Puma
16,180
803
Siemens
7,099
1,300
Siltronic
10,709
873
Total
Germany
(Cost
$3,404)
3,789
INDIA 0.7%
Common
Stocks 0.7%
Axis
Bank
68,526
957
Total
India
(Cost
$854)
957
ITALY 0.9%
Common
Stocks 0.9%
Intesa
Sanpaolo
317,364
1,289
Total
Italy
(Cost
$837)
1,289
JAPAN 7.9%
Common
Stocks 7.9%
Hikari
Tsushin
4,700
880
ITOCHU
17,300
887
Mitsubishi
Estate
43,100
735
Nextage (2)
59,000
803
Nintendo
21,700
1,199
Nippon
Telegraph
&
Telephone
1,394,100
1,486
Renesas
Electronics
50,400
868
Seven
&
i
Holdings
88,100
1,055
Sharp (1)
143,900
838
Shiseido
26,000
813
Taisei
19,200
815
TRYT (1)(2)
229,700
658
Total
Japan
(Cost
$10,802)
11,037
T.
ROWE
PRICE
Global
Value
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
NETHERLANDS 2.7%
Common
Stocks 2.7%
Heineken
Holding
14,859
1,095
ING
Groep (2)
73,653
1,337
Koninklijke
Philips (1)
49,509
1,390
Total
Netherlands
(Cost
$2,766)
3,822
NORWAY 0.6%
Common
Stocks 0.6%
Seadrill
(USD) (1)
16,412
903
Total
Norway
(Cost
$776)
903
PORTUGAL 1.4%
Common
Stocks 1.4%
Banco
Comercial
Portugues,
Class
R
2,066,293
871
Galp
Energia
55,265
1,162
Total
Portugal
(Cost
$1,559)
2,033
SOUTH
KOREA 1.5%
Common
Stocks 1.5%
KB
Financial
Group
10,933
707
Samsung
Electronics
22,867
1,410
Total
South
Korea
(Cost
$1,810)
2,117
SWEDEN 0.5%
Common
Stocks 0.5%
Boliden
25,060
766
Total
Sweden
(Cost
$714)
766
SWITZERLAND 1.2%
Common
Stocks 1.2%
Zurich
Insurance
Group
3,007
1,653
Total
Switzerland
(Cost
$1,226)
1,653
T.
ROWE
PRICE
Global
Value
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
TAIWAN 0.8%
Common
Stocks 0.8%
Taiwan
Semiconductor
Manufacturing,
ADR
(USD)
6,368
1,056
Total
Taiwan
(Cost
$659)
1,056
UNITED
KINGDOM 5.1%
Common
Stocks 5.1%
AstraZeneca
17,422
2,768
Hiscox
36,888
602
National
Grid
146,816
1,863
Unilever
30,987
1,904
Total
United
Kingdom
(Cost
$5,605)
7,137
UNITED
STATES 57.8%
Common
Stocks 57.8%
AbbVie
12,158
2,253
Adobe (1)
3,000
1,655
Allstate
7,348
1,257
Alphabet,
Class
C
12,537
2,171
American
International
Group
17,318
1,372
Apollo
Global
Management
10,703
1,341
AutoZone (1)
532
1,667
Becton
Dickinson
&
Company
8,167
1,969
Berkshire
Hathaway,
Class
B (1)
7,068
3,099
Broadcom
15,020
2,413
Charles
Schwab
24,532
1,599
Chubb
7,613
2,099
Citigroup
16,260
1,055
Coinbase
Global,
Class
A (1)
2,690
603
Constellation
Energy
5,438
1,032
Corebridge
Financial
36,942
1,092
Corning
39,739
1,590
Corpay (1)
4,880
1,424
Diamondback
Energy
5,294
1,071
DocuSign (1)
19,910
1,105
Elevance
Health
4,449
2,367
Exxon
Mobil
22,316
2,646
Fiserv (1)
8,716
1,426
T.
ROWE
PRICE
Global
Value
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
Galaxy
Digital
Holdings
(CAD) (1)
16,288
196
General
Electric
10,112
1,721
JPMorgan
Chase
12,487
2,657
Kenvue
81,131
1,500
L3Harris
Technologies
7,116
1,615
Lam
Research
1,180
1,087
Meta
Platforms,
Class
A
2,391
1,135
Micron
Technology
9,510
1,044
Microsoft
8,148
3,409
MKS
Instruments
8,377
1,055
News,
Class
A
39,556
1,091
Norfolk
Southern
3,607
900
PG&E
87,014
1,588
Popular
6,430
660
Reliance
4,718
1,437
Salesforce
6,719
1,739
Select
Medical
Holdings
27,794
1,105
Smurfit
WestRock
21,805
978
Southwestern
Energy (1)
107,839
696
SS&C
Technologies
Holdings
15,480
1,129
Stanley
Black
&
Decker
13,797
1,457
T-Mobile
U.S.
11,799
2,151
TechnipFMC
40,240
1,187
Thermo
Fisher
Scientific
2,848
1,747
UnitedHealth
Group
4,406
2,539
Vistra
11,540
914
Walmart
31,939
2,192
Wells
Fargo
27,197
1,614
Western
Digital (1)
16,989
1,139
Zimmer
Biomet
Holdings
10,596
1,180
Total
United
States
(Cost
$59,871)
81,168
VIETNAM 1.4%
Common
Stocks 1.4%
FPT
212,530
1,085
Hoa
Phat
Group (1)
795,960
859
Total
Vietnam
(Cost
$1,360)
1,944
T.
ROWE
PRICE
Global
Value
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS 3.4%
Money
Market
Funds 3.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.36% (3)(4)
4,731,837
4,732
Total
Short-Term
Investments
(Cost
$4,732)
4,732
SECURITIES
LENDING
COLLATERAL 1.7%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 1.7%
Money
Market
Funds 1.7%
T.
Rowe
Price
Government
Reserve
Fund,
5.36% (3)(4)
2,405,120
2,405
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
2,405
Total
Securities
Lending
Collateral
(Cost
$2,405)
2,405
Total
Investments
in
Securities
101.2%
(Cost
$112,769)
$
142,095
Other
Assets
Less
Liabilities
(1.2)%
(1,694)
Net
Assets
100.0%
$
140,401
‡
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)
Non-income
producing
(2)
All
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
(3)
Seven-day
yield
(4)
Affiliated
Companies
ADR
American
Depositary
Receipts
CAD
Canadian
Dollar
JPY
Japanese
Yen
USD
U.S.
Dollar
T.
ROWE
PRICE
Global
Value
Equity
Fund
7
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Barclays
Bank
10/7/24
JPY
220,181
USD
1,383
$
102
JPMorgan
Chase
10/7/24
JPY
110,882
USD
710
37
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
139
T.
ROWE
PRICE
Global
Value
Equity
Fund
8
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
nine
months
ended
July
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,
5.36%
$
—
$
—
$
123++
Totals
$
—#
$
—
$
123+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/23
Purchase
Cost
Sales
Cost
Value
07/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.36%
$
9,652
¤
¤
$
7,137
Total
$
7,137^
#
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
$123
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
$7,137.
T.
ROWE
PRICE
Global
Value
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
9
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
10
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
T.
ROWE
PRICE
Global
Value
Equity
Fund
11
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.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
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
Global
Value
Equity
Fund
12
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
July
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
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
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
F1231-054Q3
07/24
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
85,756
$
49,202
$
—
$
134,958
Short-Term
Investments
4,732
—
—
4,732
Securities
Lending
Collateral
2,405
—
—
2,405
Total
Securities
92,893
49,202
—
142,095
Forward
Currency
Exchange
Contracts
—
139
—
139
Total
$
92,893
$
49,341
$
—
$
142,234