T.
ROWE
PRICE
Global
Value
Equity
Fund
January
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
AUSTRALIA
0.5%
Common
Stocks
0.5%
Downer
EDI
18,185
71
Total
Australia
(Cost
$60
)
71
AUSTRIA
0.8%
Common
Stocks
0.8%
BAWAG
Group
(1)
2,722
118
Total
Austria
(Cost
$116
)
118
BRAZIL
0.5%
Preferred
Stocks
0.5%
Marcopolo
(2)
155,314
83
Total
Brazil
(Cost
$91
)
83
CANADA
3.0%
Common
Stocks
3.0%
Franco-Nevada
1,913
228
Lundin
Mining
12,225
109
Magna
International
(USD)
1,945
136
Total
Canada
(Cost
$326
)
473
CHINA
5.0%
Common
Stocks
3.8%
Beijing
Capital
International
Airport,
H
Shares
(HKD)
132,000
101
China
Overseas
Land
&
Investment
(HKD)
60,500
137
Hope
Education
Group
(HKD)
214,000
73
JOYY,
ADR
(USD)
856
79
Trip.com
Group,
ADR
(USD)
(1)
3,039
97
Yangzijiang
Shipbuilding
Holdings
(SGD)
149,600
111
598
Common
Stocks
-
China
A
Shares
1.2%
Gree
Electric
Appliances
of
Zhuhai,
A
Shares
(CNH)
10,958
95
T.
ROWE
PRICE
Global
Value
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Hisense
Home
Appliances
Group,
A
Shares
(CNH)
38,800
87
182
Total
China
(Cost
$730
)
780
FINLAND
0.9%
Common
Stocks
0.9%
Stora
Enso,
R
Shares
7,386
134
Total
Finland
(Cost
$104
)
134
FRANCE
1.4%
Common
Stocks
1.4%
Airbus
(1)
1,355
136
Electricite
de
France
(1)
6,185
77
Total
France
(Cost
$165
)
213
GERMANY
1.6%
Common
Stocks
0.7%
Covestro
1,695
115
115
Preferred
Stocks
0.9%
Volkswagen
(2)
696
132
132
Total
Germany
(Cost
$156
)
247
INDIA
2.2%
Common
Stocks
2.2%
ICICI
Bank,
ADR
(USD)
(1)
7,931
120
Larsen
&
Toubro
5,981
109
Shriram
Transport
Finance
6,113
108
Total
India
(Cost
$213
)
337
T.
ROWE
PRICE
Global
Value
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
ITALY
0.5%
Common
Stocks
0.5%
Stellantis
(1)
5,076
77
Total
Italy
(Cost
$75
)
77
JAPAN
8.9%
Common
Stocks
8.9%
Astellas
Pharma
10,000
162
Descente
(1)
4,400
71
Fujitsu
700
107
ITOCHU
5,700
163
Matsumotokiyoshi
Holdings
3,000
119
Nippon
Steel
(1)
7,100
82
Nippon
Telegraph
&
Telephone
8,000
200
ORIX
6,800
109
Round
One
10,600
92
SUMCO
4,100
87
Suzuki
Motor
2,300
104
V
Technology
1,500
89
Total
Japan
(Cost
$1,108
)
1,385
MEXICO
0.7%
Common
Stocks
0.7%
Fresnillo
(GBP)
8,352
112
Total
Mexico
(Cost
$90
)
112
NETHERLANDS
1.7%
Common
Stocks
1.7%
AerCap
Holdings
(USD)
(1)
2,324
89
ASML
Holding
347
185
Total
Netherlands
(Cost
$153
)
274
T.
ROWE
PRICE
Global
Value
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
NORWAY
0.7%
Common
Stocks
0.7%
Aker
BP
4,399
109
Total
Norway
(Cost
$68
)
109
RUSSIA
0.5%
Common
Stocks
0.5%
Sberbank
of
Russia,
ADR
(USD)
5,888
81
Total
Russia
(Cost
$71
)
81
SOUTH
KOREA
1.9%
Common
Stocks
1.9%
Samsung
Electronics
2,650
194
SK
Hynix
945
103
Total
South
Korea
(Cost
$180
)
297
SWEDEN
1.6%
Common
Stocks
1.6%
Lundin
Energy
4,075
111
Swedbank
,
A
Shares
(1)
7,810
147
Total
Sweden
(Cost
$192
)
258
SWITZERLAND
4.2%
Common
Stocks
4.2%
Novartis
2,473
224
Roche
Holding
663
229
Zurich
Insurance
Group
511
204
Total
Switzerland
(Cost
$558
)
657
UNITED
KINGDOM
6.4%
Common
Stocks
6.4%
ASOS
(1)
1,256
77
AstraZeneca
2,261
231
boohoo
Group
(1)(3)
21,114
98
Derwent
London
2,199
95
T.
ROWE
PRICE
Global
Value
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
Informa
(1)
13,849
94
Melrose
Industries
(1)
41,161
94
Rio
Tinto
2,676
203
WPP
10,742
112
Total
United
Kingdom
(Cost
$804
)
1,004
UNITED
STATES
52.9%
Common
Stocks
52.9%
AbbVie
2,239
229
American
International
Group
5,022
188
Assurant
498
67
Bank
of
America
7,544
224
Broadcom
494
223
Capital
One
Financial
1,576
164
Caterpillar
841
154
CF
Industries
Holdings
2,354
97
Chubb
1,515
221
Citrix
Systems
1,195
159
Coca-Cola
4,374
211
ConocoPhillips
3,399
136
Entergy
1,844
176
Equitable
Holdings
4,890
121
Facebook,
Class
A
(1)
781
202
Fiserv
(1)
1,891
194
General
Electric
23,320
249
HCA
Healthcare
957
155
Johnson
&
Johnson
1,741
284
JPMorgan
Chase
2,125
273
Korn
Ferry
1,330
61
Lam
Research
486
235
Micron
Technology
(1)
2,176
170
Microsoft
1,410
327
Morgan
Stanley
3,916
263
NextEra
Energy
4,714
381
NXP
Semiconductors
1,123
180
PACCAR
1,217
111
Packaging
Corp.
of
America
1,348
181
Pioneer
Natural
Resources
1,114
135
PRA
Group
(1)
2,287
75
Prologis,
REIT
2,351
243
QUALCOMM
1,864
291
Sempra
Energy
1,373
170
Southern
4,032
238
Southwest
Airlines
2,582
113
T.
ROWE
PRICE
Global
Value
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
T-Mobile
US
(1)
1,443
182
Thermo
Fisher
Scientific
374
191
United
Parcel
Service,
Class
B
876
136
UnitedHealth
Group
706
236
Walt
Disney
(1)
926
156
Wells
Fargo
7,152
214
Welltower
,
REIT
2,627
159
Westlake
Chemical
1,294
99
Total
United
States
(Cost
$6,210
)
8,274
SHORT-TERM
INVESTMENTS
3.8%
Money
Market
Funds
3.8%
T.
Rowe
Price
Government
Reserve
Fund,
0.07%
(4)(5)
595,609
596
Total
Short-Term
Investments
(Cost
$596)
596
SECURITIES
LENDING
COLLATERAL
0.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.4%
Short-Term
Funds
0.4%
T.
Rowe
Price
Short-Term
Fund,
0.13%
(4)(5)
6,292
63
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
63
Total
Securities
Lending
Collateral
(Cost
$63)
63
Total
Investments
in
Securities
100.1%
(Cost
$12,129)
$
15,643
Other
Assets
Less
Liabilities
(0.1)%
(14)
Net
Assets
100.0%
$
15,629
‡
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)
Preferred
stocks
are
shares
that
carry
certain
preferential
rights.
The
dividend
rate
may
not
be
consistent
each
pay
period
and
could
be
zero
for
a
particular
year.
(3)
All
or
a
portion
of
this
security
is
on
loan
at
January
31,
2021.
(4)
Seven-day
yield
(5)
Affiliated
Companies
ADR
American
Depositary
Receipts
T.
ROWE
PRICE
Global
Value
Equity
Fund
7
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
CNH
Offshore
China
Renminbi
GBP
British
Pound
HKD
Hong
Kong
Dollar
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SGD
Singapore
Dollar
USD
U.S.
Dollar
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
three
months
ended
January
31,
2021.
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,
0.07%
$
—
$
—
$
—
T.
Rowe
Price
Short-Term
Fund,
0.13%
—
—
—++
Totals
$
—#
$
—
$
—+
`0.00
`0.00
`0.00
Supplementary
Investment
Schedule
Affiliate
Value
10/31/20
Purchase
Cost
Sales
Cost
Value
01/31/21
T.
Rowe
Price
Government
Reserve
Fund,
0.07%
$
1
¤
¤
$
596
T.
Rowe
Price
Short-Term
Fund,
0.13%
94
¤
¤
63
Total
$
659^
#
Capital
gain
distributions
from
mutual
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
$0
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
$659.
T.
ROWE
PRICE
Global
Value
Equity
Fund
Unaudited
Notes
to
the
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. The
fund’s
financial
instruments
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
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services,
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
T.
ROWE
PRICE
Global
Value
Equity
Fund
10
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
fund's
own
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
fund
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
fund
uses
information
from
outside
pricing
services
to
evaluate
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
fund
uses
outside
pricing
services
T.
ROWE
PRICE
Global
Value
Equity
Fund
11
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
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
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
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
Committee
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
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
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
January
31,
2021 (for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
F1231-054Q1
01/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
8,876
$
5,893
$
—
$
14,769
Preferred
Stocks
—
215
—
215
Short-Term
Investments
596
—
—
596
Securities
Lending
Collateral
63
—
—
63
Total
$
9,535
$
6,108
$
—
$
15,643