T.
ROWE
PRICE
Institutional
International
Disciplined
Equity
Fund
January
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
BELGIUM
3.1%
Common
Stocks
3.1%
Groupe
Bruxelles
Lambert
82,026
8,114
Ontex
Group
(1)
168,982
1,916
Total
Belgium
(Cost
$9,130
)
10,030
CANADA
4.2%
Common
Stocks
4.2%
Brookfield
Asset
Management,
Class
A
103,625
4,015
Power
Corp.
of
Canada
138,100
3,215
Sprott
Physical
Gold
&
Silver
Trust
(USD)
(1)(2)
178,860
3,390
Tricon
Residential
303,617
2,897
Total
Canada
(Cost
$10,168
)
13,517
CHINA
0.9%
Common
Stocks
0.9%
Alibaba
Group
Holding,
ADR
(USD)
(1)
11,700
2,970
Total
China
(Cost
$3,000
)
2,970
DENMARK
1.3%
Common
Stocks
1.3%
H
Lundbeck
111,954
3,983
Total
Denmark
(Cost
$3,785
)
3,983
FINLAND
2.3%
Common
Stocks
2.3%
Metso
Outotec
264,110
2,635
Sampo
,
A
Shares
115,873
4,872
Total
Finland
(Cost
$5,773
)
7,507
FRANCE
11.0%
Common
Stocks
11.0%
EssilorLuxottica
32,767
4,635
Ipsen
36,942
3,223
JCDecaux
(1)
191,553
3,722
Sanofi
57,925
5,448
Schneider
Electric
20,013
2,929
Thales
57,939
5,199
TOTAL
124,554
5,250
Wendel
43,541
5,026
Total
France
(Cost
$31,231
)
35,432
Shares
$
Value
(Cost
and
value
in
$000s)
GERMANY
8.8%
Common
Stocks
7.5%
BASF
36,244
2,801
Bayer
70,072
4,241
Beiersdorf
33,852
3,695
Continental
28,339
3,966
Deutsche
Telekom
156,419
2,782
Munich
Re
13,176
3,494
Siemens
20,314
3,147
24,126
Preferred
Stocks
1.3%
Henkel
(3)
41,746
4,324
4,324
Total
Germany
(Cost
$24,689
)
28,450
HONG
KONG
1.6%
Common
Stocks
1.6%
CK
Hutchison
Holdings
761,692
5,256
Total
Hong
Kong
(Cost
$6,405
)
5,256
ITALY
2.3%
Common
Stocks
2.3%
Eni
351,300
3,548
EXOR
52,479
3,890
Total
Italy
(Cost
$6,691
)
7,438
JAPAN
17.6%
Common
Stocks
17.6%
Asics
190,200
3,348
Astellas
Pharma
368,600
5,983
Hoshizaki
55,300
4,909
Hoya
26,800
3,429
Japan
Tobacco
232,800
4,624
Kirin
Holdings
223,700
4,808
Mitsubishi
242,100
6,133
Mitsubishi
Electric
342,500
5,225
Nippon
Telegraph
&
Telephone
171,300
4,282
Otsuka
Holdings
120,000
5,124
Shimano
12,500
2,931
Suntory
Beverage
&
Food
167,300
5,844
Total
Japan
(Cost
$49,113
)
56,640
NETHERLANDS
6.1%
Common
Stocks
6.1%
ASML
Holding
7,294
3,894
HAL
Trust
23,147
3,292
Heineken
46,456
4,846
Koninklijke
Philips
(1)
82,899
4,519
T.
ROWE
PRICE
Institutional
International
Disciplined
Equity
Fund
(Unaudited)
2
Shares
$
Value
(Cost
and
value
in
$000s)
Prosus
25,850
3,020
Total
Netherlands
(Cost
$13,214
)
19,571
NORWAY
1.1%
Common
Stocks
1.1%
Schibsted
,
Class
A
(1)
94,556
3,557
Total
Norway
(Cost
$3,711
)
3,557
SPAIN
2.6%
Common
Stocks
2.6%
Amadeus
IT
Group,
A
Shares
60,247
3,846
Red
Electrica
236,868
4,498
Total
Spain
(Cost
$7,378
)
8,344
SWEDEN
4.5%
Common
Stocks
4.5%
Alfa
Laval
(1)
123,218
3,229
Industrivarden
,
C
Shares
(1)
128,197
4,077
Investor,
B
Shares
55,605
4,079
Millicom
International
Cellular,
SDR
(1)
84,495
3,153
Total
Sweden
(Cost
$9,601
)
14,538
SWITZERLAND
8.3%
Common
Stocks
8.3%
Barry
Callebaut
1,636
3,628
Nestle
61,647
6,910
Novartis
66,118
5,987
Roche
Holding
18,391
6,347
Shares
$
Value
(Cost
and
value
in
$000s)
UBS
Group
260,767
3,759
Total
Switzerland
(Cost
$20,289
)
26,631
UNITED
KINGDOM
15.7%
Common
Stocks
15.7%
Amcor,
CDI
(AUD)
324,958
3,546
BAE
Systems
831,952
5,249
BHP
Group
184,614
5,059
boohoo
Group
(1)
858,236
3,968
Burberry
Group
(1)
170,867
4,005
GlaxoSmithKline
222,189
4,126
Great
Portland
Estates
452,813
4,033
National
Grid
387,757
4,504
Smith
&
Nephew
236,513
4,980
Smiths
Group
165,097
3,189
Unilever
(EUR)
83,356
4,845
Vodafone
Group
1,807,343
3,087
Total
United
Kingdom
(Cost
$43,418
)
50,591
SHORT-TERM
INVESTMENTS
8.3%
Money
Market
Funds
8.3%
T.
Rowe
Price
Government
Reserve
Fund,
0.07%
(4)(5)
26,812,729
26,813
Total
Short-Term
Investments
(Cost
$26,813)
26,813
Total
Investments
in
Securities
99.7%
(Cost
$274,409)
$
321,268
Other
Assets
Less
Liabilities
0.3%
858
Net
Assets
100.0%
$
322,126
‡
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)
Organized
as
a
closed-end
management
investment
company.
(3)
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.
(4)
Seven-day
yield
(5)
Affiliated
Companies
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
EUR
Euro
SDR
Swedish
Depository
Receipts
USD
U.S.
Dollar
T.
ROWE
PRICE
Institutional
International
Disciplined
Equity
Fund
(Unaudited)
3
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%
$
—#
$
—
$
6+
`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%
$
20,953
¤
¤
$
26,813^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$6
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
$26,813.
T.
ROWE
PRICE
Institutional
International
Disciplined
Equity
Fund
(Unaudited)
4
Notes
to
the
Portfolio
of
Investments
T.
Rowe
Price
Institutional
International
Disciplined
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
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,
T.
ROWE
PRICE
Institutional
International
Disciplined
Equity
Fund
5
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
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.
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):
E177-054Q1
01/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
6,360
$
283,771
$
—
$
290,131
Preferred
Stocks
—
4,324
—
4,324
Short-Term
Investments
26,813
—
—
26,813
Total
$
33,173
$
288,095
$
—
$
321,268