T.

ROWE

PRICE

Institutional

International

Disciplined

Equity

Fund

January

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(

Cost

and

value

in

$000s)

‡

AUSTRALIA

1.1%

Common

Stocks

1.1%

BHP

Group

(GBP) 

121,384‌

3,831‌

Total

Australia

(Cost

$1,271

)

3,831‌

BELGIUM

1.7%

Common

Stocks

1.7%

Groupe

Bruxelles

Lambert 

57,007‌

6,117‌

Total

Belgium

(Cost

$4,598

)

6,117‌

CANADA

1.9%

Common

Stocks

1.9%

Definity

Financial (1)

33,307‌

755‌

Sprott

Physical

Gold

&

Silver

Trust

(USD) (1)

346,760‌

6,013‌

Total

Canada

(Cost

$6,020

)

6,768‌

CHINA

1.0%

Common

Stocks

1.0%

Alibaba

Group

Holding,

ADR

(USD) (1)

29,000‌

3,648‌

Total

China

(Cost

$4,792

)

3,648‌

DENMARK

1.2%

Common

Stocks

1.2%

H

Lundbeck 

166,352‌

4,233‌

Total

Denmark

(Cost

$5,131

)

4,233‌

FINLAND

3.2%

Common

Stocks

3.2%

Kojamo 

228,547‌

5,240‌

Metso

Outotec 

169,796‌

1,821‌

Sampo,

Class

A 

89,100‌

4,422‌

Total

Finland

(Cost

$9,092

)

11,483‌

FRANCE

10.8%

Common

Stocks

10.8%

EssilorLuxottica 

24,556‌

4,646‌

JCDecaux (1)

103,465‌

2,832‌

Sanofi 

52,680‌

5,508‌

Schneider

Electric 

23,123‌

3,917‌

Thales 

59,936‌

5,529‌

TotalEnergies 

83,291‌

4,737‌

Verallia 

189,291‌

5,937‌

Wendel 

51,871‌

5,634‌

Total

France

(Cost

$31,986

)

38,740‌

Shares

$

Value

(Cost

and

value

in

$000s)

GERMANY

13.0%

Common

Stocks

11.5%

BASF 

68,406‌

5,239‌

Bayer 

66,028‌

4,011‌

Beiersdorf 

51,208‌

5,093‌

Continental (1)

55,996‌

5,429‌

Deutsche

Boerse 

11,982‌

2,130‌

Deutsche

Telekom 

234,555‌

4,428‌

Knorr-Bremse 

51,120‌

5,183‌

Munich

Re 

16,153‌

5,114‌

Siemens 

29,022‌

4,608‌

41,235‌

Preferred

Stocks

1.5%

Henkel 

66,374‌

5,429‌

5,429‌

Total

Germany

(Cost

$45,314

)

46,664‌

HONG

KONG

1.9%

Common

Stocks

1.9%

CK

Hutchison

Holdings 

952,692‌

6,771‌

Total

Hong

Kong

(Cost

$7,387

)

6,771‌

ITALY

1.6%

Common

Stocks

1.6%

EXOR 

68,190‌

5,718‌

Total

Italy

(Cost

$4,471

)

5,718‌

JAPAN

16.5%

Common

Stocks

16.5%

Astellas

Pharma 

256,300‌

4,137‌

Hoshizaki 

76,000‌

5,616‌

Hoya 

25,500‌

3,306‌

Japan

Tobacco 

194,600‌

3,885‌

Kirin

Holdings 

364,800‌

5,847‌

Mitsubishi 

163,400‌

5,548‌

Mitsubishi

Electric 

463,500‌

5,805‌

Nippon

Telegraph

&

Telephone 

148,500‌

4,250‌

Otsuka

Holdings 

170,400‌

5,814‌

Shimano 

20,000‌

4,485‌

SoftBank

Group 

115,200‌

5,103‌

Suntory

Beverage

&

Food 

145,800‌

5,598‌

Total

Japan

(Cost

$55,820

)

59,394‌

NETHERLANDS

9.0%

Common

Stocks

9.0%

ASML

Holding 

9,575‌

6,485‌

HAL

Trust 

36,675‌

5,754‌

Heineken 

50,786‌

5,447‌

Koninklijke

Philips 

165,174‌

5,494‌

T.

ROWE

PRICE

Institutional

International

Disciplined

Equity

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

Koninklijke

Vopak 

158,429‌

5,436‌

Prosus 

44,068‌

3,666‌

Total

Netherlands

(Cost

$29,757

)

32,282‌

PHILIPPINES

1.5%

Common

Stocks

1.5%

Ayala 

326,250‌

5,579‌

Total

Philippines

(Cost

$5,571

)

5,579‌

SPAIN

4.1%

Common

Stocks

4.1%

Amadeus

IT

Group,

Class

A (1)

76,262‌

5,244‌

Iberdrola (1)

7,052‌

80‌

Iberdrola 

468,833‌

5,375‌

Red

Electrica 

199,900‌

4,030‌

Total

Spain

(Cost

$13,055

)

14,729‌

SWEDEN

6.4%

Common

Stocks

6.4%

Industrivarden,

Class

C 

189,443‌

5,884‌

Investor,

Class

B 

274,090‌

5,951‌

L

E

Lundbergforetagen,

Class

B 

115,814‌

5,918‌

Millicom

International

Cellular,

SDR (1)

192,071‌

5,127‌

Total

Sweden

(Cost

$21,488

)

22,880‌

SWITZERLAND

6.5%

Common

Stocks

6.5%

Barry

Callebaut 

2,335‌

5,360‌

Shares

$

Value

(Cost

and

value

in

$000s)

Nestle 

46,850‌

6,050‌

Novartis 

69,358‌

6,027‌

Roche

Holding 

15,473‌

5,988‌

Total

Switzerland

(Cost

$16,906

)

23,425‌

UNITED

KINGDOM

14.0%

Common

Stocks

14.0%

Amcor,

CDI

(AUD) 

332,722‌

3,987‌

BAE

Systems 

656,533‌

5,138‌

Burberry

Group 

238,083‌

6,040‌

GlaxoSmithKline 

108,505‌

2,421‌

Great

Portland

Estates 

400,866‌

4,153‌

HSBC

Holdings 

747,199‌

5,318‌

National

Grid 

250,969‌

3,673‌

Rolls-Royce

Holdings (1)

2,255,313‌

3,535‌

Smith

&

Nephew 

324,848‌

5,525‌

Smiths

Group 

239,826‌

5,055‌

Unilever

(EUR) 

106,846‌

5,457‌

Total

United

Kingdom

(Cost

$43,280

)

50,302‌

SHORT-TERM

INVESTMENTS

5.8%

Money

Market

Funds

5.8%

T.

Rowe

Price

Government

Reserve

Fund,

0.09% (2)(3)

20,899,120‌

20,899‌

Total

Short-Term

Investments

(Cost

$20,899)

20,899‌

Total

Investments

in

Securities

101.2%

(Cost

$326,838)

$

363,463‌

Other

Assets

Less

Liabilities

(1.2)%

(4,136)

Net

Assets

100.0%

$

359,327‌

‡

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)

Seven-day

yield

(3)

Affiliated

Companies

ADR

American

Depositary

Receipts

AUD

Australian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

EUR

Euro

GBP

British

Pound

SDR

Swedish

Depository

Receipts

USD

U.S.

Dollar

T.

ROWE

PRICE

Institutional

International

Disciplined

Equity

Fund

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,

2022.

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,

0.09%

$

—‌#

$

—‌

$

4‌+

Supplementary

Investment

Schedule

Affiliate

Value

10/31/21

Purchase

Cost

Sales

Cost

Value

01/31/22

T.

Rowe

Price

Government

Reserve

Fund,

0.09%

$

31,270‌

 ¤

 ¤

$

20,899‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$4

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

$20,899.

T.

ROWE

PRICE

Institutional

International

Disciplined

Equity

Fund

Unaudited

4

Notes

to

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,

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

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,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

T.

ROWE

PRICE

Institutional

International

Disciplined

Equity

Fund

5

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

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

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,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

SUBSEQUENT

EVENT 

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict.

Economic

sanctions

have

since

been

imposed

on

Russia

and

certain

of

its

citizens,

including

the

exclusion

of

Russia

from

the

SWIFT

global

payments

network.

As

a

result,

Russia’s

central

bank

closed

the

country’s

stock

market

on

February

28,

2022,

and

Russian-related

stocks

and

debt

and

the

Russian

ruble

have

since

suffered

significant

declines

in

value.

In

addition,

this

armed

conflict

and

the

related

sanctions

may

cause

significant

disruptions

to

global

business

activity

and

volatility

in

global

financial

markets.

The

duration

of

the

conflict

and

related

economic

sanctions

and

their

effects

on

the

financial

markets

cannot

be

determined

with

certainty.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

such

events.

Management

is

actively

monitoring

these

events.

E177-054Q1

01/22 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

9,661‌

$

327,474‌

$

—‌

$

337,135‌

Preferred

Stocks

—‌

5,429‌

—‌

5,429‌

Short-Term

Investments

20,899‌

—‌

—‌

20,899‌

Total

$

30,560‌

$

332,903‌

$

—‌

$

363,463‌