T.
ROWE
PRICE
Global
Stock
Fund
January
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
BRAZIL
1.3%
Common
Stocks
1.3%
B3
26,248,623
67,066
Total
Brazil
(Cost
$60,181
)
67,066
CANADA
2.8%
Common
Stocks
2.8%
Canadian
Pacific
Railway
(USD)
337,786
26,651
Nutrien
(USD)
955,311
79,090
Shopify,
Class
A
(USD) (1)
793,150
39,079
Total
Canada
(Cost
$144,492
)
144,820
CAYMAN
ISLANDS
0.2%
Common
Stocks
0.0%
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $2,295
(USD) (1)(2)(3)
602,203
1,222
1,222
Convertible
Preferred
Stocks
0.2%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $2,662
(USD) (1)(2)(3)
54,000
9,037
9,037
Total
Cayman
Islands
(Cost
$4,957
)
10,259
CHINA
3.5%
Common
Stocks
3.5%
H
World
Group,
ADR
(USD)
1,082,929
51,418
Kanzhun,
ADR
(USD) (1)
1,101,023
26,744
Meituan,
Class
B
(HKD) (1)
1,766,560
39,493
Tencent
Holdings
(HKD)
1,318,400
64,244
Total
China
(Cost
$150,850
)
181,899
DENMARK
0.5%
Common
Stocks
0.5%
Ascendis
Pharma,
ADR
(USD) (1)
208,698
25,895
Total
Denmark
(Cost
$16,521
)
25,895
T.
ROWE
PRICE
Global
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
FRANCE
2.2%
Common
Stocks
2.2%
Airbus
914,025
114,588
Total
France
(Cost
$99,040
)
114,588
GERMANY
3.4%
Common
Stocks
1.1%
Infineon
Technologies
673,161
24,241
SAP
267,905
31,757
55,998
Preferred
Stocks
2.3%
Sartorius (4)
272,075
122,002
122,002
Total
Germany
(Cost
$111,630
)
178,000
HONG
KONG
1.8%
Common
Stocks
1.8%
AIA
Group
8,289,200
93,731
Total
Hong
Kong
(Cost
$72,743
)
93,731
INDIA
3.0%
Common
Stocks
3.0%
HDFC
Bank
3,072,930
60,558
HDFC
Life
Insurance
5,073,551
35,995
ICICI
Bank
5,898,143
60,570
Total
India
(Cost
$135,924
)
157,123
ITALY
3.8%
Common
Stocks
3.8%
Ferrari
(USD)
518,821
130,385
PRADA
(HKD)
10,197,800
65,210
Total
Italy
(Cost
$143,154
)
195,595
JAPAN
6.7%
Common
Stocks
6.7%
Daiichi
Sankyo
6,355,000
199,591
Harmonic
Drive
Systems
1,512,500
50,943
T.
ROWE
PRICE
Global
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Keyence
125,600
57,822
Mitsubishi
UFJ
Financial
Group
5,761,100
42,199
Total
Japan
(Cost
$306,945
)
350,555
NETHERLANDS
2.3%
Common
Stocks
2.3%
Adyen (1)
20,676
31,260
ASML
Holding
137,342
90,872
Total
Netherlands
(Cost
$52,473
)
122,132
SPAIN
2.2%
Common
Stocks
2.2%
Amadeus
IT
Group,
Class
A (1)
1,814,411
114,315
Total
Spain
(Cost
$95,184
)
114,315
SWEDEN
0.9%
Common
Stocks
0.9%
Svenska
Cellulosa,
Class
B
3,521,326
48,898
Total
Sweden
(Cost
$43,015
)
48,898
TAIWAN
1.6%
Common
Stocks
1.6%
Taiwan
Semiconductor
Manufacturing
4,647,000
82,005
Total
Taiwan
(Cost
$46,859
)
82,005
UNITED
KINGDOM
5.5%
Common
Stocks
5.5%
Ashtead
Group
823,979
54,274
Derwent
London
1,647,442
52,553
London
Stock
Exchange
Group
1,773,485
162,354
Trainline (1)
5,306,782
18,579
Total
United
Kingdom
(Cost
$251,381
)
287,760
UNITED
STATES
55.0%
Common
Stocks
54.2%
Accenture,
Class
A
96,300
26,873
Advanced
Micro
Devices (1)
803,441
60,379
Alphabet,
Class
A (1)
966,540
95,533
Amazon.com (1)
773,339
79,754
T.
ROWE
PRICE
Global
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Analog
Devices
157,000
26,921
Apple
843,748
121,744
Atlassian,
Class
A (1)
127,617
20,625
Bank
of
America
2,727,400
96,768
Block,
Class
A (1)
379,567
31,018
Bright
Horizons
Family
Solutions (1)
169,458
13,011
Burlington
Stores (1)
589,783
135,550
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $11,369 (1)
(2)(3)
6,670
3,681
Charles
Schwab
1,736,346
134,428
Chubb
357,100
81,237
ConocoPhillips
664,700
81,007
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $4,929 (1)
(2)(3)
307,914
18,475
Elevance
Health
187,214
93,605
Eli
Lilly
333,996
114,945
EOG
Resources
443,955
58,713
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $22,057 (1)(2)(3)
35,359
24,321
Estee
Lauder,
Class
A
141,017
39,073
Exact
Sciences (1)
663,044
44,769
Exxon
Mobil
99,600
11,555
GE
HealthCare
Technologies (1)
695,640
48,361
General
Electric
961,971
77,419
Hess
580,300
87,138
HubSpot (1)
40,634
14,100
Intuitive
Surgical (1)
89,219
21,920
Liberty
Media-Liberty
Formula
One,
Class
C (1)
1,292,307
91,495
Mastercard,
Class
A
472,035
174,936
Meta
Platforms,
Class
A (1)
174,200
25,951
Microsoft
642,036
159,103
MongoDB (1)
24,389
5,224
Netflix (1)
152,392
53,925
NOV
796,149
19,458
NVIDIA
298,000
58,220
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $3,143 (1)
(2)(3)
834,772
401
ROBLOX,
Class
A (1)
352,951
13,133
ServiceNow (1)
119,780
54,516
Sherwin-Williams
392,763
92,924
Snowflake,
Class
A (1)
91,129
14,256
Stripe,
Class
B,
Acquisition
Date:
5/18/21,
Cost $2,609 (1)(2)(3)
65,013
1,203
T-Mobile
U.S. (1)
831,914
124,213
Tesla (1)
106,623
18,469
UnitedHealth
Group
392,626
195,995
T.
ROWE
PRICE
Global
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
Verily
Life
Sciences,
Series
B,
Acquisition
Date:
1/23/19,
Cost $1,403 (1)(2)(3)
11,378
1,714
Western
Alliance
Bancorp
786,395
59,271
2,827,330
Convertible
Preferred
Stocks
0.8%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $7,106 (1)(2)(3)
157,791
6,615
ABL
Space
Systems,
Series
B-2,
Acquisition
Date:
10/22/21,
Cost $8,274 (1)(2)(3)
121,690
5,101
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $726 (1)(2)(3)
426
235
Canva,
Series
A-3,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $82 (1)(2)(3)
48
26
Canva,
Series
A-4,
Acquisition
Date:
12/17/21,
Cost $7 (1)(2)(3)
4
2
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $2,194 (1)
(2)(3)
153,273
9,196
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $1,618 (1)
(2)(3)
27,363
1,642
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $5,195 (1)
(2)(3)
70,698
4,242
Freenome
Holdings,
Series
B,
Acquisition
Date:
6/24/19,
Cost $1,003 (1)(2)(3)
220,032
2,568
Freenome
Holdings,
Series
C,
Acquisition
Date:
8/14/20,
Cost $1,881 (1)(2)(3)
284,475
3,320
Freenome
Holdings,
Series
D,
Acquisition
Date:
11/22/21,
Cost $3,927 (1)(2)(3)
520,600
6,075
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $7,673 (1)
(2)(3)
89,353
4,216
43,238
Total
United
States
(Cost
$2,393,915
)
2,870,568
SHORT-TERM
INVESTMENTS
3.1%
Money
Market
Funds
3.1%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (5)(6)
160,421,096
160,421
Total
Short-Term
Investments
(Cost
$160,421)
160,421
T.
ROWE
PRICE
Global
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
1.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
1.2%
Money
Market
Funds
1.2%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (5)(6)
62,340,608
62,341
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
62,341
Total
Securities
Lending
Collateral
(Cost
$62,341)
62,341
Total
Investments
in
Securities
101.0%
(Cost
$4,352,026)
$
5,267,971
Other
Assets
Less
Liabilities
(1.0)%
(52,487)
Net
Assets
100.0%
$
5,215,484
‡
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)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$103,292
and
represents
2.0%
of
net
assets.
(3)
Level
3
in
fair
value
hierarchy.
(4)
All
or
a
portion
of
this
security
is
on
loan
at
January
31,
2023.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
HKD
Hong
Kong
Dollar
USD
U.S.
Dollar
T.
ROWE
PRICE
Global
Stock
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,
2023.
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,
4.36%
$
—
$
—
$
1,322++
Totals
$
—#
$
—
$
1,322+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
01/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
$
204,022
¤
¤
$
222,762
Total
$
222,762^
#
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
$1,322
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
$222,762.
T.
ROWE
PRICE
Global
Stock
Fund
Unaudited
Notes
to
Portfolio
of
Investments
8
T.
Rowe
Price
Global
Stock
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
Stock
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
Stock
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.
T.
ROWE
PRICE
Global
Stock
Fund
11
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
January
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
January
31,
2023.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
January
31,
2023,
totaled $(13,189,000) for
the
period ended
January
31,
2023.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
3,156,797
$
1,663,118
$
51,017
$
4,870,932
Convertible
Preferred
Stocks
—
—
52,275
52,275
Preferred
Stocks
—
122,002
—
122,002
Short-Term
Investments
160,421
—
—
160,421
Securities
Lending
Collateral
62,341
—
—
62,341
Total
$
3,379,559
$
1,785,120
$
103,292
$
5,267,971
($000s)
Beginning
Balance
10/31/22
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
1/31/23
Investment
in
Securities
Common
Stocks
$
55,055
$
(4,038)
$
—
$
—
$
51,017
Convertible
Preferred
Stocks
61,622
(9,151)
403
(599)
52,275
Total
$
116,677
$
(13,189)
$
403
$
(599)
$
103,292
T.
ROWE
PRICE
Global
Stock
Fund
12
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
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.
F113-054Q1
01/23