T.
ROWE
PRICE
Global
Impact
Equity
Fund
July
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
BRAZIL
0.8%
Common
Stocks
0.8%
NU
Holdings,
Class
A
(USD) (1)
22,839
182
Total
Brazil
(Cost
$99
)
182
CANADA
3.1%
Common
Stocks
1.3%
Shopify,
Class
A (1)
4,095
277
277
Limited
Partnerships
1.8%
Brookfield
Renewable
Partners
(USD)
13,329
388
388
Total
Canada
(Cost
$597
)
665
CHINA
1.7%
Common
Stocks
1.7%
Kanzhun,
ADR
(USD) (1)
12,267
229
Li
Auto,
Class
A
(HKD) (1)
7,100
153
Total
China
(Cost
$348
)
382
DENMARK
1.2%
Common
Stocks
1.2%
ROCKWOOL,
Class
B
997
268
Total
Denmark
(Cost
$214
)
268
FRANCE
1.5%
Common
Stocks
1.5%
Schneider
Electric
1,808
322
Total
France
(Cost
$261
)
322
GERMANY
2.3%
Common
Stocks
0.9%
Evotec (1)
7,391
195
195
T.
ROWE
PRICE
Global
Impact
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Preferred
Stocks
1.4%
Sartorius
723
298
298
Total
Germany
(Cost
$445
)
493
HONG
KONG
2.0%
Common
Stocks
2.0%
AIA
Group
43,200
432
Total
Hong
Kong
(Cost
$441
)
432
INDIA
5.2%
Common
Stocks
5.2%
Axis
Bank,
GDR
(USD)
6,970
408
HDFC
Bank
22,044
442
HDFC
Life
Insurance
36,130
284
Total
India
(Cost
$1,038
)
1,134
INDONESIA
1.7%
Common
Stocks
1.7%
Bank
Central
Asia
602,500
365
Total
Indonesia
(Cost
$282
)
365
IRELAND
1.5%
Common
Stocks
1.5%
Kerry
Group,
Class
A
3,387
337
Total
Ireland
(Cost
$348
)
337
JAPAN
3.3%
Common
Stocks
3.3%
Daiichi
Sankyo
6,400
197
Hamamatsu
Photonics
4,200
203
Keyence
700
314
Total
Japan
(Cost
$677
)
714
T.
ROWE
PRICE
Global
Impact
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
NETHERLANDS
3.7%
Common
Stocks
3.7%
ASML
Holding
668
479
DSM-Firmenich
2,943
324
Total
Netherlands
(Cost
$737
)
803
NORWAY
0.9%
Common
Stocks
0.9%
TOMRA
Systems
13,454
207
Total
Norway
(Cost
$278
)
207
PHILIPPINES
1.6%
Common
Stocks
1.6%
BDO
Unibank
127,940
338
Total
Philippines
(Cost
$266
)
338
SOUTH
AFRICA
0.9%
Common
Stocks
0.9%
Capitec
Bank
Holdings
1,949
196
Total
South
Africa
(Cost
$150
)
196
SWEDEN
0.5%
Common
Stocks
0.5%
Nibe
Industrier,
Class
B
11,658
105
Total
Sweden
(Cost
$99
)
105
TAIWAN
3.5%
Common
Stocks
3.5%
Chailease
Holding
51,812
343
Taiwan
Semiconductor
Manufacturing,
ADR
(USD)
4,315
428
Total
Taiwan
(Cost
$722
)
771
UNITED
KINGDOM
2.2%
Common
Stocks
2.2%
Ashtead
Group
4,213
311
T.
ROWE
PRICE
Global
Impact
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
AstraZeneca
1,140
164
Total
United
Kingdom
(Cost
$349
)
475
UNITED
STATES
59.1%
Common
Stocks
59.1%
Agilent
Technologies
2,297
280
Atlassian,
Class
A (1)
316
57
Badger
Meter
1,339
220
Ball
6,267
368
Becton
Dickinson
1,537
428
Bright
Horizons
Family
Solutions (1)
3,164
307
Danaher
1,871
477
Darling
Ingredients (1)
6,226
431
DocuSign (1)
3,175
171
Eli
Lilly
1,198
545
Fortinet (1)
4,371
340
Hubbell
1,224
382
HubSpot (1)
407
236
IDEX
1,101
249
Ingersoll
Rand
4,220
275
Intuit
1,028
526
Intuitive
Surgical (1)
1,129
366
Linde
1,566
612
Monolithic
Power
Systems
301
168
MSA
Safety
1,254
208
Mueller
Water
Products,
Class
A
17,573
283
NextEra
Energy
Partners
7,429
405
OneMain
Holdings
9,124
415
PG&E (1)
24,339
429
Roper
Technologies
1,224
603
SolarEdge
Technologies (1)
997
241
Stryker
1,263
358
Synopsys (1)
977
441
Tesla (1)
409
109
Thermo
Fisher
Scientific
908
498
Trane
Technologies
1,087
217
Trex (1)
2,509
173
Trimble (1)
6,459
348
UnitedHealth
Group
949
481
Veeva
Systems,
Class
A (1)
1,747
357
Waste
Connections
3,139
443
Zoetis
2,125
400
Total
United
States
(Cost
$10,833
)
12,847
T.
ROWE
PRICE
Global
Impact
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
VIETNAM
0.1%
Common
Stocks
0.1%
Asia
Commercial
Bank
20,800
21
Total
Vietnam
(Cost
$21
)
21
SHORT-TERM
INVESTMENTS
2.6%
Money
Market
Funds
2.6%
T.
Rowe
Price
Government
Reserve
Fund,
5.32% (2)(3)
563,148
563
Total
Short-Term
Investments
(Cost
$563)
563
Total
Investments
in
Securities
99.4%
(Cost
$18,768)
$
21,620
Other
Assets
Less
Liabilities
0.6%
125
Net
Assets
100.0%
$
21,745
‡
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
GDR
Global
Depositary
Receipts
HKD
Hong
Kong
Dollar
USD
U.S.
Dollar
T.
ROWE
PRICE
Global
Impact
Equity
Fund
6
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,
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,
5.32%
$
—
$
—
$
20++
Totals
$
—#
$
—
$
20+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
07/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.32%
$
1,017
¤
¤
$
563
Total
$
563^
#
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
$20
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
$563.
T.
ROWE
PRICE
Global
Impact
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
7
T.
Rowe
Price
Global
Impact
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
Impact
Equity
Fund
8
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
Impact
Equity
Fund
9
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
July
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
13,686
$
6,685
$
—
$
20,371
Limited
Partnerships
388
—
—
388
Preferred
Stocks
—
298
—
298
Short-Term
Investments
563
—
—
563
Total
$
14,637
$
6,983
$
—
$
21,620
T.
ROWE
PRICE
Global
Impact
Equity
Fund
10
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.
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.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
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.
F1399-054Q3
07/23