T.
ROWE
PRICE
Global
Growth
Stock
Fund
January
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
0.6%
Common
Stocks
0.6%
MercadoLibre
(USD) (1)
5,006
5,916
Total
Argentina
(Cost
$1,608
)
5,916
AUSTRALIA
1.3%
Common
Stocks
1.3%
BHP
Group
126,785
4,440
South32
1,188,436
3,814
Worley
373,791
4,103
Total
Australia
(Cost
$11,314
)
12,357
BELGIUM
0.1%
Common
Stocks
0.1%
Umicore
30,856
1,166
Total
Belgium
(Cost
$913
)
1,166
BRAZIL
0.8%
Common
Stocks
0.8%
NU
Holdings,
Class
A
(USD) (1)
1,377,627
6,406
Rede
D'Or
Sao
Luiz
181,937
1,144
Total
Brazil
(Cost
$7,506
)
7,550
CANADA
2.0%
Common
Stocks
1.9%
Brookfield
(USD)
61,771
2,298
Brookfield
Asset
Management,
Class
A
(USD) (1)
32,624
1,065
National
Bank
of
Canada
72,786
5,468
Nutrien
(USD)
54,080
4,477
Shopify,
Class
A
(USD) (1)
55,517
2,735
Sun
Life
Financial
(USD)
43,735
2,197
18,240
Limited
Partnerships
0.1%
Brookfield
Renewable
Partners
(USD)
48,100
1,402
1,402
Total
Canada
(Cost
$15,228
)
19,642
T.
ROWE
PRICE
Global
Growth
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
CAYMAN
ISLANDS
0.5%
Common
Stocks
0.1%
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $2,115
(USD) (1)(2)(3)
554,948
1,127
1,127
Convertible
Preferred
Stocks
0.4%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $1,202
(USD) (1)(2)(3)
24,387
4,081
4,081
Total
Cayman
Islands
(Cost
$3,317
)
5,208
CHINA
4.5%
Common
Stocks
3.7%
Alibaba
Group
Holding
(HKD) (1)
416,768
5,730
China
Resources
Mixc
Lifestyle
Services
(HKD)
504,400
2,906
JD
Health
International
(HKD) (1)
239,500
1,989
JD.com,
Class
A
(HKD)
123,648
3,671
Kanzhun,
ADR
(USD) (1)
125,663
3,052
Kingdee
International
Software
Group
(HKD) (1)
982,000
2,143
Li
Auto,
Class
A
(HKD) (1)
105,800
1,295
Meituan,
Class
B
(HKD) (1)
123,400
2,759
Tencent
Holdings
(HKD)
134,000
6,530
Tsingtao
Brewery,
Class
H
(HKD)
280,000
2,703
Wuxi
Biologics
Cayman
(HKD) (1)
395,500
3,303
36,081
Common
Stocks
-
China
A
Shares
0.8%
Glodon,
A
Shares
(CNH)
471,200
4,572
Hundsun
Technologies,
A
Shares
(CNH)
320,180
2,246
NARI
Technology,
A
Shares
(CNH)
382,172
1,498
8,316
Total
China
(Cost
$38,267
)
44,397
FINLAND
0.2%
Common
Stocks
0.2%
Sampo,
Class
A
44,707
2,347
Total
Finland
(Cost
$1,964
)
2,347
T.
ROWE
PRICE
Global
Growth
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
FRANCE
1.9%
Common
Stocks
1.9%
Airbus
45,435
5,696
EssilorLuxottica
18,323
3,362
Eurofins
Scientific
76,263
5,470
Schneider
Electric
27,109
4,398
Total
France
(Cost
$14,687
)
18,926
GERMANY
4.1%
Common
Stocks
3.4%
Celonis,
Acquisition
Date:
6/17/21,
Cost $664
(USD) (1)(2)(3)
1,795
592
Deutsche
Telekom
203,015
4,523
Evotec (1)
601,529
11,828
flatexDEGIRO (1)(4)
133,423
1,135
Infineon
Technologies
108,305
3,900
Siemens
34,767
5,431
Symrise
37,640
4,002
Zalando (1)
49,134
2,291
33,702
Convertible
Preferred
Stocks
0.3%
Celonis,
Series
D,
Acquisition
Date:
6/17/21
-
10/4/22,
Cost $2,668
(USD) (1)(2)(3)
7,214
2,380
2,380
Preferred
Stocks
0.4%
Sartorius
8,750
3,924
3,924
Total
Germany
(Cost
$35,931
)
40,006
HONG
KONG
0.5%
Common
Stocks
0.5%
AIA
Group
399,400
4,516
Total
Hong
Kong
(Cost
$2,964
)
4,516
INDIA
5.5%
Common
Stocks
5.0%
Axis
Bank
660,903
7,064
Britannia
Industries
35,342
1,871
FSN
E-Commerce
Ventures (1)
965,102
1,623
Godrej
Consumer
Products (1)
258,425
2,894
T.
ROWE
PRICE
Global
Growth
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Havells
India
187,946
2,727
HDFC
Asset
Management
45,922
1,068
HDFC
Bank
169,742
3,345
HDFC
Bank,
ADR
(USD)
43,054
2,900
Housing
Development
Finance
116,337
3,754
Kotak
Mahindra
Bank
278,456
5,926
One
97
Communications (1)
375,568
2,443
Pidilite
Industries
96,203
2,688
Reliance
Industries
128,581
3,714
Think
&
Learn,
Acquisition
Date:
12/23/20
-
1/15/21,
Cost $1,309 (1)(2)(3)
821
1,780
United
Spirits (1)
384,545
3,625
Voltas
139,513
1,371
Zomato (1)
1,188,002
725
49,518
Convertible
Preferred
Stocks
0.5%
Think
&
Learn,
Series
F,
Acquisition
Date:
12/23/20
-
4/29/21,
Cost $6,343 (1)(2)(3)
1,977
4,288
4,288
Total
India
(Cost
$45,176
)
53,806
INDONESIA
2.7%
Common
Stocks
2.7%
Bank
Central
Asia
15,804,800
8,969
Kalbe
Farma
27,829,500
3,832
Sumber
Alfaria
Trijaya
74,088,600
14,005
Total
Indonesia
(Cost
$11,214
)
26,806
ITALY
0.2%
Common
Stocks
0.2%
FinecoBank
Banca
Fineco
66,055
1,186
PRADA
(HKD)
198,600
1,270
Total
Italy
(Cost
$1,963
)
2,456
JAPAN
2.8%
Common
Stocks
2.8%
Daiichi
Sankyo
247,000
7,757
Daikin
Industries
18,900
3,283
Keyence
10,600
4,880
Mitsubishi
UFJ
Financial
Group
358,900
2,629
Nippon
Sanso
Holdings
101,900
1,662
T.
ROWE
PRICE
Global
Growth
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
Recruit
Holdings
59,400
1,910
Shimadzu
76,100
2,339
Sumitomo
Metal
Mining
85,800
3,484
Total
Japan
(Cost
$20,599
)
27,944
NETHERLANDS
2.2%
Common
Stocks
2.2%
Adyen (1)
3,667
5,544
Argenx,
ADR
(USD) (1)
11,332
4,332
ASML
Holding
(USD)
11,767
7,776
Koninklijke
DSM
18,609
2,393
Universal
Music
Group
45,405
1,161
Total
Netherlands
(Cost
$11,448
)
21,206
NIGERIA
0.0%
Common
Stocks
0.0%
Nestle
Nigeria
179,248
429
Total
Nigeria
(Cost
$549
)
429
NORWAY
0.3%
Common
Stocks
0.3%
Equinor
31,655
965
Norsk
Hydro
305,963
2,480
Total
Norway
(Cost
$3,056
)
3,445
PERU
0.7%
Common
Stocks
0.7%
InRetail
Peru
(USD)
199,057
6,768
Total
Peru
(Cost
$4,606
)
6,768
PHILIPPINES
3.1%
Common
Stocks
3.1%
Ayala
Land
5,343,600
2,882
BDO
Unibank
5,179,137
11,681
SM
Investments
498,086
8,423
Universal
Robina
2,977,800
7,523
Total
Philippines
(Cost
$29,066
)
30,509
T.
ROWE
PRICE
Global
Growth
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
PORTUGAL
0.3%
Common
Stocks
0.3%
Galp
Energia
252,437
3,455
Total
Portugal
(Cost
$2,904
)
3,455
SINGAPORE
0.8%
Common
Stocks
0.8%
Grab
Holdings,
Class
A
(USD) (1)
804,335
3,048
Sea,
ADR
(USD) (1)
79,852
5,147
Total
Singapore
(Cost
$9,434
)
8,195
SOUTH
AFRICA
0.1%
Common
Stocks
0.1%
Naspers,
Class
N
7,511
1,452
Total
South
Africa
(Cost
$1,075
)
1,452
SOUTH
KOREA
0.7%
Common
Stocks
0.7%
Coupang
(USD) (1)
205,578
3,472
Samsung
Electronics
67,497
3,362
Total
South
Korea
(Cost
$8,276
)
6,834
SPAIN
0.5%
Common
Stocks
0.5%
Amadeus
IT
Group (1)
55,660
3,507
Cellnex
Telecom
26,026
1,020
Total
Spain
(Cost
$4,240
)
4,527
SWEDEN
0.7%
Common
Stocks
0.7%
Assa
Abloy,
Class
B
92,732
2,185
Boliden
54,157
2,430
Hexagon,
Class
B
177,793
2,038
Total
Sweden
(Cost
$4,678
)
6,653
T.
ROWE
PRICE
Global
Growth
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
SWITZERLAND
0.9%
Common
Stocks
0.9%
Lonza
Group
8,687
4,955
Partners
Group
Holding
3,680
3,453
Total
Switzerland
(Cost
$5,874
)
8,408
TAIWAN
0.6%
Common
Stocks
0.6%
Taiwan
Semiconductor
Manufacturing,
ADR
(USD)
63,212
5,862
Total
Taiwan
(Cost
$5,643
)
5,862
UNITED
KINGDOM
4.3%
Common
Stocks
3.9%
Ashtead
Group
72,575
4,780
AstraZeneca,
ADR
(USD)
78,684
5,144
Endava,
ADR
(USD) (1)
12,124
1,065
Experian
187,077
6,841
Farfetch,
Class
A
(USD) (1)(4)
520,011
3,547
InterContinental
Hotels
Group
35,623
2,473
London
Stock
Exchange
Group
28,051
2,568
Ocado
Group (1)
70,193
562
Oxford
Nanopore
Technologies (1)
245,141
716
Rentokil
Initial
588,821
3,570
Snyk,
Acquisition
Date:
9/3/21,
Cost $1,444
(USD) (1)(2)(3)
100,647
1,156
Unilever,
ADR
(USD)
121,938
6,231
38,653
Convertible
Preferred
Stocks
0.4%
Snyk,
Series
F,
Acquisition
Date:
9/3/21
-
12/14/22,
Cost $2,406
(USD) (1)(2)(3)
168,674
1,937
YuLife
Holdings,
Series
C,
Acquisition
Date:
10/11/22,
Cost $1,523 (1)(2)(3)
77,036
1,694
3,631
Total
United
Kingdom
(Cost
$39,175
)
42,284
UNITED
STATES
53.8%
Common
Stocks
50.2%
Accenture,
Class
A
7,583
2,116
Agilent
Technologies
27,502
4,182
Alnylam
Pharmaceuticals (1)
10,419
2,359
Alphabet,
Class
C (1)
178,522
17,829
T.
ROWE
PRICE
Global
Growth
Stock
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
Amazon.com (1)
189,260
19,518
American
International
Group
61,037
3,859
Amphenol,
Class
A
53,105
4,236
Apollo
Global
Management
55,534
3,931
Apple
162,097
23,389
Arista
Networks (1)
25,900
3,264
Atlassian,
Class
A (1)
28,263
4,568
AvalonBay
Communities,
REIT
26,938
4,780
Bank
of
America
221,300
7,852
Bill.com
Holdings (1)
14,963
1,730
Canva,
Acquisition
Date:
8/16/21
-
12/22/21,
Cost $3,134 (1)(2)
(3)
1,839
1,015
CF
Industries
Holdings
44,346
3,756
Charles
Schwab
173,390
13,424
Cheniere
Energy
18,425
2,815
Chipotle
Mexican
Grill (1)
378
622
Chubb
23,955
5,450
Cigna
14,338
4,540
Cognex
12,619
691
Colgate-Palmolive
29,800
2,221
Confluent,
Class
A (1)
60,197
1,391
ConocoPhillips
53,983
6,579
Constellation
Brands,
Class
A
20,639
4,778
Coterra
Energy
117,951
2,952
Cummins
4,325
1,079
Danaher
17,771
4,698
Darling
Ingredients (1)
31,412
2,082
DoorDash,
Class
A (1)
29,674
1,719
Doximity,
Class
A (1)(4)
15,564
549
Eli
Lilly
19,833
6,826
EOG
Resources
37,816
5,001
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $4,620 (1)(2)(3)
7,370
5,069
Equity
LifeStyle
Properties,
REIT
38,381
2,755
Estee
Lauder,
Class
A
14,010
3,882
Etsy (1)
16,665
2,293
FedEx
16,747
3,247
Fifth
Third
Bancorp
217,300
7,886
Fiserv (1)
117,032
12,485
General
Electric
90,816
7,309
Goldman
Sachs
Group
7,679
2,809
HashiCorp,
Class
A (1)(4)
24,751
796
Hess
39,119
5,874
Home
Depot
3,371
1,093
Host
Hotels
&
Resorts,
REIT
159,746
3,011
Hubbell
27,525
6,301
T.
ROWE
PRICE
Global
Growth
Stock
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
HubSpot (1)
7,689
2,668
Huntington
Bancshares
650,423
9,867
IDEX
5,491
1,316
International
Paper
67,712
2,832
Intuit
12,817
5,417
Intuitive
Surgical (1)
23,428
5,756
JPMorgan
Chase
59,474
8,324
KKR
52,594
2,935
Liberty
Media-Liberty
Formula
One,
Class
C (1)
64,988
4,601
Linde
23,675
7,835
Live
Nation
Entertainment (1)
29,348
2,362
Magic
Leap,
Class
A,
Acquisition
Date:
10/12/17,
Cost $1,153 (1)(2)(3)
2,372
46
Manhattan
Associates (1)
25,219
3,288
MarketAxess
Holdings
6,019
2,190
Marsh
&
McLennan
21,198
3,708
Mastercard,
Class
A
22,301
8,265
McKesson
11,800
4,468
MetLife
35,134
2,565
Microsoft
99,800
24,731
MongoDB (1)
16,590
3,554
Monolithic
Power
Systems
3,700
1,578
Monster
Beverage (1)
37,828
3,937
Morgan
Stanley
73,915
7,194
Netflix (1)
16,322
5,776
NVIDIA
24,107
4,710
Packaging
Corp.
of
America
23,558
3,362
Paylocity
Holding (1)
9,370
1,952
Peloton
Interactive,
Class
A (1)(4)
123,048
1,591
Reliance
Steel
&
Aluminum
11,026
2,508
Rivian
Automotive,
Class
A (1)(4)
138,980
2,696
ROBLOX,
Class
A (1)
21,379
796
Roper
Technologies
38,297
16,343
Salesforce (1)
33,019
5,546
Sempra
Energy
19,890
3,189
ServiceNow (1)
10,067
4,582
Sherwin-Williams
14,557
3,444
Signature
Bank
22,257
2,870
Snowflake,
Class
A (1)
12,531
1,960
Stripe,
Class
B,
Acquisition
Date:
12/17/19
-
5/18/21,
Cost $859 (1)(2)(3)
32,874
608
Stryker
16,318
4,142
Synopsys (1)
3,295
1,166
Teledyne
Technologies (1)
8,886
3,770
Tesla (1)
50,932
8,822
Thermo
Fisher
Scientific
10,408
5,936
T.
ROWE
PRICE
Global
Growth
Stock
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
Toast,
Class
A (1)(4)
56,540
1,261
Trade
Desk,
Class
A (1)
10,591
537
Trimble (1)
55,694
3,234
UnitedHealth
Group
20,061
10,014
Veeva
Systems,
Class
A (1)
12,959
2,210
Vertex
Pharmaceuticals (1)
12,900
4,168
Vulcan
Materials
13,159
2,412
Walmart
17,705
2,547
Waste
Connections
28,339
3,766
Wells
Fargo
182,539
8,556
Weyerhaeuser,
REIT
120,731
4,157
Workday,
Class
A (1)
15,712
2,851
Zoetis
14,542
2,407
493,937
Convertible
Preferred
Stocks
3.6%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $150 (1)(2)(3)
88
49
Canva,
Series
A-3,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $17 (1)(2)(3)
10
5
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $1,107 (1)
(2)(3)
15,066
904
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $4,528 (1)(2)(3)
344,903
4,708
PsiQuantum,
Series
D,
Acquisition
Date:
9/29/21,
Cost $3,614 (1)(2)(3)
137,791
3,614
Rappi,
Series
E,
Acquisition
Date:
9/8/20,
Cost $4,762 (1)(2)(3)
79,700
2,870
Rappi,
Series
F,
Acquisition
Date:
7/8/21,
Cost $799 (1)(2)(3)
12,400
446
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $4,001 (1)(2)(3)
84,400
6,583
SB
Technology,
Series
D,
Acquisition
Date:
12/10/21,
Cost $5,863 (1)(2)(3)
621,837
5,863
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $846 (1)(2)(3)
20,496
639
SpaceX,
Series
K,
Acquisition
Date:
5/21/19,
Cost $2,163 (1)(2)
(3)
10,605
8,166
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $2,587 (1)
(2)(3)
30,126
1,421
Waymo,
Series
B-2,
Acquisition
Date:
6/11/21,
Cost $209 (1)(2)
(3)
2,283
108
35,376
Total
United
States
(Cost
$404,597
)
529,313
VIETNAM
2.8%
Common
Stocks
2.8%
FPT
1,218,040
4,661
T.
ROWE
PRICE
Global
Growth
Stock
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
Masan
Group
3,223,570
13,946
Military
Commercial
Joint
Stock
Bank (1)
5,559,882
4,896
Vietnam
Technological
&
Commercial
Joint
Stock
Bank (1)
2,719,700
3,578
Total
Vietnam
(Cost
$20,589
)
27,081
SHORT-TERM
INVESTMENTS
0.9%
Money
Market
Funds
0.9%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (5)(6)
8,960,414
8,960
Total
Short-Term
Investments
(Cost
$8,960)
8,960
SECURITIES
LENDING
COLLATERAL
0.7%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.7%
Money
Market
Funds
0.7%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (5)(6)
6,569,580
6,570
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
6,570
Total
Securities
Lending
Collateral
(Cost
$6,570)
6,570
Total
Investments
in
Securities
101.1%
(Cost
$783,391)
$
994,994
Other
Assets
Less
Liabilities
(1.1)%
(10,944)
Net
Assets
100.0%
$
984,050
‡
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
$61,149
and
represents
6.2%
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
CNH
Offshore
China
Renminbi
T.
ROWE
PRICE
Global
Growth
Stock
Fund
12
.
.
.
.
.
.
.
.
.
.
HKD
Hong
Kong
Dollar
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
USD
U.S.
Dollar
T.
ROWE
PRICE
Global
Growth
Stock
Fund
13
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%
$
—
$
—
$
7++
Totals
$
—#
$
—
$
7+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
01/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
$
34,259
¤
¤
$
15,530
Total
$
15,530^
#
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
$7
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
$15,530.
T.
ROWE
PRICE
Global
Growth
Stock
Fund
Unaudited
Notes
to
Portfolio
of
Investments
14
T.
Rowe
Price
Global
Growth
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
Growth
Stock
Fund
15
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
Growth
Stock
Fund
16
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
Growth
Stock
Fund
17
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 $(6,804,000) for
the
period ended
January
31,
2023.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
563,869
$
349,120
$
11,393
$
924,382
Convertible
Preferred
Stocks
—
—
49,756
49,756
Limited
Partnerships
1,402
—
—
1,402
Preferred
Stocks
—
3,924
—
3,924
Short-Term
Investments
8,960
—
—
8,960
Securities
Lending
Collateral
6,570
—
—
6,570
Total
$
580,801
$
353,044
$
61,149
$
994,994
($000s)
Beginning
Balance
10/31/22
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
1/31/23
Investment
in
Securities
Common
Stocks
$
14,294
$
(2,641)
$
—
$
(260)
$
11,393
Convertible
Preferred
Stocks
53,757
(3,990)
260
(271)
49,756
Total
$
68,051
$
(6,631)
$
260
$
(531)
$
61,149
T.
ROWE
PRICE
Global
Growth
Stock
Fund
18
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Designee considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stock
$
11,393
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
3.4x
–
11.8x
4.6x
Increase
Sales
growth
rate
17%
-
54%
22%
Increase
Enterprise
value
to
gross
profit
multiple
6.5x
–
15.3x
9.3x
Increase
Gross
profit
growth
rate
20%
-
49%
30%
Increase
Projected
enterprise
value
to
sales
multiple
9.7x
–
14.7x
12.2x
Increase
Projected
enterprise
value
to
gross
profit
multiple
13.3x
–
18.9x
16.1x
Increase
Price-to-
earnings
multiple
7.4x
–
17.5x
12.5x
Increase
Dividend
yield
4.98%
4.98%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
Global
Growth
Stock
Fund
19
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Convertible
Preferred
Stocks
$
49,756
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
gross
profit
multiple
6.5x
–
15.0x
6.6x
Increase
Gross
profit
growth
rate
23%
-
49%
48%
Increase
Enterprise
value
to
sales
multiple
2.3x
–
11.8x
4.0x
Increase
Sales
growth
rate
27%
-
100%
48%
Increase
Enterprise
value
to
gross
merchandise
value
0.5x
0.5x
Increase
Gross
merchandise
value
growth
rate
28%
28%
Increase
Projected
enterprise
value
to
sales
multiple
2.2x
–
15.3x
10.0x
Increase
Projected
enterprise
value
to
gross
profit
multiple
13.3x
–
18.9x
16.1x
Increase
Projected
enterprise
value
to
EBITDA
multiple
4.3x
–
10.5x
9.8x
Increase
T.
ROWE
PRICE
Global
Growth
Stock
Fund
20
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’s
judgment
of
current
market
participant
assumptions.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
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.
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Discount
rate
for
cost
of
capital
20%
-
30%
22%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
Global
Growth
Stock
Fund
21
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.
F174-054Q1
01/23