T.
ROWE
PRICE
Global
Growth
Stock
Fund
July
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
0.5%
Common
Stocks
0.5%
MercadoLibre
(USD) (1)
4,106
5,084
Total
Argentina
(Cost
$1,246
)
5,084
AUSTRALIA
0.7%
Common
Stocks
0.7%
BHP
Group
194,233
6,045
Worley
158,283
1,852
Total
Australia
(Cost
$7,404
)
7,897
BRAZIL
0.6%
Common
Stocks
0.6%
NU
Holdings,
Class
A
(USD) (1)
842,427
6,706
Total
Brazil
(Cost
$3,737
)
6,706
CANADA
1.9%
Common
Stocks
1.7%
Brookfield
(USD)
58,593
2,045
National
Bank
of
Canada
53,386
4,181
Nutrien
(USD)
64,080
4,414
Shopify,
Class
A
(USD) (1)
74,117
5,009
West
Fraser
Timber
29,100
2,452
18,101
Limited
Partnerships
0.2%
Brookfield
Renewable
Partners
(USD)
52,900
1,542
1,542
Total
Canada
(Cost
$15,219
)
19,643
CAYMAN
ISLANDS
0.6%
Common
Stocks
0.1%
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $2,115
(USD) (2)(3)
554,948
1,093
1,093
T.
ROWE
PRICE
Global
Growth
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Convertible
Preferred
Stocks
0.5%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $1,202
(USD) (1)(2)(3)
24,387
4,828
4,828
Total
Cayman
Islands
(Cost
$3,317
)
5,921
CHINA
3.5%
Common
Stocks
2.6%
Alibaba
Group
Holding
(HKD) (1)
305,968
3,910
China
Resources
Mixc
Lifestyle
Services
(HKD)
625,800
3,029
JD
Health
International
(HKD) (1)
223,550
1,634
JD.com,
Class
A
(HKD)
68,798
1,424
Kanzhun,
ADR
(USD) (1)
117,763
2,200
Li
Auto,
Class
A
(HKD) (1)
173,400
3,722
Tencent
Holdings
(HKD)
130,800
6,012
Wuxi
Biologics
Cayman
(HKD) (1)
317,500
1,832
Yum
China
Holdings
(USD)
58,500
3,570
27,333
Common
Stocks
-
China
A
Shares
0.9%
Glodon,
A
Shares
(CNH)
419,860
1,900
Hundsun
Technologies,
A
Shares
(CNH)
300,080
1,729
NARI
Technology,
A
Shares
(CNH)
790,906
2,692
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
271,000
2,694
9,015
Total
China
(Cost
$33,744
)
36,348
FINLAND
0.1%
Common
Stocks
0.1%
Sampo,
Class
A
19,801
873
Total
Finland
(Cost
$859
)
873
FRANCE
2.4%
Common
Stocks
2.4%
Airbus
50,804
7,484
ArcelorMittal
121,631
3,518
EssilorLuxottica
14,089
2,834
Eurofins
Scientific (4)
68,470
4,709
LVMH
Moet
Hennessy
Louis
Vuitton
3,902
3,624
Schneider
Electric
18,800
3,353
Total
France
(Cost
$20,038
)
25,522
T.
ROWE
PRICE
Global
Growth
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
GERMANY
4.0%
Common
Stocks
3.5%
Celonis,
Acquisition
Date:
6/17/21,
Cost $664
(USD) (1)(2)(3)
1,795
400
Deutsche
Telekom
132,585
2,891
Evotec (1)
526,614
13,872
flatexDEGIRO (1)(4)
89,154
879
Hannover
Rueck
15,591
3,327
Infineon
Technologies
70,648
3,104
Siemens
31,667
5,397
Symrise
44,659
4,878
Zalando (1)
48,561
1,677
36,425
Convertible
Preferred
Stocks
0.2%
Celonis,
Series
D,
Acquisition
Date:
6/17/21
-
10/4/22,
Cost $2,668
(USD) (1)(2)(3)
7,214
1,609
1,609
Preferred
Stocks
0.3%
Sartorius
8,494
3,504
3,504
Total
Germany
(Cost
$35,170
)
41,538
HONG
KONG
0.7%
Common
Stocks
0.7%
AIA
Group
413,400
4,136
Budweiser
Brewing
APAC
1,510,500
3,684
Total
Hong
Kong
(Cost
$7,237
)
7,820
INDIA
5.3%
Common
Stocks
5.1%
Axis
Bank
756,106
8,787
Britannia
Industries
24,349
1,424
Container
Corp.
of
India
322,106
2,722
Godrej
Consumer
Products (1)
234,582
2,965
Havells
India
106,935
1,738
HDFC
Asset
Management
37,693
1,162
HDFC
Bank
361,010
7,242
HDFC
Bank,
ADR
(USD)
42,554
2,906
Jio
Financial
Services (1)
143,899
442
Kotak
Mahindra
Bank
211,464
4,780
T.
ROWE
PRICE
Global
Growth
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
One
97
Communications (1)
435,633
4,247
Pidilite
Industries
54,285
1,731
Reliance
Industries
143,899
4,461
Think
&
Learn,
Acquisition
Date:
12/23/20
-
1/15/21,
Cost $1,309 (1)(2)(3)
821
807
United
Spirits (1)
262,566
3,241
Voltas
237,067
2,247
Zomato (1)
2,136,664
2,189
53,091
Convertible
Preferred
Stocks
0.2%
Think
&
Learn,
Series
F,
Acquisition
Date:
12/23/20
-
4/29/21,
Cost $6,344 (1)(2)(3)
1,977
1,943
1,943
Total
India
(Cost
$45,607
)
55,034
INDONESIA
2.4%
Common
Stocks
2.4%
Bank
Central
Asia
14,318,000
8,671
Kalbe
Farma
26,176,600
3,325
Sumber
Alfaria
Trijaya
72,347,900
12,955
Total
Indonesia
(Cost
$10,225
)
24,951
ITALY
0.4%
Common
Stocks
0.4%
PRADA
(HKD)
561,200
3,995
Total
Italy
(Cost
$3,716
)
3,995
JAPAN
2.6%
Common
Stocks
2.6%
Daiichi
Sankyo
218,500
6,730
Daikin
Industries
19,900
4,024
Keyence
11,200
5,026
Mitsui
114,800
4,480
Nippon
Sanso
Holdings
83,900
2,029
Recruit
Holdings
80,000
2,771
Sony
Group
23,000
2,154
Total
Japan
(Cost
$19,285
)
27,214
T.
ROWE
PRICE
Global
Growth
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
NETHERLANDS
1.9%
Common
Stocks
1.9%
Adyen (1)
2,451
4,549
Argenx,
ADR
(USD) (1)
8,932
4,506
ASM
International
4,847
2,303
ASML
Holding
(USD) (4)
9,567
6,854
BE
Semiconductor
Industries
13,680
1,633
Total
Netherlands
(Cost
$8,483
)
19,845
NIGERIA
0.1%
Common
Stocks
0.1%
Nestle
Nigeria
410,433
587
Total
Nigeria
(Cost
$908
)
587
PERU
0.6%
Common
Stocks
0.6%
InRetail
Peru
(USD)
202,787
6,814
Total
Peru
(Cost
$4,769
)
6,814
PHILIPPINES
2.9%
Common
Stocks
2.9%
BDO
Unibank
5,052,747
13,363
Jollibee
Foods
820,970
3,813
SM
Investments
505,256
8,395
Universal
Robina
2,161,250
4,833
Total
Philippines
(Cost
$26,920
)
30,404
SINGAPORE
0.5%
Common
Stocks
0.5%
Grab
Holdings,
Class
A
(USD) (1)
374,135
1,433
Sea,
ADR
(USD) (1)
60,152
4,001
Total
Singapore
(Cost
$3,492
)
5,434
T.
ROWE
PRICE
Global
Growth
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
AFRICA
0.1%
Common
Stocks
0.1%
Naspers,
Class
N
7,423
1,459
Total
South
Africa
(Cost
$1,063
)
1,459
SOUTH
KOREA
0.3%
Common
Stocks
0.3%
Samsung
Electronics
67,102
3,674
Total
South
Korea
(Cost
$2,879
)
3,674
SPAIN
0.4%
Common
Stocks
0.4%
Amadeus
IT
Group
57,076
4,094
Total
Spain
(Cost
$3,253
)
4,094
SWEDEN
0.4%
Common
Stocks
0.4%
Assa
Abloy,
Class
B
75,814
1,823
Hexagon,
Class
B
226,872
2,200
Total
Sweden
(Cost
$2,916
)
4,023
SWITZERLAND
0.2%
Common
Stocks
0.2%
Lonza
Group
3,985
2,315
Total
Switzerland
(Cost
$1,101
)
2,315
TAIWAN
0.7%
Common
Stocks
0.7%
Taiwan
Semiconductor
Manufacturing,
ADR
(USD)
73,112
7,249
Total
Taiwan
(Cost
$6,330
)
7,249
UNITED
KINGDOM
3.9%
Common
Stocks
3.6%
Ashtead
Group
52,441
3,880
AstraZeneca,
ADR
(USD)
97,484
6,990
T.
ROWE
PRICE
Global
Growth
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
Endava,
ADR
(USD) (1)(4)
24,324
1,276
Experian
154,172
5,958
Farfetch,
Class
A
(USD) (1)(4)
279,411
1,615
InterContinental
Hotels
Group
26,737
1,976
London
Stock
Exchange
Group
39,063
4,242
Rentokil
Initial
779,203
6,354
Snyk,
Acquisition
Date:
9/3/21,
Cost $1,444
(USD) (1)(2)(3)
100,647
1,022
Unilever,
ADR
(USD) (4)
73,038
3,924
37,237
Convertible
Preferred
Stocks
0.3%
Snyk,
Series
F,
Acquisition
Date:
9/3/21
-
12/14/22,
Cost $2,406
(USD) (1)(2)(3)
168,674
1,714
YuLife
Holdings,
Series
C,
Acquisition
Date:
10/11/22,
Cost $1,523 (1)(2)(3)
77,036
1,763
3,477
Total
United
Kingdom
(Cost
$33,013
)
40,714
UNITED
STATES
59.6%
Common
Stocks
56.3%
Accenture,
Class
A
15,227
4,817
Adobe (1)
5,845
3,192
Advanced
Micro
Devices (1)
57,345
6,560
Agilent
Technologies
25,531
3,109
Alnylam
Pharmaceuticals (1)
8,815
1,722
Alphabet,
Class
C (1)
184,726
24,589
Amazon.com (1)
183,142
24,482
American
International
Group
107,940
6,507
Amphenol,
Class
A
65,729
5,804
Apollo
Global
Management
60,952
4,980
Apple
165,251
32,464
Atlassian,
Class
A (1)
14,838
2,700
AvalonBay
Communities,
REIT
24,938
4,705
Bank
of
America
177,768
5,689
BILL
Holdings (1)(4)
15,678
1,965
Cadence
Design
Systems (1)
16,184
3,787
Canva,
Acquisition
Date:
8/16/21
-
12/22/21,
Cost $3,134 (1)(2)
(3)
1,839
1,305
CF
Industries
Holdings
66,740
5,478
Charles
Schwab
132,106
8,732
Chubb
35,838
7,326
Cigna
Group
24,800
7,318
Citigroup
46,053
2,195
Colgate-Palmolive
59,430
4,532
Confluent,
Class
A (1)(4)
45,263
1,563
T.
ROWE
PRICE
Global
Growth
Stock
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
ConocoPhillips
45,860
5,399
Constellation
Brands,
Class
A
19,288
5,262
Constellation
Energy
10,560
1,021
Coupang (1)
198,498
3,603
CSX
141,403
4,712
Cummins
10,129
2,642
Danaher
14,142
3,607
Darling
Ingredients (1)(4)
36,970
2,560
DoorDash,
Class
A (1)
34,736
3,154
Eli
Lilly
31,055
14,116
EOG
Resources
40,361
5,349
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $4,316 (1)(2)(3)
7,021
4,849
EQT (4)
177,443
7,485
Equity
LifeStyle
Properties,
REIT (4)
34,981
2,490
Etsy (1)(4)
15,654
1,591
FedEx
15,267
4,121
Fifth
Third
Bancorp
168,468
4,902
Fiserv (1)
129,576
16,354
Freeport-McMoRan
126,554
5,651
General
Electric
65,423
7,474
Hess
41,802
6,343
Hubbell
9,158
2,857
HubSpot (1)
2,756
1,600
Huntington
Bancshares
301,704
3,693
IDEX
13,011
2,938
Intuit
8,905
4,557
Intuitive
Surgical (1)
23,623
7,663
JPMorgan
Chase
54,970
8,683
KKR (4)
17,743
1,054
Las
Vegas
Sands (1)
68,508
4,097
Liberty
Media-Liberty
Formula
One,
Class
C (1)
81,921
5,947
Linde
34,765
13,582
LPL
Financial
Holdings
18,300
4,197
Magic
Leap,
Class
A,
Acquisition
Date:
10/12/17,
Cost $1,153 (1)(2)(3)
2,372
46
Manhattan
Associates (1)
13,441
2,562
Marsh
&
McLennan
11,951
2,252
Mastercard,
Class
A
21,053
8,301
McKesson
16,498
6,639
Meta
Platforms,
Class
A (1)
22,300
7,105
MetLife
69,886
4,401
Microsoft
110,879
37,246
MongoDB (1)
4,932
2,088
Monster
Beverage (1)
43,952
2,527
Morgan
Stanley
38,323
3,509
T.
ROWE
PRICE
Global
Growth
Stock
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
Netflix (1)
15,833
6,950
NVIDIA
55,211
25,800
Old
Dominion
Freight
Line
5,323
2,233
Paylocity
Holding (1)(4)
13,609
3,087
Procter
&
Gamble
44,106
6,894
Rivian
Automotive,
Class
A (1)(4)
137,280
3,794
ROBLOX,
Class
A (1)
25,577
1,004
Roper
Technologies
39,523
19,487
Salesforce (1)
23,814
5,358
Schlumberger
128,506
7,497
Sempra
15,688
2,338
ServiceNow (1)
8,566
4,994
Stripe,
Class
B,
Acquisition
Date:
12/17/19
-
5/18/21,
Cost $859 (1)(2)(3)
32,874
720
Stryker
22,741
6,445
Synopsys (1)
7,597
3,432
Teledyne
Technologies (1)
10,465
4,024
Tesla (1)
29,662
7,932
Thermo
Fisher
Scientific
11,490
6,304
Trade
Desk,
Class
A (1)
24,948
2,277
Trimble (1)
65,103
3,502
UnitedHealth
Group
18,350
9,292
Veeva
Systems,
Class
A (1)
10,337
2,111
Vertex
Pharmaceuticals (1)
10,074
3,549
Vulcan
Materials
9,776
2,156
Walmart
42,602
6,810
Waste
Connections
36,426
5,142
Weyerhaeuser,
REIT (4)
68,531
2,334
Workday,
Class
A (1)
18,988
4,503
Zoetis
20,698
3,893
589,612
Convertible
Preferred
Stocks
3.3%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $150 (1)(2)(3)
88
62
Canva,
Series
A-3,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $17 (1)(2)(3)
10
7
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $1,107 (1)
(2)(3)
15,066
1,102
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
4,029
T.
ROWE
PRICE
Global
Growth
Stock
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
Redwood
Materials,
Series
C,
Acquisition
Date:
6/2/23,
Cost $1,880 (1)(2)(3)
39,374
1,880
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
416
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
1,149
Waymo,
Series
B-2,
Acquisition
Date:
6/11/21,
Cost $209 (1)(2)
(3)
2,283
87
34,399
Total
United
States
(Cost
$438,790
)
624,011
VIETNAM
2.7%
Common
Stocks
2.7%
Asia
Commercial
Bank
20,000
20
FPT
1,866,576
7,120
Masan
Group
3,166,570
11,680
Military
Commercial
Joint
Stock
Bank
7,441,859
6,293
Vietnam
Technological
&
Commercial
Joint
Stock
Bank (1)
2,223,700
3,400
Total
Vietnam
(Cost
$21,573
)
28,513
SHORT-TERM
INVESTMENTS
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.32% (5)(6)
1,464
1
Total
Short-Term
Investments
(Cost
$1)
1
T.
ROWE
PRICE
Global
Growth
Stock
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
2.9%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
2.9%
Money
Market
Funds
2.9%
T.
Rowe
Price
Government
Reserve
Fund,
5.32% (5)(6)
30,005,998
30,006
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
30,006
Total
Securities
Lending
Collateral
(Cost
$30,006)
30,006
Total
Investments
in
Securities
102.9%
(Cost
$792,301)
$
1,077,689
Other
Assets
Less
Liabilities
(2.9)%
(30,688)
Net
Assets
100.0%
$
1,047,001
‡
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
$56,498
and
represents
5.4%
of
net
assets.
(3)
Level
3
in
fair
value
hierarchy.
(4)
All
or
a
portion
of
this
security
is
on
loan
at
July
31,
2023.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
CNH
Offshore
China
Renminbi
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
12
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%
$
—
$
—
$
43++
Totals
$
—#
$
—
$
43+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
07/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.32%
$
34,259
¤
¤
$
30,007
Total
$
30,007^
#
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
$43
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
$30,007.
T.
ROWE
PRICE
Global
Growth
Stock
Fund
Unaudited
Notes
to
Portfolio
of
Investments
13
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
14
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
15
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
16
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):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
July
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
July
31,
2023,
totaled $(13,030,000) for
the
period ended
July
31,
2023.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
659,288
$
326,850
$
10,242
$
996,380
Convertible
Preferred
Stocks
—
—
46,256
46,256
Limited
Partnerships
1,542
—
—
1,542
Preferred
Stocks
—
3,504
—
3,504
Short-Term
Investments
1
—
—
1
Securities
Lending
Collateral
30,006
—
—
30,006
Total
$
690,837
$
330,354
$
56,498
$
1,077,689
($000s)
Beginning
Balance
10/31/22
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
7/31/23
Investment
in
Securities
Common
Stocks
$
14,294
$
(3,483)
$
—
$
(569)
$
10,242
Convertible
Preferred
Stocks
53,757
(9,369)
2,139
(271)
46,256
Total
$
68,051
$
(12,852)
$
2,139
$
(840)
$
56,498
T.
ROWE
PRICE
Global
Growth
Stock
Fund
17
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
$
10,242
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
6.0x
–
14.8x
10.5x
Increase
Sales
growth
rate
23%
–
35%
29%
Increase
Enterprise
value
to
gross
profit
multiple
9.5x
–
18.6x
13.9x
Increase
Gross
profit
growth
rate
19%
–
37%
28%
Increase
Projected
enterprise
value
to
sales
multiple
8.8x
–
14.8x
10.9x
Increase
Projected
enterprise
value
to
gross
profit
multiple
11.0x
–
18.9x
13.8x
Increase
Premium
to
public
company
multiples
94%
–
149%
122%
Increase
Discount
to
public
company
multiples
4%
–
7%
6%
Decrease
T.
ROWE
PRICE
Global
Growth
Stock
Fund
18
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
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$
46,256
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
gross
profit
multiple
9.5x
–
18.6x
9.7x
Increase
Gross
profit
growth
rate
24%
–
51%
36%
Increase
Enterprise
value
to
sales
multiple
1.4x
–
14.8
3.8x
Increase
Sales
growth
rate
18%
–
90%
32%
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
2.3x
–
22.6x
7.6x
Increase
Projected
enterprise
value
to
gross
profit
multiple
11.0x
–
30.5x
17.7x
Increase
T.
ROWE
PRICE
Global
Growth
Stock
Fund
19
+
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.
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**
Projected
enterprise
value
to
EBITDA
multiple
10.5x
10.5x
Increase
Projected
enterprise
value
to
EBIT
multiple
14.7x
–
26.9x
20.8x
Increase
EBIT
growth
rate
22%
22%
Increase
Premium
to
public
company
multiples
2%
–
149%
35%
Increase
Discount
to
public
company
multiples
58%
–
70%
64%
Decrease
Discount
rate
for
cost
of
capital
20%
–
25%
21%
Decrease
Discount
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
Global
Growth
Stock
Fund
20
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.
F174-054Q3
07/23