T.
ROWE
PRICE
Global
Growth
Stock
Fund
January
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
0.5%
Common
Stocks
0.5%
MercadoLibre
(USD) (1)
3,179
5,442
Total
Argentina
(Cost
$666
)
5,442
AUSTRALIA
0.5%
Common
Stocks
0.5%
BHP
Group
155,662
4,762
Total
Australia
(Cost
$4,612
)
4,762
BRAZIL
0.5%
Common
Stocks
0.5%
NU
Holdings,
Class
A
(USD) (1)
595,243
5,125
Total
Brazil
(Cost
$2,498
)
5,125
CANADA
1.5%
Common
Stocks
1.3%
National
Bank
of
Canada
26,950
2,061
Nutrien
(USD)
19,081
952
Shopify,
Class
A
(USD) (1)
66,198
5,301
West
Fraser
Timber
64,757
5,149
13,463
Limited
Partnerships
0.2%
Brookfield
Renewable
Partners
(USD)
49,766
1,294
1,294
Total
Canada
(Cost
$10,520
)
14,757
CAYMAN
ISLANDS
0.6%
Convertible
Preferred
Stocks
0.6%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $1,202
(USD) (1)(2)(3)
24,387
5,823
Total
Cayman
Islands
(Cost
$1,202
)
5,823
T.
ROWE
PRICE
Global
Growth
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
CHINA
2.0%
Common
Stocks
1.7%
Alibaba
Group
Holding
(HKD)
352,368
3,160
ANT
Group,
Acquisition
Date:
8/14/23,
Cost $765
(USD) (1)(2)
(3)
765,014
749
China
Resources
Mixc
Lifestyle
Services
(HKD)
852,000
2,460
JD
Health
International
(HKD) (1)
188,000
620
Kanzhun,
ADR
(USD)
125,484
1,746
Li
Auto,
Class
A
(HKD) (1)
230,000
3,179
PDD
Holdings,
ADR
(USD) (1)
20,899
2,652
Tencent
Holdings
(HKD)
68,900
2,392
Yum
China
Holdings
(USD) (4)
11,764
407
17,365
Common
Stocks
-
China
A
Shares
0.3%
NARI
Technology,
A
Shares
(CNH)
589,306
1,720
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
174,600
1,359
3,079
Total
China
(Cost
$23,237
)
20,444
DENMARK
0.6%
Common
Stocks
0.6%
Novo
Nordisk,
ADR
(USD) (4)
54,364
6,238
Total
Denmark
(Cost
$5,078
)
6,238
FRANCE
1.7%
Common
Stocks
1.7%
Airbus
34,814
5,545
ArcelorMittal
25,662
707
EssilorLuxottica
14,012
2,746
Eurofins
Scientific
52,611
3,168
LVMH
Moet
Hennessy
Louis
Vuitton
1,921
1,599
Schneider
Electric
17,008
3,341
Total
France
(Cost
$12,875
)
17,106
GERMANY
3.8%
Common
Stocks
3.2%
Celonis,
Acquisition
Date:
6/17/21,
Cost $664
(USD) (1)(2)(3)
1,795
400
Deutsche
Telekom
160,453
3,939
T.
ROWE
PRICE
Global
Growth
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Evotec (1)
385,534
5,898
Hannover
Rueck
20,504
4,915
SAP
39,573
6,856
Siemens
32,810
5,874
Symrise
31,775
3,278
Zalando (1)
80,346
1,604
32,764
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
0.4%
Sartorius
11,333
4,135
4,135
Total
Germany
(Cost
$36,844
)
38,508
HONG
KONG
0.3%
Common
Stocks
0.3%
AIA
Group
448,000
3,513
Total
Hong
Kong
(Cost
$3,425
)
3,513
INDIA
4.0%
Common
Stocks
4.0%
Axis
Bank
662,588
8,517
Container
Corp.
of
India
211,958
2,256
Godrej
Consumer
Products
149,662
2,095
HDFC
Bank
350,053
6,156
HDFC
Bank,
ADR
(USD) (4)
29,830
1,655
Kotak
Mahindra
Bank
205,595
4,522
Larsen
&
Toubro
47,841
2,003
One
97
Communications (1)
373,571
3,415
Reliance
Industries
133,274
4,574
Think
&
Learn,
Acquisition
Date:
12/23/20
-
1/15/21,
Cost $1,309 (1)(2)(3)
821
34
United
Spirits
186,431
2,437
Voltas
101,405
1,329
Zomato (1)
1,167,916
1,957
40,950
T.
ROWE
PRICE
Global
Growth
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Convertible
Preferred
Stocks
0.0%
Think
&
Learn,
Series
F,
Acquisition
Date:
12/23/20
-
4/29/21,
Cost $6,344 (1)(2)(3)
1,977
80
80
Total
India
(Cost
$36,318
)
41,030
INDONESIA
2.2%
Common
Stocks
2.2%
Bank
Central
Asia
17,944,000
10,857
Sumber
Alfaria
Trijaya
69,479,700
11,661
Total
Indonesia
(Cost
$9,430
)
22,518
ITALY
0.3%
Common
Stocks
0.3%
PRADA
(HKD)
406,300
2,520
Total
Italy
(Cost
$2,568
)
2,520
JAPAN
3.0%
Common
Stocks
3.0%
Daiichi
Sankyo
317,700
9,512
Daikin
Industries
15,400
2,467
Keyence
14,200
6,353
Mitsui
102,400
4,153
Nippon
Sanso
Holdings
60,800
1,541
Recruit
Holdings
112,000
4,424
Sony
Group
19,800
1,942
Total
Japan
(Cost
$22,584
)
30,392
NETHERLANDS
2.1%
Common
Stocks
2.1%
Adyen (1)
2,789
3,498
Argenx,
ADR
(USD) (1)(4)
7,870
2,995
ASM
International
3,993
2,213
ASML
Holding
(USD)
8,854
7,701
BE
Semiconductor
Industries
30,135
4,529
Total
Netherlands
(Cost
$11,178
)
20,936
T.
ROWE
PRICE
Global
Growth
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
NIGERIA
0.0%
Common
Stocks
0.0%
Nestle
Nigeria
461,084
421
Total
Nigeria
(Cost
$980
)
421
PERU
0.7%
Common
Stocks
0.7%
InRetail
Peru
(USD)
200,102
7,104
Total
Peru
(Cost
$4,671
)
7,104
PHILIPPINES
2.5%
Common
Stocks
2.5%
BDO
Unibank
4,664,627
12,008
Jollibee
Foods
1,104,820
4,984
SM
Investments
438,276
6,997
Universal
Robina
841,980
1,670
Total
Philippines
(Cost
$22,195
)
25,659
PORTUGAL
0.5%
Common
Stocks
0.5%
Galp
Energia
328,678
5,174
Total
Portugal
(Cost
$4,573
)
5,174
SINGAPORE
0.3%
Common
Stocks
0.3%
Sea,
ADR
(USD) (1)
70,940
2,706
Total
Singapore
(Cost
$1,840
)
2,706
SOUTH
AFRICA
0.1%
Common
Stocks
0.1%
Naspers,
Class
N
4,214
707
Total
South
Africa
(Cost
$590
)
707
T.
ROWE
PRICE
Global
Growth
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
KOREA
0.5%
Common
Stocks
0.5%
LG
Chem
5,673
1,840
Samsung
Electronics
62,571
3,400
Total
South
Korea
(Cost
$4,700
)
5,240
SPAIN
0.3%
Common
Stocks
0.3%
Amadeus
IT
Group
46,067
3,228
Total
Spain
(Cost
$2,565
)
3,228
SWEDEN
0.8%
Common
Stocks
0.8%
Assa
Abloy,
Class
B
72,809
1,997
Boliden
95,533
2,536
Hexagon,
Class
B
175,240
1,912
Svenska
Cellulosa,
Class
B
114,905
1,564
Total
Sweden
(Cost
$6,442
)
8,009
SWITZERLAND
0.2%
Common
Stocks
0.2%
Nestle
15,046
1,714
Total
Switzerland
(Cost
$1,785
)
1,714
TAIWAN
1.2%
Common
Stocks
1.2%
Taiwan
Semiconductor
Manufacturing,
ADR
(USD)
106,305
12,008
Total
Taiwan
(Cost
$9,830
)
12,008
UNITED
KINGDOM
3.4%
Common
Stocks
3.1%
Ashtead
Group
36,780
2,405
AstraZeneca,
ADR
(USD) (4)
115,841
7,720
Endava,
ADR
(USD) (1)(4)
23,055
1,632
Experian
137,317
5,715
InterContinental
Hotels
Group
17,887
1,695
T.
ROWE
PRICE
Global
Growth
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
London
Stock
Exchange
Group
40,111
4,537
Rentokil
Initial
676,767
3,485
Snyk,
Acquisition
Date:
9/3/21,
Cost $1,444
(USD) (1)(2)(3)
100,647
1,022
Unilever,
ADR
(USD) (4)
60,549
2,948
31,159
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
1,741
3,455
Total
United
Kingdom
(Cost
$29,331
)
34,614
UNITED
STATES
62.8%
Common
Stocks
59.5%
Accenture,
Class
A
9,180
3,340
Adobe (1)
2,707
1,672
Advanced
Micro
Devices (1)
47,069
7,893
Alphabet,
Class
C (1)
190,874
27,066
Amazon.com (1)
193,406
30,017
American
International
Group
115,045
7,997
Amphenol,
Class
A
79,665
8,054
Apollo
Global
Management (4)
56,648
5,687
Apple
190,652
35,156
Ares
Management,
Class
A
28,069
3,410
Atlassian,
Class
A (1)
11,733
2,931
AvalonBay
Communities,
REIT
18,895
3,382
Bank
of
America (4)
57,345
1,950
Boeing (1)
20,611
4,350
Booz
Allen
Hamilton
Holding
24,560
3,457
Canva,
Acquisition
Date:
8/16/21
-
12/22/21,
Cost $3,134 (1)(2)
(3)
1,839
1,962
CF
Industries
Holdings
46,450
3,507
Charles
Schwab
211,250
13,292
Chubb
24,668
6,044
Cigna
Group
32,630
9,820
Citigroup
105,517
5,927
Colgate-Palmolive
64,135
5,400
Confluent,
Class
A (1)
40,588
908
ConocoPhillips
46,900
5,247
Constellation
Brands,
Class
A
12,627
3,095
Constellation
Energy (4)
54,666
6,669
Coupang (1)
215,705
3,020
CSX
164,145
5,860
T.
ROWE
PRICE
Global
Growth
Stock
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
Danaher
10,280
2,466
Elevance
Health
4,607
2,273
Eli
Lilly
30,342
19,589
EOG
Resources
36,690
4,175
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $4,316 (1)(2)(3)
7,021
3,305
EQT
196,609
6,960
FedEx
7,772
1,875
Fifth
Third
Bancorp
199,745
6,839
Fiserv (1)
72,273
10,253
Freeport-McMoRan
177,129
7,030
General
Electric
55,191
7,308
Hubbell
7,782
2,611
HubSpot (1)
5,466
3,340
Huntington
Bancshares
185,745
2,365
IDEX (4)
12,827
2,713
Intuit (4)
4,963
3,133
Intuitive
Surgical (1)
20,422
7,724
JPMorgan
Chase
35,455
6,182
KKR
27,051
2,342
Las
Vegas
Sands (4)
78,723
3,851
Liberty
Media
Corp-Liberty
Formula
One,
Class
C (1)
32,615
2,193
Linde
31,428
12,723
LPL
Financial
Holdings
18,079
4,324
Magic
Leap,
Class
A,
Acquisition
Date:
10/12/17,
Cost $1,153 (1)(2)(3)
2,372
11
Marsh
&
McLennan
26,079
5,055
Mastercard,
Class
A (4)
18,958
8,517
McKesson
17,832
8,914
Meta
Platforms,
Class
A (1)
26,165
10,208
MetLife
93,435
6,477
Microsoft (4)
117,865
46,861
MongoDB (1)(4)
4,612
1,847
Netflix (1)
12,985
7,325
NVIDIA
58,653
36,087
Old
Dominion
Freight
Line (4)
6,207
2,427
Paylocity
Holding (1)(4)
33,017
5,230
Procter
&
Gamble
32,297
5,075
Rivian
Automotive,
Class
A (1)(4)
230,783
3,533
Roper
Technologies
35,233
18,920
Salesforce (1)
32,269
9,071
Schlumberger
178,408
8,689
ServiceNow (1)
9,399
7,194
Steel
Dynamics
12,800
1,545
Stripe,
Class
B,
Acquisition
Date:
12/17/19
-
5/18/21,
Cost $859 (1)(2)(3)
32,874
734
T.
ROWE
PRICE
Global
Growth
Stock
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
Stryker
29,495
9,895
Synopsys (1)(4)
10,975
5,854
Teledyne
Technologies (1)
9,535
3,990
Tesla (1)
16,870
3,160
Thermo
Fisher
Scientific
9,085
4,897
Tradeweb
Markets,
Class
A
18,450
1,760
Uber
Technologies (1)(4)
108,403
7,076
UnitedHealth
Group
6,738
3,448
Veeva
Systems,
Class
A (1)(4)
9,573
1,986
Vertex
Pharmaceuticals (1)
9,030
3,913
Vulcan
Materials (4)
6,547
1,480
Walmart
34,245
5,659
Waste
Connections
37,157
5,769
Workday,
Class
A (1)
17,366
5,055
Zoetis
22,402
4,207
604,556
Convertible
Preferred
Stocks
3.3%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $150 (1)(2)(3)
88
94
Canva,
Series
A-3,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $17 (1)(2)(3)
10
11
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $1,107 (1)
(2)(3)
15,066
1,107
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $4,528 (1)(2)(3)
344,903
4,652
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
1,811
Rappi,
Series
F,
Acquisition
Date:
7/8/21,
Cost $799 (1)(2)(3)
12,400
282
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $4,001 (1)(2)(3)
84,400
4,029
Redwood
Materials,
Series
D,
Acquisition
Date:
6/2/23,
Cost $1,880 (1)(2)(3)
39,374
1,879
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 $1,562 (1)(2)
(3)
7,659
7,429
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $2,587 (1)
(2)(3)
30,126
1,859
Waymo,
Series
B-2,
Acquisition
Date:
6/11/21,
Cost $209 (1)(2)
(3)
2,283
141
33,187
Total
United
States
(Cost
$428,267
)
637,743
T.
ROWE
PRICE
Global
Growth
Stock
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
VIETNAM
2.7%
Common
Stocks
2.7%
Asia
Commercial
Bank
5,203,300
5,904
FPT
1,839,376
7,678
Masan
Group (1)
1,493,670
3,922
Military
Commercial
Joint
Stock
Bank
7,333,459
7,063
Vietnam
Technological
&
Commercial
Joint
Stock
Bank (1)
2,118,900
3,259
Total
Vietnam
(Cost
$21,576
)
27,826
SHORT-TERM
INVESTMENTS
0.6%
Money
Market
Funds
0.6%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (5)(6)
5,992,564
5,993
Total
Short-Term
Investments
(Cost
$5,993)
5,993
SECURITIES
LENDING
COLLATERAL
3.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
3.5%
Money
Market
Funds
3.5%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (5)(6)
35,271,252
35,271
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
35,271
Total
Securities
Lending
Collateral
(Cost
$35,271)
35,271
Total
Investments
in
Securities
103.7%
(Cost
$763,644)
$
1,052,531
Other
Assets
Less
Liabilities
(3.7)%
(37,400)
Net
Assets
100.0%
$
1,015,131
T.
ROWE
PRICE
Global
Growth
Stock
Fund
11
‡
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)
Level
3
in
fair
value
hierarchy.
(3)
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
$52,371
and
represents
5.2%
of
net
assets.
(4)
All
or
a
portion
of
this
security
is
on
loan
at
January
31,
2024.
(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
three
months
ended
January
31,
2024.
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,
5.40%
$
—
$
—
$
28++
Totals
$
—#
$
—
$
28+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/23
Purchase
Cost
Sales
Cost
Value
01/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
21,452
¤
¤
$
41,264
Total
$
41,264^
#
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
$28
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
$41,264.
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
January
31,
2024
(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,
2024.
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,
2024,
totaled $(5,556,000) for
the
period ended
January
31,
2024.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
665,772
$
287,695
$
8,217
$
961,684
Convertible
Preferred
Stocks
—
—
44,154
44,154
Limited
Partnerships
1,294
—
—
1,294
Preferred
Stocks
—
4,135
—
4,135
Short-Term
Investments
5,993
—
—
5,993
Securities
Lending
Collateral
35,271
—
—
35,271
Total
$
708,330
$
291,830
$
52,371
$
1,052,531
($000s)
Beginning
Balance
10/31/23
Gain
(Loss)
During
Period
Total
Sales
Ending
Balance
1/31/24
Investment
in
Securities
Common
Stocks
$
10,547
$
(2,330)
$
—
$
8,217
Convertible
Preferred
Stocks
47,982
(1,442)
(2,386)
44,154
Total
$
58,529
$
(3,772)
$
(2,386)
$
52,371
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
Stocks
$
8,217
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
75%
75%
Decrease
Market
comparable
Relative
value
—#
—#
—#
Enterprise
value
to
sales
multiple
6.4x
6.4x
Increase
Sales
growth
rate
17%
–
35%
21%
Increase
Gross
profit
growth
rate
19%
–
37%
28%
Increase
Projected
enterprise
value
to
sales
multiple
5.0x
–
14.8x
7.1x
Increase
Projected
enterprise
value
to
gross
profit
multiple
8.1x
–
18.9x
10.2x
Increase
Premium
to
public
company
multiples
94%
–
149%
122%
Increase
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
to
public
company
multiples
10%
10%
Decrease
Discount
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$
44,154
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Premium
for
conversion
ratio
rights
—#
—#
—#
Market
comparable
Enterprise
value
to
gross
profit
multiple
5.0x
–
6.0x
5.5x
Increase
Gross
profit
growth
rate
13%
–
37%
24%
Increase
Enterprise
value
to
sales
multiple
1.4x
–
6.4x
2.2x
Increase
Sales
growth
rate
21%
–
35%
24%
Increase
Enterprise
value
to
gross
merchandise
value
0.5x
–
0.6x
0.6x
Increase
Gross
merchandise
value
growth
rate
13%
13%
Increase
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**
Projected
enterprise
value
to
sales
multiple
1.9x
–
14.8x
5.2x
Increase
Projected
enterprise
value
to
gross
profit
multiple
11.0x
–
18.9x
14.7x
Increase
Enterprise
value
to
EBITDA
multiple
14.5x
–
23.1x
18.8x
Increase
EBITDA
growth
rate
68%
68%
Increase
Projected
enterprise
value
to
EBIT
multiple
9.1x
–
12.9x
11.0x
Increase
EBIT
growth
rate
25%
25%
Increase
Premium
to
public
company
multiples
94%
–
149%
122%
Increase
Discount
rate
for
cost
of
capital
30%
30%
Decrease
Discount
for
uncertainty
100%
100%
Decrease
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
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
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
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
01/24