T.
ROWE
PRICE
Global
Growth
Stock
Fund
July
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA 0.9%
Common
Stocks 0.9%
Grupo
Financiero
Galicia,
ADR
(USD)
67,800
1,964
MercadoLibre
(USD) (1)
4,676
7,804
Total
Argentina
(Cost
$5,305)
9,768
AUSTRALIA 0.3%
Common
Stocks 0.3%
BHP
Group
120,092
3,336
Total
Australia
(Cost
$3,397)
3,336
BRAZIL 1.1%
Common
Stocks 1.1%
B3
1,937,900
3,707
NU
Holdings,
Class
A
(USD) (1)
650,910
7,896
Total
Brazil
(Cost
$6,818)
11,603
CANADA 1.8%
Common
Stocks 1.8%
Filo (1)
78,700
1,821
National
Bank
of
Canada
20,823
1,742
Shopify,
Class
A
(USD) (1)
122,860
7,519
West
Fraser
Timber
62,795
5,568
Wheaton
Precious
Metals
(USD)
47,000
2,809
Total
Canada
(Cost
$15,682)
19,459
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
6,693
Total
Cayman
Islands
(Cost
$1,202)
6,693
CHINA 2.2%
Common
Stocks 2.2%
Alibaba
Group
Holding
(HKD)
260,268
2,561
China
Resources
Mixc
Lifestyle
Services
(HKD)
1,716,800
4,813
Kanzhun,
ADR
(USD)
197,410
2,681
PDD
Holdings,
ADR
(USD) (1)
37,724
4,862
T.
ROWE
PRICE
Global
Growth
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Tencent
Holdings
(HKD)
191,000
8,814
Total
China
(Cost
$25,103)
23,731
DENMARK 0.9%
Common
Stocks 0.9%
Novo
Nordisk,
ADR
(USD)
77,664
10,301
Total
Denmark
(Cost
$7,962)
10,301
FRANCE 1.6%
Common
Stocks 1.6%
Airbus
43,082
6,519
Eurofins
Scientific
39,216
2,322
LVMH
Moet
Hennessy
Louis
Vuitton
1,214
856
Sartorius
Stedim
Biotech
16,269
3,246
Schneider
Electric
18,153
4,376
Total
France
(Cost
$14,557)
17,319
GERMANY 2.9%
Common
Stocks 2.8%
Celonis,
Acquisition
Date:
6/17/21,
Cost $664
(USD) (1)(2)(3)
1,795
322
Deutsche
Telekom
186,128
4,869
Hannover
Rueck
15,060
3,739
Infineon
Technologies
124,430
4,323
SAP
40,583
8,580
Siemens
36,354
6,656
Zalando (1)
62,418
1,599
30,088
Convertible
Preferred
Stocks 0.1%
Celonis,
Series
D,
Acquisition
Date:
6/17/21
-
10/4/22,
Cost $2,668
(USD) (1)(2)(3)
7,214
1,294
1,294
Total
Germany
(Cost
$27,085)
31,382
HONG
KONG 0.3%
Common
Stocks 0.3%
AIA
Group
562,600
3,763
Total
Hong
Kong
(Cost
$4,151)
3,763
T.
ROWE
PRICE
Global
Growth
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
INDIA 3.8%
Common
Stocks 3.8%
Astral
112,793
2,953
Axis
Bank
428,457
5,985
Container
Corp.
of
India
222,180
2,770
Godrej
Consumer
Products
217,884
3,757
HDFC
Bank
262,439
5,072
HDFC
Bank,
ADR
(USD)
8,720
523
Kotak
Mahindra
Bank
296,636
6,426
Larsen
&
Toubro
100,138
4,573
Reliance
Industries
140,626
5,070
Think
&
Learn,
Acquisition
Date:
12/23/20
-
1/15/21,
Cost $1,309 (1)(2)(3)
821
—
United
Spirits
142,370
2,408
Zomato (1)
897,506
2,468
42,005
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
—
—
Total
India
(Cost
$35,312)
42,005
INDONESIA 3.6%
Common
Stocks 3.6%
Bank
Central
Asia
16,220,200
10,271
Bank
Mandiri
Persero
24,598,200
9,701
Cisarua
Mountain
Dairy
12,297,300
4,004
Mayora
Indah
18,423,900
2,957
Sumber
Alfaria
Trijaya
71,583,900
12,508
Total
Indonesia
(Cost
$26,554)
39,441
ITALY 0.2%
Common
Stocks 0.2%
PRADA
(HKD)
368,900
2,660
Total
Italy
(Cost
$2,303)
2,660
JAPAN 3.1%
Common
Stocks 3.1%
Calbee
138,800
3,186
T.
ROWE
PRICE
Global
Growth
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Daiichi
Sankyo
131,000
5,335
Keyence
13,700
5,990
Mitsui
170,000
3,945
Mitsui
Fudosan
183,300
1,899
Nippon
Sanso
Holdings
55,500
1,814
Omron
57,200
2,122
Recruit
Holdings
120,500
6,910
Tokyo
Seimitsu
45,200
3,116
Total
Japan
(Cost
$24,025)
34,317
NETHERLANDS 1.5%
Common
Stocks 1.5%
Adyen (1)
2,579
3,155
Argenx,
ADR
(USD) (1)
7,149
3,688
ASM
International
1,281
881
ASML
Holding
(USD)
8,277
7,753
Universal
Music
Group
65,861
1,569
Total
Netherlands
(Cost
$7,698)
17,046
NIGERIA 0.0%
Common
Stocks 0.0%
Nestle
Nigeria (1)
461,084
238
Total
Nigeria
(Cost
$980)
238
PERU 0.5%
Common
Stocks 0.5%
InRetail
Peru
(USD)
200,033
5,881
Total
Peru
(Cost
$4,619)
5,881
PHILIPPINES 2.0%
Common
Stocks 2.0%
Ayala
386,260
3,885
BDO
Unibank
3,726,177
8,765
Jollibee
Foods
372,660
1,471
SM
Investments
488,976
7,621
Total
Philippines
(Cost
$19,640)
21,742
T.
ROWE
PRICE
Global
Growth
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
PORTUGAL 0.8%
Common
Stocks 0.8%
Galp
Energia
416,130
8,750
Total
Portugal
(Cost
$6,207)
8,750
SAUDI
ARABIA 0.4%
Common
Stocks 0.4%
Al
Rajhi
Bank
172,862
3,941
Total
Saudi
Arabia
(Cost
$3,794)
3,941
SINGAPORE 0.4%
Common
Stocks 0.4%
Sea,
ADR
(USD) (1)
65,660
4,314
Total
Singapore
(Cost
$1,530)
4,314
SOUTH
AFRICA 0.1%
Common
Stocks 0.1%
Naspers,
Class
N
4,085
790
Total
South
Africa
(Cost
$571)
790
SOUTH
KOREA 1.0%
Common
Stocks 1.0%
LG
Chem
4,071
916
Samsung
Electronics
116,119
7,160
SK
Hynix
22,541
3,233
Total
South
Korea
(Cost
$9,857)
11,309
SPAIN 0.2%
Common
Stocks 0.2%
Amadeus
IT
Group
36,747
2,420
Total
Spain
(Cost
$2,013)
2,420
SWEDEN 0.2%
Common
Stocks 0.2%
Hexagon,
Class
B
172,548
1,757
Total
Sweden
(Cost
$870)
1,757
T.
ROWE
PRICE
Global
Growth
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
SWITZERLAND 0.1%
Common
Stocks 0.1%
Nestle
16,853
1,707
Total
Switzerland
(Cost
$1,853)
1,707
TAIWAN 1.4%
Common
Stocks 1.4%
Taiwan
Semiconductor
Manufacturing
338,000
9,860
Taiwan
Semiconductor
Manufacturing,
ADR
(USD)
35,005
5,804
Total
Taiwan
(Cost
$11,550)
15,664
UNITED
KINGDOM 3.5%
Common
Stocks 3.2%
Anglo
American
39,038
1,183
AstraZeneca,
ADR
(USD)
134,742
10,665
Endava,
ADR
(USD) (1)
88,855
2,831
Experian
99,863
4,712
London
Stock
Exchange
Group
40,852
4,973
Rentokil
Initial
447,720
2,734
Snyk,
Acquisition
Date:
9/3/21,
Cost $1,444
(USD) (1)(2)(3)
100,647
976
Unilever,
ADR
(USD)
117,072
7,188
35,262
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
1,636
Yulife
Holdings,
Series
C,
Acquisition
Date:
10/11/22,
Cost $1,523 (1)(2)(3)
77,036
1,202
2,838
Total
United
Kingdom
(Cost
$32,507)
38,100
UNITED
STATES 60.9%
Common
Stocks 57.4%
Advanced
Micro
Devices (1)
38,416
5,550
Airbnb,
Class
A (1)
14,400
2,010
Alphabet,
Class
C
141,672
24,530
Amazon.com (1)
184,717
34,538
American
International
Group
70,307
5,570
Amphenol,
Class
A
123,492
7,936
Apollo
Global
Management
33,656
4,217
T.
ROWE
PRICE
Global
Growth
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
Apple
222,897
49,501
Ares
Management,
Class
A
31,779
4,869
Atlassian,
Class
A (1)
11,368
2,007
AvalonBay
Communities,
REIT
2,056
421
Bank
of
America
132,306
5,333
Booz
Allen
Hamilton
Holding
22,516
3,227
Canva,
Acquisition
Date:
8/16/21
-
12/22/21,
Cost $3,134 (1)
(2)(3)
1,839
1,962
CF
Industries
Holdings
47,335
3,616
Charles
Schwab
125,494
8,181
Chubb
24,403
6,727
Cigna
Group
23,921
8,340
Citigroup
150,117
9,740
Colgate-Palmolive
39,434
3,911
ConocoPhillips
70,970
7,892
Constellation
Energy
25,747
4,887
Coupang (1)
117,298
2,434
CSX
150,479
5,282
Danaher
22,365
6,197
Elevance
Health
6,610
3,517
Eli
Lilly
22,779
18,320
EOG
Resources
39,638
5,026
Epic
Games,
Acquisition
Date:
6/18/20,
Cost $3,100 (1)(2)(3)
5,386
3,249
EQT
238,909
8,245
FedEx
9,030
2,729
Fifth
Third
Bancorp
151,866
6,430
Fiserv (1)
68,048
11,131
Freeport-McMoRan
124,079
5,634
General
Electric
44,358
7,550
Hubbell
12,682
5,018
HubSpot (1)
9,895
4,918
Huntington
Bancshares
383,214
5,729
IDEX
7,074
1,475
Intuit
3,411
2,208
Intuitive
Surgical (1)
22,085
9,819
JPMorgan
Chase
15,684
3,338
Kenvue
101,684
1,880
KKR
45,853
5,661
Las
Vegas
Sands
25,265
1,002
Linde
24,755
11,226
LPL
Financial
Holdings
5,724
1,268
Magic
Leap,
Class
A,
Acquisition
Date:
10/12/17,
Cost $1,153 (1)(2)(3)
2,372
—
Marriott
International,
Class
A
8,400
1,909
T.
ROWE
PRICE
Global
Growth
Stock
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
Marsh
&
McLennan
25,944
5,774
Martin
Marietta
Materials
3,100
1,839
Mastercard,
Class
A
19,263
8,932
McKesson
16,454
10,152
Meta
Platforms,
Class
A
42,165
20,021
MetLife
61,364
4,716
Microsoft
109,596
45,849
MongoDB (1)
5,770
1,456
Netflix (1)
12,752
8,013
NVIDIA
377,310
44,153
Old
Dominion
Freight
Line
21,028
4,420
Pinterest,
Class
A (1)
42,900
1,371
Procter
&
Gamble
46,639
7,498
Reliance
7,800
2,376
Rivian
Automotive,
Class
A (1)(4)
79,694
1,308
Roper
Technologies
34,742
18,926
Salesforce
20,794
5,381
Samsara,
Class
A (1)
122,200
4,678
Schlumberger
115,981
5,601
ServiceNow (1)
8,106
6,601
Steel
Dynamics
28,912
3,852
Stripe,
Class
B,
Acquisition
Date:
12/17/19
-
5/18/21,
Cost $859 (1)(2)(3)
32,874
855
Stryker
30,706
10,055
Synopsys (1)
13,142
7,337
Targa
Resources
25,000
3,382
Teledyne
Technologies (1)
9,544
4,026
Tesla (1)
19,158
4,446
Thermo
Fisher
Scientific
10,203
6,258
Tradeweb
Markets,
Class
A
48,906
5,462
Uber
Technologies (1)
58,462
3,769
UnitedHealth
Group
9,433
5,435
Veeva
Systems,
Class
A (1)
3,676
705
Vertex
Pharmaceuticals (1)
6,749
3,346
Vertiv
Holdings,
Class
A
11,100
874
Walmart
94,623
6,495
Waste
Connections
34,091
6,060
Workday,
Class
A (1)
10,733
2,438
Zoetis
7,499
1,350
631,370
Convertible
Preferred
Stocks 3.5%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $150 (1)(2)(3)
88
94
T.
ROWE
PRICE
Global
Growth
Stock
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
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
1,316
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $4,528 (1)(2)(3)
344,903
3,383
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
4,348
Redwood
Materials,
Series
D,
Acquisition
Date:
6/2/23,
Cost $1,880 (1)(2)(3)
39,374
2,029
SB
Technology,
Series
D,
Acquisition
Date:
12/10/21,
Cost $5,863 (1)(2)(3)
621,837
10,459
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $846 (1)(2)
(3)
20,496
401
SpaceX,
Series
K,
Acquisition
Date:
5/21/19,
Cost $1,562 (1)
(2)(3)
7,659
8,578
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
38,326
Total
United
States
(Cost
$402,143)
669,696
VIETNAM 3.4%
Common
Stocks 3.4%
Asia
Commercial
Bank
8,469,865
8,660
Bank
for
Foreign
Trade
of
Vietnam (1)
716,400
2,532
FPT
1,854,997
9,469
Masan
Group (1)
458,670
1,349
Military
Commercial
Joint
Stock
Bank
8,582,959
8,894
Phu
Nhuan
Jewelry
964,300
3,855
Vietnam
Technological
&
Commercial
Joint
Stock
Bank
2,408,300
2,220
Total
Vietnam
(Cost
$26,928)
36,979
SHORT-TERM
INVESTMENTS 0.6%
Money
Market
Funds 0.6%
T.
Rowe
Price
Government
Reserve
Fund,
5.36% (5)(6)
6,171,041
6,171
Total
Short-Term
Investments
(Cost
$6,171)
6,171
T.
ROWE
PRICE
Global
Growth
Stock
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL 0.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.0%
Money
Market
Funds 0.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.36% (5)(6)
264,025
264
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
264
Total
Securities
Lending
Collateral
(Cost
$264)
264
Total
Investments
in
Securities
100.3%
(Cost
$738,651)
$
1,102,547
Other
Assets
Less
Liabilities
(0.3)%
(3,725)
Net
Assets
100.0%
$
1,098,822
‡
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
$56,515
and
represents
5.1%
of
net
assets.
(4)
All
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
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
11
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,
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,
5.36%
$
—
$
—
$
76++
Totals
$
—#
$
—
$
76+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/23
Purchase
Cost
Sales
Cost
Value
07/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.36%
$
21,452
¤
¤
$
6,435
Total
$
6,435^
#
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
$76
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
$6,435.
T.
ROWE
PRICE
Global
Growth
Stock
Fund
Unaudited
Notes
to
Portfolio
of
Investments
12
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
13
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
T.
ROWE
PRICE
Global
Growth
Stock
Fund
14
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.
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
15
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
July
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
July
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
July
31,
2024,
totaled $551,000 for
the
period ended
July
31,
2024.
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
713,906
$
325,691
$
7,364
$
1,046,961
Convertible
Preferred
Stocks
—
—
49,151
49,151
Short-Term
Investments
6,171
—
—
6,171
Securities
Lending
Collateral
264
—
—
264
Total
$
720,341
$
325,691
$
56,515
$
1,102,547
($000s)
Beginning
Balance
10/31/23
Gain
(Loss)
During
Period
Total
Sales
Ending
Balance
7/31/24
Investment
in
Securities
Common
Stocks
$
10,547
$
(1,728)
$
(1,455)
$
7,364
Convertible
Preferred
Stocks
47,982
3,554
(2,385)
49,151
Total
$
58,529
$
1,826
$
(3,840)
$
56,515
T.
ROWE
PRICE
Global
Growth
Stock
Fund
16
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
$
7,364
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
100%
100%
Decrease
Market
comparable
Enterprise
value
to
sales
multiple
5.6x
-
6.4x
6.0x
Increase
Projected
enterprise
value
to
sales
multiple
9.6x
-
14.0x
13.2x
Increase
Sales
growth
rate
15%
-
17%
16%
Increase
Enterprise
value
to
gross
profit
multiple
7.9x
-
9.0x
8.5x
Increase
Projected
enterprise
value
to
gross
profit
multiple
11.9x
-
17.4x
16.3x
Increase
Gross
profit
growth
rate
18%
-
19%
18%
Increase
Premium
to
public
company
multiples
48%
-
49%
49%
Increase
Discount
for
uncertainty
100%
100%
Decrease
T.
ROWE
PRICE
Global
Growth
Stock
Fund
17
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
Convertible
Preferred
Stocks
$
49,151
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Conversion
ratio
-#
-#
-#
Market
comparable
Enterprise
value
to
gross
profit
multiple
5.0x
-
20.1x
10.4x
Increase
Projected
enterprise
value
to
gross
profit
multiple
11.9x
-
21.0x
19.8x
Increase
Gross
profit
growth
rate
13%
-
55%
26%
Increase
Enterprise
value
to
sales
multiple
1.9x
-
15.4x
4.9x
Increase
Projected
enterprise
value
to
sales
multiple
2.6x
-
15.5x
10.2x
Increase
Sales
growth
rate
17%
-
55%
28%
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
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**
Enterprise
value
to
EBITDA
multiple
14.5x
-
23.1x
18.8x
Increase
Projected
enterprise
value
to
EBITDA
multiple
9.6x
-
25.0x
18.8x
Increase
EBITDA
growth
rate
68%
68%
Increase
Enterprise
value
to
EBIT
multiple
8.4x
-
11.0x
10.1x
Increase
EBIT
growth
rate
26%
26%
Increase
Premium
to
public
company
multiples
15%
-
49%
29%
Increase
Discount
to
public
company
multiples
25%
25%
Decrease
Discount
rate
for
cost
of
capital
25%
-
30%
26%
Decrease
Discount
for
uncertainty
10%
-
100%
35%
Decrease
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.
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
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
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
F174-054Q3
07/24
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