NPORT-EX 2 70AETRPGlobalGrthStockFd.htm
T.
ROWE
PRICE
Global
Growth
Stock
Fund
January
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
0.4%
Common
Stocks
0.4%
MercadoLibre
(USD)
(1)
3,640‌
6,477‌
Total
Argentina
(Cost
$715
)
6,477‌
BRAZIL
1.5%
Common
Stocks
1.5%
Magazine
Luiza
1,098,416‌
5,043‌
Rede
D'Or
Sao
Luiz
350,501‌
4,183‌
StoneCo,
Class
A
(USD)
(1)
81,101‌
5,831‌
XP,
Class
A
(USD)
(1)
170,014‌
7,420‌
Total
Brazil
(Cost
$13,668
)
22,477‌
CANADA
2.1%
Common
Stocks
2.1%
Brookfield
Asset
Management,
Class
A
(USD)
330,899‌
12,852‌
Shopify,
Class
A
(USD)
(1)
8,623‌
9,473‌
Sun
Life
Financial
(USD)
203,666‌
9,422‌
Total
Canada
(Cost
$21,733
)
31,747‌
CAYMAN
ISLANDS
0.4%
Common
Stocks
0.2%
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost
$2,115
(USD)
(1)(2)(3)
377,026‌
3,043‌
3,043‌
Convertible
Preferred
Stocks
0.2%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost
$1,291
(USD)
(1)(2)(3)
26,185‌
2,869‌
2,869‌
Total
Cayman
Islands
(Cost
$3,406
)
5,912‌
CHINA
7.5%
Common
Stocks
6.6%
Alibaba
Group
Holding,
ADR
(USD)
(1)
104,040‌
26,409‌
Alibaba
Health
Information
Technology
(HKD)
(1)
2,044,000‌
6,372‌
China
Resources
Beer
Holdings
(HKD)
692,000‌
6,101‌
T.
ROWE
PRICE
Global
Growth
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
China
Resources
Mixc
Lifestyle
Services
(HKD)
(1)
1,245,600‌
6,555‌
GDS
Holdings,
Class
A
(HKD)
(1)
536,277‌
6,889‌
JD
Health
International
(HKD)
(1)
180,550‌
3,554‌
JD.com,
ADR
(USD)
(1)
85,640‌
7,595‌
KE
Holdings,
ADR
(USD)
(1)
32,134‌
1,899‌
Kuaishou
Technology
(HKD)
(1)
25,400‌
377‌
MINISO
Group
Holding,
ADR
(USD)
(1)(4)
201,659‌
6,352‌
Tencent
Holdings
(HKD)
171,400‌
15,272‌
Wuxi
Biologics
Cayman
(HKD)
(1)
385,000‌
5,391‌
Yatsen
Holding,
ADR
(USD)
(1)
355,522‌
6,823‌
99,589‌
Common
Stocks
-
China
A
Shares
0.9%
Gree
Electric
Appliances
of
Zhuhai,
A
Shares
(CNH)
582,480‌
5,050‌
NARI
Technology,
A
Shares
(CNH)
1,976,000‌
8,962‌
14,012‌
Total
China
(Cost
$78,518
)
113,601‌
DENMARK
0.3%
Common
Stocks
0.3%
Genmab,
ADR
(USD)
(1)
129,700‌
5,147‌
Total
Denmark
(Cost
$5,668
)
5,147‌
FRANCE
1.2%
Common
Stocks
1.2%
EssilorLuxottica
47,210‌
6,678‌
Eurofins
Scientific
(1)
114,182‌
10,960‌
Total
France
(Cost
$11,885
)
17,638‌
GERMANY
7.1%
Common
Stocks
6.6%
Delivery
Hero
(1)
66,348‌
10,077‌
Evotec
(1)(4)
561,164‌
22,059‌
flatexDEGIRO
(1)
67,290‌
6,217‌
Infineon
Technologies
307,334‌
12,313‌
Shop
Apotheke
Europe
(1)
33,973‌
7,931‌
Siemens
58,935‌
9,132‌
Symrise
87,175‌
10,848‌
TeamViewer
(1)
111,162‌
5,749‌
T.
ROWE
PRICE
Global
Growth
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Zalando
(1)
131,470‌
15,075‌
99,401‌
Preferred
Stocks
0.5%
Sartorius
(5)
14,317‌
7,117‌
7,117‌
Total
Germany
(Cost
$67,936
)
106,518‌
HONG
KONG
0.8%
Common
Stocks
0.8%
AIA
Group
686,200‌
8,273‌
Galaxy
Entertainment
Group
545,000‌
4,112‌
Total
Hong
Kong
(Cost
$9,486
)
12,385‌
INDIA
4.5%
Common
Stocks
4.4%
Axis
Bank
(1)
641,450‌
5,844‌
Britannia
Industries
81,614‌
3,915‌
Godrej
Consumer
Products
359,065‌
3,683‌
Havells
India
423,393‌
6,050‌
HDFC
Asset
Management
80,138‌
3,164‌
HDFC
Bank
(1)
350,612‌
6,693‌
HDFC
Bank,
ADR
(USD)
(1)
97,888‌
7,058‌
Housing
Development
Finance
171,799‌
5,587‌
Kotak
Mahindra
Bank
(1)
509,842‌
11,926‌
One97
Communications,
Acquisition
Date:
12/3/19,
Cost
$1,563
(USD)
(1)(2)(3)
6,139‌
1,565‌
Pidilite
Industries
168,742‌
3,888‌
Think
&
Learn,
Acquisition
Date:
12/23/20
-
1/15/21,
Cost
$1,309
(1)(2)(3)
821‌
1,454‌
United
Spirits
(1)
639,458‌
5,069‌
65,896‌
Convertible
Preferred
Stocks
0.1%
Think
&
Learn,
Series
F,
Acquisition
Date:
12/23/20,
Cost
$1,644
(1)(2)(3)
511‌
1,662‌
1,662‌
Total
India
(Cost
$49,505
)
67,558‌
T.
ROWE
PRICE
Global
Growth
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
INDONESIA
1.3%
Common
Stocks
1.3%
Bank
Central
Asia
4,110,100‌
9,885‌
Kalbe
Farma
22,600,600‌
2,356‌
Sumber
Alfaria
Trijaya
77,265,500‌
4,293‌
Unilever
Indonesia
5,577,900‌
2,748‌
Total
Indonesia
(Cost
$15,385
)
19,282‌
ITALY
0.4%
Common
Stocks
0.4%
DiaSorin
29,496‌
6,450‌
Total
Italy
(Cost
$5,814
)
6,450‌
JAPAN
1.5%
Common
Stocks
1.5%
Daiichi
Sankyo
86,300‌
2,778‌
FANUC
8,300‌
2,167‌
Keyence
14,900‌
8,000‌
Recruit
Holdings
97,300‌
4,232‌
Sumitomo
Metal
Mining
118,000‌
5,116‌
Total
Japan
(Cost
$12,578
)
22,293‌
NETHERLANDS
1.7%
Common
Stocks
1.7%
Adyen
(1)
3,007‌
6,282‌
Argenx,
ADR
(USD)
(1)
17,406‌
5,100‌
ASML
Holding
(USD)
15,078‌
8,054‌
Koninklijke
DSM
35,793‌
6,257‌
Total
Netherlands
(Cost
$12,071
)
25,693‌
NIGERIA
0.1%
Common
Stocks
0.1%
Nestle
Nigeria
517,381‌
1,970‌
Total
Nigeria
(Cost
$1,876
)
1,970‌
T.
ROWE
PRICE
Global
Growth
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
PERU
0.7%
Common
Stocks
0.7%
Credicorp
(USD)
25,346‌
3,810‌
InRetail
Peru
(USD)
175,293‌
7,363‌
Total
Peru
(Cost
$7,126
)
11,173‌
PHILIPPINES
1.4%
Common
Stocks
1.4%
Ayala
Land
4,770,800‌
3,727‌
BDO
Unibank
1,919,223‌
4,008‌
Jollibee
Foods
714,980‌
2,636‌
SM
Investments
351,441‌
7,187‌
Universal
Robina
1,484,420‌
4,165‌
Total
Philippines
(Cost
$21,249
)
21,723‌
PORTUGAL
0.2%
Common
Stocks
0.2%
Galp
Energia
302,771‌
3,039‌
Total
Portugal
(Cost
$3,438
)
3,039‌
SINGAPORE
1.1%
Common
Stocks
1.1%
Sea,
ADR
(USD)
(1)
72,968‌
15,813‌
Total
Singapore
(Cost
$1,306
)
15,813‌
SOUTH
AFRICA
0.4%
Common
Stocks
0.4%
Naspers,
N
Shares
23,728‌
5,489‌
Total
South
Africa
(Cost
$3,989
)
5,489‌
SOUTH
KOREA
0.5%
Common
Stocks
0.5%
Samsung
Electronics
93,894‌
6,864‌
Total
South
Korea
(Cost
$3,778
)
6,864‌
T.
ROWE
PRICE
Global
Growth
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
SWEDEN
0.9%
Common
Stocks
0.9%
Assa
Abloy,
B
Shares
311,982‌
7,716‌
Hexagon,
B
Shares
70,697‌
6,161‌
Total
Sweden
(Cost
$9,462
)
13,877‌
SWITZERLAND
2.2%
Common
Stocks
2.2%
Julius
Baer
Group
82,131‌
4,969‌
Lonza
Group
15,190‌
9,702‌
Partners
Group
Holding
5,494‌
6,487‌
Temenos
28,733‌
3,628‌
Zurich
Insurance
Group
22,062‌
8,822‌
Total
Switzerland
(Cost
$26,910
)
33,608‌
TAIWAN
0.4%
Common
Stocks
0.4%
Taiwan
Semiconductor
Manufacturing,
ADR
(USD)
54,200‌
6,586‌
Total
Taiwan
(Cost
$6,727
)
6,586‌
UNITED
KINGDOM
7.3%
Common
Stocks
7.3%
Ashtead
Group
130,100‌
6,529‌
ASOS
(1)
113,360‌
6,926‌
AstraZeneca,
ADR
(USD)
(4)
184,065‌
9,314‌
boohoo
Group
(1)(4)
1,857,312‌
8,586‌
Derwent
London
115,947‌
5,019‌
Experian
239,452‌
8,370‌
Farfetch,
Class
A
(USD)
(1)
146,697‌
8,984‌
HomeServe
371,713‌
5,299‌
London
Stock
Exchange
Group
72,925‌
8,657‌
Mondi
170,833‌
4,023‌
Next
(1)
52,002‌
5,490‌
Ocado
Group
(1)
251,007‌
9,528‌
Rentokil
Initial
(1)
924,981‌
6,278‌
THG
(1)
813,204‌
8,033‌
T.
ROWE
PRICE
Global
Growth
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
Unilever
168,579‌
9,821‌
Total
United
Kingdom
(Cost
$82,058
)
110,857‌
UNITED
STATES
53.2%
Common
Stocks
51.0%
Agilent
Technologies
35,111‌
4,219‌
Alnylam
Pharmaceuticals
(1)
22,884‌
3,444‌
Alphabet,
Class
C
(1)
18,120‌
33,264‌
Amazon.com
(1)
14,991‌
48,064‌
American
Campus
Communities,
REIT
98,194‌
4,042‌
Amphenol,
Class
A
43,603‌
5,445‌
Apple
143,632‌
18,954‌
Atlassian,
Class
A
(1)
37,475‌
8,662‌
Avalara
(1)
33,018‌
4,953‌
AvalonBay
Communities,
REIT
56,100‌
9,182‌
Charles
Schwab
268,118‌
13,819‌
Chart
Industries
(1)
45,900‌
5,513‌
Chubb
59,018‌
8,597‌
Cigna
57,885‌
12,564‌
Clorox
39,900‌
8,357‌
Colgate-Palmolive
75,450‌
5,885‌
CoStar
Group
(1)
5,212‌
4,689‌
Coupa
Software
(1)
18,052‌
5,594‌
Crowdstrike
Holdings,
Class
A
(1)
26,519‌
5,723‌
Danaher
53,205‌
12,654‌
Datadog,
Class
A
(1)
61,464‌
6,315‌
DocuSign
(1)
23,275‌
5,420‌
DoorDash,
Class
A
(1)(4)
30,542‌
5,903‌
Eli
Lilly
&
Company
53,600‌
11,147‌
EOG
Resources
85,913‌
4,378‌
EPAM
Systems
(1)
17,800‌
6,131‌
Epic
Games,
Acquisition
Date:
6/18/20,
Cost
$3,528
(1)(2)(3)
6,136‌
3,528‌
Estee
Lauder,
Class
A
22,890‌
5,417‌
Etsy
(1)
59,629‌
11,871‌
Facebook,
Class
A
(1)
88,368‌
22,828‌
FedEx
45,300‌
10,661‌
Fifth
Third
Bancorp
188,772‌
5,461‌
Fiserv
(1)
119,992‌
12,322‌
General
Electric
954,587‌
10,195‌
Global
Payments
68,800‌
12,145‌
Goldman
Sachs
Group
61,987‌
16,809‌
HCA
Healthcare
36,969‌
6,007‌
IDEX
35,900‌
6,684‌
Incyte
(1)
55,482‌
4,979‌
T.
ROWE
PRICE
Global
Growth
Stock
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
International
Paper
76,775‌
3,863‌
Intuit
31,613‌
11,420‌
Intuitive
Surgical
(1)
10,478‌
7,834‌
KKR
258,706‌
10,077‌
Linde
35,488‌
8,709‌
MarketAxess
Holdings
3,521‌
1,904‌
Marsh
&
McLennan
86,601‌
9,518‌
Microsoft
60,064‌
13,932‌
MongoDB
(1)
11,100‌
4,103‌
Morgan
Stanley
245,163‌
16,438‌
Netflix
(1)
19,039‌
10,136‌
NextEra
Energy
186,096‌
15,050‌
NVIDIA
5,800‌
3,014‌
Okta
(1)
21,853‌
5,660‌
Packaging
Corp.
of
America
51,100‌
6,871‌
Paycom
Software
(1)
11,876‌
4,510‌
PayPal
Holdings
(1)
25,924‌
6,074‌
Peloton
Interactive,
Class
A
(1)
36,200‌
5,290‌
PPD
(1)
242,234‌
7,790‌
Quidel
(1)
39,798‌
9,988‌
Roper
Technologies
37,298‌
14,655‌
salesforce.com
(1)
51,599‌
11,639‌
Sempra
Energy
95,938‌
11,873‌
ServiceNow
(1)
17,312‌
9,403‌
Snap,
Class
A
(1)
176,402‌
9,339‌
Snowflake,
Class
A
(1)
13,567‌
3,696‌
Splunk
(1)
38,940‌
6,426‌
Stripe,
Class
B,
Acquisition
Date:
12/17/19,
Cost
$296
(1)(2)(3)
18,846‌
296‌
Stryker
32,868‌
7,264‌
Teladoc
Health
(1)
24,610‌
6,493‌
Teledyne
Technologies
(1)
23,013‌
8,216‌
Tesla
(1)
6,545‌
5,194‌
Thermo
Fisher
Scientific
12,589‌
6,417‌
Tradeweb
Markets,
Class
A
99,362‌
6,040‌
Trimble
(1)
102,900‌
6,782‌
Uipath,
Acquisition
Date:
12/11/20,
Cost
$241
(1)(2)(3)
8,269‌
515‌
UnitedHealth
Group
22,544‌
7,520‌
Veeva
Systems,
Class
A
(1)
27,080‌
7,486‌
Vertex
Pharmaceuticals
(1)
33,419‌
7,656‌
Visa,
Class
A
58,823‌
11,367‌
Waste
Connections
92,322‌
9,095‌
Wayfair,
Class
A
(1)(4)
36,000‌
9,803‌
Wells
Fargo
426,261‌
12,737‌
Welltower,
REIT
74,900‌
4,539‌
Weyerhaeuser,
REIT
156,791‌
4,890‌
Wix.com
(1)
18,552‌
4,583‌
T.
ROWE
PRICE
Global
Growth
Stock
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
Workday,
Class
A
(1)
28,923‌
6,581‌
Zendesk
(1)
30,329‌
4,375‌
Zoom
Video
Communications,
Class
A
(1)
29,200‌
10,864‌
769,750‌
Convertible
Preferred
Stocks
2.2%
Aurora
Innovation,
Series
B,
Acquisition
Date:
3/1/19,
Cost
$605
(1)(2)(3)
65,500‌
1,287‌
Magic
Leap,
Series
D,
Acquisition
Date:
10/12/17,
Cost
$1,153
(1)(2)(3)
42,712‌
115‌
Rappi,
Series
E,
Acquisition
Date:
9/8/20,
Cost
$4,762
(1)(2)(3)
79,700‌
4,762‌
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost
$5,756
(1)(2)(3)
371,582‌
13,693‌
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost
$3,561
(1)(2)(3)
96,627‌
3,561‌
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost
$846
(1)(2)(3)
20,496‌
846‌
SpaceX,
Series
K,
Acquisition
Date:
5/21/19,
Cost
$2,163
(1)(2)
(3)
10,605‌
2,863‌
Uipath,
Series
D-1,
Acquisition
Date:
4/26/19,
Cost
$753
(1)(2)(3)
57,435‌
3,577‌
Uipath,
Series
D-2,
Acquisition
Date:
4/26/19,
Cost
$126
(1)(2)(3)
9,645‌
601‌
Uipath,
Series
E,
Acquisition
Date:
7/9/20,
Cost
$27
(1)(2)(3)
1,435‌
89‌
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost
$2,587
(1)(2)
(3)
30,126‌
2,587‌
33,981‌
Total
United
States
(Cost
$559,257
)
803,731‌
VIETNAM
0.8%
Common
Stocks
0.8%
Masan
Group
1,964,175‌
7,256‌
Military
Commercial
Joint
Stock
Bank
(1)
3,943,261‌
3,996‌
Total
Vietnam
(Cost
$9,305
)
11,252‌
SHORT-TERM
INVESTMENTS
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
0.07%
(6)(7)
1,761,125‌
1,761‌
Total
Short-Term
Investments
(Cost
$1,761)
1,761‌
T.
ROWE
PRICE
Global
Growth
Stock
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
3.1%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
3.1%
Short-Term
Funds
3.1%
T.
Rowe
Price
Short-Term
Fund,
0.13%
(6)(7)
4,699,409‌
46,994‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
46,994‌
Total
Securities
Lending
Collateral
(Cost
$46,994)
46,994‌
Total
Investments
in
Securities
103.1%
(Cost
$1,093,604)
$
1,557,915‌
Other
Assets
Less
Liabilities
(3.1)%
(47,451)
Net
Assets
100.0%
$
1,510,464‌
‡
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
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$48,913
and
represents
3.2%
of
net
assets.
(4)
All
or
a
portion
of
this
security
is
on
loan
at
January
31,
2021.
(5)
Preferred
stocks
are
shares
that
carry
certain
preferential
rights.
The
dividend
rate
may
not
be
consistent
each
pay
period
and
could
be
zero
for
a
particular
year.
(6)
Seven-day
yield
(7)
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
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
three
months
ended
January
31,
2021.
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,
0.07%
$
—‌
$
—‌
$
1‌
T.
Rowe
Price
Short-Term
Fund,
0.13%
—‌
—‌
—‌
++
Totals
$
—‌
#
$
—‌
$
1‌
+
`0.00
`0.00
`0.00
Supplementary
Investment
Schedule
Affiliate
Value
10/31/20
Purchase
Cost
Sales
Cost
Value
01/31/21
T.
Rowe
Price
Government
Reserve
Fund,
0.07%
$
6,981‌
¤
¤
$
1,761‌
T.
Rowe
Price
Short-Term
Fund,
0.13%
30,371‌
¤
¤
46,994‌
Total
$
48,755‌
^
#
Capital
gain
distributions
from
mutual
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
$1
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
$48,755.
T.
ROWE
PRICE
Global
Growth
Stock
Fund
Unaudited
Notes
to
the
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. The
fund’s
financial
instruments
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
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services,
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
T.
ROWE
PRICE
Global
Growth
Stock
Fund
13
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)
Level
3
-
unobservable
inputs
(including
the
fund's
own
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
fund
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
fund
uses
information
from
outside
pricing
services
to
evaluate
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
fund
uses
outside
pricing
services
T.
ROWE
PRICE
Global
Growth
Stock
Fund
14
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
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
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
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
Committee
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
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
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
January
31,
2021 (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,
2021.
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,
2021,
totaled $11,908,000 for
the
period ended
January
31,
2021.
During
the
period,
transfer
into
Level
3
resulted
from
a
lack
of
observable
market
data
for
the
security.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
935,830‌
$
517,300‌
$
10,401‌
$
1,463,531‌
Convertible
Preferred
Stocks
—‌
—‌
38,512‌
38,512‌
Preferred
Stocks
—‌
7,117‌
—‌
7,117‌
Short-Term
Investments
1,761‌
—‌
—‌
1,761‌
Securities
Lending
Collateral
46,994‌
—‌
—‌
46,994‌
Total
$
984,585‌
$
524,417‌
$
48,913‌
$
1,557,915‌
($000s)
Beginning
Balance
11/1/20
Gain
(Loss)
During
Period
Total
Purchases
Transfer
Into
Level
3
Ending
Balance
1/31/21
Investment
in
Securities
Common
Stocks
$
5,389‌
$
(429‌)
$
1,550‌
$
3,891‌
$
10,401‌
Convertible
Preferred
Stocks
20,124‌
12,337‌
6,051‌
—‌
38,512‌
Total
$
25,513‌
$
11,908‌
$
7,601‌
$
3,891‌
$
48,913‌
T.
ROWE
PRICE
Global
Growth
Stock
Fund
16
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
Committee
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.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
fund’s
management.
*
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.
+
Valuation
techniques
may
change
in
order
to
reflect
management’s
judgment
of
current
market
participant
assumptions.
F174-054Q1
01/21 
($000s)
Market
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**
Investments
in
Securities
Common
Stock
$
10,401‌
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Rate
of
Return
15%
15%
Increase
Convertible
Preferred
Stocks
$
38,512‌
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
Uncertainty
90%
90%
Decrease