Global Growth Stock Fund_GLE_F174-052

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02958

T. Rowe Price International Funds, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Semi-Annual Shareholder Report

April 30, 2025

Global Growth Stock Fund

Investor Class (RPGEX)

This semi-annual shareholder report contains important information about Global Growth Stock Fund (the "fund") for the period of November 1, 2024 to April 30, 2025. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global Growth Stock Fund - Investor Class	$45	0.91%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$1,008,465
Number of Portfolio Holdings	220


Portfolio Turnover Rate	33.6%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	24.3%
Financials	20.1
Industrials & Business Services	12.9
Health Care	8.9
Communication Services	7.3
Consumer Discretionary	7.1
Consumer Staples	5.6
Materials	4.6
Energy	3.6
Other	5.6

Top Ten Holdings (as a % of Net Assets)

Microsoft	3.8%
NVIDIA	2.7
Apple	2.7
Amazon.com	2.6
Meta Platforms	2.0
Alphabet	1.6
Eli Lilly	1.4
SpaceX	1.4
Taiwan Semiconductor Manufacturing	1.4
Bank of America	1.2

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F174-053 6/25

Global Growth Stock Fund

Investor Class (RPGEX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

April 30, 2025

Global Growth Stock Fund

Advisor Class (PAGLX)

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global Growth Stock Fund - Advisor Class	$54	1.10%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$1,008,465
Number of Portfolio Holdings	220


Portfolio Turnover Rate	33.6%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	24.3%
Financials	20.1
Industrials & Business Services	12.9
Health Care	8.9
Communication Services	7.3
Consumer Discretionary	7.1
Consumer Staples	5.6
Materials	4.6
Energy	3.6
Other	5.6

Top Ten Holdings (as a % of Net Assets)

Microsoft	3.8%
NVIDIA	2.7
Apple	2.7
Amazon.com	2.6
Meta Platforms	2.0
Alphabet	1.6
Eli Lilly	1.4
SpaceX	1.4
Taiwan Semiconductor Manufacturing	1.4
Bank of America	1.2

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F274-053 6/25

Global Growth Stock Fund

Advisor Class (PAGLX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

April 30, 2025

Global Growth Stock Fund

I Class (RGGIX)

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Global Growth Stock Fund - I Class	$33	0.68%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$1,008,465
Number of Portfolio Holdings	220


Portfolio Turnover Rate	33.6%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	24.3%
Financials	20.1
Industrials & Business Services	12.9
Health Care	8.9
Communication Services	7.3
Consumer Discretionary	7.1
Consumer Staples	5.6
Materials	4.6
Energy	3.6
Other	5.6

Top Ten Holdings (as a % of Net Assets)

Microsoft	3.8%
NVIDIA	2.7
Apple	2.7
Amazon.com	2.6
Meta Platforms	2.0
Alphabet	1.6
Eli Lilly	1.4
SpaceX	1.4
Taiwan Semiconductor Manufacturing	1.4
Bank of America	1.2

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1072-053 6/25

Global Growth Stock Fund

I Class (RGGIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

Financial

Highlights

Portfolio

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

April

30,

2025

Financial

Statements

and

Other

Information

For

insights

from

Rowe

Price

investment

professionals,

troweprice.com

ROWE

PRICE

RPGEX

Global

Growth

Stock

Fund

PAGLX

Global

Growth

Stock

Fund–

Advisor Class

RGGIX

Global

Growth

Stock

Fund–

I Class

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

Investor

Class

Months

Ended

4/30/25

Year

Ended

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

NET

ASSET

VALUE

Beginning

period

42.51‌

32.35‌

30.27‌

49.05‌

37.06‌

28.60‌

Investment

activities

Net

investment

income

(loss)

(1)(2)

0.03‌

0.04‌

0.08‌

(0.02‌)

(0.03‌)

0.03‌

Net

realized

and

unrealized

gain/

loss

(0.89‌)

10.19‌

2.02‌

(14.93‌)

13.37‌

8.50‌

Total

from

investment

activities

(0.86‌)

10.23‌

2.10‌

(14.95‌)

13.34‌

8.53‌

Distributions

Net

investment

income

(0.02‌)

(0.07‌)

—‌

(0.03‌)

(0.07‌)

Net

realized

gain

—‌

(0.02‌)

(3.83‌)

(1.32‌)

—‌

Total

distributions

(0.02‌)

(0.07‌)

(0.02‌)

(3.83‌)

(1.35‌)

(0.07‌)

NET

ASSET

VALUE

End

period

41.63‌

42.51‌

32.35‌

30.27‌

49.05‌

37.06‌

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Investor

Class

Months

Ended

4/30/25

Year

Ended

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

Ratios/Supplemental

Data

Total

return

(2)(3)

(2.04‌)%

31.68‌%

6.95‌%

(32.72‌)%

36.63‌%

29.88‌%

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

0.91‌%

(4)

0.92‌%

0.93‌%

0.91‌%

0.82‌%

0.85‌%

Net

expenses

after

waivers/

payments

Price

Associates

0.91‌%

(4)

0.92‌%

0.93‌%

0.91‌%

0.82‌%

0.85‌%

Net

investment

income

(loss)

0.12‌%

(4)

0.11‌%

0.23‌%

(0.04‌)%

(0.06‌)%

0.09‌%

Portfolio

turnover

rate

33.6‌%

61.5‌%

64.9‌%

58.4‌%

56.7‌%

85.4‌%

Net

assets,

end

period

(in

thousands)

$347,683

$377,291

$333,702

$309,152

$771,508

$482,762

0‌%

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

Advisor

Class

Months

Ended

4/30/25

Year

Ended

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

NET

ASSET

VALUE

Beginning

period

41.95‌

31.94‌

29.93‌

48.56‌

36.78‌

28.43‌

Investment

activities

Net

investment

income

(loss)

(1)(2)

(0.01‌)

(0.03‌)

0.02‌

(0.06‌)

(0.16‌)

(0.07‌)

Net

realized

and

unrealized

gain/

loss

(0.88‌)

10.07‌

2.01‌

(14.82‌)

13.26‌

8.48‌

Total

from

investment

activities

(0.89‌)

10.04‌

2.03‌

(14.88‌)

13.10‌

8.41‌

Distributions

Net

investment

income

—‌

(0.03‌)

—‌

(0.06‌)

Net

realized

gain

—‌

(0.02‌)

(3.75‌)

(1.32‌)

—‌

Total

distributions

—‌

(0.03‌)

(0.02‌)

(3.75‌)

(1.32‌)

(0.06‌)

NET

ASSET

VALUE

End

period

41.06‌

41.95‌

31.94‌

29.93‌

48.56‌

36.78‌

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Advisor

Class

Months

Ended

4/30/25

Year

Ended

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

Ratios/Supplemental

Data

Total

return

(2)(3)

(2.12‌)%

31.45‌%

6.79‌%

(32.87‌)%

36.24‌%

29.63‌%

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

1.12‌%

(4)

1.12‌%

1.10‌%

1.12‌%

Net

expenses

after

waivers/

payments

Price

Associates

1.10‌%

(4)

1.10‌%

Net

investment

income

(loss)

(0.07‌)%

(4)

(0.07‌)%

0.05‌%

(0.18‌)%

(0.34‌)%

(0.20‌)%

Portfolio

turnover

rate

33.6‌%

61.5‌%

64.9‌%

58.4‌%

56.7‌%

85.4‌%

Net

assets,

end

period

(in

thousands)

$10,783

$11,756

$13,590

$13,586

$19,156

$13,668

0‌%

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

Class

Months

Ended

4/30/25

Year

Ended

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

NET

ASSET

VALUE

Beginning

period

42.75‌

32.51‌

30.41‌

49.21‌

37.16‌

28.66‌

Investment

activities

Net

investment

income

(1)(2)

0.07‌

0.14‌

0.15‌

0.09‌

0.04‌

0.09‌

Net

realized

and

unrealized

gain/

loss

(0.89‌)

10.24‌

2.03‌

(15.01‌)

13.40‌

8.49‌

Total

from

investment

activities

(0.82‌)

10.38‌

2.18‌

(14.92‌)

13.44‌

8.58‌

Distributions

Net

investment

income

(0.13‌)

(0.14‌)

(0.06‌)

—‌

(0.07‌)

(0.08‌)

Net

realized

gain

—‌

(0.02‌)

(3.88‌)

(1.32‌)

—‌

Total

distributions

(0.13‌)

(0.14‌)

(0.08‌)

(3.88‌)

(1.39‌)

(0.08‌)

NET

ASSET

VALUE

End

period

41.80‌

42.75‌

32.51‌

30.41‌

49.21‌

37.16‌

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Class

Months

Ended

4/30/25

Year

Ended

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

Ratios/Supplemental

Data

Total

return

(2)(3)

(1.93‌)%

32.02‌%

7.18‌%

(32.57‌)%

36.83‌%

30.00‌%

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

0.69‌%

(4)

0.70‌%

0.69‌%

0.67‌%

0.69‌%

Net

expenses

after

waivers/

payments

Price

Associates

0.68‌%

(4)

0.69‌%

0.67‌%

0.69‌%

Net

investment

income

0.35‌%

(4)

0.35‌%

0.47‌%

0.25‌%

0.09‌%

0.27‌%

Portfolio

turnover

rate

33.6‌%

61.5‌%

64.9‌%

58.4‌%

56.7‌%

85.4‌%

Net

assets,

end

period

(in

thousands)

$649,999

$724,001

$578,915

$676,552

$889,213

$659,189

0‌%

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

Global

Growth

Stock

Fund

April

30,

2025

(Unaudited)

Portfolio

Investments

‡

Value

(

Cost

and

value

$000s)

‡

ARGENTINA 1.8%

Common

Stocks 1.8%

Grupo

Financiero

Galicia,

ADR

(USD)

93,963‌

5,675‌

MercadoLibre

(USD) (1)

3,662‌

8,536‌

Vista

Energy,

ADR

(USD) (1)

95,922‌

4,333‌

Total

Argentina

(Cost

$10,244)

18,544‌

BRAZIL 0.5%

Common

Stocks 0.5%

Holdings,

Class

(USD) (1)

411,055‌

5,109‌

Total

Brazil

(Cost

$1,591)

5,109‌

CANADA 1.6%

Common

Stocks 1.6%

Brookfield

62,749‌

3,371‌

Constellation

Software

1,000‌

3,604‌

Franco-Nevada

(USD)

7,900‌

1,357‌

Shopify,

Class

(USD) (1)

71,354‌

6,778‌

West

Fraser

Timber

8,546‌

633‌

Total

Canada

(Cost

$11,051)

15,743‌

CAYMAN

ISLANDS 0.7%

Convertible

Preferred

Stocks 0.7%

ByteDance,

Series

Acquisition

Date:

7/8/19,

Cost $1,202

(USD) (1)(2)(3)

24,387‌

6,599‌

Total

Cayman

Islands

(Cost

$1,202)

6,599‌

CHINA 3.0%

Common

Stocks 2.6%

Alibaba

Group

Holding

(HKD)

239,968‌

3,583‌

BeiGene,

ADR

(USD) (1)

4,900‌

1,273‌

BYD,

Class

(HKD)

39,000‌

1,852‌

China

Resources

Mixc

Lifestyle

Services

(HKD)

804,800‌

3,856‌

Holdings,

Class

(HKD)

172,700‌

1,173‌

PDD

Holdings,

ADR

(USD) (1)

14,505‌

1,531‌

Tencent

Holdings

(HKD)

161,200‌

9,874‌

ROWE

PRICE

Global

Growth

Stock

Fund

Value

(Cost

and

value

$000s)

Trip.com

Group

(HKD)

39,200‌

2,361‌

Xiaomi,

Class

(HKD) (1)

95,200‌

609‌

26,112‌

Common

Stocks

China

Shares 0.4%

Contemporary

Amperex

Technology,

(CNH)

35,700‌

1,142‌

Hongfa

Technology,

(CNH)

735,000‌

3,332‌

4,474‌

Total

China

(Cost

$23,871)

30,586‌

FRANCE 2.5%

Common

Stocks 2.5%

Airbus

33,901‌

5,753‌

Dassault

Aviation

11,150‌

4,020‌

Eurofins

Scientific (4)

54,005‌

3,408‌

Sartorius

Stedim

Biotech

17,329‌

4,089‌

Schneider

Electric

6,535‌

1,527‌

SPIE

81,618‌

4,000‌

TotalEnergies

34,633‌

1,973‌

Total

France

(Cost

$20,695)

24,770‌

GERMANY 2.8%

Common

Stocks 2.7%

Celonis,

Acquisition

Date:

6/17/21,

Cost $664

(USD) (1)(2)

(3)

1,795‌

279‌

Deutsche

Telekom

101,979‌

3,663‌

Hannover

Rueck

10,183‌

3,269‌

Infineon

Technologies

78,326‌

2,594‌

SAP

31,061‌

9,088‌

Siemens

32,148‌

7,403‌

Zalando (1)

29,807‌

1,088‌

27,384‌

Convertible

Preferred

Stocks 0.1%

Celonis,

Series

Acquisition

Date:

6/17/21

10/4/22,

Cost $2,668

(USD) (1)(2)(3)

7,214‌

1,121‌

Total

Germany

(Cost

$19,702)

28,505‌

ROWE

PRICE

Global

Growth

Stock

Fund

Value

(Cost

and

value

$000s)

HONG

KONG 0.1%

Common

Stocks 0.1%

AIA

Group

140,400‌

1,052‌

Total

Hong

Kong

(Cost

$741)

1,052‌

INDIA 4.5%

Common

Stocks 4.5%

Astral

192,237‌

3,060‌

Axis

Bank

252,456‌

3,541‌

Container

Corp.

India

278,582‌

2,225‌

Eternal (1)

705,926‌

1,932‌

Godrej

Consumer

Products

270,603‌

4,036‌

HDFC

Bank

173,139‌

3,933‌

JSW

Energy

571,790‌

3,245‌

KEI

Industries

55,438‌

2,009‌

Kotak

Mahindra

Bank

387,625‌

10,131‌

Larsen

Toubro

102,472‌

4,056‌

Reliance

Industries

126,796‌

2,105‌

Think

Learn,

Acquisition

Date:

12/23/20

1/15/21,

Cost $1,309 (1)(2)(3)

821‌

—‌

United

Spirits

132,459‌

2,449‌

Voltas

165,050‌

2,419‌

45,141‌

Convertible

Preferred

Stocks 0.0%

Think

Learn,

Series

Acquisition

Date:

12/23/20

4/29/21,

Cost $6,344 (1)(2)(3)

1,977‌

—‌

Total

India

(Cost

$43,057)

45,141‌

INDONESIA 2.7%

Common

Stocks 2.7%

Bank

Central

Asia

11,846,000‌

6,298‌

Bank

Mandiri

Persero

22,589,700‌

6,671‌

Bank

Rakyat

Indonesia

Persero

5,889,300‌

1,364‌

Cisarua

Mountain

Dairy

16,874,700‌

4,655‌

Mayora

Indah

16,895,500‌

2,320‌

ROWE

PRICE

Global

Growth

Stock

Fund

Value

(Cost

and

value

$000s)

Sumber

Alfaria

Trijaya

44,154,300‌

5,716‌

Total

Indonesia

(Cost

$24,147)

27,024‌

ITALY 0.2%

Common

Stocks 0.2%

PRADA

(HKD)

316,900‌

1,979‌

Total

Italy

(Cost

$1,930)

1,979‌

JAPAN 3.1%

Common

Stocks 3.1%

Calbee

194,500‌

3,912‌

Chugai

Pharmaceutical

109,200‌

6,291‌

Keyence

13,900‌

5,812‌

Mitsui

92,500‌

1,870‌

Nippon

Sanso

Holdings (4)

46,500‌

1,488‌

Rakuten

Bank (1)

96,600‌

4,063‌

Recruit

Holdings

46,200‌

2,560‌

Renesas

Electronics

384,800‌

4,516‌

Tokyo

Seimitsu

15,800‌

882‌

Total

Japan

(Cost

$26,411)

31,394‌

MEXICO 0.4%

Common

Stocks 0.4%

Grupo

Mexico,

Series

712,846‌

3,699‌

Total

Mexico

(Cost

$3,684)

3,699‌

NETHERLANDS 1.4%

Common

Stocks 1.4%

Adyen (1)

2,643‌

4,277‌

Argenx,

ADR

(USD) (1)

5,379‌

3,470‌

ASM

International

4,198‌

2,052‌

ASML

Holding

(USD)

5,122‌

3,422‌

ING

Groep,

ADR

(USD) (4)

50,693‌

982‌

Total

Netherlands

(Cost

$7,748)

14,203‌

ROWE

PRICE

Global

Growth

Stock

Fund

Value

(Cost

and

value

$000s)

NIGERIA 0.0%

Common

Stocks 0.0%

Nestle

Nigeria (1)

461,084‌

316‌

Total

Nigeria

(Cost

$980)

316‌

PERU 0.7%

Common

Stocks 0.7%

Credicorp

(USD)

9,726‌

1,967‌

InRetail

Peru

(USD)

183,944‌

5,150‌

Total

Peru

(Cost

$5,917)

7,117‌

PHILIPPINES 2.5%

Common

Stocks 2.5%

Ayala

537,650‌

5,771‌

BDO

Unibank

3,484,247‌

10,000‌

International

Container

Terminal

Services

301,240‌

1,842‌

Investments

468,156‌

7,288‌

Total

Philippines

(Cost

$20,725)

24,901‌

PORTUGAL 0.1%

Common

Stocks 0.1%

Galp

Energia

77,620‌

1,203‌

Total

Portugal

(Cost

$1,030)

1,203‌

SAUDI

ARABIA 0.6%

Common

Stocks 0.6%

Rajhi

Bank

244,903‌

6,362‌

Total

Saudi

Arabia

(Cost

$5,623)

6,362‌

SINGAPORE 0.5%

Common

Stocks 0.5%

Sea,

ADR

(USD) (1)

38,109‌

5,108‌

Total

Singapore

(Cost

$422)

5,108‌

ROWE

PRICE

Global

Growth

Stock

Fund

Value

(Cost

and

value

$000s)

SOUTH

AFRICA 0.1%

Common

Stocks 0.1%

Naspers,

Class

3,950‌

1,039‌

Total

South

Africa

(Cost

$552)

1,039‌

SOUTH

KOREA 0.6%

Common

Stocks 0.6%

Samsung

Electronics

50,608‌

1,975‌

Hynix

30,882‌

3,853‌

Total

South

Korea

(Cost

$5,899)

5,828‌

SWEDEN 0.2%

Common

Stocks 0.2%

Essity,

Class

49,889‌

1,443‌

Total

Sweden

(Cost

$1,395)

1,443‌

SWITZERLAND 0.8%

Common

Stocks 0.8%

Partners

Group

Holding (4)

2,600‌

3,407‌

Roche

Holding

7,777‌

2,543‌

Sonova

Holding

7,771‌

2,389‌

Total

Switzerland

(Cost

$8,580)

8,339‌

TAIWAN 1.4%

Common

Stocks 1.4%

Taiwan

Semiconductor

Manufacturing

315,000‌

8,926‌

Taiwan

Semiconductor

Manufacturing,

ADR

(USD)

31,239‌

5,207‌

Total

Taiwan

(Cost

$10,584)

14,133‌

UNITED

KINGDOM 2.8%

Common

Stocks 2.5%

AstraZeneca,

ADR

(USD)

68,955‌

4,950‌

Experian

82,913‌

4,125‌

London

Stock

Exchange

Group

17,148‌

2,670‌

ROWE

PRICE

Global

Growth

Stock

Fund

Value

(Cost

and

value

$000s)

Prudential

314,125‌

3,340‌

RELX

66,292‌

3,618‌

Snyk,

Acquisition

Date:

9/3/21,

Cost $1,444

(USD) (1)(2)(3)

100,647‌

797‌

Unilever,

ADR

(USD)

93,854‌

5,965‌

25,465‌

Convertible

Preferred

Stocks 0.3%

Snyk,

Series

Acquisition

Date:

9/3/21

12/14/22,

Cost $2,406

(USD) (1)(2)(3)

168,674‌

1,336‌

Yulife

Holdings,

Series

Acquisition

Date:

10/11/22,

Cost $1,523 (1)(2)(3)

77,036‌

1,246‌

2,582‌

Total

United

Kingdom

(Cost

$23,351)

28,047‌

UNITED

STATES 59.4%

Common

Stocks 54.7%

Advanced

Micro

Devices (1)

25,955‌

2,527‌

Allstate

46,180‌

9,162‌

Alnylam

Pharmaceuticals (1)

8,971‌

2,361‌

Alphabet,

Class

102,228‌

16,447‌

Amazon.com (1)

143,189‌

26,407‌

Amphenol,

Class

75,505‌

5,810‌

Apollo

Global

Management (4)

20,771‌

2,835‌

Apple

128,371‌

27,279‌

Ares

Management,

Class

32,201‌

4,912‌

AvalonBay

Communities,

REIT

16,100‌

3,381‌

Bank

America

306,076‌

12,206‌

Block (1)

79,200‌

4,631‌

Boeing (1)

35,600‌

6,523‌

Booz

Allen

Hamilton

Holding

18,195‌

2,184‌

Broadcom

26,512‌

5,103‌

Canva,

Acquisition

Date:

8/16/21

12/22/21,

Cost $3,134 (1)

(2)(3)

1,839‌

2,644‌

Carvana (1)

12,759‌

3,118‌

Charles

Schwab

118,949‌

9,682‌

Chipotle

Mexican

Grill (1)

53,000‌

2,678‌

Chubb

20,019‌

5,727‌

Cigna

Group

20,225‌

6,877‌

Citigroup

84,167‌

5,755‌

Coca-Cola

60,500‌

4,389‌

Coinbase

Global,

Class

A (1)

10,000‌

2,029‌

Colgate-Palmolive

53,582‌

4,940‌

ROWE

PRICE

Global

Growth

Stock

Fund

Value

(Cost

and

value

$000s)

ConocoPhillips

65,831‌

5,867‌

Constellation

Energy

26,894‌

6,009‌

Coupang (1)

167,349‌

3,911‌

Crowdstrike

Holdings,

Class

A (1)

593‌

254‌

CSX

79,908‌

2,243‌

Danaher

32,275‌

6,433‌

Deere

4,300‌

1,993‌

Elevance

Health

5,904‌

2,483‌

Eli

Lilly

15,803‌

14,206‌

Entegris

34,896‌

2,761‌

EOG

Resources

26,222‌

2,893‌

Epic

Games,

Acquisition

Date:

6/18/20,

Cost $3,100 (1)(2)

(3)

5,386‌

2,785‌

EQT

107,415‌

5,311‌

Exxon

Mobil

18,151‌

1,917‌

Fifth

Third

Bancorp

130,584‌

4,693‌

Fiserv (1)

23,609‌

4,357‌

Freeport-McMoRan

126,301‌

4,551‌

Vernova

6,041‌

2,240‌

General

Electric

43,096‌

8,686‌

Home

Depot

16,851‌

6,075‌

Hubbell

14,016‌

5,090‌

HubSpot (1)

7,796‌

4,767‌

Huntington

Bancshares

348,251‌

5,060‌

International

Paper

57,600‌

2,631‌

Intuit

11,251‌

7,060‌

Intuitive

Surgical (1)

13,321‌

6,871‌

Keysight

Technologies (1)

29,341‌

4,266‌

KKR

33,037‌

3,775‌

Linde

17,004‌

7,707‌

Magic

Leap,

Class

Acquisition

Date:

10/12/17,

Cost $1,153 (1)(2)(3)

2,372‌

—‌

Marriott

International,

Class

2,024‌

483‌

Marsh

McLennan

18,951‌

4,273‌

Martin

Marietta

Materials

5,112‌

2,679‌

Mastercard,

Class

17,939‌

9,832‌

McKesson

2,761‌

1,968‌

Meta

Platforms,

Class

36,120‌

19,830‌

MetLife

57,379‌

4,325‌

Microsoft

97,553‌

38,559‌

Natera (1)

25,000‌

3,773‌

Netflix (1)

9,203‌

10,415‌

NextEra

Energy

93,677‌

6,265‌

NVIDIA

252,557‌

27,508‌

ROWE

PRICE

Global

Growth

Stock

Fund

Value

(Cost

and

value

$000s)

Old

Dominion

Freight

Line

12,715‌

1,949‌

Pinterest,

Class

A (1)

47,880‌

1,212‌

Procter

Gamble

40,509‌

6,585‌

Reliance

9,276‌

2,674‌

RenaissanceRe

Holdings

10,500‌

2,540‌

Rockwell

Automation

12,924‌

3,201‌

Roper

Technologies

16,717‌

9,363‌

Salesforce

11,580‌

3,112‌

Samsara,

Class

A (1)

21,494‌

852‌

Schlumberger

80,119‌

2,664‌

ServiceNow (1)

6,454‌

6,164‌

Steel

Dynamics

40,388‌

5,239‌

Stripe,

Class

Acquisition

Date:

12/17/19

5/18/21,

Cost $859 (1)(2)(3)

32,874‌

1,167‌

Stryker

21,356‌

7,985‌

Synopsys (1)

11,415‌

5,240‌

Targa

Resources

9,406‌

1,607‌

TechnipFMC

111,461‌

3,140‌

Teledyne

Technologies (1)

10,964‌

5,110‌

Tesla (1)

10,281‌

2,901‌

Tradeweb

Markets,

Class

21,832‌

3,019‌

UnitedHealth

Group

14,344‌

5,902‌

Valero

Energy

30,200‌

3,506‌

Vertex

Pharmaceuticals (1)

4,973‌

2,534‌

Walmart

32,173‌

3,129‌

Waste

Connections

31,643‌

6,254‌

Welltower,

REIT

42,312‌

6,456‌

Workday,

Class

A (1)

6,355‌

1,557‌

551,474‌

Convertible

Preferred

Stocks 4.7%

Canva,

Series

Acquisition

Date:

11/4/21

12/17/21,

Cost $150 (1)(2)(3)

88‌

127‌

Canva,

Series

A-3,

Acquisition

Date:

11/4/21

12/17/21,

Cost $17 (1)(2)(3)

10‌

14‌

Lilac

Solutions,

Series

Acquisition

Date:

9/8/21,

Cost $4,528 (1)(2)(3)

344,903‌

3,204‌

PsiQuantum,

Series

Acquisition

Date:

9/29/21,

Cost $3,614 (1)(2)(3)

137,791‌

5,667‌

PsiQuantum,

Series

Acquisition

Date:

3/14/25,

Cost $330 (1)(2)(3)

8,033‌

330‌

Rappi,

Series

Acquisition

Date:

9/8/20,

Cost $4,762 (1)

(2)(3)

79,700‌

1,738‌

Rappi,

Series

Acquisition

Date:

7/8/21,

Cost $799 (1)(2)(3)

12,400‌

270‌

ROWE

PRICE

Global

Growth

Stock

Fund

Value

(Cost

and

value

$000s)

Redwood

Materials,

Series

Acquisition

Date:

5/28/21,

Cost $4,001 (1)(2)(3)

84,400‌

5,002‌

Redwood

Materials,

Series

Acquisition

Date:

6/2/23,

Cost $1,880 (1)(2)(3)

39,374‌

2,334‌

Technology,

Series

Acquisition

Date:

12/10/21,

Cost $5,863 (1)(2)(3)

621,837‌

10,702‌

Technology,

Series

Acquisition

Date:

12/18/24,

Cost $296 (1)(2)(3)

17,192‌

296‌

Sila

Nano,

Series

Acquisition

Date:

1/7/21,

Cost $846 (1)

(2)(3)

20,496‌

401‌

SpaceX,

Series

Acquisition

Date:

5/21/19,

Cost $1,562 (1)

(2)(3)

7,659‌

14,169‌

Waymo,

Series

A-2,

Acquisition

Date:

5/8/20,

Cost $2,587 (1)(2)(3)

30,126‌

3,192‌

Waymo,

Series

B-2,

Acquisition

Date:

6/11/21,

Cost $209 (1)

(2)(3)

2,283‌

244‌

47,690‌

Total

United

States

(Cost

$380,630)

599,164‌

VIETNAM 2.4%

Common

Stocks 2.4%

Asia

Commercial

Bank

7,748,265‌

7,183‌

Bank

for

Foreign

Trade

Vietnam (1)

1,536,810‌

3,398‌

FPT

1,178,197‌

4,983‌

Hoa

Phat

Group (1)

2,478,900‌

2,433‌

Khang

Dien

House

Trading

Investment (1)

414,800‌

422‌

Military

Commercial

Joint

Stock

Bank

3,322,412‌

3,027‌

Phu

Nhuan

Jewelry

1,148,200‌

3,154‌

Total

Vietnam

(Cost

$23,026)

24,600‌

SHORT-TERM

INVESTMENTS 1.8%

Money

Market

Funds 1.8%

Rowe

Price

Government

Reserve

Fund,

4.38% (5)(6)

18,218,384‌

18,218‌

Total

Short-Term

Investments

(Cost

$18,218)

18,218‌

ROWE

PRICE

Global

Growth

Stock

Fund

Value

(Cost

and

value

$000s)

SECURITIES

LENDING

COLLATERAL 0.8%

INVESTMENTS

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 0.8%

Money

Market

Funds 0.8%

Rowe

Price

Government

Reserve

Fund,

4.38% (5)(6)

8,529,173‌

8,529‌

Total

Investments

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

8,529‌

Total

Securities

Lending

Collateral

(Cost

$8,529)

8,529‌

Total

Investments

Securities

100.0%

Net

Assets

(Cost

$711,535)

1,008,695‌

‡

Country

classifications

are

generally

based

MSCI

categories

another

unaffiliated

third

party

data

provider;

are

denominated

the

currency

the

country

presented

unless

otherwise

noted.

(1)

Non-income

producing

(2)

See

Note

Level

fair

value

hierarchy.

(3)

Security

cannot

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

1933

and

rules

("restricted

security").

Acquisition

date

represents

the

day

which

enforceable

right

acquire

such

security

obtained

and

presented

along

with

cost

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

such

registration

are

generally

borne

the

issuer.

The

aggregate

value

restricted

securities

(excluding

144A

holdings)

period

end

amounts

$65,664

and

represents

6.5%

net

assets.

(4)

See

Note

All

portion

this

security

loan

April

30,

2025.

(5)

Seven-day

yield

(6)

Affiliated

Companies

ADR

American

Depositary

Receipts

CNH

Offshore

China

Renminbi

HKD

Hong

Kong

Dollar

REIT

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

the

shareholder

USD

U.S.

Dollar

ROWE

PRICE

Global

Growth

Stock

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

1940

Act,

affiliated

company

one

which

the

fund

owns

the

outstanding

voting

securities,

company

that

under

common

ownership

control.

The

following

securities

were

considered

affiliated

companies

for

all

some

portion

the

six

months

ended

April

30,

2025.

Net

realized

gain

(loss),

investment

income,

change

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

Net

Unrealized

Gain/Loss

Investment

Income

Rowe

Price

Government

Reserve

Fund,

4.38%

—‌

35‌++

Totals

—‌#

—‌

35‌+

Supplementary

Investment

Schedule

Affiliate

Value

10/31/24

Purchase

Cost

Sales

Cost

Value

4/30/25

Rowe

Price

Government

Reserve

Fund,

4.38%

877‌

26,747‌

Total

26,747‌^

Capital

gain

distributions

from

underlying

Price

funds

represented

the

net

realized

gain

(loss).

Excludes

earnings

securities

lending

collateral,

which

are

subject

rebates

and

fees

described

Note

Investment

income

comprised

$35

dividend

income

and

interest

income.

Purchase

and

sale

information

not

shown

for

cash

management

funds.

The

cost

basis

investments

affiliated

companies

was

$26,747.

ROWE

PRICE

Global

Growth

Stock

Fund

April

30,

2025

(Unaudited)

Statement

Assets

and

Liabilities

($000s,

except

and

per

amounts)

Assets

Investments

securities,

value

(cost

$711,535)

1,008,695‌

Receivable

for

investment

securities

sold

8,412‌

Dividends

and

interest

receivable

549‌

Receivable

for

sold

483‌

Foreign

currency

(cost

$402)

402‌

Other

assets

740‌

Total

assets

1,019,281‌

Liabilities

Obligation

return

securities

lending

collateral

8,530‌

Payable

for

redeemed

537‌

Investment

management

fees

payable

509‌

Payable

for

investment

securities

purchased

352‌

Due

affiliates

88‌

Other

liabilities

800‌

Total

liabilities

10,816‌

Commitments

and

Contingent

Liabilities

(note

)

NET

ASSETS

1,008,465‌

ROWE

PRICE

Global

Growth

Stock

Fund

April

30,

2025

(Unaudited)

Statement

Assets

and

Liabilities

($000s,

except

and

per

amounts)

The

accompanying

notes

are

integral

part

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

324,194‌

Paid-in

capital

applicable

24,165,742

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

the

Corporation

authorized

684,271‌

NET

ASSETS

1,008,465‌

NET

ASSET

VALUE

PER

Investor

Class

(Net

assets:

$347,683;

outstanding:

8,352,390)

41.63‌

Advisor

Class

(Net

assets:

$10,783;

outstanding:

262,629)

41.06‌

Class

(Net

assets:

$649,999;

outstanding:

15,550,723)

41.80‌

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Statement

Operations

($000s)

Months

Ended

4/30/25

Investment

Income

(Loss)

Income

Dividend

(net

foreign

taxes

$472)

5,548‌

Securities

lending

14‌

Total

income

5,562‌

Expenses

Investment

management

3,425‌

Shareholder

servicing

Investor

Class

399‌

Advisor

Class

10‌

Class

40‌

449‌

Rule

12b-1

fees

Advisor

Class

14‌

Prospectus

and

shareholder

reports

Investor

Class

16‌

Class

7‌

23‌

Custody

and

accounting

131‌

Legal

and

audit

47‌

Registration

40‌

Directors

2‌

Miscellaneous

23‌

Waived

paid

Price

Associates

(25‌)

Total

expenses

4,129‌

Net

investment

income

1,433‌

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Statement

Operations

($000s)

The

accompanying

notes

are

integral

part

these

financial

statements.

Months

Ended

4/30/25

Realized

and

Unrealized

Gain

Loss

–

Net

realized

gain

(loss)

Securities

(net

foreign

taxes

$161)

47,819‌

Foreign

currency

transactions

(69‌)

Net

realized

gain

47,750‌

Change

net

unrealized

gain

loss

Securities

(net

decrease

deferred

foreign

taxes

$(98))

(68,792‌)

Other

assets

and

liabilities

denominated

foreign

currencies

35‌

Change

net

unrealized

gain

loss

(68,757‌)

Net

realized

and

unrealized

gain

loss

(21,007‌)

DECREASE

NET

ASSETS

FROM

OPERATIONS

(19,574‌)

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Statement

Changes

Net

Assets

($000s)

Months

Ended

4/30/25

Year

Ended

10/31/24

Increase

(Decrease)

Net

Assets

Operations

Net

investment

income

1,433‌

2,810‌

Net

realized

gain

47,750‌

96,771‌

Change

net

unrealized

gain

loss

(68,757‌)

186,055‌

Increase

(decrease)

net

assets

from

operations

(19,574‌)

285,636‌

Distributions

shareholders

Net

earnings

Investor

Class

(134‌)

(751‌)

Advisor

Class

–‌

(12‌)

Class

(2,243‌)

(2,517‌)

Decrease

net

assets

from

distributions

(2,377‌)

(3,280‌)

Capital

transactions

sold

Investor

Class

27,945‌

59,253‌

Advisor

Class

423‌

825‌

Class

25,604‌

57,533‌

Distributions

reinvested

Investor

Class

112‌

636‌

Advisor

Class

–‌

12‌

Class

2,201‌

2,478‌

redeemed

Investor

Class

(51,351‌)

(115,456‌)

Advisor

Class

(1,160‌)

(6,366‌)

Class

(86,406‌)

(94,430‌)

Decrease

net

assets

from

capital

transactions

(82,632‌)

(95,515‌)

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Statement

Changes

Net

Assets

($000s)

The

accompanying

notes

are

integral

part

these

financial

statements.

Months

Ended

4/30/25

Year

Ended

10/31/24

Net

Assets

Increase

(decrease)

during

period

(104,583‌)

186,841‌

Beginning

period

1,113,048‌

926,207‌

End

period

1,008,465‌

1,113,048‌

*Share

information

(000s)

sold

Investor

Class

665‌

1,522‌

Advisor

Class

10‌

22‌

Class

592‌

1,467‌

Distributions

reinvested

Investor

Class

3‌

18‌

Advisor

Class

–‌

Class

50‌

69‌

redeemed

Investor

Class

(1,191‌)

(2,981‌)

Advisor

Class

(27‌)

(167‌)

Class

(2,027‌)

(2,408‌)

Decrease

outstanding

(1,925‌)

(2,458‌)

ROWE

PRICE

Global

Growth

Stock

Fund

Unaudited

NOTES

FINANCIAL

STATEMENTS

Rowe

Price

International

Funds,

Inc. (the

corporation)

registered

under

the

Investment

Company

Act

1940

(the

1940

Act).

The

Global

Growth

Stock

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

the

corporation. The

fund

seeks long-term

growth

capital

through

investments

primarily

the

common

stocks

large-cap

companies

throughout

the

world,

including

the

U.S.

The

fund

has three classes

the

Global

Growth

Stock

Fund

(Investor

Class),

the

Global

Growth

Stock

Fund–Advisor

Class

(Advisor

Class)

and

the

Global

Growth

Stock

Fund–I

Class

Class).

Advisor

Class

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

Class

require

$500,000

initial

investment

minimum,

although

the

minimum

generally

waived

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Advisor

Class

operates

under

Board-approved

Rule

12b-1

plan

pursuant

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor

and

Classes

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

matters

solely

that

class;

separate

voting

rights

matters

that

relate

all

classes;

and,

all

other

respects,

the

same

rights

and

obligations

the

other

classes.

NOTE

SIGNIFICANT

ACCOUNTING

POLICIES

Basis

Preparation

The fund

investment

company

and

follows

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

estimates

made

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

the

trade

date

basis.

Income

and

expenses

are

recorded

the

accrual

basis.

Realized

gains

and

losses

are

reported

the

identified

cost

basis. Income

tax-related

interest

and

penalties,

incurred,

are

recorded

income

tax

expense. Dividends

received

from other

investment

ROWE

PRICE

Global

Growth

Stock

Fund

companies are

reflected

dividend income;

capital

gain

distributions

are

reflected

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

the

ex-dividend

date. Distributions

from

REITs

are

initially

recorded

dividend

income

and,

the

extent

such

represent

return

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. Non-cash

dividends,

any,

are

recorded

the

fair

market

value

the

asset

received. Proceeds

from

litigation

payments,

any,

are

included

either

net

realized

gain

(loss)

change

net

unrealized

gain/loss

from

securities. Distributions

shareholders

are

recorded

the

ex-dividend

date. Income

distributions,

any,

are

declared

and

paid

each

class annually. A

capital

gain

distribution,

any, may

also

declared

and

paid

the

fund

annually.

Currency

Translation

Assets,

including

investments,

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

the

prevailing

exchange

rate,

using

the

mean

the

bid

and

asked

prices

such

currencies

against

U.S.

dollars

provided

outside

pricing

service.

Purchases

and

sales

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

the

prevailing

exchange

rate

the

respective

date

such

transaction.

The

effect

changes

foreign

currency

exchange

rates

realized

and

unrealized

security

gains

and

losses

not

bifurcated

from

the

portion

attributable

changes

market

prices.

Class

Accounting

Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

each

class

are

charged

directly

the

class

which

they

relate.

Expenses

common

all

classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

the

classes

based

upon

the

relative

daily

net

assets

each

class.

The

Advisor

Class

pays

Rule

12b-1

fees,

amount

not

exceeding

0.25%

the

class’s

average

daily

net

assets.

Capital

Transactions

Each

investor’s

interest

the

net

assets

of the

fund

represented

fund

shares. The

fund’s

net

asset

value

(NAV)

per

computed

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

open

for

business.

However,

the

NAV

per

may

calculated

time

other

than

the

normal

the

NYSE

trading

the

NYSE

restricted,

the

NYSE

closes

earlier,

may

permitted

the

SEC.

Purchases

and

redemptions

fund

are

transacted

the

next-computed

NAV

per

share,

after

receipt

the

transaction

order

Rowe

Price

Associates,

Inc.,

its

agents.

ROWE

PRICE

Global

Growth

Stock

Fund

New

Accounting

Guidance

In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

Income

Taxes

Disclosures,

which

enhances

the

transparency

income

tax

disclosures.

The

ASU

requires

public

entities,

annual

basis,

provide

disclosure

specific

categories

the

rate

reconciliation,

well

disclosure

income

taxes

paid

disaggregated

jurisdiction.

The

amendments

under

this

ASU

are

required

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024.

Management

expects

that

adoption

the

guidance

will

not

have

material

impact

the

fund’s

financial

statements.

Indemnification

the

normal

course

business, the

fund

may

provide

indemnification

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

unknown;

however,

the

risk

material

loss

currently

considered

remote.

NOTE

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

the

NYSE

and

are

reported

fair

value,

which

GAAP

defines

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date. The fund’s

Board

Directors

(the

Board)

has

designated

Rowe

Price

Associates,

Inc.

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

oversight

the

Board,

the

Valuation

Designee

performs

the

following

functions

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

the

Valuation

Designee

are

performed

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

the

Board

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

determine

the

fair

value

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

active

markets

for

identical

financial

instruments

that

the

fund

can

access

the

reporting

date

ROWE

PRICE

Global

Growth

Stock

Fund

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

active

markets,

quoted

prices

for

identical

similar

financial

instruments

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

publicly

available

information

about

actual

events

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

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

price

the

financial

instrument.

GAAP

requires

valuation

techniques

maximize

the

use

relevant

observable

inputs

and

minimize

the

use

unobservable

inputs.

When

multiple

inputs

are

used

derive

fair

value,

the

financial

instrument

assigned

the

level

within

the

fair

value

hierarchy

based

the

lowest-level

input

that

significant

the

fair

value

the

financial

instrument.

Input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level

but

rather

the

degree

judgment

used

determining

those

values.

Valuation

Techniques

Equity

securities,

including

exchange-traded

funds, listed

regularly

traded

securities

exchange

the

over-the-

counter

(OTC)

market

are

valued

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

the

mean

the

closing

bid

and

asked

prices.

security

that

listed

traded

than

one

exchange

valued

the

quotation

the

exchange

determined

the

primary

market

for

such

security.

Listed

securities

not

traded

particular

day

are

valued

the

mean

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

closing

price

for

international

securities.

The

last

quoted

prices

non-U.S.

equity

securities

may

adjusted

reflect

the

fair

value

such

securities

the

NYSE,

the Valuation

Designee

determines

that

developments

between

the

foreign

market

and

the

NYSE

will

affect

the

value

some

all

the

fund’s portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

evaluate

the

quoted

prices

portfolio

securities

and,

appropriate,

decide whether

necessary

adjust

quoted

prices

reflect

fair

value

reviewing

variety

factors,

including

ROWE

PRICE

Global

Growth

Stock

Fund

developments

foreign

markets,

the

performance

U.S.

securities

markets,

and

the

performance

instruments

trading

U.S.

markets

that

represent

foreign

securities

and

baskets

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

provide

with

quoted

prices

and

information

evaluate

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

will

use

quoted

prices

and

how

often

will

determine

necessary

adjust

those

prices

reflect

fair

value.

Investments

mutual

funds

are

valued

the

mutual

fund’s

closing

NAV

per

the

day

valuation.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

cost,

estimated

realizable

value,

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

deemed

unreliable

are

valued

fair

value

determined

good

faith

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

investments

for

which

market

quotations

are

not

readily

available

deemed

unreliable,

including

the

use

other

pricing

sources.

Factors

used

determining

fair

value

vary

type

investment

and

may

include

market

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

actual

prices

arm’s

length

transactions,

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

reliably

obtained,

and

prices

are

deemed

representative

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

market-based

valuation

multiples;

discount

premium

from

market

value

similar,

freely

traded

security

the

same

issuer;

discounted

cash

flows;

yield

maturity;

some

combination.

Fair

value

determinations

are

reviewed

regular

basis.

Because

any

fair

value

determination

involves

significant

amount

judgment,

there

degree

subjectivity

inherent

such

pricing

decisions. Fair

value

prices

determined

the

Valuation

Designee could

differ

from

those

other

market

participants,

and

possible

that

the

fair

value

determined

for

security

may

materially

different

from

the

value

that

could

realized

upon

the

sale

that

security.

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

the

inputs

used

determine

their

fair

values

April

30,

2025

(for

further

detail

category,

please

refer

the

accompanying

Portfolio

Investments):

ROWE

PRICE

Global

Growth

Stock

Fund

Following

reconciliation

the

fund’s

Level

holdings

for

the

six

months ended

April

30,

2025.

Gain

(loss)

reflects

both

realized

and

change

unrealized

gain/loss

Level

holdings

during

the

period,

any,

and

included

the

accompanying

Statement

Operations.

The

change

unrealized

gain/loss

Level

instruments

held

April

30,

2025,

totaled $7,065,000 for

the

six

months ended

April

30,

2025.

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

determine

the

fair

valuations

the

fund’s

Level

assets,

class

financial

instrument.

Because

the

Valuation

Designee

considers

wide

variety

factors

and

inputs,

both

observable

and

unobservable,

determining

fair

values,

the

unobservable

inputs

presented

not

reflect

all

inputs

significant

the

fair

value

determination.

($000s)

Level

Total

Value

Assets

Common

Stocks

610,541‌

305,743‌

7,672‌

923,956‌

Convertible

Preferred

Stocks

—‌

57,992‌

Short-Term

Investments

18,218‌

—‌

18,218‌

Securities

Lending

Collateral

8,529‌

—‌

8,529‌

Total

637,288‌

305,743‌

65,664‌

1,008,695‌

($000s)

Beginning

Balance

10/31/24

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

4/30/25

Investment

Securities

Common

Stocks

8,058‌

(386‌)

—‌

7,672‌

Convertible

Preferred

Stocks

51,231‌

7,528‌

626‌

(1,393‌)

57,992‌

Total

59,289‌

7,142‌

626‌

(1,393‌)

65,664‌

ROWE

PRICE

Global

Growth

Stock

Fund

Investments

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

Range

Input(s)

Weighted

Average

Input(s)*

Impact

Valuation

from

Increase

Input**

Common

Stocks

7,672

Recent

comparable

transaction

price(s)

—#

Discount

for

lack

recoverability

100%

Decrease

Market

comparable

Enterprise

value

sales

multiple

5.6x

–

14.9x

8.6x

Increase

Sales

growth

rate

17%

–

28%

26%

Increase

Enterprise

value

gross

profit

multiple

7.8x

–

19.1x

11.1x

Increase

Gross

profit

growth

rate

17%

–

28%

26%

Increase

Premium

public

company

multiples

25%

–

30%

26%

Increase

Discount

for

lack

recoverability

100%

Decrease

Discount

for

lack

marketability

10%

Decrease

Convertible

Preferred

Stocks

57,992

Recent

comparable

transaction

price(s)

—#

Market

comparable

Enterprise

value

gross

profit

multiple

6.6x

–

19.1x

10.9x

Increase

Gross

profit

growth

rate

16%

–

28%

19%

Increase

ROWE

PRICE

Global

Growth

Stock

Fund

Investments

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

Range

Input(s)

Weighted

Average

Input(s)*

Impact

Valuation

from

Increase

Input**

Enterprise

value

sales

multiple

2.2x

–

14.9x

4.5x

Increase

Sales

growth

rate

17%

–

65%

30%

Increase

Enterprise

value

gross

merchandise

value

0.7x

–

0.8x

Increase

Gross

merchandise

value

growth

rate

Increase

Enterprise

value

EBITDA

multiple

11.3x

–

35.9x

22.5x

Increase

EBITDA

growth

rate

84%

Increase

Enterprise

value

EBIT

multiple

10.2x

–

14.3x

12.4x

Increase

EBIT

growth

rate

27%

Increase

Premium

public

company

multiples

25%

–

30%

Increase

Discount

public

company

multiples

15%

–

25%

18%

Decrease

Discount

rate

for

cost

capital

25%

–

38%

28%

Decrease

Discount

for

lack

recoverability

100%

Decrease

ROWE

PRICE

Global

Growth

Stock

Fund

Valuation

techniques

may

change

order

reflect the

Valuation

Designee’s

judgment

current

market

participant

assumptions.

Unobservable

inputs

were

weighted

the

relative

fair

value

the

instruments.

Represents

the

directional

change

the

fair

value

the

Level

investment(s)

that

would

have

resulted

from

increase

the

corresponding

input

period

end.

decrease

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

these

inputs

isolation

could

result

significantly

higher

lower

fair

value

measurements.

quantitative

unobservable

inputs

significant

the

valuation

technique

were

created

the

Valuation

Designee.

NOTE

OTHER

INVESTMENT

TRANSACTIONS

Consistent

with

its

investment

objective, the

fund

engages

the

following

practices

manage

exposure

certain

risks

and/or

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

fully

in the

fund’s prospectus

and

Statement

Additional

Information.

Emerging

and

Frontier

Markets

The fund

invests,

either

directly

through

investments

other

Rowe

Price

funds,

securities

companies

located

in,

issued

governments

of,

denominated

linked

the

currencies

emerging

and

frontier

market

countries.

Emerging

markets,

and

greater

extent

frontier

markets, tend

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

developed

countries.

These

markets

may

subject

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

buy

sell

certain

securities

repatriate

proceeds

U.S.

dollars.

Emerging

markets

securities

exchanges

are

likely

experience

delays

with

the

clearing

and

settling

trades,

well

the

custody

holdings

Investments

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

Range

Input(s)

Weighted

Average

Input(s)*

Impact

Valuation

from

Increase

Input**

Discount

for

uncertainty

10%

–

75%

43%

Decrease

Discount

for

lack

marketability

10%

Decrease

ROWE

PRICE

Global

Growth

Stock

Fund

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

greater

price

volatility,

less

liquidity,

and

higher

rates

inflation

than

U.S.

securities.

Investing

frontier

markets

typically

significantly

riskier

than

investing

other

countries,

including

emerging

markets.

Restricted

Securities

The

fund

invests

securities

that

are

subject

legal

contractual

restrictions

resale.

Prompt

sale

such

securities

acceptable

price

may

difficult

and

may

involve

substantial

delays

and

additional

costs.

Securities

Lending

The fund

may

lend

its

securities

approved

borrowers

earn

additional

income.

Its

securities

lending

activities

are

administered

lending

agent

accordance

with

securities

lending

agreement.

Security

loans

generally

not

have

stated

maturity

dates,

and

the

fund

may

recall

security

any

time.

The

fund

receives

collateral

the

form

cash

U.S.

government

securities.

Collateral

maintained

over

the

life

the

loan

amount

not

less

than

the

value

loaned

securities;

any

additional

collateral

required

due

changes

security

values

delivered

the

fund

the

business

day.

Cash

collateral

invested

accordance

with

investment

guidelines

approved

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

mitigated

the

collateral

and

indemnification,

the

fund

could

experience

delay

recovering

its

securities

and

possible

loss

income

value

the

borrower

fails

return

the

securities,

collateral

investments

decline

value,

and

the

lending

agent

fails

perform.

Securities

lending

revenue

consists

earnings

invested

collateral

and

borrowing

fees,

net

any

rebates

the

borrower,

compensation

the

lending

agent,

and

other

administrative

costs.

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

the

accompanying

financial

statements,

but

collateral

received

the

form

securities

not.

April

30,

2025,

the

value

loaned

securities

was

$8,193,000;

the

value

cash

collateral

and

investments

was

$8,530,000.

Other

Purchases

and

sales

portfolio

securities

other

than

in-kind

transactions,

any,

and short-term securities

aggregated $363,537,000 and

$473,444,000,

respectively,

for

the

six

months ended

April

30,

2025.

ROWE

PRICE

Global

Growth

Stock

Fund

NOTE

FEDERAL

INCOME

TAXES

Generally,

provision

for

federal

income

taxes

required

since

the

fund

intends

to continue

qualify

regulated

investment

company

under

Subchapter

the

Internal

Revenue

Code

and

distribute

shareholders

all

its taxable

income

and

gains.

Distributions

determined

accordance

with

federal

income

tax

regulations

may

differ

amount

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

tax-basis

distributions

and

composition

net

assets

are

finalized

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

the

date

this

report.

The

fund

intends

retain

realized

gains

the

extent

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

carried

forward

indefinitely

offset

future

realized

capital

gains.

October

31,

2024,

the

fund

had

$13,080,000

available

capital

loss

carryforwards.

April

30,

2025,

the

cost

investments

(including

derivatives,

any)

for

federal

income

tax

purposes

was

$717,059,000.

Net

unrealized

gain

aggregated

$290,947,000

period-end,

which

$334,991,000

appreciated

investments

and

$44,044,000

depreciated

investments.

NOTE

FOREIGN TAXES

The

fund

subject

foreign

income

taxes

imposed

certain

countries

which

invests.

Additionally,

capital

gains

realized

upon

disposition

securities

issued

certain

foreign

countries

are

subject

capital

gains

tax

imposed

those

countries.

All

taxes

are

computed

accordance

with

the

applicable

foreign

tax

law,

and,

the

extent

permitted,

capital

losses

are

used

offset

capital

gains.

Taxes

attributable

income

are

accrued

the

fund

reduction

income.

Current

and

deferred

tax

expense

attributable

capital

gains

reflected

component

realized

change

unrealized

gain/

loss

securities

the

accompanying

financial

statements.

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

the

fund

included

either

Other

liabilities

Deferred

tax

liability

the

accompanying

Statement

Assets

and

Liabilities.

ROWE

PRICE

Global

Growth

Stock

Fund

NOTE

PARTY

TRANSACTIONS

The

fund

managed

Rowe

Price

Associates,

Inc.

(Price

Associates),

wholly

owned

subsidiary

Rowe

Price

Group,

Inc.

(Price

Group).

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

annual

investment

management

fee,

which

computed

daily

and

paid

monthly. The

fee

consists

individual

fund

fee,

equal

0.35%

the

fund’s

average

daily

net

assets,

and

group

fee.

The

group

fee

rate

calculated

based

the

combined

net

assets

certain

mutual

funds

sponsored

Price

Associates

(the

group)

applied

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

billion

assets

0.260%

for

assets

excess

$845

billion.

The

fund’s

group

fee

determined

applying

the

group

fee

rate

the

fund’s

average

daily

net

assets. At

April

30,

2025,

the

effective

annual

group

fee

rate

was

0.28%. Price

Associates

has

agreed

permanently

waive

portion

the

fund’s

annual

investment

management

fee

order

limit

the

fund’s

management

fees

0.65%

the

fund’s

average

daily

net

assets.

This

agreement

can

only

modified

terminated

with

approval

the

fund’s

shareholders.

The

fund

has

obligation

repay

fees

waived

under

this

arrangement. No

management

fees

were

waived

under

this

arrangement

for

the

six

months ended

April

30,

2025.

The

Investor

Class

and

Advisor

Class

are

each

subject

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

dates

indicated

the

table

below,

and

may

renewed,

revised,

revoked

only

with

approval

the

fund’s

Board.

During

the

limitation

period,

Price

Associates

is required

waive

pay

any

expenses

(excluding

interest;

expenses

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class’s ratio

annualized

total

expenses

average

net

assets

(net

expense

ratio)

exceed

its

expense

limitation.

Each

class

required

repay

Price

Associates

for

expenses

previously

waived/paid

the

extent

the

class’s net

assets

grow

expenses

decline

sufficiently

allow

repayment

without

causing

the class’s net

expense

ratio

(after

the

repayment

taken

into

account)

exceed

the

lesser

of:

(1)

the

expense

limitation

place

the

time

such

amounts

were

waived;

(2)

the class’s

current

expense

limitation.

However,

repayment

will

made

than

three

years

after

the

date

payment

waiver.

The

Class

also

subject

operating

expense

limitation

Class

Limit)

pursuant

which

Price

Associates

contractually

required

pay

all

operating

expenses

the

Class,

excluding

management

fees;

interest;

expenses

ROWE

PRICE

Global

Growth

Stock

Fund

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

annualized

basis,

exceed

the

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

the

table

below,

and

may

renewed,

revised,

revoked

only

with

approval

the

fund’s

Board.

The

Class

required

repay

Price

Associates

for

expenses

previously

paid

the

extent

the

class’s

net

assets

grow

expenses

decline

sufficiently

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

taken

into

account)

exceed

the

lesser

of:

(1)

the

Class

Limit

place

the

time

such

amounts

were

paid;

(2)

the

current

Class

Limit.

However,

repayment

will

made

than

three

years

after

the

date

payment

waiver.

Pursuant

these

agreements,

expenses

were waived/paid

and/or

repaid

Price

Associates

during

the six

months

ended April

30,

2025 as

indicated

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

Price

Associates

the

amount

of $161,000 remain

subject

repayment

the

fund

April

30,

2025. Any

repayment

expenses

previously

waived/paid

Price

Associates

during

the

period

would

included

the

net

investment

income

and

expense

ratios

presented

the

accompanying

Financial

Highlights.

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

Price

Associates,

each

affiliate

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

the

fund.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

its

capacity

the

fund’s

transfer

and

dividend-disbursing

agent.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

the

Investor

Class

and

Advisor

Class.

For

the

six

months

ended

April

30,

2025,

expenses

incurred

pursuant

these

service

agreements

were

$57,000

for

Price

Associates;

$257,000

for

Rowe

Price

Services,

Inc.;

and

$4,000

for

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

and

due

from

Price,

exclusive

investment

management

fees

payable,

are

presented

net

the

accompanying

Statement

Assets

and

Liabilities.

Investor

Class

Advisor

Class

Expense

limitation/I

Class

Limit

0.99%

1.10%

0.05%

Expense

limitation

date

12/31/26

(Waived)/repaid

during

the

period

($000s)

$—

$(1)

$(24)

ROWE

PRICE

Global

Growth

Stock

Fund

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

distributor

the

fund.

Pursuant

underwriting

agreement,

compensation

for

any

distribution

services

provided

paid

Investment

Services

the

fund

(except

for

12b-1

fees

under

Board-approved

Rule

12b-1

plan).

The fund

may

invest

its

cash

reserves

certain

open-end

management

investment

companies

managed

Price

Associates

and

considered

affiliates

the

fund:

the

Rowe

Price

Government

Reserve

Fund

the

Rowe

Price

Treasury

Reserve

Fund,

organized

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

short-term

investment

options

mutual

funds,

trusts,

and

other

accounts

managed

Price

Associates

its

affiliates

and

are

not

available

for

direct

purchase

members

the

public.

Cash

collateral

from

securities

lending,

any,

invested

the

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

investment

management

fees.

April

30,

2025,

Rowe

Price

Group,

Inc.,

its

wholly

owned

subsidiaries,

owned

322,296

the

Class,

representing

the

Class's

net

assets.

The fund may

participate

securities

purchase

and

sale

transactions

with

other

funds

accounts

advised

Price

Associates

(cross

trades),

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

effected

the

independent

current

market

price

the

security.

During

the

six

months

ended

April

30,

2025,

the

fund

had

purchases

sales

cross

trades

with

other

funds

accounts

advised

Price

Associates.

NOTE

SEGMENT

REPORTING

Operating segments

are

defined

components

company

that

engage

business

activities

and

for

which

discrete

financial

information

available

and

regularly

reviewed

the

chief

operating

decision

maker

(CODM)

deciding

how

allocate

resources

and

assess

performance.

The

Management

Committee

Price

Associates

acts

the

fund’s

CODM.

The

fund

makes

investments

accordance

with

its

investment

objective

outlined

the

Prospectus

and

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

the

fund

the

whole.

ROWE

PRICE

Global

Growth

Stock

Fund

The

fund’s

revenue

derived

from

investments

portfolio

securities.

The

CODM

allocates

resources

and

assesses

performance

based

the

operating

results

the

fund,

which

consistent

with

the

results

presented

the

statement

operations,

statement

changes

net

assets

and

financial

highlights.

The

CODM

compares

the

fund’s

performance

its

benchmark

index

and

evaluates

the

positioning

the

fund

relation

its

investment

objective.

The

measure

segment

assets

net

assets

the

fund

which

disclosed

the

statement

assets

and

liabilities.

The accounting

policies

the

segment

are

the

same

those

described

the

summary

significant

accounting

policies.

The

financial

statements

include

all

details

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

the

segment.

NOTE

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

Ukraine

and

the

conflict

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

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

which

fund

invests.

The

extent

and

duration

such

events

and

resulting

market

disruptions

cannot

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

fund’s

performance

could

negatively

impacted

the

value

portfolio

holding

were

harmed

these

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

ROWE

PRICE

Global

Growth

Stock

Fund

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

Each

year,

the

fund’s

Board

Directors

(Board)

considers

the

continuation

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

Rowe

Price

Associates,

Inc.

(Adviser).

that

regard,

meeting

held

March

12-13,

2025

(Meeting),

the

Board,

including

all

the

fund’s

independent

directors

present

person

the

Meeting,

approved

the

continuation

the

fund’s

Advisory

Contract.

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

the

selection

the

Adviser

and

the

approval

the

Advisory

Contract.

The

independent

directors

were

assisted

their

evaluation

the

Advisory

Contract

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

providing

information

the

Board,

the

Adviser

was

guided

detailed

set

requests

for

information

submitted

independent

legal

counsel

behalf

the

independent

directors.

considering

and

approving

the

continuation

the

Advisory

Contract,

the

Board

considered

the

information

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

about

various

topics.

The

Board

meets

regularly

and,

each

its

meetings,

covers

extensive

agenda

topics

and

materials

and

considers

factors

that

are

relevant

its

annual

consideration

the

renewal

the

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

the

funds

and

their

shareholders.

Services

Provided

the

Adviser

The

Board

considered

the

nature,

quality,

and

extent

the

services

provided

the

fund

the

Adviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

accordance

with

its

investment

program

and

the

overall

management

the

fund’s

portfolio,

well

variety

activities

such

financial,

investment

operations,

and

administrative

services;

compliance

and

infrastructure,

well

compliance

with

new

regulatory

requirements

(e.g.,

derivatives

and

liquidity

risk

management);

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

the

Adviser’s

senior

management

team

and

investment

personnel

involved

the

management

the

fund,

well

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

considered

with

respect

the

nature,

quality,

and

extent

the

services

provided

the

Adviser,

well

the

other

factors

considered

the

Meeting,

supported

the

Board’s

approval

the

continuation

the

Advisory

Contract.

ROWE

PRICE

Global

Growth

Stock

Fund

Investment

Performance

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

regularly

receives

throughout

the

year

relative

and

absolute

performance

for

the

Rowe

Price

funds.

connection

with

the

Meeting,

the

Board

reviewed

information

provided

the

Adviser

that

compared

the

fund’s

total

returns,

well

wide

variety

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024.

Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

September

30,

2024,

which

ranked

the

returns

the

fund’s

Investor

Class

for

various

periods

against

universe

funds

with

similar

investment

programs

selected

Broadridge,

independent

provider

mutual

fund

data.

the

course

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

connection

with

the

Advisory

Contract

review

the

Meeting,

well

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

length

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

considered

with

respect

the

fund’s

performance,

well

the

other

factors

considered

the

Meeting,

supported

the

Board’s

approval

the

continuation

the

Advisory

Contract.

Costs,

Benefits,

Profits,

and

Economies

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund,

including

any

research

received

under

soft-dollar

arrangements

with

broker-dealers.

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

2024,

the

Adviser

began

using

brokerage

commissions

connection

with

certain

Rowe

Price

funds’

securities

transactions

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-

dollar

arrangements

pursuant

which

research

received

from

broker-dealers

that

execute

the

applicable

fund’s

portfolio

transactions.

The

Board

received

information

the

estimated

costs

incurred

and

profits

realized

the

Adviser

from

managing

the

Rowe

Price

funds.

The

Board

also

reviewed

estimates

the

profits

realized

from

managing

the

fund

particular,

and

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

light

the

services

provided

the

fund.

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

ROWE

PRICE

Global

Growth

Stock

Fund

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

the

Advisory

Contract

otherwise

from

any

economies

scale

realized

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

fee

the

Adviser

for

investment

management

services

composed

two

components

–

group

fee

rate

based

the

combined

average

net

assets

most

the

Rowe

Price

funds

(including

the

fund)

that

declines

certain

asset

levels

and

individual

fund

fee

rate

based

the

fund’s

average

daily

net

assets

–

and

the

fund

pays

its

own

expenses

operations.

The

group

fee

schedule

graduated

the

rate

decreases

total

Rowe

Price

fund

assets

increase

and

increases

total

Rowe

Price

fund

assets

decrease.

result,

shareholders

benefit

from

overall

growth

Rowe

Price

fund

assets,

which

reduces

the

management

fee

rate

for

any

fund

that

has

group

fee

component

its

management

fee,

and

reflects

that

certain

resources

utilized

operate

the

fund

are

shared

with

other

Rowe

Price

funds

thus

allowing

shareholders

those

funds

potential

economies

scale.

The

fund

subject

permanent

expense

limitation

under

which

the

Adviser

has

agreed

waive

portion

the

management

fee

entitled

receive

from

the

fund

order

limit

the

fund’s

overall

management

fee

rate.

The

fund’s

shareholders

also

benefit

from

potential

economies

scale

through

decline

certain

operating

expenses

the

fund

grows

size.

However,

the

fund

also

subject

contractual

expense

limitation

that

requires

the

Adviser

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

class

the

fund

exceed

certain

percentage

based

the

class’s

net

assets.

The

expense

limitations

mitigate

the

potential

for

increase

operating

expenses

above

certain

level

that

could

impact

shareholders.

addition,

the

Board

noted

that

the

fund

potentially

indirect

economies

scale

through

the

Adviser’s

ongoing

investments

its

business

support

the

Rowe

Price

funds,

including

investments

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

reasonable

sharing

benefits

from

any

economies

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

the

Investor

Class

the

fund

with

group

competitor

funds

selected

Broadridge

(Investor

Class

Expense

Group);

(ii)

actual

management

fees

and

total

expenses

the

Advisor

Class

the

fund

with

group

competitor

funds

selected

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

ROWE

PRICE

Global

Growth

Stock

Fund

Broadridge

(Advisor

Class

Expense

Group);

and

(iii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

the

Investor

Class

the

fund

with

broader

set

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

the

Adviser

after

any

applicable

waivers,

reductions,

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

the

fund

after

any

waivers,

reductions,

or reimbursements)

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

seeking

the

most

comparable

funds

based

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

Broadridge

compared

the

fund

against

other

relevant

global

multi-cap

growth

funds.

The

information

provided

the

Board

for

global

multi-cap

growth

funds

indicated

that

the

fund’s

contractual

management

fee

ranked

the

first

quintile

(Investor

Class

Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

the

third

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

fourth

quintile

(Advisor

Class

Expense

Group),

and

the

fund’s

total

expenses

ranked

the

second

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group).

the

Adviser’s

request,

Broadridge

also

compared

the

fund

against

other

relevant

global

large-cap

growth

funds.

The

information

provided

the

Board

for

global

large-cap

growth

funds

indicated

that

the

fund’s

contractual

management

fee

ranked

the

first

quintile

(Investor

Class

Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

the

first

quintile

(Investor

Class

Expense

Group

and

Advisor

Class

Expense

Group)

and

second

quintile

(Expense

Universe),

and

the

fund’s

total

expenses

ranked

the

third

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

subadvised

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

change,

may

negotiated

under

certain

circumstances

and

may

differ

across

regions.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

ROWE

PRICE

Global

Growth

Stock

Fund

those

the

proprietary

mutual

fund

and

ETF

(“registered

fund”)

business. The

Board

considered

information

showing

that

the

Adviser’s

registered

fund

business

generally

complex

from

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

the

broader

scope

operations

and

oversight,

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

registered

fund

business.

assessing

the

reasonableness

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

the

nature

the

services

required

for

the

Adviser

manage

its

registered

fund

business

versus

managing

discrete

pool

assets

subadviser

another

institution’s

mutual

fund

for

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

managing

the

fund

and

other

Rowe

Price

funds

than

does

for

institutional

account

clients,

including

subadvised

funds.

the

basis

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

the

fund

under

the

Advisory

Contract

are

reasonable.

Approval

the

Advisory

Contract

noted,

the

Board

approved

the

continuation

the

Advisory

Contract.

single

factor

was

considered

isolation

determinative

the

decision.

Rather,

the

Board

concluded,

light

weighting

and

balancing

all

factors

considered,

that

was

the

best

interests

the

fund

and

its

shareholders

for

the

Board

approve

the

continuation

the

Advisory

Contract

(including

the

fees

charged

for

services

thereunder).

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

1307

Point

Street

Baltimore,

Maryland

21231

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

request

prospectus

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F174-051

6/25

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.


(a)(1)		The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.

(2)		Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

(3)		Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)		A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


T. Rowe Price International Funds, Inc.
By		/s/ David Oestreicher
		David Oestreicher
		Principal Executive Officer

Date		June 17, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By		/s/ David Oestreicher
		David Oestreicher
		Principal Executive Officer

Date		June 17, 2025


By		/s/ Alan S. Dupski
		Alan S. Dupski
		Principal Financial Officer

Date		June 17, 2025