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)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(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, 2024

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Market

Commentary

Portfolio

Summary

Fund

Expense

Example

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

April

30,

2024

Semiannual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

RPGEX

Global

Growth

Stock

Fund

–

.

PAGLX

Global

Growth

Stock

Fund–

.

Advisor  Class

RGGIX

Global

Growth

Stock

Fund–

.

I Class

T.

ROWE

PRICE

Global

Growth

Stock

Fund

Go

Paperless

Going

paperless

offers

a

host

of

benefits,

which

include:

Timely

delivery

of

important

documents

Convenient

access

to

your

documents

anytime,

anywhere

Strong

security

protocols

to

safeguard

sensitive

data

Waive

your

account

service

fee

by

going

paperless.*

To

Enroll:

˃

If

you

invest

directly

with

T.

Rowe

Price,

go

to

troweprice.com/paperless

.

If

you

invest

through

a

financial

intermediary

such

as

an

investment

advisor,

a

bank,

or

a

brokerage

firm,

please

contact

that

organization

and

ask

if

it

can

provide

electronic

documentation.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

An

account

service

fee

will

be

charged

annually

for

each

T.

Rowe

Price

mutual

fund

account

unless

you

meet

criteria

for

a

fee

waiver.

Go

to

troweprice.com/personal-investing/

help/fees-and-minimums.html

to

learn

more

about

this

account

service

fee,

including

other

ways

to

waive

it.

T.

ROWE

PRICE

Global

Growth

Stock

Fund

Market

Commentary

1

Dear

Shareholder

Major

global

stock

and

bond

indexes

produced

positive

results

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

April

30,

2024.

Investor

sentiment

was

bolstered

by

rising

hopes

at

the

end

of

2023

that

central

banks

would

be

able

to

cut

interest

rates

soon;

however,

stronger-than-expected

inflation

data

in

the

first

quarter

of

2024

contributed

to

a

downturn

in

April

that

offset

some

of

the

strong

gains

recorded

earlier

in

the

period.

Growth

stocks

outperformed

value

shares

over

the

six-month

period,

and

stocks

in

developed

markets

generally

outpaced

their

counterparts

in

emerging

markets.

Currency

movements

were

mixed

over

the

period—a

weaker

U.S.

dollar

versus

some

major

European

currencies

was

beneficial

for

U.S.

investors

in

European

securities,

while

a

downturn

in

the

Japanese

yen

had

the

reverse

effect.

Technology

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

developments

and

produced

some

of

the

strongest

results

in

the

equity

market.

Within

the

U.S.-focused

S&P

500

Index,

the

communication

services,

financials, information

technology,

and

industrials sectors

all

recorded

strong

gains,

while

returns

for

energy

companies

were

more

muted

as

oil

prices

dipped

at

the

end

of

2023

before

rebounding

in

the

new

year.

U.S.

Treasury

yields

finished

the

period

lower,

which

supported

broadly

positive

results

in

the

fixed

income

market.

High

yield

corporate

bonds

produced

some

of

the

strongest

returns,

aided

by

the

higher

coupons

that

have

become

available

since

the

Fed

began

hiking

rates

about

two

years

ago,

as

well

as

strength

in

the

economy

that

kept

default

expectations

at

low

levels.

The

U.S.

economy

was

the

strongest

among

the

major

markets

during

the

period,

although

first-quarter

gross

domestic

product

growth—according

to

a

preliminary

estimate—slowed

from

the

level

reported

at

the

end

of

2023.

Meanwhile,

after

flirting

with

a

recession

late

last

year,

growth

in

the

eurozone

appeared

to

be

healthier

in

the

latest

reports,

and

China’s

economy

showed

signs

of

recovery

after

a

sluggish

performance

in

2023.

T.

ROWE

PRICE

Global

Growth

Stock

Fund

2

The

positive

economic

news

aided

investor

sentiment

following

widespread

expectations

for

a

downturn

last

year.

But

the

outlook

for

monetary

policy

as

global

central

banks

continued

their

fight

against

inflation

was

more

difficult

to

decipher.

After

significant

progress

in

reducing

the

rate

of

price

increases—

12-month

consumer

price

index

inflation

dropped

from

6.4%

to

3.3%

over

the

course

of

2023—Federal

Reserve

policymakers

helped

boost

sentiment

when

their

year-end

economic

projections

indicated

that

three

quarter-point

interest

rate

cuts

were

likely

in

2024,

up

from

the

two

they

had

forecast

previously.

However,

with

inflation

improvements

stalling

so

far

this

year,

Fed

officials

indicated

that

they

will

take

a

patient

approach

to

loosening

monetary

policy,

a

message

that

weighed

on

markets

near

the

end

of

our

reporting

period.

Outside

the

U.S.,

the

European

Central

Bank was

also

facing

sticky

inflation,

but

officials

indicated

that

they

would

like

to

begin

cutting

rates

soon

if

upcoming

reports

are

favorable.

Meanwhile,

moving

in

the

other

direction,

the

Bank

of

Japan

lifted

short-term

interest

rates

from

negative

territory

for

the

first

time

in

over

seven

years

following

a

long

campaign

against

disinflation,

although

Japan’s

monetary

policy

remains

among

the

most

accommodative

in

the

world.

Global

economies

have

displayed

continued

resilience

in

the

year-to-date

period,

but

risks

remain

as

we

look

ahead.

Elevated

geopolitical

tensions,

uncertainty

about

the

path

of

monetary

policy,

and

fading

fiscal

stimulus

all

raise

the

potential

for

additional

volatility.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

help

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely,

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Global

Growth

Stock

Fund

Portfolio

Summary

3

SECTOR

DIVERSIFICATION

Percent

of

Net

Assets

10/31/23

4/30/24

Information

Technology

23

.8‌

%

26

.3‌

%

Financials

16

.2‌

18

.4‌

Industrials

and

Business

Services

12

.2‌

11

.7‌

Health

Care

12

.2‌

11

.0‌

Consumer

Discretionary

8

.1‌

7

.8‌

Communication

Services

6

.9‌

6

.9‌

Materials

6

.5‌

5

.9‌

Consumer

Staples

7

.3‌

5

.4‌

Energy

5

.0‌

4

.3‌

Utilities

0

.6‌

1

.0‌

Real

Estate

1

.0‌

1

.0‌

Other

and

Reserves

0

.2‌

0

.3‌

Total

100

.0‌

%

100

.0‌

%

Historical

weightings

reflect

current

industry/sector

classifications.

T.

ROWE

PRICE

Global

Growth

Stock

Fund

4

PORTFOLIO

HIGHLIGHTS

TWENTY-FIVE

LARGEST

HOLDINGS

Percent

of

Net

Assets

4/30/24

Microsoft,

United

States

4

.2‌

%

NVIDIA,

United

States

3

.8‌

Apple,

United

States

3

.2‌

Amazon.com,

United

States

3

.2‌

Alphabet,

United

States

2

.4‌

Meta

Platforms,

United

States

1

.7‌

Roper

Technologies,

United

States

1

.7‌

Eli

Lilly,

United

States

1

.4‌

Taiwan

Semiconductor

Manufacturing,

Taiwan

1

.2‌

Linde,

United

States

1

.2‌

Sumber

Alfaria

Trijaya,

Indonesia

1

.2‌

Charles

Schwab,

United

States

1

.2‌

Fiserv,

United

States

1

.0‌

Novo

Nordisk,

Denmark

1

.0‌

SB

Technology,

United

States

1

.0‌

Freeport-McMoRan,

United

States

1

.0‌

Cigna

Group,

United

States

1

.0‌

AstraZeneca,

United

Kingdom

1

.0‌

Bank

Central

Asia,

Indonesia

1

.0‌

Constellation

Energy,

United

States

0

.9‌

BDO

Unibank,

Philippines

0

.9‌

Amphenol,

United

States

0

.9‌

EQT,

United

States

0

.9‌

FPT,

Vietnam

0

.9‌

Stryker,

United

States

0

.9‌

Total

38

.8‌

%

Note:

The

information

shown

does

not

reflect

any

exchange-traded

funds

(ETFs),

cash

reserves,

or

collateral

for

securities

lending

that

may

be

held

in

the

portfolio.

T.

ROWE

PRICE

Global

Growth

Stock

Fund

5

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

three

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

the

Advisor

Class

shares

are

offered

only

through

unaffiliated

brokers

and

other

financial

intermediaries

and

charge

a

0.25%

12b-1

fee,

and

I

Class

shares

are

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

T.

ROWE

PRICE

Global

Growth

Stock

Fund

6

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

GLOBAL

GROWTH

STOCK

FUND

Beginning

Account

Value

11/1/23

Ending

Account

Value

4/30/24

Expenses

Paid

During

Period*

11/1/23

to

4/30/24

Investor

Class

Actual

$

1,000.00

$

1,193.50

$

4.96

Hypothetical

(assumes

5%

return

before

expenses)

1,000.00

1,020.34

4.57

Advisor

Class

Actual

1,000.00

1,192.60

6.00

Hypothetical

(assumes

5%

return

before

expenses)

1,000.00

1,019.39

5.52

I

Class

Actual

1,000.00

1,195.20

3.77

Hypothetical

(assumes

5%

return

before

expenses)

1,000.00

1,021.43

3.47

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(182),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.91%,

the

2

Advisor Class

was

1.10%

and

the

3

I Class

was

0.69%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Financial

Highlights

7

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

NET

ASSET

VALUE

Beginning

of

period

$

32

.35‌

$

30

.27‌

$

49

.05‌

$

37

.06‌

$

28

.60‌

$

24

.74‌

Investment

activities

Net

investment

income

(loss)

(1)(2)

0

.01‌

0

.08‌

(

0

.02‌

)

(

0

.03‌

)

0

.03‌

0

.10‌

Net

realized

and

unrealized

gain/

loss

6

.24‌

2

.02‌

(

14

.93‌

)

13

.37‌

8

.50‌

4

.15‌

Total

from

investment

activities

6

.25‌

2

.10‌

(

14

.95‌

)

13

.34‌

8

.53‌

4

.25‌

Distributions

Net

investment

income

(

0

.07‌

)

—‌

—‌

(

0

.03‌

)

(

0

.07‌

)

—‌

Net

realized

gain

—‌

(

0

.02‌

)

(

3

.83‌

)

(

1

.32‌

)

—‌

(

0

.39‌

)

Total

distributions

(

0

.07‌

)

(

0

.02‌

)

(

3

.83‌

)

(

1

.35‌

)

(

0

.07‌

)

(

0

.39‌

)

Redemption

fees

added

to

paid-in

capital

(1)(3)

—‌

—‌

—‌

—‌

—‌

—‌

(4)

NET

ASSET

VALUE

End

of

period

$

38

.53‌

$

32

.35‌

$

30

.27‌

$

49

.05‌

$

37

.06‌

$

28

.60‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Financial

Highlights

8

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

Ratios/Supplemental

Data

Total

return

(2)(5)

19

.35‌

%

6

.95‌

%

(

32

.72‌

)

%

36

.63‌

%

29

.88‌

%

17

.53‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.91‌

%

(6)

0

.93‌

%

0

.91‌

%

0

.82‌

%

0

.85‌

%

0

.93‌

%

Net

expenses

after

waivers/

payments

by

Price

Associates

0

.91‌

%

(6)

0

.93‌

%

0

.91‌

%

0

.82‌

%

0

.85‌

%

0

.93‌

%

Net

investment

income

(loss)

0

.07‌

%

(6)

0

.23‌

%

(

0

.04‌

)

%

(

0

.06‌

)

%

0

.09‌

%

0

.37‌

%

Portfolio

turnover

rate

32

.7‌

%

64

.9‌

%

58

.4‌

%

56

.7‌

%

85

.4‌

%

66

.3‌

%

Net

assets,

end

of

period

(in

thousands)

$356,825

$333,702

$309,152

$771,508

$482,762

$226,633

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

The

fund

charged

redemption

fees

through

March

31,

2019.

(4)

Amounts

round

to

less

than

$0.01

per

share.

(5)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(6)

Annualized

T.

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Financial

Highlights

9

For

a

share

outstanding

throughout

each

period

Advisor

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

NET

ASSET

VALUE

Beginning

of

period

$

31

.94‌

$

29

.93‌

$

48

.56‌

$

36

.78‌

$

28

.43‌

$

24

.58‌

Investment

activities

Net

investment

income

(loss)

(1)(2)

(

0

.02‌

)

0

.02‌

(

0

.06‌

)

(

0

.16‌

)

(

0

.07‌

)

0

.06‌

Net

realized

and

unrealized

gain/

loss

6

.17‌

2

.01‌

(

14

.82‌

)

13

.26‌

8

.48‌

4

.11‌

Total

from

investment

activities

6

.15‌

2

.03‌

(

14

.88‌

)

13

.10‌

8

.41‌

4

.17‌

Distributions

Net

investment

income

(

0

.03‌

)

—‌

—‌

—‌

(

0

.06‌

)

—‌

Net

realized

gain

—‌

(

0

.02‌

)

(

3

.75‌

)

(

1

.32‌

)

—‌

(

0

.32‌

)

Total

distributions

(

0

.03‌

)

(

0

.02‌

)

(

3

.75‌

)

(

1

.32‌

)

(

0

.06‌

)

(

0

.32‌

)

NET

ASSET

VALUE

End

of

period

$

38

.06‌

$

31

.94‌

$

29

.93‌

$

48

.56‌

$

36

.78‌

$

28

.43‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Financial

Highlights

10

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

Ratios/Supplemental

Data

Total

return

(2)(3)

19

.26‌

%

6

.79‌

%

(

32

.87‌

)

%

36

.24‌

%

29

.63‌

%

17

.25‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1

.12‌

%

(4)

1

.10‌

%

1

.10‌

%

1

.10‌

%

1

.12‌

%

1

.21‌

%

Net

expenses

after

waivers/

payments

by

Price

Associates

1

.10‌

%

(4)

1

.10‌

%

1

.10‌

%

1

.10‌

%

1

.10‌

%

1

.10‌

%

Net

investment

income

(loss)

(

0

.13‌

)

%

(4)

0

.05‌

%

(

0

.18‌

)

%

(

0

.34‌

)

%

(

0

.20‌

)

%

0

.21‌

%

Portfolio

turnover

rate

32

.7‌

%

64

.9‌

%

58

.4‌

%

56

.7‌

%

85

.4‌

%

66

.3‌

%

Net

assets,

end

of

period

(in

thousands)

$13,344

$13,590

$13,586

$19,156

$13,668

$3,637

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Financial

Highlights

11

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

NET

ASSET

VALUE

Beginning

of

period

$

32

.51‌

$

30

.41‌

$

49

.21‌

$

37

.16‌

$

28

.66‌

$

24

.81‌

Investment

activities

Net

investment

income

(1)(2)

0

.06‌

0

.15‌

0

.09‌

0

.04‌

0

.09‌

0

.16‌

Net

realized

and

unrealized

gain/

loss

6

.27‌

2

.03‌

(

15

.01‌

)

13

.40‌

8

.49‌

4

.15‌

Total

from

investment

activities

6

.33‌

2

.18‌

(

14

.92‌

)

13

.44‌

8

.58‌

4

.31‌

Distributions

Net

investment

income

(

0

.14‌

)

(

0

.06‌

)

—‌

(

0

.07‌

)

(

0

.08‌

)

(

0

.06‌

)

Net

realized

gain

—‌

(

0

.02‌

)

(

3

.88‌

)

(

1

.32‌

)

—‌

(

0

.40‌

)

Total

distributions

(

0

.14‌

)

(

0

.08‌

)

(

3

.88‌

)

(

1

.39‌

)

(

0

.08‌

)

(

0

.46‌

)

NET

ASSET

VALUE

End

of

period

$

38

.70‌

$

32

.51‌

$

30

.41‌

$

49

.21‌

$

37

.16‌

$

28

.66‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Financial

Highlights

12

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

Ratios/Supplemental

Data

Total

return

(2)(3)

19

.52‌

%

7

.18‌

%

(

32

.57‌

)

%

36

.83‌

%

30

.00‌

%

17

.78‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.69‌

%

(4)

0

.70‌

%

0

.69‌

%

0

.67‌

%

0

.69‌

%

0

.72‌

%

Net

expenses

after

waivers/

payments

by

Price

Associates

0

.69‌

%

(4)

0

.69‌

%

0

.69‌

%

0

.67‌

%

0

.69‌

%

0

.69‌

%

Net

investment

income

0

.31‌

%

(4)

0

.47‌

%

0

.25‌

%

0

.09‌

%

0

.27‌

%

0

.59‌

%

Portfolio

turnover

rate

32

.7‌

%

64

.9‌

%

58

.4‌

%

56

.7‌

%

85

.4‌

%

66

.3‌

%

Net

assets,

end

of

period

(in

thousands)

$676,814

$578,915

$676,552

$889,213

$659,189

$262,632

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Global

Growth

Stock

Fund

April

30,

2024

(Unaudited)

13

Portfolio

of

Investments

‡

Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA  0.6%

Common

Stocks 0.6% 

MercadoLibre

(USD)  (1)

4,076‌

5,946‌

Total

Argentina

(Cost

$2,041)

5,946‌

AUSTRALIA  0.2%

Common

Stocks 0.2% 

BHP

Group 

92,359‌

2,533‌

Total

Australia

(Cost

$2,626)

2,533‌

BRAZIL  0.7%

Common

Stocks 0.7% 

NU

Holdings,

Class

A

(USD)  (1)

706,710‌

7,675‌

Total

Brazil

(Cost

$3,562)

7,675‌

CANADA  1.7%

Common

Stocks 1.6% 

National

Bank

of

Canada 

23,423‌

1,881‌

Shopify,

Class

A

(USD)  (1)

80,860‌

5,676‌

West

Fraser

Timber 

65,495‌

5,016‌

Wheaton

Precious

Metals

(USD) 

69,400‌

3,619‌

16,192‌

Limited

Partnerships 0.1% 

Brookfield

Renewable

Partners

(USD) 

61,214‌

1,286‌

1,286‌

Total

Canada

(Cost

$14,419)

17,478‌

CAYMAN

ISLANDS  0.5%

Convertible

Preferred

Stocks 0.5% 

ByteDance,

Series

E,

Acquisition

Date:

7/8/19,

Cost $1,202

(USD)  (1)(2)(3)

24,387‌

5,731‌

Total

Cayman

Islands

(Cost

$1,202)

5,731‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

14

Shares

$

Value

(Cost

and

value

in

$000s)

CHINA 2.4%

Common

Stocks 2.4% 

Alibaba

Group

Holding

(HKD) 

327,968‌

3,071‌

ANT

Group,

Acquisition

Date:

8/14/23,

Cost $765

(USD)  (1)(2)

(3)

765,014‌

772‌

China

Resources

Mixc

Lifestyle

Services

(HKD) 

1,752,600‌

6,169‌

JD

Health

International

(HKD)  (1)

322,900‌

1,101‌

Kanzhun,

ADR

(USD) 

171,710‌

3,398‌

Li

Auto,

Class

A

(HKD)  (1)

154,125‌

2,019‌

PDD

Holdings,

ADR

(USD)  (1)

26,724‌

3,345‌

Tencent

Holdings

(HKD) 

121,900‌

5,350‌

Total

China

(Cost

$24,463)

25,225‌

DENMARK  1.0%

Common

Stocks 1.0% 

Novo

Nordisk,

ADR

(USD) 

81,764‌

10,491‌

Total

Denmark

(Cost

$8,503)

10,491‌

FRANCE  1.8%

Common

Stocks 1.8% 

Airbus 

41,705‌

6,863‌

EssilorLuxottica 

8,210‌

1,751‌

Eurofins

Scientific 

39,216‌

2,403‌

LVMH

Moet

Hennessy

Louis

Vuitton 

1,498‌

1,231‌

Sartorius

Stedim

Biotech 

11,362‌

2,447‌

Schneider

Electric 

16,456‌

3,752‌

Total

France

(Cost

$14,105)

18,447‌

GERMANY  2.9%

Common

Stocks 2.8% 

Celonis,

Acquisition

Date:

6/17/21,

Cost $664

(USD)  (1)(2)(3)

1,795‌

322‌

Deutsche

Telekom 

177,806‌

4,073‌

Evotec  (1)

145,863‌

1,503‌

Hannover

Rueck 

15,060‌

3,736‌

Infineon

Technologies 

116,164‌

4,031‌

SAP 

41,105‌

7,422‌

Siemens 

35,124‌

6,580‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

15

Shares

$

Value

(Cost

and

value

in

$000s)

Zalando (1)

62,418‌

1,633‌

29,300‌

Convertible

Preferred

Stocks 0.1% 

Celonis,

Series

D,

Acquisition

Date:

6/17/21

-

10/4/22,

Cost $2,668

(USD)  (1)(2)(3)

7,214‌

1,294‌

1,294‌

Total

Germany

(Cost

$29,215)

30,594‌

HONG

KONG  0.4%

Common

Stocks 0.4% 

AIA

Group 

595,800‌

4,364‌

Total

Hong

Kong

(Cost

$4,462)

4,364‌

INDIA  3.8%

Common

Stocks 3.8% 

Astral 

100,104‌

2,536‌

Axis

Bank 

615,814‌

8,570‌

Container

Corp.

of

India 

188,899‌

2,316‌

Godrej

Consumer

Products 

184,655‌

2,716‌

HDFC

Bank 

309,023‌

5,595‌

HDFC

Bank,

ADR

(USD)  (4)

32,320‌

1,862‌

Kotak

Mahindra

Bank 

154,411‌

3,000‌

Larsen

&

Toubro 

82,085‌

3,526‌

Reliance

Industries 

149,438‌

5,242‌

Think

&

Learn,

Acquisition

Date:

12/23/20

-

1/15/21,

Cost $1,309  (1)(2)(3)

821‌

—‌

United

Spirits 

142,370‌

1,998‌

Zomato  (1)

984,862‌

2,278‌

39,639‌

Convertible

Preferred

Stocks 0.0% 

Think

&

Learn,

Series

F,

Acquisition

Date:

12/23/20

-

4/29/21,

Cost $6,344  (1)(2)(3)

1,977‌

—‌

—‌

Total

India

(Cost

$34,632)

39,639‌

INDONESIA  3.5%

Common

Stocks 3.5% 

Bank

Central

Asia 

16,608,700‌

9,986‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

16

Shares

$

Value

(Cost

and

value

in

$000s)

Bank

Mandiri

Persero 

20,480,600‌

8,657‌

Cisarua

Mountain

Dairy 

7,289,300‌

2,233‌

Mayora

Indah 

16,260,900‌

2,398‌

Sumber

Alfaria

Trijaya 

71,583,900‌

12,874‌

Total

Indonesia

(Cost

$23,389)

36,148‌

ITALY  0.3%

Common

Stocks 0.3% 

PRADA

(HKD) 

382,100‌

3,116‌

Total

Italy

(Cost

$2,396)

3,116‌

JAPAN  3.2%

Common

Stocks 3.2% 

Calbee 

83,600‌

1,826‌

Daiichi

Sankyo 

230,500‌

7,758‌

Keyence 

13,700‌

6,025‌

Mitsui 

91,500‌

4,417‌

Mitsui

Fudosan 

207,100‌

2,108‌

Nippon

Sanso

Holdings 

55,500‌

1,648‌

Omron 

66,800‌

2,293‌

Recruit

Holdings 

110,900‌

4,776‌

Tokyo

Seimitsu 

46,700‌

3,039‌

Total

Japan

(Cost

$25,519)

33,890‌

NETHERLANDS  1.5%

Common

Stocks 1.5% 

Adyen  (1)

3,035‌

3,636‌

Argenx,

ADR

(USD)  (1)

8,049‌

3,022‌

ASM

International 

1,588‌

999‌

ASML

Holding

(USD) 

8,477‌

7,396‌

BE

Semiconductor

Industries 

7,362‌

977‌

Total

Netherlands

(Cost

$7,713)

16,030‌

NIGERIA  0.0%

Common

Stocks 0.0% 

Nestle

Nigeria  (1)

461,084‌

269‌

Total

Nigeria

(Cost

$980)

269‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

17

Shares

$

Value

(Cost

and

value

in

$000s)

PERU 0.6%

Common

Stocks 0.6% 

InRetail

Peru

(USD) 

203,345‌

6,507‌

Total

Peru

(Cost

$4,731)

6,507‌

PHILIPPINES  1.9%

Common

Stocks 1.9% 

BDO

Unibank 

3,728,897‌

9,557‌

Jollibee

Foods 

773,590‌

3,146‌

SM

Investments 

438,276‌

7,196‌

Total

Philippines

(Cost

$16,742)

19,899‌

PORTUGAL  0.9%

Common

Stocks 0.9% 

Galp

Energia 

416,130‌

8,939‌

Total

Portugal

(Cost

$6,207)

8,939‌

SINGAPORE  0.4%

Common

Stocks 0.4% 

Sea,

ADR

(USD)  (1)

73,560‌

4,648‌

Total

Singapore

(Cost

$1,998)

4,648‌

SOUTH

AFRICA  0.1%

Common

Stocks 0.1% 

Naspers,

Class

N 

4,085‌

782‌

Total

South

Africa

(Cost

$571)

782‌

SOUTH

KOREA  1.4%

Common

Stocks 1.4% 

LG

Chem 

5,788‌

1,663‌

Samsung

Electronics 

143,692‌

7,988‌

SK

Hynix 

36,879‌

4,551‌

Total

South

Korea

(Cost

$13,807)

14,202‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

18

Shares

$

Value

(Cost

and

value

in

$000s)

SPAIN 0.3%

Common

Stocks 0.3% 

Amadeus

IT

Group 

46,699‌

2,964‌

Total

Spain

(Cost

$2,600)

2,964‌

SWEDEN  0.7%

Common

Stocks 0.7% 

Assa

Abloy,

Class

B  (4)

52,243‌

1,380‌

Boliden  (4)

72,880‌

2,395‌

Hexagon,

Class

B  (4)

182,478‌

1,909‌

Svenska

Cellulosa,

Class

B 

146,797‌

2,152‌

Total

Sweden

(Cost

$5,951)

7,836‌

TAIWAN  1.3%

Common

Stocks 1.3% 

Taiwan

Semiconductor

Manufacturing 

326,000‌

7,805‌

Taiwan

Semiconductor

Manufacturing,

ADR

(USD) 

39,405‌

5,412‌

Total

Taiwan

(Cost

$11,670)

13,217‌

UNITED

KINGDOM  3.4%

Common

Stocks 3.1% 

Ashtead

Group 

11,061‌

803‌

AstraZeneca,

ADR

(USD) 

136,042‌

10,323‌

Endava,

ADR

(USD)  (1)

85,255‌

2,472‌

Experian 

133,030‌

5,366‌

London

Stock

Exchange

Group 

42,711‌

4,709‌

Rentokil

Initial 

563,283‌

2,843‌

Snyk,

Acquisition

Date:

9/3/21,

Cost $1,444

(USD)  (1)(2)(3)

100,647‌

976‌

Unilever,

ADR

(USD) 

88,472‌

4,587‌

32,079‌

Convertible

Preferred

Stocks 0.3% 

Snyk,

Series

F,

Acquisition

Date:

9/3/21

-

12/14/22,

Cost $2,406

(USD)  (1)(2)(3)

168,674‌

1,636‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

19

Shares

$

Value

(Cost

and

value

in

$000s)

YuLife

Holdings,

Series

C,

Acquisition

Date:

10/11/22,

Cost $1,523  (1)(2)(3)

77,036‌

1,717‌

3,353‌

Total

United

Kingdom

(Cost

$31,687)

35,432‌

UNITED

STATES  61.1%

Common

Stocks 57.5% 

Advanced

Micro

Devices  (1)

37,116‌

5,878‌

Airbnb,

Class

A  (1)

14,500‌

2,299‌

Alphabet,

Class

C  (1)

149,972‌

24,691‌

Amazon.com  (1)

190,117‌

33,270‌

American

International

Group 

74,607‌

5,619‌

Amphenol,

Class

A 

78,946‌

9,534‌

Apollo

Global

Management 

33,656‌

3,648‌

Apple 

195,697‌

33,333‌

Ares

Management,

Class

A 

34,079‌

4,536‌

Atlassian,

Class

A  (1)

11,368‌

1,959‌

AvalonBay

Communities,

REIT 

12,456‌

2,361‌

Bank

of

America 

22,606‌

837‌

Booz

Allen

Hamilton

Holding 

21,016‌

3,103‌

Canva,

Acquisition

Date:

8/16/21

-

12/22/21,

Cost $3,134  (1)

(2)(3)

1,839‌

1,962‌

CF

Industries

Holdings 

50,135‌

3,959‌

Charles

Schwab 

168,988‌

12,497‌

Chubb 

23,503‌

5,844‌

Cigna

Group 

28,921‌

10,326‌

Citigroup 

139,817‌

8,575‌

Colgate-Palmolive 

40,434‌

3,717‌

Confluent,

Class

A  (1)

55,259‌

1,554‌

ConocoPhillips 

60,070‌

7,546‌

Constellation

Energy 

51,447‌

9,566‌

Coupang  (1)

206,598‌

4,648‌

CSX 

150,479‌

4,999‌

Danaher 

15,665‌

3,863‌

Elevance

Health 

6,510‌

3,441‌

Eli

Lilly 

18,979‌

14,825‌

EOG

Resources 

36,138‌

4,775‌

Epic

Games,

Acquisition

Date:

6/18/20,

Cost $3,100  (1)(2)(3)

5,386‌

3,249‌

EQT 

235,809‌

9,454‌

FedEx 

9,030‌

2,364‌

Fifth

Third

Bancorp 

172,666‌

6,295‌

Fiserv  (1)

70,148‌

10,710‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

20

Shares

$

Value

(Cost

and

value

in

$000s)

Freeport-McMoRan 

207,479‌

10,362‌

General

Electric 

41,658‌

6,741‌

Hubbell 

8,682‌

3,217‌

HubSpot  (1)

5,495‌

3,324‌

Huntington

Bancshares 

155,430‌

2,094‌

IDEX 

15,374‌

3,389‌

Intuit 

4,211‌

2,634‌

Intuitive

Surgical  (1)

20,385‌

7,555‌

JPMorgan

Chase 

24,584‌

4,714‌

KKR 

42,653‌

3,970‌

Las

Vegas

Sands 

83,365‌

3,698‌

Liberty

Media

Corp-Liberty

Formula

One,

Class

C  (1)

8,819‌

617‌

Linde 

29,455‌

12,988‌

LPL

Financial

Holdings 

10,824‌

2,913‌

Magic

Leap,

Class

A,

Acquisition

Date:

10/12/17,

Cost $1,153  (1)(2)(3)

2,372‌

11‌

Marsh

&

McLennan 

26,444‌

5,274‌

Martin

Marietta

Materials 

3,500‌

2,055‌

Mastercard,

Class

A 

18,663‌

8,421‌

McKesson 

16,654‌

8,947‌

Meta

Platforms,

Class

A 

42,065‌

18,095‌

MetLife 

76,964‌

5,471‌

Microsoft 

112,096‌

43,642‌

MongoDB  (1)

4,470‌

1,632‌

Netflix  (1)

11,352‌

6,251‌

NVIDIA 

46,151‌

39,875‌

Old

Dominion

Freight

Line 

18,728‌

3,403‌

Paylocity

Holding  (1)

35,864‌

5,565‌

Procter

&

Gamble 

46,639‌

7,611‌

Rivian

Automotive,

Class

A  (1)(4)

124,174‌

1,105‌

Roper

Technologies 

34,342‌

17,565‌

Salesforce 

25,394‌

6,829‌

Schlumberger 

150,581‌

7,150‌

ServiceNow  (1)

8,706‌

6,036‌

Steel

Dynamics 

23,112‌

3,007‌

Stripe,

Class

B,

Acquisition

Date:

12/17/19

-

5/18/21,

Cost $859  (1)(2)(3)

32,874‌

855‌

Stryker 

27,406‌

9,222‌

Synopsys  (1)

11,342‌

6,018‌

Targa

Resources 

16,700‌

1,905‌

Teledyne

Technologies  (1)

8,344‌

3,183‌

Tesla  (1)

25,258‌

4,629‌

Thermo

Fisher

Scientific 

8,803‌

5,006‌

Tradeweb

Markets,

Class

A 

48,906‌

4,974‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

21

Shares

$

Value

(Cost

and

value

in

$000s)

Uber

Technologies  (1)

68,662‌

4,550‌

UnitedHealth

Group 

9,233‌

4,466‌

Veeva

Systems,

Class

A  (1)

4,276‌

849‌

Vertex

Pharmaceuticals  (1)

8,749‌

3,437‌

Vertiv

Holdings,

Class

A 

17,000‌

1,581‌

Walmart 

97,723‌

5,800‌

Waste

Connections 

36,091‌

5,850‌

Workday,

Class

A  (1)

15,333‌

3,752‌

Zoetis 

26,299‌

4,188‌

601,663‌

Convertible

Preferred

Stocks 3.6% 

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $150  (1)(2)(3)

88‌

94‌

Canva,

Series

A-3,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $17  (1)(2)(3)

10‌

11‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $1,107  (1)

(2)(3)

15,066‌

1,107‌

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $4,528  (1)(2)(3)

344,903‌

4,652‌

PsiQuantum,

Series

D,

Acquisition

Date:

9/29/21,

Cost $3,614  (1)(2)(3)

137,791‌

3,614‌

Rappi,

Series

E,

Acquisition

Date:

9/8/20,

Cost $4,762  (1)(2)(3)

79,700‌

1,811‌

Rappi,

Series

F,

Acquisition

Date:

7/8/21,

Cost $799  (1)(2)(3)

12,400‌

282‌

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $4,001  (1)(2)(3)

84,400‌

4,029‌

Redwood

Materials,

Series

D,

Acquisition

Date:

6/2/23,

Cost $1,880  (1)(2)(3)

39,374‌

1,879‌

SB

Technology,

Series

D,

Acquisition

Date:

12/10/21,

Cost $5,863  (1)(2)(3)

621,837‌

10,459‌

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $846  (1)(2)

(3)

20,496‌

416‌

SpaceX,

Series

K,

Acquisition

Date:

5/21/19,

Cost $1,562  (1)

(2)(3)

7,659‌

7,429‌

Waymo,

Series

A-2,

Acquisition

Date:

5/8/20,

Cost $2,587  (1)

(2)(3)

30,126‌

1,859‌

Waymo,

Series

B-2,

Acquisition

Date:

6/11/21,

Cost $209  (1)

(2)(3)

2,283‌

141‌

37,783‌

Total

United

States

(Cost

$406,114)

639,446‌

VIETNAM  3.3%

Common

Stocks 3.3% 

Asia

Commercial

Bank 

7,365,100‌

8,313‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

22

Shares

$

Value

(Cost

and

value

in

$000s)

FPT 

1,809,776‌

9,407‌

Masan

Group  (1)

1,027,070‌

2,712‌

Military

Commercial

Joint

Stock

Bank 

8,582,959‌

7,558‌

Phu

Nhuan

Jewelry 

618,700‌

2,385‌

Vietnam

Technological

&

Commercial

Joint

Stock

Bank  (1)

2,118,900‌

3,963‌

Total

Vietnam

(Cost

$26,572)

34,338‌

SHORT-TERM

INVESTMENTS  0.3%

Money

Market

Funds  0.3%

T.

Rowe

Price

Government

Reserve

Fund,

5.37%  (5)(6)

3,317,907‌

3,318‌

Total

Short-Term

Investments

(Cost

$3,318)

3,318‌

SECURITIES

LENDING

COLLATERAL  0.5%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK  0.5%

Money

Market

Funds  0.5%

T.

Rowe

Price

Government

Reserve

Fund,

5.37%  (5)(6)

4,778,872‌

4,779‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

4,779‌

Total

Securities

Lending

Collateral

(Cost

$4,779)

4,779‌

Total

Investments

in

Securities

100.7%

of

Net

Assets

(Cost

$735,974)

$

1,053,883‌

‡

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)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(3)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$56,308

and

represents

5.4%

of

net

assets.

(4)

See

Note

3

.

All

or

a

portion

of

this

security

is

on

loan

at

April

30,

2024.

T.

ROWE

PRICE

Global

Growth

Stock

Fund

23

.

.

.

.

.

.

.

.

.

.

(5)

Seven-day

yield

(6)

Affiliated

Companies

ADR

American

Depositary

Receipts

HKD

Hong

Kong

Dollar

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

USD

U.S.

Dollar

T.

ROWE

PRICE

Global

Growth

Stock

Fund

24

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

six

months

ended

April

30,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.37%

$

—‌

$

—‌

$

52‌

++

Totals

$

—‌

#

$

—‌

$

52‌

+

Supplementary

Investment

Schedule

Affiliate

Value

10/31/23

Purchase

Cost

Sales

Cost

Value

04/30/24

T.

Rowe

Price

Government

Reserve

Fund,

5.37%

$

21,452‌

¤

¤

$

8,097‌

Total

$

8,097‌

^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

3

.

+

Investment

income

comprised

$52

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

$8,097.

T.

ROWE

PRICE

Global

Growth

Stock

Fund

April

30,

2024

(Unaudited)

Statement

of

Assets

and

Liabilities

25

($000s,

except

shares

and

per

share

amounts)

ok

Assets

Investments

in

securities,

at

value

(cost

$735,974)

$

1,053,883‌

Receivable

for

investment

securities

sold

3,530‌

Dividends

receivable

749‌

Foreign

currency

(cost

$625)

625‌

Receivable

for

shares

sold

378‌

Other

assets

699‌

Total

assets

1,059,864‌

Liabilities

Payable

for

investment

securities

purchased

5,878‌

Obligation

to

return

securities

lending

collateral

4,779‌

Investment

management

fees

payable

553‌

Payable

for

shares

redeemed

292‌

Due

to

affiliates

92‌

Other

liabilities

1,287‌

Total

liabilities

12,881‌

Commitments

and

Contingent

Liabilities

(note

6

)

NET

ASSETS

$

1,046,983‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

April

30,

2024

(Unaudited)

Statement

of

Assets

and

Liabilities

26

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

238,337‌

Paid-in

capital

applicable

to

27,100,970

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

808,646‌

NET

ASSETS

$

1,046,983‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$356,825;

Shares

outstanding:

9,261,034)

$

38.53‌

Advisor

Class

(Net

assets:

$13,344;

Shares

outstanding:

350,655)

$

38.06‌

I

Class

(Net

assets:

$676,814;

Shares

outstanding:

17,489,281)

$

38.70‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Statement

of

Operations

27

($000s)

6

Months

Ended

4/30/24

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$354)

$

5,054‌

Securities

lending

21‌

Total

income

5,075‌

Expenses

Investment

management

3,260‌

Shareholder

servicing

Investor

Class

$

408‌

Advisor

Class

13‌

I

Class

36‌

457‌

Rule

12b-1

fees

Advisor

Class

18‌

Prospectus

and

shareholder

reports

Investor

Class

18‌

Advisor

Class

1‌

I

Class

7‌

26‌

Custody

and

accounting

125‌

Legal

and

audit

51‌

Registration

38‌

Directors

2‌

Miscellaneous

26‌

Waived

/

paid

by

Price

Associates

(

29‌

)

Total

expenses

3,974‌

Net

investment

income

1,101‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Statement

of

Operations

28

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

4/30/24

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$475)

39,066‌

Foreign

currency

transactions

(

65‌

)

Net

realized

gain

39,001‌

Change

in

net

unrealized

gain

/

loss

Securities

(net

of

increase

in

deferred

foreign

taxes

of

$19)

137,517‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

(

3‌

)

Change

in

net

unrealized

gain

/

loss

137,514‌

Net

realized

and

unrealized

gain

/

loss

176,515‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

177,616‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

29

($000s)

6

Months

Ended

4/30/24

Year

Ended

10/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

1,101‌

$

3,684‌

Net

realized

gain

39,001‌

23,687‌

Change

in

net

unrealized

gain

/

loss

137,514‌

42,420‌

Increase

in

net

assets

from

operations

177,616‌

69,791‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(

751‌

)

(

234‌

)

Advisor

Class

(

12‌

)

(

10‌

)

I

Class

(

2,517‌

)

(

1,526‌

)

Decrease

in

net

assets

from

distributions

(

3,280‌

)

(

1,770‌

)

Capital

share

transactions

*

Shares

sold

Investor

Class

29,047‌

86,774‌

Advisor

Class

441‌

1,661‌

I

Class

36,224‌

53,797‌

Distributions

reinvested

Investor

Class

636‌

211‌

Advisor

Class

12‌

10‌

I

Class

2,478‌

1,507‌

Shares

redeemed

Investor

Class

(

69,662‌

)

(

84,858‌

)

Advisor

Class

(

3,140‌

)

(

2,572‌

)

I

Class

(

49,596‌

)

(

197,634‌

)

Decrease

in

net

assets

from

capital

share

transactions

(

53,560‌

)

(

141,104‌

)

T.

ROWE

PRICE

Global

Growth

Stock

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

30

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

4/30/24

Year

Ended

10/31/23

Net

Assets

Increase

(decrease)

during

period

120,776‌

(

73,083‌

)

Beginning

of

period

926,207‌

999,290‌

End

of

period

$

1,046,983‌

$

926,207‌

*

Share

information

(000s)

Shares

sold

Investor

Class

797‌

2,687‌

Advisor

Class

12‌

52‌

I

Class

950‌

1,641‌

Distributions

reinvested

Investor

Class

18‌

7‌

Advisor

Class

1‌

–‌

I

Class

69‌

50‌

Shares

redeemed

Investor

Class

(

1,870‌

)

(

2,593‌

)

Advisor

Class

(

87‌

)

(

81‌

)

I

Class

(

1,338‌

)

(

6,133‌

)

Decrease

in

shares

outstanding

(

1,448‌

)

(

4,370‌

)

T.

ROWE

PRICE

Global

Growth

Stock

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

31

T.

Rowe

Price

International

Funds,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Global

Growth

Stock

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks

long-term

growth

of

capital

through

investments

primarily

in

the

common

stocks

of

large-cap

companies

throughout

the

world,

including

the

U.S.

The

fund

has three classes

of

shares:

the

Global

Growth

Stock

Fund

(Investor

Class),

the

Global

Growth

Stock

Fund–Advisor

Class

(Advisor

Class)

and

the

Global

Growth

Stock

Fund–I

Class

(I

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor

and

I

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

T.

ROWE

PRICE

Global

Growth

Stock

Fund

32

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings. Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any,

are

declared

and

paid

by

each

class annually. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class’s

average

daily

net

assets.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

T.

ROWE

PRICE

Global

Growth

Stock

Fund

33

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

T.

ROWE

PRICE

Global

Growth

Stock

Fund

34

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-

counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

the

fund’s portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

T.

ROWE

PRICE

Global

Growth

Stock

Fund

35

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

April

30,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

675,458‌

$

312,734‌

$

8,147‌

$

996,339‌

Convertible

Preferred

Stocks

—‌

—‌

48,161‌

48,161‌

Limited

Partnerships

1,286‌

—‌

—‌

1,286‌

Short-Term

Investments

3,318‌

—‌

—‌

3,318‌

Securities

Lending

Collateral

4,779‌

—‌

—‌

4,779‌

Total

$

684,841‌

$

312,734‌

$

56,308‌

$

1,053,883‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

36

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

six

months ended

April

30,

2024.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

April

30,

2024,

totaled $(405,000) for

the

six

months ended

April

30,

2024.

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Designee

considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

($000s)

Beginning

Balance

10/31/23

Gain

(Loss)

During

Period

Total

Sales

Ending

Balance

4/30/24

Investment

in

Securities

Common

Stocks

$

10,547‌

$

(1,710‌)

$

(690‌)

$

8,147‌

Convertible

Preferred

Stocks

47,982‌

2,565‌

(2,386‌)

48,161‌

Total

$

58,529‌

$

855‌

$

(3,076‌)

$

56,308‌

T.

ROWE

PRICE

Global

Growth

Stock

Fund

37

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stocks

$

8,147

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

75%

75%

Decrease

Market

comparable

Relative

value

—#

—#

—#

Enterprise

value

to

sales

multiple

5.6x

–

6.4x

6.0x

Increase

Sales

growth

rate

15%

–

17%

16%

Increase

Enterprise

value

to

gross

profit

multiple

7.9x

–

9.0x

8.5x

Increase

Gross

profit

growth

rate

18%

–

19%

18%

Increase

Projected

enterprise

value

to

sales

multiple

9.6x

–

14.0x

13.2x

Increase

Projected

enterprise

value

to

gross

profit

multiple

11.9x

–

17.4x

16.3x

Increase

Premium

to

public

company

multiples

48%

–

49%

49%

Increase

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

T.

ROWE

PRICE

Global

Growth

Stock

Fund

38

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Convertible

Preferred

Stocks

$

48,161

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Conversion

ratio

—#

—#

—#

Market

comparable

Enterprise

value

to

gross

profit

multiple

5.0x

–

6.0x

5.5x

Increase

Projected

enterprise

value

to

gross

profit

multiple

11.9x

–

21.0x

19.8x

Increase

Gross

profit

growth

rate

13%

–

19%

15%

Increase

Enterprise

value

to

sales

multiple

1.4x

–

2.4x

2.2x

Increase

Projected

enterprise

value

to

sales

multiple

3.0x

–

15.5x

13.4x

Increase

Sales

growth

rate

17%

–

24%

21%

Increase

Enterprise

value

to

gross

merchandise

value

0.5x

–

0.6x

0.6x

Increase

Gross

merchandise

value

growth

rate

13%

13%

Increase

Enterprise

value

to

EBITDA

multiple

14.5x

–

23.1x

18.8x

Increase

T.

ROWE

PRICE

Global

Growth

Stock

Fund

39

+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee’s

judgment

of

current

market

participant

assumptions. 

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

NOTE

3

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund's

prospectus

and

Statement

of

Additional

Information.

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

EBITDA

growth

rate

68%

68%

Increase

Enterprise

value

to

EBIT

multiple

10.3x

–

14.4x

12.4x

Increase

EBIT

growth

rate

24%

24%

Increase

Premium

to

public

company

multiples

48%

–

49%

49%

Increase

Discount

rate

for

cost

of

capital

25%

–

30%

26%

Decrease

Discount

for

uncertainty

10%

–

100%

10%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

T.

ROWE

PRICE

Global

Growth

Stock

Fund

40

Emerging

and

Frontier

Markets

 The fund

invests,

either

directly

or

through

investments

in

other

T.

Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

T.

ROWE

PRICE

Global

Growth

Stock

Fund

41

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

April

30,

2024,

the

value

of

loaned

securities

was

$3,348,000;

the

value

of

cash

collateral

and

related

investments

was

$4,779,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $333,813,000 and

$389,599,000,

respectively,

for

the

six

months ended

April

30,

2024.

NOTE

4

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report. 

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

October

31,

2023,

the

fund

had

$100,139,000

of

available

capital

loss

carryforwards.

At

April

30,

2024,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$744,639,000.

Net

unrealized

gain

aggregated

$308,023,000

at

period-end,

of

which

$346,846,000

related

to

appreciated

investments

and

$38,823,000

related

to

depreciated

investments.

NOTE

5

-

FOREIGN  TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

T.

ROWE

PRICE

Global

Growth

Stock

Fund

42

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

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

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

6

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group).

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.35%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

April

30,

2024,

the

effective

annual

group

fee

rate

was

0.29%. Price

Associates

has

agreed

to

permanently

waive

a

portion

of

the

fund’s

annual

investment

management

fee

in

order

to

limit

the

fund’s

management

fees

to

0.65%

of

the

fund’s

average

daily

net

assets.

This

agreement

can

only

be

modified

or

terminated

with

approval

by

the

fund’s

shareholders.

The

fund

has

no

obligation

to

repay

fees

waived

under

this

arrangement. No

management

fees

were

waived

under

this

arrangement

for

the

six

months ended

April

30,

2024. 

The Advisor

Class is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

Effective

November

1,

2023,

the Investor

Class is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the

class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

Each

class

is

T.

ROWE

PRICE

Global

Growth

Stock

Fund

43

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

six

months ended April

30,

2024

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $94,000 remain

subject

to

repayment

by

the

fund

at

April

30,

2024.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

Investor

Class

Advisor

Class

I

Class

Expense

limitation/I

Class

Limit

0.99%

1.10%

0.05%

Expense

limitation

date

12/31/26

12/31/26

12/31/26

(Waived)/repaid

during

the

period

($000s)

$—

$(2)

$(27)

T.

ROWE

PRICE

Global

Growth

Stock

Fund

44

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor

Class.

For

the

six

months

ended

April

30,

2024,

expenses

incurred

pursuant

to

these

service

agreements

were

$54,000

for

Price

Associates;

$270,000

for

T.

Rowe

Price

Services,

Inc.;

and

$4,000

for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

April

30,

2024,

T.

Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

312,312

shares

of

the

I

Class,

representing

2%

of

the

I

Class's

net

assets. 

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

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

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

April

30,

2024,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

T.

ROWE

PRICE

Global

Growth

Stock

Fund

45

NOTE

7

-

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

T.

ROWE

PRICE

Global

Growth

Stock

Fund

46

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.

com

.

TAILORED

SHAREHOLDER

REPORTS

FOR

MUTUAL

FUNDS

AND

EXCHANGE

TRADED

FUNDS

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

rule

and

form

amendments

requiring

Mutual

Funds

and

Exchange-Traded

Funds

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

highlight

key

information

to

shareholders.

Other

information,

including

financial

statements,

will

no

longer

appear

in

the

funds’

shareholder

reports

but

will

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

T.

ROWE

PRICE

Global

Growth

Stock

Fund

47

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

Each

year,

the

fund’s

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser).

In

that

regard,

at

a

meeting

held

on

March

11–12,

2024

(Meeting),

the

Board,

including

all

of

the

fund’s

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

fund’s

Advisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

the

approval

of

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting,

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T.

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

Services

Provided

by

the

Adviser

The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund’s

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser’s

senior

management

team

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract.

T.

ROWE

PRICE

Global

Growth

Stock

Fund

48

Investment

Performance

of

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T.

Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund’s

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2023.

Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

as

of

September

30,

2023,

which

ranked

the

returns

of

the

fund’s

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

the

length

of

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

it

considered

with

respect

to

the

fund’s

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract.

Costs,

Benefits,

Profits,

and

Economies

of

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

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.

In

considering

soft-dollar

arrangements

pursuant

to

which

research

may

be

received

from

broker-dealers

that

execute

the

fund’s

portfolio

transactions,

the

Board

noted

that

during

2023

the

Adviser

paid

the

costs

of

research

services

for

all

client

accounts

that

it

advises,

including

the

T.

Rowe

Price

funds.

However,

effective

January

1,

2024,

the

Adviser

will

begin

using

brokerage

commissions

in

connection

with

certain

T.

Rowe

Price

funds’

securities

transactions

to

pay

for

research

when

permissible.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T.

Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

Global

Growth

Stock

Fund

49

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components—a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T.

Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund’s

average

daily

net

assets—and

the

fund

pays

its

own

expenses

of

operations.

The

group

fee

rate

decreases

as

total

T.

Rowe

Price

fund

assets

grow,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T.

Rowe

Price

funds,

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund’s

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

However,

the

fund

is

also

subject

to

contractual

expense

limitations

that

mitigate

the

potential

for

an

increase

in

management

fees

or

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser’s

ongoing

investments

in

its

business

in

support

of

the

T.

Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii)

actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

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

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

Global

Growth

Stock

Fund

50

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

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.

The

information

provided

to

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

in

the

first

quintile

(Investor

Class

Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

in

the

first

quintile

(Investor

Class

Expense

Group)

and

second

quintile

(Advisor

Class

Expense

Group

and

Expense

Universe),

and

the

fund’s

total

expenses

ranked

in

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

or

subadvised

by

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

to

investors

outside

the

United

States.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

business

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

business.

The

Board

considered

information

showing

that

the

Adviser’s

mutual

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

institutional

account

business

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

mutual

fund

business.

In

assessing

the

reasonableness

of

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

mutual

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution’s

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T.

Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

Global

Growth

Stock

Fund

51

Approval

of

the

Advisory

Contract

As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F174-051

6/24

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 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. 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)	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.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(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, 2024

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, 2024

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	June 17, 2024