T. Rowe Price International Stock Fund (PRITX) N-CSR Certified annual shareholder report (management investment company)

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: October 31, 2024

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual Shareholder Report

October 31, 2024

International Stock Fund

Investor Class (PRITX)

This annual shareholder report contains important information about International Stock Fund (the "fund") for the period of November 1, 2023 to October 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

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

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
International Stock Fund - Investor Class	$93	0.83%

What drove fund performance during the past 12 months?

• Non-U.S. developed and emerging markets stocks recorded a double-digit return over the 12-month reporting period as anticipation of interest rate cuts by the Federal Reserve and other central banks outweighed concerns about rising geopolitical tensions and persistent inflation in many markets.

• Information technology (IT) contributed the most to relative performance versus the MSCI All Country World Index ex USA Net due to favorable stock selection, particularly in semiconductor-related names whose shares rallied amid investor enthusiasm for companies exposed to artificial intelligence. An overweight to IT, which outpaced the benchmark, also added value. Energy helped relative returns chiefly due to an underweight to the sector, which trailed the benchmark, and positive stock selection.

• Financials detracted significantly from relative performance due to negative stock selection and an underweight to the sector, which outpaced the benchmark return. Health care stocks weighed on relative returns owing to an overweight to the sector, which underperformed the benchmark, and adverse selection.

• The fund’s investment process relies on in-depth fundamental research to construct a diversified growth portfolio (i.e., cyclical growers, steady compounders, and high growth companies) with a focus on total return and companies with durable growth potential. Sector and country allocations are primarily driven by bottom-up stock selection. IT was the largest overweight versus the benchmark at period-end, driven by semiconductor industry holdings. Conversely, financials was the largest underweight.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of October 31, 2024

	Investor Class	Regulatory Benchmark	Strategy Benchmark
2014	10,000	10,000	10,000
2015	9,792	9,695	9,877
2015	10,641	10,556	10,726
2015	10,486	10,073	10,360
2015	9,854	9,532	9,919
2016	9,021	8,536	9,084
2016	9,706	9,365	9,795
2016	9,939	9,515	10,159
2016	9,995	9,553	9,931
2017	10,224	9,910	10,083
2017	11,163	10,544	10,885
2017	11,966	11,323	11,772
2017	12,384	11,812	12,389
2018	13,283	12,852	13,463
2018	12,548	12,222	12,780
2018	12,588	11,995	12,719
2018	11,259	10,838	11,304
2019	11,763	11,235	11,783
2019	12,682	11,827	12,685
2019	12,552	11,723	12,807
2019	12,885	12,059	13,187
2020	13,517	12,352	13,810
2020	11,777	10,465	12,383
2020	13,547	11,800	14,498
2020	13,450	11,745	14,695
2021	15,931	14,075	17,143
2021	16,610	14,963	17,655
2021	16,708	15,079	17,875
2021	16,610	15,228	18,035
2022	15,635	14,585	16,464
2022	14,053	13,420	14,789
2022	13,834	12,777	14,209
2022	12,398	11,463	12,446
2023	14,754	13,752	14,945
2023	14,943	13,830	15,114
2023	15,614	14,491	15,729
2023	13,739	12,846	13,589
2024	15,556	14,560	15,592
2024	15,896	15,119	16,181
2024	16,848	15,903	16,938
2024	16,914	15,972	17,010

202411-4029887, 202412-3916157

F37-052 12/24

Average Annual Total Returns

	1 Year	5 Years	10 Years
International Stock Fund (Investor Class)	23.11%	5.59%	5.40%
MSCI All Country World Index ex-USA Net (Regulatory Benchmark)	24.33	5.78	4.79
MSCI All Country World Index ex USA Growth Net (Strategy Benchmark)	25.18	5.22	5.46

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$13,840,992
• Number of Portfolio Holdings132

• Investment Advisory Fees Paid (000s)$30,493
• Portfolio Turnover Rate31.0%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	19.8%
Industrials & Business Services	16.6
Health Care	16.5
Financials	15.1
Consumer Discretionary	10.6
Consumer Staples	8.6
Communication Services	4.7
Energy	2.9
Real Estate	1.7
Other	3.5

Top Ten Holdings (as a % of Net Assets)

Taiwan Semiconductor Manufacturing	6.1%
ASML Holding	2.2
Prosus	2.1
Novo Nordisk	2.1
Deutsche Telekom	1.8
Canadian National Railway	1.8
SAP	1.7
MercadoLibre	1.7
Safran	1.5
Siemens	1.5

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

MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

International Stock Fund 

Investor Class (PRITX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

October 31, 2024

International Stock Fund

Advisor Class (PAITX)

This annual shareholder report contains important information about International Stock Fund (the "fund") for the period of November 1, 2023 to October 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

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

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
International Stock Fund - Advisor Class	$123	1.10%

What drove fund performance during the past 12 months?

• Non-U.S. developed and emerging markets stocks recorded a double-digit return over the 12-month reporting period as anticipation of interest rate cuts by the Federal Reserve and other central banks outweighed concerns about rising geopolitical tensions and persistent inflation in many markets.

• Information technology (IT) contributed the most to relative performance versus the MSCI All Country World Index ex USA Net due to favorable stock selection, particularly in semiconductor-related names whose shares rallied amid investor enthusiasm for companies exposed to artificial intelligence. An overweight to IT, which outpaced the benchmark, also added value. Energy helped relative returns chiefly due to an underweight to the sector, which trailed the benchmark, and positive stock selection.

• Financials detracted significantly from relative performance due to negative stock selection and an underweight to the sector, which outpaced the benchmark return. Health care stocks weighed on relative returns owing to an overweight to the sector, which underperformed the benchmark, and adverse selection.

• The fund’s investment process relies on in-depth fundamental research to construct a diversified growth portfolio (i.e., cyclical growers, steady compounders, and high growth companies) with a focus on total return and companies with durable growth potential. Sector and country allocations are primarily driven by bottom-up stock selection. IT was the largest overweight versus the benchmark at period-end, driven by semiconductor industry holdings. Conversely, financials was the largest underweight.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of October 31, 2024

	Advisor Class	Regulatory Benchmark	Strategy Benchmark
2014	10,000	10,000	10,000
2015	9,792	9,695	9,877
2015	10,640	10,556	10,726
2015	10,478	10,073	10,360
2015	9,842	9,532	9,919
2016	9,006	8,536	9,084
2016	9,693	9,365	9,795
2016	9,920	9,515	10,159
2016	9,964	9,553	9,931
2017	10,191	9,910	10,083
2017	11,112	10,544	10,885
2017	11,905	11,323	11,772
2017	12,314	11,812	12,389
2018	13,200	12,852	13,463
2018	12,464	12,222	12,780
2018	12,498	11,995	12,719
2018	11,168	10,838	11,304
2019	11,663	11,235	11,783
2019	12,563	11,827	12,685
2019	12,435	11,723	12,807
2019	12,749	12,059	13,187
2020	13,373	12,352	13,810
2020	11,621	10,465	12,383
2020	13,351	11,800	14,498
2020	13,248	11,745	14,695
2021	15,686	14,075	17,143
2021	16,347	14,963	17,655
2021	16,428	15,079	17,875
2021	16,317	15,228	18,035
2022	15,351	14,585	16,464
2022	13,792	13,420	14,789
2022	13,561	12,777	14,209
2022	12,145	11,463	12,446
2023	14,454	13,752	14,945
2023	14,630	13,830	15,114
2023	15,271	14,491	15,729
2023	13,429	12,846	13,589
2024	15,202	14,560	15,592
2024	15,517	15,119	16,181
2024	16,430	15,903	16,938
2024	16,495	15,972	17,010

202411-4029887, 202412-3916157

F237-052 12/24

Average Annual Total Returns

	1 Year	5 Years	10 Years
International Stock Fund (Advisor Class)	22.83%	5.29%	5.13%
MSCI All Country World Index ex-USA Net (Regulatory Benchmark)	24.33	5.78	4.79
MSCI All Country World Index ex USA Growth Net (Strategy Benchmark)	25.18	5.22	5.46

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$13,840,992
• Number of Portfolio Holdings132

• Investment Advisory Fees Paid (000s)$30,493
• Portfolio Turnover Rate31.0%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	19.8%
Industrials & Business Services	16.6
Health Care	16.5
Financials	15.1
Consumer Discretionary	10.6
Consumer Staples	8.6
Communication Services	4.7
Energy	2.9
Real Estate	1.7
Other	3.5

Top Ten Holdings (as a % of Net Assets)

Taiwan Semiconductor Manufacturing	6.1%
ASML Holding	2.2
Prosus	2.1
Novo Nordisk	2.1
Deutsche Telekom	1.8
Canadian National Railway	1.8
SAP	1.7
MercadoLibre	1.7
Safran	1.5
Siemens	1.5

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

MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

International Stock Fund 

Advisor Class (PAITX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

October 31, 2024

International Stock Fund

R Class (RRITX)

This annual shareholder report contains important information about International Stock Fund (the "fund") for the period of November 1, 2023 to October 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

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

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
International Stock Fund - R Class	$156	1.40%

What drove fund performance during the past 12 months?

• Non-U.S. developed and emerging markets stocks recorded a double-digit return over the 12-month reporting period as anticipation of interest rate cuts by the Federal Reserve and other central banks outweighed concerns about rising geopolitical tensions and persistent inflation in many markets.

• Information technology (IT) contributed the most to relative performance versus the MSCI All Country World Index ex USA Net due to favorable stock selection, particularly in semiconductor-related names whose shares rallied amid investor enthusiasm for companies exposed to artificial intelligence. An overweight to IT, which outpaced the benchmark, also added value. Energy helped relative returns chiefly due to an underweight to the sector, which trailed the benchmark, and positive stock selection.

• Financials detracted significantly from relative performance due to negative stock selection and an underweight to the sector, which outpaced the benchmark return. Health care stocks weighed on relative returns owing to an overweight to the sector, which underperformed the benchmark, and adverse selection.

• The fund’s investment process relies on in-depth fundamental research to construct a diversified growth portfolio (i.e., cyclical growers, steady compounders, and high growth companies) with a focus on total return and companies with durable growth potential. Sector and country allocations are primarily driven by bottom-up stock selection. IT was the largest overweight versus the benchmark at period-end, driven by semiconductor industry holdings. Conversely, financials was the largest underweight.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of October 31, 2024

	R Class	Regulatory Benchmark	Strategy Benchmark
2014	10,000	10,000	10,000
2015	9,781	9,695	9,877
2015	10,610	10,556	10,726
2015	10,442	10,073	10,360
2015	9,800	9,532	9,919
2016	8,960	8,536	9,084
2016	9,626	9,365	9,795
2016	9,839	9,515	10,159
2016	9,883	9,553	9,931
2017	10,097	9,910	10,083
2017	11,003	10,544	10,885
2017	11,787	11,323	11,772
2017	12,176	11,812	12,389
2018	13,046	12,852	13,463
2018	12,306	12,222	12,780
2018	12,326	11,995	12,719
2018	11,006	10,838	11,304
2019	11,484	11,235	11,783
2019	12,366	11,827	12,685
2019	12,216	11,723	12,807
2019	12,522	12,059	13,187
2020	13,122	12,352	13,810
2020	11,407	10,465	12,383
2020	13,100	11,800	14,498
2020	12,991	11,745	14,695
2021	15,358	14,075	17,143
2021	15,993	14,963	17,655
2021	16,060	15,079	17,875
2021	15,942	15,228	18,035
2022	14,981	14,585	16,464
2022	13,450	13,420	14,789
2022	13,214	12,777	14,209
2022	11,825	11,463	12,446
2023	14,063	13,752	14,945
2023	14,221	13,830	15,114
2023	14,840	14,491	15,729
2023	13,040	12,846	13,589
2024	14,735	14,560	15,592
2024	15,038	15,119	16,181
2024	15,915	15,903	16,938
2024	15,963	15,972	17,010

202411-4029887, 202412-3916157

F437-052 12/24

Average Annual Total Returns

	1 Year	5 Years	10 Years
International Stock Fund (R Class)	22.42%	4.98%	4.79%
MSCI All Country World Index ex-USA Net (Regulatory Benchmark)	24.33	5.78	4.79
MSCI All Country World Index ex USA Growth Net (Strategy Benchmark)	25.18	5.22	5.46

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$13,840,992
• Number of Portfolio Holdings132

• Investment Advisory Fees Paid (000s)$30,493
• Portfolio Turnover Rate31.0%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	19.8%
Industrials & Business Services	16.6
Health Care	16.5
Financials	15.1
Consumer Discretionary	10.6
Consumer Staples	8.6
Communication Services	4.7
Energy	2.9
Real Estate	1.7
Other	3.5

Top Ten Holdings (as a % of Net Assets)

Taiwan Semiconductor Manufacturing	6.1%
ASML Holding	2.2
Prosus	2.1
Novo Nordisk	2.1
Deutsche Telekom	1.8
Canadian National Railway	1.8
SAP	1.7
MercadoLibre	1.7
Safran	1.5
Siemens	1.5

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

MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

International Stock Fund 

R Class (RRITX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

October 31, 2024

International Stock Fund

I Class (PRIUX)

This annual shareholder report contains important information about International Stock Fund (the "fund") for the period of November 1, 2023 to October 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

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

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
International Stock Fund - I Class	$76	0.68%

What drove fund performance during the past 12 months?

• Non-U.S. developed and emerging markets stocks recorded a double-digit return over the 12-month reporting period as anticipation of interest rate cuts by the Federal Reserve and other central banks outweighed concerns about rising geopolitical tensions and persistent inflation in many markets.

• Information technology (IT) contributed the most to relative performance versus the MSCI All Country World Index ex USA Net due to favorable stock selection, particularly in semiconductor-related names whose shares rallied amid investor enthusiasm for companies exposed to artificial intelligence. An overweight to IT, which outpaced the benchmark, also added value. Energy helped relative returns chiefly due to an underweight to the sector, which trailed the benchmark, and positive stock selection.

• Financials detracted significantly from relative performance due to negative stock selection and an underweight to the sector, which outpaced the benchmark return. Health care stocks weighed on relative returns owing to an overweight to the sector, which underperformed the benchmark, and adverse selection.

• The fund’s investment process relies on in-depth fundamental research to construct a diversified growth portfolio (i.e., cyclical growers, steady compounders, and high growth companies) with a focus on total return and companies with durable growth potential. Sector and country allocations are primarily driven by bottom-up stock selection. IT was the largest overweight versus the benchmark at period-end, driven by semiconductor industry holdings. Conversely, financials was the largest underweight.

How has the fund performed?

Cumulative Returns of a Hypothetical $500,000 Investment as of October 31, 2024

	I Class	Regulatory Benchmark	Strategy Benchmark
8/28/15	500,000	500,000	500,000
10/31/15	506,047	509,520	514,619
1/31/16	463,629	456,299	471,295
4/30/16	499,119	500,598	508,189
7/31/16	511,057	508,585	527,110
10/31/16	514,283	510,663	515,283
1/31/17	526,112	529,735	523,155
4/30/17	574,753	563,639	564,761
7/31/17	616,444	605,251	610,773
10/31/17	637,952	631,372	642,804
1/31/18	684,663	686,970	698,492
4/30/18	647,090	653,299	663,055
7/31/18	649,526	641,196	659,894
10/31/18	580,990	579,341	586,491
1/31/19	607,389	600,542	611,344
4/30/19	655,262	632,194	658,168
7/31/19	648,903	626,611	664,472
10/31/19	665,734	644,620	684,219
1/31/20	699,156	660,238	716,507
4/30/20	609,215	559,414	642,494
7/31/20	700,694	630,751	752,228
10/31/20	695,697	627,789	762,425
1/31/21	824,749	752,365	889,439
4/30/21	859,977	799,831	916,003
7/31/21	865,066	806,000	927,419
10/31/21	860,369	813,999	935,733
1/31/22	810,188	779,642	854,199
4/30/22	728,496	717,364	767,313
7/31/22	717,126	682,964	737,214
10/31/22	643,013	612,722	645,724
1/31/23	765,695	735,078	775,387
4/30/23	775,961	739,237	784,193
7/31/23	811,038	774,585	816,092
10/31/23	713,936	686,689	705,055
1/31/24	808,633	778,299	808,993
4/30/24	826,824	808,171	839,522
7/31/24	876,199	850,078	878,833
10/31/24	880,531	853,778	882,559

202411-4029887, 202412-3916157

F537-052 12/24

Average Annual Total Returns

	1 Year	5 Years	Since Inception 8/28/15
International Stock Fund (I Class)	23.33%	5.75%	6.36%
MSCI All Country World Index ex-USA Net (Regulatory Benchmark)	24.33	5.78	6.01
MSCI All Country World Index ex USA Growth Net (Strategy Benchmark)	25.18	5.22	6.39

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$13,840,992
• Number of Portfolio Holdings132

• Investment Advisory Fees Paid (000s)$30,493
• Portfolio Turnover Rate31.0%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	19.8%
Industrials & Business Services	16.6
Health Care	16.5
Financials	15.1
Consumer Discretionary	10.6
Consumer Staples	8.6
Communication Services	4.7
Energy	2.9
Real Estate	1.7
Other	3.5

Top Ten Holdings (as a % of Net Assets)

Taiwan Semiconductor Manufacturing	6.1%
ASML Holding	2.2
Prosus	2.1
Novo Nordisk	2.1
Deutsche Telekom	1.8
Canadian National Railway	1.8
SAP	1.7
MercadoLibre	1.7
Safran	1.5
Siemens	1.5

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

MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

International Stock Fund 

I Class (PRIUX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

October 31, 2024

International Stock Fund

Z Class (TRNZX)

This annual shareholder report contains important information about International Stock Fund (the "fund") for the period of November 1, 2023 to October 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

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

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
International Stock Fund - Z Class	$0	0.00%

What drove fund performance during the past 12 months?

• Non-U.S. developed and emerging markets stocks recorded a double-digit return over the 12-month reporting period as anticipation of interest rate cuts by the Federal Reserve and other central banks outweighed concerns about rising geopolitical tensions and persistent inflation in many markets.

• Information technology (IT) contributed the most to relative performance versus the MSCI All Country World Index ex USA Net due to favorable stock selection, particularly in semiconductor-related names whose shares rallied amid investor enthusiasm for companies exposed to artificial intelligence. An overweight to IT, which outpaced the benchmark, also added value. Energy helped relative returns chiefly due to an underweight to the sector, which trailed the benchmark, and positive stock selection.

• Financials detracted significantly from relative performance due to negative stock selection and an underweight to the sector, which outpaced the benchmark return. Health care stocks weighed on relative returns owing to an overweight to the sector, which underperformed the benchmark, and adverse selection.

• The fund’s investment process relies on in-depth fundamental research to construct a diversified growth portfolio (i.e., cyclical growers, steady compounders, and high growth companies) with a focus on total return and companies with durable growth potential. Sector and country allocations are primarily driven by bottom-up stock selection. IT was the largest overweight versus the benchmark at period-end, driven by semiconductor industry holdings. Conversely, financials was the largest underweight.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of October 31, 2024

	Z Class	Regulatory Benchmark	Strategy Benchmark
3/16/20	10,000	10,000	10,000
4/30/20	11,837	11,561	11,726
7/31/20	13,645	13,035	13,728
10/31/20	13,570	12,974	13,914
1/31/21	16,109	15,548	16,232
4/30/21	16,826	16,529	16,717
7/31/21	16,956	16,656	16,926
10/31/21	16,895	16,822	17,077
1/31/22	15,930	16,112	15,589
4/30/22	14,349	14,825	14,004
7/31/22	14,150	14,114	13,454
10/31/22	12,709	12,662	11,785
1/31/23	15,169	15,191	14,151
4/30/23	15,389	15,277	14,312
7/31/23	16,115	16,007	14,894
10/31/23	14,205	14,191	12,867
1/31/24	16,118	16,084	14,764
4/30/24	16,506	16,701	15,321
7/31/24	17,530	17,567	16,039
10/31/24	17,642	17,644	16,107

202411-4029887, 202412-3916157

F1257-052 12/24

Average Annual Total Returns

	1 Year	Since Inception 3/16/20
International Stock Fund (Z Class)	24.19%	13.05%
MSCI All Country World Index ex-USA Net (Regulatory Benchmark)	24.33	13.05
MSCI All Country World Index ex USA Growth Net (Strategy Benchmark)	25.18	10.85

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$13,840,992
• Number of Portfolio Holdings132

• Investment Advisory Fees Paid (000s)$30,493
• Portfolio Turnover Rate31.0%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	19.8%
Industrials & Business Services	16.6
Health Care	16.5
Financials	15.1
Consumer Discretionary	10.6
Consumer Staples	8.6
Communication Services	4.7
Energy	2.9
Real Estate	1.7
Other	3.5

Top Ten Holdings (as a % of Net Assets)

Taiwan Semiconductor Manufacturing	6.1%
ASML Holding	2.2
Prosus	2.1
Novo Nordisk	2.1
Deutsche Telekom	1.8
Canadian National Railway	1.8
SAP	1.7
MercadoLibre	1.7
Safran	1.5
Siemens	1.5

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

MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

International Stock Fund 

Z Class (TRNZX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

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

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted 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. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d)  Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

		2024			2023
	Audit Fees		$26,450			$25,925
	Audit-Related Fees		-			-
	Tax Fees		-			-
	All Other Fees		-			-

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.

(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2)  No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)  Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)  The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $846,000 and $1,584,000, respectively.

(h)  All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

(i)  Not applicable.

(j)  Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b)  Not applicable.

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

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

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

October

31,

2024

Financial

Statements

and

Other

Information

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

PRITX

International

Stock

Fund

PAITX

International

Stock

Fund–

.

Advisor Class

RRITX

International

Stock

Fund–

.

R Class

PRIUX

International

Stock

Fund–

.

I Class

TRNZX

International

Stock

Fund–

.

Z Class

T.

ROWE

PRICE

International

Stock

Fund

Financial

Highlights

2

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

NET

ASSET

VALUE

Beginning

of

period

$

16.78‌

$

15.28‌

$

22.00‌

$

18.09‌

$

17.80‌

Investment

activities

Net

investment

income

(1)(2)

0.16‌

0.18‌

0.14‌

0.17‌

0.11‌

Net

realized

and

unrealized

gain/loss

3.70‌

1.47‌

(5.40‌)

4.06‌

0.68‌

Total

from

investment

activities

3.86‌

1.65‌

(5.26‌)

4.23‌

0.79‌

Distributions

Net

investment

income

(0.21‌)

(0.07‌)

(0.17‌)

(0.08‌)

(0.43‌)

Net

realized

gain

—‌

(0.08‌)

(1.29‌)

(0.24‌)

(0.07‌)

Total

distributions

(0.21‌)

(0.15‌)

(1.46‌)

(0.32‌)

(0.50‌)

NET

ASSET

VALUE

End

of

period

$

20.43‌

$

16.78‌

$

15.28‌

$

22.00‌

$

18.09‌

Ratios/Supplemental

Data

Total

return

(2)(3)

23.11‌%

10.82‌%

(25.36‌)%

23.49‌%

4.39‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.83‌%

0.83‌%

0.84‌%

0.77‌%

0.79‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.83‌%

0.83‌%

0.84‌%

0.77‌%

0.79‌%

Net

investment

income

0.81‌%

1.03‌%

0.77‌%

0.76‌%

0.63‌%

Portfolio

turnover

rate

31.0‌%

38.4‌%

33.6‌%

27.6‌%

31.3‌%

Net

assets,

end

of

period

(in

millions)

$1,737

$1,559

$1,523

$3,071

$3,582

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.

T.

ROWE

PRICE

International

Stock

Fund

Financial

Highlights

3

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

NET

ASSET

VALUE

Beginning

of

period

$

16.77‌

$

15.27‌

$

21.98‌

$

18.07‌

$

17.85‌

Investment

activities

Net

investment

income

(1)(2)

0.11‌

0.14‌

0.11‌

0.11‌

0.04‌

Net

realized

and

unrealized

gain/loss

3.70‌

1.47‌

(5.42‌)

4.06‌

0.67‌

Total

from

investment

activities

3.81‌

1.61‌

(5.31‌)

4.17‌

0.71‌

Distributions

Net

investment

income

(0.17‌)

(0.03‌)

(0.11‌)

(0.02‌)

(0.42‌)

Net

realized

gain

—‌

(0.08‌)

(1.29‌)

(0.24‌)

(0.07‌)

Total

distributions

(0.17‌)

(0.11‌)

(1.40‌)

(0.26‌)

(0.49‌)

NET

ASSET

VALUE

End

of

period

$

20.41‌

$

16.77‌

$

15.27‌

$

21.98‌

$

18.07‌

Ratios/Supplemental

Data

Total

return

(2)(3)

22.83‌%

10.57‌%

(25.57‌)%

23.16‌%

3.92‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

1.10‌%

1.07‌%

1.10‌%

1.07‌%

1.21‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.10‌%

1.07‌%

1.10‌%

1.07‌%

1.21‌%

Net

investment

income

0.55‌%

0.80‌%

0.60‌%

0.49‌%

0.25‌%

Portfolio

turnover

rate

31.0‌%

38.4‌%

33.6‌%

27.6‌%

31.3‌%

Net

assets,

end

of

period

(in

thousands)

$13,507

$11,901

$12,223

$19,113

$15,512

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.

T.

ROWE

PRICE

International

Stock

Fund

Financial

Highlights

4

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

R

Class

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

NET

ASSET

VALUE

Beginning

of

period

$

16.45‌

$

14.99‌

$

21.59‌

$

17.80‌

$

17.61‌

Investment

activities

Net

investment

income

(1)(2)

0.07‌

0.07‌

0.05‌

0.04‌

0.02‌

Net

realized

and

unrealized

gain/loss

3.61‌

1.47‌

(5.33‌)

3.99‌

0.65‌

Total

from

investment

activities

3.68‌

1.54‌

(5.28‌)

4.03‌

0.67‌

Distributions

Net

investment

income

(0.12‌)

—‌

(0.03‌)

—‌

(0.41‌)

Net

realized

gain

—‌

(0.08‌)

(1.29‌)

(0.24‌)

(0.07‌)

Total

distributions

(0.12‌)

(0.08‌)

(1.32‌)

(0.24‌)

(0.48‌)

NET

ASSET

VALUE

End

of

period

$

20.01‌

$

16.45‌

$

14.99‌

$

21.59‌

$

17.80‌

Ratios/Supplemental

Data

Total

return

(2)(3)

22.42‌%

10.27‌%

(25.82‌)%

22.72‌%

3.74‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

2.25‌%

1.40‌%

1.41‌%

1.40‌%

1.45‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.40‌%

1.40‌%

1.40‌%

1.40‌%

1.40‌%

Net

investment

income

0.36‌%

0.41‌%

0.31‌%

0.17‌%

0.11‌%

Portfolio

turnover

rate

31.0‌%

38.4‌%

33.6‌%

27.6‌%

31.3‌%

Net

assets,

end

of

period

(in

thousands)

$17,713

$11,027

$6,672

$9,316

$8,443

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.

T.

ROWE

PRICE

International

Stock

Fund

Financial

Highlights

5

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

NET

ASSET

VALUE

Beginning

of

period

$

16.69‌

$

15.27‌

$

21.98‌

$

18.10‌

$

17.80‌

Investment

activities

Net

investment

income

(1)(2)

0.18‌

0.21‌

0.20‌

0.19‌

0.13‌

Net

realized

and

unrealized

gain/loss

3.69‌

1.48‌

(5.43‌)

4.07‌

0.68‌

Total

from

investment

activities

3.87‌

1.69‌

(5.23‌)

4.26‌

0.81‌

Distributions

Net

investment

income

(0.23‌)

(0.19‌)

(0.19‌)

(0.14‌)

(0.44‌)

Net

realized

gain

—‌

(0.08‌)

(1.29‌)

(0.24‌)

(0.07‌)

Total

distributions

(0.23‌)

(0.27‌)

(1.48‌)

(0.38‌)

(0.51‌)

NET

ASSET

VALUE

End

of

period

$

20.33‌

$

16.69‌

$

15.27‌

$

21.98‌

$

18.10‌

Ratios/Supplemental

Data

Total

return

(2)(3)

23.33‌%

11.03‌%

(25.26‌)%

23.67‌%

4.50‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.69‌%

0.68‌%

0.68‌%

0.66‌%

0.66‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.68‌%

0.68‌%

0.68‌%

0.66‌%

0.66‌%

Net

investment

income

0.93‌%

1.19‌%

1.15‌%

0.88‌%

0.76‌%

Portfolio

turnover

rate

31.0‌%

38.4‌%

33.6‌%

27.6‌%

31.3‌%

Net

assets,

end

of

period

(in

millions)

$2,477

$3,309

$2,000

$1,957

$1,687

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.

T.

ROWE

PRICE

International

Stock

Fund

Financial

Highlights

6

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Z

Class

(1)

..

Year

..

..

Ended

.

3/16/20

(1)

Through

10/31/20

10/31/24

10/31/23

10/31/22

10/31/21

NET

ASSET

VALUE

Beginning

of

period

$

16.81‌

$

15.35‌

$

22.13‌

$

18.17‌

$

13.39‌

Investment

activities

Net

investment

income

(2)(3)

0.33‌

0.33‌

0.31‌

0.35‌

0.18‌

Net

realized

and

unrealized

gain/loss

3.70‌

1.48‌

(5.44‌)

4.07‌

4.60‌

Total

from

investment

activities

4.03‌

1.81‌

(5.13‌)

4.42‌

4.78‌

Distributions

Net

investment

income

(0.34‌)

(0.27‌)

(0.36‌)

(0.22‌)

—‌

Net

realized

gain

—‌

(0.08‌)

(1.29‌)

(0.24‌)

—‌

Total

distributions

(0.34‌)

(0.35‌)

(1.65‌)

(0.46‌)

—‌

NET

ASSET

VALUE

End

of

period

$

20.50‌

$

16.81‌

$

15.35‌

$

22.13‌

$

18.17‌

Ratios/Supplemental

Data

Total

return

(3)(4)

24.19‌%

11.77‌%

(24.77‌)%

24.50‌%

35.70‌%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.66‌%

0.66‌%

0.66‌%

0.65‌%

0.65‌%

(5)

Net

expenses

after

waivers/

payments

by

Price

Associates

0.00‌%

0.00‌%

0.00‌%

0.00‌%

0.00‌%

(5)

Net

investment

income

1.65‌%

1.87‌%

1.71‌%

1.58‌%

1.61‌%

(5)

Portfolio

turnover

rate

31.0‌%

38.4‌%

33.6‌%

27.6‌%

31.3‌%

Net

assets,

end

of

period

(in

millions)

$9,596

$8,021

$7,750

$10,299

$9,139

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4)

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.

(5)

Annualized

T.

ROWE

PRICE

International

Stock

Fund

October

31,

2024

7

Portfolio

of

Investments

‡

Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA 1.7%

Common

Stocks 1.7% 

MercadoLibre

(USD) (1)

113,218‌

230,645‌

Total

Argentina

(Cost

$137,991)

230,645‌

BRAZIL 1.2%

Common

Stocks 1.2% 

B3 

37,510,718‌

68,975‌

Raia

Drogasil 

11,617,009‌

49,134‌

WEG 

4,655,546‌

43,794‌

Total

Brazil

(Cost

$173,190)

161,903‌

CANADA 9.3%

Common

Stocks 9.3% 

Canadian

National

Railway

(USD) 

2,321,217‌

250,506‌

Constellation

Software 

65,648‌

197,981‌

Constellation

Software,

Warrants,

3/31/40 (1)(2)

75,919‌

—‌

Definity

Financial 

1,665,859‌

64,285‌

Descartes

Systems

Group

(USD) (1)

775,313‌

80,578‌

Element

Fleet

Management 

8,132,005‌

166,395‌

National

Bank

of

Canada 

757,630‌

72,261‌

Shopify,

Class

A

(USD) (1)

1,897,199‌

148,380‌

Suncor

Energy

(USD) 

5,366,580‌

202,696‌

TMX

Group 

3,260,904‌

101,854‌

Total

Canada

(Cost

$973,934)

1,284,936‌

CAYMAN

ISLANDS 0.6%

Convertible

Preferred

Stocks 0.6% 

ByteDance,

Series

E,

Acquisition

Date:

7/8/19,

Cost $13,909

(USD) (1)(2)(3)

282,204‌

77,454‌

Total

Cayman

Islands

(Cost

$13,909)

77,454‌

CHINA 7.0%

Common

Stocks 4.9% 

58.com

(USD) (1)(2)

3,564,710‌

—‌

Alibaba

Group

Holding,

ADR

(USD) 

1,457,734‌

142,829‌

BeiGene,

ADR

(USD) (1)(4)

625,425‌

126,736‌

T.

ROWE

PRICE

International

Stock

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

KE

Holdings,

ADR

(USD) 

8,651,509‌

189,728‌

PDD

Holdings,

ADR

(USD) (1)

717,385‌

86,509‌

Tencent

Holdings

(HKD) 

2,409,100‌

125,616‌

671,418‌

Common

Stocks

-

China

A

Shares 2.1% 

Kweichow

Moutai,

A

Shares

(CNH) 

321,414‌

69,095‌

NARI

Technology,

A

Shares

(CNH) 

25,517,866‌

93,325‌

Shandong

Pharmaceutical

Glass,

A

Shares

(CNH) 

11,257,372‌

39,832‌

Shenzhen

Inovance

Technology,

A

Shares

(CNH) 

11,741,422‌

91,757‌

294,009‌

Total

China

(Cost

$648,232)

965,427‌

DENMARK 2.7%

Common

Stocks 2.7% 

Genmab (1)

363,577‌

81,426‌

Novo

Nordisk,

ADR

(USD) 

2,597,927‌

290,838‌

Total

Denmark

(Cost

$304,522)

372,264‌

FRANCE 6.3%

Common

Stocks 6.3% 

Capgemini 

611,405‌

106,067‌

Dassault

Aviation (4)

683,214‌

137,950‌

LVMH

Moet

Hennessy

Louis

Vuitton 

182,180‌

121,281‌

Safran 

940,150‌

212,818‌

Sartorius

Stedim

Biotech 

737,489‌

147,942‌

Schneider

Electric 

88,023‌

22,802‌

Thales 

745,440‌

120,164‌

Total

France

(Cost

$615,831)

869,024‌

GERMANY 7.6%

Common

Stocks 7.4% 

Deutsche

Telekom 

8,441,952‌

255,230‌

Douglas (1)

2,255,782‌

46,026‌

Evotec (1)(4)

4,404,852‌

34,067‌

Merck 

314,197‌

51,945‌

SAP 

1,031,321‌

240,798‌

Schott

Pharma (4)

1,146,910‌

37,151‌

Siemens 

1,083,090‌

210,715‌

T.

ROWE

PRICE

International

Stock

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

Siemens

Healthineers 

2,767,330‌

144,467‌

1,020,399‌

Preferred

Stocks 0.2% 

Sartorius (4)

95,223‌

24,668‌

24,668‌

Total

Germany

(Cost

$903,972)

1,045,067‌

HONG

KONG 1.1%

Common

Stocks 1.1% 

AIA

Group 

19,880,800‌

156,906‌

Total

Hong

Kong

(Cost

$63,748)

156,906‌

INDIA 6.0%

Common

Stocks 6.0% 

Axis

Bank 

11,729,942‌

161,136‌

HDFC

Bank 

2,569,775‌

52,821‌

ICICI

Bank 

2,445,370‌

37,511‌

InterGlobe

Aviation (1)

622,863‌

29,922‌

Kotak

Mahindra

Bank 

5,509,223‌

113,106‌

Larsen

&

Toubro 

2,849,860‌

122,421‌

NTPC 

43,437,844‌

210,091‌

Reliance

Industries 

4,188,442‌

66,227‌

Varun

Beverages 

6,154,228‌

43,749‌

Total

India

(Cost

$511,707)

836,984‌

INDONESIA 1.7%

Common

Stocks 1.7% 

Bank

Central

Asia 

211,201,900‌

137,699‌

Sarana

Menara

Nusantara 

371,826,400‌

18,954‌

Telkom

Indonesia

Persero 

461,313,400‌

82,456‌

Total

Indonesia

(Cost

$144,740)

239,109‌

IRELAND 0.9%

Common

Stocks 0.9% 

ICON

(USD) (1)

591,266‌

131,326‌

Total

Ireland

(Cost

$163,831)

131,326‌

T.

ROWE

PRICE

International

Stock

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

ITALY 1.4%

Common

Stocks 1.4% 

Banca

Mediolanum 

6,558,258‌

81,066‌

DiaSorin (4)

896,628‌

97,383‌

Ermenegildo

Zegna

(USD) (4)

2,381,993‌

18,103‌

Total

Italy

(Cost

$182,422)

196,552‌

JAPAN 14.0%

Common

Stocks 14.0% 

Calbee 

4,290,600‌

95,935‌

Chugai

Pharmaceutical 

3,956,200‌

188,242‌

Daiichi

Sankyo 

2,864,400‌

93,231‌

Disco 

446,100‌

126,931‌

Hamamatsu

Photonics 

3,611,500‌

47,754‌

Hikari

Tsushin 

416,000‌

83,962‌

Keyence 

286,000‌

129,104‌

Kyushu

Railway 

1,813,500‌

47,714‌

LY 

1,711,500‌

4,669‌

Mitsui

Fudosan 

5,052,500‌

43,110‌

Murata

Manufacturing 

4,989,100‌

87,165‌

Nextage (4)

4,141,100‌

39,746‌

Olympus 

10,032,900‌

176,602‌

Persol

Holdings 

46,475,300‌

78,057‌

Recruit

Holdings 

2,716,300‌

165,864‌

Renesas

Electronics 

11,259,300‌

150,856‌

Seven

&

i

Holdings 

13,537,900‌

194,945‌

Shimadzu 

1,092,400‌

32,223‌

Sony

Group 

8,595,200‌

151,254‌

Total

Japan

(Cost

$1,587,697)

1,937,364‌

LUXEMBOURG 0.7%

Common

Stocks 0.7% 

CVC

Capital

Partners (1)

4,847,256‌

101,681‌

Total

Luxembourg

(Cost

$83,439)

101,681‌

T.

ROWE

PRICE

International

Stock

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

MEXICO 0.5%

Common

Stocks 0.5% 

Grupo

Mexico,

Series

B 

12,870,823‌

67,533‌

Total

Mexico

(Cost

$69,151)

67,533‌

NETHERLANDS 6.7%

Common

Stocks 6.7% 

Adyen (1)

35,094‌

53,612‌

Argenx,

ADR

(USD) (1)

183,127‌

107,367‌

ASML

Holding 

451,417‌

303,863‌

Heineken 

1,329,201‌

109,017‌

ING

Groep 

3,216,102‌

54,578‌

Prosus 

6,959,144‌

293,463‌

Total

Netherlands

(Cost

$524,728)

921,900‌

PHILIPPINES 0.7%

Common

Stocks 0.7% 

SM

Investments 

6,420,355‌

103,526‌

Total

Philippines

(Cost

$101,076)

103,526‌

PORTUGAL 1.8%

Common

Stocks 1.8% 

Galp

Energia 

6,924,578‌

118,354‌

Jeronimo

Martins 

6,463,214‌

125,384‌

Total

Portugal

(Cost

$196,783)

243,738‌

SAUDI

ARABIA 0.8%

Common

Stocks 0.8% 

Saudi

National

Bank 

12,265,754‌

107,827‌

Total

Saudi

Arabia

(Cost

$113,410)

107,827‌

SINGAPORE 0.6%

Common

Stocks 0.6% 

Sea,

ADR

(USD) (1)

928,832‌

87,357‌

Total

Singapore

(Cost

$37,938)

87,357‌

T.

ROWE

PRICE

International

Stock

Fund

12

Shares

$

Value

(Cost

and

value

in

$000s)

SOUTH

KOREA 1.6%

Common

Stocks 1.6% 

LG

Chem 

191,397‌

43,034‌

Samsung

Electronics 

4,134,639‌

175,561‌

Total

South

Korea

(Cost

$172,272)

218,595‌

SPAIN 1.0%

Common

Stocks 1.0% 

Amadeus

IT

Group 

1,980,370‌

143,564‌

Total

Spain

(Cost

$96,694)

143,564‌

SWEDEN 2.4%

Common

Stocks 2.4% 

Assa

Abloy,

Class

B 

3,156,791‌

98,880‌

Essity,

Class

B 

6,795,889‌

192,043‌

Hexagon,

Class

B 

4,864,082‌

45,475‌

Total

Sweden

(Cost

$257,472)

336,398‌

SWITZERLAND 6.1%

Common

Stocks 6.1% 

Alcon 

1,454,190‌

133,571‌

Cie

Financiere

Richemont,

Class

A 

999,047‌

145,462‌

Julius

Baer

Group 

2,418,017‌

147,430‌

Nestle 

2,062,399‌

194,882‌

Partners

Group

Holding 

96,579‌

132,876‌

Sonova

Holding 

236,912‌

86,695‌

Total

Switzerland

(Cost

$620,041)

840,916‌

TAIWAN 6.1%

Common

Stocks 6.1% 

Taiwan

Semiconductor

Manufacturing 

26,891,000‌

843,288‌

Total

Taiwan

(Cost

$76,272)

843,288‌

UNITED

KINGDOM 5.7%

Common

Stocks 5.7% 

AstraZeneca,

ADR

(USD) 

2,376,902‌

169,117‌

T.

ROWE

PRICE

International

Stock

Fund

13

Shares

$

Value

(Cost

and

value

in

$000s)

Bridgepoint

Group 

15,114,595‌

61,144‌

Experian 

1,635,878‌

79,840‌

Hiscox 

6,599,471‌

91,761‌

London

Stock

Exchange

Group 

681,427‌

92,358‌

Prudential 

9,061,553‌

75,436‌

Smith

&

Nephew 

8,277,455‌

102,912‌

Unilever

(EUR) 

1,867,645‌

114,041‌

786,609‌

Convertible

Preferred

Stocks 0.0% 

Yulife

Holdings,

Series

C,

Acquisition

Date:

10/11/22,

Cost $5,669 (1)(2)(3)

286,782‌

4,489‌

4,489‌

Total

United

Kingdom

(Cost

$659,232)

791,098‌

UNITED

STATES 2.7%

Common

Stocks 2.7% 

Canva,

Acquisition

Date:

8/16/21

-

11/4/21,

Cost $23,865 (1)

(2)(3)

14,001‌

18,530‌

Coupang (1)

2,058,483‌

53,088‌

Linde 

170,857‌

77,936‌

Mastercard,

Class

A 

129,023‌

64,459‌

Waste

Connections 

932,072‌

164,744‌

378,757‌

Convertible

Preferred

Stocks 0.0% 

Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $1,408 (1)

(2)(3)

826‌

1,093‌

Canva,

Series

A-3,

Acquisition

Date:

11/4/21,

Cost $58 (1)

(2)(3)

34‌

45‌

Canva,

Series

A-4,

Acquisition

Date:

11/4/21,

Cost $5 (1)(2)

(3)

3‌

4‌

Canva,

Series

A-5,

Acquisition

Date:

11/4/21,

Cost $4 (1)(2)

(3)

2‌

3‌

1,145‌

Total

United

States

(Cost

$209,645)

379,902‌

VIETNAM 0.4%

Common

Stocks 0.4% 

Asia

Commercial

Bank 

35,643,800‌

37,776‌

T.

ROWE

PRICE

International

Stock

Fund

14

Shares

$

Value

(Cost

and

value

in

$000s)

FPT 

2,776,600‌

14,864‌

Total

Vietnam

(Cost

$51,767)

52,640‌

SHORT-TERM

INVESTMENTS 2.3%

Money

Market

Funds 2.3%

T.

Rowe

Price

Government

Reserve

Fund,

4.86% (5)(6)

311,518,152‌

311,518‌

Total

Short-Term

Investments

(Cost

$311,518)

311,518‌

SECURITIES

LENDING

COLLATERAL 0.4%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 0.4%

Money

Market

Funds 0.4%

T.

Rowe

Price

Government

Reserve

Fund,

4.86% (5)(6)

61,712,335‌

61,712‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

61,712‌

Total

Securities

Lending

Collateral

(Cost

$61,712)

61,712‌

Total

Investments

in

Securities

102.0%

of

Net

Assets

(Cost

$10,068,876)

$

14,118,154‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Shares

and

Notional

Amount

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

$101,618

and

represents

0.7%

of

net

assets.

(4)

See

Note

4.

All

or

a

portion

of

this

security

is

on

loan

at

October

31,

2024.

(5)

Seven-day

yield

T.

ROWE

PRICE

International

Stock

Fund

15

.

.

.

.

.

.

.

.

.

.

(6)

Affiliated

Companies

ADR

American

Depositary

Receipts

CNH

Offshore

China

Renminbi

EUR

Euro

HKD

Hong

Kong

Dollar

OTC

Over-the-counter

USD

U.S.

Dollar

T.

ROWE

PRICE

International

Stock

Fund

16

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

 (0.0)%

OTC

Options

Written (0.0)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Goldman

Sachs

Sartorius

Stedim

Biotech,

Call,

12/20/24

@

230.00

(EUR)

336

6,159

(61‌)

Morgan

Stanley

KE

Holdings,

Call,

11/15/24

@

$25.00

9,091

19,936

(336‌)

Morgan

Stanley

KE

Holdings,

Call,

11/15/24

@

$26.00

8,741

19,169

(219‌)

Morgan

Stanley

KE

Holdings,

Call,

1/17/25

@

$27.00

8,418

18,461

(888‌)

Morgan

Stanley

KE

Holdings,

Call,

1/17/25

@

$28.00

6,858

15,040

(600‌)

Total

Options

Written

(Premiums

$(6,270))

$

(2,104‌)

T.

ROWE

PRICE

International

Stock

Fund

17

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

year

ended

October

31,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

4.86%

$

—‌

$

—‌

$

16,025‌++

Totals

$

—‌#

$

—‌

$

16,025‌+

Supplementary

Investment

Schedule

Affiliate

Value

10/31/23

Purchase

Cost

Sales

Cost

Value

10/31/24

T.

Rowe

Price

Government

Reserve

Fund,

4.86%

$

331,870‌

 ¤

 ¤

$

373,230‌

Total

$

373,230‌^

#

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

4.

+

Investment

income

comprised

$16,025

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

$373,230.

T.

ROWE

PRICE

International

Stock

Fund

October

31,

2024

Statement

of

Assets

and

Liabilities

18

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$10,068,876)

$

14,118,154‌

Receivable

for

investment

securities

sold

99,587‌

Foreign

currency

(cost

$32,829)

32,789‌

Dividends

receivable

12,552‌

Due

from

affiliates

5,229‌

Restricted

cash

pledged

for

bilateral

derivatives

2,643‌

Receivable

for

shares

sold

1,460‌

Cash

4‌

Other

assets

24,579‌

Total

assets

14,296,997‌

Liabilities

Payable

for

shares

redeemed

319,889‌

Obligation

to

return

securities

lending

collateral

61,712‌

Payable

for

investment

securities

purchased

23,585‌

Investment

management

fees

payable

8,080‌

Options

written

(premiums

$6,270)

2,104‌

Payable

to

directors

4‌

Other

liabilities

40,631‌

Total

liabilities

456,005‌

Commitments

and

Contingent

Liabilities

(note

7

)

NET

ASSETS

$

13,840,992‌

T.

ROWE

PRICE

International

Stock

Fund

October

31,

2024

Statement

of

Assets

and

Liabilities

19

($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)

$

4,182,170‌

Paid-in

capital

applicable

to

676,493,235

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

9,658,822‌

NET

ASSETS

$

13,840,992‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$1,736,905;

Shares

outstanding:

84,998,743)

$

20.43‌

Advisor

Class

(Net

assets:

$13,507;

Shares

outstanding:

661,800)

$

20.41‌

R

Class

(Net

assets:

$17,713;

Shares

outstanding:

885,368)

$

20.01‌

I

Class

(Net

assets:

$2,477,084;

Shares

outstanding:

121,868,776)

$

20.33‌

Z

Class

(Net

assets:

$9,595,783;

Shares

outstanding:

468,078,548)

$

20.50‌

T.

ROWE

PRICE

International

Stock

Fund

Statement

of

Operations

20

($000s)

Year

Ended

10/31/24

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$25,152)

$

238,902‌

Securities

lending

775‌

Other

33‌

Total

income

239,710‌

Expenses

Investment

management

92,523‌

Shareholder

servicing

Investor

Class

$

3,042‌

Advisor

Class

29‌

R

Class

179‌

I

Class

533‌

3,783‌

Rule

12b-1

fees

Advisor

Class

34‌

R

Class

83‌

117‌

Prospectus

and

shareholder

reports

Investor

Class

41‌

R

Class

1‌

I

Class

474‌

Z

Class

5‌

521‌

Custody

and

accounting

2,075‌

Legal

and

audit

329‌

Registration

150‌

Proxy

and

annual

meeting

61‌

Directors

49‌

Miscellaneous

661‌

Waived

/

paid

by

Price

Associates

(

62,030‌

)

Total

expenses

38,239‌

Net

investment

income

201,471‌

T.

ROWE

PRICE

International

Stock

Fund

Statement

of

Operations

21

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

10/31/24

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$17,130)

473,864‌

Options

written

2,988‌

Foreign

currency

transactions

(

1,069‌

)

Net

realized

gain

475,783‌

Change

in

net

unrealized

gain

/

loss

Securities

(net

of

increase

in

deferred

foreign

taxes

of

$9,426)

2,340,566‌

Options

written

3,837‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

621‌

Change

in

net

unrealized

gain

/

loss

2,345,024‌

Net

realized

and

unrealized

gain

/

loss

2,820,807‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

3,022,278‌

T.

ROWE

PRICE

International

Stock

Fund

Statement

of

Changes

in

Net

Assets

22

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10/31/24

10/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

201,471‌

$

222,919‌

Net

realized

gain

475,783‌

232,250‌

Change

in

net

unrealized

gain

/

loss

2,345,024‌

957,069‌

Increase

in

net

assets

from

operations

3,022,278‌

1,412,238‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(

19,307‌

)

(

15,312‌

)

Advisor

Class

(

123‌

)

(

92‌

)

R

Class

(

76‌

)

(

34‌

)

I

Class

(

45,878‌

)

(

55,154‌

)

Z

Class

(

162,223‌

)

(

177,113‌

)

Decrease

in

net

assets

from

distributions

(

227,607‌

)

(

247,705‌

)

Capital

share

transactions

*

Shares

sold

Investor

Class

65,623‌

75,983‌

Advisor

Class

2,554‌

1,212‌

R

Class

12,142‌

6,827‌

I

Class

296,845‌

1,483,750‌

Z

Class

1,030,547‌

602,233‌

Distributions

reinvested

Investor

Class

18,165‌

14,485‌

Advisor

Class

117‌

88‌

R

Class

76‌

34‌

I

Class

44,057‌

53,202‌

Z

Class

162,223‌

177,113‌

Shares

redeemed

Investor

Class

(

239,795‌

)

(

209,905‌

)

Advisor

Class

(

3,692‌

)

(

2,904‌

)

R

Class

(

8,176‌

)

(

2,931‌

)

I

Class

(

1,867,981‌

)

(

458,355‌

)

Z

Class

(

1,377,906‌

)

(

1,285,989‌

)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

(

1,865,201‌

)

454,843‌

T.

ROWE

PRICE

International

Stock

Fund

Statement

of

Changes

in

Net

Assets

23

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10/31/24

10/31/23

Net

Assets

Increase

during

period

929,470‌

1,619,376‌

Beginning

of

period

12,911,522‌

11,292,146‌

End

of

period

$

13,840,992‌

$

12,911,522‌

*Share

information

(000s)

Shares

sold

Investor

Class

3,363‌

4,327‌

Advisor

Class

132‌

68‌

R

Class

633‌

399‌

I

Class

15,276‌

90,214‌

Z

Class

52,869‌

34,122‌

Distributions

reinvested

Investor

Class

966‌

843‌

Advisor

Class

6‌

5‌

R

Class

4‌

2‌

I

Class

2,358‌

3,119‌

Z

Class

8,661‌

10,370‌

Shares

redeemed

Investor

Class

(

12,249‌

)

(

11,930‌

)

Advisor

Class

(

186‌

)

(

164‌

)

R

Class

(

423‌

)

(

175‌

)

I

Class

(

93,993‌

)

(

26,103‌

)

Z

Class

(

70,592‌

)

(

72,188‌

)

Increase

(decrease)

in

shares

outstanding

(

93,175‌

)

32,909‌

T.

ROWE

PRICE

International

Stock

Fund

NOTES

TO

FINANCIAL

STATEMENTS

24

T.

Rowe

Price

International

Funds,

Inc. (the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

International

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

established,

non-U.S.

companies.

The

fund

has five classes

of

shares:

the

International

Stock

Fund

(Investor

Class),

the

International

Stock

Fund–Advisor

Class

(Advisor

Class),

the

International

Stock

Fund–R

Class

(R

Class),

the

International

Stock

Fund–I

Class

(I

Class)

and

the

International

Stock

Fund–Z

Class

(Z

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries,

and

R

Class

shares

are

available

through

financial

intermediaries

for

employer-sponsored

defined

contribution

retirement

plans

and

certain

other

retirement

accounts.

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

Z

Class

is

only

available

to

funds

advised

by

T.

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services.

The

Advisor

Class

and

R

Class

each

operate

under

separate

Board-approved

Rule

12b-1

plans,

pursuant

to

which

each

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/

or

certain

administrative

services;

the

Investor,

I

and

Z

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.

T.

ROWE

PRICE

International

Stock

Fund

25

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

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. 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

and

R

Class

each

pay

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

and

0.50%,

respectively,

of

the

class’s

average

daily

net

assets.

In-Kind

Redemptions

 In

accordance

with

guidelines

described

in

the

fund’s

prospectus,

and

when

considered

to

be

in

the

best

interest

of

all

shareholders,

the

fund

may

distribute

portfolio

securities

rather

than

cash

as

payment

for

a

redemption

of

fund

shares

(in-kind

redemption).

Gains

and

losses

realized

on

in-kind

redemptions

are

not

recognized

for

tax

purposes

and

are

reclassified

from

undistributed

realized

gain

(loss)

to

paid-in

capital.

During

the

year ended

October

31,

2024,

the

fund

realized

$87,349,000 of

net

gain

on

$240,496,000

of

in-kind

redemptions.

T.

ROWE

PRICE

International

Stock

Fund

26

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.

Eastern

time,

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.

New

Accounting

Guidance

 In

November

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures,

which

improves

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

segment

expenses.

In

addition,

the

ASU

clarifies

that

a

public

entity

with

a

single

reportable

segment

provide

all

disclosures

required

by

the

ASU

and

all

existing

segment

disclosures

in

Topic

280.

The

amendments

under

this

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

2023.

Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund’s

financial

statements.

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

T.

ROWE

PRICE

International

Stock

Fund

27

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

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

T.

ROWE

PRICE

International

Stock

Fund

28

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.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

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. 

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

T.

ROWE

PRICE

International

Stock

Fund

29

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

October

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

October

31,

2024,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

2,622,942‌

$

10,995,696‌

$

18,530‌

$

13,637,168‌

Convertible

Preferred

Stocks

—‌

—‌

83,088‌

83,088‌

Preferred

Stocks

—‌

24,668‌

—‌

24,668‌

Short-Term

Investments

311,518‌

—‌

—‌

311,518‌

Securities

Lending

Collateral

61,712‌

—‌

—‌

61,712‌

Total

$

2,996,172‌

$

11,020,364‌

$

101,618‌

$

14,118,154‌

Liabilities

Options

Written

$

—‌

$

2,104‌

$

—‌

$

2,104‌

T.

ROWE

PRICE

International

Stock

Fund

30

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

October

31,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure: 

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

October

31,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value

Liabilities

Equity

derivatives

Options

Written

$

2,104‌

Total

$

2,104‌

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Options

Written

Realized

Gain

(Loss)

Equity

derivatives

$

2,988‌

Total

$

2,988‌

T.

ROWE

PRICE

International

Stock

Fund

31

Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives,

such

as

non-cleared

bilateral

swaps,

forward

currency

exchange

contracts,

and/or

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives),

and

thereby

may

expose

the

fund

to

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

govern

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

determined.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

each

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Options

Written

Change

in

Unrealized

Gain

(Loss)

Equity

derivatives

$

3,837‌

Total

$

3,837‌

T.

ROWE

PRICE

International

Stock

Fund

32

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund’s

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

October

31,

2024,

cash of

$2,643,000

had

been

posted

by

the

fund

to

counterparties

for

bilateral

derivatives. As

of

October

31,

2024,

no

collateral

was

pledged

by

counterparties

to

the

fund

for

bilateral

derivatives.

Options

 The

fund

is

subject

to equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risk.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

The

fund

may

buy

or

sell

options

that

can

be

settled

either

directly

with

the

counterparty

(OTC

option)

or

through

a

central

clearinghouse

(exchange-traded

option).

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses

on

the

accompanying

Statement

of

Operations;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

In

return

for

a

premium

paid,

call

and

put

options

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

security

at

a

specified

exercise

price. Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

year ended

October

31,

2024,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets. 

T.

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NOTE

4

-

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.

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

T.

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Fund

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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

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

October

31,

2024,

the

value

of

loaned

securities

was

$58,934,000;

the

value

of

cash

collateral

and

related

investments

was

$61,712,000.

Other

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $4,387,525,000 and

$5,898,687,000,

respectively,

for

the

year ended

October

31,

2024. 

NOTE

5

-

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.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

redemptions

in

kind,

deemed

distributions

on

shareholder

redemptions

and

the

character

of

foreign

capital

gains

taxes.

T.

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The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

October

31,

2024,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

October

31,

2024,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales

and

the

realization

of

gains/losses

on

passive

foreign

investment

companies.

During

the

year

ended

October

31,

2024,

the

fund

utilized

$218,991,000

of

capital

loss

carryforwards.

($000s)

October

31,

2024

October

31,

2023

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

227,607‌

$

247,705‌

($000s)

Cost

of

investments

$

10,136,597‌

Unrealized

appreciation

$

4,760,186‌

Unrealized

depreciation

(821,261‌)

Net

unrealized

appreciation

(depreciation)

$

3,938,925‌

($000s)

Undistributed

ordinary

income

$

190,212‌

Undistributed

long-term

capital

gain

53,033‌

Net

unrealized

appreciation

(depreciation)

3,938,925‌

Total

distributable

earnings

(loss)

$

4,182,170‌

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Fund

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NOTE

6

-

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

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

7

-

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

October

31,

2024,

the

effective

annual

group

fee

rate

was

0.28%. 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

0.70%

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

year ended

October

31,

2024. 

T.

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Fund

37

The

Investor

Class, Advisor

Class,

and R

Class are

each

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

dates

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

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

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.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class’

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

T.

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International

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38

only

be

amended

or

terminated

with

approval

by

the

fund’s

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the year

ended October

31,

2024 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $214,000 remain

subject

to

repayment

by

the

fund

at

October

31,

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

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,

R

Class

and

Advisor

Class.

For

the

year

ended

October

31,

2024,

expenses

incurred

pursuant

to

these

service

agreements

were

$119,000

for

Price

Associates;

$2,226,000

for

T.

Rowe

Price

Services,

Inc.;

and

$189,000

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.

Investor

Class

Advisor

Class

R

Class

I

Class

Z

Class

Expense

limitation/I

Class

Limit

0.99%

1.24%

1.40%

0.05%

0.00%

Expense

limitation

date

02/28/26

02/28/26

02/28/26

02/28/26

N/A

(Waived)/

repaid

during

the

period

($000s)

$—

$—

$(140)

$(72)

$(61,818)

T.

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39

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).

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates invests.

As

approved

by

the

fund’s

Board

of

Directors,

shareholder

servicing

costs

associated

with

each

college

savings

plan

are

borne

by

the

fund

in

proportion

to

the

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Price

has

agreed

to waive/reimburse

shareholder

servicing

costs in

excess

of

0.05%

of

the

fund’s

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Any

amounts

waived/

paid

by

Price

under

this

voluntary

agreement

are

not

subject

to

repayment

by

the

fund.

Price

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

year ended

October

31,

2024,

the

fund

was

charged $184,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$66,000

was

for

services

provided

by

Price.

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. At

October

31,

2024,

approximately

16%

of

the

outstanding

shares

of

the

I

Class

were

held

by

college

savings

plans.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

October

31,

2024, 100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

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.

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

T.

ROWE

PRICE

International

Stock

Fund

40

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

year

ended

October

31,

2024,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

8

-

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

International

Stock

Fund

41

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

of

T.

Rowe

Price

International

Funds,

Inc.

and

Shareholders

of

T.

Rowe

Price

International

Stock

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

International

Stock

Fund

(one

of

the

funds

constituting

T.

Rowe

Price

International

Funds,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2024,

the

related

statement

of

operations

for

the

year

ended

October

31,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2024,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2024

and

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T.

ROWE

PRICE

International

Stock

Fund

42

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2024

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

December

18,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

(continued)

T.

ROWE

PRICE

International

Stock

Fund

43

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 10/31/24

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund’s

distributions

to

shareholders

included

$112,535,000

from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

taxable

non-corporate

shareholders,

$193,027,000

of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$1,121,000

of

the

fund's

income

qualifies

for

the

dividends-received

deduction.

The

fund

will

pass

through

foreign

source

income

of

$214,429,000

and

foreign

taxes

paid

of

$38,930,000.

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.

F37-050

12/24

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

Not applicable.

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

Not applicable.

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

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

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

If applicable, see Item 7.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.
(2)	Listing standards relating to recovery of erroneously awarded compensation: not applicable.
(3)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

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

T. Rowe Price International Funds, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	December 18, 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	December 18, 2024
By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	December 18, 2024