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 Value Equity Fund

Investor Class (TRIGX)

This annual shareholder report contains important information about International Value Equity 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 Value Equity Fund - Investor Class	$98	0.87%

What drove fund performance during the past 12 months?

• Non-U.S. developed 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. Emerging markets stocks also recorded strong gains. 

• The industrials and business services sector contributed the most to relative performance versus the MSCI EAFE Index Net due to favorable stock selection. UK jet engine manufacturer Rolls-Royce, whose shares more than doubled over the period as it continued to turn itself around under a new chief executive, was a substantial contributor. Consumer staples helped relative returns largely owing to positive stock selection and an underweight to the sector, which trailed the benchmark return.

• The communication services sector detracted the most from relative performance due to adverse stock selection. An overweight to the energy sector, which lagged the benchmark with a negative return, also weighed on relative returns.

• The fund relies on a disciplined value investing approach leveraging the firm’s global research platform to identify attractive businesses when they have fallen out of favor and trade at a material discount to intrinsic value. Sector and regional allocations are primarily driven by bottom-up stock selection. Financials was the largest overweight sector at period-end, while information technology 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	9,524	9,833	9,684
2015	10,393	10,681	10,535
2015	10,323	10,540	10,286
2015	9,559	9,993	9,577
2016	8,756	9,003	8,414
2016	9,295	9,686	9,143
2016	9,323	9,746	9,000
2016	9,330	9,671	9,255
2017	9,556	10,087	9,856
2017	10,262	10,780	10,415
2017	10,844	11,478	11,046
2017	11,135	11,937	11,403
2018	11,753	12,871	12,313
2018	11,291	12,344	11,798
2018	11,008	12,213	11,463
2018	9,831	11,119	10,526
2019	9,859	11,260	10,622
2019	10,310	11,947	10,994
2019	9,974	11,895	10,664
2019	10,577	12,347	11,106
2020	10,727	12,623	11,139
2020	8,608	10,592	8,743
2020	9,330	11,696	9,348
2020	9,055	11,500	9,061
2021	11,221	13,752	11,166
2021	12,390	14,816	12,322
2021	12,517	15,241	12,425
2021	12,970	15,430	12,532
2022	12,892	14,718	12,609
2022	11,644	13,609	11,888
2022	11,302	13,059	11,196
2022	10,331	11,881	10,483
2023	12,682	14,302	12,692
2023	12,883	14,755	12,884
2023	13,555	15,252	13,461
2023	12,355	13,592	12,382
2024	13,670	15,733	14,006
2024	14,601	16,124	14,494
2024	15,567	16,962	15,332
2024	15,437	16,714	15,199

202411-4029887, 202412-3916152

F127-052 12/24

Average Annual Total Returns

	1 Year	5 Years	10 Years
International Value Equity Fund (Investor Class)	24.95%	7.86%	4.44%
MSCI EAFE Index Net (Regulatory Benchmark)	22.97	6.24	5.27
MSCI EAFE Value Index Net (Strategy Benchmark)	22.75	6.47	4.28

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)$12,105,262
• Number of Portfolio Holdings142

• Investment Advisory Fees Paid (000s)$6,736
• Portfolio Turnover Rate15.9%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Financials	26.4%
Industrials & Business Services	15.5
Health Care	11.5
Consumer Discretionary	8.8
Consumer Staples	6.9
Materials	6.3
Communication Services	5.5
Energy	5.4
Information Technology	5.2
Other	8.5

Top Ten Holdings (as a % of Net Assets)

AstraZeneca	2.4%
Rolls-Royce Holdings	2.3
TotalEnergies	2.0
ING Groep	1.9
Sanofi	1.9
AXA	1.8
UniCredit	1.8
Roche Holding	1.7
Unilever	1.7
Hitachi	1.7

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 Value Equity Fund 

Investor Class (TRIGX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

October 31, 2024

International Value Equity Fund

Advisor Class (PAIGX)

This annual shareholder report contains important information about International Value Equity 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 Value Equity Fund - Advisor Class	$122	1.09%

What drove fund performance during the past 12 months?

• Non-U.S. developed 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. Emerging markets stocks also recorded strong gains. 

• The industrials and business services sector contributed the most to relative performance versus the MSCI EAFE Index Net due to favorable stock selection. UK jet engine manufacturer Rolls-Royce, whose shares more than doubled over the period as it continued to turn itself around under a new chief executive, was a substantial contributor. Consumer staples helped relative returns largely owing to positive stock selection and an underweight to the sector, which trailed the benchmark return.

• The communication services sector detracted the most from relative performance due to adverse stock selection. An overweight to the energy sector, which lagged the benchmark with a negative return, also weighed on relative returns.

• The fund relies on a disciplined value investing approach leveraging the firm’s global research platform to identify attractive businesses when they have fallen out of favor and trade at a material discount to intrinsic value. Sector and regional allocations are primarily driven by bottom-up stock selection. Financials was the largest overweight sector at period-end, while information technology 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	9,509	9,833	9,684
2015	10,378	10,681	10,535
2015	10,302	10,540	10,286
2015	9,537	9,993	9,577
2016	8,727	9,003	8,414
2016	9,263	9,686	9,143
2016	9,284	9,746	9,000
2016	9,284	9,671	9,255
2017	9,505	10,087	9,856
2017	10,203	10,780	10,415
2017	10,773	11,478	11,046
2017	11,058	11,937	11,403
2018	11,661	12,871	12,313
2018	11,196	12,344	11,798
2018	10,912	12,213	11,463
2018	9,735	11,119	10,526
2019	9,760	11,260	10,622
2019	10,196	11,947	10,994
2019	9,856	11,895	10,664
2019	10,440	12,347	11,106
2020	10,579	12,623	11,139
2020	8,489	10,592	8,743
2020	9,196	11,696	9,348
2020	8,914	11,500	9,061
2021	11,042	13,752	11,166
2021	12,192	14,816	12,322
2021	12,308	15,241	12,425
2021	12,740	15,430	12,532
2022	12,663	14,718	12,609
2022	11,431	13,609	11,888
2022	11,092	13,059	11,196
2022	10,129	11,881	10,483
2023	12,431	14,302	12,692
2023	12,626	14,755	12,884
2023	13,274	15,252	13,461
2023	12,091	13,592	12,382
2024	13,378	15,733	14,006
2024	14,276	16,124	14,494
2024	15,208	16,962	15,332
2024	15,083	16,714	15,199

202411-4029887, 202412-3916152

F227-052 12/24

Average Annual Total Returns

	1 Year	5 Years	10 Years
International Value Equity Fund (Advisor Class)	24.74%	7.63%	4.20%
MSCI EAFE Index Net (Regulatory Benchmark)	22.97	6.24	5.27
MSCI EAFE Value Index Net (Strategy Benchmark)	22.75	6.47	4.28

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)$12,105,262
• Number of Portfolio Holdings142

• Investment Advisory Fees Paid (000s)$6,736
• Portfolio Turnover Rate15.9%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Financials	26.4%
Industrials & Business Services	15.5
Health Care	11.5
Consumer Discretionary	8.8
Consumer Staples	6.9
Materials	6.3
Communication Services	5.5
Energy	5.4
Information Technology	5.2
Other	8.5

Top Ten Holdings (as a % of Net Assets)

AstraZeneca	2.4%
Rolls-Royce Holdings	2.3
TotalEnergies	2.0
ING Groep	1.9
Sanofi	1.9
AXA	1.8
UniCredit	1.8
Roche Holding	1.7
Unilever	1.7
Hitachi	1.7

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 Value Equity Fund 

Advisor Class (PAIGX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

October 31, 2024

International Value Equity Fund

R Class (RRIGX)

This annual shareholder report contains important information about International Value Equity 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 Value Equity Fund - R Class	$149	1.33%

What drove fund performance during the past 12 months?

• Non-U.S. developed 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. Emerging markets stocks also recorded strong gains. 

• The industrials and business services sector contributed the most to relative performance versus the MSCI EAFE Index Net due to favorable stock selection. UK jet engine manufacturer Rolls-Royce, whose shares more than doubled over the period as it continued to turn itself around under a new chief executive, was a substantial contributor. Consumer staples helped relative returns largely owing to positive stock selection and an underweight to the sector, which trailed the benchmark return.

• The communication services sector detracted the most from relative performance due to adverse stock selection. An overweight to the energy sector, which lagged the benchmark with a negative return, also weighed on relative returns.

• The fund relies on a disciplined value investing approach leveraging the firm’s global research platform to identify attractive businesses when they have fallen out of favor and trade at a material discount to intrinsic value. Sector and regional allocations are primarily driven by bottom-up stock selection. Financials was the largest overweight sector at period-end, while information technology 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	9,508	9,833	9,684
2015	10,365	10,681	10,535
2015	10,289	10,540	10,286
2015	9,515	9,993	9,577
2016	8,706	9,003	8,414
2016	9,231	9,686	9,143
2016	9,245	9,746	9,000
2016	9,238	9,671	9,255
2017	9,446	10,087	9,856
2017	10,134	10,780	10,415
2017	10,692	11,478	11,046
2017	10,964	11,937	11,403
2018	11,555	12,871	12,313
2018	11,088	12,344	11,798
2018	10,796	12,213	11,463
2018	9,622	11,119	10,526
2019	9,638	11,260	10,622
2019	10,061	11,947	10,994
2019	9,712	11,895	10,664
2019	10,291	12,347	11,106
2020	10,423	12,623	11,139
2020	8,358	10,592	8,743
2020	9,044	11,696	9,348
2020	8,762	11,500	9,061
2021	10,849	13,752	11,166
2021	11,969	14,816	12,322
2021	12,077	15,241	12,425
2021	12,494	15,430	12,532
2022	12,408	14,718	12,609
2022	11,194	13,609	11,888
2022	10,855	13,059	11,196
2022	9,909	11,881	10,483
2023	12,155	14,302	12,692
2023	12,333	14,755	12,884
2023	12,962	15,252	13,461
2023	11,792	13,592	12,382
2024	13,046	15,733	14,006
2024	13,914	16,124	14,494
2024	14,815	16,962	15,332
2024	14,674	16,714	15,199

202411-4029887, 202412-3916152

F427-052 12/24

Average Annual Total Returns

	1 Year	5 Years	10 Years
International Value Equity Fund (R Class)	24.44%	7.35%	3.91%
MSCI EAFE Index Net (Regulatory Benchmark)	22.97	6.24	5.27
MSCI EAFE Value Index Net (Strategy Benchmark)	22.75	6.47	4.28

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)$12,105,262
• Number of Portfolio Holdings142

• Investment Advisory Fees Paid (000s)$6,736
• Portfolio Turnover Rate15.9%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Financials	26.4%
Industrials & Business Services	15.5
Health Care	11.5
Consumer Discretionary	8.8
Consumer Staples	6.9
Materials	6.3
Communication Services	5.5
Energy	5.4
Information Technology	5.2
Other	8.5

Top Ten Holdings (as a % of Net Assets)

AstraZeneca	2.4%
Rolls-Royce Holdings	2.3
TotalEnergies	2.0
ING Groep	1.9
Sanofi	1.9
AXA	1.8
UniCredit	1.8
Roche Holding	1.7
Unilever	1.7
Hitachi	1.7

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 Value Equity Fund 

R Class (RRIGX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

October 31, 2024

International Value Equity Fund

I Class (TRTIX)

This annual shareholder report contains important information about International Value Equity 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 Value Equity Fund - I Class	$77	0.68%

What drove fund performance during the past 12 months?

• Non-U.S. developed 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. Emerging markets stocks also recorded strong gains. 

• The industrials and business services sector contributed the most to relative performance versus the MSCI EAFE Index Net due to favorable stock selection. UK jet engine manufacturer Rolls-Royce, whose shares more than doubled over the period as it continued to turn itself around under a new chief executive, was a substantial contributor. Consumer staples helped relative returns largely owing to positive stock selection and an underweight to the sector, which trailed the benchmark return.

• The communication services sector detracted the most from relative performance due to adverse stock selection. An overweight to the energy sector, which lagged the benchmark with a negative return, also weighed on relative returns.

• The fund relies on a disciplined value investing approach leveraging the firm’s global research platform to identify attractive businesses when they have fallen out of favor and trade at a material discount to intrinsic value. Sector and regional allocations are primarily driven by bottom-up stock selection. Financials was the largest overweight sector at period-end, while information technology 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	494,612	508,493	500,012
1/31/16	453,448	458,126	439,312
4/30/16	481,674	492,864	477,341
7/31/16	483,140	495,913	469,893
10/31/16	483,507	492,086	483,239
1/31/17	495,604	513,245	514,608
4/30/17	532,651	548,526	543,793
7/31/17	562,894	584,028	576,734
10/31/17	578,393	607,419	595,387
1/31/18	610,519	654,924	642,866
4/30/18	586,873	628,114	615,973
7/31/18	572,531	621,423	598,506
10/31/18	511,285	565,784	549,575
1/31/19	512,829	572,974	554,586
4/30/19	536,719	607,910	574,011
7/31/19	519,199	605,263	556,786
10/31/19	550,654	628,268	579,870
1/31/20	558,883	642,297	581,604
4/30/20	448,745	538,964	456,460
7/31/20	486,413	595,140	488,061
10/31/20	472,082	585,142	473,060
1/31/21	585,864	699,736	582,988
4/30/21	647,292	753,902	643,367
7/31/21	653,978	775,522	648,726
10/31/21	677,797	785,146	654,303
1/31/22	674,125	748,906	658,353
4/30/22	609,288	692,493	620,664
7/31/22	591,684	664,488	584,548
10/31/22	541,017	604,571	547,351
1/31/23	664,378	727,723	662,672
4/30/23	675,015	750,813	672,696
7/31/23	710,916	776,087	702,821
10/31/23	647,979	691,635	646,456
1/31/24	717,606	800,568	731,275
4/30/24	766,938	820,471	756,737
7/31/24	817,641	863,092	800,502
10/31/24	811,703	850,476	793,537

202411-4029887, 202412-3916152

F529-052 12/24

Average Annual Total Returns

	1 Year	5 Years	Since Inception 8/28/15
International Value Equity Fund (I Class)	25.27%	8.07%	5.42%
MSCI EAFE Index Net (Regulatory Benchmark)	22.97	6.24	5.96
MSCI EAFE Value Index Net (Strategy Benchmark)	22.75	6.47	5.16

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)$12,105,262
• Number of Portfolio Holdings142

• Investment Advisory Fees Paid (000s)$6,736
• Portfolio Turnover Rate15.9%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Financials	26.4%
Industrials & Business Services	15.5
Health Care	11.5
Consumer Discretionary	8.8
Consumer Staples	6.9
Materials	6.3
Communication Services	5.5
Energy	5.4
Information Technology	5.2
Other	8.5

Top Ten Holdings (as a % of Net Assets)

AstraZeneca	2.4%
Rolls-Royce Holdings	2.3
TotalEnergies	2.0
ING Groep	1.9
Sanofi	1.9
AXA	1.8
UniCredit	1.8
Roche Holding	1.7
Unilever	1.7
Hitachi	1.7

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 Value Equity Fund 

I Class (TRTIX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

October 31, 2024

International Value Equity Fund

Z Class (TROZX)

This annual shareholder report contains important information about International Value Equity 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 Value Equity Fund - Z Class	$0	0.00%

What drove fund performance during the past 12 months?

• Non-U.S. developed 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. Emerging markets stocks also recorded strong gains. 

• The industrials and business services sector contributed the most to relative performance versus the MSCI EAFE Index Net due to favorable stock selection. UK jet engine manufacturer Rolls-Royce, whose shares more than doubled over the period as it continued to turn itself around under a new chief executive, was a substantial contributor. Consumer staples helped relative returns largely owing to positive stock selection and an underweight to the sector, which trailed the benchmark return.

• The communication services sector detracted the most from relative performance due to adverse stock selection. An overweight to the energy sector, which lagged the benchmark with a negative return, also weighed on relative returns.

• The fund relies on a disciplined value investing approach leveraging the firm’s global research platform to identify attractive businesses when they have fallen out of favor and trade at a material discount to intrinsic value. Sector and regional allocations are primarily driven by bottom-up stock selection. Financials was the largest overweight sector at period-end, while information technology 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	11,922	11,700	11,568
7/31/20	12,942	12,919	12,369
10/31/20	12,584	12,702	11,989
1/31/21	15,634	15,190	14,775
4/30/21	17,302	16,365	16,305
7/31/21	17,513	16,835	16,441
10/31/21	18,181	17,044	16,582
1/31/22	18,109	16,257	16,684
4/30/22	16,395	15,032	15,729
7/31/22	15,946	14,424	14,814
10/31/22	14,611	13,124	13,871
1/31/23	17,975	15,797	16,794
4/30/23	18,298	16,298	17,048
7/31/23	19,304	16,847	17,811
10/31/23	17,627	15,014	16,383
1/31/24	19,557	17,378	18,533
4/30/24	20,922	17,810	19,178
7/31/24	22,361	18,736	20,287
10/31/24	22,225	18,462	20,110

202411-4029887, 202412-3916152

F1258-052 12/24

Average Annual Total Returns

	1 Year	Since Inception 3/16/20
International Value Equity Fund (Z Class)	26.08%	18.83%
MSCI EAFE Index Net (Regulatory Benchmark)	22.97	14.16
MSCI EAFE Value Index Net (Strategy Benchmark)	22.75	16.29

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)$12,105,262
• Number of Portfolio Holdings142

• Investment Advisory Fees Paid (000s)$6,736
• Portfolio Turnover Rate15.9%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Financials	26.4%
Industrials & Business Services	15.5
Health Care	11.5
Consumer Discretionary	8.8
Consumer Staples	6.9
Materials	6.3
Communication Services	5.5
Energy	5.4
Information Technology	5.2
Other	8.5

Top Ten Holdings (as a % of Net Assets)

AstraZeneca	2.4%
Rolls-Royce Holdings	2.3
TotalEnergies	2.0
ING Groep	1.9
Sanofi	1.9
AXA	1.8
UniCredit	1.8
Roche Holding	1.7
Unilever	1.7
Hitachi	1.7

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 Value Equity Fund 

Z Class (TROZX)

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

TRIGX

International

Value

Equity

Fund

PAIGX

International

Value

Equity

Fund–

.

Advisor Class

RRIGX

International

Value

Equity

Fund–

.

R Class

TRTIX

International

Value

Equity

Fund–

.

I Class

TROZX

International

Value

Equity

Fund–

.

Z Class

T.

ROWE

PRICE

International

Value

Equity

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

$

14.72‌

$

12.67‌

$

16.31‌

$

11.54‌

$

13.86‌

Investment

activities

Net

investment

income

(1)(2)

0.44‌

0.46‌

0.43‌

0.30‌

0.26‌

Net

realized

and

unrealized

gain/loss

3.18‌

2.00‌

(3.68‌)

4.66‌

(2.18‌)

Total

from

investment

activities

3.62‌

2.46‌

(3.25‌)

4.96‌

(1.92‌)

Distributions

Net

investment

income

(0.43‌)

(0.41‌)

(0.37‌)

(0.19‌)

(0.40‌)

Net

realized

gain

—‌

—‌

(0.02‌)

—‌

—‌

Total

distributions

(0.43‌)

(0.41‌)

(0.39‌)

(0.19‌)

(0.40‌)

NET

ASSET

VALUE

End

of

period

$

17.91‌

$

14.72‌

$

12.67‌

$

16.31‌

$

11.54‌

Ratios/Supplemental

Data

Total

return

(2)(3)

24.95‌%

19.59‌%

(20.35‌)%

43.23‌%

(14.38‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.87‌%

0.85‌%

0.89‌%

0.79‌%

0.81‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.87‌%

0.85‌%

0.89‌%

0.79‌%

0.81‌%

Net

investment

income

2.59‌%

3.06‌%

2.96‌%

1.98‌%

2.04‌%

Portfolio

turnover

rate

15.9‌%

17.5‌%

20.7‌%

21.7‌%

24.2‌%

Net

assets,

end

of

period

(in

millions)

$391

$386

$205

$392

$1,049

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

Value

Equity

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

$

14.92‌

$

12.83‌

$

16.50‌

$

11.73‌

$

14.11‌

Investment

activities

Net

investment

income

(1)(2)

0.42‌

0.39‌

0.42‌

0.32‌

0.21‌

Net

realized

and

unrealized

gain/loss

3.22‌

2.08‌

(3.74‌)

4.68‌

(2.20‌)

Total

from

investment

activities

3.64‌

2.47‌

(3.32‌)

5.00‌

(1.99‌)

Distributions

Net

investment

income

(0.42‌)

(0.38‌)

(0.33‌)

(0.23‌)

(0.39‌)

Net

realized

gain

—‌

—‌

(0.02‌)

—‌

—‌

Total

distributions

(0.42‌)

(0.38‌)

(0.35‌)

(0.23‌)

(0.39‌)

NET

ASSET

VALUE

End

of

period

$

18.14‌

$

14.92‌

$

12.83‌

$

16.50‌

$

11.73‌

Ratios/Supplemental

Data

Total

return

(2)(3)

24.74‌%

19.37‌%

(20.50‌)%

42.92‌%

(14.62‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

1.09‌%

1.07‌%

1.08‌%

1.07‌%

1.09‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.09‌%

1.07‌%

1.08‌%

1.07‌%

1.09‌%

Net

investment

income

2.45‌%

2.59‌%

2.84‌%

2.07‌%

1.67‌%

Portfolio

turnover

rate

15.9‌%

17.5‌%

20.7‌%

21.7‌%

24.2‌%

Net

assets,

end

of

period

(in

thousands)

$33,513

$27,085

$24,983

$36,712

$30,221

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

Value

Equity

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

$

14.61‌

$

12.57‌

$

16.17‌

$

11.50‌

$

13.87‌

Investment

activities

Net

investment

income

(1)(2)

0.37‌

0.35‌

0.38‌

0.28‌

0.19‌

Net

realized

and

unrealized

gain/loss

3.16‌

2.03‌

(3.67‌)

4.59‌

(2.18‌)

Total

from

investment

activities

3.53‌

2.38‌

(3.29‌)

4.87‌

(1.99‌)

Distributions

Net

investment

income

(0.39‌)

(0.34‌)

(0.29‌)

(0.20‌)

(0.38‌)

Net

realized

gain

—‌

—‌

(0.02‌)

—‌

—‌

Total

distributions

(0.39‌)

(0.34‌)

(0.31‌)

(0.20‌)

(0.38‌)

NET

ASSET

VALUE

End

of

period

$

17.75‌

$

14.61‌

$

12.57‌

$

16.17‌

$

11.50‌

Ratios/Supplemental

Data

Total

return

(2)(3)

24.44‌%

19.00‌%

(20.69‌)%

42.60‌%

(14.86‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

1.33‌%

1.31‌%

1.33‌%

1.32‌%

1.35‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.33‌%

1.31‌%

1.33‌%

1.32‌%

1.35‌%

Net

investment

income

2.19‌%

2.33‌%

2.65‌%

1.83‌%

1.51‌%

Portfolio

turnover

rate

15.9‌%

17.5‌%

20.7‌%

21.7‌%

24.2‌%

Net

assets,

end

of

period

(in

thousands)

$35,663

$30,645

$29,692

$35,836

$26,821

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

Value

Equity

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

$

14.62‌

$

12.60‌

$

16.22‌

$

11.53‌

$

13.83‌

Investment

activities

Net

investment

income

(1)(2)

0.49‌

0.44‌

0.48‌

0.39‌

0.26‌

Net

realized

and

unrealized

gain/loss

3.14‌

2.03‌

(3.68‌)

4.59‌

(2.16‌)

Total

from

investment

activities

3.63‌

2.47‌

(3.20‌)

4.98‌

(1.90‌)

Distributions

Net

investment

income

(0.48‌)

(0.45‌)

(0.40‌)

(0.29‌)

(0.40‌)

Net

realized

gain

—‌

—‌

(0.02‌)

—‌

—‌

Total

distributions

(0.48‌)

(0.45‌)

(0.42‌)

(0.29‌)

(0.40‌)

NET

ASSET

VALUE

End

of

period

$

17.77‌

$

14.62‌

$

12.60‌

$

16.22‌

$

11.53‌

Ratios/Supplemental

Data

Total

return

(2)(3)

25.27‌%

19.77‌%

(20.18‌)%

43.58‌%

(14.27‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.68‌%

0.69‌%

0.69‌%

0.68‌%

0.66‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.68‌%

0.69‌%

0.68‌%

0.68‌%

0.66‌%

Net

investment

income

2.89‌%

2.98‌%

3.31‌%

2.51‌%

2.06‌%

Portfolio

turnover

rate

15.9‌%

17.5‌%

20.7‌%

21.7‌%

24.2‌%

Net

assets,

end

of

period

(in

millions)

$1,078

$826

$671

$834

$207

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

Value

Equity

Fund

Financial

Highlights

6

For

a

share

outstanding

throughout

each

period

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

$

14.72‌

$

12.70‌

$

16.35‌

$

11.59‌

$

9.21‌

Investment

activities

Net

investment

income

(2)(3)

0.61‌

0.54‌

0.57‌

0.48‌

0.22‌

Net

realized

and

unrealized

gain/loss

3.15‌

2.05‌

(3.69‌)

4.62‌

2.16‌

(4)

Total

from

investment

activities

3.76‌

2.59‌

(3.12‌)

5.10‌

2.38‌

Distributions

Net

investment

income

(0.57‌)

(0.57‌)

(0.51‌)

(0.34‌)

—‌

Net

realized

gain

—‌

—‌

(0.02‌)

—‌

—‌

Total

distributions

(0.57‌)

(0.57‌)

(0.53‌)

(0.34‌)

—‌

NET

ASSET

VALUE

End

of

period

$

17.91‌

$

14.72‌

$

12.70‌

$

16.35‌

$

11.59‌

T.

ROWE

PRICE

International

Value

Equity

Fund

Financial

Highlights

7

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

Ratios/Supplemental

Data

Total

return

(3)(5)

26.08‌%

20.64‌%

(19.63‌)%

44.47‌%

25.84‌%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.66‌%

0.66‌%

0.66‌%

0.65‌%

0.66‌%

(6)

Net

expenses

after

waivers/

payments

by

Price

Associates

0.00‌%

0.00‌%

0.00‌%

0.00‌%

0.00‌%

(6)

Net

investment

income

3.58‌%

3.65‌%

3.92‌%

3.15‌%

3.01‌%

(6)

Portfolio

turnover

rate

15.9‌%

17.5‌%

20.7‌%

21.7‌%

24.2‌%

Net

assets,

end

of

period

(in

millions)

$10,567

$8,536

$8,218

$12,257

$8,798

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)

The

amount

presented

is

inconsistent

with

the

fund's

aggregate

gains

and

losses

because

of

the

timing

of

sales

and

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(5)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(6)

Annualized

T.

ROWE

PRICE

International

Value

Equity

Fund

October

31,

2024

8

Portfolio

of

Investments

‡

Shares

$

Value

(

Cost

and

value

in

$000s)

‡

AUSTRALIA 2.0%

Common

Stocks 2.0% 

BHP

Group 

2,682,818‌

74,536‌

BHP

Group

(GBP) (1)

2,912,482‌

80,832‌

Downer

EDI 

17,111,646‌

62,698‌

Worley 

3,335,858‌

30,632‌

Total

Australia

(Cost

$234,877)

248,698‌

AUSTRIA 2.4%

Common

Stocks 2.4% 

BAWAG

Group 

1,947,645‌

150,961‌

Erste

Group

Bank 

1,411,507‌

79,843‌

OMV 

1,345,958‌

55,778‌

Total

Austria

(Cost

$182,935)

286,582‌

BRAZIL 0.7%

Common

Stocks 0.7% 

B3 

25,739,000‌

47,329‌

Multiplan

Empreendimentos

Imobiliarios 

7,500,903‌

33,204‌

Total

Brazil

(Cost

$92,111)

80,533‌

CANADA 2.9%

Common

Stocks 2.9% 

BRP (1)

857,310‌

42,270‌

Cenovus

Energy 

6,001,093‌

96,502‌

Definity

Financial 

1,372,592‌

52,967‌

Magna

International

(USD) 

600,117‌

23,687‌

National

Bank

of

Canada 

702,739‌

67,026‌

Sun

Life

Financial 

1,146,885‌

63,590‌

Total

Canada

(Cost

$293,679)

346,042‌

CHINA 1.4%

Common

Stocks 1.4% 

Alibaba

Group

Holding,

ADR

(USD) 

1,104,896‌

108,258‌

Baidu,

ADR

(USD) (1)(2)

427,041‌

38,959‌

Fosun

International

(HKD) 

30,259,500‌

17,179‌

Total

China

(Cost

$222,424)

164,396‌

T.

ROWE

PRICE

International

Value

Equity

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

FINLAND 0.6%

Common

Stocks 0.6% 

Sampo,

Class

A 

1,773,240‌

78,627‌

Total

Finland

(Cost

$63,206)

78,627‌

FRANCE 12.8%

Common

Stocks 12.8% 

Airbus 

970,627‌

148,061‌

Alstom (2)

2,727,648‌

59,998‌

ArcelorMittal 

2,188,739‌

54,137‌

AXA 

5,737,827‌

215,440‌

BNP

Paribas 

1,987,185‌

135,713‌

Cie

de

Saint-Gobain 

1,074,246‌

97,418‌

Dassault

Aviation 

245,659‌

49,602‌

Edenred 

1,845,369‌

59,684‌

Engie 

4,762,617‌

79,829‌

Euronext 

490,092‌

54,074‌

Forvia 

2,157,260‌

20,580‌

Sanofi 

2,148,708‌

227,075‌

TotalEnergies 

3,943,062‌

247,449‌

Ubisoft

Entertainment (1)(2)

2,352,001‌

35,444‌

Vinci 

549,638‌

61,571‌

Total

France

(Cost

$1,327,963)

1,546,075‌

GERMANY 9.1%

Common

Stocks 8.5% 

Allianz 

383,830‌

120,832‌

BASF 

963,284‌

46,828‌

Bayer 

1,750,970‌

47,183‌

Covestro (2)

1,572,284‌

99,583‌

Daimler

Truck

Holding 

1,693,927‌

70,045‌

Deutsche

Post 

1,651,409‌

66,336‌

Deutsche

Telekom 

4,653,577‌

140,694‌

Fresenius (2)

1,128,934‌

41,218‌

Heidelberg

Materials 

600,129‌

66,098‌

KION

Group 

862,907‌

33,504‌

Mercedes-Benz

Group 

967,228‌

58,760‌

Puma 

791,598‌

36,097‌

Siemens 

863,066‌

167,909‌

T.

ROWE

PRICE

International

Value

Equity

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

Springer

Nature (2)

1,176,390‌

29,687‌

1,024,774‌

Preferred

Stocks 0.6% 

Volkswagen 

798,025‌

77,459‌

77,459‌

Total

Germany

(Cost

$1,056,306)

1,102,233‌

HONG

KONG 2.2%

Common

Stocks 2.2% 

AIA

Group 

13,741,800‌

108,455‌

CK

Hutchison

Holdings 

9,058,500‌

47,640‌

Galaxy

Entertainment

Group 

11,581,000‌

51,542‌

Hongkong

Land

Holdings

(USD) 

9,363,603‌

40,147‌

Wharf

Real

Estate

Investment 

7,198,000‌

21,641‌

Total

Hong

Kong

(Cost

$324,184)

269,425‌

HUNGARY 0.5%

Common

Stocks 0.5% 

OTP

Bank 

1,181,911‌

58,843‌

Total

Hungary

(Cost

$40,453)

58,843‌

INDIA 0.5%

Common

Stocks 0.5% 

ICICI

Bank,

ADR

(USD) 

1,845,097‌

56,110‌

Total

India

(Cost

$19,738)

56,110‌

ITALY 4.2%

Common

Stocks 4.2% 

Enel 

18,184,430‌

137,912‌

Leonardo 

4,657,837‌

111,023‌

Stellantis 

3,863,809‌

52,959‌

UniCredit 

4,805,062‌

212,572‌

Total

Italy

(Cost

$321,427)

514,466‌

T.

ROWE

PRICE

International

Value

Equity

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

JAPAN 18.3%

Common

Stocks 18.3% 

Asahi

Group

Holdings 

6,989,900‌

83,916‌

Fujitsu 

4,378,600‌

84,182‌

Hitachi 

7,973,100‌

200,323‌

Isetan

Mitsukoshi

Holdings 

2,108,000‌

31,367‌

Kao 

1,573,100‌

69,335‌

MatsukiyoCocokara 

3,460,000‌

47,107‌

Minebea

Mitsumi 

1,708,900‌

30,084‌

Mitsubishi

Electric 

5,033,800‌

88,557‌

Mitsubishi

Estate 

6,309,700‌

93,308‌

Mitsubishi

UFJ

Financial

Group 

15,661,500‌

165,076‌

Mitsui

Fudosan 

10,303,000‌

87,909‌

Nippon

Sanso

Holdings 

1,670,500‌

57,986‌

Nippon

Steel 

2,316,100‌

46,344‌

Nippon

Telegraph

&

Telephone 

84,062,000‌

81,106‌

Niterra 

1,151,200‌

32,627‌

Open

House

Group (1)

987,300‌

36,393‌

ORIX 

4,220,900‌

88,934‌

Persol

Holdings 

36,681,100‌

61,607‌

Renesas

Electronics 

4,481,200‌

60,041‌

Resona

Holdings 

8,503,400‌

56,103‌

Sega

Sammy

Holdings 

2,434,900‌

45,823‌

Seven

&

i

Holdings 

7,623,200‌

109,774‌

Sompo

Holdings 

4,317,300‌

92,559‌

Stanley

Electric 

1,682,000‌

28,768‌

SUMCO (1)

3,216,700‌

30,756‌

Sumitomo 

2,584,100‌

54,515‌

Taiheiyo

Cement 

1,937,500‌

42,209‌

Takeda

Pharmaceutical 

3,733,600‌

104,172‌

Toyota

Motor 

10,566,200‌

182,060‌

Yamaha 

3,321,000‌

26,818‌

Total

Japan

(Cost

$1,702,888)

2,219,759‌

NETHERLANDS 7.2%

Common

Stocks 7.2% 

AerCap

Holdings

(USD) 

708,745‌

66,303‌

Akzo

Nobel 

915,360‌

58,412‌

ASML

Holding 

163,205‌

109,859‌

ASR

Nederland 

1,006,984‌

47,730‌

T.

ROWE

PRICE

International

Value

Equity

Fund

12

Shares

$

Value

(Cost

and

value

in

$000s)

Heineken 

869,755‌

71,335‌

ING

Groep 

13,758,100‌

233,480‌

Koninklijke

Philips (2)

5,701,782‌

150,007‌

Prosus 

2,278,119‌

96,067‌

Signify 

1,658,441‌

40,606‌

Total

Netherlands

(Cost

$716,916)

873,799‌

PORTUGAL 1.7%

Common

Stocks 1.7% 

Banco

Comercial

Portugues,

Class

R 

148,206,983‌

74,763‌

Galp

Energia 

5,677,339‌

97,036‌

Jeronimo

Martins 

1,615,488‌

31,340‌

Total

Portugal

(Cost

$146,032)

203,139‌

SINGAPORE 0.8%

Common

Stocks 0.8% 

United

Overseas

Bank 

4,208,936‌

102,315‌

Total

Singapore

(Cost

$66,280)

102,315‌

SOUTH

KOREA 2.1%

Common

Stocks 2.1% 

KB

Financial

Group 

683,205‌

44,455‌

KT,

ADR

(USD) (2)

4,264,898‌

67,087‌

LG

Chem 

153,661‌

34,550‌

Samsung

Electronics 

2,586,768‌

109,837‌

Total

South

Korea

(Cost

$219,027)

255,929‌

SWEDEN 2.3%

Common

Stocks 2.3% 

Boliden 

1,517,645‌

47,478‌

Millicom

International

Cellular,

SDR (2)

2,232,834‌

61,934‌

Swedbank,

Class

A 

3,655,374‌

74,170‌

Telefonaktiebolaget

LM

Ericsson,

Class

B 

10,730,694‌

89,967‌

Total

Sweden

(Cost

$241,848)

273,549‌

SWITZERLAND 3.9%

Common

Stocks 3.9% 

Julius

Baer

Group 

990,037‌

60,364‌

T.

ROWE

PRICE

International

Value

Equity

Fund

13

Shares

$

Value

(Cost

and

value

in

$000s)

Novartis 

1,048,639‌

113,784‌

Roche

Holding 

669,728‌

207,551‌

Sandoz

Group 

1,985,539‌

90,518‌

Total

Switzerland

(Cost

$328,725)

472,217‌

TAIWAN 1.2%

Common

Stocks 1.2% 

Taiwan

Semiconductor

Manufacturing 

4,671,000‌

146,480‌

Total

Taiwan

(Cost

$17,999)

146,480‌

UNITED

KINGDOM 20.2%

Common

Stocks 20.2% 

Amcor,

CDI

(AUD) 

4,339,662‌

47,841‌

AstraZeneca,

ADR

(USD) 

4,139,458‌

294,522‌

Barclays 

36,301,121‌

111,281‌

BP 

31,033,213‌

151,778‌

British

American

Tobacco 

1,500,934‌

52,486‌

BT

Group (1)

35,805,147‌

63,933‌

GSK,

ADR

(USD) (1)

3,156,785‌

116,043‌

HSBC

Holdings 

18,127,182‌

166,372‌

Imperial

Brands 

5,145,278‌

155,274‌

Informa 

6,054,065‌

63,246‌

Investec 

5,106,180‌

39,314‌

Legal

&

General

Group 

11,010,208‌

30,882‌

Lloyds

Banking

Group 

124,055,136‌

85,152‌

National

Grid 

8,733,684‌

109,662‌

Pearson 

4,110,709‌

60,363‌

Prudential 

9,596,808‌

79,892‌

Rolls-Royce

Holdings (2)

40,844,947‌

281,846‌

Smiths

Group 

2,590,881‌

51,126‌

SSE 

2,875,466‌

65,340‌

Standard

Chartered 

5,974,314‌

69,281‌

Taylor

Wimpey 

26,483,343‌

50,072‌

Unilever 

3,335,100‌

203,448‌

WPP 

8,713,558‌

91,588‌

Total

United

Kingdom

(Cost

$1,977,019)

2,440,742‌

T.

ROWE

PRICE

International

Value

Equity

Fund

14

Shares

$

Value

(Cost

and

value

in

$000s)

SHORT-TERM

INVESTMENTS 2.1%

Money

Market

Funds 2.1%

T.

Rowe

Price

Government

Reserve

Fund,

4.86% (3)(4)

254,836,370‌

254,836‌

Total

Short-Term

Investments

(Cost

$254,836)

254,836‌

SECURITIES

LENDING

COLLATERAL 1.5%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 1.5%

Money

Market

Funds 1.5%

T.

Rowe

Price

Government

Reserve

Fund,

4.86% (3)(4)

183,684,292‌

183,684‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

183,684‌

Total

Securities

Lending

Collateral

(Cost

$183,684)

183,684‌

Total

Investments

in

Securities

100.6%

of

Net

Assets

(Cost

$10,034,557)

$

12,178,479‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Shares

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

(1)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

October

31,

2024.

(2)

Non-income

producing

(3)

Seven-day

yield

(4)

Affiliated

Companies

ADR

American

Depositary

Receipts

AUD

Australian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

GBP

British

Pound

HKD

Hong

Kong

Dollar

JPY

Japanese

Yen

SDR

Swedish

Depository

Receipts

USD

U.S.

Dollar

T.

ROWE

PRICE

International

Value

Equity

Fund

15

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

UBS

Investment

Bank

11/15/24

JPY

34,210,222‌

USD

234,399‌

$

(8,809‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(8,809‌)

T.

ROWE

PRICE

International

Value

Equity

Fund

16

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%

$

—‌

$

—‌

$

11,432‌++

Totals

$

—‌#

$

—‌

$

11,432‌+

Supplementary

Investment

Schedule

Affiliate

Value

10/31/23

Purchase

Cost

Sales

Cost

Value

10/31/24

T.

Rowe

Price

Government

Reserve

Fund,

4.86%

$

109,222‌

 ¤

 ¤

$

438,520‌

Total

$

438,520‌^

#

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

$11,432

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

$438,520.

T.

ROWE

PRICE

International

Value

Equity

Fund

October

31,

2024

Statement

of

Assets

and

Liabilities

17

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$10,034,557)

$

12,178,479‌

Foreign

currency

(cost

$35,831)

32,481‌

Dividends

receivable

24,024‌

Restricted

cash

pledged

for

bilateral

derivatives

10,990‌

Receivable

for

shares

sold

8,980‌

Due

from

affiliates

5,947‌

Receivable

for

investment

securities

sold

2,286‌

Cash

3‌

Other

assets

52,301‌

Total

assets

12,315,491‌

Liabilities

Obligation

to

return

securities

lending

collateral

183,684‌

Unrealized

loss

on

forward

currency

exchange

contracts

8,809‌

Investment

management

fees

payable

6,685‌

Payable

for

investment

securities

purchased

5,709‌

Payable

for

shares

redeemed

4,932‌

Payable

to

directors

3‌

Other

liabilities

407‌

Total

liabilities

210,229‌

Commitments

and

Contingent

Liabilities

(note

7

)

NET

ASSETS

$

12,105,262‌

T.

ROWE

PRICE

International

Value

Equity

Fund

October

31,

2024

Statement

of

Assets

and

Liabilities

18

($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)

$

2,021,192‌

Paid-in

capital

applicable

to

676,365,369

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

10,084,070‌

NET

ASSETS

$

12,105,262‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$390,935;

Shares

outstanding:

21,823,736)

$

17.91‌

Advisor

Class

(Net

assets:

$33,513;

Shares

outstanding:

1,847,752)

$

18.14‌

R

Class

(Net

assets:

$35,663;

Shares

outstanding:

2,009,140)

$

17.75‌

I

Class

(Net

assets:

$1,078,270;

Shares

outstanding:

60,682,662)

$

17.77‌

Z

Class

(Net

assets:

$10,566,881;

Shares

outstanding:

590,002,079)

$

17.91‌

T.

ROWE

PRICE

International

Value

Equity

Fund

Statement

of

Operations

19

($000s)

Year

Ended

10/31/24

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$20,768)

$

413,032‌

Securities

lending

984‌

.

  Interest

3‌

Other

30‌

Total

income

414,049‌

Expenses

Investment

management

73,479‌

Shareholder

servicing

Investor

Class

$

696‌

Advisor

Class

56‌

R

Class

58‌

I

Class

258‌

1,068‌

Rule

12b-1

fees

Advisor

Class

79‌

R

Class

170‌

249‌

Prospectus

and

shareholder

reports

Investor

Class

40‌

Advisor

Class

1‌

I

Class

8‌

Z Class

7‌

56‌

Custody

and

accounting

1,761‌

Legal

and

audit

224‌

Registration

99‌

Directors

38‌

Proxy

and

annual

meeting

4‌

Miscellaneous

424‌

Waived

/

paid

by

Price

Associates

(66,743‌)

Total

expenses

10,659‌

Net

investment

income

403,390‌

T.

ROWE

PRICE

International

Value

Equity

Fund

Statement

of

Operations

20

($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

$3,905)

550,874‌

Forward

currency

exchange

contracts

18,703‌

Foreign

currency

transactions

(699‌)

Net

realized

gain

568,878‌

Change

in

net

unrealized

gain

/

loss

Securities

1,561,297‌

Forward

currency

exchange

contracts

(8,809‌)

Other

assets

and

liabilities

denominated

in

foreign

currencies

765‌

Change

in

net

unrealized

gain

/

loss

1,553,253‌

Net

realized

and

unrealized

gain

/

loss

2,122,131‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

2,525,521‌

T.

ROWE

PRICE

International

Value

Equity

Fund

Statement

of

Changes

in

Net

Assets

21

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10/31/24

10/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

403,390‌

$

369,444‌

Net

realized

gain

568,878‌

98,510‌

Change

in

net

unrealized

gain

/

loss

1,553,253‌

1,409,070‌

Increase

in

net

assets

from

operations

2,525,521‌

1,877,024‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(8,326‌)

(6,537‌)

Advisor

Class

(751‌)

(725‌)

R

Class

(787‌)

(781‌)

I

Class

(27,353‌)

(24,273‌)

Z Class

(329,127‌)

(358,628‌)

Decrease

in

net

assets

from

distributions

(366,344‌)

(390,944‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

149,973‌

275,586‌

Advisor

Class

9,427‌

4,812‌

R

Class

5,925‌

3,638‌

I

Class

223,273‌

172,326‌

Z Class

1,219,722‌

561,041‌

Distributions

reinvested

Investor

Class

7,847‌

6,035‌

Advisor

Class

738‌

715‌

R

Class

787‌

781‌

I

Class

25,522‌

23,349‌

Z Class

329,127‌

358,628‌

Shares

redeemed

Investor

Class

(215,748‌)

(130,477‌)

Advisor

Class

(9,493‌)

(7,539‌)

R

Class

(8,073‌)

(8,347‌)

I

Class

(179,991‌)

(150,961‌)

Z Class

(1,418,695‌)

(1,938,370‌)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

140,341‌

(828,783‌)

T.

ROWE

PRICE

International

Value

Equity

Fund

Statement

of

Changes

in

Net

Assets

22

($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

2,299,518‌

657,297‌

Beginning

of

period

9,805,744‌

9,148,447‌

End

of

period

$

12,105,262‌

$

9,805,744‌

*Share

information

(000s)

Shares

sold

Investor

Class

8,630‌

18,335‌

Advisor

Class

540‌

315‌

R

Class

345‌

242‌

I

Class

13,185‌

11,751‌

Z Class

74,044‌

37,421‌

Distributions

reinvested

Investor

Class

492‌

426‌

Advisor

Class

46‌

50‌

R

Class

49‌

55‌

I

Class

1,615‌

1,663‌

Z Class

20,791‌

25,525‌

Shares

redeemed

Investor

Class

(13,531‌)

(8,686‌)

Advisor

Class

(554‌)

(496‌)

R

Class

(482‌)

(562‌)

I

Class

(10,588‌)

(10,193‌)

Z Class

(84,888‌)

(129,904‌)

Increase

(decrease)

in

shares

outstanding

9,694‌

(54,058‌)

T.

ROWE

PRICE

International

Value

Equity

Fund

NOTES

TO

FINANCIAL

STATEMENTS

23

T.

Rowe

Price

International

Funds,

Inc. (the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

International

Value

Equity

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks long-term

capital

growth

and

current

income

primarily

through

investments

in

non-U.S.

stocks.

The

fund

has five classes

of

shares:

the

International

Value

Equity

Fund

(Investor

Class),

the

International

Value

Equity

Fund–Advisor

Class

(Advisor

Class),

the

International

Value

Equity

Fund–R

Class

(R

Class),

the

International

Value

Equity

Fund–I

Class

(I

Class)

and

the

International

Value

Equity

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

Value

Equity

Fund

24

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

$96,186,000 of

net

gain

on

$303,974,000

of

in-kind

redemptions.

T.

ROWE

PRICE

International

Value

Equity

Fund

25

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

Value

Equity

Fund

26

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

Value

Equity

Fund

27

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.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

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

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

T.

ROWE

PRICE

International

Value

Equity

Fund

28

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

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

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

770,969‌

$

10,891,531‌

$

—‌

$

11,662,500‌

Preferred

Stocks

—‌

77,459‌

—‌

77,459‌

Short-Term

Investments

254,836‌

—‌

—‌

254,836‌

Securities

Lending

Collateral

183,684‌

—‌

—‌

183,684‌

Total

$

1,209,489‌

$

10,968,990‌

$

—‌

$

12,178,479‌

Liabilities

Forward

Currency

Exchange

Contracts

$

—‌

$

8,809‌

$

—‌

$

8,809‌

T.

ROWE

PRICE

International

Value

Equity

Fund

29

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: 

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value

Liabilities

Foreign

exchange

derivatives

Forwards

$

8,809‌

Total

$

8,809‌

T.

ROWE

PRICE

International

Value

Equity

Fund

30

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: 

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

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Forward

Currency

Exchange

Contracts

Realized

Gain

(Loss)

Foreign

exchange

derivatives

$

18,703‌

Total

$

18,703‌

Change

in

Unrealized

Gain

(Loss)

Foreign

exchange

derivatives

$

(8,809‌)

Total

$

(8,809‌)

T.

ROWE

PRICE

International

Value

Equity

Fund

31

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

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

$10,990,000

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.

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund’s

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund’s

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

T.

ROWE

PRICE

International

Value

Equity

Fund

32

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

October

31,

2024,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

2%

of

net

assets.

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.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

T.

ROWE

PRICE

International

Value

Equity

Fund

33

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

October

31,

2024,

the

value

of

loaned

securities

was

$174,875,000;

the

value

of

cash

collateral

and

related

investments

was

$183,684,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $2,071,453,000 and

$1,781,081,000,

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,

the

character

of

net

currency

gains

or

losses

and

the

character

of

income

on

passive

foreign

investment

companies.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

($000s)

October

31,

2024

October

31,

2023

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

366,344‌

$

390,944‌

T.

ROWE

PRICE

International

Value

Equity

Fund

34

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,

the

realization

of

gains/losses

on

passive

foreign

investment

companies

and

certain

open

derivative

contracts

and

differences

in

treatment

of

corporate

actions.

The

loss

carryforwards

and

deferrals

primarily

relate

to

capital

loss

carryforwards.

Capital

loss

carryforwards

are

available

indefinitely

to

offset

future

realized

capital

gains.

During

the

year

ended

October

31,

2024,

the

fund

utilized

$405,974,000

of

capital

loss

carryforwards.

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

($000s)

Cost

of

investments

$

10,127,696‌

Unrealized

appreciation

$

3,310,792‌

Unrealized

depreciation

(1,261,846‌)

Net

unrealized

appreciation

(depreciation)

$

2,048,946‌

($000s)

Undistributed

ordinary

income

$

361,761‌

Net

unrealized

appreciation

(depreciation)

2,048,946‌

Loss

carryforwards

and

deferrals

(389,515‌)

Total

distributable

earnings

(loss)

$

2,021,192‌

T.

ROWE

PRICE

International

Value

Equity

Fund

35

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). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

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%.

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

T.

ROWE

PRICE

International

Value

Equity

Fund

36

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

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 $55,000 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.

T.

ROWE

PRICE

International

Value

Equity

Fund

37

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;

$391,000

for

T.

Rowe

Price

Services,

Inc.;

and

$50,000

for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

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

Investor

Class

Advisor

Class

R

Class

I

Class

Z

Class

Expense

limitation/I

Class

Limit

0.99%

1.24%

1.49%

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)

$—

$—

$—

$17

$(66,760)

T.

ROWE

PRICE

International

Value

Equity

Fund

38

time

without

prior

notice.

For

the

year ended

October

31,

2024,

the

fund

was

charged $196,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$69,000

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

41%

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

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

-

INTERFUND

LENDING

PROGRAM

Price

Associates

has

developed

and

manages

an

interfund

lending

program

that

provides

temporary

liquidity

to

the

T.

Rowe

Price-sponsored

mutual

funds.

The

program

permits

the

borrowing

and

lending

of

cash

between

the

fund

and

other

T.

Rowe

Price-sponsored

mutual

funds

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Pursuant

to

program

guidelines,

the

fund

may

lend

up

to

15%

of

its

net

assets,

and

no

more

than

5%

of

its

net

assets

may

T.

ROWE

PRICE

International

Value

Equity

Fund

39

be

lent

to

any

one

borrower.

Loans

totaling

10%

or

more

of

a

borrowing

fund’s

total

assets

require

collateralization

at

102%

of

the

value

of

the

loan;

loans

of

less

than

10%

are

unsecured.

During

the

year ended

October

31,

2024,

the

fund

earned $3,000

in

interest

income

related

to

loans

made

to

other

funds

on

two days

in

the

average

amount

of

$7,800,000

and

at

an

average

annual

rate

of

6.94%.

At

October

31,

2024,

there

were

no

loans

outstanding.

NOTE

9

-

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

Value

Equity

Fund

40

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

Value

Equity

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

Value

Equity

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

Value

Equity

Fund

41

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

Value

Equity

Fund

42

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.

For

taxable

non-corporate

shareholders,

$353,353,000

of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

The

fund

will

pass

through

foreign

source

income

of

$406,818,000

and

foreign

taxes

paid

of

$19,145,000.

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.

F127-050

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