T. Rowe Price Overseas Stock Fund (TROSX) 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: December 31

Date of reporting period: December 31, 2024

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual Shareholder Report

December 31, 2024

Global Industrials Fund

Investor Class (RPGIX)

This annual shareholder report contains important information about Global Industrials Fund (the "fund") for the period of January 1, 2024 to December 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. This report describes changes to the fund that occurred during the reporting period.

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
Global Industrials Fund - Investor Class	$108	1.05%

What drove fund performance during the past 12 months?

• Global industrials stocks produced generally positive results for the 12-month reporting period, led by strong performance in the U.S. At the sector level, companies in the automobiles, aerospace and defense, and electrical equipment segments performed well. 

• Versus the MSCI All Country World Index Industrials Plus Automobiles and Auto Components Net, stock selection and an underweight allocation in the air freight and logistics segment was a significant contributor to the fund’s relative performance. The portfolio benefited from exposure to delivery firm FedEx, which received support from an improving macroeconomic backdrop. Stock selection in the auto components segment also aided relative returns. 

• Stock selection in the industrial information technology (IT) and aerospace and defense segments detracted from relative results versus the benchmark. In IT, our position in Uber Technologies was a drag on performance as concerns grew about the ride-hailing company’s access to autonomous vehicle technology. Meanwhile, in aerospace, airplane manufacturer Boeing’s stock was weighed down by a labor strike, quality concerns, and executive turnover. 

• The fund seeks to provide long-term growth of capital by investing in companies in the industrials sector that we believe are growing market share, benefiting from high barriers to entry, pursuing continuous operational improvement, and allocating capital well. At the end of the period, our largest allocations were to the industrial machinery, industrial conglomerates, and aerospace and defense segments. 

How has the fund performed?

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

	Investor Class	Regulatory Benchmark	Strategy Benchmark
2014	10,000	10,000	10,000
2015	10,490	10,231	10,344
2015	10,441	10,266	10,209
2015	9,314	9,296	9,113
2015	9,863	9,764	9,742
2016	10,069	9,787	9,840
2016	10,286	9,884	9,683
2016	10,837	10,408	10,403
2016	10,832	10,531	10,601
2017	11,635	11,259	11,308
2017	12,348	11,740	11,861
2017	13,102	12,348	12,593
2017	13,639	13,056	13,268
2018	13,660	12,931	13,032
2018	13,274	13,000	12,578
2018	14,235	13,555	13,108
2018	11,979	11,827	11,141
2019	13,746	13,267	12,480
2019	14,526	13,746	12,996
2019	14,331	13,742	12,867
2019	15,685	14,973	13,841
2020	11,731	11,774	10,148
2020	14,458	14,036	12,086
2020	16,381	15,178	13,806
2020	20,401	17,406	16,593
2021	22,331	18,202	17,733
2021	22,886	19,548	18,621
2021	22,379	19,342	18,301
2021	23,409	20,633	19,704
2022	20,832	19,527	18,444
2022	17,176	16,469	15,132
2022	16,146	15,346	14,392
2022	18,354	16,844	15,584
2023	20,956	18,075	17,194
2023	22,658	19,191	18,616
2023	21,257	18,538	17,765
2023	23,924	20,584	19,681
2024	24,777	22,271	20,991
2024	24,150	22,910	20,631
2024	26,220	24,425	22,702
2024	25,171	24,183	22,607

202501-4140694, 202502-4108542

F153-052 2/25

Average Annual Total Returns

	1 Year	5 Years	10 Years
Global Industrials Fund (Investor Class)	5.21%	9.92%	9.67%
MSCI All Country World Index Net (Regulatory Benchmark)	17.49	10.06	9.23
MSCI All Country World Index Industrials Plus Automobiles and Auto Components Net (Strategy Benchmark)	14.86	10.31	8.50

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)$145,815
• Number of Portfolio Holdings97

• Investment Advisory Fees Paid (000s)$1,006
• Portfolio Turnover Rate60.9%

What did the fund invest in?

Industry Allocation (as a % of Net Assets)

Industrial Conglomerates	16.2%
Industrial Machinery	14.7
Aerospace & Defense	12.7
Automobiles	10.7
Business Services	8.8
Road & Rail	8.0
Information Technology	7.8
Electrical Equipment	7.6
Construction & Farm Equipment	4.4
Other	9.1

Top Ten Holdings (as a % of Net Assets)

Tesla	10.6%
Siemens	3.3
Airbus	3.2
CSX	2.8
Fortive	2.8
General Electric	2.7
Norfolk Southern	2.4
Rolls-Royce Holdings	2.3
Parker-Hannifin	2.2
Recruit Holdings	2.0

How has the fund changed?

This is a summary of certain material changes to Global Industrials Fund. Effective March 1, 2025, the fund will typically invest in at least five countries, including the U.S., and the fund will typically invest at least 25% of its net assets in securities of foreign issuers. The fund’s March 1, 2025 prospectus contains more information.

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.

Global Industrials Fund 

Investor Class (RPGIX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

December 31, 2024

Global Industrials Fund

I Class (TRGAX)

This annual shareholder report contains important information about Global Industrials Fund (the "fund") for the period of January 1, 2024 to December 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. This report describes changes to the fund that occurred during the reporting period.

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
Global Industrials Fund - I Class	$76	0.74%

What drove fund performance during the past 12 months?

• Global industrials stocks produced generally positive results for the 12-month reporting period, led by strong performance in the U.S. At the sector level, companies in the automobiles, aerospace and defense, and electrical equipment segments performed well. 

• Versus the MSCI All Country World Index Industrials Plus Automobiles and Auto Components Net, stock selection and an underweight allocation in the air freight and logistics segment was a significant contributor to the fund’s relative performance. The portfolio benefited from exposure to delivery firm FedEx, which received support from an improving macroeconomic backdrop. Stock selection in the auto components segment also aided relative returns. 

• Stock selection in the industrial information technology (IT) and aerospace and defense segments detracted from relative results versus the benchmark. In IT, our position in Uber Technologies was a drag on performance as concerns grew about the ride-hailing company’s access to autonomous vehicle technology. Meanwhile, in aerospace, airplane manufacturer Boeing’s stock was weighed down by a labor strike, quality concerns, and executive turnover. 

• The fund seeks to provide long-term growth of capital by investing in companies in the industrials sector that we believe are growing market share, benefiting from high barriers to entry, pursuing continuous operational improvement, and allocating capital well. At the end of the period, our largest allocations were to the industrial machinery, industrial conglomerates, and aerospace and defense segments. 

How has the fund performed?

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

	I Class	Regulatory Benchmark	Strategy Benchmark
5/3/17	500,000	500,000	500,000
6/30/17	514,864	511,592	510,965
9/30/17	546,243	538,103	542,467
12/31/17	569,067	568,937	571,542
3/31/18	570,811	563,466	561,370
6/30/18	555,113	566,473	541,851
9/30/18	595,667	590,700	564,671
12/31/18	501,521	515,375	479,950
3/31/19	575,981	578,122	537,604
6/30/19	609,127	599,003	559,858
9/30/19	601,441	598,848	554,271
12/31/19	658,621	652,451	596,250
3/31/20	493,471	513,054	437,136
6/30/20	608,186	611,657	520,658
9/30/20	689,277	661,387	594,721
12/31/20	859,150	758,506	714,796
3/31/21	941,528	793,181	763,884
6/30/21	965,786	851,823	802,137
9/30/21	945,065	842,842	788,382
12/31/21	989,072	899,113	848,821
3/31/22	881,127	850,914	794,529
6/30/22	727,214	717,656	651,837
9/30/22	683,829	668,714	619,992
12/31/22	777,860	734,000	671,333
3/31/23	889,134	787,625	740,694
6/30/23	962,257	836,279	801,917
9/30/23	903,441	807,824	765,282
12/31/23	1,017,338	896,962	847,819
3/31/24	1,054,642	970,480	904,260
6/30/24	1,028,530	998,326	888,745
9/30/24	1,117,527	1,064,354	977,957
12/31/24	1,074,287	1,053,829	973,841

202501-4140694, 202502-4108542

F1090-052 2/25

Average Annual Total Returns

	1 Year	5 Years	Since Inception 5/3/17
Global Industrials Fund (I Class)	5.60%	10.28%	10.49%
MSCI All Country World Index Net (Regulatory Benchmark)	17.49	10.06	10.22
MSCI All Country World Index Industrials Plus Automobiles and Auto Components Net (Strategy Benchmark)	14.86	10.31	9.09

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)$145,815
• Number of Portfolio Holdings97

• Investment Advisory Fees Paid (000s)$1,006
• Portfolio Turnover Rate60.9%

What did the fund invest in?

Industry Allocation (as a % of Net Assets)

Industrial Conglomerates	16.2%
Industrial Machinery	14.7
Aerospace & Defense	12.7
Automobiles	10.7
Business Services	8.8
Road & Rail	8.0
Information Technology	7.8
Electrical Equipment	7.6
Construction & Farm Equipment	4.4
Other	9.1

Top Ten Holdings (as a % of Net Assets)

Tesla	10.6%
Siemens	3.3
Airbus	3.2
CSX	2.8
Fortive	2.8
General Electric	2.7
Norfolk Southern	2.4
Rolls-Royce Holdings	2.3
Parker-Hannifin	2.2
Recruit Holdings	2.0

How has the fund changed?

This is a summary of certain material changes to Global Industrials Fund. Effective March 1, 2025, the fund will typically invest in at least five countries, including the U.S., and the fund will typically invest at least 25% of its net assets in securities of foreign issuers. The fund’s March 1, 2025 prospectus contains more information.

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.

Global Industrials Fund 

I Class (TRGAX)

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		$	27,575
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 $1,262,000 and $1,524,000, 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

December

31,

2024

Financial

Statements

and

Other

Information

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

RPGIX

Global

Industrials

Fund

TRGAX

Global

Industrials

Fund–

.

I Class

T.

ROWE

PRICE

Global

Industrials

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

.

12/31/24

12/3

1/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

of

period

$

19.07‌

$

14.67‌

$

19.08‌

$

16.91‌

$

13.29‌

Investment

activities

Net

investment

income

(1)(2)

0.06‌

0.06‌

0.04‌

0.03‌

0.06‌

Net

realized

and

unrealized

gain/loss

0.94‌

4.39‌

(4.16‌)

2.46‌

3.93‌

Total

from

investment

activities

1.00‌

4.45‌

(4.12‌)

2.49‌

3.99‌

Distributions

Net

investment

income

(0.08‌)

(0.05‌)

(0.02‌)

(0.01‌)

(0.03‌)

Net

realized

gain

—‌

—‌

(0.27‌)

(0.31‌)

(0.34‌)

Total

distributions

(0.08‌)

(0.05‌)

(0.29‌)

(0.32‌)

(0.37‌)

NET

ASSET

VALUE

End

of

period

$

19.99‌

$

19.07‌

$

14.67‌

$

19.08‌

$

16.91‌

Ratios/Supplemental

Data

Total

return

(2)(3)

5.21‌%

30.35‌%

(21.59‌)%

14.74‌%

30.06‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

1.15‌%

1.08‌%

1.14‌%

1.05‌%

1.66‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.05‌%

1.05‌%

1.05‌%

1.05‌%

1.05‌%

Net

investment

income

0.31‌%

0.34‌%

0.25‌%

0.14‌%

0.46‌%

Portfolio

turnover

rate

60.9‌%

56.1‌%

47.6‌%

39.7‌%

58.4‌%

Net

assets,

end

of

period

(in

thousands)

$68,663

$102,813

$62,071

$184,811

$85,861

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

Global

Industrials

Fund

Financial

Highlights

3

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

of

period

$

19.09‌

$

14.68‌

$

19.15‌

$

17.00‌

$

13.32‌

Investment

activities

Net

investment

income

(1)(2)

0.12‌

0.11‌

0.09‌

0.09‌

0.09‌

Net

realized

and

unrealized

gain/loss

0.95‌

4.41‌

(4.17‌)

2.47‌

3.96‌

Total

from

investment

activities

1.07‌

4.52‌

(4.08‌)

2.56‌

4.05‌

Distributions

Net

investment

income

(0.13‌)

(0.11‌)

(0.12‌)

(0.10‌)

(0.03‌)

Net

realized

gain

—‌

—‌

(0.27‌)

(0.31‌)

(0.34‌)

Total

distributions

(0.13‌)

(0.11‌)

(0.39‌)

(0.41‌)

(0.37‌)

NET

ASSET

VALUE

End

of

period

$

20.03‌

$

19.09‌

$

14.68‌

$

19.15‌

$

17.00‌

Ratios/Supplemental

Data

Total

return

(2)(3)

5.60‌%

30.79‌%

(21.35‌)%

15.12‌%

30.45‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.91‌%

0.87‌%

0.90‌%

0.82‌%

1.42‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.74‌%

0.74‌%

0.74‌%

0.73‌%

0.73‌%

Net

investment

income

0.62‌%

0.67‌%

0.60‌%

0.49‌%

0.63‌%

Portfolio

turnover

rate

60.9‌%

56.1‌%

47.6‌%

39.7‌%

58.4‌%

Net

assets,

end

of

period

(in

thousands)

$77,152

$104,259

$74,851

$90,065

$14,238

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

Global

Industrials

Fund

December

31,

2024

4

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

 98.4%

INDUSTRIALS

&

BUSINESS

SERVICES

 97.3%

Aerospace

&

Defense

 12.5%

Airbus

(EUR) 

29,019‌

4,647‌

Boeing (1)

13,804‌

2,443‌

Booz

Allen

Hamilton

Holding 

3,998‌

515‌

Honeywell

International 

9,398‌

2,123‌

L3Harris

Technologies 

6,854‌

1,441‌

Montana

Aerospace

(CHF) (1)

75,707‌

1,196‌

Rolls-Royce

Holdings

(GBP) (1)

463,726‌

3,288‌

Spirit

AeroSystems

Holdings,

Class

A (1)

10,049‌

342‌

Standardaero (1)

8,652‌

214‌

TransDigm

Group 

1,608‌

2,038‌

18,247‌

Air

Freight

&

Logistics

 0.3%

FedEx 

1,449‌

408‌

408‌

Auto

Components

 2.6%

Aptiv (1)

21,850‌

1,321‌

Atmus

Filtration

Technologies 

37,027‌

1,451‌

BOE

Varitronix

(HKD) (2)

1,246,000‌

1,080‌

3,852‌

Automobiles

 10.6%

Tesla (1)

38,084‌

15,380‌

15,380‌

Building

Products

 3.0%

Fortune

Brands

Innovations 

17,497‌

1,195‌

Steel

Dynamics 

21,492‌

2,452‌

WillScot

Holdings (1)

21,320‌

713‌

4,360‌

Business

Services

 7.8%

API

Group (1)

27,496‌

989‌

Compass

Group

(GBP) 

71,918‌

2,393‌

Eurofins

Scientific

(EUR) 

16,502‌

842‌

GE

HealthCare

Technologies 

17,963‌

1,404‌

Keysight

Technologies (1)

8,877‌

1,426‌

Persol

Holdings

(JPY) 

423,000‌

634‌

Recruit

Holdings

(JPY) 

41,900‌

2,912‌

Visional

(JPY) (1)

15,000‌

757‌

11,357‌

T.

ROWE

PRICE

Global

Industrials

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Construction

&

Engineering

 2.1%

Larsen

&

Toubro

(INR) 

33,373‌

1,403‌

SPIE

(EUR) 

55,300‌

1,720‌

3,123‌

Construction

&

Farm

Equipment

 4.4%

AGCO (2)

7,911‌

739‌

CRRC,

A

Shares

(CNH) 

816,000‌

937‌

Cummins 

4,468‌

1,558‌

Deere 

1,118‌

474‌

HD

Korea

Shipbuilding

&

Offshore

Engineering

(KRW) (1)

7,923‌

1,218‌

Toro 

19,961‌

1,599‌

6,525‌

Electrical

Equipment

 7.6%

BE

Semiconductor

Industries

(EUR) 

9,182‌

1,258‌

Belden (2)

6,755‌

761‌

GE

Vernova 

6,468‌

2,127‌

Idec

(JPY) 

32,300‌

506‌

Omron

(JPY) 

41,600‌

1,401‌

Rockwell

Automation 

2,999‌

857‌

Roper

Technologies 

3,981‌

2,069‌

Schneider

Electric

(EUR) 

3,590‌

894‌

Sensata

Technologies

Holding 

19,553‌

536‌

Shenzhen

Inovance

Technology,

A

Shares

(CNH) 

81,000‌

651‌

11,060‌

Industrial

Conglomerates

 15.6%

3M 

19,891‌

2,568‌

Corning 

33,619‌

1,598‌

Fortive 

54,680‌

4,101‌

General

Electric 

23,959‌

3,996‌

GVS

(EUR) (1)

62,458‌

318‌

Linde 

4,975‌

2,083‌

Nippon

Sanso

Holdings

(JPY) 

28,800‌

799‌

Schlumberger 

45,920‌

1,760‌

Siemens

(EUR) 

24,605‌

4,798‌

TKH

Group,

CVA

(EUR) (2)

18,832‌

650‌

22,671‌

Industrial

Machinery

 14.7%

Airtac

International

Group

(TWD) 

9,000‌

231‌

Daimler

Truck

Holding

(EUR) 

27,023‌

1,035‌

Dover 

11,930‌

2,238‌

Harmonic

Drive

Systems

(JPY) (2)

32,900‌

689‌

T.

ROWE

PRICE

Global

Industrials

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Hoshizaki

(JPY) (2)

19,000‌

747‌

Ingersoll

Rand 

26,593‌

2,405‌

KION

Group

(EUR) 

51,037‌

1,685‌

Middleby (1)

3,211‌

435‌

Miura

(JPY) 

100,800‌

2,507‌

Parker-Hannifin 

5,070‌

3,225‌

Quaker

Chemical (2)

8,111‌

1,142‌

Stanley

Black

&

Decker 

28,148‌

2,260‌

TE

Connectivity 

9,487‌

1,356‌

TechnipFMC 

50,819‌

1,471‌

21,426‌

Information

Technology

 7.6%

ATS

(CAD) (1)(2)

11,796‌

360‌

Keyence

(JPY) 

5,200‌

2,114‌

NARI

Technology,

A

Shares

(CNH) 

389,346‌

1,346‌

Renesas

Electronics

(JPY) 

164,500‌

2,082‌

Silergy

(TWD) 

49,000‌

601‌

Uber

Technologies (1)

23,095‌

1,393‌

Verra

Mobility (1)

48,466‌

1,172‌

Vertiv

Holdings,

Class

A 

5,355‌

608‌

Zebra

Technologies,

Class

A (1)

3,635‌

1,404‌

11,080‌

Road

&

Rail

 8.0%

Canadian

Pacific

Kansas

City 

20,197‌

1,462‌

Container

Corp.

of

India

(INR) 

54,006‌

496‌

CSX 

128,313‌

4,141‌

Descartes

Systems

Group (1)

2,596‌

295‌

Kyushu

Railway

(JPY) 

21,700‌

529‌

Norfolk

Southern 

14,642‌

3,436‌

Old

Dominion

Freight

Line 

7,626‌

1,345‌

11,704‌

Utilities

 0.5%

JSW

Energy

(INR) 

93,535‌

700‌

700‌

Total

Industrials

&

Business

Services

141,893‌

T.

ROWE

PRICE

Global

Industrials

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

NON-INDUSTRIALS

 0.3%

Non-Industrials

 0.3%

Open

House

Group

(JPY) 

13,500‌

456‌

Total

Non-Industrials

456‌

Total

Miscellaneous

Common

Stocks

 0.8% (3)

1,258‌

Total

Common

Stocks

(Cost

$115,362)

143,607‌

CONVERTIBLE

PREFERRED

STOCKS

 1.3%

INDUSTRIALS

&

BUSINESS

SERVICES

 1.3%

Aerospace

&

Defense

 0.2%

ABL

Space

Systems,

Series

A-8,

Acquisition

Date:

3/24/21,

Cost $656 (1)(4)(5)

16,521‌

12‌

ABL

Space

Systems,

Series

A-9,

Acquisition

Date:

10/22/21,

Cost $1,034 (1)(4)(5)

17,010‌

12‌

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $429 (1)(4)

(5)

76,918‌

212‌

236‌

Automobiles

 0.1%

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $149 (1)(4)

(5)

3,598‌

70‌

70‌

Business

Services

 1.0%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $1,011 (1)(4)(5)

21,331‌

1,264‌

Redwood

Materials,

Series

D,

Acquisition

Date:

6/2/23,

Cost $193 (1)(4)(5)

4,046‌

240‌

1,504‌

Information

Technology

 0.0%

CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $375 (1)

(4)(5)

18,014‌

36‌

36‌

Total

Industrials

&

Business

Services

1,846‌

Total

Convertible

Preferred

Stocks

(Cost

$3,847)

1,846‌

SHORT-TERM

INVESTMENTS

 0.2%

Money

Market

Funds

 0.2%

T.

Rowe

Price

Government

Reserve

Fund,

4.53% (6)(7)

257,199‌

257‌

Total

Short-Term

Investments

(Cost

$257)

257‌

T.

ROWE

PRICE

Global

Industrials

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

‡

SECURITIES

LENDING

COLLATERAL

 3.4%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 3.4%

Money

Market

Funds 3.4%

T.

Rowe

Price

Government

Reserve

Fund,

4.53% (6)(7)

4,981,655‌

4,982‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

4,982‌

Total

Securities

Lending

Collateral

(Cost

$4,982)

4,982‌

Total

Investments

in

Securities

103.3%

of

Net

Assets

(Cost

$124,448)

$

150,692‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

See

Note

3.

All

or

a

portion

of

this

security

is

on

loan

at

December

31,

2024.

(3)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(4)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(5)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$1,846

and

represents

1.3%

of

net

assets.

(6)

Seven-day

yield

(7)

Affiliated

Companies

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNH

Offshore

China

Renminbi

CVA

Dutch

Certificate

(Certificaten

Van

Aandelen)

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

TWD

Taiwan

Dollar

T.

ROWE

PRICE

Global

Industrials

Fund

9

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

December

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,

4.53%

$

—‌

$

—‌

$

52‌++

Totals

$

—‌#

$

—‌

$

52‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

12/31/24

T.

Rowe

Price

Government

Reserve

Fund,

4.53%

$

10,618‌

 ¤

 ¤

$

5,239‌

Total

$

5,239‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

3.

+

Investment

income

comprised

$52

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$5,239.

T.

ROWE

PRICE

Global

Industrials

Fund

December

31,

2024

Statement

of

Assets

and

Liabilities

10

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$124,448)

$

150,692‌

Receivable

for

investment

securities

sold

467‌

Dividends

receivable

84‌

Foreign

currency

(cost

$38)

38‌

Receivable

for

shares

sold

24‌

Other

assets

193‌

Total

assets

151,498‌

Liabilities

Obligation

to

return

securities

lending

collateral

4,982‌

Payable

for

investment

securities

purchased

367‌

Payable

for

shares

redeemed

113‌

Investment

management

fees

payable

87‌

Due

to

affiliates

10‌

Other

liabilities

124‌

Total

liabilities

5,683‌

Commitments

and

Contingent

Liabilities

(note

6

)

NET

ASSETS

$

145,815‌

T.

ROWE

PRICE

Global

Industrials

Fund

December

31,

2024

Statement

of

Assets

and

Liabilities

11

($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)

$

23,715‌

Paid-in

capital

applicable

to

7,286,472

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

122,100‌

NET

ASSETS

$

145,815‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$68,663;

Shares

outstanding:

3,434,337)

$

19.99‌

I

Class

(Net

assets:

$77,152;

Shares

outstanding:

3,852,135)

$

20.03‌

T.

ROWE

PRICE

Global

Industrials

Fund

Statement

of

Operations

12

($000s)

Year

Ended

12/31/24

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$160)

$

2,440‌

Securities

lending

54‌

Total

income

2,494‌

Expenses

Investment

management

1,257‌

Shareholder

servicing

Investor

Class

$

204‌

I

Class

16‌

220‌

Prospectus

and

shareholder

reports

Investor

Class

18‌

I

Class

5‌

23‌

Custody

and

accounting

219‌

Legal

and

audit

81‌

Registration

47‌

Directors

1‌

Miscellaneous

19‌

Waived

/

paid

by

Price

Associates

(251‌)

Total

expenses

1,616‌

Net

investment

income

878‌

T.

ROWE

PRICE

Global

Industrials

Fund

Statement

of

Operations

13

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/24

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$128)

20,231‌

Foreign

currency

transactions

23‌

Net

realized

gain

20,254‌

Change

in

net

unrealized

gain

/

loss

Securities

(net

of

decrease

in

deferred

foreign

taxes

of

$(155))

(11,387‌)

Other

assets

and

liabilities

denominated

in

foreign

currencies

(11‌)

Change

in

net

unrealized

gain

/

loss

(11,398‌)

Net

realized

and

unrealized

gain

/

loss

8,856‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

9,734‌

T.

ROWE

PRICE

Global

Industrials

Fund

Statement

of

Changes

in

Net

Assets

14

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/24

12/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

878‌

$

949‌

Net

realized

gain

20,254‌

1,608‌

Change

in

net

unrealized

gain

/

loss

(11,398‌)

41,571‌

Increase

in

net

assets

from

operations

9,734‌

44,128‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(266‌)

(270‌)

I

Class

(510‌)

(577‌)

Decrease

in

net

assets

from

distributions

(776‌)

(847‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

17,840‌

80,666‌

I

Class

14,353‌

26,888‌

Distributions

reinvested

Investor

Class

263‌

267‌

I

Class

498‌

571‌

Shares

redeemed

Investor

Class

(56,118‌)

(60,419‌)

I

Class

(47,051‌)

(21,104‌)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

(70,215‌)

26,869‌

Net

Assets

Increase

(decrease)

during

period

(61,257‌)

70,150‌

Beginning

of

period

207,072‌

136,922‌

End

of

period

$

145,815‌

$

207,072‌

*Share

information

(000s)

Shares

sold

Investor

Class

921‌

4,699‌

I

Class

737‌

1,562‌

Distributions

reinvested

Investor

Class

12‌

14‌

I

Class

24‌

30‌

Shares

redeemed

Investor

Class

(2,891‌)

(3,554‌)

I

Class

(2,369‌)

(1,230‌)

Increase

(decrease)

in

shares

outstanding

(3,566‌)

1,521‌

T.

ROWE

PRICE

Global

Industrials

Fund

NOTES

TO

FINANCIAL

STATEMENTS

15

T.

Rowe

Price

International

Funds,

Inc. (the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Global

Industrials

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks to

provide

long-term

growth

of

capital.

The

fund

has two classes

of

shares:

the

Global

Industrials

Fund

(Investor

Class)

and

the

Global

Industrials

Fund–I

Class

(I

Class).

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. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

both

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

class.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

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

T.

ROWE

PRICE

Global

Industrials

Fund

16

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.

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 December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024.

Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund’s

financial

statements.

T.

ROWE

PRICE

Global

Industrials

Fund

17

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

T.

ROWE

PRICE

Global

Industrials

Fund

18

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-

counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

the

fund’s portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

T.

ROWE

PRICE

Global

Industrials

Fund

19

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

year ended

December

31,

2024.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any,

and

is

included

on

the

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

93,727‌

$

49,880‌

$

—‌

$

143,607‌

Convertible

Preferred

Stocks

—‌

—‌

1,846‌

1,846‌

Short-Term

Investments

257‌

—‌

—‌

257‌

Securities

Lending

Collateral

4,982‌

—‌

—‌

4,982‌

Total

$

98,966‌

$

49,880‌

$

1,846‌

$

150,692‌

T.

ROWE

PRICE

Global

Industrials

Fund

20

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

December

31,

2024,

totaled $(1,554,000) for

the

year ended

December

31,

2024.

Additionally,

during

the

period,

transfers

into

and/or

out

of

Level

3

include

securities

acquired

or

exchanged

as

a

result

of

a

corporate

action.

NOTE

3

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund’s prospectus

and

Statement

of

Additional

Information.

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

($000s)

Beginning

Balance

12/31/23

Gain

(Loss)

During

Period

Transfer

Into

Level 3

Transfer

Out

of

Level

3

Ending

Balance

12/31/24

Investment

in

Securities

Convertible

Preferred

Stocks

$

2,746‌

$

(900‌)

$

1,690‌

$

(1,690‌)

$

1,846‌

T.

ROWE

PRICE

Global

Industrials

Fund

21

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

December

31,

2024,

the

value

of

loaned

securities

was

$4,751,000;

the

value

of

cash

collateral

and

related

investments

was

$4,982,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $110,618,000 and

$177,742,000,

respectively,

for

the

year ended

December

31,

2024. 

NOTE

4

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

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

the

character

of

foreign

capital

gains

taxes.

T.

ROWE

PRICE

Global

Industrials

Fund

22

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

December

31,

2024,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

December

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

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

December

31,

2024,

the

fund

utilized

$17,235,000

of

capital

loss

carryforwards.

($000s)

December

31,

2024

December

31,

2023

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

776‌

$

847‌

($000s)

Cost

of

investments

$

125,351‌

Unrealized

appreciation

$

36,165‌

Unrealized

depreciation

(10,902‌)

Net

unrealized

appreciation

(depreciation)

$

25,263‌

($000s)

Undistributed

ordinary

income

$

147‌

Net

unrealized

appreciation

(depreciation)

25,263‌

Loss

carryforwards

and

deferrals

(1,695‌)

Total

distributable

earnings

(loss)

$

23,715‌

T.

ROWE

PRICE

Global

Industrials

Fund

23

NOTE

5

-

FOREIGN TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

6

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group).

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.40%

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

December

31,

2024,

the

effective

annual

group

fee

rate

was

0.28%.

The Investor

Class is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

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.

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

T.

ROWE

PRICE

Global

Industrials

Fund

24

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class’s net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the year

ended December

31,

2024 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $618,000 remain

subject

to

repayment

by

the

fund

at

December

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.

Investor

Class

I

Class

Expense

limitation/I

Class

Limit

1.05%

0.05%

Expense

limitation

date

02/28/27

02/28/27

(Waived)/repaid

during

the

period

($000s)

$(81)

$(170)

T.

ROWE

PRICE

Global

Industrials

Fund

25

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.

For

the

year

ended

December

31,

2024,

expenses

incurred

pursuant

to

these

service

agreements

were

$118,000

for

Price

Associates;

$120,000

for

T.

Rowe

Price

Services,

Inc.;

and

less

than

$1,000

for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

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

December

31,

2024,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

T.

ROWE

PRICE

Global

Industrials

Fund

26

NOTE

7

-

SEGMENT

REPORTING

Operating

segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund’s

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund’s

revenue

is

derived

from

investments

in

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund’s

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

NOTE

8

-

BORROWING

To

provide

temporary

liquidity,

the

fund

may

borrow

from

other

T.

Rowe

Price-

sponsored

mutual

funds

under

an

interfund

borrowing

program

developed

and

managed

by

Price

Associates.

The

program

permits

the

borrowing

and

lending

of

cash

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Pursuant

to

program

guidelines,

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

December

31,

2024,

the

fund

incurred

$1,000

in

interest

expense

related

to

outstanding

borrowings

on

one

day

in

the

average

amount

of

$7,400,000

and

at

an

average

annual

rate

of

6.17%.

At

December

31,

2024,

there

were

no

borrowings

outstanding.

T.

ROWE

PRICE

Global

Industrials

Fund

27

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

Global

Industrials

Fund

28

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

Global

Industrials

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

Global

Industrials

Fund

(one

of

the

funds

constituting

T.

Rowe

Price

International

Funds,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2024,

the

related

statement

of

operations

for

the

year

ended

December

31,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2024

(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

December

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

December

31,

2024

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2024

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

Global

Industrials

Fund

29

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

December

31,

2024

by

correspondence

with

the

custodians,

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

February

18,

2025

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

Global

Industrials

Fund

30

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 12/31/24

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,

$2,217,000

of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$864,000

of

the

fund's

income

qualifies

for

the

dividends-received

deduction.

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.

F153-050

2/25

 

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

Not applicable.

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

Not applicable.

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

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

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

If applicable, see Item 7.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is 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	February 18, 2025

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

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 18, 2025

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	February 18, 2025