# EDGAR Filing Document

**Accession Number:** 0000313212
**File Stem:** 0001999371-25-021018
**Filing Date:** 2025-12
**Character Count:** 38594
**Document Hash:** 3b43b47f2925db12aa48b6ba827c1eea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-021018.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001999371-25-021018

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**EFFECTIVENESS DATE**: 20251223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price International Funds, Inc.
- **CENTRAL INDEX KEY:** 0000313212

**ORGANIZATION NAME:**
- **EIN:** 521175211
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-65539
- **FILM NUMBER:** 251594625

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INTERNATIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INTERNATIONAL TRUST
- **DATE OF NAME CHANGE:** 19900301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INTERNATIONAL FUND INC
- **DATE OF NAME CHANGE:** 19890914

## Series and Classes Contracts Data

### T. Rowe Price International Disciplined Equity Fund (Series ID: S000046336)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000144795 | T. Rowe Price International Disciplined Equity Fund               | PRCNX           |
| C000144796 | T. Rowe Price International Disciplined Equity Fund-Advisor Class | PRNCX           |
| C000184324 | T. Rowe Price International Disciplined Equity Fund-I Class       | RICIX           |

---

| | |
|:---|:---|
| ![](icn001.jpg) |  |
| **Summary Prospectus**<br> January 1, 2026 | **Summary Prospectus**<br> January 1, 2026 |
|  | T. ROWE PRICE |
|  | International Disciplined Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;PRCNX<br> RICIX<br> PRNCX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class<br> I Class<br> Advisor Class<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.<br>Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, shareholder reports, and other information about the fund online at **troweprice.com/prospectus**. You can also get this information at no cost by calling **1-800-638-5660**, by sending an e-mail request to **info@troweprice.com**, or by contacting your financial intermediary. This Summary Prospectus incorporates by reference the fund's prospectus, dated January 1, 2026, as amended or supplemented, and Statement of Additional Information, dated January 1, 2026, as amended or supplemented. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.<br>Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, shareholder reports, and other information about the fund online at **troweprice.com/prospectus**. You can also get this information at no cost by calling **1-800-638-5660**, by sending an e-mail request to **info@troweprice.com**, or by contacting your financial intermediary. This Summary Prospectus incorporates by reference the fund's prospectus, dated January 1, 2026, as amended or supplemented, and Statement of Additional Information, dated January 1, 2026, as amended or supplemented. |
|  | ![](icn002.jpg) |

---

SUMMARY<sub>1</sub>

**Investment Objective(s)**

The fund seeks long-term growth of capital through investments in stocks of non-U.S. companies.

**Fees and Expenses**

**This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fees and Expenses of the Fund** | **Fees and Expenses of the Fund** | | | |
| | | **Investor**<br> **Class** | **I** <br> **Class** | **Advisor**<br> **Class** |
| **Shareholder fees (fees paid directly from your investment)** | **Shareholder fees (fees paid directly from your investment)** | **Shareholder fees (fees paid directly from your investment)** | **Shareholder fees (fees paid directly from your investment)** | **Shareholder fees (fees paid directly from your investment)** |
| &nbsp;&nbsp;Maximum account fee | &nbsp;&nbsp;Maximum account fee | $20 <sup>a</sup> |  |  |
| **Annual fund operating expenses** <br> **(expenses that you pay each year as a** <br> **percentage of the value of your investment)** | **Annual fund operating expenses** <br> **(expenses that you pay each year as a** <br> **percentage of the value of your investment)** | **Annual fund operating expenses** <br> **(expenses that you pay each year as a** <br> **percentage of the value of your investment)** | **Annual fund operating expenses** <br> **(expenses that you pay each year as a** <br> **percentage of the value of your investment)** | **Annual fund operating expenses** <br> **(expenses that you pay each year as a** <br> **percentage of the value of your investment)** |
| &nbsp;&nbsp;Management fees | &nbsp;&nbsp;Management fees | 0.63% | 0.63% | 0.63% |
| &nbsp;&nbsp;Distribution and service (12b-1) fees | &nbsp;&nbsp;Distribution and service (12b-1) fees |  |  | 0.25 |
| &nbsp;&nbsp;Other expenses | &nbsp;&nbsp;Other expenses | 0.32 | 0.13 <sup>b</sup> | 0.34 |
| &nbsp;&nbsp;Total annual fund operating expenses | &nbsp;&nbsp;Total annual fund operating expenses | 0.95 | 0.76 | 1.22 |
| &nbsp;&nbsp;Fee waiver/expense reimbursement | &nbsp;&nbsp;Fee waiver/expense reimbursement | (0.05)<sup>c</sup> | (0.08)<sup>b</sup> | (0.22)<sup>d</sup> |
| &nbsp;&nbsp;**Total annual fund operating expenses after fee waiver/expense reimbursement** | &nbsp;&nbsp;**Total annual fund operating expenses after fee waiver/expense reimbursement** | **0.90** **<sup>c</sup>** | **0.68** **<sup>b</sup>** | **1.00** **<sup>d</sup>** |
| <sup>a</sup> | Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. | Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. | Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. | Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. |
| <sup>b</sup> | T. Rowe Price Associates, Inc., has contractually agreed (through December 31, 2026) to pay the operating expenses of the fund's I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class' average daily net assets. The agreement may only be terminated at any time after December 31, 2026, with approval by the fund's Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid). | T. Rowe Price Associates, Inc., has contractually agreed (through December 31, 2026) to pay the operating expenses of the fund's I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class' average daily net assets. The agreement may only be terminated at any time after December 31, 2026, with approval by the fund's Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid). | T. Rowe Price Associates, Inc., has contractually agreed (through December 31, 2026) to pay the operating expenses of the fund's I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class' average daily net assets. The agreement may only be terminated at any time after December 31, 2026, with approval by the fund's Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid). | T. Rowe Price Associates, Inc., has contractually agreed (through December 31, 2026) to pay the operating expenses of the fund's I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class' average daily net assets. The agreement may only be terminated at any time after December 31, 2026, with approval by the fund's Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid). |
| <sup>c</sup> | T. Rowe Price Associates, Inc., has contractually agreed (through December 31, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class' ratio of expenses to average daily net assets to exceed 0.90%. The agreement may only be terminated at any time after December 31, 2026, with approval by the fund's Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class' expense ratio is below 0.90%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class' expense ratio (after the reimbursement is taken into account) to exceed the class' current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). | T. Rowe Price Associates, Inc., has contractually agreed (through December 31, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class' ratio of expenses to average daily net assets to exceed 0.90%. The agreement may only be terminated at any time after December 31, 2026, with approval by the fund's Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class' expense ratio is below 0.90%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class' expense ratio (after the reimbursement is taken into account) to exceed the class' current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). | T. Rowe Price Associates, Inc., has contractually agreed (through December 31, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class' ratio of expenses to average daily net assets to exceed 0.90%. The agreement may only be terminated at any time after December 31, 2026, with approval by the fund's Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class' expense ratio is below 0.90%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class' expense ratio (after the reimbursement is taken into account) to exceed the class' current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). | T. Rowe Price Associates, Inc., has contractually agreed (through December 31, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class' ratio of expenses to average daily net assets to exceed 0.90%. The agreement may only be terminated at any time after December 31, 2026, with approval by the fund's Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class' expense ratio is below 0.90%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class' expense ratio (after the reimbursement is taken into account) to exceed the class' current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). |

---

<u>T. ROWE PRICE</u> <u>2</u>

<sup>d</sup> T. Rowe Price Associates, Inc., has contractually agreed (through December 31, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class' ratio of expenses to average daily net assets to exceed 1.00%. The agreement may only be terminated at any time after December 31, 2026, with approval by the fund's Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class' expense ratio is below 1.00%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class' expense ratio (after the reimbursement is taken into account) to exceed the class' current expense limitation (or the expense limitation in place at the time the amounts were waived or paid).

**Example** This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund's operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Investor Class** | $92 | $298 | $521 | $1162 |
| **I Class** | 69 | 235 | 415 | 935 |
| **Advisor Class** | 102 | 365 | 649 | 1458 |

---

**Portfolio Turnover** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund's shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 96.3% of the average value of its portfolio.

**Investments, Risks, and Performance**

**Principal Investment Strategies**

**Important Note**: The fund's Board of Directors has approved a plan of reorganization pursuant to which the fund will be reorganized on a tax-free basis with and into the T. Rowe Price Overseas Stock Fund (the "Overseas Stock Fund").

The plan of reorganization provides for the transfer of substantially all of the fund's assets in exchange for corresponding shares of the Overseas Stock Fund equal in value to the fund's net assets and the assumption by the Overseas Stock Fund of all of the fund's liabilities. After the exchange, the fund will distribute the Overseas Stock Fund shares to its shareholders pro rata, in liquidation of the fund. As a result, shareholders of the fund will become shareholders of the Overseas Stock Fund (these transactions are collectively referred to as the "Reorganization").

SUMMARY<sub>3</sub>

On the date of the Reorganization, shareholders of the fund's Investor Class and Advisor Class will automatically receive shares of the Overseas Stock Fund's Investor Class representing the same total value as their shares of the fund and shareholders of the fund's I Class will automatically receive shares of the Overseas Stock Fund's I Class representing the same total value as their shares of the fund.

The Reorganization is expected to occur on or about April 17, 2026, and does not require shareholder approval.

The fund and the Overseas Stock Fund have similar investment objectives, investment strategies, and policies and restrictions. However, the fund has not reached sufficient scale and combining the funds is expected to result in potentially greater economies of scale for shareholders. The fund will need to sell certain holdings leading up to the Reorganization to more closely align its portfolio with the Overseas Stock Fund, which is expected to result in greater portfolio turnover and may cause the fund to temporarily deviate from its normal investment program.

Shareholders may redeem their shares of the fund or exchange their shares to another fund at any time prior to the Reorganization. The Reorganization will be structured as a tax-free exchange for shareholders, although the fund may need to declare dividend or capital gain distributions to its shareholders shortly before the Reorganization occurs, which may be a taxable event depending on a shareholder's individual tax situation. Detailed information about the Reorganization will be provided to shareholders in an information statement that is expected to begin mailing by late February 2026.

The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of non-U.S. companies. The fund relies on MSCI Inc., a third-party provider of benchmark indexes and data services, or another unaffiliated data provider to determine the country assigned to a security. Any derivatives that provide exposure to the investment focus suggested by the fund's name, or to one or more market risk factors associated with the investment focus suggested by the fund's name, are counted (as applicable) toward compliance with the fund's 80% investment policy.

While the adviser invests with an awareness of the global economic backdrop and the adviser's outlook for certain industries, sectors, and individual countries, the adviser's decision-making process focuses on bottom-up stock selection. Country allocation is driven largely by stock selection, though the adviser may limit investments in markets or industries that appear to have poor overall prospects. The fund may invest up to 15% of its net assets in emerging markets.

The fund may purchase the stocks of companies of any size, but typically focuses on large-cap companies, and does not emphasize either a growth or value bias in selecting investments.

The adviser generally selects securities for the fund that the adviser believes have the most favorable combination of company fundamentals, earnings potential, and relative valuation.

The fund typically has significant investments in developed European countries, as well as Japan and select other developed countries.

<u>T. ROWE PRICE</u> <u>4</u>

At times, the fund may have a significant portion of its assets invested in the same economic sector, such as the financial sector.

**Principal Risks**

As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund's share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund, which may be even greater in unfavorable or uncertain market conditions, are summarized as follows:

**Foreign investing: Non-U.S.** securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. The fund's overall foreign investing risk is increased to the extent it has exposure to emerging markets, which are more volatile than the markets of developed countries.

**Large-cap stocks:** Securities issued by large-cap companies tend to be less volatile than securities issued by small- and mid-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful small- and mid-cap companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges.

**Market conditions:** The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund's holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses. Certain 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

**Investing in Europe:** The European financial markets have experienced increased volatility due to concerns about economic downturns, political unrest, war, military conflict, economic sanctions, rising government debt levels, inflation, energy crises, and public health pandemics, and these events may continue to significantly affect all of Europe. The economies and markets of European countries are often connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. European economies could be significantly affected by, among other things, rising unemployment, the imposition or unexpected elimination of fiscal and monetary controls by member countries of the European Economic and Monetary Union, uncertainty surrounding the euro, the success of governmental actions to reduce budget deficits, and Russia's ongoing military conflict in Ukraine.

SUMMARY<sub>5</sub>

**Investing in Japan:** The Japanese economy has at times been negatively affected by government intervention and protectionism, excessive regulation, an unstable financial services sector, a heavy reliance on international trade, and natural disasters. Some of these factors, as well as a low economic growth rate relative to other advanced economies, other adverse political developments, increases in government debt, and changes in fiscal, monetary, or trade policies, may affect the Japanese economy.

**Sector exposure:** Issuers in the same economic sector may be similarly affected by economic or market events, making the fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

**Financial sector:** Banks and other financial services companies can be adversely affected by, among other things, regulatory changes, interest rate movements, the availability of capital and cost to borrow, and the rate of debt defaults.

**Emerging markets:** Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable than those of developed countries. In addition to the risks associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on the fund's investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.

**Stock investing:** Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of stocks held by the fund may decline due to general weakness or volatility in the stock markets in which the fund invests or because of factors that affect a particular company or industry.

**Active management:** The fund's overall investment program and holdings selected by the fund's investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies.

**Cybersecurity breaches:** The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund's assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund's service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.

<u>T. ROWE PRICE</u> <u>6</u>

**Performance**

The following performance information provides some indication of the risks of investing in the fund. The fund's performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund's Investor Class. Returns for other share classes vary since they have different expenses.

 **INTERNATIONAL DISCIPLINED EQUITY FUND**

Calendar Year Returns

![](icn003.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Quarter Ended | Total<br> Return |  | Quarter Ended | Total<br> Return |
| Best Quarter | 12/31/22 | 16.84% | Worst Quarter | 3/31/20 | -21.87% |

---

The fund's return for the nine months ended 9/30/25 was 23.67%.

The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund's performance information included in the table is compared with a regulatory required index that represents an overall securities market and aligns to the fund's investment strategy (MSCI EAFE Index Net). In addition, the table may also include one or more indexes that align to the fund's investment strategy.

In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.

SUMMARY<sub>7</sub>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | | |
|  | **Periods ended** | **Periods ended** | **Periods ended** | **Periods ended** | **Periods ended** |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  |  |  | **Since** | **Inception** |
|  | **1 Year** | **5 Years** | **10 Years** | **inception** | **date** |
| **Investor Class** |  |  |  |  | **08/22/2014** |
| Returns before taxes | 1.65% | 3.12% | 4.96% | — % |  |
| Returns after taxes on distributions | 0.26 | 1.53 | 3.70 |  |  |
| Returns after taxes on distributions and sale |  |  |  |  |  |
| of fund shares | 1.32 | 2.03 | 3.64 |  |  |
| **I Class** |  |  |  |  | **03/06/2017** |
| Returns before taxes | 1.83 | 3.34 |  | 5.38 |  |
| **Advisor Class** |  |  |  |  | **08/22/2014** |
| Returns before taxes | 1.56 | 3.02 | 4.88 |  |  |
| MSCI EAFE Index Net (reflects no deduction for fees or expenses) | MSCI EAFE Index Net (reflects no deduction for fees or expenses) | MSCI EAFE Index Net (reflects no deduction for fees or expenses) | MSCI EAFE Index Net (reflects no deduction for fees or expenses) | MSCI EAFE Index Net (reflects no deduction for fees or expenses) |  |
|  | 3.82 | 4.73 | 5.20 | 6.04 <sup>a</sup> |  |
| Lipper International Multi-Cap Core Funds Average | Lipper International Multi-Cap Core Funds Average | Lipper International Multi-Cap Core Funds Average | Lipper International Multi-Cap Core Funds Average | Lipper International Multi-Cap Core Funds Average |  |
|  | 5.34 | 4.50 | 5.00 | 5.67 <sup>b</sup> |  |

---

<sup>a</sup> Return since 3/6/17.

<sup>b</sup> Return since 2/28/17.

Updated performance information is available through troweprice.com.

**Management**

**Investment Adviser** T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)

**Investment Subadviser** T. Rowe Price International Ltd (Price International)

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| **Name** | **Title** | **Managed<br> Fund<br> Since** | **Joined<br> Investment<br> Adviser** |
| Oliver Bell\* | Co-Portfolio Manager and Cochair of Investment Advisory Committee | 2026 | 2011 |
| Federico Santilli | Co-Portfolio Manager and Cochair of Investment Advisory Committee | 2014 | 2001 |

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\* On January 31, 2026, Mr. Santilli will step down from his role on the fund and, effective February 1, 2026, Mr. Bell will become the fund's sole portfolio manager and sole chair of the fund's Investment Advisory Committee.

**Purchase and Sale of Fund Shares**

Effective after the close of the New York Stock Exchange on April 14, 2026, the fund will close to new accounts and will no longer accept purchases of additional shares from existing shareholders, other than the reinvestment of any dividends or capital gains.

The Investor Class and Advisor Class generally require a $2,500 minimum initial investment ($1,000 minimum initial investment if opening an IRA, a custodial account for a minor, or a small business retirement plan account). Additional purchases generally require a $100 minimum. These investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement plans submitting orders on behalf of their customers. Advisor Class shares may generally only be purchased through a financial intermediary or retirement plan.

<u>T. ROWE PRICE</u> <u>8</u>

The I Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum generally is waived or reduced for financial intermediaries, eligible retirement plans, certain accounts for which T. Rowe Price or its affiliates have discretionary investment authority, qualifying directly held accounts, and certain other accounts.

For investors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail; by telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790 for institutional investors and financial intermediaries); or, for certain other accounts, by accessing your account online through troweprice.com.

If you hold shares through a financial intermediary or retirement plan, you must purchase, redeem, and exchange shares of the fund through your intermediary or retirement plan. You should check with your intermediary or retirement plan to determine the investment minimums that apply to your account.

**Tax Information**

Any dividends or capital gains are declared and paid annually, usually in December. However, the fund may need to make a special distribution and declare dividend or capital gain distributions to shareholders in April 2026 shortly before the Reorganization occurs. Redemptions or exchanges of fund shares and distributions by the fund, whether or not you reinvest these amounts in additional fund shares, generally may be taxed as ordinary income or capital gains unless you invest through a tax-deferred account (in which case you will be taxed upon withdrawal from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| T. Rowe Price Associates, Inc.<br> 1307 Point Street<br> Baltimore, MD 21231 | **F106-045 1/1/26** |

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