Strategy. Important Note : The funds 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 funds assets in exchange for corresponding shares of the Overseas Stock Fund equal in value to the funds net assets and the assumption by the Overseas Stock Fund of all of the funds 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 … Show more… Important Note : The funds 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 funds assets in exchange for corresponding shares of the Overseas Stock Fund equal in value to the funds net assets and the assumption by the Overseas Stock Fund of all of the funds 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). On the date of the Reorganization, shareholders of the funds Investor Class and Advisor Class will automatically receive shares of the Overseas Stock Funds Investor Class representing the same total value as their shares of the fund and shareholders of the funds I Class will automatically receive shares of the Overseas Stock Funds 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 shareholders 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 funds name, or to one or more market risk factors associated with the investment focus suggested by the funds name, are counted (as applicable) toward compliance with the funds 80% investment policy. While the adviser invests with an awareness of the global economic backdrop and the advisers outlook for certain industries, sectors, and individual countries, the advisers 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. At times, the fund may have a significant portion of its assets invested in the same economic sector, such as the financial sector. Show less