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 New Asia Fund (the New Asia Fund). The plan of reorganization provides for the transfer of substantially all of the funds assets in exchange for corresponding shares of the New Asia Fund equal in value to the funds net assets and the assumption by the New Asia Fund of all of the funds liabilities. After the exchange, the fund will distribute the New Asia 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 New Asia Fund (the New Asia Fund). The plan of reorganization provides for the transfer of substantially all of the funds assets in exchange for corresponding shares of the New Asia Fund equal in value to the funds net assets and the assumption by the New Asia Fund of all of the funds liabilities. After the exchange, the fund will distribute the New Asia Fund shares to its shareholders pro rata, in liquidation of the fund. As a result, shareholders of the fund will become shareholders of the New Asia 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 New Asia 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 New Asia 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 New Asia 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 New Asia Fund, which could result in greater portfolio turnover and 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 issued by companies that are located in, or that have economic ties to, Asia (excluding Japan). 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. The fund typically has substantial investments in China. The Asian countries in which the fund normally invests include, but are not limited to, the following: ? Primary Emphasis: China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Thailand. ? Others: Pakistan, Sri Lanka, and Vietnam. The fund is nondiversified, which means it may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund. The fund may purchase stocks issued by companies of any size, but typically focuses its investments on large- and mid-cap stocks. At times, the fund may have a significant portion of its assets invested in the same economic sector, such as the information technology sector. While the adviser invests with an awareness of the advisers outlook for certain industries, sectors, and individual countries within the region, 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. Security selection reflects a growth style. The adviser relies on a global team of investment analysts dedicated to in-depth fundamental research in an effort to identify high-quality companies with durable growth potential. The adviser seeks stocks of companies at reasonable prices in relation to present or anticipated earnings, cash flow, or book value, and selects those stocks that the adviser believes have the most favorable combination of company fundamentals, earnings potential, and relative valuation. In selecting investments, the adviser generally favors companies with one or more of the following characteristics: ? strong business models with leading market positions and resilient pricing power; ? attractive business niche with the potential to sustain earnings even during times of slow economic growth; ? competitive advantages in an attractive industry with long-term growth drivers; ? proven management with high governance standards; ? demonstrated ability to consistently increase revenues, earnings, and/or cash flows; and ? prudent capital allocation and sound balance sheet management. Show less