0000313212 2026-06-30 2026-06-30 0000313212 trowe:S000001496Member 2026-06-30 2026-06-30 0000313212 trowe:S000002098Member 2026-06-30 2026-06-30 0000313212 trowe:S000002088Member 2026-06-30 2026-06-30 0000313212 trowe:S000002071Member 2026-06-30 2026-06-30 0000313212 trowe:S000026126Member 2026-06-30 2026-06-30 0000313212 trowe:S000002160Member 2026-06-30 2026-06-30 0000313212 trowe:S000001496Member oef:RiskNondiversifiedStatusMember 2026-06-30 2026-06-30 0000313212 trowe:S000002098Member oef:RiskNondiversifiedStatusMember 2026-06-30 2026-06-30 0000313212 trowe:S000002088Member oef:RiskNondiversifiedStatusMember 2026-06-30 2026-06-30 0000313212 trowe:S000002071Member oef:RiskNondiversifiedStatusMember 2026-06-30 2026-06-30 0000313212 trowe:S000026126Member oef:RiskNondiversifiedStatusMember 2026-06-30 2026-06-30 0000313212 trowe:S000002160Member oef:RiskNondiversifiedStatusMember 2026-06-30 2026-06-30 false T. Rowe Price International Funds, Inc. N-1A 497 0000313212 <div id="xdx_80A_eoef--SupplementToProspectusTextBlock_hdei--LegalEntityAxis__custom--S000001496Member_dU_gL1STPTB-EE_zKGY5VsdznQa"></div> <p id="xdx_841_eoef--SupplementToProspectusTextBlock_hdei--LegalEntityAxis__custom--S000002098Member_dU_gL2STPTB-NI_zEW2QCQeklg6" style="border-bottom: Black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0">Supplement to Prospectus and Summary Prospectus dated January 1, 2026</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_850_zYPCTjdw2Tq2"></div> <div id="xdx_C0C_gL2STPTB-NI_z9GRmt4ZpI41"><div id="xdx_C00_gL1STPTB-TNI_zDFmfZSBA2X5"><div id="xdx_C0A_gL2STPTB-QWZ_zEUZXpihmb75"><div id="xdx_C0D_gL3STPTB-WPYT_zgMgW3S8LHx6"><div id="xdx_C0F_gL1STPTB-GEWHV_z9XEOmAUxHt5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">On June 25, 2026, the fund’s shareholders approved a proposal to change the fund’s diversification policy from diversified to nondiversified. The switch from diversified to nondiversified will become effective on July 1, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Accordingly, all of the following changes are effective July 1, 2026.</p> </div></div></div></div></div> <p id="xdx_841_eoef--SupplementToProspectusTextBlock_hdei--LegalEntityAxis__custom--S000002098Member_dU_gL2STPTB-NI_zEW2QCQeklg6" style="border-bottom: Black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0">Supplement to Prospectus and Summary Prospectus dated January 1, 2026</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_C00_gL1STPTB-TNI_zDFmfZSBA2X5"><div id="xdx_C0A_gL2STPTB-QWZ_zEUZXpihmb75"><div id="xdx_C0D_gL3STPTB-WPYT_zgMgW3S8LHx6"><div id="xdx_C0F_gL1STPTB-GEWHV_z9XEOmAUxHt5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">On June 25, 2026, the fund’s shareholders approved a proposal to change the fund’s diversification policy from diversified to nondiversified. The switch from diversified to nondiversified will become effective on July 1, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Accordingly, all of the following changes are effective July 1, 2026.</p> </div></div></div></div> <div id="xdx_801_eoef--SupplementToProspectusTextBlock_hdei--LegalEntityAxis__custom--S000002088Member_dU_gL1STPTB-TNI_zR1bWyJVWU0b"></div> <div id="xdx_84D_eoef--SupplementToProspectusTextBlock_hdei--LegalEntityAxis__custom--S000002071Member_dU_gL2STPTB-QWZ_za3yMPrzFBf"></div> <div id="xdx_898_eoef--SupplementToProspectusTextBlock_hdei--LegalEntityAxis__custom--S000026126Member_dU_gL3STPTB-WPYT_z6uDgmdlHM9k"></div> <p style="border-bottom: Black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0">Supplement to Prospectus and Summary Prospectus dated March 1, 2026</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_8AE_zWtDz2RPzE82"></div> <div id="xdx_850_zYPCTjdw2Tq3"></div> <div id="xdx_C0A_gL2STPTB-QWZ_zEUZXpihmb75"><div id="xdx_C0D_gL3STPTB-WPYT_zgMgW3S8LHx6"><div id="xdx_C0F_gL1STPTB-GEWHV_z9XEOmAUxHt5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">On June 25, 2026, the fund’s shareholders approved a proposal to change the fund’s diversification policy from diversified to nondiversified. The switch from diversified to nondiversified will become effective on July 1, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Accordingly, all of the following changes are effective July 1, 2026.</p> </div></div></div> <div id="xdx_84D_eoef--SupplementToProspectusTextBlock_hdei--LegalEntityAxis__custom--S000002071Member_dU_gL2STPTB-QWZ_za3yMPrzFBf"></div> <div id="xdx_898_eoef--SupplementToProspectusTextBlock_hdei--LegalEntityAxis__custom--S000026126Member_dU_gL3STPTB-WPYT_z6uDgmdlHM9k"></div> <p style="border-bottom: Black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0">Supplement to Prospectus and Summary Prospectus dated March 1, 2026</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_8AE_zWtDz2RPzE82"></div> <div id="xdx_C0D_gL3STPTB-WPYT_zgMgW3S8LHx6"><div id="xdx_C0F_gL1STPTB-GEWHV_z9XEOmAUxHt5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">On June 25, 2026, the fund’s shareholders approved a proposal to change the fund’s diversification policy from diversified to nondiversified. The switch from diversified to nondiversified will become effective on July 1, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Accordingly, all of the following changes are effective July 1, 2026.</p> </div></div> <div id="xdx_898_eoef--SupplementToProspectusTextBlock_hdei--LegalEntityAxis__custom--S000026126Member_dU_gL3STPTB-WPYT_z6uDgmdlHM9k"></div> <p style="border-bottom: Black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0">Supplement to Prospectus and Summary Prospectus dated March 1, 2026</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_C0F_gL1STPTB-GEWHV_z9XEOmAUxHt5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">On June 25, 2026, the fund’s shareholders approved a proposal to change the fund’s diversification policy from diversified to nondiversified. The switch from diversified to nondiversified will become effective on July 1, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Accordingly, all of the following changes are effective July 1, 2026.</p> </div> <div id="xdx_80C_eoef--SupplementToProspectusTextBlock_hdei--LegalEntityAxis__custom--S000002160Member_dU_gL1STPTB-GEWHV_zoZ4jZDLO17f"></div> <p style="border-bottom: Black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0">Supplement to Prospectus and Summary Prospectus dated May 1, 2026</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">On June 25, 2026, the fund’s shareholders approved a proposal to change the fund’s diversification policy from diversified to nondiversified. The switch from diversified to nondiversified will become effective on July 1, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Accordingly, all of the following changes are effective July 1, 2026.</p> <div id="xdx_805_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000001496Member_dU_zPtmLgFmXE5"></div> <div id="xdx_84D_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000002098Member_dU_znrzulkseNil"></div> <div id="xdx_892_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000002088Member_dU_zcVYTioHCkDb"></div> <div id="xdx_89B_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000002071Member_dU_z4y07LvJ08sh"></div> <div id="xdx_892_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000026126Member_dU_zgD7tmUcdani"></div> <div id="xdx_891_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000002160Member_dU_zHGs1VtAoSac"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In the Summary Prospectus, and Sections 1 and 2 of the Prospectus, the disclosure under “Principal Investment Strategies” is supplemented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">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.</p> <div id="xdx_84D_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000002098Member_dU_znrzulkseNil"></div> <div id="xdx_892_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000002088Member_dU_zcVYTioHCkDb"></div> <div id="xdx_89B_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000002071Member_dU_z4y07LvJ08sh"></div> <div id="xdx_892_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000026126Member_dU_zgD7tmUcdani"></div> <div id="xdx_891_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000002160Member_dU_zHGs1VtAoSac"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In the Summary Prospectus, and Sections 1 and 2 of the Prospectus, the disclosure under “Principal Investment Strategies” is supplemented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">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.</p> <div id="xdx_892_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000002088Member_dU_zcVYTioHCkDb"></div> <div id="xdx_89B_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000002071Member_dU_z4y07LvJ08sh"></div> <div id="xdx_892_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000026126Member_dU_zgD7tmUcdani"></div> <div id="xdx_891_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000002160Member_dU_zHGs1VtAoSac"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In the Summary Prospectus, and Sections 1 and 2 of the Prospectus, the disclosure under “Principal Investment Strategies” is supplemented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">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.</p> <div id="xdx_89B_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000002071Member_dU_z4y07LvJ08sh"></div> <div id="xdx_892_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000026126Member_dU_zgD7tmUcdani"></div> <div id="xdx_891_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000002160Member_dU_zHGs1VtAoSac"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In the Summary Prospectus, and Sections 1 and 2 of the Prospectus, the disclosure under “Principal Investment Strategies” is supplemented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">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.</p> <div id="xdx_892_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000026126Member_dU_zgD7tmUcdani"></div> <div id="xdx_891_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000002160Member_dU_zHGs1VtAoSac"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In the Summary Prospectus, and Sections 1 and 2 of the Prospectus, the disclosure under “Principal Investment Strategies” is supplemented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">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.</p> <div id="xdx_891_eoef--StrategyNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000002160Member_dU_zHGs1VtAoSac"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In the Summary Prospectus, and Sections 1 and 2 of the Prospectus, the disclosure under “Principal Investment Strategies” is supplemented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">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.</p> <div id="xdx_800_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000001496Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_zFHlhtWDTYn1"></div> <div id="xdx_84F_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000002098Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_zo49IxWemQ2"></div> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000002088Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt80l"></div> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000002071Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt802"></div> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000026126Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt803"></div> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000002160Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt804"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In the Summary Prospectus and Section 1 of the Prospectus, the disclosure under “Principal Risks” is supplemented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><b>Nondiversification:</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund’s share price can be expected to fluctuate more than that of a similar fund that is more broadly diversified.</p> <div id="xdx_84F_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000002098Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_zo49IxWemQ2"></div> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000002088Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt80l"></div> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000002071Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt802"></div> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000026126Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt803"></div> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000002160Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt804"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In the Summary Prospectus and Section 1 of the Prospectus, the disclosure under “Principal Risks” is supplemented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><b>Nondiversification:</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund’s share price can be expected to fluctuate more than that of a similar fund that is more broadly diversified.</p> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000002088Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt80l"></div> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000002071Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt802"></div> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000026126Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt803"></div> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000002160Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt804"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In the Summary Prospectus and Section 1 of the Prospectus, the disclosure under “Principal Risks” is supplemented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><b>Nondiversification:</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund’s share price can be expected to fluctuate more than that of a similar fund that is more broadly diversified.</p> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000002071Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt802"></div> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000026126Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt803"></div> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000002160Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt804"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In the Summary Prospectus and Section 1 of the Prospectus, the disclosure under “Principal Risks” is supplemented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><b>Nondiversification:</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund’s share price can be expected to fluctuate more than that of a similar fund that is more broadly diversified.</p> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000026126Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt803"></div> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000002160Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt804"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In the Summary Prospectus and Section 1 of the Prospectus, the disclosure under “Principal Risks” is supplemented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><b>Nondiversification:</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund’s share price can be expected to fluctuate more than that of a similar fund that is more broadly diversified.</p> <div id="xdx_89E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000002160Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_dU_z96HcgmUt804"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In the Summary Prospectus and Section 1 of the Prospectus, the disclosure under “Principal Risks” is supplemented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><b>Nondiversification:</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund’s share price can be expected to fluctuate more than that of a similar fund that is more broadly diversified.</p> 2026-06-30