The fund normally invests at least 80% of the fund’s net assets (plus any borrowings for investment purposes) in equity securities that are capable of generating a positive environmental and/or social impact. The fund typically invests in at least five countries, including the U.S., and the amount of the fund’s assets invested outside the U.S. will vary depending on the adviser’s outlook for market conditions and opportunities overseas versus those in the U.S. However, the fund typically invests at least 25% of its net assets in securities of foreign issuers. Equity securities may include common or preferred stocks. In addition, for purposes of these policies,

the fund’s investments include instruments that are linked to, or provide exposure to, equities or companies outside of the U.S., such as depositary receipts. 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.

The fund may invest in issuers of any market capitalization and in securities offerings that are not registered in the U.S. or denominated in the U.S. dollar. The fund may invest in issuers in emerging markets.

The fund selects companies for its portfolio using an in-house proprietary screening process. This screening process relies on the portfolio manager’s independent analysis of each issuer. The fund seeks to select companies for its portfolio that are, in the opinion of the portfolio manager, capable of achieving and sustaining above-average, long-term earnings and cash flow growth, and that are capable of generating a positive impact under one of the following impact categories:

·Environmental impact and/or

·Social impact.

For purposes of the fund’s 80% investment policy, a holding is considered an equity security that is capable of generating a positive environmental and/or social impact if a majority of the issuer’s current revenues are tied to either or both of the two impact categories. The materiality of positive impact is assessed according to specific, in-house metrics for every business activity that aligns to one of the impact categories.

In assessing each company under the impact categories, T. Rowe Price relies primarily on proprietary analysis incorporating company-provided data, direct engagement with companies and their management, and, in certain situations, research and analytics prepared by third-party data providers (for example, data on a company’s carbon emissions).

The environmental impact category encompasses companies with business activities aimed at reducing greenhouse gases (GHGs), promoting healthy ecosystems, or nurturing circular economies. Examples may include but are not limited to companies that manufacture electric vehicles or companies that manufacture building insulation that may lower carbon emissions.

The social impact category includes companies that employ business activities aimed at enabling social equity, improving health, or improving safety and security. Examples may include but are not limited to companies in emerging markets that seek to expand access to banking to lower income consumers, or companies that provide education or childcare solutions to support working mothers.

In addition, the fund’s adviser seeks to identify companies that are expected to deliver above average earnings and/or cashflows, over the long term based on a rigorous fundamental analysis, including an evaluation of a variety of criteria, including but not limited to:

·fertile industry structure and management quality, including expert capital allocation and value creation;

·innovative product or service offerings, such as new technology or a unique manufacturing process (for example, companies that may benefit from change, such as a new business model or regulatory change);

·medium to long-term earnings, cash flows, and returns; and/or

·overall financial health.

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