UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-05833
T. Rowe Price Global Funds, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: October 31
Date of reporting period: October 31, 2023
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
TRGVX
Global
Value
Equity
Fund
–
.
PRIGX
Global
Value
Equity
Fund–
.
I Class
T.
ROWE
PRICE
Global
Value
Equity
Fund
HIGHLIGHTS
The
Global
Value
Equity
Fund
underperformed
the
MSCI
World
Index
Net
and
the
Lipper
Global
Multi-Cap
Value
Funds
Average
but
outperformed
the
MSCI
World
Value
Index
Net
for
the
12-month
period
ended
October
31,
2023.
Within
the
fund,
stock
selection
in
the
U.S.
detracted
the
most
at
the
country
level.
Our
investments
in
health
care
also
hurt.
Conversely,
stock
choices
in
industrials
and
business
services
added
value,
while
our
choice
of
securities
in
Japan
benefited
further.
Over
the
last
year
or
so,
we
have
implemented
a
broad
balance
in
the
portfolio
between
defensive
and
more
deep
value
and
cyclical
exposures.
We
believe
that
this
is
currently
appropriate
given
material
economic
uncertainties.
We
added
to
financials
and
consumer
staples
and
reduced
our
exposure
to
utilities
and
health
care.
Investors
have
had
to
radically
reappraise
their
outlook
for
the
paths
of
interest
rates
and
inflation
and
the
accompanying
impact
on
markets
and
economies.
We
concentrate
on
the
bottom-up
view,
and
our
strategy
continues
to
invest
across
the
value
spectrum
in
the
best
ideas
from
our
global
research
platform.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
An
account
service
fee
will
be
charged
annually
for
each
T.
Rowe
Price
mutual
fund
account
unless
you
meet
criteria
for
a
fee
waiver.
Go
to
troweprice.com/personal-investing/help/fees-and-
minimums.html
to
learn
more
about
this
account
service
fee,
including
other
ways
to
waive
it.
T.
ROWE
PRICE
Global
Value
Equity
Fund
Market
Commentary
Dear
Shareholder
Most
major
global
stock
and
bond
indexes
produced
positive
results
during
your
fund’s
fiscal
year,
the
12-month
period
ended
October
31,
2023,
although
a
downturn
over
the
past
six
months
offset
some
of
the
strong
gains
recorded
in
the
first
half
of
the
period.
Global
economies
managed
to
avoid
the
recession
that
was
widely
predicted
at
the
start
of
2023,
but
signs
that
central
banks
might
need
to
keep
interest
rates
higher
for
longer
than
previously
expected
weighed
on
market
sentiment.
Growth
stocks
outperformed
value
shares
over
the
12-month
period,
and
stocks
in
developed
markets
generally
outpaced
their
counterparts
in
emerging
markets.
Currency
movements
were
mixed
over
the
period,
although
a
weaker
dollar
versus
major
European
currencies
was
beneficial
for
U.S.
investors
in
European
securities.
Technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments
and
produced
some
of
the
strongest
results
in
the
equity
market.
Within
the
S&P
500
Index,
the
communication
services
and
information
technology
sectors
were
lifted
by
the
rally
in
tech-related
companies
and
recorded
significant
gains.
The
financials
sector
partly
recovered
from
the
failure
of
three
large
regional
banks
during
the
period
but
still
finished
in
negative
territory.
Corporate
fundamentals
were
broadly
supportive.
Although
year-over-year
earnings
growth
contracted
in
the
first
and
second
quarters
of
2023,
results
were
better
than
expected,
and
preliminary
estimates
pointed
to
a
resumption
of
growth
in
the
third
quarter.
The
U.S.
economy
was
the
strongest
among
the
major
markets
during
the
period,
with
gross
domestic
product
growth
coming
in
at
4.9%
in
the
third
quarter’s
initial
estimate,
the
highest
since
the
end
of
2021.
Growth
in
Europe
and
Japan
was
more
sluggish,
and
China’s
economy
was
beset
by
worries
about
its
property
sector
after
an
initial
boost
from
its
decision
at
the
end
of
2022
to
lift
most
of
its
pandemic-related
restrictions.
A
protracted
debt
ceiling
standoff
in
the
U.S.,
the
ongoing
conflict
between
Ukraine
and
Russia,
and
the
outbreak
of
war
in
the
Middle
East
following
the
attack
on
Israel
by
Hamas
produced
headwinds
for
markets
at
various
times.
Investors
also
remained
focused
on
inflation
as
price
increases
moderated
but
remained
well
above
the
Federal
Reserve’s
2%
target.
In
response,
the
Fed
continued
to
raise
its
short-term
lending
benchmark
rate,
lifting
it
to
a
target
range
of
5.25%
to
5.50%
by
the
end
of
July,
the
highest
level
since
March
2001.
T.
ROWE
PRICE
Global
Value
Equity
Fund
U.S.
Treasury
yields
increased
as
the
Fed
tightened
monetary
policy
and
investors
priced
in
the
possibility
that
the
central
bank
may
have
to
keep
rates
higher
for
longer
than
previously
anticipated.
In
addition,
Treasuries
were
pressured
by
Fitch
Ratings’
decision
to
downgrade
the
credit
rating
of
U.S.
government
debt
from
the
highest
level,
AAA,
to
AA+
along
with
expectations
for
higher
levels
of
borrowing
by
the
Treasury
Department.
The
yield
on
the
benchmark
10-year
Treasury
note
briefly
reached
5.00%
in
October
for
the
first
time
since
late
2007
before
falling
back
to
4.88%
by
period-end.
Increasing
yields
over
the
past
six
months
led
to
weak
results
across
most
of
the
fixed
income
market,
although
high
yield
bonds,
which
are
less
sensitive
to
rising
rates,
held
up
relatively
well
as
default
rates
remained
low
by
historical
standards.
Global
economies
and
markets
showed
surprising
resilience
in
2023,
but
considerable
uncertainty
remains
as
we
look
ahead
to
2024.
Geopolitical
events,
the
path
of
monetary
policy,
and
the
impact
of
the
Fed’s
rate
hikes
on
the
economy
all
raise
the
potential
for
additional
volatility.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
identify
securities
that
have
the
potential
to add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Global
Value
Equity
Fund
Management’s
Discussion
of
Fund
Performance
INVESTMENT
OBJECTIVE
The
fund
seeks
long-term
capital
appreciation.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past 12
months?
The
Global
Value
Equity
Fund–I
Class
returned
6.09%
in
the
12-month
period
ended
October
31,
2023.
The
fund
underperformed
the
MSCI
World
Index
Net
and
the
Lipper
Global
Multi-Cap
Value
Funds
Average
but
outperformed
the
MSCI
World
Value
Index
Net.
(Past
performance
cannot
guarantee
future
results.)
What
factors
influenced
the
fund’s
performance?
Global
equities
were
resilient
against
a
backdrop
of
elevated
oil
prices,
a
hawkish
U.S.
Federal
Reserve,
and
ongoing
supply
chain
pressures.
However,
still-
strong
economic
indicators
and
signs
of
slowing
inflation,
namely
in
the
U.S.,
raised
hopes
that
a
deep
recession
could
be
averted.
Within
the
portfolio,
stock
selection
in
the
U.S.
was
the
most
significant
detractor
at
the
country
level.
Not
owning
Nvidia,
a dominant supplier
of computer hardware
and
software,
weighed
on
relative
performance
as
its
shares
rebounded
sharply
over
the
period.
Our
investment
in
Keurig
Dr
Pepper,
a
packaged
beverage
company,
was
another
area
of
relative
weakness.
The
company
lost
ground
amid
concerns
around
its
coffee
business.
Despite
the
recent
underperformance,
we
believe
the
firm
has
reached
an
inflection
point
and
is
entering
a
phase
of
positive
earnings
revisions
and
accelerating
margin
expansion.
(Please
refer
to
the
portfolio
of
investments
for
a
complete
list
of
holdings
and
the
amount
each
represents
in
the
portfolio.)
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
10/31/23
6
Months
12
Months
Global
Value
Equity
Fund
–
.
-2.92%
5.87%
Global
Value
Equity
Fund–
.
I Class
-2.84
6.09
MSCI
World
Index
Net
-1.59
10.48
MSCI
World
Value
Index
Net
-4.19
3.06
Lipper
Global
Multi-Cap
Value
Funds
Average
-4.24
8.30
The
Institutional
Global
Value
Equity
Fund
changed
its
name
to
Global
Value
Equity
Fund
and
designated
all
outstanding
shares
as
I
Class
as
of
March
1,
2020.
Performance
shown
prior
to
March
1,
2020,
reflects
the
performance
of
the
fund
while
it
was
structured
as
the
Institutional
Global
Value
Equity
Fund.
T.
ROWE
PRICE
Global
Value
Equity
Fund
Our
investments
in
health
care
hurt,
largely
due
to
our
security
picks
in
the
space.
Overweighting
the
sector
also
hindered,
albeit
to
a
lesser
extent.
Not
holding
biopharmaceutical
companies
Eli
Lilly
and
Novo
Nordisk
held
back
the
portfolio’s
performance,
as
they
registered
robust
returns
over
the
review
period.
Conversely,
stock
choices
in
industrials
and
business
services
added
value,
particularly
our
investment
in
General
Electric
(GE),
a
global
multi-industrial
and
financial
services
company.
The
company
benefited
from
the
successful
separation
of
its
health
care
business
(GE
Health
Care)
earlier
in
the
year.
GE
also
reported
encouraging
earnings
that
were
driven
by
increased
sales
and
higher
operating
margins
over
the
period,
which
further
supported
its
share
price.
Our
choice
of
securities
in
Japan
was
also
beneficial.
Shares
of
Renesas
Electronics,
a
semiconductor
manufacturer,
soared
after
it
announced
solid
results
amid
increased
sales
in
its
overseas
automotive
business.
Weakness
in
the
yen
also
benefited
the
company’s
profit
margins.
However,
in
our
view,
personal
computer
and
smartphone
demand
has
troughed
on
a
combination
of
weak
demand
and
inventory
destocking,
and
we
are
concerned
that
the
company’s
profit
margin
from
its
automotive
segment
will
eventually
fall
as
industry
pricing
dynamics
normalize.
As
a
result,
we
sold
out
of
the
company
during
the
review
period.
How
is
the
fund
positioned?
Over
the
last
year
or
so,
we
have
implemented
a
broad
balance
in
the
portfolio
between
defensive
and
more
deep
value
and
cyclical
exposures.
We
believe
that
this
is
the
most
appropriate
approach
given
the
ongoing
material
economic
uncertainties.
We
have
overweight
sector
positions
in
financials,
health
care,
and
materials,
while
information
technology
(IT)
and
consumer
discretionary
remain
underweight
relative
to
the
benchmark.
Within
communication
services,
we
purchased
shares
of
U.S.
tech-
conglomerate
Alphabet,
the
parent
company
of
Google.
In
our
view,
the
company
is
well
placed
to
benefit
from
increased
digitalization
and
can
sustain
high
levels
of
profitable
growth,
in
large
part
due
to
its
strong
management
team.
Over
the
long
term,
we
anticipate
that
the
depth
of
Alphabet’s
capabilities
will
lead
to
more
durable
revenues.
Elsewhere
in
the
portfolio,
we
reduced
our
underweight
exposure
to
the
IT
sector
as
we
believe
these
holdings
are
well
positioned
to
benefit
from
enhanced
technological
innovations.
We
continue
to
hold
a
number
of
appealing
cyclical
technology
opportunities
in
the
portfolio
at
present.
We
opened
a
position
in
U.S.-based
Salesforce,
a
software
service
provider.
This
T.
ROWE
PRICE
Global
Value
Equity
Fund
is
a
good-quality
company
with
a
strong
growth
runway
that,
in
our
view,
is
currently
underappreciated
by
the
market.
Salesforce
has
an
outstanding
business
in
customer
relationship
management
and
supporting
platform
capabilities,
and
it
boasts
a
subscription
business
model
that
generates
high
recurring
revenues.
The
energy
sector
has
recently
been
supported
by
higher
oil
prices,
and
we
remain
overweight
here
relative
to
the
benchmark.
BP
is
a
UK-listed
integrated
oil
company
in
which
we
initiated
a
position.
We
believe
the
company
could
be
one
of
the
best-performing
oil
majors
over
the
medium
term
as
recent
management
changes
have
raised
prospects
for
a
new,
more
stable
strategy
focused
on
returns.
We
also
expect
management
could
increase
its
production
guidance
in
the
near
term,
which
would
likely
encourage
more
growth,
in
our
view.
We
exited
TotalEnergies,
a
European
oil
and
gas
company,
to
fund
other
areas
of
the
market
that
we
find
more
compelling.
We
used
some
of
the
proceeds
to
buy
BP,
which
we
believe
has
the
potential
to
demonstrate
greater
strength.
In
financials,
we
have
become
incrementally
more
cautious
on
U.S.
banks
as
we
believe
opportunities
are
more
attractive
elsewhere
in
the
sector,
namely
global
insurers
and
European
banks.
SECTOR
DIVERSIFICATION
Percent
of
Net
Assets
4/30/23
10/31/23
Financials
17.6%
23.5%
Health
Care
17.9
14.9
Information
Technology
11.4
12.7
Industrials
and
Business
Services
11.8
11.4
Energy
6.7
8.0
Materials
6.8
6.8
Communication
Services
4.9
6.6
Consumer
Staples
6.4
5.7
Utilities
7.1
3.9
Consumer
Discretionary
4.7
3.1
Real
Estate
1.2
1.1
Other
and
Reserves
3.5
2.3
Total
100.0%
100.0%
Historical
weightings
reflect
current
industry/sector
classifications.
T.
ROWE
PRICE
Global
Value
Equity
Fund
What
is
portfolio
management’s
outlook?
Investors
have
had
to
radically
reappraise
their
outlook
for
the
paths
of
interest
rates
and
inflation
and
the
accompanying
impact
on
markets
and
economies.
The
balanced
profile
in
the
portfolio
was
implemented
over
the
last
year
or
so
by
increasing
our
allocation
to
more
defensive
parts
of
the
value
universe.
We
believe
that
this
is
the
most
appropriate
approach
given
the
current
material
uncertainties.
Valuation
spreads
in
the
marketplace
remain
reasonable,
and
relative
valuations
of
value
versus
growth
are
attractive
compared
with
historical
levels.
There
may
also
be
scope
for
market
worries
on
rates
and
inflation
to
somewhat
subside.
A
changed
landscape
is
possible
over
the
next
decade.
Materially
higher
levels
of
capital
expenditure
may
be
needed
to
address
the
capacity
requirements
in
many
industries
as
a
result
of
both
the
desired
decarbonization
of
industries
and
economies
as
well
as
the
response
to
threats
posed
to
supply
chains,
specifically
in
energy
but
also
more
broadly
as
“deglobalization”
may
well
continue.
Further,
governments
may
be
more
willing
to
engage
in
higher
levels
of
fiscal
spending
to
meet
future
economic
shocks
and
fulfill
a
social
agenda,
and
electorates
have
seen
how
effective
such
spending
can
(appear
to)
be
within
a
pandemic.
This
combination
of
both
higher
capital
expenditure
and
fiscal
spending
is
likely
to
be
beneficial
to
many
value-oriented
companies,
but
it
is
also
likely
to
put
ongoing
upward
pressure
on
inflation
and
interest
rates.
In
the
U.S.,
we
continue
to
find
opportunities
in
well-run,
quality
companies
but
are
mindful
of
valuations.
We
believe
the
health
care
sector
provides
ample
strong
ideas
for
the
long
term.
Turning
to
Europe,
we
continue
to
find
opportunities
in
companies
with
more
cyclical
characteristics
as
well
as
defensive
names
that
we
believe
could
offer
some
level
of
support
in
a
market
downturn.
We
have
become
incrementally
more
cautious
on
the
near-term
outlook
for
Japan
but
remain
optimistic.
There
has
been
a
significant
fiscal
stimulus
response
to
aid
the
economic
recovery.
Crucially
for
investors
in
the
market,
corporate
governance
in
Japan
has
been
improving
in
recent
years,
with
companies
becoming
more
shareholder
friendly.
We
continue
to
identify
stocks
with
compelling
valuations
befitting
of
our
value
perspective.
Elsewhere
in
Asia,
we
continue
to
uncover
compelling
opportunities
in
China’s
broad
market.
While
consumption
in
China
has
slowed,
our
well-
resourced
research
team
continues
to
find
opportunities
in
good
companies
with
attractive
valuations
that
are
well
positioned
to
gain
momentum
when
sentiment
recovers,
in
our
view.
T.
ROWE
PRICE
Global
Value
Equity
Fund
We
concentrate
on
the
bottom-up
view,
and
our
strategy
continues
to
invest
across
the
value
spectrum
in
the
best
ideas
from
our
global
research
platform.
We
aim
to
balance
our
exposure
to
economically
sensitive
and
“deep
value”
names;
hold
companies
with
strong
free
cash
flow
generation
that
is
not
yet
fully
appreciated
by
the
market
and
with
the
scope
to
increase
shareholder
returns;
and
look
for
pockets
of
controversy
where
fundamentally
sound,
well-
run
businesses
face
unwarranted
investor
skepticism.
Given
our
robust
research
platform
and
collective
experience,
we
are
confident
in
our
ability
to
find
these
unique
opportunities
before
their
potential
for
substantial
prosperity
becomes
obvious
to
other
investors.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
Global
Value
Equity
Fund
RISKS
OF
INTERNATIONAL
INVESTING
Investing
in
the
securities
of
non-U.S.
issuers
involves
special
risks
not
typically
associated
with
investing
in
U.S.
issuers.
Non-U.S.
securities
tend
to
be
more
volatile
and
have
lower
overall
liquidity
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.
In
addition,
investments
outside
the
U.S.
are
subject
to
settlement
practices
and
regulatory
and
financial
reporting
standards
that
differ
from
those
of
the
U.S.
The
risks
of
investing
outside
the
U.S.
are
heightened
for
any
investments
in
emerging
markets,
which
are
susceptible
to
greater
volatility
than
investments
in
developed
markets.
The
fund’s
value
approach
to
investing
could
cause
it
to
underperform
other
stock
funds
that
employ
a
different
investment
style.
The
intrinsic
value
of
a
stock
with
value
characteristics
may
not
be
fully
recognized
by
the
market
for
a
long
time
(or
at
all)
or
a
stock
judged
to
be
undervalued
may
actually
be
appropriately
priced
at
a
low
level.
Value
stocks
may
fail
to
appreciate
for
long
periods
and
may
never
reach
what
the
adviser
believes
are
their
full
market
values.
For
a
thorough
discussion
of
risks,
please
see
the
fund’s
prospectus.
BENCHMARK
INFORMATION
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
was
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2023
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
Note:
MSCI
and
its
affiliates
and
third-party
sources
and
providers
(collectively,
“MSCI”)
makes
no
express
or
implied
warranties
or
representations
and
shall
have
no
liability
whatsoever
with
respect
to
any
MSCI
data
contained
herein.
The
MSCI
data
may
not
be
further
redistributed
or
used
as
a
basis
for
other
indices
or
any
securities
or
financial
products.
This
report
is
not
approved,
reviewed,
or
produced
by
MSCI.
Historical
MSCI
data
and
analysis
should
not
be
taken
as
an
indication
or
guarantee
of
any
future
performance
analysis,
forecast
or
prediction.
None
of
the
MSCI
data
is
intended
to
constitute
investment
advice
or
a
recommendation
to
make
(or
refrain
from
making)
any
kind
of
investment
decision
and
may
not
be
relied
on
as
such.
T.
ROWE
PRICE
Global
Value
Equity
Fund
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
HOLDINGS
Percent
of
Net
Assets
10/31/23
Microsoft,
United
States
2.6%
Exxon
Mobil,
United
States
2.4
UnitedHealth
Group,
United
States
2.2
Becton
Dickinson
&
Company,
United
States
2.0
Walmart,
United
States
1.8
AstraZeneca,
United
Kingdom
1.8
Elevance
Health,
United
States
1.8
Southern,
United
States
1.8
Chubb,
United
States
1.7
JPMorgan
Chase,
United
States
1.7
Alphabet,
United
States
1.6
T-Mobile
U.S.,
United
States
1.6
Broadcom,
United
States
1.6
Chevron,
United
States
1.6
Berkshire
Hathaway,
United
States
1.5
Keurig
Dr
Pepper,
United
States
1.4
Unilever,
United
Kingdom
1.4
Zurich
Insurance
Group,
Switzerland
1.4
PG&E,
United
States
1.3
General
Electric,
United
States
1.3
AbbVie,
United
States
1.3
Wells
Fargo,
United
States
1.3
Salesforce,
United
States
1.2
American
International
Group,
United
States
1.2
Sanofi,
France
1.2
Total
40.7%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
T.
ROWE
PRICE
Global
Value
Equity
Fund
GROWTH
OF
$10,000
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund
returns
as
well
as
mutual fund
averages
and
indexes.
Global
Value
Equity
Fund–I
Class
Note:
Performance
for
the
Investor
Class shares
will
vary
due
to
its differing
fee
structure.
See
the
Average
Annual
Compound
Total
Return
table.
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
10/31/23
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
Global
Value
Equity
Fund
–
.
5.87%
–
–
7.12%
3/2/20
Global
Value
Equity
Fund–
.
I Class
6.09
6.93%
6.63%
–
–
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
for
the
periods
shown
had
been
earned
at
a
constant
rate.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Past
performance
cannot
guarantee
future
results.
T.
ROWE
PRICE
Global
Value
Equity
Fund
EXPENSE
RATIO
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
fund
has
two
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
and
the
I
Class
shares
are
also
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Global
Value
Equity
Fund
2.04%
Global
Value
Equity
Fund–I
Class
1.77
The
expense
ratio
shown
is
as
of
the
fund’s
most
recent
prospectus.
This
number
may
vary
from
the
expense
ratio
shown
elsewhere
in
this
report
because
it
is
based
on
a
different
time
period
and,
if
applicable,
includes
acquired
fund
fees
and
expenses
but
does
not
include
fee
or
expense
waivers.
T.
ROWE
PRICE
Global
Value
Equity
Fund
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
GLOBAL
VALUE
EQUITY
FUND
Beginning
Account
Value
5/1/23
Ending
Account
Value
10/31/23
Expenses
Paid
During
Period*
5/1/23
to
10/31/23
Investor
Class
Actual
$1,000.00
$970.80
$4.42
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,020.72
4.53
I
Class
Actual
1,000.00
971.60
3.43
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.73
3.52
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.89%,
and
the
2
I Class
was
0.69%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Global
Value
Equity
Fund
QUARTER-END
RETURNS
Periods
Ended
9/30/23
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
Global
Value
Equity
Fund
–
.
17.89%
–
–
8.33%
3/2/20
Global
Value
Equity
Fund–
.
I Class
18.15
6.16%
7.42%
–
–
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
2
I
Class
shares,
1-800-638-8790
.
This
table
provides
returns
through
the
most
recent
calendar
quarter-end
rather
than
through
the
end
of
the
fund’s
fiscal
period.
It
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
for
the
periods
shown
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
ROWE
PRICE
Global
Value
Equity
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
(1)
..
Year
..
..
Ended
.
3/2/20
(1)
Through
10/31/20
10/31/23
10/31/22
10/31/21
NET
ASSET
VALUE
Beginning
of
period
$
13.62
$
16.60
$
11.87
$
11.99
Investment
activities
Net
investment
income
(2)(3)
0.23
0.26
0.20
0.12
Net
realized
and
unrealized
gain/loss
0.57
(2.35)
4.69
(0.24)
Total
from
investment
activities
0.80
(2.09)
4.89
(0.12)
Distributions
Net
investment
income
(0.13)
(0.15)
(0.16)
—
Net
realized
gain
—
(0.74)
—
—
Total
distributions
(0.13)
(0.89)
(0.16)
—
NET
ASSET
VALUE
End
of
period
$
14.29
$
13.62
$
16.60
$
11.87
Ratios/Supplemental
Data
Total
return
(3)(4)
5.87%
(13.19)%
41.44%
(1.00)%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/payments
by
Price
Associates
1.11%
2.04%
2.19%
3.94%
(5)
Net
expenses
after
waivers/payments
by
Price
Associates
0.89%
0.89%
0.89%
0.89%
(5)
Net
investment
income
1.54%
1.78%
1.24%
1.56%
(5)
Portfolio
turnover
rate
67.6%
64.8%
68.8%
76.1%
Net
assets,
end
of
period
(in
thousands)
$86,767
$70,383
$12,884
$918
0%
0%
0%
0%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Global
Value
Equity
Fund
For
a
share
outstanding
throughout
each
period
I
Class
..
Year
..
..
Ended
.
10/31/23
10/31/22
10/31/21
10/31/20
10/31/19
NET
ASSET
VALUE
Beginning
of
period
$
13.67
$
16.65
$
11.88
$
12.57
$
12.39
Investment
activities
Net
investment
income
(1)(2)
0.26
0.38
0.22
0.19
0.27
Net
realized
and
unrealized
gain/
loss
0.57
(2.45)
4.71
(0.58)
0.87
Total
from
investment
activities
0.83
(2.07)
4.93
(0.39)
1.14
Distributions
Net
investment
income
(0.14)
(0.17)
(0.16)
(0.27)
(0.23)
Net
realized
gain
—
(0.74)
—
(0.03)
(0.73)
Total
distributions
(0.14)
(0.91)
(0.16)
(0.30)
(0.96)
NET
ASSET
VALUE
End
of
period
$
14.36
$
13.67
$
16.65
$
11.88
$
12.57
T.
ROWE
PRICE
Global
Value
Equity
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
10/31/23
10/31/22
10/31/21
10/31/20
10/31/19
Ratios/Supplemental
Data
Total
return
(2)(3)
6.09%
(13.04)%
41.75%
(3.28)%
10.54%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.94%
1.77%
2.09%
3.15%
3.10%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.69%
0.68%
0.68%
0.80%
(4)
0.75%
Net
investment
income
1.77%
2.58%
1.39%
1.62%
2.25%
Portfolio
turnover
rate
67.6%
64.8%
68.8%
76.1%
79.1%
Net
assets,
end
of
period
(in
thousands)
$17,604
$16,057
$14,573
$9,728
$10,704
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
(4)
Includes
one-time
expenses
related
to
the
fund
restructure
(0.09%
of
average
net
assets).
T.
ROWE
PRICE
Global
Value
Equity
Fund
October
31,
2023
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
AUSTRALIA
0.4%
Common
Stocks
0.4%
Downer
EDI
193,426
465
Total
Australia
(Cost
$432
)
465
AUSTRIA
1.5%
Common
Stocks
1.5%
BAWAG
Group
19,002
846
OMV
15,974
701
Total
Austria
(Cost
$1,594
)
1,547
BRAZIL
1.0%
Common
Stocks
0.5%
Iguatemi
139,326
557
557
Preferred
Stocks
0.5%
Banco
Bradesco
189,434
527
527
Total
Brazil
(Cost
$1,113
)
1,084
CANADA
4.2%
Common
Stocks
4.2%
Canadian
Pacific
Kansas
City
(USD)
12,231
868
Fairfax
Financial
Holdings
1,491
1,241
Franco-Nevada
10,123
1,231
Wheaton
Precious
Metals
(USD) (1)
24,992
1,056
Total
Canada
(Cost
$3,927
)
4,396
CHINA
1.0%
Common
Stocks
1.0%
BOE
Varitronix
(HKD)
541,000
460
Yangzijiang
Shipbuilding
Holdings
(SGD)
523,500
555
Total
China
(Cost
$1,249
)
1,015
T.
ROWE
PRICE
Global
Value
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
FRANCE
2.8%
Common
Stocks
2.8%
Airbus
8,180
1,097
Sanofi
13,724
1,246
Ubisoft
Entertainment (2)
21,818
622
Total
France
(Cost
$2,630
)
2,965
GERMANY
3.0%
Common
Stocks
2.6%
Covestro (2)
13,400
679
Daimler
Truck
Holding
24,377
766
Puma
13,656
774
Siltronic
6,212
534
2,753
Preferred
Stocks
0.4%
Dr
Ing
hc
F
Porsche
4,865
426
426
Total
Germany
(Cost
$2,894
)
3,179
INDIA
1.7%
Common
Stocks
1.7%
ICICI
Bank,
ADR
(USD) (1)
36,616
812
Power
Grid
Corp.
of
India
376,597
914
Total
India
(Cost
$1,440
)
1,726
ITALY
0.9%
Common
Stocks
0.9%
Intesa
Sanpaolo
360,020
938
Total
Italy
(Cost
$939
)
938
JAPAN
5.4%
Common
Stocks
5.4%
Aida
Engineering
80,700
477
Astellas
Pharma
59,500
753
Hikari
Tsushin
4,400
635
Lixil
44,400
487
Nextage (1)
30,400
420
T.
ROWE
PRICE
Global
Value
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
Nippon
Telegraph
&
Telephone
1,010,000
1,188
Sumitomo
Mitsui
Financial
Group
21,400
1,032
Taisei
19,000
644
Total
Japan
(Cost
$5,533
)
5,636
NETHERLANDS
3.5%
Common
Stocks
3.5%
ASR
Nederland
14,402
537
Heineken
Holding
14,374
1,094
ING
Groep
82,874
1,063
Koninklijke
Philips (2)
50,527
961
Total
Netherlands
(Cost
$3,502
)
3,655
NORWAY
0.6%
Common
Stocks
0.6%
Seadrill
(USD) (2)
16,140
638
Total
Norway
(Cost
$771
)
638
SOUTH
KOREA
1.6%
Common
Stocks
1.6%
Lotte
Chemical
4,906
533
Samsung
Electronics
23,701
1,179
Total
South
Korea
(Cost
$1,837
)
1,712
SWITZERLAND
1.4%
Common
Stocks
1.4%
Zurich
Insurance
Group
2,976
1,413
Total
Switzerland
(Cost
$1,209
)
1,413
UNITED
KINGDOM
6.5%
Common
Stocks
6.5%
AstraZeneca
15,175
1,900
BP
182,205
1,112
Compass
Group
44,923
1,133
Rio
Tinto
11,360
725
Taylor
Wimpey
335,378
453
Unilever
30,660
1,452
Total
United
Kingdom
(Cost
$6,385
)
6,775
T.
ROWE
PRICE
Global
Value
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
STATES
60.5%
Common
Stocks
60.5%
AbbVie
9,368
1,323
Allstate
4,100
525
Alphabet,
Class
C (2)
13,740
1,722
American
International
Group
20,625
1,264
Apollo
Global
Management
10,946
848
Avantor (2)
44,666
779
Baxter
International
24,144
783
Becton
Dickinson
&
Company
8,210
2,075
Berkshire
Hathaway,
Class
B (2)
4,600
1,570
Boeing (2)
5,330
996
Broadcom
1,979
1,665
CF
Industries
Holdings
10,711
855
Charles
Schwab
15,982
832
Chevron
11,209
1,633
Chubb
8,333
1,788
Corebridge
Financial (1)
35,951
719
Crown
Holdings
9,458
762
Elevance
Health
4,114
1,852
Exxon
Mobil
23,499
2,487
Fiserv (2)
8,114
923
FleetCor
Technologies (1)(2)
3,682
829
General
Electric
12,212
1,327
Hartford
Financial
Services
Group
13,593
998
JPMorgan
Chase
12,632
1,757
Keurig
Dr
Pepper
48,838
1,481
L3Harris
Technologies
6,438
1,155
Lam
Research
1,327
781
Marvell
Technology
15,420
728
Meta
Platforms,
Class
A (2)
2,619
789
Micron
Technology
15,705
1,050
Microsoft
7,941
2,685
MKS
Instruments
9,070
596
Morgan
Stanley
12,745
903
News,
Class
A (1)
42,066
870
Norfolk
Southern
3,569
681
PG&E (2)
81,733
1,332
QUALCOMM
7,270
792
RenaissanceRe
Holdings
3,675
807
Salesforce (2)
6,400
1,285
Select
Medical
Holdings
27,000
614
Southern (1)
27,297
1,837
T.
ROWE
PRICE
Global
Value
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
Southwestern
Energy (2)
119,440
852
SS&C
Technologies
Holdings
14,911
749
Stanley
Black
&
Decker
11,465
975
T-Mobile
U.S. (2)
11,902
1,712
TechnipFMC (1)
41,214
887
Thermo
Fisher
Scientific
2,282
1,015
Travelers
3,100
519
UnitedHealth
Group
4,298
2,302
Vornado
Realty
Trust,
REIT (1)
29,490
566
Walmart
11,764
1,922
Wells
Fargo
33,238
1,322
Western
Digital (2)
19,093
767
Westrock
24,800
891
Total
United
States
(Cost
$58,598
)
63,177
VIETNAM
1.6%
Common
Stocks
1.6%
FPT
196,200
687
Hoa
Phat
Group (2)
446,500
419
Military
Commercial
Joint
Stock
Bank
724,040
536
Total
Vietnam
(Cost
$1,616
)
1,642
SHORT-TERM
INVESTMENTS
2.8%
Money
Market
Funds
2.8%
T.
Rowe
Price
Government
Reserve
Fund,
5.42% (3)(4)
2,895,360
2,895
Total
Short-Term
Investments
(Cost
$2,895)
2,895
SECURITIES
LENDING
COLLATERAL
6.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
6.5%
Money
Market
Funds
6.5%
T.
Rowe
Price
Government
Reserve
Fund,
5.42% (3)(4)
6,756,604
6,757
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
6,757
Total
Securities
Lending
Collateral
(Cost
$6,757)
6,757
Total
Investments
in
Securities
106.9%
of
Net
Assets
(Cost
$105,321)
$
111,615
T.
ROWE
PRICE
Global
Value
Equity
Fund
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
October
31,
2023.
(2)
Non-income
producing
(3)
Seven-day
yield
(4)
Affiliated
Companies
ADR
American
Depositary
Receipts
HKD
Hong
Kong
Dollar
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SGD
Singapore
Dollar
USD
U.S.
Dollar
T.
ROWE
PRICE
Global
Value
Equity
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
year
ended
October
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
$
—
$
—
$
108++
Totals
$
—#
$
—
$
108+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
10/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
$
5,161
¤
¤
$
9,652
Total
$
9,652^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4
.
+
Investment
income
comprised
$108
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$9,652.
T.
ROWE
PRICE
Global
Value
Equity
Fund
October
31,
2023
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$105,321)
$
111,615
Receivable
for
investment
securities
sold
213
Receivable
for
shares
sold
135
Dividends
receivable
124
Foreign
currency
(cost
$93)
91
Due
from
affiliates
3
Other
assets
86
Total
assets
112,267
Liabilities
Obligation
to
return
securities
lending
collateral
6,757
Payable
for
investment
securities
purchased
880
Payable
for
shares
redeemed
121
Investment
management
fees
payable
57
Other
liabilities
81
Total
liabilities
7,896
NET
ASSETS
$
104,371
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
7,056
Paid-in
capital
applicable
to
7,299,327
shares
of
$0.01
par
value
capital
stock
outstanding;
1,000,000,000
shares
of
the
Corporation
authorized
97,315
NET
ASSETS
$
104,371
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$86,767;
Shares
outstanding:
6,073,350)
$
14.29
I
Class
(Net
assets:
$17,604;
Shares
outstanding:
1,225,977)
$
14.36
T.
ROWE
PRICE
Global
Value
Equity
Fund
Year
Ended
10/31/23
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$140)
$
2,575
Securities
lending
10
Total
income
2,585
Expenses
Investment
management
675
Shareholder
servicing
Investor
Class
$
150
I
Class
3
153
Prospectus
and
shareholder
reports
Investor
Class
8
I
Class
1
9
Custody
and
accounting
190
Registration
53
Legal
and
audit
42
Proxy
and
annual
meeting
2
Miscellaneous
17
Waived
/
paid
by
Price
Associates
(236)
Total
expenses
905
Net
investment
income
1,680
T.
ROWE
PRICE
Global
Value
Equity
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
10/31/23
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(net
of
foreign
taxes
of
$2)
563
Forward
currency
exchange
contracts
33
Foreign
currency
transactions
(14)
Net
realized
gain
582
Change
in
net
unrealized
gain
/
loss
Securities
(net
of
increase
in
deferred
foreign
taxes
of
$28)
2,958
Other
assets
and
liabilities
denominated
in
foreign
currencies
12
Change
in
net
unrealized
gain
/
loss
2,970
Net
realized
and
unrealized
gain
/
loss
3,552
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
5,232
T.
ROWE
PRICE
Global
Value
Equity
Fund
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
10/31/23
10/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
1,680
$
662
Net
realized
gain
(loss)
582
(978)
Change
in
net
unrealized
gain
/
loss
2,970
(1,861)
Increase
(decrease)
in
net
assets
from
operations
5,232
(2,177)
Distributions
to
shareholders
Net
earnings
Investor
Class
(711)
(722)
I
Class
(164)
(792)
Decrease
in
net
assets
from
distributions
(875)
(1,514)
Capital
share
transactions
*
Shares
sold
Investor
Class
22,075
67,790
I
Class
6,522
6,997
Distributions
reinvested
Investor
Class
711
705
I
Class
66
174
Shares
redeemed
Investor
Class
(9,888)
(10,304)
I
Class
(5,912)
(2,688)
Increase
in
net
assets
from
capital
share
transactions
13,574
62,674
Net
Assets
Increase
during
period
17,931
58,983
Beginning
of
period
86,440
27,457
End
of
period
$
104,371
$
86,440
*Share
information
(000s)
Shares
sold
Investor
Class
1,515
5,046
I
Class
442
474
Distributions
reinvested
Investor
Class
51
46
I
Class
4
11
Shares
redeemed
Investor
Class
(661)
(700)
I
Class
(395)
(186)
Increase
in
shares
outstanding
956
4,691
T.
ROWE
PRICE
Global
Value
Equity
Fund
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Global
Funds,
Inc.
(the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Global
Value
Equity
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks
long-term
capital
appreciation.
The
fund
has
two classes
of
shares:
the
Global
Value
Equity
Fund
(Investor
Class)
and
the
Global
Value
Equity
Fund–I
Class
(I
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
Prior
to
November
15,
2021,
the
initial
investment
minimum
was
$1
million
and
was
generally
waived
for
financial
intermediaries,
eligible
retirement
plans,
and
other
certain
accounts.
As
a
result
of
the
reduction
in
the
I
Class
minimum,
certain
assets
transferred
from
the
Investor
Class
to
the
I
Class.
This
transfer
of
shares
from
Investor
Class
to
I
Class
is
reflected
in
the
Statement
of
Changes
in
Net
Assets
within
the
Capital
shares
transactions
as
Shares
redeemed
and
Shares
sold,
respectively. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
both classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
class.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend
income;
capital
gain
distributions
are
reflected
as
realized
gain/
loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
T.
ROWE
PRICE
Global
Value
Equity
Fund
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid
by
each
class annually. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In
June
2022,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
clarifies
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
is
not
considered
in
measuring
fair
value.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023;
however,
the
fund
opted
to
early
adopt,
as
permitted,
effective
December
1,
2022. Adoption
of
the
guidance
did not
have
a
material
impact
on
the fund's
financial statements.
T.
ROWE
PRICE
Global
Value
Equity
Fund
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
T.
ROWE
PRICE
Global
Value
Equity
Fund
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of the
fund’s portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
T.
ROWE
PRICE
Global
Value
Equity
Fund
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
October
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
year ended
October
31,
2023,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
66,551
$
34,459
$
—
$
101,010
Preferred
Stocks
—
953
—
953
Short-Term
Investments
2,895
—
—
2,895
Securities
Lending
Collateral
6,757
—
—
6,757
Total
$
76,203
$
35,412
$
—
$
111,615
T.
ROWE
PRICE
Global
Value
Equity
Fund
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
As
of
October
31,
2023,
the
fund
held
no
derivative
instruments.
The
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
year ended
October
31,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
Forward
Currency
Exchange
Contracts
The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-
denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund’s
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund’s
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Forward
Currency
Exchange
Contracts
Realized
Gain
(Loss)
Foreign
exchange
derivatives
$
33
Total
$
33
T.
ROWE
PRICE
Global
Value
Equity
Fund
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund’s
total
return;
and
the
potential
for
losses
in
excess
of
the
fund’s
initial
investment.
During
the
year ended
October
31,
2023,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective,
the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of
the
fund
are
described
more
fully
in
the
fund's
prospectus
and
Statement
of
Additional
Information.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
October
31,
2023,
the
value
of
loaned
securities
was
$6,504,000;
the
value
of
cash
collateral
and
related
investments
was
$6,757,000.
T.
ROWE
PRICE
Global
Value
Equity
Fund
Other
Purchases
and
sales
of
portfolio
securities
other
than
short-term securities
aggregated $97,706,000 and
$68,719,000,
respectively,
for
the
year ended
October
31,
2023.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its
taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required. The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return,
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
the
character
of
income
on
passive
foreign
investment
companies.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
October
31,
2023,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were
as
follows:
($000s)
October
31,
2023
October
31,
2022
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
875
$
556
Long-term
capital
gain
—
958
Total
distributions
$
875
$
1,514
T.
ROWE
PRICE
Global
Value
Equity
Fund
At
October
31,
2023,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales
and
the
realization
of
gains/losses
on
passive
foreign
investment
companies.
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards.
Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
During
the
year
ended
October
31,
2023,
the
fund
utilized
$577,000
of
capital
loss
carryforwards.
NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
($000s)
Cost
of
investments
$
105,957
Unrealized
appreciation
$
10,898
Unrealized
depreciation
(5,275)
Net
unrealized
appreciation
(depreciation)
$
5,623
($000s)
Undistributed
ordinary
income
$
1,670
Net
unrealized
appreciation
(depreciation)
5,623
Loss
carryforwards
and
deferrals
(237)
Total
distributable
earnings
(loss)
$
7,056
T.
ROWE
PRICE
Global
Value
Equity
Fund
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund.
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee
that
is
the
lesser
of
(1)
0.65%
of
the
fund’s
average
daily
net
assets,
and
(2)
a
combined
fee
that
consists
of
two
components
–
an
individual
fund
fee
and
a
group
fee.
The
individual
fund
fee
is
equal
to
0.35%
of
the
fund’s
average
daily
net
assets.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly.
At
October
31,
2023,
the
effective
annual
group
fee
rate
was
0.29%.
The Investor Class is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
During
the
limitation
period,
Price
Associates
is required
to
waive
its
management
fee
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary expenses;
and
acquired
fund
fees
and
expenses) that
would
otherwise
cause
the
class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
T.
ROWE
PRICE
Global
Value
Equity
Fund
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
Pursuant
to
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
year ended October
31,
2023
as
indicated
in
the
table
below.
Including these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $843,000 remain
subject
to
repayment
by
the
fund
at
October
31,
2023.
Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class.
For
the
year
ended
October
31,
2023,
expenses
incurred
pursuant
to
these
service
agreements
were
$112,000
for
Price
Associates;
$32,000
for
T.
Rowe
Price
Services,
Inc.;
and
less
than
$1,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
Investor
Class
I
Class
Expense
limitation/I
Class
Limit
0.89%
0.05%
Expense
limitation
date
02/28/26
02/28/26
(Waived)/repaid
during
the
period
($000s)
$(186)
$(50)
T.
ROWE
PRICE
Global
Value
Equity
Fund
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
As
of
October
31,
2023,
T.
Rowe
Price
Group,
Inc.,
or
its
wholly
owned
subsidiaries,
owned
679,149
shares
of
the
I
Class,
representing
55%
of
the
I
Class's
net
assets.
The
fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year
ended
October
31,
2023,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
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,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
T.
ROWE
PRICE
Global
Value
Equity
Fund
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
T.
ROWE
PRICE
Global
Value
Equity
Fund
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
Global
Funds,
Inc.
and
Shareholders
of
T.
Rowe
Price
Global
Value
Equity
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Global
Value
Equity
Fund
(one
of
the
funds
constituting
T.
Rowe
Price
Global
Funds,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
October
31,
2023,
the
related
statement
of
operations
for
the
year
ended
October
31,
2023,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
October
31,
2023,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2023
and
the
financial
highlights
for
each
of
the
periods
indicated
therein,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Global
Value
Equity
Fund
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2023
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
December
19,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Global
Value
Equity
Fund
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 10/31/23
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
For
taxable
non-corporate
shareholders,
$2,334,000 of
the
fund's
income
represents
qualified
dividend
income
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
corporate
shareholders,
$1,195,000
of
the
fund's
income
qualifies
for
the
dividends-
received
deduction.
T.
ROWE
PRICE
Global
Value
Equity
Fund
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
RESULTS
OF
PROXY
VOTING
A
Special
Meeting
of
Shareholders
was
held
on
July
24,
2023
for
shareholders
of
record
on
April
7,
2023,
to
elect
the
following
director-nominees
to
serve
on
the
Board
of
all
Price
Funds.
The
newly
elected
Directors
took
office
effective
July
24,
2023.
The
results
of
the
voting
were
as
follows:
Teresa
Bryce
Bazemore,
Bruce
W.
Duncan,
Robert
J.
Gerrard,
Jr.,
Paul
F.
McBride
and
David
Oestreicher
continue
to
serve
as
Directors
on
the
Board
of
all
Price
Funds.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
Votes
For
Votes
Withheld
Melody
Bianchetto
54,016,226
196,144
Mark
J.
Parrell
53,993,698
218,540
Kellye
L.
Walker
54,002,409
210,013
Eric
L.
Veiel
53,709,880
502,305
T.
ROWE
PRICE
Global
Value
Equity
Fund
TAILORED
SHAREHOLDER
REPORTS
FOR
MUTUAL
FUNDS
AND
EXCHANGE
TRADED
FUNDS
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
rule
and
form
amendments
requiring
Mutual
Funds
and
Exchange-Traded
Funds
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
that
highlight
key
information
to
shareholders.
Other
information,
including
financial
statements,
will
no
longer
appear
in
the
funds’
shareholder
reports
but
will
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
T.
ROWE
PRICE
Global
Value
Equity
Fund
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
In accordance
with
Rule
22e-4
(Liquidity
Rule)
under
the
Investment
Company
Act
of
1940,
as
amended,
the
fund
has
established
a
liquidity
risk
management
program
(Liquidity
Program)
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk,
which
generally
represents
the
risk
that
the
fund
would
not
be
able
to
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
fund.
The
fund’s
Board
of
Directors
(Board)
has
appointed
the
fund’s
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
the
administrator
of
the
Liquidity
Program.
As
administrator,
the
Adviser
is
responsible
for
overseeing
the
day-to-day
operations
of
the
Liquidity
Program
and,
among
other
things,
is
responsible
for
assessing,
managing,
and
reviewing
with
the
Board
at
least
annually
the
liquidity
risk
of
each
T.
Rowe
Price
fund.
The
Adviser
has
delegated
oversight
of
the
Liquidity
Program
to
a
Liquidity
Risk
Committee
(LRC),
which
is
a
cross-functional
committee
composed
of
personnel
from
multiple
departments
within
the
Adviser.
The
Liquidity
Program’s
principal
objectives
include
supporting
the
T.
Rowe
Price
funds’
compliance
with
limits
on
investments
in
illiquid
assets
and
mitigating
the
risk
that
the
fund
will
be
unable
to
timely
meet
its
redemption
obligations.
The
Liquidity
Program
also
includes
a
number
of
elements
that
support
the
management
and
assessment
of
liquidity
risk,
including
an
annual
assessment
of
factors
that
influence
the
fund’s
liquidity
and
the
periodic
classification
and
reclassification
of
a
fund’s
investments
into
categories
that
reflect
the
LRC’s
assessment
of
their
relative
liquidity
under
current
market
conditions.
Under
the
Liquidity
Program,
every
investment
held
by
the
fund
is
classified
at
least
monthly
into
one
of
four
liquidity
categories
based
on
estimations
of
the
investment’s
ability
to
be
sold
during
designated
time
frames
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
As
required
by
the
Liquidity
Rule,
at
a
meeting
held
on
July
24,
2023,
the
Board
was
presented
with
an
annual
assessment
that
was
prepared
by
the
LRC
on
behalf
of
the
Adviser
and
addressed
the
operation
of
the
Liquidity
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
any
material
changes
to
the
Liquidity
Program
and
the
determination
of
each
fund’s
Highly
Liquid
Investment
Minimum
(HLIM).
The
annual
assessment
included
consideration
of
the
following
factors,
as
applicable:
the
fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
including
whether
the
investment
strategy
is
appropriate
for
an
open-end
fund,
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
the
use
of
borrowings
for
investment
purposes
and
derivatives;
short-term
and
long-term
cash
flow
projections
covering
both
normal
and
reasonably
foreseeable
stressed
conditions;
and
holdings
of
cash
and
cash
equivalents,
as
well
as
available
borrowing
arrangements.
T.
ROWE
PRICE
Global
Value
Equity
Fund
For the
fund
and
other
T.
Rowe
Price
funds,
the
annual
assessment
incorporated
a
report
related
to
a
fund’s
holdings,
shareholder
and
portfolio
concentration,
any
borrowings
during
the
period,
cash
flow
projections,
and
other
relevant
data
for
the
period
of
April
1,
2022,
through
March
31,
2023.
The
report
described
the
methodology
for
classifying
a
fund’s
investments
(including
any
derivative
transactions)
into
one
of
four
liquidity
categories,
as
well
as
the
percentage
of
a
fund’s
investments
assigned
to
each
category.
It
also
explained
the
methodology
for
establishing
a
fund’s
HLIM
and
noted
that
the
LRC
reviews
the
HLIM
assigned
to
each
fund
no
less
frequently
than annually.
During
the
period
covered
by
the
annual
assessment,
the
LRC
has
concluded,
and
reported
to
the
Board,
that
the
Liquidity
Program
continues
to
operate
adequately
and
effectively
and
is
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
(continued)
T.
ROWE
PRICE
Global
Value
Equity
Fund
ABOUT
THE
FUND'S
DIRECTORS
AND
OFFICERS
Your
fund
is
overseen
by
a
Board
of
Directors
(Board)
that
meets
regularly
to
review
a
wide
variety
of
matters
affecting
or
potentially
affecting
the
fund,
including
performance,
investment
programs,
compliance
matters,
advisory
fees
and
expenses,
service
providers,
and
business
and
regulatory
affairs.
The
Board
elects
the
fund’s
officers,
who
are
listed
in
the
final
table.
The
directors
who
are
also
employees
or
officers
of
T.
Rowe
Price
are
considered
to
be
“interested”
directors
as
defined
in
Section
2(a)(19)
of
the
1940
Act
because
of
their
relationships
with
T.
Rowe
Price
Associates,
Inc. (T.
Rowe
Price),
and
its
affiliates.
The
business
address
of
each
director
and
officer
is
100
East
Pratt
Street,
Baltimore,
Maryland
21202.
The
Statement
of
Additional
Information
includes
additional
information
about
the
fund
directors
and
is
available
without
charge
by
calling
a
T.
Rowe
Price
representative
at
1-800-638-5660.
INDEPENDENT
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Teresa
Bryce
Bazemore
(1959)
2018
[209]
President
and
Chief
Executive
Officer,
Federal
Home
Loan
Bank
of
San
Francisco
(2021
to
present);
Chief
Executive
Officer,
Bazemore
Consulting
LLC
(2018
to
2021);
Director,
Chimera
Investment
Corporation
(2017
to
2021);
Director,
First
Industrial
Realty
Trust
(2020
to
present);
Director,
Federal
Home
Loan
Bank
of
Pittsburgh
(2017
to
2019)
Melody
Bianchetto
(1966)
2023
[209]
Vice
President
for
Finance,
University
of
Virginia
(2015
to
2023)
Bruce
W.
Duncan
(1951)
2013
[209]
President,
Chief
Executive
Officer,
and
Director,
CyrusOne,
Inc.
(2020
to
2021);
Chair
of
the
Board
(2016
to
2020)
and
President
(2009
to
2016),
First
Industrial
Realty
Trust,
owner
and
operator
of
industrial
properties;
Member,
Investment
Company
Institute
Board
of
Governors
(2017
to
2019);
Member,
Independent
Directors
Council
Governing
Board
(2017
to
2019);
Senior
Advisor,
KKR
(2018
to
2022);
Director,
Boston
Properties
(2016
to
present);
Director,
Marriott
International,
Inc.
(2016
to
2020)
Robert
J.
Gerrard,
Jr.
(1952)
2012
[209]
Chair
of
the
Board,
all
funds
(July
2018
to
present)
Paul
F.
McBride
(1956)
2013
[209]
Advisory
Board
Member,
Vizzia
Technologies
(2015
to
present);
Board
Member,
Dunbar
Armored
(2012
to
2018)
T.
ROWE
PRICE
Global
Value
Equity
Fund
INTERESTED DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Mark
J.
Parrell
(1966)
2023
[209]
Board
of
Trustees
Member
and
Chief
Executive
Officer
(2019
to
present),
President
(2018
to
present),
Executive
Vice
President
and
Chief
Financial
Officer
(2007
to
2018),
and
Senior
Vice
President
and
Treasurer
(2005
to
2007),
EQR;
Member,
Nareit
Dividends
Through
Diversity,
Equity
&
Inclusion
CEO
Council
and
Chair,
Nareit
2021
Audit
and
Investment
Committee
(2021);
Advisory
Board,
Ross
Business
School
at
University
of
Michigan
(2015
to
2016);
Member,
National
Multifamily
Housing
Council
and
served
as
Chair
of
the
Finance
Committee
(2015
to
2016);
Member,
Economic
Club
of
Chicago;
Director,
Brookdale
Senior
Living,
Inc.
(2015
to
2017);
Director,
Aviv
REIT,
Inc.
(2013
to
2015);
Director,
Real
Estate
Roundtable
and
the
2022
Executive
Board
Nareit;
Board
of
Directors
and
Chair
of
the
Finance
Committee,
Greater
Chicago
Food
Depository
Kellye
L.
Walker
(1966)
2021
[209]
Executive
Vice
President
and
Chief
Legal
Officer,
Eastman
Chemical
Company
(April
2020
to
present);
Executive
Vice
President
and
Chief
Legal
Officer,
Huntington
Ingalls
Industries,
Inc.
(January
2015
to
March
2020);
Director,
Lincoln
Electric
Company
(October
2020
to
present)
(a)
All
information
about
the
independent
directors
was
current
as
of
December
31,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
Oestreicher
(1967)
2018
[209]
Director,
Vice
President,
and
Secretary,
T.
Rowe
Price,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.;
Director
and
Secretary,
T.
Rowe
Price
Investment
Management,
Inc.
(Price
Investment
Management);
Vice
President
and
Secretary,
T.
Rowe
Price
International
(Price
International);
Vice
President,
T.
Rowe
Price
Hong
Kong
(Price
Hong
Kong),
T. Rowe
Price
Japan
(Price
Japan),
and
T.
Rowe
Price
Singapore
(Price
Singapore);
General
Counsel,
Vice
President,
and
Secretary,
T.
Rowe
Price
Group,
Inc.;
Chair
of
the
Board,
Chief
Executive
Officer,
President,
and
Secretary,
T.
Rowe
Price
Trust
Company;
Principal
Executive
Officer
and
Executive
Vice
President,
all
funds
INDEPENDENT
DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
Global
Value
Equity
Fund
OFFICERS
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Eric
L.
Veiel,
CFA
(1972)
2022
[209]
Director
and
Vice
President,
T.
Rowe
Price;
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
Vice
President,
Global
Funds
(a)
All
information
about
the
interested
directors
was
current
as
of
December
31,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
Name
(Year
of
Birth)
Position
Held
With Global
Funds
Principal
Occupation(s)
Roy
H.
Adkins
(1970)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Kennard
W.
Allen
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Peter
I.
Botoucharov
(1965)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Tala
Boulos
(1984)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Armando
(Dino)
Capasso
(1974)
Chief
Compliance
Officer
and
Vice
President
Chief
Compliance
Officer
and
Vice
President,
T.
Rowe
Price
and
Price
Investment
Management;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
formerly,
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
AST
Investment
Services,
Inc.
(ASTIS)
(to
2022);
Chief
Compliance
Officer,
PGIM
Retail
Funds
complex
and
Prudential
Insurance
Funds
(to
2022);
Vice
President
and
Deputy
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
ASTIS
(to
2019)
Carolyn
Hoi
Che
Chu
(1974)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Maria
Elena
Drew
(1973)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Alan
S.
Dupski,
CPA
(1982)
Principal
Financial
Officer,
Vice
President,
and
Treasurer
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
INTERESTED DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
Global
Value
Equity
Fund
Name
(Year
of
Birth)
Position
Held
With Global
Funds
Principal
Occupation(s)
Bridget
A.
Ebner
(1970)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Cheryl
Emory
(1963)
Assistant
Secretary
Assistant
Vice
President
and
Assistant
Secretary,
T.
Rowe
Price;
Assistant
Secretary,
T.
Rowe
Price
Group,
Inc.,
Price
Investment
Management,
Price
International,
Price
Hong
Kong,
Price
Singapore,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Aaron
Gifford,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Richard
L.
Hall
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Cheryl
Hampton,
CPA
(1969)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
formerly,
Tax
Director,
Invesco
Ltd.
(to
2021);
Vice
President,
Oppenheimer
Funds,
Inc.
(to
2019)
Arif
Husain,
CFA
(1972)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Andrew
J.
Keirle
(1974)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Benjamin
Kersse,
CPA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Trust
Company
Paul
J.
Krug,
CPA
(1964)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Christopher
J.
Kushlis,
CFA
(1976)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Anh Lu
(1968)
Vice
President
Vice
President,
Price
Hong
Kong,
Price
International, and
T.
Rowe
Price
Group,
Inc.
Sebastien
Mallet
(1974)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Eric
C.
Moffett
(1974)
Executive
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Samy
B.
Muaddi,
CFA
(1984)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
Price
International,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Tobias
F. Mueller,
CFA
(1980)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
Global
Value
Equity
Fund
Name
(Year
of
Birth)
Position
Held
With Global
Funds
Principal
Occupation(s)
Kenneth
A. Orchard
(1975)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Oluwaseun Oyegunle,
CFA
(1984)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Fran
M.
Pollack-Matz
(1961)
Vice
President
and
Secretary
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Investment
Services,
Inc., T.
Rowe
Price
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Federico
Santilli,
CFA
(1974)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Richard
Sennett,
CPA
(1970)
Assistant
Treasurer
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Gabriel
Solomon
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Verena
E.
Wachnitz,
CFA
(1978)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Megan
Warren
(1968)
Vice
President
OFAC
Sanctions
Compliance
Officer
and
Vice
President,
Price
Investment
Management;
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
T.
Rowe
Price
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Marta
Yago
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Ernest
C.
Yeung,
CFA
(1979)
Vice
President
Director
and
Vice
President,
Price
Hong
Kong;
Vice
President,
T.
Rowe
Price
Group,
Inc.
Ellen
York
(1988)
Vice
President
Vice
President,
Price
Investment
Management
and
T.
Rowe
Price
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
202312-3146030
F1231-050
12/23
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:
| | | | | | | | |
| | | 2023 | | | 2022 | |
Audit Fees | | | $25,925 | | | | $24,349 | |
Audit-Related Fees | | | - | | | | - | |
Tax Fees | | | - | | | | - | |
All Other Fees | | | - | | | | - | |
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.
(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,584,000 and $2,760,000, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| T. Rowe Price Global Funds, Inc. |
| | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | December 19, 2023 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | December 19, 2023 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | December 19, 2023 | | |
