N-CSRS 1 d487436dncsrs.htm GLOBAL VALUE EQUITY FUND_GVE_F1231-051 Global Value Equity Fund_GVE_F1231-051

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: April 30, 2023

 

 

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Market
Commentary
Portfolio
Summary
Fund
Expense
Example
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
April
30,
2023
SemiAnnual
Report
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
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
Certain
mutual
fund
accounts
that
are
assessed
an
annual
account
service
fee
can
also
save
money
by
switching
to
e-delivery.
T.
ROWE
PRICE
Global
Value
Equity
Fund
Market
Commentary
1
Dear
Shareholder
Most
major
global
stock
and
bond
indexes
produced
positive
returns
during
the
first
half
of
your
fund’s
fiscal
year,
the
six-month
period
ended
April
30,
2023,
as
inflation,
though
still
high,
moderated
and
central
bank
rate
hikes
appeared
to
be
nearing
an
end.
The
rebound
in
most
sectors
from
the
steep
losses
incurred
earlier
in
2022
was
also
aided
by
some
better-than-expected
economic
news,
although
concerns
about
a
possible
recession
lingered
throughout
the
period.
For
the
six-month
period,
growth
stocks
were
buoyed
by
falling
interest
rates
and
outperformed
value
shares.
European
equities
outperformed
stocks
in
most
other
regions,
and
emerging
markets
stocks
were
boosted
by
strong
gains
in
Asia,
which
were
supported
by
China’s
decision
at
the
end
of
2022
to
lift
most
of
its
pandemic-related
restrictions.
Returns
to
U.S.
investors
in
international
stocks
were
enhanced
by
a
sharp
decline
in
the
U.S.
dollar
versus
other
major
currencies. 
Within
the
S&P
500
Index,
the
communication
services
and
information
technology
sectors
had,
by
far,
the
strongest
returns. On
the
other
hand,
the
energy
sector
finished
in
negative
territory
and
was
the
weakest
segment
amid
falling
oil
prices
and
concerns
about
weaker
global
demand
for
crude.
Cheaper
oil
also
contributed
to
slowing
inflation
during
the
period,
although
it
remained
well
above
the
Federal
Reserve’s
long-term
2%
target.
March’s
consumer
price
index
data
(the
latest
available
in
our
reporting
period)
showed
a
headline
inflation
rate
of
5.0%
on
a
12-month
basis,
the
lowest
level
since
May
2021
and
the
ninth
consecutive
month
in
which
the
annual
inflation
rate
decreased.  
In
response
to
the
still-high
inflation
readings,
the
Fed
raised
its
short-term
lending
benchmark
rate
from
around
3.00%
in
October
2022
to
a
target
range
of
4.75%
to
5.00%
by
the
end
of
the
period,
the
highest
since
2007.
Fed
officials
implemented
an
additional
25-basis-point
increase
in
early
May
just
after
our
reporting
period
ended
but
suggested
that
they
might
be
ready
to
pause
additional
rate
hikes
as
they
wait
to
see
how
the
economy
is
progressing. 
While
shorter-maturity
U.S.
Treasury
yields
increased
during
the
period
in
response
to
the
Fed
rate
hikes,
intermediate-
and
longer-term
yields
declined
as
investors
predicted
that
the
central
bank
would
eventually
have
to
cut
rates
sooner
than
it
had
planned
as
a
result
of
a
slowing
economy,
and
this
decrease
in
yields
led
to
generally
strong
performance
across
the
fixed
income
market. 
T.
ROWE
PRICE
Global
Value
Equity
Fund
2
As
we
look
ahead,
prominent
bank
failures
in
the
U.S.
and
Europe
in
March
and
April
have
complicated
an
already
uncertain
market
backdrop.
U.S.
corporate
earnings
in
the
first
quarter
appeared
to
be
headed
for
a
second
straight
quarterly
decline,
and
manufacturing
is
slowing,
although
the
jobs
market
has
so
far
been
resilient.
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
can
add
value
to
your
portfolio
over
the
long
term. 
You
may
notice
that
this
report
no
longer
contains
the
commentary
on
your
fund’s
performance
and
positioning
that
we
previously
included
in
the
semiannual
shareholder
letters.
The
Securities
and
Exchange
Commission adopted
new
rules
in
January
that
will
require
fund
reports
to
transition
to
a
new
format
known
as
a
Tailored
Shareholder
Report.
This
change
will
require
a
much
more
concise
summary
of
performance
rather
than
the
level
of
detail
we
have
provided
historically
while
also
aiming
to
be
more
visually
engaging.
As
we
prepare
to
make
changes
to
the
annual
reports
to
meet
the
new
report
regulatory
requirements
by
mid-2024,
we
felt
the
time
was
right
to
discontinue
the
optional
six-month
semiannual
fund
letter
to
focus
on
the
other
changes
to
come.  
While
the
six-month
fund
letter
will
no
longer
be
produced,
you
may
continue
to
access
current
fund
information
as
well
as
insights
and
perspectives
from
our
investment
team
on
our
personal
investing
website. 
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Global
Value
Equity
Fund
Portfolio
Summary
3
SECTOR
DIVERSIFICATION
Percent
of
Net
Assets
10/31/22
4/30/23
Health
Care
16.4‌%
17.9‌%
Financials
15.3‌
17.6‌
Industrials
and
Business
Services
10.2‌
11.8‌
Information
Technology
7.2‌
11.4‌
Utilities
6.9‌
7.1‌
Materials
4.5‌
6.8‌
Energy
8.0‌
6.7‌
Consumer
Staples
4.3‌
6.4‌
Communication
Services
4.3‌
4.9‌
Consumer
Discretionary
2.7‌
4.7‌
Real
Estate
0.5‌
1.2‌
Other
and
Reserves
19.7‌
3.5‌
Total
100.0‌%
100.0‌%
Historical
weightings
reflect
current
industry/sector
classifications.
T.
ROWE
PRICE
Global
Value
Equity
Fund
4
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
HOLDINGS
Percent
of
Net
Assets
4/30/23
Southern,
United
States
2.2‌%
Johnson
&
Johnson,
United
States
2.2‌ 
Microsoft,
United
States
2.2‌ 
AstraZeneca,
United
Kingdom
2.0‌ 
Exxon
Mobil,
United
States
1.9‌ 
Becton
Dickinson
&
Company,
United
States
1.9‌
TotalEnergies,
France
1.9‌
AbbVie,
United
States
1.8‌
Chevron,
United
States
1.8‌
Walmart,
United
States
1.8‌
UnitedHealth
Group,
United
States
1.7‌
Elevance
Health,
United
States
1.7‌
Unilever,
United
Kingdom
1.7‌
General
Electric,
United
States
1.6‌
Broadcom,
United
States
1.6‌
Alphabet,
United
States
1.5‌
NextEra
Energy,
United
States
1.5‌
Chubb,
United
States
1.5‌
T-Mobile
U.S.,
United
States
1.5‌
Keurig
Dr
Pepper,
United
States
1.4‌
Zurich
Insurance
Group,
Switzerland
1.3‌
PG&E,
United
States
1.3‌
Sempra
Energy,
United
States
1.3‌
JPMorgan
Chase,
United
States
1.3‌
Thermo
Fisher
Scientific,
United
States
1.3‌
Total
41.9‌%
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
5
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.
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.
T.
ROWE
PRICE
Global
Value
Equity
Fund
6
GLOBAL
VALUE
EQUITY
FUND
Beginning
Account
Value
11/1/22
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period*
11/1/22
to
4/30/23
Investor
Class
Actual
$1,000.00
$1,090.60
$4.61
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,020.38
  4.46
I
Class
Actual
  1,000.00
  1,091.90
  3.58
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,021.37
  3.46
*
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
(181),
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
(Unaudited)
Financial
Highlights
7
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
(1)
6
Months
.
Ended
4/30/23
..
Year
..
..
Ended
.
3/2/20
(1)
Through
10/31/20
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)
0.12‌
0.26‌
0.20‌
0.12‌
Net
realized
and
unrealized
gain/loss
1.11‌
(2.35‌)
4.69‌
(0.24‌)
Total
from
investment
activities
1.23‌
(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
$
14.72‌
$
13.62‌
$
16.60‌
$
11.87‌
Ratios/Supplemental
Data
Total
return
(3)(4)
9.06‌%
(13.19‌)%
41.44‌%
(1.00‌)%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/payments
by
Price
Associates
1.13‌%
(5)
2.04‌%
2.19‌%
3.94‌%
(5)
Net
expenses
after
waivers/payments
by
Price
Associates
0.89‌%
(5)
0.89‌%
0.89‌%
0.89‌%
(5)
Net
investment
income
1.66‌%
(5)
1.78‌%
1.24‌%
1.56‌%
(5)
Portfolio
turnover
rate
30.3‌%
64.8‌%
68.8‌%
76.1‌%
Net
assets,
end
of
period
(in
thousands)
$88,009
$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
(Unaudited)
Financial
Highlights
8
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
4/30/23
..
Year
..
..
Ended
.
10/31/22
10/31/21
10/31/20
10/31/19
10/31/18
NET
ASSET
VALUE
Beginning
of
period
$
13.67‌
$
16.65‌
$
11.88‌
$
12.57‌
$
12.39‌
$
13.90‌
Investment
activities
Net
investment
income
(1)(2)
0.13‌
0.38‌
0.22‌
0.19‌
0.27‌
0.25‌
Net
realized
and
unrealized
gain/loss
1.12‌
(2.45‌)
4.71‌
(0.58‌)
0.87‌
(0.78‌)
Total
from
investment
activities
1.25‌
(2.07‌)
4.93‌
(0.39‌)
1.14‌
(0.53‌)
Distributions
Net
investment
income
(0.14‌)
(0.17‌)
(0.16‌)
(0.27‌)
(0.23‌)
(0.18‌)
Net
realized
gain
—‌
(0.74‌)
—‌
(0.03‌)
(0.73‌)
(0.80‌)
Total
distributions
(0.14‌)
(0.91‌)
(0.16‌)
(0.30‌)
(0.96‌)
(0.98‌)
NET
ASSET
VALUE
End
of
period
$
14.78‌
$
13.67‌
$
16.65‌
$
11.88‌
$
12.57‌
$
12.39‌
T.
ROWE
PRICE
Global
Value
Equity
Fund
(Unaudited)
Financial
Highlights
9
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
4/30/23
..
Year
..
..
Ended
.
10/31/22
10/31/21
10/31/20
10/31/19
10/31/18
Ratios/Supplemental
Data
Total
return
(2)(3)
9.19‌%
(13.04‌)%
41.75‌%
(3.28‌)%
10.54‌%
(4.27‌)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.97‌%
(4)
1.77‌%
2.09‌%
3.15‌%
3.10‌%
2.90‌%
Net
expenses
after
waivers/payments
by
Price
Associates
0.69‌%
(4)
0.68‌%
0.68‌%
0.80‌%
(5)
0.75‌%
0.75‌%
Net
investment
income
1.88‌%
(4)
2.58‌%
1.39‌%
1.62‌%
2.25‌%
1.87‌%
Portfolio
turnover
rate
30.3‌%
64.8‌%
68.8‌%
76.1‌%
79.1‌%
100.4‌%
Net
assets,
end
of
period
(in
thousands)
$20,852
$16,057
$14,573
$9,728
$10,704
$10,438
0‌%
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.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
(5)
Includes
one-time
expenses
related
to
the
fund
restructure
(0.09%
of
average
net
assets).
T.
ROWE
PRICE
Global
Value
Equity
Fund
April
30,
2023
(Unaudited)
10
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
AUSTRALIA
0.4%
Common
Stocks
0.4%
Downer
EDI 
186,898‌
442‌
Total
Australia
(Cost
$416
)
442‌
AUSTRIA
0.8%
Common
Stocks
0.8%
BAWAG
Group 
16,727‌
816‌
Total
Austria
(Cost
$798
)
816‌
BRAZIL
0.6%
Common
Stocks
0.6%
Iguatemi 
170,234‌
694‌
Total
Brazil
(Cost
$639
)
694‌
CANADA
3.8%
Common
Stocks
3.8%
Canadian
Pacific
Kansas
City
(USD) 
12,816‌
1,010‌
Fairfax
Financial
Holdings 
1,778‌
1,242‌
Franco-Nevada 
8,248‌
1,252‌
Magna
International
(USD) 
11,400‌
595‌
Total
Canada
(Cost
$3,367
)
4,099‌
CHINA
2.0%
Common
Stocks
2.0%
BOE
Varitronix
(HKD) 
312,000‌
510‌
JOYY,
ADR
(USD) 
14,008‌
426‌
Poly
Property
Services,
Class
H
(HKD) 
91,200‌
564‌
Yangzijiang
Shipbuilding
Holdings
(SGD) 
662,600‌
618‌
Total
China
(Cost
$2,078
)
2,118‌
FRANCE
4.5%
Common
Stocks
4.5%
Airbus 
8,305‌
1,163‌
Sanofi 
12,023‌
1,296‌
TotalEnergies 
32,311‌
2,065‌
T.
ROWE
PRICE
Global
Value
Equity
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
Ubisoft
Entertainment  (1)
13,293‌
389‌
Total
France
(Cost
$3,990
)
4,913‌
GERMANY
3.3%
Common
Stocks
2.8%
Covestro  (1)
14,793‌
649‌
Daimler
Truck
Holding  (1)
26,870‌
888‌
Fresenius 
23,716‌
687‌
Puma 
12,801‌
750‌
2,974‌
Preferred
Stocks
0.5%
Dr
Ing
hc
F
Porsche  (1)
4,544‌
569‌
569‌
Total
Germany
(Cost
$3,064
)
3,543‌
INDIA
1.5%
Common
Stocks
1.5%
ICICI
Bank,
ADR
(USD) 
37,186‌
846‌
Power
Grid
Corp.
of
India 
286,844‌
831‌
Total
India
(Cost
$1,466
)
1,677‌
ITALY
0.7%
Common
Stocks
0.7%
Intesa
Sanpaolo 
305,477‌
803‌
Total
Italy
(Cost
$795
)
803‌
JAPAN
6.8%
Common
Stocks
6.8%
Astellas
Pharma 
60,100‌
905‌
Descente 
16,800‌
534‌
Fujitsu 
5,500‌
733‌
Hikari
Tsushin 
4,600‌
628‌
ITOCHU 
24,900‌
826‌
Nippon
Telegraph
&
Telephone 
41,000‌
1,251‌
Renesas
Electronics  (1)
64,000‌
834‌
SCREEN
Holdings 
9,000‌
732‌
Shibaura
Machine 
24,600‌
573‌
Taisei 
12,700‌
432‌
Total
Japan
(Cost
$6,338
)
7,448‌
T.
ROWE
PRICE
Global
Value
Equity
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
KAZAKHSTAN
0.5%
Common
Stocks
0.5%
NAC
Kazatomprom,
GDR
(USD) 
17,349‌
493‌
Total
Kazakhstan
(Cost
$504
)
493‌
NETHERLANDS
2.0%
Common
Stocks
2.0%
ASR
Nederland 
10,675‌
469‌
ING
Groep 
72,186‌
895‌
Koninklijke
Philips 
35,933‌
759‌
Total
Netherlands
(Cost
$1,691
)
2,123‌
NORWAY
0.5%
Common
Stocks
0.5%
Grieg
Seafood 
66,507‌
558‌
Total
Norway
(Cost
$510
)
558‌
SOUTH
KOREA
1.7%
Common
Stocks
1.7%
Lotte
Chemical 
4,768‌
601‌
Samsung
Electronics 
26,321‌
1,295‌
Total
South
Korea
(Cost
$1,958
)
1,896‌
SWITZERLAND
1.3%
Common
Stocks
1.3%
Zurich
Insurance
Group 
3,020‌
1,465‌
Total
Switzerland
(Cost
$1,230
)
1,465‌
UNITED
KINGDOM
6.3%
Common
Stocks
6.3%
Anglo
American 
20,826‌
642‌
AstraZeneca 
14,743‌
2,170‌
Barclays 
299,995‌
604‌
Compass
Group 
41,202‌
1,087‌
Taylor
Wimpey 
340,597‌
550‌
Unilever 
32,246‌
1,795‌
Total
United
Kingdom
(Cost
$5,820
)
6,848‌
T.
ROWE
PRICE
Global
Value
Equity
Fund
13
Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
STATES
59.2%
Common
Stocks
59.2%
AbbVie 
12,938‌
1,955‌
Alphabet,
Class
C  (1)
15,390‌
1,666‌
American
International
Group 
20,945‌
1,111‌
Apollo
Global
Management 
12,100‌
767‌
Avantor  (1)
37,098‌
723‌
Becton
Dickinson
&
Company 
7,937‌
2,098‌
Best
Buy 
6,919‌
516‌
Bright
Horizons
Family
Solutions  (1)
6,727‌
512‌
Broadcom 
2,742‌
1,718‌
CF
Industries
Holdings 
11,387‌
815‌
Charles
River
Laboratories
International  (1)
4,184‌
795‌
Charles
Schwab 
11,100‌
580‌
Chevron 
11,385‌
1,919‌
Chubb 
8,141‌
1,641‌
Citigroup 
17,124‌
806‌
Conagra
Brands 
32,768‌
1,244‌
Crown
Holdings  (2)
9,203‌
789‌
Elevance
Health 
3,972‌
1,861‌
Exxon
Mobil 
17,930‌
2,122‌
Fiserv  (1)(2)
8,740‌
1,067‌
FleetCor
Technologies  (1)
2,500‌
535‌
FMC 
7,947‌
982‌
General
Electric 
18,101‌
1,791‌
Hartford
Financial
Services
Group 
13,803‌
980‌
Johnson
&
Johnson 
14,689‌
2,405‌
JPMorgan
Chase 
10,186‌
1,408‌
Keurig
Dr
Pepper 
45,938‌
1,502‌
L3Harris
Technologies 
6,770‌
1,321‌
Lam
Research 
1,617‌
847‌
Marvell
Technology 
17,210‌
679‌
Micron
Technology 
14,574‌
938‌
Microsoft 
7,791‌
2,394‌
Morgan
Stanley 
11,142‌
1,002‌
Newmont  (2)
25,098‌
1,190‌
NextEra
Energy 
21,726‌
1,665‌
PG&E  (1)
83,715‌
1,432‌
QUALCOMM 
9,304‌
1,087‌
RenaissanceRe
Holdings  (2)
4,145‌
893‌
Scotts
Miracle-Gro  (2)
6,703‌
448‌
Sempra
Energy 
9,115‌
1,417‌
Southern 
32,762‌
2,410‌
T.
ROWE
PRICE
Global
Value
Equity
Fund
14
Shares
$
Value
(Cost
and
value
in
$000s)
Spirit
AeroSystems
Holdings,
Class
A  (2)
16,042‌
477‌
SS&C
Technologies
Holdings 
15,143‌
886‌
Stanley
Black
&
Decker  (2)
11,893‌
1,027‌
T-Mobile
U.S.  (1)
11,217‌
1,614‌
TechnipFMC  (1)
51,909‌
711‌
Thermo
Fisher
Scientific 
2,533‌
1,406‌
United
Parcel
Service,
Class
B  (2)
3,991‌
718‌
UnitedHealth
Group 
3,859‌
1,899‌
Viatris 
49,569‌
463‌
Walmart 
12,657‌
1,911‌
Wells
Fargo 
31,956‌
1,270‌
Total
United
States
(Cost
$58,860
)
64,413‌
VIETNAM
0.6%
Common
Stocks
0.6%
FPT 
188,000‌
672‌
Total
Vietnam
(Cost
$668
)
672‌
SHORT-TERM
INVESTMENTS
2.7%
Money
Market
Funds
2.7%
T.
Rowe
Price
Government
Reserve
Fund,
4.83%  (3)(4)
2,965,251‌
2,965‌
Total
Short-Term
Investments
(Cost
$2,965)
2,965‌
SECURITIES
LENDING
COLLATERAL
3.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
3.5%
Money
Market
Funds
3.5%
T.
Rowe
Price
Government
Reserve
Fund,
4.83%  (3)(4)
3,786,165‌
3,786‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
3,786‌
Total
Securities
Lending
Collateral
(Cost
$3,786)
3,786‌
Total
Investments
in
Securities
102.7%
of
Net
Assets
(Cost
$100,943)
$
111,772‌
‡
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.
T.
ROWE
PRICE
Global
Value
Equity
Fund
15
.
.
.
.
.
.
.
.
.
.
(1)
Non-income
producing
(2)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
April
30,
2023.
(3)
Seven-day
yield
(4)
Affiliated
Companies
ADR
American
Depositary
Receipts
CNH
Offshore
China
Renminbi
GDR
Global
Depositary
Receipts
HKD
Hong
Kong
Dollar
SGD
Singapore
Dollar
USD
U.S.
Dollar
T.
ROWE
PRICE
Global
Value
Equity
Fund
16
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
JPMorgan
Chase
8/3/23
USD
545‌
CNH
3,747‌
$
(1‌)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(1‌)
T.
ROWE
PRICE
Global
Value
Equity
Fund
17
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
six
months
ended
April
30,
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,
4.83%
$
—‌
$
—‌
$
61‌++
Totals
$
—‌#
$
—‌
$
61‌+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
04/30/23
T.
Rowe
Price
Government
Reserve
Fund,
4.83%
$
5,161‌
 ¤
  ¤
$
6,751‌
Total
$
6,751‌^
#
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
$61
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
$6,751.
T.
ROWE
PRICE
Global
Value
Equity
Fund
April
30,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
18
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$100,943)
$
111,772‌
Receivable
for
investment
securities
sold
745‌
Receivable
for
shares
sold
344‌
Foreign
currency
(cost
$193)
193‌
Dividends
receivable
192‌
Due
from
affiliates
12‌
Other
assets
66‌
Total
assets
113,324‌
Liabilities
Obligation
to
return
securities
lending
collateral
3,786‌
Payable
for
investment
securities
purchased
508‌
Investment
management
fees
payable
56‌
Payable
for
shares
redeemed
54‌
Unrealized
loss
on
forward
currency
exchange
contracts
1‌
Other
liabilities
58‌
Total
liabilities
4,463‌
NET
ASSETS
$
108,861‌
T.
ROWE
PRICE
Global
Value
Equity
Fund
April
30,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
19
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
10,122‌
Paid-in
capital
applicable
to
7,388,108
shares
of
$0.01
par
value
capital
stock
outstanding;
1,000,000,000
shares
of
the
Corporation
authorized
98,739‌
NET
ASSETS
$
108,861‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$88,009;
Shares
outstanding:
5,977,634)
$
14.72‌
I
Class
(Net
assets:
$20,852;
Shares
outstanding:
1,410,474)
$
14.78‌
T.
ROWE
PRICE
Global
Value
Equity
Fund
(Unaudited)
Statement
of
Operations
20
($000s)
6
Months
Ended
4/30/23
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$62)
$
1,288‌
Securities
lending
2‌
Total
income
1,290‌
Expenses
Investment
management
321‌
Shareholder
servicing
Investor
Class
$
70‌
I
Class
1‌
71‌
Prospectus
and
shareholder
reports
Investor
Class
4‌
Custody
and
accounting
101‌
Legal
and
audit
27‌
Registration
26‌
Miscellaneous
8‌
Waived
/
paid
by
Price
Associates
(127‌)
Total
expenses
431‌
Net
investment
income
859‌
T.
ROWE
PRICE
Global
Value
Equity
Fund
(Unaudited)
Statement
of
Operations
21
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/23
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(net
of
foreign
taxes
of
$2)
(91‌)
Foreign
currency
transactions
1‌
Net
realized
loss
(90‌)
Change
in
net
unrealized
gain
/
loss
Securities
(net
of
increase
in
deferred
foreign
taxes
of
$4)
7,517‌
Forward
currency
exchange
contracts
(1‌)
Other
assets
and
liabilities
denominated
in
foreign
currencies
13‌
Change
in
net
unrealized
gain
/
loss
7,529‌
Net
realized
and
unrealized
gain
/
loss
7,439‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
8,298‌
T.
ROWE
PRICE
Global
Value
Equity
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
22
($000s)
6
Months
Ended
4/30/23
Year
Ended
10/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
859‌
$
662‌
Net
realized
loss
(90‌)
(978‌)
Change
in
net
unrealized
gain
/
loss
7,529‌
(1,861‌)
Increase
(decrease)
in
net
assets
from
operations
8,298‌
(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
14,900‌
67,790‌
I
Class
4,806‌
6,997‌
Distributions
reinvested
Investor
Class
711‌
705‌
I
Class
66‌
174‌
Shares
redeemed
Investor
Class
(4,074‌)
(10,304‌)
I
Class
(1,411‌)
(2,688‌)
Increase
in
net
assets
from
capital
share
transactions
14,998‌
62,674‌
T.
ROWE
PRICE
Global
Value
Equity
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
23
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/23
Year
Ended
10/31/22
Net
Assets
Increase
during
period
22,421‌
58,983‌
Beginning
of
period
86,440‌
27,457‌
End
of
period
$
108,861‌
$
86,440‌
*Share
information
(000s)
Shares
sold
Investor
Class
1,038‌
5,046‌
I
Class
329‌
474‌
Distributions
reinvested
Investor
Class
51‌
46‌
I
Class
4‌
11‌
Shares
redeemed
Investor
Class
(279‌)
(700‌)
I
Class
(98‌)
(186‌)
Increase
in
shares
outstanding
1,045‌
4,691‌
T.
ROWE
PRICE
Global
Value
Equity
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
24
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
mutual
fund
investments
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
extent
such
represent
a
T.
ROWE
PRICE
Global
Value
Equity
Fund
25
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
26
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
27
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.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
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,
T.
ROWE
PRICE
Global
Value
Equity
Fund
28
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
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
April
30,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
67,290‌
$
37,162‌
$
—‌
$
104,452‌
Preferred
Stocks
—‌
569‌
—‌
569‌
Short-Term
Investments
2,965‌
—‌
—‌
2,965‌
Securities
Lending
Collateral
3,786‌
—‌
—‌
3,786‌
Total
$
74,041‌
$
37,731‌
$
—‌
$
111,772‌
Liabilities
Forward
Currency
Exchange
Contracts
$
—‌
$
1‌
$
—‌
$
1‌
T.
ROWE
PRICE
Global
Value
Equity
Fund
29
NOTE
3
-
DERIVATIVE
INSTRUMENTS 
During
the
six
months ended
April
30,
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
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.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
April
30,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value
Liabilities
Foreign
exchange
derivatives
Forwards
$
1‌
Total
$
1‌
T.
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Value
Equity
Fund
30
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
April
30,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure: 
Counterparty
Risk
and
Collateral
 The
fund
invests
in
derivatives,
such
as
non-cleared
bilateral
swaps,
forward
currency
exchange
contracts,
and/or
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives),
and
thereby
may
expose
the
fund
to
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
govern
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’s
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
determined.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
each
counterparty,
($000s)                                               
Location
of
Gain
(Loss)
on
Statement
of
Operations
Forward
Currency
Exchange
Contracts
Change
in
Unrealized
Gain
(Loss)
Foreign
exchange
derivatives
$
(1‌)
Total
$
(1‌)
T.
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Equity
Fund
31
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund’s
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
or
received
by
the
fund
is
held
in
a
segregated
account
at
the
fund’s
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
April
30,
2023,
no
collateral
was
pledged
by
either
the
fund
or
counterparties for
bilateral
derivatives.
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
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.
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
six
months ended
April
30,
2023,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
T.
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PRICE
Global
Value
Equity
Fund
32
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
April
30,
2023,
the
value
of
loaned
securities
was
$3,735,000;
the
value
of
cash
collateral
and
related
investments
was
$3,786,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
short-term securities
aggregated $57,354,000 and
$29,190,000,
respectively,
for
the
six
months ended
April
30,
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.
Financial
reporting
records
are
adjusted
for
permanent
book/
tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
T.
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PRICE
Global
Value
Equity
Fund
33
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
October
31,
2022,
the
fund
had
$814,000 of
available
capital
loss
carryforwards.
At
April
30,
2023,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$101,429,000.
Net
unrealized
gain
aggregated
$10,331,000
at
period-end,
of
which $12,353,000
related
to
appreciated
investments
and $2,022,000
related
to
depreciated
investments.
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
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
T.
ROWE
PRICE
Global
Value
Equity
Fund
34
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
April
30,
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
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
six
months ended April
30,
2023
as
indicated
in
the
table
below.
Including these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $861,000 remain
subject
to
repayment
by
the
fund
at
April
30,
2023.
Any
T.
ROWE
PRICE
Global
Value
Equity
Fund
35
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
six
months
ended
April
30,
2023,
expenses
incurred
pursuant
to
these
service
agreements
were
$58,000
for
Price
Associates;
$14,000
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.
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
April
30,
2023,
T.
Rowe
Price
Group,
Inc.,
or
its
wholly
owned
subsidiaries,
owned
679,149
shares
of
the
I
Class,
representing
48%
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
Investor
Class
I
Class
Expense
limitation/I
Class
Limit
0.89%
0.05%
Expense
limitation
date
02/29/24
02/29/24
(Waived)/repaid
during
the
period
($000s)
$(101)
$(26)
T.
ROWE
PRICE
Global
Value
Equity
Fund
36
independent
current
market
price
of
the
security.
During
the
six
months
ended
April
30,
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,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
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.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
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
37
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.
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
.
T.
ROWE
PRICE
Global
Value
Equity
Fund
38
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
well
as
the
investment
subadvisory
agreement
(Subadvisory
Contract)
that
the
Adviser
has
entered
into
with
T.
Rowe
Price
International
Ltd
(Subadviser)
on
behalf
of
the
fund.
In
that
regard,
at
a
meeting
held
on
March
6–7,
2023
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors,
approved
the
continuation
of
the
fund’s
Advisory
Contract
and
Subadvisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
Subadviser
and
the
approval
of
the
Advisory
Contract
and
Subadvisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
and
Subadvisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
and
Subadviser
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
and
Subadviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser
and
Subadviser.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
and
Subadviser’s
senior
management
teams
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser
and
Subadviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract.
T.
ROWE
PRICE
Global
Value
Equity
Fund
39
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2022. Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2022,
which
ranked
the
returns
of
the
fund’s
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-
dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-dealers
that
execute
the
fund’s
portfolio
transactions,
the
Board
noted
that
the
Adviser
bears
the
cost
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
While
the
Board
did
not
review
information
regarding
profits
realized
from
managing
the
fund
in
particular
because
the
fund
had
either
not
achieved
sufficient
portfolio
asset
size
or
not
recognized
sufficient
revenues
to
produce
meaningful
profit
margin
percentages,
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
T.
Rowe
Price
funds.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Global
Value
Equity
Fund
40
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components—a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets—and
the
fund
pays
its
own
expenses
of
operations.
Under
the
Subadvisory
Contract,
the
Adviser
may
pay
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
The
group
fee
rate
decreases
as
total
T.
Rowe
Price
fund
assets
grow,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
fund
is
also
subject
to
contractual
expense
limitations
that
require
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class’s
net
assets.
The
expense
limitations
mitigate
the
burden
of
higher
operating
costs
until
the
fund
achieves
greater
scale.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group)
and
(ii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or
reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Global
Value
Equity
Fund
41
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
first
quintile
(Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
second
quintile
(Expense
Group
and
Expense
Universe).
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
mutual
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
and
Subadvisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
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.
F1231-051
6/23

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

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 is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

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.

 

(a)(1)    

The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.

     (2)    

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

     (3)    

Written solicitation to repurchase securities issued by closed-end companies: not applicable.

(b)        

A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

 

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       June 16, 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       June 16, 2023

 

By  

/s/ Alan S. Dupski

  Alan S. Dupski
  Principal Financial Officer
Date       June 16, 2023