# EDGAR Filing Document

**Accession Number:** 0001440930
**File Stem:** 0001193125-23-046000
**Filing Date:** 2023-2
**Character Count:** 144989
**Document Hash:** 0173bc5593fb62b4226b3f1903343460
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-046000.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001193125-23-046000

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Global Real Estate Fund, Inc.
- **CENTRAL INDEX KEY:** 0001440930
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22218
- **FILM NUMBER:** 23657825

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

## Series and Classes Contracts Data

### T. Rowe Price Global Real Estate Fund, Inc. (Series ID: S000024038)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000070253 | T. Rowe Price Global Real Estate Fund, Inc.         | TRGRX           |
| C000070254 | T. Rowe Price Global Real Estate Fund-Advisor Class | PAGEX           |
| C000177202 | T. Rowe Price Global Real Estate Fund-I Class       | TIRGX           |

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: 811-22218

T. Rowe Price Global Real Estate Fund, 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: December 31

Date of reporting period: December 31, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

# **ANNUAL REPORT**

December 31, 2022

| TRGRX | T. ROWE PRICE Global Real Estate Fund |
| --- | --- |
| PAGEX | Global Real Estate Fund- Advisor Class |

INVEST WITH CONFIDENCE®

The Global Real Estate Fund produced negative results in 2022 during a difficult environment for the real estate sector. The fund trailed its benchmark and its Lipper peer group index.

Stock selection in the U.S. was the largest detractor from the fund's results, while underweight positions in Germany and Sweden were beneficial.

TIRGX Global Real Estate Fund-
I Class

# Go Paperless

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

TO ENROLL:

If you invest directly with T. Rowe Price, go to troweprice.com/paperless.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

It's fast-receive your statements and confirmations faster than U.S. mail.

It's convenient-access your important account documents whenever you need them.

It's secure-we protect your online accounts using "True Identity" to confirm new accounts and make verification faster and more secure.

It can save you money-where applicable, T. Rowe Price passes on the cost savings to fund holders.*

* 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 REAL ESTATE FUND

Market Commentary

# **HIGHLIGHTS**

The fund's largest positions at the end of the period were in the apartment/
residential, industrial, self-storage, and lodging/leisure segments.

We remain focused on real estate companies with solid balance sheets that
we believe can navigate a rising rate environment and can manage potential
refinancing headwinds.

Double-digit losses were common in equity markets around the world, and
bond investors also faced a historically tough environment amid a sharp rise

Log in to your account at troweprice.com for more information.

T. ROWE PRICE GLOBAL REAL ESTATE FUND

## Dear Shareholder

In interest rates Value shares declined but outperformed growth stocks by a market, with the Bloomberg U.S. Aggregate Bond Index delivering its worst considerable margin as equity investors turned risk averse and as rising rates year on record. (Bond prices and yields move in opposite directions.) But downward pressure on growth stock valuations. Emerging markets stocks generally poised particularly in the end of the year. However, the U.S. market is not yet a significant increase in the market's market share. Although more factors have been added toward contraction levels, the U.S. market is not yet a significant increase in the market's market share. Although more factors have been added toward contraction levels, the U.S. market is not yet a significant increase in the market's market share. Although more factors have been added toward contraction levels, the U.S. market is not yet a significant increase in the market's market share.

1

T. ROWE PRICE GLOBAL REAL ESTATE FUND

Management's Discussion of Fund Performance

sharp increase in yields led to historically weak results across the fixed income

with the SAP 500 Index, energy was a rare bright spot, gaining more than

60% as oil prices jumped in response to Russia's invasion of Ukraine and the past year has been a strong one for the years. The company's capital concerns over commodity supply shortages. Defensive shares, such as utilities, unleashed by the brown headwinds that markets faced, and volatility may consumer staples, and health care, held up relatively well and finished the continue in the near term as central banks tighten policy amid slowing year with roughly flat returns. Conversely, communication services, consumer economic growth. However, in our view, there continue to be opportunities for discretionary and information technology shares suffered the largest declines. The authors focused on fundamentals. Valuations in most global equity

For more insights from T. Rowe Price
How did the fund play a key role in the development of the development process, go to

troweprice.com.

|  | Total Return |  |
| --- | --- | --- |
| Periods Ended 12/31/22 | 6 Months | 12 Months |
| Global Real Estate Fund | -5.28% | -26.29% |
| Global Real Estate Fund-Advisor Class | -5.41 | -26.42 |

2

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# **INVESTMENT OBJECTIVE**

The Global Real Estate Fund is a member of the Global Real Estate Fund. The Global Real Estate Fund is a member of the Global Real Estate Fund. The Global Real Estate Fund is a member of the Global Real Estate Fund. The Global Real Estate Fund is a member of the Global Real Estate Fund. The Global Real Estate Fund is a member of the Global Real Estate Fund.

| Global Real Estate Fund- |  |  |
| --- | --- | --- |
| I Class | -5.16 | -26.10 |
| FTSE EPRA/NAREIT |  |  |
| Developed Real Estate |  |  |
| Index Net | -5.52 | -25.09 |
| Lipper Global Real Estate |  |  |
| Index | -6.01 | -25.28 |

3

T. ROWE PRICE GLOBAL REAL ESTATE FUND

Results in the benchmark were mostly negative at the country level. Hong

China's first time, high rates would have to be the end, which is the end of
Thank you for your continued confidence in T. Rowe's Harvard of Directors
and the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share

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T. ROWE PRICE GLOBAL REAL ESTATE FUND

In the senior housing segment, we initiated a position in Ventas, which was our

|  | Percent of Net Assets |  |
| --- | --- | --- |
|  | 6/30/22 | 12/31/22 |
| Apartment/Residential | 21.7% | 18.8% |
| Industrial | 18.2 | 18.4 |
| Self-Storage | 8.6 | 9.9 |

conveyor-related travel restrictions
and other services that cover all
s and other activities. The lower
s and other activities are the
incentives, and the
unity of the company which is
and the
retail of the company which is
plete list of the companies and
nds, which are the
for the year to $0.521 per
portfolio at the end of the period.
share; however, a portion

5

T. ROWE PRICE GLOBAL REAL ESTATE FUND

|  | 8.2 | 9.3 | As shown in the Industry |
| --- | --- | --- | --- |
| Lodging/Leisure |  |  |  |
| Regional Mall | On the positive side our underweight allocation is particularly and Sweden will be able to maintain a positive position as well as the other countries. We are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive |  |  |
| Healthcare | On the positive side our underweight allocation is particularly and Sweden will be able to maintain a positive position as well as the other countries. We are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive |  |  |
| Diversified | On the positive side our underweight allocation is particularly and Sweden will be able to maintain a positive position as well as the other countries. We are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive |  |  |
| Data Centers | On the positive side our underweight allocation is particularly and Sweden will be able to maintain a positive position as well as the other countries. We are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive |  |  |
| Office | On the positive side our underweight allocation is particularly and Sweden will be able to maintain a positive position as well as the other countries. We are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive position but we are not only a positive |  |  |

6

T. ROWE PRICE GLOBAL REAL ESTATE FUND

Shopping Center Self-storage is another sector we are positive on given relatively resilient

Infrastructure Development Real Estate is a key technology development in the 2020s, central
We invest primarily on developed markets and seek to have broad geographic
market. The market is a key technology development in the 2020s, central
We have a wide range of markets and are not only a key technology development in the 2020s, central
We have a wide range of markets and are not only a key technology development in the 2020s, central
We have a wide range of markets and are not only a key technology development in the 2020s, central
We have a wide range of markets and are not only a key technology development in the 2020s, central
We have a wide range of markets and are not only a key technology development in

Total
The market is a key technology development in the 2020s, central
We have a wide range of markets and are not only a key technology development in the 2020s, central
We have a wide range of markets and are not only a key technology development in the 2020s, central
We have a wide range of markets and are not only a key technology development in the 2020s, central
We have a wide range of markets and are not only a key technology development in

7

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# RISKS OF INVESTING

The investment in the financial sector is a key element of the investment in the financial sector. The investment in the financial sector is a key element of the investment in the financial sector. The investment in the financial sector is a key element of the investment in the financial sector.

8

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# **BENCHMARK INFORMATION (CONTINUED)**

In the following section, we will complete the benefit from a return to office and low
real law cities. We also have a significant position in single-family

# **TWENTY-FIVE LARGEST HOLDINGS**

Percent of
Net Assets

9

T. ROWE PRICE GLOBAL REAL ESTATE FUND

prologis are currently preferred as a decline in the value of day for the current year. The 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). Public Service Representative, nature of the business model, which includes predictable financials, is compared with benchmarks, which include a broad-based market index. Simon P. (2016) said that the 4-year group average or index. Market indexes do not include Mitsui F. (2017) and 2018. The data indicates a peer group average or index. Market indexes do not include Mtsui F. (2017) and 2018.

# **BENCHMARK INFORMATION**

2.6

![img-0.jpeg](img-0.jpeg)

As of 12/31/22

| Global Real Estate Fund | $13,578 |
| --- | --- |
| FTSE EPRA/NAREIT Developed Real Estate Index Net | 13,429 |
| Lipper Global Real Estate Index | 14,469 |

10

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# **GROWTH OF $10,000**

| Alexandria Real Estate |  |  |  |  |  |  | 2.6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity: $10,000 FTSE is a trademark of the LSE Group and is used by FTSE International |  |  |  |  |  |  |  |
| E |  |  |  |  |  |  |  |
| C |  |  |  |  |  |  |  |
| V |  |  |  |  |  |  |  |
| Periods | Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Since Inception | Inception Date |  |
| The view | Global Real Estate Fund | -26.29% | 0.81% | 3.11% | - | - |  |
| change | Global Real Estate Fund- |  |  |  |  |  |  |
| a forecast | Advisor Class | -26.42 | 0.61 | 2.95 | - | - |  |
| $2 |  |  |  |  |  |  |  |

11

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# AVERAGE ANNUAL COMPOUND TOTAL RETURN

American Homes 4 Rent
Global Real Estate Fund express written consent. FTSE, the LSE Group, and Naren do
Sun-Mune, Ks. Donnellan

| G |  |  |
| --- | --- | --- |
| C | Global Real Estate Fund | 1.22% |
| F | Global Real Estate Fund-Advisor Class | 1.43 |
| T | Global Real Estate Fund-I Class | 0.99 |
| V | The expense ratio shown is as of the fund's most recent prospectus. This number may vary |  |

12

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# **EXPENSE RATIO**

1-800-225-5132 or, for Advisor and I Class shares, 1-800-638-8790.
When the expense ratio shown elsewhere in this report because it is based on a different time
period, the Company reserves the right to adjust the amount of interest on the Company's
Salaries. The Company reserves the right to adjust the amount of interest on the Company's
Salaries. The Company reserves the right to adjust the amount of interest on the Company's
Salaries. The Company reserves the right to adjust the amount of interest on the Company's
Salaries. The Company reserves the right to adjust the amount of interest on the Company's
Salaries. The Company reserves the right to adjust the amount of interest on the Company's
Salaries. The Company reserves the right to adjust the amount of interest on the Company's
Salaries.

# **FUND EXPENSE EXAMPLE**

The Company reserves the right to adjust the amount of interest on the Company's
Salaries. The Company reserves the right to adjust the amount of interest on the Company's
Salaries. The Company reserves the right to adjust the amount of interest on the Company's
Salaries.

13

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# **FUND EXPENSE EXAMPLE (CONTINUED)**

When you are as an agent, the original (2) ongoing of the including a fund and a fee completion

and expense (1) and other funds 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

costs and do not reflect any transaction costs, such as redemption fees or sales loads.

Investment of $1,000 invested at the beginning of the most recent six-month period and held for

at least a useful in comparing ongoing costs only and will

at a total cost of owning different funds. To the extent a fund

charges no distribution and service (1) for the Advisor Class shares transferred 1981/18

# **NET ASSET VALUE**

| Beginning of period | $22.71 | $19.08 | $20.50 | $17.87 | $20.48 |
| --- | --- | --- | --- | --- | --- |

Investment activities

| Net investment income (1)(2) | 0.25 | 0.26 | 0.29 | 0.35 | 0.47 |
| --- | --- | --- | --- | --- | --- |

14

T. ROWE PRICE GLOBAL REAL ESTATE FUND

| Financial Statements |  | Prokers and other financial intermediaries and charge a 0.25% 12b-1 fee, and 1 Class shares are available to institutionally oriented clients and impose up 12b-1 of administrative fee payment. Each share class is presented separately in the table. |  | Ending |  | Expenses Paid During Period* |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Actual Expenses |  | Account Value | Account Value |  |  |  |  |
| Investor Class |  | Table (Actual) provides information about actual account values and actual returns. You may use the information on this line, together with the expenses that you paid over the period. Simply calculate your account value by $1,000. For example, an $8,600 account value divided by $1,000. |  |  |  |  |  |
| Ratio/Supplemental Data |  | (0.16) | (0.39) | (0.40) | (0.48) | (0.55) |  |
| Net realized gain |  | (0.68) | (1.38) | (0.16) | (1.00) | (0.58) |  |
| Tax return of capital |  | (0.13) |  |  |  |  |  |
| Total distributions |  | (28.29)% | 28.89% | (3.92)% | 23.30% | (7.43)% |  |
|  |  | (0.97) | (1.77) | (0.56) | (1.48) | (1.13) |  |

15

T. ROWE PRICE GLOBAL REAL ESTATE FUND

ADVOCATE HYPOTHESIA
Dollars in the first line under the heading "Expenses Paid
Dollars in the second line, the expenses paid on your account during this period each month

| Advisor Class |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Hypothetical Example for Comparison Purposes |  |  |  |  |  |  |  |  |  |
| Advisor Class | line of the table (Hypothetical) is based on hypothetical account |  |  |  |  |  |  |  |  |
|  | from the fund's actual expense ratio and an assumed 5% per year |  |  |  |  |  |  |  |  |
|  | (noted) 2015 (noted) 2016 (noted) 2017 (noted) 2018 (noted) 2019 (noted) 2020 (noted) 2021 (noted) 2022 (noted) 2023 (noted) 2024 (noted) 2025 (noted) 2026 (noted) 2027 (noted) 2028 (noted) 2029 (noted) 2030 (noted) 2031 (noted) 2032 (noted) 2033 (noted) 2034 (noted) 2035 (noted) 2036 (noted) 2037 (noted) 2038 (noted) 2039 (noted) 2040 (noted) 2041 (noted) 2042 (noted) 2043 (noted) 2044 (noted) 2045 (noted) 2046 (noted) 2047 (noted) 2048 (noted) 2049 (noted) 2050 (noted) 2051 (noted) 2052 (noted) 2053 (noted) 2054 (noted) 2055 (noted) 2056 (noted) 2057 (noted) 2058 (noted) 2059 (noted) 2060 (noted) 2061 (noted) 2062 (noted) 2063 (noted) 2064 (noted) 2065 (noted) 2066 (noted) 2067 (noted) 2068 (noted) 2069 (noted) 2070 (noted) 2071 (noted) 2072 (noted) 2073 (noted) 2074 (noted) 2075 (noted) 2076 (noted) 2077 (noted) 2078 (noted) 2079 (noted) 2080 (noted) 2081 (noted) 2082 (noted) 2083 (noted) 2084 (noted) 2085 (noted) 2086 (noted) 2087 (noted) 2088 (noted) 2089 (noted) 2090 (noted) 2091 (noted) 2092 (noted) 2093 (noted) 2094 (noted) 2095 (noted) 2096 (noted) 2097 (noted) 2098 (noted) 2099 (noted) 2100 (noted) 2101 (noted) 2102 (noted) 2103 (noted) 2104 (noted) 2105 (noted) 2106 (noted) 2107 (noted) 2108 (noted) 2109 (noted) 2110 (noted) 2111 (noted) 2112 (noted) 2113 (noted) 2114 (noted) 2115 (noted) 2116 (noted) 2117 (noted) 2118 (noted) 2119 (noted) 2120 (noted) 2121 (noted) 2122 (noted) 2123 (noted) 2124 (noted) 2125 (noted) 2126 (noted) 2127 (noted) 2128 (noted) 2129 (noted) 2130 (noted) 2131 (noted) 2132 (noted) 2133 (noted) 2134 (noted) 2135 (noted) 2136 (noted) 2137 (noted) 2138 (noted) 2139 (noted) 2140 (noted) 2141 (noted) 2142 (noted) 2143 (noted) 2144 (noted) 2145 (noted) 2146 (noted) 2147 (noted) 2148 (noted) 2149 (noted) 2150 (noted) 2151 (noted) 2152 (noted) 2153 (noted) 2154 (noted) 2155 (noted) 2156 (noted) 2157 (noted) 2158 (noted) 2159 (noted) 2160 (noted) 2161 (noted) 2162 (noted) 2163 (noted) 2164 (noted) 2165 (noted) 2166 (noted) 2167 (noted) 2168 (noted) 2169 (noted) 2170 (noted) 2171 (noted) 2172 (noted) 2173 (noted) 2174 (noted) 2175 (noted) 2176 (noted) 2177 (noted) 2178 (noted) 2179 (noted) 2180 (noted) 2181 (noted) 2182 (noted) 2183 (noted) 2184 (noted) 2185 (noted) 2186 (noted) 2187 (noted) 2188 (noted) 2189 (noted) 2190 (noted) 2191 (noted) 2192 (noted) 2193 (noted) 2194 (noted) 2195 (noted) 2196 (noted) 2197 (noted) 2198 (noted) 2199 (noted) 2200 (noted) 2201 (noted) 2202 (noted) 2203 (noted) 2204 (noted) 2205 (noted) 2206 (noted) 2207 (noted) 2208 (noted) 2209 (noted) 2210 (noted) 2211 (noted) 2212 (noted) 2213 (noted) 2214 (noted) 2215 (noted) 2216 (noted) 2217 (noted) 2218 (noted) 2219 (noted) 2220 (noted) 2221 (noted) 2222 (noted) 2223 (noted) 2224 (noted) 2225 (noted) 2226 (noted) 2227 (noted) 2228 (noted) 2229 (noted) 2230 (noted) 2231 (noted) 2232 (noted) 2233 (noted) 2234 (noted) 2235 (noted) 2236 (noted) 2237 (noted) 2238 (noted) 2239 (noted) 2240 (noted) 2241 (noted) 2242 (noted) 2243 (noted) 2244 (noted) 2245 (noted) 2246 (noted) 2247 (noted) 2248 (noted) 2249 (noted) 2250 (noted) 2251 (noted) 2252 (noted) 2253 (noted) 2254 (noted) 2255 (noted) 2256 (noted) 2257 (noted) 2258 (noted) 2259 (noted) 2260 (noted) 2261 (noted) 2262 (noted) 2263 (noted) 2264 (noted) 2265 (noted) 2266 (noted) 2267 (noted) 2268 (noted) 2269 (noted) 2270 (noted) 2271 (noted) 2272 (noted) 2273 (noted) 2274 (noted) 2275 (noted) 2276 (noted) 2277 (noted) 2278 (noted) 2279 (noted) 2280 (noted) 2281 (noted) 2282 (noted) 2283 (noted) 2284 (noted) 2285 (noted) 2286 (noted) 2287 (noted) 2288 (noted) 2289 (noted) 2290 (noted) 2291 (noted) 2292 (noted) 2293 (noted) 2294 (noted) 2295 (noted) 2296 (noted) 2297 (noted) 2298 (noted) 2299 (noted) 2300 (noted) 2301 (noted) 2302 (noted) 2303 (noted) 2304 (noted) 2305 (noted) 2306 (noted) 2307 (noted) 2308 (noted) 2309 (noted) 2310 (noted) 2311 (noted) 2312 (noted) 2313 (noted) 2314 (noted) 2315 (noted) 2316 (noted) 2317 (noted) 2318 (noted) 2319 (noted) 2320 (noted) 2321 (noted) 2322 (noted) 2323 (noted) 2324 (noted) 2325 (noted) 2326 (noted) 2327 (noted) 2328 (noted) 2329 (noted) 2330 (noted) 2331 (noted) 2332 (noted) 2333 (noted) 2334 (noted) 2335 (noted) 2336 (noted) 2337 (noted) 2338 (noted) 2339 (noted) 2340 (noted) 2341 (noted) 2342 (noted) 2343 (noted) 2344 (noted) 2345 (noted) 2346 (noted) 2347 (noted) 2348 (noted) 2349 (noted) 2350 (noted) 2351 (noted) 2352 (noted) 2353 (noted) 2354 (noted) 2355 (noted) 2356 (noted) 2357 (noted) 2358 (noted) 2359 (noted) 2360 (noted) 2361 (noted) 2362 (noted) 2363 (noted) 2364 (noted) 2365 (noted) 2366 (noted) 2367 (noted) 2368 (noted) 2369 (noted) 2370 (noted) 2371 (noted) 2372 (noted) 2373 (noted) 2374 (noted) 2375 (noted) 2376 (noted) 2377 (noted) 2378 (noted) 2379 (noted) 2380 (noted) 2381 (noted) 2382 (noted) 2383 (noted) 2384 (noted) 2385 (noted) 2386 (noted) 2387 (noted) 2388 (noted) 2389 (noted) 2390 (noted) 2391 (noted) 2392 (noted) 2393 (noted) 2394 (noted) 2395 (noted) 2396 (noted) 2397 (noted) 2398 (noted) 2399 (noted) 2400 (noted) 2401 (noted) 2402 (noted) 2403 (noted) 2404 (noted) 2405 (noted) 2406 (noted) 2407 (noted) 2408 (noted) 2409 (noted) 2410 (noted) 2411 (noted) 2412 (noted) 2413 (noted) 2414 (noted) 2415 (noted) 2416 (noted) 2417 (noted) 2418 (noted) 2419 (noted) 2420 (noted) 2421 (noted) 2422 (noted) 2423 (noted) 2424 (noted) 2425 (noted) 2426 (noted) 2427 (noted) 2428 (noted) 2429 (noted) 2430 (noted) 2431 (noted) 2432 (noted) 2433 (noted) 2434 (noted) 2435 (noted) 2436 (noted) 2437 (noted) 2438 (noted) 2439 (noted) 2440 (noted) 2441 (noted) 2442 (noted) 2443 (noted) 2444 (noted) 2445 (noted) 2446 (noted) 2447 (noted) 2448 (noted) 2449 (noted) 2450 (noted) 2451 (noted) 2452 (noted) 2453 (noted) 2454 (noted) 2455 (noted) 2456 (noted) 2457 (noted) 2458 (noted) 2459 (noted) 2460 (noted) 2461 (noted) 2462 (noted) 2463 (noted) 2464 (noted) 2465 (noted) 2466 (noted) 2467 (noted) 2468 (noted) 2469 (noted) 2470 (noted) 2471 (noted) 2472 (noted) 2473 (noted) 2474 (noted) 2475 (noted) 2476 (noted) 2477 (noted) 2478 (noted) 2479 (noted) 2480 (noted) 2481 (noted) 2482 (noted) 2483 (noted) 2484 (noted) 2485 (noted) 2486 (noted) 2487 (noted) 2488 (noted) 2489 (noted) 2490 (noted) 2491 (noted) 2492 (noted) 2493 (noted) 2494 (noted) 2495 (noted) 2496 (noted) 2497 (noted) 2498 (noted) 2499 (noted) 2500 (noted) 2501 (noted) 2502 (noted) 2503 (noted) 2504 (noted) 2505 (noted) 2506 (noted) 2507 (noted) 2508 (noted) 2509 (noted) 2510 (noted) 2511 (noted) 2512 (noted) 2513 (noted) 2514 (noted) 2515 (noted) 2516 (noted) 2517 (noted) 2518 (noted) 2519 (noted) 2520 (noted) 2521 (noted) 2522 (noted) 2523 (noted) 2524 (noted) 2525 (noted) 2526 (noted) 2527 (noted) 2528 (noted) 2529 (noted) 2530 (noted) 2531 (noted) 2532 (noted) 2533 (noted) 2534 (noted) 2535 (noted) 2536 (noted) 2537 (noted) 2538 (noted) 2539 (noted) 2540 (noted) 2541 (noted) 2542 (noted) 2543 (noted) 2544 (noted) 2545 (noted) 2546 (noted) 2547 (noted) 2548 (noted) 2549 (noted) 2550 (noted) 2551 (noted) 2552 (noted) 2553 (noted) 2554 (noted) 2555 (noted) 2556 (noted) 2557 (noted) 2558 (noted) 2559 (noted) 2560 (noted) 2561 (noted) 2562 (noted) 2563 (noted) 2564 (noted) 2565 (noted) 2566 (noted) 2567 (noted) 2568 (noted) 2569 (noted) 2570 (noted) 2571 (noted) 2572 (noted) 2573 (noted) 2574 (noted) 2575 (noted) 2576 (noted) 2577 (noted) 2578 (noted) 2579 (noted) 2580 (noted) 2581 (noted) 2582 (noted) 2583 (noted) 2584 (noted) 2585 (noted) 2586 (noted) 2587 (noted) 2588 (noted) 2589 (noted) 2590 (noted) 2591 (noted) 2592 (noted) 2593 (noted) 2594 (noted) 2595 (noted) 2596 (noted) 2597 (noted) 2598 (noted) 2599 (noted) 2600 (noted) 2601 (noted) 2602 (noted) 2603 (noted) 2604 (noted) 2605 (noted) 2606 (noted) 2607 (noted) 2608 (noted) 2609 (noted) 2610 (noted) 2611 (noted) 2612 (noted) 2613 (noted) 2614 (noted) 2615 (noted) 2616 (noted) 2617 (noted) 2618 (noted) 2619 (noted) 2620 (noted) 2621 (noted) 2622 (noted) 2623 (noted) 2624 (noted) 2625 (noted) 2626 (noted) 2627 (noted) 2628 (noted) 2629 (noted) 2630 (noted) 2631 (noted) 2632 (noted) 2633 (noted) 2634 (noted) 2635 (noted) 2636 (noted) 2637 (noted) 2638 (noted) 2639 (noted) 2640 (noted) 2641 (noted) 2642 (noted) 2643 (noted) 2644 (noted) 2645 (noted) 2646 (noted) 2647 (noted) 2648 (noted) 2649 (noted) 2650 (noted) 2651 (noted) 2652 (noted) 2653 (noted) 2654 (noted) 2655 (noted) 2656 (noted) 2657 (noted) 2658 (noted) 2659 (noted) 2660 (noted) 2661 (noted) 2662 (noted) 2663 (noted) 2664 (noted) 2665 (noted) 2666 (noted) 2667 (noted) 2668 (noted) 2669 (noted) 2670 (noted) 2671 (noted) 2672 (noted) 2673 (noted) 2674 (noted) 2675 (noted) 2676 (noted) 2677 (noted) 2678 (noted) 2679 (noted) 2680 (noted) 2681 (noted) 2682 (noted) 2683 (noted) 2684 (noted) 2685 (noted) 2686 (noted) 2687 (noted) 2688 (noted) 2689 (noted) 2690 (noted) 2691 (noted) 2692 (noted) 2693 (noted) 2694 (noted) 2695 (noted) 2696 (noted) 2697 (noted) 2698 (noted) 2699 (noted) 2700 (noted) 2701 (noted) 2702 (noted) 2703 (noted) 2704 (noted) 2705 (noted) 2706 (noted) 2707 (noted) 2708 (noted) 2709 (noted) 2710 (noted) 2711 (noted) 2712 (noted) 2713 (noted) 2714 (noted) 2715 (noted) 2716 (noted) 2717 (noted) 2718 (noted) 2719 (noted) 2720 (noted) 2721 (noted) 2722 (noted) 2723 (noted) 2724 (noted) 2725 (noted) 2726 (noted) 2727 (noted) 2728 (noted) 2729 (noted) 2730 (noted) 2731 (noted) 2732 (noted) 2733 (noted) 2734 (noted) 2735 (noted) 2736 (noted) 2737 (noted) 2738 (noted) 2739 (noted) 2740 (noted) 2741 (noted) 2742 (noted) 2743 (noted) 2744 (noted) 2745 (noted) 2746 (noted) 2747 (noted) 2748 (noted) 2749 (noted) 2750 (noted) 2751 (noted) 2752 (noted) 2753 (noted) 2754 (noted) 2755 (noted) 2756 (noted) 2757 (noted) 2758 (noted) 2759 (noted) 2760 (noted) 2761 (noted) 2762 (noted) 2763 (noted) 2764 (noted) 2765 (noted) 2766 (noted) 2767 (noted) 2768 (noted) 2769 (noted) 2770 (noted) 2771 (noted) 2772 (noted) 2773 (noted) 2774 (noted) 2775 (noted) 2776 (noted) 2777 (noted) 2778 (noted) 2779 (noted) 2780 (noted) 2781 (noted) 2782 (noted) 2783 (noted) 2784 (noted) 2785 (noted) 2786 (noted) 2787 (noted) 2788 (noted) 2789 (noted) 2790 (noted) 2791 (noted) 2792 (noted) 2793 (noted) 2794 (noted) 2795 (noted) 2796 (noted) 2797 (noted) 2798 (noted) 2799 (noted) 2800 (noted) 2801 (noted) 2802 (noted) 2803 (noted) 2804 (noted) 2805 (noted) 2806 (noted) 2807 (noted) 2808 (noted) 2809 (noted) 2810 (noted) 2811 (noted) 2812 (noted) 2813 (noted) 2814 (noted) 2815 (noted) 2816 (noted) 2817 (noted) 2818 (noted) 2819 (noted) 2820 (noted) 2821 (noted) 2822 (noted) 2823 (noted) 2824 (noted) 2825 (noted) 2826 (noted) 2827 (noted) 2828 (noted) 2829 (noted) 2830 (noted) 2831 (noted) 2832 (noted) 2833 (noted) 2834 (noted) 2835 (noted) 2836 (noted) 2837 (noted) 2838 (noted) 2839 (noted) 2840 (noted) 2841 (noted) 2842 (noted) 2843 (noted) 2844 (noted) 2845 (noted) 2846 (noted) 2847 (noted) 2848 (noted) 2849 (noted) 2850 (noted) 2851 (noted) 2852 (noted) 2853 (noted) 2854 (noted) 2855 (noted) 2856 (noted) 2857 (noted) 2858 (noted) 2859 (noted) 2860 (noted) 2861 (noted) 2862 (noted) 2863 (noted) 2864 (noted) 2865 (noted) 2866 (noted) 2867 (noted) 2868 (noted) 2869 (noted) 2870 (noted) 2871 (noted) 2872 (noted) 2873 (noted) 2874 (noted) 2875 (noted) 2876 (noted) 2877 (noted) 2878 (noted) 2879 (noted) 2880 (noted) 2881 (noted) 2882 (noted) 2883 (noted) 2884 (noted) 2885 (noted) 2886 (noted) 2887 (noted) 2888 (noted) 2889 (noted) 2890 (noted) 2891 (noted) 2892 (noted) 2893 (noted) 2894 (noted) 2895 (noted) 2896 (noted) 2897 (noted) 2898 (noted) 2899 (noted) 2900 (noted) 2901 (noted) 2902 (noted) 2903 (noted) 2904 (noted) 2905 (noted) 2906 (noted) 2907 (noted) 2908 (noted) 2909 (noted) 2910 (noted) 2911 (noted) 2912 (noted) 2913 (noted) 2914 (noted) 2915 (noted) 2916 (noted) 2917 (noted) 2918 (noted) 2919 (noted) 2920 (noted) 2921 (noted) 2922 (noted) 2923 (noted) 2924 (noted) 2925 (noted) 2926 (noted) 2927 (noted) 2928 (noted) 2929 (noted) 2930 (noted) 2931 (noted) 2932 (noted) 2933 (noted) 2934 (noted) 2935 (noted) 2936 (noted) 2937 (noted) 2938 (noted) 2939 (noted) 2940 (noted) 2941 (noted) 2942 (noted) 2943 (noted) 2944 (noted) 2945 (noted) 2946 (noted) 2947 (noted) 2948 (noted) 2949 (noted) 2950 (noted) 2951 (noted) 2952 (noted) 2953 (noted) 2954 (noted) 2955 (noted) 2956 (noted) 2957 (noted) 2958 (noted) 2959 (noted) 2960 (noted) 2961 (noted) 2962 (noted) 2963 (noted) 2964 (noted) 2965 (noted) 2966 (noted) 2967 (noted) 2968 (noted) 2969 (noted) 2970 (noted) 2971 (noted) 2972 (noted) 2973 (noted) 2974 (noted) 2975 (noted) 2976 (noted) 2977 (noted) 2978 (noted) 2979 (noted) 2980 (noted) 2981 (noted) 2982 (noted) 2983 (noted) 2984 (noted) 2985 (noted) 2986 (noted) 2987 (noted) 2988 (noted) 2989 (noted) 2990 (noted) 2991 (noted) 2992 (noted) 2993 (noted) 2994 (noted) 2995 (noted) 2996 (noted) 2997 (noted) 2998 (noted) 2999 (noted) |  |  |  |  |  |  |  |  |

16

T. ROWE PRICE GLOBAL REAL ESTATE FUND

**FINANCIAL INFORMATION** The financial examples that appear in the shareholder reports of the other funds are not available. The hypothetical account values and expenses may not be used to estimate the actual ending date. The total amount of the fund is approximately $1,000.00. The fund is not included in the actual amount of the fund. The fund is not included in the actual amount of the fund.

**Advisor Class**  
$52,102, $107,562, $86,646, $113,400, $100,585  
under annualized expense ratio for the 6-month period,  
count value over the period, multiplied by the number of  
at the year (184), and divided by the days in the year (365).  
(1) Per share, the company's share of the financial data is based on the results of the results.

**RATE/SEQUENCE DATA**  
The data that an investor would have learned on an investment in the fund is not available. The results of the results are based on the results of the results.

17

T. ROWE PRICE GLOBAL REAL ESTATE FUND

FINANCIAL | HOWLIGHT: I was 1.15%, and the I Class was 0.74%.

For a share outstanding throughout each period

I Class

N

E

Net expenses after waivers/
payments by Price Associates
NET ASSET VALUE
Net investment income
Beginning of period

Portfolio turnover rate
Investment activities
Net assets, end of period (in
Net investment income (1)(2))

|  | Year |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | $1.15% | $2.50% | $3.50% | $4.50% | $5.50% |
| Net expenses after waivers/ | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| payments by Price Associates | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
| Net investment income | 1.15% | 1.54% | 1.55% | 1.56% | 2.71% |
| Beginning of period | $22.81 | $19.14 | $20.52 | $17.87 | $20.47 |
| Portfolio turnover rate | 50.7% | 43.8% | 39.6% | 27.9% | 16.4% |
| Investment activities |  |  |  |  |  |
| Net assets, end of period (in | 0.34 | 0.31 | 0.32 | 0.40 | 0.48 |
| Net investment income (1)(2)) |  |  |  |  |  |

18

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

| Class | $4,133 | $6,509 | $6,355 | $12,164 | $13,420 |
| --- | --- | --- | --- | --- | --- |
|  | (0.26) | 5.16 | (1.14) | 3.76 | (1.91) |
|  | (0.84) | 5.47 | (0.82) | 4.16 | (1.43) |

(1) Per share amounts calculated using the base data 12/31/19 12/31/18

The results of the data show that an investor would have earned on an investment in the fund. The results show that the results show that an investor would have earned on an investment in the fund. The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

The results show that the results show that an investor would have earned on an investment in the fund.

19

T. ROWE PRICE GLOBAL REAL ESTATE FUND

December 31, 2022

# FINANCIAL HIGHLIGHTS

|  |  |  | Shares | $ Value |
| --- | --- | --- | --- | --- |
| (Cost and value in $000s) |  |  |  |  |
| R. AUSTRALIA 3.6% |  |  |  |  |
| NET ASSET VALUE |  |  |  |  |
| End of period | $16.85% | $22.85% | $19.14% | $20.92% |
| Net expenses after waivers/ |  |  |  |  |
| Goodwill |  |  |  |  |
| Expenses by Price Associates | 0.74% | 0.74% | 0.74% | 0.74% |
| Net investment income | 1.84% | 1.42% | 1.80% | 1.96% |
|  |  |  |  | 2.44% |
| Profit/loss | 50.7% | 47.5% | 39.6% | 27.9% |
| Net asset, end of period (in) |  |  |  | 16.4% |

20

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# **FORMAL PRICE INVESTMENTS**

618,643 1,204

**Total Australia (Cost \$2,449)**  
(Cost and value in \$000s)

Shares 2,000

# **BELGIUM 3.1%**

| With Tsing Kai Properties | $26,135 | $11,965 | $10,006 | 127,500 | 1,742 |
| --- | --- | --- | --- | --- | --- |
| Owned Real Estate Investment |  |  |  | $17,632 | $15,570 |
| Common Stocks 3.1% |  |  |  | 238,000 | 1,374 |

**Total Hong Kong (Cost \$4,013)**

| Shares | 25,247 | 4,683 |
| --- | --- | --- |
| Cash | 48,296 | 1,383 |

$^{(1)}$ 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.

$^{(2)}$ 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.

21

T. ROWE PRICE GLOBAL REAL ESTATE FUND

| Total Belgium (Cost 32,499) |  | 2,541 |
| --- | --- | --- |
| Common Stocks 10.9% | Shares | $ Value |
| CANADA 3.3% | 153 | 824 |
| Industrial & Infrastructure Fund Investment | 1,020 | 1,177 |
| Investment | 1,739 | 674 |
| UNITED STATES 58.8% | 33,000 | 1,000 |
| Canadian Apartment Properties REIT | 15,700 | 696 |
| Common Stock 58.8% | 125,900 | 2,696 |
| Common Stock 58.8% | 72,227 | 1,036 |

22

T. ROWE PRICE GLOBAL REAL ESTATE FUND

| Motor, Real Estate, Real Estate REIT | 14,788 | 2,668 |
| --- | --- | --- |
| Motor, Real Estate, Real Estate REIT | 58,800 | 1,788 |
| Motor, Real Estate REIT | 18,200 | 600 |
| Motor, Real Estate REIT | 60,621 | 1,800 |
| Motor, Real Estate REIT | 18,200 | 600 |
| Motor, Real Estate REIT | 60,621 | 1,800 |
| Motor, Real Estate REIT | 18,200 | 600 |
| Motor, Real Estate REIT | 60,621 | 1,800 |

REIT A domestic Real Estate Investment Trust whose distributions pass-through with

23

T. ROWE PRICE GLOBAL REAL ESTATE FUND

| Equity REIT | 1,007,644 | 4,940 |
| --- | --- | --- |
| Fixed Assets Integrated Commercial Trust | 1,007,644 | 4,940 |
| Equity Life Share Profit (USD) | 932,500 | 2,102 |
| Capital Core REIT (USD) | 932,500 | 2,102 |
| Common Stock REIT | 932,500 | 2,102 |
| Common Stock REIT | 932,500 | 2,102 |
| Total Revenues (Cost $2,904) | 70,945 | 2,632 |
| REIT (Working Capital) | 10,170 | 1,205 |
| Total Finland (Cost $733) | 10,856 | 1,040 |
| REIT (Fixed REIT) | 10,856 | 1,040 |
| SPAIN 0.8% |  |  |
| Market International Class A | 7,497 | 1,116 |
| Total Revenues (Cost $2,904) | 58,130 | 778 |
| Common Stock REIT | 58,130 | 778 |

1990 AEC an affiliated company is one in which the fund owns 5% or more of the outstanding voting

24

T. ROWE PRICE GLOBAL REAL ESTATE FUND

December 31, 2022

| Building REIT reserves that is under common ownership or control. The following securities were | 49,441 | 5,673 |
| --- | --- | --- |
| Commercial and other companies for all or some portion of the year ended December 31, 2022. | 49,441 | 5,673 |
| Total (Cost $000) | 49,441 | 5,673 |
| Revenues (Cost $000) | 49,441 | 5,673 |
| Total (Cost $000) | 34,487 | 1,545 |
| UNITED KINGDOM 5.5% | 3,630 | 1,029 |
| HONG KONG 5.7% | Change in Net | 2,937 |
| Common Stock 5.7% REIT | 28,000 | 2,937 |
| Common Stock in securities, at value (cost $71,830) | Unrealized | 1,000 |
| All other securities in investment securities sold | Gain (Loss) | Gain (Loss) |
| Prepaid Real Estate Investment Reserve Fund, 4.30% $ | 24,000 | 1,000 |
| Dividends paid (USD) | 328,000 | 1,000 |
| WELDING REIT | 31,132 | 2,041 |
| Foreign currency (cost $40) |  | 40 |
| Receivable for shares sold |  | 22 |
| Due from affiliates |  | 11 |
| Other assets |  | 161 |

25

T. ROWE PRICE GLOBAL REAL ESTATE FUND

December 31, 2022

| STATEMENT OF ASSETS AND LIABILITIES |  |  | 136,465 | 813 |
| --- | --- | --- | --- | --- |
| Supplemental Statement of Assets |  |  | 11,285 | 48,464 |
| Supplemental Statement of Assets |  |  | Sales | Value |
| Persimmon | Value | Purchase | Total | 12/31/22 |
| Total | 12/31/22 | Cost | 10,000 | 82,674 |
| Total | 12/31/22 |  |  | 4,523 |
| Total | 12/31/22 |  |  | 1,426 |
| Total | 12/31/22 |  |  | 6,592 |
| Total | 12/31/22 |  |  | 1,423 |
| Total | 12/31/22 |  |  | 1,423 |
| Total | 12/31/22 |  |  | 75,789 |
| Total | 12/31/22 |  |  | 30 |
| Total | 12/31/22 |  |  | $82,361 |
| Total | 12/31/22 |  |  | 313 |
| NET ASSET VALUE PER SHARE |  |  |  |  |

26

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# **STATEMENT OF ASSETS AND LIABILITIES**

The Company shall be responsible for all of the investment in the interest income and interest income.

The Company shall have the information not shown for cash management funds.

(Cont. 71,830) The cash basis of investments in affiliated companies was $1,423.

$81,597

| NET ASSETS |  | Year |
| --- | --- | --- |
| Investor Class | $ | 83,361 |
| (Investment Income (Loss) | $ | 12/31/22 |
| Investor Class | $ | 15.79 |
| Advisory Class |  |  |
| (Investment Income (net of foreign taxes of $77) | $ | 2,365 |
| ($4,133,344 / 264,382 shares outstanding) | $ | 15.63 |
| I Class |  |  |
| Investment management |  | 690 |
| ($26,124,656 / 1,648,240 shares outstanding) | $ | 15.85 |
| Investigator Stocking |  |  |
| Investor Class | $ | 232 |

The accompanying notes are an integral part of these financial statements.

27

T. ROWE PRICE GLOBAL REAL ESTATE FUND

STATEMENT OF OPERATIONS

($000s)

| Advisor Class | 10 | Year |
| --- | --- | --- |
| I Class | 13 | Ended |
|  |  | 12/31/22 |
| Realized and Unrealized Gain / Loss |  |  |
| Advisor Class |  | 12 |
| Net realized gain (loss) |  |  |
| Prospective and shareholder reports |  |  |
| Securities |  | 1,208 |
| Investor Class | 11 |  |
| Foreign currency transactions | 2 | (15) |
| Net realized gain |  | 1,193 |
| Cashflow and accounting |  | 254 |

28

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# STATEMENT OF OPERATIONS

($000s)

| Registration | Year Ended | 81 |
| --- | --- | --- |
| Legal and audit | 12/31/22 | 29 |
| Decrease (Decrease) in Net Assets |  | 12/31/21 |
| Decrease (Decrease) in Net Assets |  | (34,945) |
| Decrease (Decrease) in Net Assets |  | (40) |
| Decrease (Decrease) in Net Assets |  | (34,945) |
| Change in net assets |  | (34,945) |
| Change in net assets |  | (34,945) |
| Change in net assets |  | (34,945) |
| Net assets |  | (34,945) |
| Net assets |  | (34,945) |
| Net assets |  | (34,945) |
| Net assets |  | (34,945) |
| Net assets |  | (34,945) |

| Decrease in net assets from operations | (32,290) | (32,290) |
| --- | --- | --- |
| Decrease (Decrease) in net assets from operations |  |  |

The accompanying notes are an integral part of these financial statements.

29

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# STATEMENT OF CHANGES IN NET ASSETS financial statements.

($000s)

| Distributions to shareholders | Year Ended 12/31/22 | 12/31/21 |
| --- | --- | --- |
| Net Assets |  |  |
| Class | (2,879) | (7,874) |
| Increase/(decrease) during period | (42,875) | 24,909 |
| Beginning of period | 128,036 | 108,067 |
| End of period | $82,361 | $126,036 |
| Investor Class | (267) | - |
| *Share information (000s) | (30) | - |

30

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

Shares sold
Investment Company Act of 1940 (the 1940 Act) as a diversified open-end
(419)
(9,280)
(9,280)
(9,280)
(9,280)
(9,280)
(9,280)
(9,280)
(9,280)
(9,280)
(9,280)
(9,280)
(9,280)
(9,280)
(9,280)
(9,280)
(9,280)
(9,280)
(9,280)
(9

The accompanying notes are an integral part of these financial statements.

31

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# **NOTICE TO FINANCIAL STATEMENTS**

T. Rowe Price Global Real Estate Fund, Inc. (the fund) is registered under the transactions are accounted for on the trade date basis. Income and expenses are Distributions reinvested. The financial basis Realized gains and losses are recorded on the identified accounts and minimum generally is waived or reduced for financial intermediates. The cost of the tax-related interest and penalties, if incurred, are recorded as income eligible retirement plans, and certain other accounts. Prior to November 15, 2021, the tax and other dividends received from mutual fund investments are reflected as dividend income. The tax and other dividends received from other funds and was generally vested for financial 150 income. The tax and other distributions are reflected as realized gain/loss. Dividend income intermediates eligible retirement plans, and other certain accounts. As a result of the and capital gain distributions are recorded on the ex-dividend date. Distributions from redistribution Class I Class minimum, certain assets transferred from the Investor Class. RETIs are initially recorded as dividend income and to the extent such represent in the P class. This transfer of shares from Investor Class to I Class is reflected in the Invesitor (decrease) in net assets from capital share. The Statement of Changes in Net Assets within the Capital shares transactions as

32

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# **Investment Transactions, Investment Income, and Distributions** Investment

return of capital or capital gain for tax purposes are reclassified when such information
Update (ASU) - ASU 2022-03, Fair Value Measurement (Topic 820) - Fair Value
becomes available. Non-cash dividends, if any, are recorded at the fair market value of
the fair market value of equity securities subject to contractual sale restrictions which
shall be included in the fair market value of equity securities. The market value of equity securities shall be
the asset reserves. In addition from question, we hereby certify that the
cash reserves shall be the fair market value of equity securities. The fair market
value of equity securities shall be the fair market value of equity securities. The fair market
value of equity securities shall be the fair market value of equity securities. The fair market
value of equity securities shall be the fair market value of equity securities. The fair market
value of equity securities shall be the fair market value of equity securities. The fair market
value of equity securities shall be the fair market value of equity securities.

other classes.

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T. ROWE PRICE GLOBAL REAL ESTATE FUND

**New Accounting Guidance** In June 2022, the FASB issued Accounting Standards

impact on the fund's financial statements.
**Currency Translation** Assets including investments, and liabilities denominated

**Indemnification** In the financial statements of a dollar, the net of the prevailing
Observable inputs are developed using market data, such as publicly available
information about future events or transactions, and hence the assumptions that market

**NOTE** **ASSUMPTIONS** **ACCOUNTING** **LIABILITIES** **INCOME** **GOVERNMENT** **GOVERNMENT** **GOVERNMENT** **GOVERNMENT** **GOVERNMENT** **GOVERNMENT** **GOVERNMENT** **GOVERNMENT** **GOVERNMENT** **GOVERNMENT** **GOVERNMENT** **GOVERNMENT** **GOVERNMENT** **GOVERNMENT** **GOVERNMENT** **GOVERNMENT** **GOVERNMENT**

**Basis of Preparation** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic** **Basic**

34

T. ROWE PRICE GLOBAL REAL ESTATE FUND

Level 3 - unobservable inputs (including the Valuation Designee’s assumptions in exchange rate) are real estate and unresolved property upon which the use of relevant information is made. The value of the value is based on the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value

![img-0.jpeg](img-0.jpeg)

35

T. ROWE PRICE GLOBAL REAL ESTATE FUND

Investments in mutual funds are valued at the mutual fund's closing NAV per share on investments for which market quotations are not readily available or deemed unreliable. **Valuation Techniques:** Totally calculated valuation of the market is calculated by the following or including the use of other pricing sources. Factors used in determining fair value vary based on the value of the market is calculated by the following or including the use of other pricing sources. Factors used in determining fair value vary based on the value of the market is calculated by the following or including the use of other pricing sources. Factors used in determining fair value vary based on the value of the market is calculated by the following or including the use of other pricing sources. Factors used in determining fair value vary based on the value of the market is calculated by the following or including the use of other pricing sources.

**NOTE:** The market is subject to a certain level of investment in the market. The market is subject to a certain level of investment in the market. The market is subject to a certain level of investment in the market. The market is subject to a certain level of investment in the market. The market is subject to a certain level of investment in the market. The market is subject to a certain level of investment in the market. The market is subject to a certain level of investment in the market. The market is subject to a certain level of investment in the market.

36

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# NOTE 3 - OTHER INVESTMENT TRANSACTIONS

Various investments in the Group of Companies and other financial instruments of the Group are not intended to be used in the event of the risks of the Company's investment. The Group's investment is not intended to be used in the event of the risks of the Company's investment. The Group's investment is not intended to be used in the event of the risks of the Company's investment. The Group's investment is not intended to be used in the event of the risks of the Company's investment. The Group's investment is not intended to be used in the event of the risks of the Company's investment. The Group's investment is not intended to be used in the event of the risks of the Company's investment.

37

T. ROWE PRICE GLOBAL REAL ESTATE FUND

At December 31, 2022, the tax-basis cost of investments (including derivatives, if any)

The total capital of the following: value of the investment and capital of the investment, net unrealized appreciation (depreciation) and other financial instruments. The following table summarizes the fund's financial instruments, tax-based instruments, and other financial instruments. The total capital of the following: value of the investment and capital of the investment, net unrealized appreciation and other financial instruments. The total capital of the investment, net unrealized appreciation and other financial instruments. The total capital of the investment, net unrealized appreciation and other financial instruments. The total capital of the investment, net unrealized appreciation and other financial instruments. The total capital of the investment, net unrealized appreciation and other financial instruments. The total capital of the investment, net unrealized appreciation and other financial instruments.

NOTE: The total capital of the following: value of the investment and capital of the investment, net unrealized appreciation and other financial instruments. The total capital of the investment, net unrealized appreciation and other financial instruments. The total capital of the investment, net unrealized appreciation and other financial instruments. The total capital of the investment, net unrealized appreciation and other financial instruments.

38

T. ROWE PRICE GLOBAL REAL ESTATE FUND

extent that the fund has country specific capital loss carryforwards, such carryforwards

The information, containing, or related, data, taken, if will be used, and/or used, may be used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used, or used

39

T. ROWE PRICE GLOBAL REAL ESTATE FUND

the I Class Limit. This agreement will continue through the expense limitation date
and a great fee. The group for its associated board on the combined net assets of
the company will be able to a subsequent expense benefit from the company's
ownership and the company's business. The company's business is a major company and the company's
company income (including short-term capital gains). The company's business is a major company and the company's
company income (including short-term capital gains). The company's business is a major company and the company's
company income (including short-term capital gains). The company's business is a major company and the company's
company income (including short-term capital gains). The company's business is a major company and the company's
company income (including short-term capital gains). The company's business is a major company and

40

T. ROWE PRICE GLOBAL REAL ESTATE FUND

accounts managed by Price Associates or its affiliates and are not available for direct

NOTE 6 - FOREIGN TAXES
The accompanying financial statements purchase and sale cross trades be effected at the
institution through the expense limitation states indicated in the table below. During
the period of the market price of the security. During the year ended December 31,
the Board of Directors and Shareholders of T. Rowe Price Global Real Estate
Fund has been issued and are not available for any other purpose. The Company's
current financial statements, which are not available for any other purpose. The Company's
current financial statements, which are not available for any other purpose. The Company's
current financial statements, which are not available for any other purpose. The Company's
current financial statements, which are not available for any other purpose. The Company's
current financial statements, which are not available for any other purpose. The Company's
current financial statements, which are not available for any other purpose. The Company's
current financial statements, which are not available for any other purpose.

NOTE 7 - OTHER MATTERS
The Company's current financial statements, which are not available for any other purpose. The Company's
current financial statements, which are not available for any other purpose. The Company's
current financial statements, which are not available for any other purpose. The Company's
current financial statements, which are not available for any other purpose. The Company's
current financial statements, which are not available for any other purpose. The Company's
current financial statements, which are not available for any other purpose.

41

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

portfolio of investments, of T. Rowe Price Global Real Estate Fund, Inc. (the "Fund") as

(CONTINUED) December 31, 2022 the related statement of operations for the year ended December 31, 2022, the fund has entered into service agreements with Price Associates and two companies involved in the development of the following: (1) The following: (2) The following: (3) The following: (4) The following: (5) The following: (6) The following: (7) The following: (8) The following: (9) The following: (10) The following: (11) The following: (12) The following: (13) The following: (14) The following: (15) The following: (16) The following: (17) The following: (18) The following: (19) The following: (20) The following: (21) The following: (22) The following: (23) The following: (24) The following: (25) The following: (26) The following: (27) The following: (28) The following: (29) The following: (30) The following: (31) The following: (32) The following: (33) The following: (34) The following: (35) The following: (36) The following: (37) The following: (38) The following: (39) The following: (40) The following: (41) The following: (42) The following: (43) The following: (44) The following: (45) The following: (46) The following: (47) The following: (48) The following: (49) The following: (50) The following: (51) The following: (52) The following: (53) The following: (54) The following: (55) The following: (56) The following: (57) The following: (58) The following: (59) The following: (60) The following: (61) The following: (62) The following: (63) The following: (64) The following: (65) The following: (66) The following: (67) The following: (68) The following: (69) The following: (70) The following: (71) The following: (72) The following: (73) The following: (74) The following: (75) The following: (76) The following: (77) The following: (78) The following: (79) The following: (80) The following: (81) The following: (82) The following: (83) The following: (84) The following: (85) The following: (86) The following: (87) The following: (88) The following: (89) The following: (90) The following: (91) The following: (92) The following: (93) The following: (94) The following: (95) The following: (96) The following: (97) The following: (98) The following: (99) The following: (100)

42

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

by management, for the year ended the 31st of the month ended the 31st of the month ended the 31st of the month ended the 31st of the month ended the 31st of the month ended the 31st of the month ended the 31st of the month ended the 31st of the month ended the 31st of the month ended the 31st of the month ended the 31st of the month ended the 31st of the month ended the 31st of the month ended

The following table provides the information in English:

43

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

$3,474,000 from long-term capital gains, subject to a long-term capital gains tax rate of $3,474,000 per share. The Company is a registered with the F.R.S. Company, Accounting and Finance Division, a member of the F.R.S. Company, Inc. and a member of the F.R.S. Company, Inc. and a member of the F.R.S. Company, Inc. and a member of the F.R.S. Company, Inc. and a member of the F.R.S. Company, Inc. and a member of the F.R.S. Company, Inc. and a member of the F.R.S. Company, Inc. and a member of the F.R.S. Company, Inc. and a member of the F.R.S. Company, Inc. and a member

44

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# **HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS**

reasonable assurance about whether the financial statements are free of material

misstatement, whether due to error or fraud. In accordance with Rule 226-4 (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

**INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND** 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

45

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**
**RECORDS**

administrator, the Adviser is responsible for overseeing the day-to-day operations of the
Administration of the officers and procedures used by T. Rowe Price funds to determine
liability for the business and procedures used by T. Rowe Price funds to determine
liability for the business and procedures used by T. Rowe Price funds to determine
liability for the business and procedures used by T. Rowe Price funds to determine
liability for the business and procedures used by T. Rowe Price funds to determine
liability for the business and procedures used by T. Rowe Price funds to determine
liability for the business and procedures used by T. Rowe Price funds to determine
liability for the business and procedures used by T. Rowe Price funds

It also explained the methodology for establishing a fund's HLIM and noted that the LRC

46

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)**

The following table provides the information in a specific format:

47

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# **ABOUT THE FUND'S DIRECTORS AND OFFICERS**

21202. The study was part of the National Association of Investment Directors and Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board of Directors' Board

Name (Year of Birth) (Year of Birth)

INDEPENDENT DIRECTORS (Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Non-Public Companies) (Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Non-Public Companies) (Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Non-Public Companies) (Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Non-Public Companies) (Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Non-Public Companies) (Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Non-Public Companies)

48

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# **INDEPENDENT DIRECTORS (CONTINUED)**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

49

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# **INTERESTED DIRECTORS** (CONTINUED)

2000-2011, cash and cash equivalents, as well as available borrowing arrangements.
Department: The South Hopkins University (2009 to present); Director,
Effective April 27, 2022, Mr. Dwight received from the role as an independent director of the Price
Lyndhurst Holdings (2015 to present); Director, Bhagwati Pharma, Inc.
Funds.
2012
The information about the interested directors was current as of January 1, 2022, unless otherwise
Effective November 8, 2021. Mr. Dwight was appointed as an independent director of the Price Funds.
President, Chief Executive Director, T. Rowe Price and T. Rowe Price
and T. Rowe Price
(1980) Mr. Dwight received from the role as an independent director of the Price
Funds.
(1980) Mr. Dwight received from the role as an independent director of the Price
Funds.
(1980) Mr. Dwight received from the role as an independent director of the Price
Funds.
(1980) Mr. Dwight received from the role as an independent director of the Price
Funds.
(1980) Mr. Dwight received from the role as an independent director of the Price
Funds.
(1980) Mr. Dwight received from the role as an independent director of the Price
Funds.
(1980) Mr. Dwight received

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2032
2033

Benjamin Kersse, CPA (1989)

50

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# OFFICERS (CONTINUED)

Year Ended
[Number of T. Rowe Price
Name (Year of Birth)
Position Held Global Real Estate Fund
(1965) (1966) (1967)
(1968) (1969) (1970)
(1971) (1972) (1973)
(1974) (1975) (1976)
(1977) (1978) (1979)
(1980) (1981) (1982)
(1983) (1984) (1985)
(1986) (1987) (1988)
(1989) (1990) (1991)
(1992) (1993) (1994)
(1995) (1996) (1997)
(1998) (1999) (1000)
(1999) (1999) (1000)
(1999) (1999) (1000)
(1999) (1999) (1000)
(1999) (1999) (1000)
(1999) (1999) (1000)
(1999) (1999) (1000)
(1999) (1

51

Name (Year of Birth)
Position Held Global Real Estate Fund

Principal Occupation(s)

T. ROWE PRICE GLOBAL REAL ESTATE FUND

# OFFICERS (CONTINUED)

Vice President

Charlene Wong (1992)

Paul A. Kaye, CPA (1964)

Vice President
Maria Zago (1977)

Raymond J. R. (1977)

Raymond J. R. (1977)

CFA (1)

Richard N. Clattenburg, CFA (1979)

Richard N. Clattenburg, CFA (1979)

Vice President

Price Japan (Price Japan) (1979) (1980) (1981) (1982) (1983) (1984) (1985) (1986) (1987) (1988) (1989) (1990) (1991) (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) (2016) (2017) (2018) (2019) (2020) (2021) (2022) (2023) (2024) (2025) (2026) (2027) (2028) (2029) (2030) (2031) (2032) (2033) (2034) (2035) (2036) (2037) (2038) (2039) (2040) (2041) (2042) (2043) (2044) (2045) (2046) (2047) (2048) (2049) (2050) (2051) (2052) (2053) (2054) (2055) (2056) (2057) (2058) (2059) (2060) (2061) (2062) (2063) (2064) (2065) (2066) (2067) (2068) (2069) (2070) (2071) (2072) (2073) (2074) (2075) (2076) (2077) (2078) (2079) (2080) (2081) (2082) (2083) (2084) (2085) (2086) (2087) (2088) (2089) (2090) (2091) (2092) (2093) (2094) (2095) (2096) (2097) (2098) (2099) (2100)

![img-0.jpeg](img-0.jpeg)

52

Name (Year of Birth)

Position Held Global Real Estate Fund

Principal Occupation(s)

# **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. The following period is not to be a result.

The registrant's name is available to the registrant's name and the name of the person's name. The registrant's name is available to the registrant's name and the name of the person's name.

The registrant's name is available to the registrant's name and the name of the person's name.

The registrant's name is available to the registrant's name and the name of the person's name.

The registrant's name is available to the registrant's name and the name of the person's name.

|  | 2022 | 2021 |
| --- | --- | --- |
| Audit Fees | $24,353 | $23,471 |
| Audit-Related Fees | - | - |
| Tax Fees | - | 1,893 |
| 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.

T. Rowe Price Investment Services, Inc. | 100 East Pratt Street | Baltimore, MD 21202-1009

(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 $2,037,000 and $3,732,000, 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 accordance with the principal accountant's independence.

| Item 5. Audit Committee of Listed Registrants. | GENERAL INVESTING | COLLEGE SAVINGS |
| --- | --- | --- |
| Item 6. Investment, Stock, and other Non-Projected Assets. | Tenant Portfolio Manager, Colored Fund, State, and Local Asset Management (to 2018). | 520 years after tax. |
| Item 7. Investment, Stock, and other Non-Projected Assets. | Brokerage offers access to stocks, ETFs, bonds, and more. | Advantaged solutions for the non-Projected assets, and Price management. |
| Item 8. Investment, Stock, and other Non-Projected Assets. | Investments. | In the event of a change in the non-Projected assets, the company will be able to pay the non-Projected assets. |
| Item 9. Investment, Stock, and other Non-Projected Assets. | Investments. | In the event of a change in the non-Projected assets, the company will be able to pay the non-Projected assets. |
| Item 10. Investment, Stock, and other Non-Projected Assets. | Investments. | In the event of a change in the non-Projected assets, the company will be able to pay the non-Projected assets. |
| Item 11. Investment, Stock, and other Non-Projected Assets. | Investments. | In the event of a change in the non-Projected assets, the company will be able to pay the non-Projected assets. |
| Item 12. Investment, Stock, and other Non-Projected Assets. | Investments. | In the event of a change in the non-Projected assets, the company will be able to pay the non-Projected assets. |
| Item 13. Investment, Stock, and other Non-Projected Assets. | Investments. | In the event of a change in the non-Projected assets, the company will be able to pay the non-Projected assets. |
| Item 14. Investment, Stock, and other Non-Projected Assets. | Investments. | In the event of a change in the non-Projected assets, the company will be able to pay the non-Projected assets. |
| Item 15. Investment, Stock, and other Non-Projected Assets. | Investments. | In the event of a change in the non-Projected assets, the company will be able to pay the non-Projected assets. |
| Item 16. Investment, Stock, and other Non-Projected Assets. | Investments. | In the event of a change in the non-Projected assets, the company will be able to pay the non-Projected assets. |
| Item 17. Investment, Stock, and other Non-Projected Assets. | Investments. | In the event of a change in the non-Projected assets, the company will be able to pay the non-Projected assets. |
| Item 18. Investment, Stock, and other Non-Projected Assets. | Investments. | In the event of a change in the non-Projected assets, the company will be able to pay the non-Projected assets. |
| Item 19. Investment, Stock, and other Non-Projected Assets. | Investments. | In the event of a change in the non-Projected assets, the company will be able to pay the non-Projected assets. |
| Item 20. Investment, Stock, and other Non-Projected Assets. | Investments. | In the event of a change in the non-Projected assets, the company will be able to pay the non-Projected assets. |

(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.**

Unless otherwise noted, officers have been employed of T. Rowe Price or Price International for at least 5 years.

(2) Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(3) This document is in purchase securities issued by closed-end companies: not applicable.

(b) 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.

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

# 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 Real Estate Fund, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date 1-800-665-5131, 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.

All mutual funds are subject to market risk and other available risk information. Investing internationally and in the case of the registrant and in the capital has been signed below by the following persons on behalf of the registrant and in the capital has been signed below by the following persons on behalf of the registrant and in the capital has been signed below by the following persons on behalf of the registrant and in the capital has been signed below by the following persons on behalf of the registrant and in the capital has been signed below by the following persons on behalf of the registrant and in the capital has been signed below by the following persons on behalf of the registrant and in the capital has been signed below by the following persons on behalf of the registrant and in the capital has been signed below

1 The T. Rowe Price® ActivePlus Portfolios is a discretionary investment management program provided by

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 21, 2023

By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 21, 2023

T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

202302-2582611  
F173-050 2/23

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Global Real Estate Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 21, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Global Real Estate Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 21, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Global Real Estate Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 21, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 21, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

**Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

------

**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

------

**Gifts.** Accept any gifts, except as permitted by the Group Code.

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**IV. Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

------

communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Initial and Annual Affirmations.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

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investigating and enforcing the Price Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

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## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer