Prospectus by Investment Company - Form 497

T. Rowe Price Global Value Equity Fund

In the Summary Prospectus and Section 1 of the Prospectus, the information under "Principal Investment Strategies" currently states:

The percentage of assets allocated to investments outside the U.S. will vary according to the portfolio manager's outlook. However, under normal conditions, at least 40% of the fund's net assets will be invested in companies outside the U.S. (and at least 30% of its net assets will be invested in companies outside the U.S. if foreign market conditions are not favorable).

Effective August 1, 2024, these sentences are replaced with the following:

The fund typically invests in at least five countries, including the U.S., and the amount of the fund's assets invested outside the U.S. will vary depending on the adviser's outlook for market conditions and opportunities overseas versus those in the U.S. However, the fund typically invests at least 25% of its net assets in securities of foreign issuers.

In Section 2 of the Prospectus, the information under "Principal Investment Strategies" currently states:

The percentage of assets allocated to investments outside the U.S. will vary according to the portfolio manager's outlook. However, under normal conditions, at least 40% of the fund's net assets will be invested in companies outside the U.S. (and at least 30% of its net assets will be invested in companies outside the U.S. if foreign market conditions are not favorable).

Effective August 1, 2024, these sentences are replaced with the following:

The fund typically invests in at least five countries, including the U.S., and the amount of the fund's assets invested outside the U.S. will vary depending on the adviser's outlook for market conditions and opportunities overseas versus those in the U.S. However, the fund typically invests at least 25% of its net assets in securities of foreign issuers. For purposes of determining whether the fund invests in a U.S. or foreign issuer, the fund relies on the country assigned to a security by MSCI, Inc., a third-party provider of benchmark indexes and data services, or another unaffiliated data provider.

F1231-041 7/23/24

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