https://www.sec.gov/Archives/edgar/data/1440930/000174177320003676/c497.htm497 1 c497.htm
T. Rowe Price Global Real Estate Fund
Supplement to Prospectus Dated May 1, 2020
In section 1, the portfolio manager table under “Management” is supplemented as follows:
Effective April 1, 2021, Jai Kapadia will become portfolio manager and Chair of the fund’s Investment Advisory Committee and Nina Jones will transition from her role as portfolio manager and Chair of the fund’s Investment Advisory Committee. Mr. Kapadia joined T. Rowe Price in 2011.
In section 2, the disclosure under “Portfolio Management” is supplemented as follows:
Effective April 1, 2021, Jai Kapadia will become portfolio manager and Chair of the fund’s Investment Advisory Committee and Nina Jones will transition from her role as portfolio manager and Chair of the fund’s Investment Advisory Committee. Mr. Kapadia joined T. Rowe Price in 2011 and his investment experience dates from 2004. During the past five years, Mr. Kapadia served as a member of the fund’s Investment Advisory Committee responsible for selecting the fund’s investments in the Asia-Pacific region (beginning 2019) and previously, as an analyst and associate director of research in the Equity Research Group of T. Rowe Price in Hong Kong, covering Asian conglomerates, real estate and Indian pharmaceuticals.
The date of this supplement is December 21, 2020.
F173-041 12/21/20
Comments
"The fund is notable for what it doesn't own. The focus here is on traditional real estate, so the fund typically doesn't hold data center and infrastructure REITs, such as cell tower companies. The fund has historically tended to be light on healthcare REITs, owing to the long-term length of leases and specialized uses that potentially limit resale value. However, Jones has added to the portfolio's healthcare holdings, so that as of March 31, 2020, it was only slightly underweight in that area relative to the Wilshire US Real Estate Securities Index." I have owned TRREX, but not for long. I note the DISTRIBUTIONS have indeed been juicy.