T.
ROWE
PRICE
Institutional
Emerging
Markets
Equity
Fund
January
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
0.6%
Common
Stocks
0.6%
MercadoLibre
(USD) (1)
5,030
5,944
Total
Argentina
(Cost
$4,860
)
5,944
BRAZIL
5.6%
Common
Stocks
5.6%
B3
6,141,128
15,691
Localiza
Rent
a
Car
1,451,499
16,933
Localiza
Rent
a
Car,
Right,
2/3/23 (1)
5,782
20
Raia
Drogasil
2,997,308
14,702
WEG
813,225
6,140
Total
Brazil
(Cost
$43,345
)
53,486
CHILE
0.5%
Common
Stocks
0.5%
Banco
Santander
Chile,
ADR
(USD)
296,329
5,011
Total
Chile
(Cost
$4,467
)
5,011
CHINA
37.8%
Common
Stocks
27.1%
Alibaba
Group
Holding
(HKD) (1)
961,224
13,216
Alibaba
Group
Holding,
ADR
(USD) (1)
102,152
11,257
China
Overseas
Land
&
Investment
(HKD)
5,698,500
15,387
China
Resources
Mixc
Lifestyle
Services
(HKD)
1,024,800
5,905
ENN
Energy
Holdings
(HKD)
263,000
3,963
JD.com,
Class
A
(HKD)
308,009
9,146
KE
Holdings,
ADR
(USD) (1)
174,991
3,209
Kingdee
International
Software
Group
(HKD) (1)
1,943,000
4,241
Li
Auto,
ADR
(USD) (1)
211,171
5,258
Li
Auto,
Class
A
(HKD) (1)
17,800
218
Li
Ning
(HKD)
1,837,000
18,160
Meituan,
Class
B
(HKD) (1)
758,250
16,951
Nongfu
Spring,
Class
H
(HKD)
482,600
2,732
Pinduoduo,
ADR
(USD) (1)
84,561
8,285
Silergy
(TWD)
328,000
6,675
Sunny
Optical
Technology
Group
(HKD)
215,900
2,914
Tencent
Holdings
(HKD)
1,211,400
59,030
Wuxi
Biologics
Cayman
(HKD) (1)
284,000
2,371
Yum
China
Holdings
(HKD)
53,050
3,214
Yum
China
Holdings
(USD)
641,192
39,504
Zhongsheng
Group
Holdings
(HKD)
5,025,500
28,435
260,071
Common
Stocks
-
China
A
Shares
10.7%
Centre
Testing
International
Group,
A
Shares (2)
1,083,100
3,814
Shares
$
Value
(Cost
and
value
in
$000s)
Chacha
Food,
A
Shares
(CNH)
769,600
5,209
Chacha
Food,
A
Shares (2)
199,700
1,351
Foshan
Haitian
Flavouring
&
Food,
A
Shares
(CNH)
568,500
6,700
Fuyao
Glass
Industry
Group,
A
Shares
(CNH)
2,154,100
12,486
Glodon,
A
Shares
(CNH)
55,000
534
Glodon,
A
Shares (2)
657,100
6,374
Hongfa
Technology,
A
Shares
(CNH)
914,400
5,086
Hundsun
Technologies,
A
Shares
(CNH)
1,544,170
10,830
Kweichow
Moutai,
A
Shares
(CNH)
18,800
5,156
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
826,800
8,751
Songcheng
Performance
Development,
A
Shares
(CNH)
1,779,600
3,843
Songcheng
Performance
Development,
A
Shares (2)
3,834,553
8,278
Yifeng
Pharmacy
Chain,
A
Shares
(CNH)
1,476,740
12,433
Zhejiang
Sanhua
Intelligent
Controls,
A
Shares
(CNH)
1,736,900
6,607
ZWSOFT
Guangzhou,
A
Shares (2)
180,809
5,810
103,262
Total
China
(Cost
$307,983
)
363,333
HONG
KONG
3.3%
Common
Stocks
3.3%
AIA
Group
1,009,200
11,412
Budweiser
Brewing
APAC
6,413,700
20,237
Total
Hong
Kong
(Cost
$21,073
)
31,649
HUNGARY
0.9%
Common
Stocks
0.9%
OTP
Bank
273,445
8,239
Total
Hungary
(Cost
$9,713
)
8,239
INDIA
13.1%
Common
Stocks
13.1%
Asian
Paints
131,379
4,394
Axis
Bank
654,237
6,993
HDFC
Asset
Management
169,561
3,944
HDFC
Bank
623,845
12,294
HDFC
Life
Insurance
1,255,859
8,910
Hindustan
Unilever
180,473
5,694
Housing
Development
Finance
505,479
16,309
Infosys
785,800
14,803
Kotak
Mahindra
Bank
809,506
17,226
Maruti
Suzuki
India
53,104
5,792
Reliance
Industries
485,299
14,016
Tata
Consultancy
Services
70,456
2,908
Voltas
1,304,839
12,818
Total
India
(Cost
$109,010
)
126,101
T.
ROWE
PRICE
Institutional
Emerging
Markets
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
INDONESIA
1.0%
Common
Stocks
1.0%
Bank
Central
Asia
13,807,500
7,836
Sumber
Alfaria
Trijaya
11,171,600
2,112
Total
Indonesia
(Cost
$4,383
)
9,948
MEXICO
3.1%
Common
Stocks
3.1%
Grupo
Financiero
Banorte,
Class
O
804,736
6,667
Grupo
Mexico,
Series
B
1,589,670
7,070
Wal-Mart
de
Mexico
4,031,582
15,741
Total
Mexico
(Cost
$23,151
)
29,478
NETHERLANDS
2.1%
Common
Stocks
2.1%
ASML
Holding
22,001
14,557
Prosus
66,588
5,377
Total
Netherlands
(Cost
$17,020
)
19,934
PERU
0.4%
Common
Stocks
0.4%
Credicorp
(USD)
32,060
4,306
Total
Peru
(Cost
$4,660
)
4,306
PHILIPPINES
1.8%
Common
Stocks
1.8%
BDO
Unibank
1,894,122
4,272
Jollibee
Foods
380,440
1,660
SM
Investments
402,847
6,812
Universal
Robina
1,994,500
5,039
Total
Philippines
(Cost
$12,982
)
17,783
POLAND
0.4%
Common
Stocks
0.4%
Powszechna
Kasa
Oszczednosci
Bank
Polski
509,531
3,800
Total
Poland
(Cost
$3,590
)
3,800
QATAR
0.8%
Common
Stocks
0.8%
Qatar
National
Bank
1,618,894
8,025
Total
Qatar
(Cost
$8,458
)
8,025
RUSSIA
0.0%
Common
Stocks
0.0%
Moscow
Exchange (1)(3)
1,397,220
—
Ozon
Holdings,
ADR
(USD) (1)(3)
153,440
—
X5
Retail
Group,
GDR
(USD) (1)(3)
442,656
—
Shares
$
Value
(Cost
and
value
in
$000s)
Yandex,
Class
A
(USD) (1)(3)
212,483
—
Total
Russia
(Cost
$29,246
)
—
SAUDI
ARABIA
2.2%
Common
Stocks
2.2%
Al
Rajhi
Bank (1)
235,367
5,167
Arabian
Internet
&
Communications
Services
43,027
2,913
Nahdi
Medical
242,401
12,297
Saudi
British
Bank
97,732
947
Total
Saudi
Arabia
(Cost
$18,865
)
21,324
SINGAPORE
0.5%
Common
Stocks
0.5%
Sea,
ADR
(USD) (1)
76,883
4,955
Total
Singapore
(Cost
$7,001
)
4,955
SOUTH
AFRICA
2.9%
Common
Stocks
2.9%
Capitec
Bank
Holdings
90,471
9,344
Clicks
Group
640,393
9,775
FirstRand
2,291,701
8,515
Total
South
Africa
(Cost
$23,644
)
27,634
SOUTH
KOREA
6.9%
Common
Stocks
6.9%
LG
Chem
27,919
15,758
NAVER
29,007
4,819
POSCO
Holdings
25,704
6,316
Samsung
Electronics
798,819
39,789
Total
South
Korea
(Cost
$29,046
)
66,682
TAIWAN
10.2%
Common
Stocks
10.2%
Chailease
Holding
1,047,000
7,891
Taiwan
Semiconductor
Manufacturing
4,796,219
84,638
Vanguard
International
Semiconductor
1,634,000
5,492
Total
Taiwan
(Cost
$28,275
)
98,021
THAILAND
1.9%
Common
Stocks
1.9%
Bumrungrad
Hospital
258,400
1,699
CP
ALL
6,980,300
13,892
Siam
Cement
246,000
2,504
Total
Thailand
(Cost
$14,111
)
18,095
T.
ROWE
PRICE
Institutional
Emerging
Markets
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
ARAB
EMIRATES
0.6%
Common
Stocks
0.6%
First
Abu
Dhabi
Bank
1,481,223
5,494
Total
United
Arab
Emirates
(Cost
$4,076
)
5,494
UNITED
STATES
1.1%
Common
Stocks
1.1%
Las
Vegas
Sands (1)
181,400
10,703
Total
United
States
(Cost
$10,003
)
10,703
SHORT-TERM
INVESTMENTS
1.1%
Money
Market
Funds
1.1%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (4)(5)
10,199,039
10,199
Total
Short-Term
Investments
(Cost
$10,199)
10,199
Total
Investments
in
Securities
98.8%
(Cost
$749,161)
$
950,144
Other
Assets
Less
Liabilities
1.2%
11,373
Net
Assets
100.0%
$
961,517
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
Non-income
producing
(2)
China
A
shares
held
through
the
QFII
are
subject
to
certain
restrictions.
(3)
Level
3
in
fair
value
hierarchy.
(4)
Seven-day
yield
(5)
Affiliated
Companies
ADR
American
Depositary
Receipts
CNH
Offshore
China
Renminbi
GDR
Global
Depositary
Receipts
HKD
Hong
Kong
Dollar
TWD
Taiwan
Dollar
USD
U.S.
Dollar
T.
ROWE
PRICE
Institutional
Emerging
Markets
Equity
Fund
4
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
January
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
$
—#
$
—
$
117+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
01/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
$
42,565
¤
¤
$
10,199^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$117
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$10,199.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Equity
Fund
Unaudited
5
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Equity
Fund
6
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
January
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
E146-054Q1
01/23
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
98,432
$
841,513
$
—
$
939,945
Short-Term
Investments
10,199
—
—
10,199
Total
$
108,631
$
841,513
$
—
$
950,144