T.
ROWE
PRICE
Institutional
Emerging
Markets
Equity
Fund
July
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
BRAZIL
4.7%
Common
Stocks
4.5%
B3
8,539,500
18,320
Localiza
Rent
a
Car
1,100,800
12,386
Raia
Drogasil
3,486,111
14,136
Rede
D'Or
Sao
Luiz
584,814
3,652
WEG
334,400
1,816
50,310
Preferred
Stocks
0.2%
Itau
Unibanco
Holding
556,843
2,548
2,548
Total
Brazil
(Cost
$51,235
)
52,858
CHINA
35.5%
Common
Stocks
25.8%
Alibaba
Group
Holding
(HKD) (1)
1,212,024
13,627
Alibaba
Group
Holding,
ADR
(USD) (1)
188,300
16,829
China
Overseas
Land
&
Investment
(HKD)
6,767,000
18,700
China
Resources
Mixc
Lifestyle
Services
(HKD)
1,711,000
7,249
ENN
Energy
Holdings
(HKD)
693,500
11,313
JD.com,
Class
A
(HKD)
385,209
11,492
Kingdee
International
Software
Group
(HKD) (1)
5,510,000
11,897
Li
Auto,
ADR
(USD) (1)
120,100
3,944
Meituan,
Class
B
(HKD) (1)
1,065,900
23,912
Pinduoduo,
ADR
(USD) (1)
108,200
5,303
Ping
An
Insurance
Group,
Class
H
(HKD)
1,615,500
9,494
Shenzhou
International
Group
Holdings
(HKD)
350,300
3,685
Silergy
(TWD)
279,000
5,221
Sunny
Optical
Technology
Group
(HKD)
486,500
6,582
Tencent
Holdings
(HKD)
1,686,500
65,181
Wuxi
Biologics
Cayman
(HKD) (1)
1,495,000
14,310
Yum
China
Holdings
(HKD)
45,000
2,107
Yum
China
Holdings
(USD)
809,200
39,416
Zhongsheng
Group
Holdings
(HKD)
3,442,000
19,705
289,967
Common
Stocks
-
China
A
Shares
9.7%
Centre
Testing
International
Group,
A
Shares (2)
1,464,700
4,474
Fuyao
Glass
Industry
Group,
A
Shares
(CNH)
1,838,700
11,199
Glodon,
A
Shares (2)
771,100
5,312
Hongfa
Technology,
A
Shares
(CNH)
1,103,200
6,735
Huayu
Automotive
Systems,
A
Shares
(CNH)
2,583,900
8,417
Hundsun
Technologies,
A
Shares
(CNH)
1,363,700
8,610
Midea
Group,
A
Shares
(CNH)
447,162
3,655
Shares
$
Value
(Cost
and
value
in
$000s)
Midea
Group,
A
Shares (2)
1,182,900
9,668
Ping
An
Insurance
Group,
A
Shares (2)
409,600
2,564
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
960,000
9,431
Songcheng
Performance
Development,
A
Shares
(CNH)
2,512,300
4,780
Songcheng
Performance
Development,
A
Shares (2)
3,702,753
7,043
Yifeng
Pharmacy
Chain,
A
Shares
(CNH)
1,224,740
9,418
Zhejiang
Sanhua
Intelligent
Controls,
A
Shares
(CNH)
2,117,300
10,235
ZWSOFT
Guangzhou,
A
Shares (2)
238,125
7,689
109,230
Total
China
(Cost
$403,519
)
399,197
CZECH
REPUBLIC
0.1%
Common
Stocks
0.1%
Komercni
Banka
36,418
920
Total
Czech
Republic
(Cost
$1,137
)
920
HONG
KONG
4.6%
Common
Stocks
4.6%
AIA
Group
2,521,600
25,334
Budweiser
Brewing
APAC
7,416,000
20,534
Hong
Kong
Exchanges
&
Clearing
138,300
6,347
Total
Hong
Kong
(Cost
$38,568
)
52,215
HUNGARY
1.0%
Common
Stocks
1.0%
OTP
Bank
377,886
7,801
Wizz
Air
Holdings
(GBP) (1)
138,642
3,765
Total
Hungary
(Cost
$21,096
)
11,566
INDIA
14.2%
Common
Stocks
14.2%
Asian
Paints
100,204
4,231
HDFC
Asset
Management
216,240
5,321
HDFC
Bank
1,123,562
20,549
HDFC
Life
Insurance
1,029,593
7,224
Hindustan
Unilever
163,671
5,456
Housing
Development
Finance
827,720
25,096
Infosys
981,356
19,205
Kotak
Mahindra
Bank
1,166,128
26,835
Maruti
Suzuki
India
62,837
6,986
Reliance
Industries (1)
553,607
17,591
Tata
Consultancy
Services
90,059
3,767
Voltas
1,323,566
16,781
Total
India
(Cost
$130,521
)
159,042
T.
ROWE
PRICE
Institutional
Emerging
Markets
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
INDONESIA
0.7%
Common
Stocks
0.7%
Bank
Central
Asia
15,607,900
7,761
Total
Indonesia
(Cost
$3,001
)
7,761
MEXICO
2.8%
Common
Stocks
2.8%
Grupo
Aeroportuario
del
Sureste,
ADR
(USD)
16,747
3,145
Grupo
Financiero
Banorte,
Class
O
2,313,400
13,184
Grupo
Mexico,
Series
B
1,492,434
5,915
Wal-Mart
de
Mexico
2,661,110
9,674
Total
Mexico
(Cost
$29,491
)
31,918
NETHERLANDS
1.8%
Common
Stocks
1.8%
ASML
Holding
17,644
10,141
Heineken
57,824
5,701
Prosus
72,353
4,720
Total
Netherlands
(Cost
$22,913
)
20,562
PERU
1.0%
Common
Stocks
1.0%
Credicorp
(USD)
36,954
4,782
Southern
Copper
(USD)
129,900
6,469
Total
Peru
(Cost
$13,236
)
11,251
PHILIPPINES
1.3%
Common
Stocks
1.3%
SM
Investments
663,017
9,336
Universal
Robina
2,648,200
5,333
Total
Philippines
(Cost
$13,068
)
14,669
POLAND
0.4%
Common
Stocks
0.4%
Powszechna
Kasa
Oszczednosci
Bank
Polski (1)
884,752
5,007
Total
Poland
(Cost
$7,809
)
5,007
PORTUGAL
0.2%
Common
Stocks
0.2%
Jeronimo
Martins
93,908
2,174
Total
Portugal
(Cost
$2,042
)
2,174
QATAR
1.6%
Common
Stocks
1.6%
Qatar
National
Bank
3,271,143
18,119
Total
Qatar
(Cost
$17,789
)
18,119
Shares
$
Value
(Cost
and
value
in
$000s)
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) (3)
442,656
—
Yandex,
Class
A
(USD) (1)(3)
212,483
—
Total
Russia
(Cost
$29,246
)
—
SAUDI
ARABIA
3.1%
Common
Stocks
3.1%
Nahdi
Medical (1)
311,728
14,497
Saudi
National
Bank
1,095,911
20,572
Total
Saudi
Arabia
(Cost
$27,278
)
35,069
SINGAPORE
0.6%
Common
Stocks
0.6%
Sea,
ADR
(USD) (1)
81,177
6,195
Total
Singapore
(Cost
$12,948
)
6,195
SOUTH
AFRICA
2.1%
Common
Stocks
2.1%
Capitec
Bank
Holdings
35,391
4,253
Clicks
Group
462,281
7,807
FirstRand
2,786,681
11,023
Total
South
Africa
(Cost
$16,902
)
23,083
SOUTH
KOREA
7.3%
Common
Stocks
7.3%
Coupang
(USD) (1)
268,869
4,649
LG
Chem
37,477
17,455
NAVER
59,842
11,971
Samsung
Electronics
1,016,223
48,103
Total
South
Korea
(Cost
$45,104
)
82,178
TAIWAN
9.9%
Common
Stocks
9.9%
Chailease
Holding
405,000
2,880
MediaTek
341,000
7,857
Taiwan
Semiconductor
Manufacturing
5,621,219
96,401
Vanguard
International
Semiconductor
1,497,000
3,606
Total
Taiwan
(Cost
$35,564
)
110,744
THAILAND
1.9%
Common
Stocks
1.9%
Airports
of
Thailand (1)
1,183,700
2,259
CP
ALL
11,329,100
18,995
Total
Thailand
(Cost
$19,729
)
21,254
T.
ROWE
PRICE
Institutional
Emerging
Markets
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
ARAB
EMIRATES
1.6%
Common
Stocks
1.6%
Borouge (1)
1,731,098
1,386
First
Abu
Dhabi
Bank
2,938,345
15,551
Network
International
Holdings
(GBP) (1)
325,639
803
Total
United
Arab
Emirates
(Cost
$11,285
)
17,740
Shares
$
Value
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS
2.6%
Money
Market
Funds
2.6%
T.
Rowe
Price
Government
Reserve
Fund,
2.03% (4)(5)
29,260,573
29,261
Total
Short-Term
Investments
(Cost
$29,261)
29,261
Total
Investments
in
Securities
99.0%
(Cost
$982,742)
$
1,112,783
Other
Assets
Less
Liabilities
1.0%
11,013
Net
Assets
100.0%
$
1,123,796
‡
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
GBP
British
Pound
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
nine
months
ended
July
31,
2022.
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,
2.03%
$
—
#
$
—
$
94
+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/21
Purchase
Cost
Sales
Cost
Value
07/31/22
T.
Rowe
Price
Government
Reserve
Fund,
2.03%
$
27,461
¤
¤
$
29,261
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$94
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
$29,261.
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
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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 fund’s
own
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
fund
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
fund
uses
information
from
outside
pricing
services
to
evaluate
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
T.
ROWE
PRICE
Institutional
Emerging
Markets
Equity
Fund
6
represent
foreign
securities
and
baskets
of
foreign
securities. The
fund
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
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
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
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
Committee
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
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
July
31,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
July
31,
2022.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
July
31,
2022,
totaled $(39,855,000) for
the
period ended
July
31,
2022.
During
the
period,
transfers
into
Level
3
resulted
from
a
lack
of marketability
for
the
securities.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
90,732
$
990,242
$
—
$
1,080,974
Preferred
Stocks
—
2,548
—
2,548
Short-Term
Investments
29,261
—
—
29,261
Total
$
119,993
$
992,790
$
—
$
1,112,783
($000s)
Beginning
Balance
10/31/21
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Into
Level
3
Ending
Balance
7/31/22
Investment
in
Securities
Common
Stocks
$
—
$
(41,675)
$
6,213
$
(1,214)
$
36,676
$
—
T.
ROWE
PRICE
Institutional
Emerging
Markets
Equity
Fund
7
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
a
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
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
E146-054Q3
07/22