T. Rowe Price Institutional International Bond Fund
The portfolio manager table under Management is supplemented as follows:
Effective January 1, 2014, Arif Husain will replace Ian D. Kelson and become co-portfolio manager of the fund along with Christopher J. Rothery. Mr. Husain will also replace Mr. Kelson as co-chairman of the funds Investment Advisory Committee. Mr. Husain joined T. Rowe Price International in August 2013.
E167-041-S 12/4/13