T.

ROWE

PRICE

Institutional

Emerging

Markets

Equity

Fund

January

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA

1.6%

Common

Stocks

1.6%

MercadoLibre

(USD)

(1)

15,954‌

28,390‌

Tenaris

,

ADR

(USD)

414,100‌

6,402‌

Total

Argentina

(Cost

$12,160

)

34,792‌

BELGIUM

0.7%

Common

Stocks

0.7%

Anheuser-Busch

InBev

242,231‌

15,206‌

Total

Belgium

(Cost

$21,378

)

15,206‌

BRAZIL

6.6%

Common

Stocks

4.2%

B3

1,633,600‌

17,878‌

Lojas

Renner

1,108,445‌

8,436‌

Pagseguro

Digital,

Class

A

(USD)

(1)

248,929‌

12,185‌

Raia

Drogasil

4,584,615‌

20,864‌

Rede

D'Or

Sao

Luiz

476,848‌

5,691‌

StoneCo

,

Class

A

(USD)

(1)

189,869‌

13,652‌

XP,

Class

A

(USD)

(1)

257,186‌

11,224‌

89,930‌

Preferred

Stocks

2.4%

Itau

Unibanco

Holding

(2)

10,068,543‌

52,207‌

52,207‌

Total

Brazil

(Cost

$117,959

)

142,137‌

CHILE

0.8%

Common

Stocks

0.8%

Banco

Santander

Chile,

ADR

(USD)

900,742‌

18,186‌

Total

Chile

(Cost

$20,442

)

18,186‌

CHINA

33.1%

Common

Stocks

28.5%

Alibaba

Group

Holding

(HKD)

(1)

1,510,624‌

47,939‌

Alibaba

Group

Holding,

ADR

(USD)

(1)

376,156‌

95,480‌

Anhui

Conch

Cement,

H

Shares

(HKD)

3,759,500‌

22,210‌

China

Mengniu

Dairy

(HKD)

8,442,000‌

50,204‌

China

Merchants

Bank,

H

Shares

(HKD)

1,948,000‌

14,917‌

China

Overseas

Land

&

Investment

(HKD)

2,739,000‌

6,222‌

China

Resources

Beer

Holdings

(HKD)

2,404,000‌

21,195‌

China

Resources

Mixc

Lifestyle

Services

(HKD)

(1)

175,000‌

921‌

CSPC

Pharmaceutical

Group

(HKD)

8,212,720‌

8,349‌

ENN

Energy

Holdings

(HKD)

655,200‌

10,105‌

Greentown

Service

Group

(HKD)

3,770,000‌

4,240‌

Meituan

,

Class

B

(HKD)

(1)

217,400‌

10,024‌

Shares

$

Value

(Cost

and

value

in

$000s)

New

Oriental

Education

&

Technology

Group,

ADR

(USD)

(1)

38,400‌

6,432‌

Ping

An

Insurance

Group,

H

Shares

(HKD)

3,951,000‌

46,534‌

Sino

Biopharmaceutical

(HKD)

12,884,000‌

11,961‌

TAL

Education

Group,

ADR

(USD)

(1)

258,464‌

19,871‌

Tencent

Holdings

(HKD)

2,215,200‌

197,382‌

Tencent

Music

Entertainment

Group,

ADR

(USD)

(1)

415,900‌

11,063‌

Trip.com

Group,

ADR

(USD)

(1)

367,473‌

11,697‌

Yum

China

Holdings

(USD)

212,800‌

12,068‌

608,814‌

Common

Stocks

-

China

A

Shares

4.6%

Gree

Electric

Appliances

of

Zhuhai,

A

Shares

(CNH)

1,550,400‌

13,442‌

Gree

Electric

Appliances

of

Zhuhai,

A

Shares

(3)

100,000‌

868‌

Jiangsu

Hengrui

Medicine,

A

Shares

(CNH)

635,100‌

10,155‌

Kweichow

Moutai

,

A

Shares

(CNH)

18,071‌

5,901‌

Kweichow

Moutai

,

A

Shares

(3)

68,513‌

22,391‌

Midea

Group,

A

Shares

(CNH)

865,162‌

12,847‌

Ping

An

Insurance

Group,

A

Shares

(3)

157,200‌

1,919‌

Shanghai

International

Airport,

A

Shares

(CNH)

631,734‌

7,700‌

Songcheng

Performance

Development,

A

Shares

(3)

3,848,553‌

9,752‌

Yifeng

Pharmacy

Chain,

A

Shares

(CNH)

891,000‌

13,959‌

98,934‌

Total

China

(Cost

$346,546

)

707,748‌

CZECH

REPUBLIC

0.3%

Common

Stocks

0.3%

Komercni

banka

(1)

222,070‌

6,740‌

Total

Czech

Republic

(Cost

$8,256

)

6,740‌

HONG

KONG

3.3%

Common

Stocks

3.3%

AIA

Group

5,072,200‌

61,154‌

Hong

Kong

Exchanges

&

Clearing

149,100‌

9,533‌

Total

Hong

Kong

(Cost

$35,936

)

70,687‌

HUNGARY

0.9%

Common

Stocks

0.9%

OTP

Bank

(1)

418,039‌

19,061‌

Total

Hungary

(Cost

$16,604

)

19,061‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Equity

Fund

(Unaudited)

2

Shares

$

Value

(Cost

and

value

in

$000s)

INDIA

6.4%

Common

Stocks

6.4%

HDFC

Bank

(1)

1,655,357‌

31,602‌

Housing

Development

Finance

1,357,967‌

44,161‌

Infosys

2,220,148‌

37,952‌

Kotak

Mahindra

Bank

(1)

384,448‌

8,993‌

Maruti

Suzuki

India

77,229‌

7,628‌

Tata

Consultancy

Services

145,208‌

6,209‌

Total

India

(Cost

$88,109

)

136,545‌

INDONESIA

1.1%

Common

Stocks

1.1%

Astra

International

24,536,200‌

10,632‌

Bank

Central

Asia

5,185,500‌

12,472‌

Total

Indonesia

(Cost

$18,157

)

23,104‌

MEXICO

1.3%

Common

Stocks

1.3%

Grupo

Aeroportuario

del

Sureste

,

ADR

(USD)

(1)

84,167‌

13,190‌

Wal-Mart

de

Mexico

5,304,810‌

15,108‌

Total

Mexico

(Cost

$22,958

)

28,298‌

NETHERLANDS

0.4%

Common

Stocks

0.4%

Prosus

79,905‌

9,335‌

Total

Netherlands

(Cost

$6,691

)

9,335‌

PERU

1.4%

Common

Stocks

1.4%

Credicorp

(USD)

126,655‌

19,040‌

Southern

Copper

(USD)

160,600‌

10,665‌

Total

Peru

(Cost

$30,764

)

29,705‌

PHILIPPINES

1.5%

Common

Stocks

1.5%

SM

Investments

1,059,932‌

21,676‌

Universal

Robina

3,643,200‌

10,223‌

Total

Philippines

(Cost

$22,427

)

31,899‌

POLAND

0.5%

Common

Stocks

0.5%

InPost

(EUR)

(1)

410,698‌

9,868‌

Total

Poland

(Cost

$8,502

)

9,868‌

Shares

$

Value

(Cost

and

value

in

$000s)

RUSSIA

4.5%

Common

Stocks

4.5%

Mail.Ru

Group,

GDR

(USD)

(1)

362,037‌

9,432‌

Ozon

Holdings,

ADR

(USD)

(1)

136,168‌

6,582‌

Sberbank

of

Russia,

ADR

(USD)

4,215,744‌

57,680‌

X5

Retail

Group,

GDR

(USD)

383,809‌

13,532‌

Yandex

,

Class

A

(USD)

(1)

133,383‌

8,355‌

Total

Russia

(Cost

$75,445

)

95,581‌

SAUDI

ARABIA

0.7%

Common

Stocks

0.7%

Al

Rajhi

Bank

496,521‌

9,647‌

National

Commercial

Bank

372,936‌

4,287‌

Total

Saudi

Arabia

(Cost

$11,676

)

13,934‌

SOUTH

AFRICA

3.1%

Common

Stocks

3.1%

Capitec

Bank

Holdings

(1)

131,292‌

12,018‌

Clicks

Group

636,242‌

10,454‌

FirstRand

3,881,018‌

12,190‌

Naspers,

N

Shares

76,256‌

17,640‌

Shoprite

Holdings

1,540,224‌

14,235‌

Total

South

Africa

(Cost

$63,371

)

66,537‌

SOUTH

KOREA

13.6%

Common

Stocks

12.4%

LG

Household

&

Health

Care

44,773‌

62,327‌

NAVER

123,896‌

37,805‌

Samsung

Electronics

2,046,018‌

149,578‌

SK

Hynix

151,019‌

16,488‌

266,198‌

Preferred

Stocks

1.2%

Samsung

Electronics

(2)

395,047‌

25,764‌

25,764‌

Total

South

Korea

(Cost

$108,632

)

291,962‌

TAIWAN

12.9%

Common

Stocks

12.9%

Largan

Precision

265,000‌

27,738‌

MediaTek

381,000‌

11,900‌

President

Chain

Store

1,710,000‌

16,293‌

Taiwan

Semiconductor

Manufacturing

9,923,219‌

209,711‌

Vanguard

International

Semiconductor

2,509,000‌

9,961‌

Total

Taiwan

(Cost

$105,381

)

275,603‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Equity

Fund

(Unaudited)

3

Shares

$

Value

(Cost

and

value

in

$000s)

THAILAND

1.7%

Common

Stocks

1.7%

Airports

of

Thailand

3,512,100‌

6,982‌

CP

ALL

(1)

15,100,700‌

28,810‌

Total

Thailand

(Cost

$31,319

)

35,792‌

TURKEY

0.3%

Common

Stocks

0.3%

BIM

Birlesik

Magazalar

657,874‌

6,474‌

Total

Turkey

(Cost

$4,680

)

6,474‌

UNITED

ARAB

EMIRATES

1.4%

Common

Stocks

1.4%

First

Abu

Dhabi

Bank

5,416,558‌

22,096‌

Shares

$

Value

(Cost

and

value

in

$000s)

Network

International

Holdings

(GBP)

(1)

1,725,661‌

8,039‌

Total

United

Arab

Emirates

(Cost

$26,036

)

30,135‌

SHORT-TERM

INVESTMENTS

2.2%

Money

Market

Funds

2.2%

T.

Rowe

Price

Government

Reserve

Fund,

0.07%

(4)(5)

47,191,160‌

47,191‌

Total

Short-Term

Investments

(Cost

$47,191)

47,191‌

Total

Investments

in

Securities

100.3%

(Cost

$1,250,620)

$

2,146,520‌

Other

Assets

Less

Liabilities

(0.3)%

(6,308)

Net

Assets

100.0%

$

2,140,212‌

‡

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)

Preferred

stocks

are

shares

that

carry

certain

preferential

rights.

The

dividend

rate

may

not

be

consistent

each

pay

period

and

could

be

zero

for

a

particular

year.

(3)

China

A

shares

held

through

the

QFII

are

subject

to

certain

restrictions.

(4)

Seven-day

yield

(5)

Affiliated

Companies

ADR

American

Depositary

Receipts

CNH

Offshore

China

Renminbi

EUR

Euro

GBP

British

Pound

GDR

Global

Depositary

Receipts

HKD

Hong

Kong

Dollar

USD

U.S.

Dollar

T.

ROWE

PRICE

Institutional

Emerging

Markets

Equity

Fund

(Unaudited)

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,

2021.

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,

0.07%

$

—‌#

$

—‌

$

10‌+

`0.00

`0.00

`0.00

Supplementary

Investment

Schedule

Affiliate

Value

10/31/20

Purchase

Cost

Sales

Cost

Value

01/31/21

T.

Rowe

Price

Government

Reserve

Fund,

0.07%

$

37,151‌

 ¤

 ¤

$

47,191‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$10

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

$47,191.

T.

ROWE

PRICE

Institutional

Emerging

Markets

Equity

Fund

(Unaudited)

5

Notes

to

the

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. The

fund’s

financial

instruments

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

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

January

31,

2021 (for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

E146-054Q1

01/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

304,482‌

$

1,716,876‌

$

—‌

$

2,021,358‌

Preferred

Stocks

—‌

77,971‌

—‌

77,971‌

Short-Term

Investments

47,191‌

—‌

—‌

47,191‌

Total

$

351,673‌

$

1,794,847‌

$

—‌

$

2,146,520‌