NPORT-EX 2 70N6TRPInstitEmMktsEqFd.htm
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