T.

ROWE

PRICE

Institutional

Emerging

Markets

Equity

Fund

July

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA

1.7%

Common

Stocks

1.7%

Globant

(USD) (1)

37,300‌

8,921‌

MercadoLibre

(USD) (1)

16,354‌

25,654‌

Total

Argentina

(Cost

$11,648

)

34,575‌

BELGIUM

0.8%

Common

Stocks

0.8%

Anheuser-Busch

InBev 

237,863‌

15,012‌

Total

Belgium

(Cost

$20,726

)

15,012‌

BRAZIL

7.1%

Common

Stocks

4.4%

B3 

5,789,900‌

17,031‌

Lojas

Renner 

922,545‌

7,324‌

Pagseguro

Digital,

Class

A

(USD) (1)

242,929‌

13,468‌

Raia

Drogasil 

4,279,115‌

20,778‌

Rede

D'Or

Sao

Luiz 

562,912‌

7,486‌

StoneCo,

Class

A

(USD) (1)

202,269‌

11,902‌

XP,

Class

A

(USD) (1)

223,733‌

9,186‌

87,175‌

Preferred

Stocks

2.7%

Itau

Unibanco

Holding 

9,327,743‌

54,123‌

54,123‌

Total

Brazil

(Cost

$111,877

)

141,298‌

CHILE

0.8%

Common

Stocks

0.8%

Banco

Santander

Chile,

ADR

(USD) 

816,442‌

15,953‌

Total

Chile

(Cost

$17,472

)

15,953‌

CHINA

30.0%

Common

Stocks

25.2%

Alibaba

Group

Holding

(HKD) (1)

1,493,124‌

36,466‌

Alibaba

Group

Holding,

ADR

(USD) (1)

363,856‌

71,021‌

Anhui

Conch

Cement,

H

Shares

(HKD) 

3,201,500‌

15,312‌

China

Mengniu

Dairy

(HKD) 

8,185,000‌

44,440‌

China

Merchants

Bank,

H

Shares

(HKD) 

1,354,500‌

10,304‌

China

Overseas

Land

&

Investment

(HKD) 

9,299,000‌

19,490‌

China

Resources

Beer

Holdings

(HKD) 

274,000‌

2,055‌

ENN

Energy

Holdings

(HKD) 

694,900‌

14,501‌

Greentown

Service

Group

(HKD) 

4,628,000‌

5,038‌

Meituan,

Class

B

(HKD) (1)

985,000‌

27,256‌

Shares

$

Value

(Cost

and

value

in

$000s)

New

Oriental

Education

&

Technology

Group,

ADR

(USD) (1)

1,618,700‌

3,513‌

Pinduoduo,

ADR

(USD) (1)

144,000‌

13,192‌

Ping

An

Insurance

Group,

H

Shares

(HKD) 

4,014,000‌

35,126‌

Sino

Biopharmaceutical

(HKD) 

12,418,000‌

10,549‌

Tencent

Holdings

(HKD) 

2,150,200‌

129,675‌

Tencent

Music

Entertainment

Group,

ADR

(USD) (1)

335,500‌

3,546‌

Trip.com

Group,

ADR

(USD) (1)

391,273‌

10,146‌

Yum

China

Holdings

(USD) 

455,700‌

28,340‌

Zhongsheng

Group

Holdings

(HKD) 

2,159,500‌

19,903‌

499,873‌

Common

Stocks

-

China

A

Shares

4.8%

Gree

Electric

Appliances

of

Zhuhai,

A

Shares

(CNH) 

2,378,500‌

17,504‌

Gree

Electric

Appliances

of

Zhuhai,

A

Shares (2)

100,000‌

736‌

Hongfa

Technology,

A

Shares

(CNH) 

1,149,100‌

11,713‌

Jiangsu

Hengrui

Medicine,

A

Shares

(CNH) 

862,920‌

7,291‌

Kweichow

Moutai,

A

Shares

(CNH) 

16,571‌

4,316‌

Kweichow

Moutai,

A

Shares (2)

68,513‌

17,845‌

Midea

Group,

A

Shares

(CNH) 

891,562‌

8,794‌

Ping

An

Insurance

Group,

A

Shares (2)

157,200‌

1,310‌

Songcheng

Performance

Development,

A

Shares

(CNH) 

3,756,400‌

7,382‌

Songcheng

Performance

Development,

A

Shares (2)

3,848,553‌

7,564‌

Yifeng

Pharmacy

Chain,

A

Shares

(CNH) 

1,364,340‌

10,323‌

94,778‌

Total

China

(Cost

$436,680

)

594,651‌

CZECH

REPUBLIC

0.5%

Common

Stocks

0.5%

Komercni

banka (1)

245,163‌

9,101‌

Total

Czech

Republic

(Cost

$9,051

)

9,101‌

HONG

KONG

4.2%

Common

Stocks

4.2%

AIA

Group 

4,901,600‌

58,651‌

Budweiser

Brewing

APAC 

5,242,700‌

14,631‌

Hong

Kong

Exchanges

&

Clearing 

145,200‌

9,280‌

Total

Hong

Kong

(Cost

$51,082

)

82,562‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Equity

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

HUNGARY

1.0%

Common

Stocks

1.0%

OTP

Bank (1)

350,565‌

18,904‌

Total

Hungary

(Cost

$13,677

)

18,904‌

INDIA

7.5%

Common

Stocks

7.5%

HDFC

Bank 

1,513,241‌

29,091‌

Housing

Development

Finance 

1,316,611‌

43,367‌

Infosys 

2,270,477‌

49,521‌

Kotak

Mahindra

Bank (1)

597,811‌

13,344‌

Maruti

Suzuki

India 

75,231‌

7,085‌

Tata

Consultancy

Services 

141,331‌

6,026‌

Total

India

(Cost

$90,313

)

148,434‌

INDONESIA

0.8%

Common

Stocks

0.8%

Astra

International 

23,990,200‌

7,833‌

Bank

Central

Asia 

4,168,200‌

8,605‌

Total

Indonesia

(Cost

$16,748

)

16,438‌

MEXICO

1.6%

Common

Stocks

1.6%

Grupo

Aeroportuario

del

Sureste,

ADR

(USD) (1)

82,167‌

14,890‌

Wal-Mart

de

Mexico 

5,176,510‌

17,054‌

Total

Mexico

(Cost

$22,350

)

31,944‌

NETHERLANDS

2.2%

Common

Stocks

2.2%

ASML

Holding 

14,899‌

11,389‌

Heineken 

35,985‌

4,190‌

Prosus 

312,648‌

27,894‌

Total

Netherlands

(Cost

$43,334

)

43,473‌

PERU

0.6%

Common

Stocks

0.6%

Credicorp

(USD) (1)

123,655‌

12,484‌

Total

Peru

(Cost

$23,853

)

12,484‌

PHILIPPINES

1.4%

Common

Stocks

1.4%

SM

Investments 

1,027,657‌

18,736‌

Universal

Robina 

3,547,430‌

8,996‌

Total

Philippines

(Cost

$21,382

)

27,732‌

Shares

$

Value

(Cost

and

value

in

$000s)

POLAND

0.3%

Common

Stocks

0.3%

InPost

(EUR) (1)

300,568‌

5,893‌

Total

Poland

(Cost

$5,947

)

5,893‌

RUSSIA

4.7%

Common

Stocks

4.7%

Mail.Ru

Group,

GDR

(USD) (1)

383,855‌

7,942‌

Ozon

Holdings,

ADR

(USD) (1)

156,040‌

8,147‌

Sberbank

of

Russia,

ADR

(USD) 

3,115,192‌

51,841‌

X5

Retail

Group,

GDR

(USD) 

368,777‌

11,939‌

Yandex,

Class

A

(USD) (1)

180,283‌

12,247‌

Total

Russia

(Cost

$65,563

)

92,116‌

SAUDI

ARABIA

1.3%

Common

Stocks

1.3%

Al

Rajhi

Bank 

397,819‌

11,770‌

Saudi

National

Bank 

947,112‌

13,906‌

Total

Saudi

Arabia

(Cost

$17,388

)

25,676‌

SINGAPORE

0.2%

Common

Stocks

0.2%

Sea,

ADR

(USD) (1)

13,477‌

3,722‌

Total

Singapore

(Cost

$2,979

)

3,722‌

SOUTH

AFRICA

2.5%

Common

Stocks

2.5%

Capitec

Bank

Holdings 

81,825‌

9,083‌

Clicks

Group 

615,897‌

11,150‌

FirstRand 

3,762,826‌

13,958‌

Shoprite

Holdings 

1,406,160‌

15,405‌

Total

South

Africa

(Cost

$44,897

)

49,596‌

SOUTH

KOREA

11.7%

Common

Stocks

11.2%

Coupang

(USD) (1)

227,969‌

8,280‌

KakaoBank (1)

15,497‌

525‌

LG

Household

&

Health

Care 

43,946‌

55,681‌

NAVER 

123,337‌

46,486‌

Samsung

Electronics 

1,612,320‌

110,180‌

221,152‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Equity

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

Preferred

Stocks

0.5%

Samsung

Electronics 

161,232‌

10,122‌

10,122‌

Total

South

Korea

(Cost

$86,829

)

231,274‌

TAIWAN

13.6%

Common

Stocks

13.6%

Largan

Precision 

257,000‌

27,044‌

MediaTek 

437,000‌

14,289‌

President

Chain

Store 

1,646,000‌

16,533‌

Taiwan

Semiconductor

Manufacturing 

9,569,219‌

199,992‌

Vanguard

International

Semiconductor 

2,958,000‌

12,256‌

Total

Taiwan

(Cost

$104,756

)

270,114‌

THAILAND

1.6%

Common

Stocks

1.6%

Airports

of

Thailand 

3,430,200‌

5,897‌

CP

ALL 

14,521,100‌

26,146‌

Total

Thailand

(Cost

$29,577

)

32,043‌

Shares

$

Value

(Cost

and

value

in

$000s)

TURKEY

0.7%

Common

Stocks

0.7%

BIM

Birlesik

Magazalar 

651,710‌

4,905‌

D-MARKET

Elektronik

Hizmetler

ve

Ticaret,

ADR

(USD) (1)

613,164‌

8,075‌

Total

Turkey

(Cost

$12,226

)

12,980‌

UNITED

ARAB

EMIRATES

1.2%

Common

Stocks

1.2%

First

Abu

Dhabi

Bank 

3,837,637‌

17,313‌

Network

International

Holdings

(GBP) (1)

1,568,527‌

7,428‌

Total

United

Arab

Emirates

(Cost

$19,077

)

24,741‌

SHORT-TERM

INVESTMENTS

1.5%

Money

Market

Funds

1.5%

T.

Rowe

Price

Government

Reserve

Fund,

0.04% (3)(4)

29,953,548‌

29,954‌

Total

Short-Term

Investments

(Cost

$29,954)

29,954‌

Total

Investments

in

Securities

99.5%

(Cost

$1,309,386)

$

1,970,670‌

Other

Assets

Less

Liabilities

0.5%

9,695

Net

Assets

100.0%

$

1,980,365‌

‡

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)

Seven-day

yield

(4)

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

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,

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,

0.04%

$

—‌#

$

—‌

$

20‌+

Supplementary

Investment

Schedule

Affiliate

Value

10/31/20

Purchase

Cost

Sales

Cost

Value

07/31/21

T.

Rowe

Price

Government

Reserve

Fund,

0.04%

$

37,151‌

 ¤

 ¤

$

29,954‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$20

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

$29,954.

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,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

E146-054Q3

07/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

282,687‌

$

1,593,784‌

$

—‌

$

1,876,471‌

Preferred

Stocks

—‌

64,245‌

—‌

64,245‌

Short-Term

Investments

29,954‌

—‌

—‌

29,954‌

Total

$

312,641‌

$

1,658,029‌

$

—‌

$

1,970,670‌