T. Rowe Price Global Value Equity Fund (TRGVX) NPORT-P T. Rowe Price Institutional Emerging Markets Bond Fund (Mar 2023 report)

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

March

31,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ALBANIA

1.6%

Government

Bonds

1.6%

Republic

of

Albania,

3.50%,

6/16/27

(EUR) 

1,960,000‌

1,927‌

Republic

of

Albania,

3.50%,

11/23/31

(EUR) (1)

1,925,000‌

1,737‌

Republic

of

Albania,

3.50%,

11/23/31

(EUR) 

2,270,000‌

2,048‌

Total

Albania

(Cost

$6,612

)

5,712‌

ANGOLA

1.9%

Government

Bonds

1.9%

Republic

of

Angola,

8.00%,

11/26/29

(USD) 

1,860,000‌

1,600‌

Republic

of

Angola,

8.25%,

5/9/28

(USD) 

3,840,000‌

3,407‌

Republic

of

Angola,

8.75%,

4/14/32

(USD) (1)

530,000‌

449‌

Republic

of

Angola,

9.125%,

11/26/49

(USD) 

1,700,000‌

1,321‌

Total

Angola

(Cost

$7,078

)

6,777‌

ARGENTINA

1.0%

Government

Bonds

1.0%

Republic

of

Argentina,

STEP,

0.50%,

7/9/30

(USD) 

1,610,121‌

471‌

Republic

of

Argentina,

STEP,

1.50%,

7/9/35

(USD) 

2,600,026‌

682‌

Republic

of

Argentina,

STEP,

3.875%,

1/9/38

(USD) 

7,020,959‌

2,212‌

Republic

of

Argentina,

Series

$GDP,

0.00%,

12/15/35

(USD) (2)(3)

4,020,000‌

30‌

Total

Argentina

(Cost

$6,535

)

3,395‌

AZERBAIJAN

0.3%

Government

Bonds

0.3%

Republic

of

Azerbaijan,

3.50%,

9/1/32

(USD) 

1,300,000‌

1,112‌

Total

Azerbaijan

(Cost

$1,105

)

1,112‌

BAHAMAS

0.6%

Government

Bonds

0.6%

Commonwealth

of

Bahamas,

6.00%,

11/21/28

(USD) (1)

2,710,000‌

2,070‌

Total

Bahamas

(Cost

$2,803

)

2,070‌

BAHRAIN

2.6%

Government

Bonds

2.6%

Kingdom

of

Bahrain,

5.625%,

5/18/34

(USD) (1)

3,750,000‌

3,288‌

Kingdom

of

Bahrain,

6.75%,

9/20/29

(USD) 

1,710,000‌

1,702‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Kingdom

of

Bahrain,

7.00%,

10/12/28

(USD) 

2,905,000‌

2,959‌

Kingdom

of

Bahrain,

7.50%,

9/20/47

(USD) 

1,225,000‌

1,111‌

Total

Bahrain

(Cost

$9,685

)

9,060‌

BARBADOS

0.1%

Government

Bonds

0.1%

Government

of

Barbados,

6.50%,

10/1/29

(USD) (1)

275,000‌

257‌

Total

Barbados

(Cost

$278

)

257‌

BERMUDA

0.5%

Government

Bonds

0.5%

Government

of

Bermuda,

5.00%,

7/15/32

(USD) 

1,800,000‌

1,810‌

Total

Bermuda

(Cost

$1,786

)

1,810‌

BRAZIL

2.5%

Convertible

Bonds

0.2%

MercadoLibre,

2.00%,

8/15/28

(USD) 

264,000‌

795‌

795‌

Corporate

Bonds

1.5%

Braskem

Netherlands

Finance,

7.25%,

2/13/33

(USD) (1)

885,000‌

851‌

Cosan

Overseas,

8.25%

(USD) (4)

430,000‌

428‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD) 

3,225,000‌

2,572‌

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32

(USD) (1)

500,000‌

399‌

Sitios

Latinoamerica,

5.375%,

4/4/32

(USD) (1)

1,200,000‌

1,074‌

5,324‌

Government

Bonds

0.8%

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31 

11,300,000‌

1,953‌

Republic

of

Brazil,

5.00%,

1/27/45

(USD) 

823,000‌

649‌

2,602‌

Total

Brazil

(Cost

$9,305

)

8,721‌

BULGARIA

0.4%

Government

Bonds

0.4%

Republic

of

Bulgaria,

4.50%,

1/27/33

(EUR) (1)

1,365,000‌

1,455‌

Total

Bulgaria

(Cost

$1,434

)

1,455‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

CHILE

3.3%

Corporate

Bonds

2.9%

AES

Andes,

VR,

6.35%,

10/7/79

(USD) (1)(5)

725,000‌

676‌

AES

Andes,

VR,

7.125%,

3/26/79

(USD) (1)(5)

2,425,000‌

2,320‌

Agrosuper,

4.60%,

1/20/32

(USD) (1)

1,400,000‌

1,195‌

Banco

Santander

Chile,

3.177%,

10/26/31

(USD) (1)

1,500,000‌

1,258‌

Celulosa

Arauco

y

Constitucion,

4.20%,

1/29/30

(USD) (1)

1,200,000‌

1,092‌

Celulosa

Arauco

y

Constitucion,

5.15%,

1/29/50

(USD) 

1,000,000‌

850‌

Corp.

Nacional

del

Cobre

de

Chile,

5.125%,

2/2/33

(USD) (1)

500,000‌

505‌

Empresa

de

los

Ferrocarriles

del

Estado,

3.068%,

8/18/50

(USD) 

1,520,000‌

953‌

Empresa

de

Transporte

de

Pasajeros

Metro,

3.693%,

9/13/61

(USD) (1)

800,000‌

555‌

Empresa

de

Transporte

de

Pasajeros

Metro,

4.70%,

5/7/50

(USD) (1)

945,000‌

831‌

10,235‌

Government

Bonds

0.4%

Republic

of

Chile,

3.25%,

9/21/71

(USD) 

1,200,000‌

781‌

Republic

of

Chile,

3.50%,

1/31/34

(USD) 

310,000‌

277‌

Republic

of

Chile,

4.00%,

1/31/52

(USD) 

350,000‌

285‌

1,343‌

Total

Chile

(Cost

$13,253

)

11,578‌

CHINA

1.3%

Corporate

Bonds

0.3%

Health

&

Happiness

H&H

International

Holdings,

5.625%,

10/24/24

(USD) 

1,000,000‌

886‌

886‌

Government

Bonds

1.0%

People's

Republic

of

China,

Series

INBK,

3.27%,

11/19/30 

7,600,000‌

1,147‌

People's

Republic

of

China,

Series

1916,

3.12%,

12/5/26 

16,100,000‌

2,387‌

3,534‌

Total

China

(Cost

$4,730

)

4,420‌

COLOMBIA

4.7%

Corporate

Bonds

1.4%

Banco

Davivienda,

VR,

6.65%

(USD) (1)(4)(5)

1,975,000‌

1,367‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Banco

de

Bogota,

6.25%,

5/12/26

(USD) 

1,000,000‌

973‌

Bancolombia,

VR,

4.625%,

12/18/29

(USD) (5)

1,345,000‌

1,131‌

Ecopetrol,

4.625%,

11/2/31

(USD) 

1,460,000‌

1,125‌

Ecopetrol,

6.875%,

4/29/30

(USD) 

200,000‌

184‌

Ecopetrol,

8.875%,

1/13/33

(USD) 

390,000‌

395‌

5,175‌

Government

Bonds

3.2%

Republic

of

Colombia,

3.00%,

1/30/30

(USD) 

2,075,000‌

1,633‌

Republic

of

Colombia,

3.125%,

4/15/31

(USD) 

2,100,000‌

1,607‌

Republic

of

Colombia,

4.125%,

5/15/51

(USD) 

1,455,000‌

900‌

Republic

of

Colombia,

4.50%,

3/15/29

(USD) 

200,000‌

177‌

Republic

of

Colombia,

5.00%,

6/15/45

(USD) 

4,425,000‌

3,104‌

Republic

of

Colombia,

6.125%,

1/18/41

(USD) 

2,320,000‌

1,905‌

Republic

of

Colombia,

Series

B,

7.00%,

3/26/31 

11,917,200,000‌

1,970‌

11,296‌

Private

Investment

Company

0.1%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $265

(USD) (2)(6)(7)

†

278‌

278‌

Total

Colombia

(Cost

$19,234

)

16,749‌

DOMINICAN

REPUBLIC

4.7%

Government

Bonds

4.7%

Dominican

Republic,

4.50%,

1/30/30

(USD) (1)

2,245,000‌

1,961‌

Dominican

Republic,

4.875%,

9/23/32

(USD) (1)

3,405,000‌

2,900‌

Dominican

Republic,

4.875%,

9/23/32

(USD) 

5,950,000‌

5,067‌

Dominican

Republic,

5.875%,

1/30/60

(USD) 

5,200,000‌

3,995‌

Dominican

Republic,

6.85%,

1/27/45

(USD) 

2,775,000‌

2,487‌

Dominican

Republic,

7.05%,

2/3/31

(USD) (1)

160,000‌

163‌

Total

Dominican

Republic

(Cost

$17,323

)

16,573‌

ECUADOR

1.3%

Government

Bonds

1.3%

Republic

of

Ecuador,

STEP,

2.50%,

7/31/35

(USD) (1)

7,952,685‌

2,684‌

Republic

of

Ecuador,

STEP,

2.50%,

7/31/35

(USD) 

1,075,000‌

363‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Ecuador,

STEP,

5.50%,

7/31/30

(USD) (1)

3,264,550‌

1,534‌

Total

Ecuador

(Cost

$8,949

)

4,581‌

EGYPT

1.2%

Government

Bonds

1.2%

Arab

Republic

of

Egypt,

5.875%,

2/16/31

(USD) 

575,000‌

350‌

Arab

Republic

of

Egypt,

6.588%,

2/21/28

(USD) 

1,225,000‌

859‌

Arab

Republic

of

Egypt,

7.903%,

2/21/48

(USD) (1)

800,000‌

445‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) (1)

3,050,000‌

1,779‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) 

1,390,000‌

811‌

Total

Egypt

(Cost

$6,955

)

4,244‌

EL

SALVADOR

0.9%

Government

Bonds

0.9%

Republic

of

El

Salvador,

5.875%,

1/30/25

(USD) 

3,015,000‌

2,352‌

Republic

of

El

Salvador,

7.65%,

6/15/35

(USD) 

1,945,000‌

924‌

Total

El

Salvador

(Cost

$3,792

)

3,276‌

GHANA

0.5%

Corporate

Bonds

0.2%

Kosmos

Energy,

7.125%,

4/4/26

(USD) 

700,000‌

601‌

601‌

Government

Bonds

0.3%

Republic

of

Ghana,

8.625%,

4/7/34

(USD) (2)(8)

1,100,000‌

385‌

Republic

of

Ghana,

8.875%,

5/7/42

(USD) (2)(8)

230,000‌

79‌

Republic

of

Ghana,

10.75%,

10/14/30

(USD) 

830,000‌

576‌

1,040‌

Total

Ghana

(Cost

$1,717

)

1,641‌

GRENADA

0.0%

Government

Bonds

0.0%

Government

of

Grenada,

7.00%,

5/12/30

(USD) 

143,414‌

120‌

Total

Grenada

(Cost

$132

)

120‌

GUATEMALA

1.1%

Government

Bonds

1.1%

Republic

of

Guatemala,

4.875%,

2/13/28

(USD) 

1,050,000‌

1,023‌

Republic

of

Guatemala,

4.90%,

6/1/30

(USD) (1)

1,000,000‌

958‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Guatemala,

5.25%,

8/10/29

(USD) (1)

230,000‌

225‌

Republic

of

Guatemala,

5.375%,

4/24/32

(USD) 

1,900,000‌

1,850‌

Total

Guatemala

(Cost

$4,274

)

4,056‌

INDIA

3.4%

Corporate

Bonds

1.4%

ABJA

Investment,

5.45%,

1/24/28

(USD) 

1,170,000‌

1,135‌

Adani

International

Container

Terminal,

3.00%,

2/16/31

(USD) 

1,898,438‌

1,449‌

Greenko

Power

II,

4.30%,

12/13/28

(USD) 

1,098,250‌

951‌

Reliance

Industries,

2.875%,

1/12/32

(USD) 

1,600,000‌

1,331‌

4,866‌

Government

Bonds

2.0%

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) (1)

255,000‌

205‌

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) 

3,300,000‌

2,649‌

Export-Import

Bank

of

India,

3.25%,

1/15/30

(USD) 

5,055,000‌

4,449‌

7,303‌

Total

India

(Cost

$13,533

)

12,169‌

INDONESIA

6.8%

Corporate

Bonds

1.2%

Minejesa

Capital,

5.625%,

8/10/37

(USD) 

2,200,000‌

1,727‌

Pertamina

Persero,

5.625%,

5/20/43

(USD) 

920,000‌

872‌

Perusahaan

Listrik

Negara,

4.125%,

5/15/27

(USD) 

1,000,000‌

958‌

Perusahaan

Listrik

Negara,

4.375%,

2/5/50

(USD) (1)

400,000‌

303‌

Perusahaan

Listrik

Negara,

6.15%,

5/21/48

(USD) 

300,000‌

292‌

4,152‌

Government

Bonds

5.6%

Perusahaan

Penerbit,

2.80%,

6/23/30

(USD) 

8,150,000‌

7,262‌

Perusahaan

Penerbit,

4.15%,

3/29/27

(USD) 

2,995,000‌

2,958‌

Perusahaan

Penerbit,

4.40%,

3/1/28

(USD) 

200,000‌

199‌

Perusahaan

Penerbit,

4.45%,

2/20/29

(USD) 

1,800,000‌

1,789‌

Perusahaan

Penerbit,

4.55%,

3/29/26

(USD) 

1,350,000‌

1,355‌

Republic

of

Indonesia,

4.55%,

1/11/28

(USD) 

900,000‌

901‌

Republic

of

Indonesia,

4.625%,

4/15/43

(USD) 

2,425,000‌

2,274‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Indonesia,

5.25%,

1/17/42

(USD) 

1,500,000‌

1,470‌

Republic

of

Indonesia,

Series

FR64,

6.125%,

5/15/28 

25,057,000,000‌

1,649‌

19,857‌

Total

Indonesia

(Cost

$27,123

)

24,009‌

ISRAEL

0.4%

Corporate

Bonds

0.4%

ICL

Group,

6.375%,

5/31/38

(USD) (1)

1,400,000‌

1,381‌

Total

Israel

(Cost

$1,512

)

1,381‌

IVORY

COAST

2.6%

Government

Bonds

2.6%

Republic

of

Ivory

Coast,

4.875%,

1/30/32

(EUR) 

1,155,000‌

958‌

Republic

of

Ivory

Coast,

6.125%,

6/15/33

(USD) 

7,175,000‌

6,231‌

Republic

of

Ivory

Coast,

6.625%,

3/22/48

(EUR) 

2,760,000‌

2,082‌

Total

Ivory

Coast

(Cost

$9,834

)

9,271‌

JAMAICA

0.5%

Corporate

Bonds

0.2%

TransJamaican

Highway,

5.75%,

10/10/36

(USD) (1)

348,814‌

292‌

TransJamaican

Highway,

5.75%,

10/10/36

(USD) 

377,096‌

316‌

608‌

Government

Bonds

0.3%

Government

of

Jamaica,

6.75%,

4/28/28

(USD) 

1,100,000‌

1,159‌

1,159‌

Total

Jamaica

(Cost

$1,980

)

1,767‌

JORDAN

1.6%

Government

Bonds

1.6%

Kingdom

of

Jordan,

5.85%,

7/7/30

(USD) 

6,475,000‌

5,786‌

Total

Jordan

(Cost

$6,709

)

5,786‌

KAZAKHSTAN

0.6%

Corporate

Bonds

0.6%

KazMunayGas

National,

3.50%,

4/14/33

(USD) 

1,200,000‌

903‌

KazMunayGas

National,

5.75%,

4/19/47

(USD) 

1,435,000‌

1,125‌

Total

Kazakhstan

(Cost

$2,565

)

2,028‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

KENYA

0.6%

Government

Bonds

0.6%

Republic

of

Kenya,

7.25%,

2/28/28

(USD) 

2,444,000‌

2,010‌

Total

Kenya

(Cost

$2,162

)

2,010‌

KUWAIT

0.3%

Corporate

Bonds

0.3%

MEGlobal

Canada,

5.875%,

5/18/30

(USD) (1)

245,000‌

251‌

MEGlobal

Canada,

5.875%,

5/18/30

(USD) 

800,000‌

818‌

Total

Kuwait

(Cost

$1,147

)

1,069‌

MEXICO

8.0%

Corporate

Bonds

3.1%

Axtel,

6.375%,

11/14/24

(USD) (1)

505,000‌

452‌

Banco

Mercantil

del

Norte,

VR,

7.625%

(USD) (4)(5)

500,000‌

443‌

Banco

Mercantil

del

Norte,

VR,

8.375%

(USD) (4)(5)

1,075,000‌

999‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD) (5)

2,975,000‌

2,547‌

BBVA

Bancomer,

VR,

5.875%,

9/13/34

(USD) (5)

750,000‌

656‌

Cemex,

5.45%,

11/19/29

(USD) 

700,000‌

660‌

Cometa

Energia,

6.375%,

4/24/35

(USD) (1)

985,550‌

931‌

Infraestructura

Energetica

Nova,

4.75%,

1/15/51

(USD) 

1,375,000‌

1,022‌

Mexico

City

Airport

Trust,

5.50%,

7/31/47

(USD) 

3,428,000‌

2,643‌

Petroleos

Mexicanos,

6.84%,

1/23/30

(USD) 

270,000‌

224‌

Petroleos

Mexicanos,

10.00%,

2/7/33

(USD) (1)

250,000‌

240‌

10,817‌

Government

Bonds

4.9%

Petroleos

Mexicanos,

4.50%,

1/23/26

(USD) 

3,400,000‌

3,119‌

Petroleos

Mexicanos,

5.50%,

6/27/44

(USD) 

1,860,000‌

1,097‌

Petroleos

Mexicanos,

5.625%,

1/23/46

(USD) 

3,460,000‌

2,059‌

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD) 

2,875,000‌

2,615‌

Petroleos

Mexicanos,

6.50%,

6/2/41

(USD) 

470,000‌

314‌

Petroleos

Mexicanos,

8.75%,

6/2/29

(USD) 

4,305,000‌

4,008‌

Petroleos

Mexicanos,

Series

13-2,

7.19%,

9/12/24 

2,700,000‌

139‌

United

Mexican

States,

6.35%,

2/9/35

(USD) 

1,710,000‌

1,820‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

United

Mexican

States,

Series

M,

7.75%,

5/29/31 

41,300,000‌

2,152‌

17,323‌

Total

Mexico

(Cost

$31,638

)

28,140‌

MONGOLIA

0.2%

Government

Bonds

0.2%

State

of

Mongolia,

4.45%,

7/7/31

(USD) 

926,000‌

691‌

Total

Mongolia

(Cost

$766

)

691‌

MOROCCO

2.5%

Government

Bonds

2.5%

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD) (1)

1,300,000‌

1,052‌

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD) 

2,670,000‌

2,159‌

Kingdom

of

Morocco,

4.00%,

12/15/50

(USD) 

6,700,000‌

4,581‌

Kingdom

of

Morocco,

6.50%,

9/8/33

(USD) (1)

1,050,000‌

1,087‌

Total

Morocco

(Cost

$9,785

)

8,879‌

NIGERIA

0.6%

Government

Bonds

0.6%

Republic

of

Nigeria,

7.875%,

2/16/32

(USD) 

2,950,000‌

2,233‌

Total

Nigeria

(Cost

$2,106

)

2,233‌

OMAN

4.6%

Corporate

Bonds

0.4%

OmGrid

Funding,

5.196%,

5/16/27

(USD) 

500,000‌

480‌

Oryx

Funding,

5.80%,

2/3/31

(USD) (1)

200,000‌

192‌

Oryx

Funding,

5.80%,

2/3/31

(USD) 

700,000‌

674‌

1,346‌

Government

Bonds

4.2%

Sultanate

of

Oman,

4.75%,

6/15/26

(USD) 

900,000‌

881‌

Sultanate

of

Oman,

5.375%,

3/8/27

(USD) 

6,255,000‌

6,200‌

Sultanate

of

Oman,

5.625%,

1/17/28

(USD) 

1,400,000‌

1,402‌

Sultanate

of

Oman,

6.00%,

8/1/29

(USD) 

1,100,000‌

1,109‌

Sultanate

of

Oman,

6.25%,

1/25/31

(USD) (1)

710,000‌

724‌

Sultanate

of

Oman,

6.50%,

3/8/47

(USD) 

3,060,000‌

2,826‌

Sultanate

of

Oman,

6.75%,

10/28/27

(USD) 

1,700,000‌

1,780‌

14,922‌

Total

Oman

(Cost

$16,487

)

16,268‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

PAKISTAN

0.2%

Government

Bonds

0.2%

Islamic

Republic

of

Pakistan,

7.875%,

3/31/36

(USD) 

1,936,000‌

680‌

Total

Pakistan

(Cost

$2,056

)

680‌

PANAMA

3.4%

Corporate

Bonds

0.6%

Aeropuerto

Internacional

de

Tocumen,

4.00%,

8/11/41

(USD) (1)

520,000‌

416‌

Banco

General,

VR,

5.25%

(USD) (1)

(4)(5)

905,000‌

791‌

Banco

Nacional

de

Panama,

2.50%,

8/11/30

(USD) (1)

1,105,000‌

858‌

2,065‌

Government

Bonds

2.8%

Republic

of

Panama,

2.252%,

9/29/32

(USD) 

4,650,000‌

3,575‌

Republic

of

Panama,

4.50%,

1/19/63

(USD) 

1,750,000‌

1,267‌

Republic

of

Panama,

6.40%,

2/14/35

(USD) 

4,950,000‌

5,172‌

10,014‌

Total

Panama

(Cost

$13,020

)

12,079‌

PARAGUAY

1.4%

Corporate

Bonds

0.3%

Telefonica

Celular

del

Paraguay,

5.875%,

4/15/27

(USD) (1)

1,005,000‌

925‌

925‌

Government

Bonds

1.1%

Republic

of

Paraguay,

4.95%,

4/28/31

(USD) (1)

840,000‌

817‌

Republic

of

Paraguay,

5.40%,

3/30/50

(USD) 

3,655,000‌

3,160‌

3,977‌

Total

Paraguay

(Cost

$5,756

)

4,902‌

PERU

1.3%

Corporate

Bonds

0.2%

Lima

Metro

Line

2

Finance,

5.875%,

7/5/34

(USD) 

302,930‌

292‌

Nexa

Resources,

5.375%,

5/4/27

(USD) 

575,000‌

543‌

835‌

Government

Bonds

1.1%

Republic

of

Peru,

2.78%,

12/1/60

(USD) 

3,010,000‌

1,802‌

Republic

of

Peru,

3.30%,

3/11/41

(USD) 

1,400,000‌

1,053‌

Republic

of

Peru,

3.55%,

3/10/51

(USD) 

590,000‌

434‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Peru,

6.15%,

8/12/32 

2,220,000‌

540‌

3,829‌

Total

Peru

(Cost

$6,072

)

4,664‌

PHILIPPINES

1.9%

Corporate

Bonds

1.0%

Globe

Telecom,

3.00%,

7/23/35

(USD) 

1,600,000‌

1,185‌

International

Container

Terminal

Services,

4.75%,

6/17/30

(USD) 

1,160,000‌

1,087‌

Manila

Water,

4.375%,

7/30/30

(USD) 

1,600,000‌

1,412‌

3,684‌

Government

Bonds

0.9%

Republic

of

Philippines,

2.65%,

12/10/45

(USD) 

4,175,000‌

2,871‌

Republic

of

Philippines,

4.625%,

7/17/28

(USD) 

200,000‌

202‌

3,073‌

Total

Philippines

(Cost

$8,458

)

6,757‌

POLAND

0.4%

Government

Bonds

0.4%

Republic

of

Poland,

3.875%,

2/14/33

(EUR) 

960,000‌

1,026‌

Republic

of

Poland,

5.50%,

4/4/53

(USD) 

520,000‌

528‌

Total

Poland

(Cost

$1,534

)

1,554‌

QATAR

2.6%

Corporate

Bonds

1.0%

Qatar

Energy,

2.25%,

7/12/31

(USD) (1)

1,210,000‌

1,029‌

Qatar

Energy,

2.25%,

7/12/31

(USD) 

1,250,000‌

1,064‌

Qatar

Energy,

3.125%,

7/12/41

(USD) (1)

1,760,000‌

1,378‌

3,471‌

Government

Bonds

1.6%

State

of

Qatar,

4.40%,

4/16/50

(USD) 

1,550,000‌

1,438‌

State

of

Qatar,

4.817%,

3/14/49

(USD) 

4,200,000‌

4,127‌

5,565‌

Total

Qatar

(Cost

$11,846

)

9,036‌

ROMANIA

1.6%

Government

Bonds

1.6%

Republic

of

Romania,

2.875%,

4/13/42

(EUR) (1)

610,000‌

389‌

Republic

of

Romania,

3.00%,

2/14/31

(USD) 

710,000‌

586‌

Republic

of

Romania,

3.375%,

1/28/50

(EUR) 

2,935,000‌

1,932‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Romania,

4.00%,

2/14/51

(USD) (1)

926,000‌

649‌

Republic

of

Romania,

4.00%,

2/14/51

(USD) 

3,018,000‌

2,115‌

Total

Romania

(Cost

$7,819

)

5,671‌

SAUDI

ARABIA

2.2%

Government

Bonds

2.2%

Kingdom

of

Saudi

Arabia,

3.25%,

10/26/26

(USD) 

1,900,000‌

1,831‌

Kingdom

of

Saudi

Arabia,

3.45%,

2/2/61

(USD) (1)

1,265,000‌

897‌

Kingdom

of

Saudi

Arabia,

3.75%,

1/21/55

(USD) 

500,000‌

386‌

Kingdom

of

Saudi

Arabia,

4.50%,

4/22/60

(USD) (1)

585,000‌

512‌

Kingdom

of

Saudi

Arabia,

5.00%,

4/17/49

(USD) 

1,150,000‌

1,074‌

Saudi

Arabian

Oil,

3.50%,

4/16/29

(USD) 

2,000,000‌

1,872‌

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) 

1,250,000‌

1,123‌

Total

Saudi

Arabia

(Cost

$8,778

)

7,695‌

SENEGAL

2.1%

Government

Bonds

2.1%

Republic

of

Senegal,

6.25%,

5/23/33

(USD) 

9,325,000‌

7,440‌

Total

Senegal

(Cost

$8,366

)

7,440‌

SERBIA

1.4%

Government

Bonds

1.4%

Republic

of

Serbia,

2.125%,

12/1/30

(USD) 

5,450,000‌

4,150‌

Republic

of

Serbia,

6.25%,

5/26/28

(USD) (1)

680,000‌

688‌

Total

Serbia

(Cost

$5,523

)

4,838‌

SOUTH

AFRICA

2.2%

Corporate

Bonds

0.3%

Transnet,

8.25%,

2/6/28

(USD) (1)

1,035,000‌

1,033‌

1,033‌

Government

Bonds

1.9%

Republic

of

South

Africa,

5.65%,

9/27/47

(USD) 

2,470,000‌

1,831‌

Republic

of

South

Africa,

5.875%,

4/20/32

(USD) 

1,600,000‌

1,458‌

Republic

of

South

Africa,

6.25%,

3/8/41

(USD) 

450,000‌

382‌

Republic

of

South

Africa,

7.30%,

4/20/52

(USD) 

1,680,000‌

1,464‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

South

Africa,

Series

2030,

8.00%,

1/31/30 

33,800,000‌

1,730‌

6,865‌

Total

South

Africa

(Cost

$8,486

)

7,898‌

SOUTH

KOREA

0.3%

Corporate

Bonds

0.1%

POSCO,

5.75%,

1/17/28

(USD) (1)

200,000‌

207‌

207‌

Government

Bonds

0.2%

Export-Import

Bank

of

Korea,

5.00%,

1/11/28

(USD) 

350,000‌

358‌

Export-Import

Bank

of

Korea,

5.125%,

1/11/33

(USD) 

400,000‌

416‌

774‌

Total

South

Korea

(Cost

$950

)

981‌

SRI

LANKA

1.1%

Corporate

Bonds

0.1%

SriLankan

Airlines,

7.00%,

6/25/24

(USD) (2)(8)

845,000‌

469‌

469‌

Government

Bonds

1.0%

Republic

of

Sri

Lanka,

6.125%,

6/3/25

(USD) (2)(8)

2,505,000‌

936‌

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD) (2)(8)

200,000‌

74‌

Republic

of

Sri

Lanka,

6.85%,

11/3/25

(USD) (2)(8)

6,295,000‌

2,330‌

3,340‌

Total

Sri

Lanka

(Cost

$6,849

)

3,809‌

SUPRANATIONAL

0.3%

Government

Bonds

0.3%

International

Bank

for

Reconstruction

&

Development,

Zero

Coupon,

3/31/27

(USD) 

1,175,000‌

1,071‌

Total

Supranational

(Cost

$1,018

)

1,071‌

SURINAME

0.7%

Government

Bonds

0.7%

Republic

of

Suriname,

9.25%,

10/26/26

(USD) (2)(8)

2,859,000‌

2,081‌

Republic

of

Suriname,

12.875%,

12/30/23

(USD) (2)(8)

200,000‌

149‌

Republic

of

Suriname,

12.875%,

12/30/23

(USD) (1)(2)(8)

325,000‌

242‌

Total

Suriname

(Cost

$2,625

)

2,472‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

TANZANIA

0.3%

Convertible

Bonds

0.1%

HTA

Group,

2.875%,

3/18/27

(USD) 

400,000‌

325‌

325‌

Corporate

Bonds

0.2%

HTA

Group,

7.00%,

12/18/25

(USD) (1)

810,000‌

771‌

771‌

Total

Tanzania

(Cost

$1,226

)

1,096‌

THAILAND

1.3%

Corporate

Bonds

1.3%

Bangkok

Bank,

VR,

3.466%,

9/23/36

(USD) (1)(5)

880,000‌

720‌

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD) (5)

1,500,000‌

1,275‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) (1)

965,000‌

593‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) 

3,125,000‌

1,921‌

Total

Thailand

(Cost

$5,889

)

4,509‌

TURKEY

2.8%

Government

Bonds

2.8%

Republic

of

Turkey,

4.25%,

4/14/26

(USD) 

3,050,000‌

2,752‌

Republic

of

Turkey,

5.95%,

1/15/31

(USD) 

1,200,000‌

1,019‌

Republic

of

Turkey,

6.00%,

1/14/41

(USD) 

2,600,000‌

1,967‌

Republic

of

Turkey,

8.60%,

9/24/27

(USD) 

1,150,000‌

1,164‌

Republic

of

Turkey,

9.375%,

3/14/29

(USD) 

1,600,000‌

1,632‌

Republic

of

Turkey,

9.375%,

1/19/33

(USD) 

950,000‌

969‌

Republic

of

Turkey,

9.875%,

1/15/28

(USD) 

200,000‌

209‌

Total

Turkey

(Cost

$10,480

)

9,712‌

UKRAINE

0.0%

Government

Bonds

0.0%

Government

of

Ukraine,

FRN,

1.258%,

8/1/41

(USD) (1)(2)

485,000‌

131‌

Total

Ukraine

(Cost

$318

)

131‌

UNITED

ARAB

EMIRATES

1.9%

Corporate

Bonds

1.8%

Abu

Dhabi

Ports,

2.50%,

5/6/31

(USD) 

1,900,000‌

1,610‌

DP

World

Crescent,

3.875%,

7/18/29

(USD) 

1,950,000‌

1,841‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Emirates

NBD

Bank,

VR,

6.125%

(USD) (4)(5)

1,100,000‌

1,073‌

Ruwais

Power,

6.00%,

8/31/36

(USD) 

1,770,000‌

1,855‌

6,379‌

Government

Bonds

0.1%

Emirate

of

Dubai,

3.90%,

9/9/50

(USD) 

230,000‌

167‌

167‌

Total

United

Arab

Emirates

(Cost

$7,487

)

6,546‌

UNITED

KINGDOM

0.0%

Common

Stocks

0.0%

Mriya

Farming,

Recovery

Certificates,

Cost $—

(EUR) (2)(6)(7)

488,383‌

—‌

Total

United

Kingdom

(Cost

$–

)

—‌

UNITED

STATES

0.4%

Corporate

Bonds

0.4%

Hyundai

Capital

America,

5.60%,

3/30/28 (1)

605,000‌

606‌

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29 (1)

1,045,000‌

874‌

Total

United

States

(Cost

$1,675

)

1,480‌

URUGUAY

0.5%

Government

Bonds

0.5%

Oriental

Republic

of

Uruguay,

5.75%,

10/28/34

(USD) 

1,580,000‌

1,732‌

Total

Uruguay

(Cost

$1,667

)

1,732‌

UZBEKISTAN

0.4%

Government

Bonds

0.4%

Republic

of

Uzbekistan,

5.375%,

2/20/29

(USD) 

1,640,000‌

1,505‌

Total

Uzbekistan

(Cost

$1,740

)

1,505‌

VENEZUELA

1.1%

Corporate

Bonds

0.0%

Electricidad

de

Caracas,

8.50%,

4/10/18

(USD) (2)(8)

800,000‌

12‌

12‌

Government

Bonds

1.1%

Petroleos

de

Venezuela,

5.375%,

4/12/27

(USD) (2)(8)

3,600,000‌

162‌

Petroleos

de

Venezuela,

6.00%,

5/16/24

(USD) (2)(8)

10,960,000‌

513‌

Petroleos

de

Venezuela,

6.00%,

11/15/26

(USD) (2)(8)

2,950,000‌

129‌

Petroleos

de

Venezuela,

8.50%,

10/27/20

(USD) (2)(8)

2,355,500‌

636‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Petroleos

de

Venezuela,

9.00%,

11/17/21

(USD) (2)(8)

24,590,000‌

1,137‌

Petroleos

de

Venezuela,

9.75%,

5/17/35

(USD) (2)(8)

985,000‌

48‌

Petroleos

de

Venezuela,

12.75%,

2/17/22

(USD) (2)(8)

3,430,000‌

176‌

Republic

of

Venezuela,

6.00%,

12/9/20

(USD) (2)(8)

3,350,000‌

251‌

Republic

of

Venezuela,

7.75%,

10/13/19

(USD) (2)(8)

3,600,000‌

270‌

Republic

of

Venezuela,

9.25%,

9/15/27

(USD) (2)(8)

1,000,000‌

108‌

Republic

of

Venezuela,

11.75%,

10/21/26

(USD) (2)(8)

1,500,000‌

161‌

Republic

of

Venezuela,

11.95%,

8/5/31

(USD) (2)(8)

800,000‌

86‌

Republic

of

Venezuela,

12.75%,

8/23/22

(USD) (2)(8)

550,000‌

59‌

3,736‌

Total

Venezuela

(Cost

$25,116

)

3,748‌

VIETNAM

0.1%

Corporate

Bonds

0.1%

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) (1)

315,000‌

268‌

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) 

270,000‌

229‌

Total

Vietnam

(Cost

$589

)

497‌

ZAMBIA

0.6%

Government

Bonds

0.6%

Republic

of

Zambia,

5.375%,

9/20/22

(USD) (2)(8)

5,029,000‌

2,140‌

Total

Zambia

(Cost

$3,073

)

2,140‌

SHORT-TERM

INVESTMENTS

2.6%

Money

Market

Funds

2.6%

T.

Rowe

Price

Government

Reserve

Fund,

4.82% (9)(10)

9,238,215‌

9,238‌

Total

Short-Term

Investments

(Cost

$9,238)

9,238‌

Total

Investments

in

Securities

98.3%

(Cost

$421,981)

$

347,189‌

Other

Assets

Less

Liabilities

1.7%

6,174

Net

Assets

100.0%

$

353,363‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

9

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

†

Investment

fund

is

not

unitized.

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$55,932

and

represents

15.8%

of

net

assets.

(2)

Non-income

producing

(3)

GDP-linked

note

provides

for

contingent

payments

linked

to

the

gross

domestic

product

of

the

country

presented;

par

reflects

notional

and

will

not

be

paid

over

the

life

or

at

maturity.

(4)

Perpetual

security

with

no

stated

maturity

date.

(5)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(6)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$278

and

represents

0.1%

of

net

assets.

(7)

Level

3

in

fair

value

hierarchy.

(8)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(9)

Seven-day

yield

(10)

Affiliated

Companies

BRL

Brazilian

Real

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

EUR

Euro

FRN

Floating

Rate

Note

IDR

Indonesian

Rupiah

MXN

Mexican

Peso

PEN

Peruvian

New

Sol

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

ZAR

South

African

Rand

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

10

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

4/6/23

USD

364‌

IDR

5,491,232‌

$

(3‌)

Barclays

Bank

4/14/23

USD

535‌

ZAR

9,094‌

25‌

Barclays

Bank

5/19/23

EUR

458‌

USD

489‌

9‌

Barclays

Bank

5/19/23

USD

284‌

EUR

267‌

(7‌)

BNP

Paribas

4/5/23

PEN

1,315‌

USD

340‌

9‌

BNP

Paribas

4/14/23

USD

386‌

MXN

7,201‌

(12‌)

BNP

Paribas

4/14/23

USD

537‌

ZAR

9,554‌

1‌

BNP

Paribas

5/19/23

USD

13,620‌

EUR

12,683‌

(174‌)

BNP

Paribas

6/2/23

USD

546‌

BRL

2,860‌

(12‌)

BNP

Paribas

6/9/23

USD

114‌

COP

546,732‌

(2‌)

Citibank

4/5/23

PEN

2,074‌

USD

552‌

(1‌)

Citibank

4/5/23

USD

891‌

PEN

3,389‌

(10‌)

Citibank

4/14/23

USD

323‌

MXN

6,294‌

(25‌)

Citibank

6/2/23

USD

349‌

BRL

1,853‌

(13‌)

Citibank

6/9/23

USD

279‌

COP

1,348,356‌

(6‌)

Citibank

7/7/23

USD

549‌

PEN

2,074‌

1‌

Goldman

Sachs

6/2/23

USD

500‌

BRL

2,656‌

(18‌)

HSBC

Bank

4/6/23

IDR

24,937,324‌

USD

1,647‌

17‌

HSBC

Bank

4/14/23

USD

740‌

MXN

14,138‌

(42‌)

HSBC

Bank

4/14/23

USD

352‌

ZAR

6,484‌

(12‌)

HSBC

Bank

6/2/23

USD

500‌

BRL

2,656‌

(18‌)

HSBC

Bank

7/7/23

USD

440‌

IDR

6,640,403‌

(4‌)

JPMorgan

Chase

6/9/23

USD

58‌

COP

273,283‌

1‌

JPMorgan

Chase

6/9/23

USD

179‌

COP

849,400‌

(1‌)

Morgan

Stanley

4/14/23

MXN

13,353‌

USD

739‌

—‌

Morgan

Stanley

4/14/23

USD

377‌

MXN

7,343‌

(29‌)

Morgan

Stanley

4/14/23

USD

355‌

ZAR

6,139‌

11‌

Morgan

Stanley

6/9/23

USD

712‌

COP

3,527,940‌

(35‌)

Morgan

Stanley

7/14/23

USD

726‌

MXN

13,353‌

1‌

RBC

Dominion

Securities

4/14/23

USD

353‌

MXN

6,753‌

(21‌)

State

Street

4/14/23

USD

3,816‌

CNH

25,756‌

64‌

UBS

Investment

Bank

4/6/23

USD

1,281‌

IDR

19,446,092‌

(16‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(322‌)

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

11

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

243

U.S.

Treasury

Notes

ten

year

contracts

6/23

(27,926)

$

(762‌)

Long,

123

Ultra

U.S.

Treasury

Bonds

contracts

6/23

17,358

492‌

Net

payments

(receipts)

of

variation

margin

to

date

355‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

85‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

12

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

March

31,

2023.

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,

4.82%

$

—‌#

$

—‌

$

116‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

03/31/23

T.

Rowe

Price

Government

Reserve

Fund,

4.82%

$

18,095‌

 ¤

 ¤

$

9,238‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$116

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

$9,238.

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

Unaudited

13

Notes

to

Portfolio

of

Investments

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

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 fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee 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 Valuation

Designee’s 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 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

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 Valuation

Designee

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

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

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

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

14

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

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

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee 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

Designee 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.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

15

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

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

the 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.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

E163-054Q1

03/23

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

337,673‌

$

—‌

$

337,673‌

Common

Stocks

—‌

—‌

—‌

—‌

Private

Investment

Company

2

—‌

—‌

—‌

278‌

Short-Term

Investments

9,238‌

—‌

—‌

9,238‌

Total

Securities

9,238‌

337,673‌

—‌

347,189‌

Forward

Currency

Exchange

Contracts

—‌

139‌

—‌

139‌

Futures

Contracts*

492‌

—‌

—‌

492‌

Total

$

9,730‌

$

337,812‌

$

—‌

$

347,820‌

Liabilities

Forward

Currency

Exchange

Contracts

$

—‌

$

461‌

$

—‌

$

461‌

Futures

Contracts*

762‌

—‌

—‌

762‌

Total

$

762‌

$

461‌

$

—‌

$

1,223‌

1

Includes

Convertible

Bonds,

Corporate

Bonds

and

Government

Bonds.

2

In

accordance

with

Subtopic

820-10,

certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

unit

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

hierarchy.

The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Portfolio

of

Investments.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.