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.