T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
September
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA
1.7%
Government
Bonds
1.7%
Republic
of
Albania,
3.50%,
6/16/27
(EUR)
1,960,000
1,940
Republic
of
Albania,
3.50%,
11/23/31
(EUR) (1)
1,925,000
1,676
Republic
of
Albania,
3.50%,
11/23/31
(EUR)
2,270,000
1,977
Total
Albania
(Cost
$6,620
)
5,593
ANGOLA
2.8%
Government
Bonds
2.8%
Republic
of
Angola,
8.00%,
11/26/29
(USD)
4,535,000
3,744
Republic
of
Angola,
8.25%,
5/9/28
(USD)
4,415,000
3,834
Republic
of
Angola,
8.75%,
4/14/32
(USD) (1)
530,000
427
Republic
of
Angola,
9.125%,
11/26/49
(USD)
1,700,000
1,222
Total
Angola
(Cost
$9,893
)
9,227
ARGENTINA
1.2%
Government
Bonds
1.2%
Republic
of
Argentina,
STEP,
0.75%,
7/9/30
(USD)
1,610,121
462
Republic
of
Argentina,
STEP,
3.625%,
7/9/35
(USD)
5,000,026
1,246
Republic
of
Argentina,
STEP,
4.25%,
1/9/38
(USD)
7,020,959
2,074
Republic
of
Argentina,
Series
$GDP,
0.00%,
12/15/35
(USD) (2)(3)
4,020,000
109
Total
Argentina
(Cost
$7,448
)
3,891
BAHAMAS
0.7%
Government
Bonds
0.7%
Commonwealth
of
Bahamas,
6.00%,
11/21/28
(USD) (1)
2,710,000
2,257
Total
Bahamas
(Cost
$2,795
)
2,257
BAHRAIN
2.7%
Government
Bonds
2.7%
Kingdom
of
Bahrain,
5.625%,
5/18/34
(USD) (1)
3,750,000
3,219
Kingdom
of
Bahrain,
6.75%,
9/20/29
(USD)
1,710,000
1,685
Kingdom
of
Bahrain,
7.00%,
10/12/28
(USD)
2,905,000
2,952
Kingdom
of
Bahrain,
7.50%,
9/20/47
(USD)
1,225,000
1,090
Total
Bahrain
(Cost
$9,670
)
8,946
Par/Shares
$
Value
(Cost
and
value
in
$000s)
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
1,682
Total
Bermuda
(Cost
$1,786
)
1,682
BRAZIL
3.2%
Convertible
Bonds
0.2%
MercadoLibre,
2.00%,
8/15/28
(USD)
179,000
521
521
Corporate
Bonds
1.9%
Braskem
Netherlands
Finance,
7.25%,
2/13/33
(USD) (1)
885,000
816
Braskem
Netherlands
Finance,
8.50%,
1/12/31
(USD) (1)
420,000
417
Cosan
Overseas,
8.25%
(USD) (4)
430,000
429
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
3,225,000
2,682
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD) (1)
500,000
411
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD)
475,000
391
Sitios
Latinoamerica,
5.375%,
4/4/32
(USD) (1)
1,200,000
1,034
6,180
Government
Bonds
1.1%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/29
2,850,000
539
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31
12,975,000
2,404
Republic
of
Brazil,
5.00%,
1/27/45
(USD)
823,000
611
3,554
Total
Brazil
(Cost
$10,717
)
10,255
BULGARIA
0.4%
Government
Bonds
0.4%
Republic
of
Bulgaria,
4.50%,
1/27/33
(EUR) (1)
1,365,000
1,396
Total
Bulgaria
(Cost
$1,436
)
1,396
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
CHILE
3.3%
Corporate
Bonds
2.8%
AES
Andes,
VR,
6.35%,
10/7/79
(USD) (1)(5)
725,000
685
AES
Andes,
VR,
7.125%,
3/26/79
(USD) (1)(5)
1,700,000
1,605
Agrosuper,
4.60%,
1/20/32
(USD) (1)
1,400,000
1,125
Banco
Santander
Chile,
3.177%,
10/26/31
(USD) (1)
1,500,000
1,245
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30
(USD) (1)
1,200,000
1,030
Celulosa
Arauco
y
Constitucion,
5.15%,
1/29/50
(USD)
1,000,000
773
Corp.
Nacional
del
Cobre
de
Chile,
5.125%,
2/2/33
(USD) (1)
500,000
461
Empresa
de
los
Ferrocarriles
del
Estado,
3.068%,
8/18/50
(USD)
1,520,000
875
Empresa
de
Transporte
de
Pasajeros
Metro,
3.693%,
9/13/61
(USD) (1)
800,000
488
Empresa
de
Transporte
de
Pasajeros
Metro,
4.70%,
5/7/50
(USD) (1)
945,000
737
9,024
Government
Bonds
0.5%
Republic
of
Chile,
3.25%,
9/21/71
(USD)
1,200,000
683
Republic
of
Chile,
3.50%,
1/31/34
(USD)
310,000
257
Republic
of
Chile,
4.00%,
1/31/52
(USD)
350,000
256
Republic
of
Chile,
4.95%,
1/5/36
(USD)
620,000
570
1,766
Total
Chile
(Cost
$13,101
)
10,790
CHINA
1.5%
Government
Bonds
1.5%
People's
Republic
of
China,
Series
INBK,
2.62%,
6/25/30
11,400,000
1,554
People's
Republic
of
China,
Series
INBK,
3.27%,
11/19/30
7,600,000
1,085
People's
Republic
of
China,
Series
1916,
3.12%,
12/5/26
16,100,000
2,254
Total
China
(Cost
$5,281
)
4,893
COLOMBIA
4.5%
Corporate
Bonds
1.5%
Banco
Davivienda,
VR,
6.65%
(USD) (1)(4)(5)
1,975,000
1,338
Banco
de
Bogota,
6.25%,
5/12/26
(USD)
1,000,000
955
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Bancolombia,
VR,
4.625%,
12/18/29
(USD) (5)
920,000
793
Ecopetrol,
4.625%,
11/2/31
(USD)
1,460,000
1,116
Ecopetrol,
6.875%,
4/29/30
(USD)
200,000
183
Ecopetrol,
8.875%,
1/13/33
(USD)
390,000
381
4,766
Government
Bonds
2.9%
Republic
of
Colombia,
3.00%,
1/30/30
(USD)
1,625,000
1,251
Republic
of
Colombia,
3.125%,
4/15/31
(USD)
2,100,000
1,559
Republic
of
Colombia,
4.125%,
5/15/51
(USD)
880,000
493
Republic
of
Colombia,
4.50%,
3/15/29
(USD)
200,000
174
Republic
of
Colombia,
5.00%,
6/15/45
(USD)
4,425,000
2,915
Republic
of
Colombia,
6.125%,
1/18/41
(USD)
1,320,000
1,038
Republic
of
Colombia,
Series
B,
7.00%,
3/26/31
10,583,800,000
2,035
9,465
Private
Investment
Company
0.1%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/1/22,
Cost $109
(USD) (2)(6)
†
142
Bona
Fide
Investments
Holding
LLC,
Acquisition
date:
6/7/23,
Cost $331
(USD) (2)(6)
†
330
472
Total
Colombia
(Cost
$16,856
)
14,703
DOMINICAN
REPUBLIC
4.2%
Government
Bonds
4.2%
Dominican
Republic,
4.50%,
1/30/30
(USD) (1)
2,245,000
1,908
Dominican
Republic,
4.875%,
9/23/32
(USD) (1)
1,780,000
1,450
Dominican
Republic,
4.875%,
9/23/32
(USD)
5,175,000
4,217
Dominican
Republic,
5.875%,
1/30/60
(USD)
5,200,000
3,740
Dominican
Republic,
6.85%,
1/27/45
(USD)
2,775,000
2,370
Total
Dominican
Republic
(Cost
$14,999
)
13,685
ECUADOR
1.3%
Government
Bonds
1.3%
Republic
of
Ecuador,
STEP,
3.50%,
7/31/35
(USD) (1)
3,077,685
1,152
Republic
of
Ecuador,
STEP,
3.50%,
7/31/35
(USD)
1,075,000
402
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Ecuador,
STEP,
6.00%,
7/31/30
(USD) (1)
5,114,550
2,625
Total
Ecuador
(Cost
$6,559
)
4,179
EGYPT
1.7%
Government
Bonds
1.7%
Arab
Republic
of
Egypt,
5.875%,
2/16/31
(USD)
575,000
319
Arab
Republic
of
Egypt,
6.588%,
2/21/28
(USD)
1,225,000
800
Arab
Republic
of
Egypt,
7.50%,
1/31/27
(USD)
1,652,000
1,195
Arab
Republic
of
Egypt,
7.625%,
5/29/32
(USD)
673,000
390
Arab
Republic
of
Egypt,
7.903%,
2/21/48
(USD) (1)
800,000
412
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD) (1)
3,050,000
1,637
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD)
1,390,000
746
Total
Egypt
(Cost
$8,677
)
5,499
EL
SALVADOR
0.9%
Government
Bonds
0.9%
Republic
of
El
Salvador,
5.875%,
1/30/25
(USD)
2,410,000
2,196
Republic
of
El
Salvador,
7.65%,
6/15/35
(USD)
945,000
672
Total
El
Salvador
(Cost
$2,588
)
2,868
GHANA
0.4%
Corporate
Bonds
0.2%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
700,000
660
660
Government
Bonds
0.2%
Republic
of
Ghana,
10.75%,
10/14/30
(USD)
830,000
560
560
Total
Ghana
(Cost
$1,273
)
1,220
GRENADA
0.0%
Government
Bonds
0.0%
Government
of
Grenada,
7.00%,
5/12/30
(USD)
133,853
115
Total
Grenada
(Cost
$124
)
115
GUATEMALA
1.7%
Government
Bonds
1.7%
Republic
of
Guatemala,
4.875%,
2/13/28
(USD)
1,050,000
978
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Guatemala,
4.90%,
6/1/30
(USD) (1)
1,000,000
911
Republic
of
Guatemala,
5.25%,
8/10/29
(USD) (1)
230,000
213
Republic
of
Guatemala,
5.375%,
4/24/32
(USD)
1,900,000
1,742
Republic
of
Guatemala,
6.60%,
6/13/36
(USD) (1)
1,004,000
965
Republic
of
Guatemala,
7.05%,
10/4/32
(USD) (1)
650,000
655
Total
Guatemala
(Cost
$5,922
)
5,464
INDIA
3.0%
Corporate
Bonds
0.8%
ABJA
Investment,
5.45%,
1/24/28
(USD)
1,170,000
1,144
Adani
International
Container
Terminal,
3.00%,
2/16/31
(USD)
754,875
569
Greenko
Power
II,
4.30%,
12/13/28
(USD)
1,066,625
916
2,629
Government
Bonds
2.2%
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD) (1)
255,000
198
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD)
3,300,000
2,565
Export-Import
Bank
of
India,
3.25%,
1/15/30
(USD)
5,055,000
4,319
7,082
Total
India
(Cost
$11,115
)
9,711
INDONESIA
7.0%
Corporate
Bonds
1.2%
Minejesa
Capital,
5.625%,
8/10/37
(USD)
2,200,000
1,686
Pertamina
Persero,
5.625%,
5/20/43
(USD)
920,000
808
Perusahaan
Listrik
Negara,
4.125%,
5/15/27
(USD)
1,000,000
941
Perusahaan
Listrik
Negara,
4.375%,
2/5/50
(USD) (1)
400,000
273
Perusahaan
Listrik
Negara,
6.15%,
5/21/48
(USD)
300,000
266
3,974
Government
Bonds
5.8%
Perusahaan
Penerbit,
2.80%,
6/23/30
(USD)
7,150,000
6,043
Perusahaan
Penerbit,
4.15%,
3/29/27
(USD)
2,995,000
2,875
Perusahaan
Penerbit,
4.40%,
3/1/28
(USD)
200,000
192
Perusahaan
Penerbit,
4.45%,
2/20/29
(USD)
897,000
859
Perusahaan
Penerbit,
4.55%,
3/29/26
(USD)
1,350,000
1,326
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Indonesia,
3.50%,
1/11/28
(USD)
959,000
890
Republic
of
Indonesia,
4.55%,
1/11/28
(USD)
900,000
874
Republic
of
Indonesia,
4.625%,
4/15/43
(USD)
2,425,000
2,088
Republic
of
Indonesia,
5.25%,
1/17/42
(USD)
1,500,000
1,407
Republic
of
Indonesia,
Series
FR64,
6.125%,
5/15/28
35,324,000,000
2,255
18,809
Total
Indonesia
(Cost
$26,650
)
22,783
ISRAEL
0.4%
Corporate
Bonds
0.4%
ICL
Group,
6.375%,
5/31/38
(USD) (1)
1,400,000
1,346
Total
Israel
(Cost
$1,509
)
1,346
IVORY
COAST
2.8%
Government
Bonds
2.8%
Republic
of
Ivory
Coast,
4.875%,
1/30/32
(EUR)
1,155,000
933
Republic
of
Ivory
Coast,
6.125%,
6/15/33
(USD)
7,375,000
6,138
Republic
of
Ivory
Coast,
6.625%,
3/22/48
(EUR)
2,760,000
2,014
Total
Ivory
Coast
(Cost
$10,051
)
9,085
JAMAICA
0.5%
Corporate
Bonds
0.2%
TransJamaican
Highway,
5.75%,
10/10/36
(USD) (1)
343,570
284
TransJamaican
Highway,
5.75%,
10/10/36
(USD)
371,427
306
590
Government
Bonds
0.3%
Government
of
Jamaica,
6.75%,
4/28/28
(USD)
1,100,000
1,122
1,122
Total
Jamaica
(Cost
$1,955
)
1,712
JORDAN
2.1%
Government
Bonds
2.1%
Kingdom
of
Jordan,
5.85%,
7/7/30
(USD)
6,475,000
5,768
Kingdom
of
Jordan,
7.50%,
1/13/29
(USD) (1)
1,000,000
979
Total
Jordan
(Cost
$7,688
)
6,747
Par/Shares
$
Value
(Cost
and
value
in
$000s)
KAZAKHSTAN
0.4%
Corporate
Bonds
0.4%
KazMunayGas
National,
3.50%,
4/14/33
(USD)
1,200,000
900
KazMunayGas
National,
5.75%,
4/19/47
(USD)
335,000
261
Total
Kazakhstan
(Cost
$1,547
)
1,161
KENYA
0.8%
Government
Bonds
0.8%
Republic
of
Kenya,
7.25%,
2/28/28
(USD)
3,054,000
2,466
Total
Kenya
(Cost
$2,716
)
2,466
KUWAIT
0.3%
Corporate
Bonds
0.3%
MEGlobal
Canada,
5.875%,
5/18/30
(USD) (1)
245,000
243
MEGlobal
Canada,
5.875%,
5/18/30
(USD)
800,000
795
Total
Kuwait
(Cost
$1,140
)
1,038
MEXICO
7.0%
Corporate
Bonds
2.8%
Banco
Mercantil
del
Norte,
VR,
7.625%
(USD) (4)(5)
500,000
461
Banco
Mercantil
del
Norte,
VR,
8.375%
(USD) (4)(5)
575,000
546
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (5)
1,800,000
1,551
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD) (5)
750,000
657
BBVA
Bancomer,
VR,
8.45%,
6/29/38
(USD) (1)(5)
1,660,000
1,637
Cemex,
5.45%,
11/19/29
(USD)
700,000
664
Cometa
Energia,
6.375%,
4/24/35
(USD) (1)
944,150
880
Infraestructura
Energetica
Nova,
4.75%,
1/15/51
(USD)
1,375,000
973
Petroleos
Mexicanos,
5.95%,
1/28/31
(USD)
675,000
484
Petroleos
Mexicanos,
6.84%,
1/23/30
(USD)
270,000
211
Petroleos
Mexicanos,
10.00%,
2/7/33
(USD) (1)
1,125,000
1,003
9,067
Government
Bonds
4.2%
Petroleos
Mexicanos,
4.50%,
1/23/26
(USD)
2,825,000
2,526
Petroleos
Mexicanos,
5.50%,
6/27/44
(USD)
1,460,000
808
Petroleos
Mexicanos,
5.625%,
1/23/46
(USD)
3,460,000
1,894
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
2,875,000
2,537
Petroleos
Mexicanos,
8.75%,
6/2/29
(USD)
2,855,000
2,533
Petroleos
Mexicanos,
Series
13-2,
7.19%,
9/12/24
2,700,000
145
United
Mexican
States,
6.35%,
2/9/35
(USD)
1,110,000
1,088
United
Mexican
States,
Series
M,
7.75%,
5/29/31
41,300,000
2,089
13,620
Total
Mexico
(Cost
$25,818
)
22,687
MONGOLIA
0.2%
Government
Bonds
0.2%
State
of
Mongolia,
4.45%,
7/7/31
(USD)
926,000
716
Total
Mongolia
(Cost
$773
)
716
MOROCCO
2.1%
Government
Bonds
2.1%
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD) (1)
1,300,000
992
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD)
2,670,000
2,038
Kingdom
of
Morocco,
4.00%,
12/15/50
(USD)
4,480,000
2,787
Kingdom
of
Morocco,
6.50%,
9/8/33
(USD) (1)
1,050,000
1,034
Total
Morocco
(Cost
$7,897
)
6,851
NIGERIA
0.6%
Government
Bonds
0.6%
Republic
of
Nigeria,
7.875%,
2/16/32
(USD)
2,575,000
2,034
Total
Nigeria
(Cost
$1,857
)
2,034
OMAN
4.0%
Corporate
Bonds
0.4%
OmGrid
Funding,
5.196%,
5/16/27
(USD)
500,000
476
Oryx
Funding,
5.80%,
2/3/31
(USD) (1)
200,000
191
Oryx
Funding,
5.80%,
2/3/31
(USD)
700,000
668
1,335
Government
Bonds
3.6%
Sultanate
of
Oman,
4.75%,
6/15/26
(USD)
475,000
461
Sultanate
of
Oman,
5.375%,
3/8/27
(USD)
5,380,000
5,251
Sultanate
of
Oman,
5.625%,
1/17/28
(USD)
1,400,000
1,367
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Sultanate
of
Oman,
6.50%,
3/8/47
(USD)
3,060,000
2,741
Sultanate
of
Oman,
6.75%,
10/28/27
(USD)
1,700,000
1,732
11,552
Total
Oman
(Cost
$13,373
)
12,887
PAKISTAN
0.3%
Government
Bonds
0.3%
Islamic
Republic
of
Pakistan,
7.875%,
3/31/36
(USD)
1,936,000
924
Total
Pakistan
(Cost
$2,053
)
924
PANAMA
3.3%
Corporate
Bonds
0.7%
Aeropuerto
Internacional
de
Tocumen,
4.00%,
8/11/41
(USD) (1)
520,000
405
Banco
General,
VR,
5.25%
(USD) (1)
(4)(5)
905,000
800
Banco
Nacional
de
Panama,
2.50%,
8/11/30
(USD) (1)
1,105,000
861
2,066
Government
Bonds
2.6%
Republic
of
Panama,
2.252%,
9/29/32
(USD)
4,650,000
3,377
Republic
of
Panama,
4.50%,
1/19/63
(USD)
1,750,000
1,136
Republic
of
Panama,
6.40%,
2/14/35
(USD)
4,150,000
4,032
8,545
Total
Panama
(Cost
$12,234
)
10,611
PARAGUAY
1.5%
Corporate
Bonds
0.3%
Telefonica
Celular
del
Paraguay,
5.875%,
4/15/27
(USD) (1)
1,005,000
916
916
Government
Bonds
1.2%
Republic
of
Paraguay,
4.95%,
4/28/31
(USD) (1)
840,000
780
Republic
of
Paraguay,
5.40%,
3/30/50
(USD)
3,655,000
2,893
Republic
of
Paraguay,
5.85%,
8/21/33
(USD) (1)
290,000
275
3,948
Total
Paraguay
(Cost
$6,043
)
4,864
PERU
1.2%
Corporate
Bonds
0.1%
Lima
Metro
Line
2
Finance,
5.875%,
7/5/34
(USD)
293,549
283
283
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds
1.1%
Republic
of
Peru,
2.78%,
12/1/60
(USD)
3,010,000
1,611
Republic
of
Peru,
3.30%,
3/11/41
(USD)
1,400,000
972
Republic
of
Peru,
3.55%,
3/10/51
(USD)
590,000
390
Republic
of
Peru,
6.15%,
8/12/32
2,220,000
546
3,519
Total
Peru
(Cost
$5,473
)
3,802
PHILIPPINES
1.8%
Corporate
Bonds
1.1%
Globe
Telecom,
3.00%,
7/23/35
(USD)
1,600,000
1,156
International
Container
Terminal
Services,
4.75%,
6/17/30
(USD)
1,160,000
1,093
Manila
Water,
4.375%,
7/30/30
(USD)
1,600,000
1,442
3,691
Government
Bonds
0.7%
Republic
of
Philippines,
2.65%,
12/10/45
(USD)
3,175,000
1,920
Republic
of
Philippines,
4.625%,
7/17/28
(USD)
200,000
194
2,114
Total
Philippines
(Cost
$7,470
)
5,805
POLAND
0.4%
Government
Bonds
0.4%
Republic
of
Poland,
3.875%,
2/14/33
(EUR)
960,000
986
Republic
of
Poland,
5.50%,
4/4/53
(USD)
520,000
472
Total
Poland
(Cost
$1,535
)
1,458
QATAR
2.2%
Corporate
Bonds
1.0%
Qatar
Energy,
2.25%,
7/12/31
(USD) (1)
1,210,000
972
Qatar
Energy,
2.25%,
7/12/31
(USD)
1,250,000
1,004
QatarEnergy,
3.125%,
7/12/41
(USD) (1)
1,760,000
1,220
3,196
Government
Bonds
1.2%
State
of
Qatar,
4.40%,
4/16/50
(USD)
1,550,000
1,268
State
of
Qatar,
4.817%,
3/14/49
(USD)
3,200,000
2,784
4,052
Total
Qatar
(Cost
$10,463
)
7,248
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ROMANIA
2.0%
Corporate
Bonds
0.4%
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (5)
1,200,000
1,320
1,320
Government
Bonds
1.6%
Republic
of
Romania,
2.875%,
4/13/42
(EUR) (1)
610,000
381
Republic
of
Romania,
3.00%,
2/14/31
(USD)
710,000
573
Republic
of
Romania,
4.00%,
2/14/51
(USD) (1)
926,000
592
Republic
of
Romania,
4.00%,
2/14/51
(USD)
3,018,000
1,930
Republic
of
Romania,
5.50%,
9/18/28
(EUR)
1,610,000
1,695
5,171
Total
Romania
(Cost
$8,486
)
6,491
SAUDI
ARABIA
2.5%
Corporate
Bonds
0.5%
Gaci
First
Investment,
5.125%,
2/14/53
(USD)
1,883,000
1,536
1,536
Government
Bonds
2.0%
Kingdom
of
Saudi
Arabia,
3.25%,
10/26/26
(USD)
1,900,000
1,785
Kingdom
of
Saudi
Arabia,
3.45%,
2/2/61
(USD) (1)
1,265,000
778
Kingdom
of
Saudi
Arabia,
3.75%,
1/21/55
(USD)
500,000
333
Kingdom
of
Saudi
Arabia,
4.50%,
4/22/60
(USD) (1)
585,000
451
Kingdom
of
Saudi
Arabia,
5.00%,
4/17/49
(USD)
550,000
461
Saudi
Arabian
Oil,
3.50%,
4/16/29
(USD)
2,000,000
1,805
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
1,250,000
1,020
6,633
Total
Saudi
Arabia
(Cost
$9,826
)
8,169
SENEGAL
2.3%
Government
Bonds
2.3%
Republic
of
Senegal,
6.25%,
5/23/33
(USD)
9,325,000
7,499
Total
Senegal
(Cost
$8,396
)
7,499
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SERBIA
1.4%
Government
Bonds
1.4%
Republic
of
Serbia,
2.125%,
12/1/30
(USD)
5,150,000
3,793
Republic
of
Serbia,
6.25%,
5/26/28
(USD) (1)
680,000
668
Total
Serbia
(Cost
$5,268
)
4,461
SLOVENIA
0.5%
Corporate
Bonds
0.5%
Nova
Kreditna
Banka
Maribor,
VR,
7.375%,
6/29/26 (5)
1,400,000
1,513
Total
Slovenia
(Cost
$1,559
)
1,513
SOUTH
AFRICA
2.0%
Corporate
Bonds
0.3%
Transnet,
8.25%,
2/6/28
(USD) (1)
1,035,000
994
994
Government
Bonds
1.7%
Republic
of
South
Africa,
5.65%,
9/27/47
(USD)
2,470,000
1,649
Republic
of
South
Africa,
5.875%,
4/20/32
(USD)
1,600,000
1,365
Republic
of
South
Africa,
6.25%,
3/8/41
(USD)
450,000
348
Republic
of
South
Africa,
7.30%,
4/20/52
(USD)
1,080,000
859
Republic
of
South
Africa,
Series
2030,
8.00%,
1/31/30
24,979,000
1,152
5,373
Total
South
Africa
(Cost
$7,421
)
6,367
SOUTH
KOREA
0.3%
Corporate
Bonds
0.1%
POSCO,
5.75%,
1/17/28
(USD) (1)
200,000
199
199
Government
Bonds
0.2%
Export-Import
Bank
of
Korea,
5.00%,
1/11/28
(USD)
350,000
346
Export-Import
Bank
of
Korea,
5.125%,
1/11/33
(USD)
400,000
392
738
Total
South
Korea
(Cost
$950
)
937
SRI
LANKA
1.5%
Government
Bonds
1.5%
Republic
of
Sri
Lanka,
6.125%,
6/3/25
(USD) (2)(7)
2,505,000
1,219
Republic
of
Sri
Lanka,
6.825%,
7/18/26
(USD) (2)(7)
200,000
96
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Sri
Lanka,
6.85%,
11/3/25
(USD) (2)(7)
7,180,000
3,474
Total
Sri
Lanka
(Cost
$6,330
)
4,789
SUPRANATIONAL
0.3%
Government
Bonds
0.3%
International
Bank
for
Reconstruction
&
Development,
Zero
Coupon,
3/31/27
(USD)
1,175,000
1,049
Total
Supranational
(Cost
$1,036
)
1,049
SURINAME
0.9%
Government
Bonds
0.9%
Republic
of
Suriname,
9.25%,
10/26/26
(USD) (2)(7)
2,859,000
2,466
Republic
of
Suriname,
12.875%,
12/30/23
(USD) (2)(7)
200,000
180
Republic
of
Suriname,
12.875%,
12/30/23
(USD) (1)(2)(7)
325,000
293
Total
Suriname
(Cost
$2,625
)
2,939
TANZANIA
0.3%
Convertible
Bonds
0.1%
HTA
Group,
2.875%,
3/18/27
(USD)
400,000
329
329
Corporate
Bonds
0.2%
HTA
Group,
7.00%,
12/18/25
(USD) (1)
810,000
782
782
Total
Tanzania
(Cost
$1,225
)
1,111
THAILAND
1.1%
Corporate
Bonds
1.1%
Bangkok
Bank,
VR,
3.466%,
9/23/36
(USD) (1)(5)
880,000
684
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (5)
1,500,000
1,253
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD) (1)
965,000
558
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD)
1,700,000
982
Total
Thailand
(Cost
$4,591
)
3,477
TURKEY
2.8%
Government
Bonds
2.8%
Republic
of
Turkey,
4.25%,
4/14/26
(USD)
1,925,000
1,766
Republic
of
Turkey,
4.875%,
4/16/43
(USD)
1,850,000
1,177
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Turkey,
6.00%,
1/14/41
(USD)
1,600,000
1,186
Republic
of
Turkey,
6.50%,
9/20/33
(USD)
575,000
493
Republic
of
Turkey,
8.60%,
9/24/27
(USD)
1,150,000
1,168
Republic
of
Turkey,
9.375%,
3/14/29
(USD)
1,800,000
1,849
Republic
of
Turkey,
9.375%,
1/19/33
(USD)
950,000
970
Republic
of
Turkey,
9.875%,
1/15/28
(USD)
325,000
343
Total
Turkey
(Cost
$9,390
)
8,952
UNITED
ARAB
EMIRATES
1.5%
Corporate
Bonds
1.4%
Abu
Dhabi
Ports,
2.50%,
5/6/31
(USD)
900,000
735
DP
World
Crescent,
3.875%,
7/18/29
(USD)
1,950,000
1,774
Emirates
NBD
Bank,
VR,
6.125%
(USD) (4)(5)
1,100,000
1,086
Ruwais
Power,
6.00%,
8/31/36
(USD)
1,020,000
1,017
4,612
Government
Bonds
0.1%
Emirate
of
Dubai,
3.90%,
9/9/50
(USD)
230,000
158
158
Total
United
Arab
Emirates
(Cost
$5,577
)
4,770
UNITED
KINGDOM
0.0%
Common
Stocks
0.0%
Mriya
Farming,
Recovery
Certificates,
Acquisition
date:
8/23/18,
Cost $—
(EUR) (2)(6)(8)
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
591
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29 (1)
1,045,000
844
Total
United
States
(Cost
$1,675
)
1,435
URUGUAY
0.5%
Government
Bonds
0.5%
Oriental
Republic
of
Uruguay,
5.75%,
10/28/34
(USD)
1,580,000
1,612
Total
Uruguay
(Cost
$1,664
)
1,612
Par/Shares
$
Value
(Cost
and
value
in
$000s)
VENEZUELA
1.4%
Corporate
Bonds
0.0%
Electricidad
de
Caracas,
8.50%,
4/10/18
(USD) (2)(7)
800,000
12
12
Government
Bonds
1.4%
Petroleos
de
Venezuela,
5.375%,
4/12/27
(USD) (2)(7)
3,600,000
207
Petroleos
de
Venezuela,
6.00%,
5/16/24
(USD) (2)(7)
10,960,000
630
Petroleos
de
Venezuela,
6.00%,
11/15/26
(USD) (2)(7)
1,861,000
107
Petroleos
de
Venezuela,
8.50%,
10/27/20
(USD) (2)(7)
2,355,500
1,190
Petroleos
de
Venezuela,
9.00%,
11/17/21
(USD) (2)(7)
24,590,000
1,414
Petroleos
de
Venezuela,
9.75%,
5/17/35
(USD) (2)(7)
985,000
57
Petroleos
de
Venezuela,
12.75%,
2/17/22
(USD) (2)(7)
3,430,000
197
Republic
of
Venezuela,
6.00%,
12/9/20
(USD) (2)(7)
3,350,000
235
Republic
of
Venezuela,
7.75%,
10/13/19
(USD) (2)(7)
3,600,000
252
Republic
of
Venezuela,
9.25%,
9/15/27
(USD) (2)(7)
1,000,000
102
Republic
of
Venezuela,
11.75%,
10/21/26
(USD) (2)(7)
1,500,000
154
Republic
of
Venezuela,
11.95%,
8/5/31
(USD) (2)(7)
800,000
83
Republic
of
Venezuela,
12.75%,
8/23/22
(USD) (2)(7)
550,000
56
4,684
Total
Venezuela
(Cost
$24,692
)
4,696
VIETNAM
0.2%
Corporate
Bonds
0.2%
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD) (1)
315,000
286
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD)
270,000
245
Total
Vietnam
(Cost
$589
)
531
ZAMBIA
0.1%
Government
Bonds
0.1%
Republic
of
Zambia,
5.375%,
9/20/22
(USD) (2)(7)
935,000
468
Total
Zambia
(Cost
$547
)
468
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS
1.3%
Money
Market
Funds
1.3%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (9)(10)
4,377,163
4,377
Total
Short-Term
Investments
(Cost
$4,377)
4,377
Total
Investments
in
Securities
98.0%
(Cost
$391,607)
$
318,499
Other
Assets
Less
Liabilities
2.0%
6,601
Net
Assets
100.0%
$
325,100
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
10
‡
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
$55,942
and
represents
17.2%
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
$472
and
represents
0.1%
of
net
assets.
(7)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(8)
Level
3
in
fair
value
hierarchy.
(9)
Seven-day
yield
(10)
Affiliated
Companies
BRL
Brazilian
Real
CNH
Offshore
China
Renminbi
COP
Colombian
Peso
EUR
Euro
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
11
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
10/13/23
USD
1,230
ZAR
23,431
$
(6)
BNP
Paribas
11/24/23
USD
6,113
EUR
5,588
191
BNP
Paribas
12/4/23
USD
1,152
BRL
5,690
30
BNP
Paribas
12/7/23
USD
863
COP
3,644,029
(15)
Citibank
12/7/23
COP
3,277,593
USD
784
5
Citibank
12/7/23
USD
868
COP
3,680,837
(18)
Goldman
Sachs
10/6/23
IDR
2,258,866
USD
146
1
Goldman
Sachs
12/4/23
USD
1,151
BRL
5,690
29
Goldman
Sachs
12/15/23
USD
856
CNH
6,181
6
Goldman
Sachs
1/17/24
USD
145
IDR
2,258,866
—
HSBC
Bank
10/6/23
IDR
2,211,254
USD
143
—
HSBC
Bank
10/13/23
ZAR
999
USD
53
(1)
HSBC
Bank
11/24/23
USD
4,972
EUR
4,562
137
HSBC
Bank
12/15/23
USD
1,712
CNH
12,361
12
HSBC
Bank
1/17/24
USD
143
IDR
2,211,254
—
JPMorgan
Chase
10/6/23
USD
446
IDR
6,640,403
16
Morgan
Stanley
10/13/23
USD
431
MXN
7,488
3
Morgan
Stanley
12/15/23
USD
2,588
CNH
18,741
11
RBC
Dominion
Securities
10/13/23
USD
460
MXN
8,022
1
State
Street
10/13/23
USD
1,410
MXN
24,600
1
State
Street
11/24/23
USD
5,642
EUR
5,158
176
UBS
Investment
Bank
10/6/23
IDR
2,170,283
USD
140
—
UBS
Investment
Bank
12/7/23
USD
1,762
COP
7,398,482
(19)
UBS
Investment
Bank
1/17/24
PEN
2,074
USD
547
1
UBS
Investment
Bank
1/17/24
USD
140
IDR
2,170,283
—
UBS
Investment
Bank
1/17/24
USD
544
PEN
2,074
(1)
Wells
Fargo
Bank
10/6/23
USD
567
PEN
2,074
19
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
579
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
12
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
71
U.S.
Treasury
Notes
ten
year
contracts
12/23
(7,672)
$
124
Long,
125
Ultra
U.S.
Treasury
Bonds
contracts
12/23
14,836
(1,108)
Net
payments
(receipts)
of
variation
margin
to
date
1,019
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
35
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
13
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
September
30,
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,
5.40%
$
—#
$
—
$
298+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
09/30/23
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
18,095
¤
¤
$
4,377^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$298
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
$4,377.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Unaudited
14
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
15
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
16
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
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.
E163-054Q3
09/23
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
313,650
$
—
$
313,650
Common
Stocks
—
—
—
—
Private
Investment
Company
2
—
—
—
472
Short-Term
Investments
4,377
—
—
4,377
Total
Securities
4,377
313,650
—
318,499
Forward
Currency
Exchange
Contracts
—
639
—
639
Futures
Contracts*
124
—
—
124
Total
$
4,501
$
314,289
$
—
$
319,262
Liabilities
Forward
Currency
Exchange
Contracts
$
—
$
60
$
—
$
60
Futures
Contracts*
1,108
—
—
1,108
Total
$
1,108
$
60
$
—
$
1,168
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.