T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA
1.2%
Government
Bonds
1.2%
Republic
of
Albania,
3.50%,
11/23/31
(EUR) (1)
1,925,000
1,871
Republic
of
Albania,
3.50%,
11/23/31
(EUR)
2,305,000
2,241
Republic
of
Albania,
5.90%,
6/9/28
(EUR)
145,000
161
Total
Albania
(Cost
$4,315
)
4,273
ANGOLA
3.3%
Government
Bonds
3.3%
Republic
of
Angola,
8.00%,
11/26/29
(USD)
4,535,000
4,235
Republic
of
Angola,
8.25%,
5/9/28
(USD)
4,415,000
4,263
Republic
of
Angola,
8.75%,
4/14/32
(USD) (1)
530,000
488
Republic
of
Angola,
8.75%,
4/14/32
(USD)
770,000
710
Republic
of
Angola,
9.125%,
11/26/49
(USD)
1,700,000
1,443
Republic
of
Angola,
9.375%,
5/8/48
(USD)
510,000
441
Total
Angola
(Cost
$11,056
)
11,580
ARGENTINA
1.5%
Government
Bonds
1.5%
Republic
of
Argentina,
STEP,
0.75%,
7/9/30
(USD)
2,860,000
1,505
Republic
of
Argentina,
STEP,
3.625%,
7/9/35
(USD)
5,000,026
2,086
Republic
of
Argentina,
STEP,
4.25%,
1/9/38
(USD)
3,305,959
1,540
Total
Argentina
(Cost
$4,989
)
5,131
BAHAMAS
0.7%
Government
Bonds
0.7%
Commonwealth
of
Bahamas,
6.00%,
11/21/28
(USD) (1)
2,710,000
2,458
Total
Bahamas
(Cost
$2,788
)
2,458
BAHRAIN
1.6%
Government
Bonds
1.6%
Kingdom
of
Bahrain,
5.625%,
5/18/34
(USD) (1)
235,000
212
Kingdom
of
Bahrain,
6.75%,
9/20/29
(USD)
1,710,000
1,730
Kingdom
of
Bahrain,
7.00%,
10/12/28
(USD)
2,505,000
2,583
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Kingdom
of
Bahrain,
7.50%,
9/20/47
(USD)
1,225,000
1,177
Total
Bahrain
(Cost
$5,729
)
5,702
BARBADOS
0.3%
Government
Bonds
0.3%
Government
of
Barbados,
6.50%,
10/1/29
(USD) (1)
1,152,000
1,096
Total
Barbados
(Cost
$1,116
)
1,096
BERMUDA
0.5%
Government
Bonds
0.5%
Government
of
Bermuda,
5.00%,
7/15/32
(USD)
1,800,000
1,736
Total
Bermuda
(Cost
$1,787
)
1,736
BRAZIL
3.7%
Corporate
Bonds
2.0%
Banco
do
Brasil,
6.00%,
3/18/31
(USD) (1)
590,000
594
Braskem
Netherlands
Finance,
7.25%,
2/13/33
(USD) (1)
885,000
852
Braskem
Netherlands
Finance,
8.50%,
1/12/31
(USD) (1)
420,000
436
Cosan
Luxembourg,
7.25%,
6/27/31
(USD) (1)
720,000
736
Cosan
Overseas,
8.25%
(USD) (2)
430,000
440
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
2,450,000
2,145
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD) (1)
500,000
434
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD)
475,000
413
Sitios
Latinoamerica,
5.375%,
4/4/32
(USD) (1)
1,200,000
1,122
7,172
Government
Bonds
1.7%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/29
2,850,000
556
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31
14,793,000
2,839
Republic
of
Brazil,
5.00%,
1/27/45
(USD)
823,000
659
Republic
of
Brazil,
6.125%,
3/15/34
(USD)
1,090,000
1,080
Republic
of
Brazil,
6.25%,
3/18/31
(USD)
475,000
485
Republic
of
Brazil,
7.125%,
5/13/54
(USD)
340,000
343
5,962
Total
Brazil
(Cost
$13,131
)
13,134
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
BULGARIA
0.5%
Government
Bonds
0.5%
Republic
of
Bulgaria,
4.50%,
1/27/33
(EUR) (1)
1,365,000
1,569
Republic
of
Bulgaria,
4.875%,
5/13/36
(EUR)
150,000
176
Total
Bulgaria
(Cost
$1,594
)
1,745
CHILE
3.3%
Corporate
Bonds
3.0%
AES
Andes,
VR,
6.35%,
10/7/79
(USD) (1)(3)
419,000
409
AES
Andes,
VR,
7.125%,
3/26/79
(USD) (1)(3)
1,700,000
1,684
Agrosuper,
4.60%,
1/20/32
(USD) (1)
1,400,000
1,210
Banco
Santander
Chile,
3.177%,
10/26/31
(USD) (1)
1,500,000
1,310
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30
(USD) (1)
1,200,000
1,099
Celulosa
Arauco
y
Constitucion,
5.15%,
1/29/50
(USD)
1,000,000
817
Corp.
Nacional
del
Cobre
de
Chile,
5.125%,
2/2/33
(USD) (1)
500,000
477
Corp.
Nacional
del
Cobre
de
Chile,
6.44%,
1/26/36
(USD) (1)
1,140,000
1,178
Empresa
de
los
Ferrocarriles
del
Estado,
3.068%,
8/18/50
(USD)
1,520,000
922
Empresa
de
Transporte
de
Pasajeros
Metro,
3.693%,
9/13/61
(USD) (1)
800,000
538
Empresa
de
Transporte
de
Pasajeros
Metro,
4.70%,
5/7/50
(USD) (1)
945,000
786
10,430
Government
Bonds
0.3%
Republic
of
Chile,
3.25%,
9/21/71
(USD)
1,200,000
760
Republic
of
Chile,
3.50%,
1/31/34
(USD)
310,000
272
1,032
Total
Chile
(Cost
$12,965
)
11,462
CHINA
1.4%
Government
Bonds
1.4%
People's
Republic
of
China,
Series
INBK,
2.62%,
6/25/30
11,400,000
1,601
People's
Republic
of
China,
Series
INBK,
3.27%,
11/19/30
7,600,000
1,114
People's
Republic
of
China,
Series
1916,
3.12%,
12/5/26
16,100,000
2,290
Total
China
(Cost
$5,278
)
5,005
Par/Shares
$
Value
(Cost
and
value
in
$000s)
COLOMBIA
3.7%
Corporate
Bonds
1.1%
Banco
de
Bogota,
6.25%,
5/12/26
(USD)
1,000,000
1,001
Bancolombia,
VR,
4.625%,
12/18/29
(USD) (3)
920,000
897
Ecopetrol,
4.625%,
11/2/31
(USD)
405,000
337
Ecopetrol,
6.875%,
4/29/30
(USD)
200,000
195
Ecopetrol,
8.375%,
1/19/36
(USD)
880,000
889
Ecopetrol,
8.875%,
1/13/33
(USD)
390,000
413
3,732
Government
Bonds
2.5%
Republic
of
Colombia,
3.00%,
1/30/30
(USD)
557,000
463
Republic
of
Colombia,
3.125%,
4/15/31
(USD)
2,100,000
1,683
Republic
of
Colombia,
4.125%,
5/15/51
(USD)
880,000
548
Republic
of
Colombia,
4.50%,
3/15/29
(USD)
200,000
185
Republic
of
Colombia,
5.00%,
6/15/45
(USD)
3,950,000
2,876
Republic
of
Colombia,
6.125%,
1/18/41
(USD)
1,320,000
1,141
Republic
of
Colombia,
8.00%,
11/14/35
(USD)
470,000
495
Republic
of
Colombia,
8.75%,
11/14/53
(USD)
440,000
479
Republic
of
Colombia,
Series
B,
7.00%,
3/26/31
4,334,700,000
966
8,836
Private
Investment
Company
0.1%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/1/22
-
12/22/23,
Cost $0
(USD) (4)(5)
†
31
Bona
Fide
Investments
Holding
LLC,
Acquisition
date:
6/7/23,
Cost $331
(USD) (4)(5)
†
443
474
Total
Colombia
(Cost
$13,481
)
13,042
COSTA
RICA
0.9%
Government
Bonds
0.9%
Republic
of
Costa
Rica,
7.30%,
11/13/54
(USD) (1)
2,990,000
3,181
Total
Costa
Rica
(Cost
$2,934
)
3,181
DOMINICAN
REPUBLIC
3.0%
Government
Bonds
3.0%
Dominican
Republic,
4.50%,
1/30/30
(USD) (1)
2,245,000
2,051
Dominican
Republic,
4.875%,
9/23/32
(USD) (1)
1,780,000
1,599
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Dominican
Republic,
4.875%,
9/23/32
(USD)
5,175,000
4,649
Dominican
Republic,
5.875%,
1/30/60
(USD)
1,016,000
866
Dominican
Republic,
6.85%,
1/27/45
(USD)
1,410,000
1,401
Total
Dominican
Republic
(Cost
$10,293
)
10,566
ECUADOR
1.2%
Government
Bonds
1.2%
Republic
of
Ecuador,
STEP,
6.00%,
7/31/30
(USD) (1)
6,328,550
4,307
Total
Ecuador
(Cost
$4,019
)
4,307
EGYPT
2.8%
Government
Bonds
2.8%
Arab
Republic
of
Egypt,
5.80%,
9/30/27
(USD)
880,000
796
Arab
Republic
of
Egypt,
5.875%,
2/16/31
(USD)
575,000
461
Arab
Republic
of
Egypt,
6.588%,
2/21/28
(USD)
1,435,000
1,314
Arab
Republic
of
Egypt,
7.50%,
1/31/27
(USD)
1,102,000
1,064
Arab
Republic
of
Egypt,
7.50%,
2/16/61
(USD)
850,000
613
Arab
Republic
of
Egypt,
7.625%,
5/29/32
(USD)
1,098,000
938
Arab
Republic
of
Egypt,
7.903%,
2/21/48
(USD) (1)
800,000
609
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD) (1)
3,050,000
2,427
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD)
1,920,000
1,528
Total
Egypt
(Cost
$10,403
)
9,750
EL
SALVADOR
0.7%
Government
Bonds
0.7%
Republic
of
El
Salvador,
5.875%,
1/30/25
(USD)
2,410,000
2,317
Republic
of
El
Salvador,
7.65%,
6/15/35
(USD)
90,000
69
Total
El
Salvador
(Cost
$2,246
)
2,386
GHANA
0.6%
Corporate
Bonds
0.2%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
700,000
689
689
Government
Bonds
0.4%
Republic
of
Ghana,
6.375%,
2/11/27
(USD) (6)
1,325,000
683
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Ghana,
8.125%,
1/18/26
(USD) (6)
200,000
106
Republic
of
Ghana,
10.75%,
10/14/30
(USD)
830,000
568
1,357
Total
Ghana
(Cost
$1,965
)
2,046
GRENADA
0.0%
Government
Bonds
0.0%
Government
of
Grenada,
7.00%,
5/12/30
(USD)
124,292
116
Total
Grenada
(Cost
$116
)
116
GUATEMALA
1.6%
Government
Bonds
1.6%
Republic
of
Guatemala,
4.875%,
2/13/28
(USD)
1,050,000
1,015
Republic
of
Guatemala,
4.90%,
6/1/30
(USD) (1)
1,000,000
957
Republic
of
Guatemala,
5.25%,
8/10/29
(USD) (1)
230,000
223
Republic
of
Guatemala,
5.375%,
4/24/32
(USD)
1,900,000
1,829
Republic
of
Guatemala,
6.60%,
6/13/36
(USD) (1)
1,004,000
1,029
Republic
of
Guatemala,
7.05%,
10/4/32
(USD) (1)
650,000
691
Total
Guatemala
(Cost
$5,913
)
5,744
INDIA
3.0%
Corporate
Bonds
0.8%
ABJA
Investment,
5.45%,
1/24/28
(USD)
1,170,000
1,170
Greenko
Power
II,
4.30%,
12/13/28
(USD)
1,035,000
951
State
Bank
of
India,
5.00%,
1/17/29
(USD)
880,000
873
2,994
Government
Bonds
2.2%
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD) (1)
255,000
211
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD)
2,475,000
2,047
Export-Import
Bank
of
India,
3.25%,
1/15/30
(USD)
5,055,000
4,541
Republic
of
India,
7.18%,
8/14/33
70,600,000
854
7,653
Total
India
(Cost
$11,328
)
10,647
INDONESIA
6.0%
Corporate
Bonds
1.3%
Minejesa
Capital,
5.625%,
8/10/37
(USD)
2,200,000
2,003
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Pertamina
Persero,
5.625%,
5/20/43
(USD)
920,000
906
Perusahaan
Listrik
Negara,
4.125%,
5/15/27
(USD)
1,000,000
964
Perusahaan
Listrik
Negara,
4.375%,
2/5/50
(USD) (1)
400,000
319
Perusahaan
Listrik
Negara,
6.15%,
5/21/48
(USD)
300,000
304
4,496
Government
Bonds
4.7%
Perusahaan
Penerbit,
2.80%,
6/23/30
(USD)
3,700,000
3,275
Perusahaan
Penerbit,
4.15%,
3/29/27
(USD)
720,000
704
Perusahaan
Penerbit,
4.40%,
3/1/28
(USD)
200,000
197
Perusahaan
Penerbit,
4.45%,
2/20/29
(USD)
897,000
879
Perusahaan
Penerbit,
4.55%,
3/29/26
(USD)
1,350,000
1,343
Republic
of
Indonesia,
4.55%,
1/11/28
(USD)
900,000
888
Republic
of
Indonesia,
4.625%,
4/15/43
(USD)
3,300,000
3,093
Republic
of
Indonesia,
5.25%,
1/17/42
(USD)
2,100,000
2,105
Republic
of
Indonesia,
Series
FR64,
6.125%,
5/15/28
35,324,000,000
2,196
Republic
of
Indonesia,
Series
FR96,
7.00%,
2/15/33
28,659,000,000
1,847
16,527
Total
Indonesia
(Cost
$23,149
)
21,023
ISRAEL
0.4%
Corporate
Bonds
0.4%
Leviathan
Bond,
6.125%,
6/30/25
(USD) (1)
1,375,000
1,354
Total
Israel
(Cost
$1,297
)
1,354
IVORY
COAST
2.6%
Government
Bonds
2.6%
Republic
of
Ivory
Coast,
4.875%,
1/30/32
(EUR)
1,155,000
1,077
Republic
of
Ivory
Coast,
6.125%,
6/15/33
(USD)
5,595,000
5,059
Republic
of
Ivory
Coast,
6.625%,
3/22/48
(EUR)
2,210,000
1,950
Republic
of
Ivory
Coast,
7.625%,
1/30/33
(USD) (1)
1,040,000
1,034
Total
Ivory
Coast
(Cost
$8,833
)
9,120
JAMAICA
0.2%
Corporate
Bonds
0.2%
TransJamaican
Highway,
5.75%,
10/10/36
(USD) (1)
335,945
298
Par/Shares
$
Value
(Cost
and
value
in
$000s)
TransJamaican
Highway,
5.75%,
10/10/36
(USD)
363,184
322
Total
Jamaica
(Cost
$698
)
620
JORDAN
1.8%
Government
Bonds
1.8%
Kingdom
of
Jordan,
5.85%,
7/7/30
(USD)
5,925,000
5,466
Kingdom
of
Jordan,
7.50%,
1/13/29
(USD) (1)
1,000,000
1,000
Total
Jordan
(Cost
$7,091
)
6,466
KAZAKHSTAN
0.4%
Corporate
Bonds
0.4%
KazMunayGas
National,
3.50%,
4/14/33
(USD)
1,200,000
1,001
KazMunayGas
National,
5.75%,
4/19/47
(USD)
335,000
292
Total
Kazakhstan
(Cost
$1,546
)
1,293
KENYA
1.3%
Government
Bonds
1.3%
Republic
of
Kenya,
7.25%,
2/28/28
(USD)
3,404,000
3,258
Republic
of
Kenya,
9.75%,
2/16/31
(USD) (1)
1,235,000
1,268
Total
Kenya
(Cost
$4,267
)
4,526
KUWAIT
0.3%
Corporate
Bonds
0.3%
MEGlobal
Canada,
5.875%,
5/18/30
(USD) (1)
245,000
247
MEGlobal
Canada,
5.875%,
5/18/30
(USD)
800,000
809
Total
Kuwait
(Cost
$1,134
)
1,056
MALAYSIA
0.8%
Government
Bonds
0.8%
Government
of
Malaysia,
Series
0318,
4.642%,
11/7/33
6,063,000
1,361
Government
of
Malaysia,
Series
0419,
3.828%,
7/5/34
6,637,000
1,398
Total
Malaysia
(Cost
$2,793
)
2,759
MEXICO
8.4%
Corporate
Bonds
2.7%
Banco
Mercantil
del
Norte,
VR,
7.625%
(USD) (2)(3)
500,000
501
Banco
Mercantil
del
Norte,
VR,
8.375%
(USD) (2)(3)
575,000
590
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (3)
1,450,000
1,349
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD) (3)
550,000
521
BBVA
Bancomer,
VR,
8.125%,
1/8/39
(USD) (1)(3)
540,000
560
BBVA
Bancomer,
VR,
8.45%,
6/29/38
(USD) (1)(3)
1,660,000
1,754
Cemex,
5.45%,
11/19/29
(USD)
700,000
690
Cemex,
VR,
9.125%
(USD) (2)(3)
500,000
544
Cometa
Energia,
6.375%,
4/24/35
(USD) (1)
922,300
930
Infraestructura
Energetica
Nova,
4.75%,
1/15/51
(USD)
1,375,000
1,066
Petroleos
Mexicanos,
5.95%,
1/28/31
(USD)
675,000
542
Petroleos
Mexicanos,
6.84%,
1/23/30
(USD)
270,000
238
9,285
Government
Bonds
5.7%
Petroleos
Mexicanos,
4.50%,
1/23/26
(USD)
2,825,000
2,650
Petroleos
Mexicanos,
5.50%,
6/27/44
(USD)
1,460,000
891
Petroleos
Mexicanos,
5.625%,
1/23/46
(USD)
3,460,000
2,069
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
2,100,000
1,979
Petroleos
Mexicanos,
8.75%,
6/2/29
(USD)
2,855,000
2,786
Petroleos
Mexicanos,
10.00%,
2/7/33
(USD)
1,125,000
1,121
Petroleos
Mexicanos,
Series
13-2,
7.19%,
9/12/24
2,700,000
158
United
Mexican
States,
6.00%,
5/7/36
(USD)
1,910,000
1,918
United
Mexican
States,
6.35%,
2/9/35
(USD)
1,110,000
1,147
United
Mexican
States,
Series
M,
7.75%,
5/29/31
95,964,000
5,310
20,029
Total
Mexico
(Cost
$30,391
)
29,314
MONTENEGRO
0.7%
Government
Bonds
0.7%
Republic
of
Montenegro,
7.25%,
3/12/31
(USD) (1)
2,300,000
2,343
Total
Montenegro
(Cost
$2,313
)
2,343
MOROCCO
1.6%
Government
Bonds
1.6%
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD) (1)
1,300,000
1,047
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD)
1,270,000
1,022
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Kingdom
of
Morocco,
4.00%,
12/15/50
(USD)
3,505,000
2,401
Kingdom
of
Morocco,
6.50%,
9/8/33
(USD) (1)
1,050,000
1,087
Total
Morocco
(Cost
$5,822
)
5,557
NIGERIA
0.7%
Government
Bonds
0.7%
Republic
of
Nigeria,
7.875%,
2/16/32
(USD)
2,575,000
2,338
Total
Nigeria
(Cost
$1,881
)
2,338
OMAN
3.6%
Corporate
Bonds
0.4%
OmGrid
Funding,
5.196%,
5/16/27
(USD)
500,000
493
Oryx
Funding,
5.80%,
2/3/31
(USD) (1)
200,000
201
Oryx
Funding,
5.80%,
2/3/31
(USD)
700,000
703
1,397
Government
Bonds
3.2%
Sultanate
of
Oman,
4.75%,
6/15/26
(USD)
475,000
467
Sultanate
of
Oman,
5.375%,
3/8/27
(USD)
4,445,000
4,431
Sultanate
of
Oman,
5.625%,
1/17/28
(USD)
1,400,000
1,408
Sultanate
of
Oman,
6.50%,
3/8/47
(USD)
3,060,000
3,097
Sultanate
of
Oman,
6.75%,
10/28/27
(USD)
1,700,000
1,771
11,174
Total
Oman
(Cost
$12,461
)
12,571
PAKISTAN
0.3%
Government
Bonds
0.3%
Islamic
Republic
of
Pakistan,
7.875%,
3/31/36
(USD)
1,271,000
981
Total
Pakistan
(Cost
$1,333
)
981
PANAMA
3.7%
Corporate
Bonds
0.6%
Aeropuerto
Internacional
de
Tocumen,
4.00%,
8/11/41
(USD) (1)
520,000
383
Banco
General,
VR,
5.25%
(USD) (1)
(2)(3)
905,000
773
Banco
Nacional
de
Panama,
2.50%,
8/11/30
(USD) (1)
1,105,000
868
2,024
Government
Bonds
3.1%
Republic
of
Panama,
2.252%,
9/29/32
(USD)
3,850,000
2,758
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Panama,
4.50%,
1/19/63
(USD)
1,750,000
1,126
Republic
of
Panama,
6.40%,
2/14/35
(USD)
5,600,000
5,302
Republic
of
Panama,
6.875%,
1/31/36
(USD)
700,000
684
Republic
of
Panama,
7.875%,
3/1/57
(USD)
800,000
810
Republic
of
Panama,
8.00%,
3/1/38
(USD)
370,000
389
11,069
Total
Panama
(Cost
$14,808
)
13,093
PARAGUAY
1.4%
Corporate
Bonds
0.3%
Telefonica
Celular
del
Paraguay,
5.875%,
4/15/27
(USD) (1)
1,005,000
978
978
Government
Bonds
1.1%
Republic
of
Paraguay,
4.95%,
4/28/31
(USD) (1)
840,000
810
Republic
of
Paraguay,
5.40%,
3/30/50
(USD)
2,980,000
2,627
Republic
of
Paraguay,
5.85%,
8/21/33
(USD) (1)
290,000
291
Republic
of
Paraguay,
6.00%,
2/9/36
(USD) (1)
200,000
203
3,931
Total
Paraguay
(Cost
$5,513
)
4,909
PERU
0.9%
Corporate
Bonds
0.1%
Lima
Metro
Line
2
Finance,
5.875%,
7/5/34
(USD)
283,892
282
282
Government
Bonds
0.8%
Republic
of
Peru,
2.78%,
12/1/60
(USD)
1,510,000
874
Republic
of
Peru,
3.30%,
3/11/41
(USD)
1,400,000
1,054
Republic
of
Peru,
3.55%,
3/10/51
(USD)
590,000
428
Republic
of
Peru,
6.15%,
8/12/32
2,220,000
561
2,917
Total
Peru
(Cost
$4,175
)
3,199
PHILIPPINES
1.8%
Corporate
Bonds
1.1%
Globe
Telecom,
3.00%,
7/23/35
(USD)
1,600,000
1,254
International
Container
Terminal
Services,
4.75%,
6/17/30
(USD)
1,160,000
1,126
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Manila
Water,
4.375%,
7/30/30
(USD)
1,600,000
1,504
3,884
Government
Bonds
0.7%
Republic
of
Philippines,
2.65%,
12/10/45
(USD)
3,175,000
2,112
Republic
of
Philippines,
4.625%,
7/17/28
(USD)
200,000
198
2,310
Total
Philippines
(Cost
$7,473
)
6,194
POLAND
0.5%
Government
Bonds
0.5%
Republic
of
Poland,
3.875%,
2/14/33
(EUR)
960,000
1,073
Republic
of
Poland,
5.50%,
4/4/53
(USD)
520,000
519
Total
Poland
(Cost
$1,535
)
1,592
QATAR
2.2%
Corporate
Bonds
1.0%
QatarEnergy,
2.25%,
7/12/31
(USD) (1)
1,210,000
1,016
QatarEnergy,
2.25%,
7/12/31
(USD)
1,250,000
1,049
QatarEnergy,
3.125%,
7/12/41
(USD) (1)
1,760,000
1,317
3,382
Government
Bonds
1.2%
State
of
Qatar,
4.40%,
4/16/50
(USD)
1,550,000
1,372
State
of
Qatar,
4.817%,
3/14/49
(USD)
3,200,000
3,006
4,378
Total
Qatar
(Cost
$10,450
)
7,760
ROMANIA
2.0%
Corporate
Bonds
0.4%
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (3)
1,200,000
1,375
1,375
Government
Bonds
1.6%
Republic
of
Romania,
2.875%,
4/13/42
(EUR) (1)
610,000
452
Republic
of
Romania,
4.00%,
2/14/51
(USD) (1)
826,000
587
Republic
of
Romania,
4.00%,
2/14/51
(USD)
3,018,000
2,144
Republic
of
Romania,
5.50%,
9/18/28
(EUR)
1,610,000
1,794
Republic
of
Romania,
6.375%,
1/30/34
(USD) (1)
626,000
636
5,613
Total
Romania
(Cost
$8,289
)
6,988
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SAUDI
ARABIA
2.5%
Corporate
Bonds
0.5%
Gaci
First
Investment,
5.125%,
2/14/53
(USD)
1,883,000
1,635
1,635
Government
Bonds
2.0%
Kingdom
of
Saudi
Arabia,
3.25%,
10/26/26
(USD)
500,000
480
Kingdom
of
Saudi
Arabia,
3.45%,
2/2/61
(USD) (1)
1,265,000
843
Kingdom
of
Saudi
Arabia,
3.75%,
1/21/55
(USD)
500,000
362
Kingdom
of
Saudi
Arabia,
4.50%,
4/22/60
(USD) (1)
585,000
482
Kingdom
of
Saudi
Arabia,
4.75%,
1/16/30
(USD) (1)
1,070,000
1,063
Kingdom
of
Saudi
Arabia,
4.875%,
7/18/33
(USD)
500,000
498
Kingdom
of
Saudi
Arabia,
5.00%,
4/17/49
(USD)
550,000
502
Saudi
Arabian
Oil,
3.50%,
4/16/29
(USD)
2,000,000
1,868
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
1,250,000
1,096
7,194
Total
Saudi
Arabia
(Cost
$9,996
)
8,829
SENEGAL
0.9%
Government
Bonds
0.9%
Republic
of
Senegal,
6.25%,
5/23/33
(USD)
3,580,000
3,060
Total
Senegal
(Cost
$2,967
)
3,060
SERBIA
1.9%
Government
Bonds
1.9%
Republic
of
Serbia,
2.125%,
12/1/30
(USD)
5,150,000
4,094
Republic
of
Serbia,
6.25%,
5/26/28
(USD) (1)
680,000
695
Republic
of
Serbia,
6.50%,
9/26/33
(USD)
1,795,000
1,835
Total
Serbia
(Cost
$7,082
)
6,624
SLOVENIA
0.4%
Corporate
Bonds
0.4%
Nova
Kreditna
Banka
Maribor,
VR,
7.375%,
6/29/26 (3)
1,400,000
1,555
Total
Slovenia
(Cost
$1,552
)
1,555
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
AFRICA
1.7%
Corporate
Bonds
0.5%
Transnet,
8.25%,
2/6/28
(USD) (1)
1,035,000
1,032
Transnet,
8.25%,
2/6/28
(USD)
735,000
733
1,765
Government
Bonds
1.2%
Republic
of
South
Africa,
5.65%,
9/27/47
(USD)
2,470,000
1,800
Republic
of
South
Africa,
5.875%,
4/20/32
(USD)
1,115,000
1,006
Republic
of
South
Africa,
7.30%,
4/20/52
(USD)
605,000
526
Republic
of
South
Africa,
Series
2035,
8.875%,
2/28/35
20,025,000
844
4,176
Total
South
Africa
(Cost
$6,368
)
5,941
SOUTH
KOREA
0.5%
Corporate
Bonds
0.3%
Hanwha
Totalenergies
Petrochemical,
5.50%,
7/18/29
(USD)
960,000
957
POSCO,
5.75%,
1/17/28
(USD) (1)
200,000
203
1,160
Government
Bonds
0.2%
Export-Import
Bank
of
Korea,
5.00%,
1/11/28
(USD)
350,000
354
Export-Import
Bank
of
Korea,
5.125%,
1/11/33
(USD)
400,000
408
762
Total
South
Korea
(Cost
$1,909
)
1,922
SRI
LANKA
1.7%
Government
Bonds
1.7%
Republic
of
Sri
Lanka,
6.125%,
6/3/25
(USD) (4)(6)
2,505,000
1,503
Republic
of
Sri
Lanka,
6.825%,
7/18/26
(USD) (6)
200,000
120
Republic
of
Sri
Lanka,
6.85%,
11/3/25
(USD) (4)(6)
7,180,000
4,308
Total
Sri
Lanka
(Cost
$6,330
)
5,931
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
$1,055
)
1,049
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SURINAME
0.9%
Government
Bonds
0.9%
Republic
of
Suriname,
7.95%,
7/15/33,
(4.95%
Cash
and
3.00%
PIK)
(USD) (1)(7)
2,261,182
2,078
Republic
of
Suriname,
VR,
9.00%,
12/31/50
(USD) (1)
1,573,000
1,162
Total
Suriname
(Cost
$2,369
)
3,240
TANZANIA
0.3%
Convertible
Bonds
0.1%
HTA
Group,
2.875%,
3/18/27
(USD)
400,000
355
355
Corporate
Bonds
0.2%
HTA
Group,
7.00%,
12/18/25
(USD) (1)
810,000
809
809
Total
Tanzania
(Cost
$1,224
)
1,164
THAILAND
0.7%
Corporate
Bonds
0.7%
Bangkok
Bank,
VR,
3.466%,
9/23/36
(USD) (1)(3)
880,000
743
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD) (1)
965,000
656
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD)
1,700,000
1,156
Total
Thailand
(Cost
$3,066
)
2,555
TÜRKIYE
2.9%
Government
Bonds
2.9%
Republic
of
Turkiye,
4.25%,
4/14/26
(USD)
1,925,000
1,861
Republic
of
Turkiye,
4.875%,
4/16/43
(USD)
1,850,000
1,303
Republic
of
Turkiye,
6.00%,
1/14/41
(USD)
1,600,000
1,321
Republic
of
Turkiye,
6.50%,
9/20/33
(USD)
575,000
540
Republic
of
Turkiye,
7.625%,
5/15/34
(USD)
910,000
915
Republic
of
Turkiye,
8.60%,
9/24/27
(USD)
675,000
716
Republic
of
Turkiye,
9.375%,
3/14/29
(USD)
1,800,000
1,961
Republic
of
Turkiye,
9.375%,
1/19/33
(USD)
950,000
1,058
Republic
of
Turkiye,
9.875%,
1/15/28
(USD)
325,000
359
Total
Türkiye
(Cost
$9,810
)
10,034
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UKRAINE
0.3%
Government
Bonds
0.3%
Government
of
Ukraine,
7.375%,
9/25/34
(USD) (6)
3,450,000
1,026
Total
Ukraine
(Cost
$949
)
1,026
UNITED
ARAB
EMIRATES
0.9%
Corporate
Bonds
0.8%
DP
World
Crescent,
3.875%,
7/18/29
(USD)
900,000
845
Emirates
NBD
Bank,
VR,
6.125%
(USD) (2)(3)
1,100,000
1,097
Ruwais
Power,
6.00%,
8/31/36
(USD)
1,020,000
1,025
2,967
Government
Bonds
0.1%
Emirate
of
Dubai,
3.90%,
9/9/50
(USD)
230,000
171
171
Total
United
Arab
Emirates
(Cost
$3,566
)
3,138
UNITED
KINGDOM
0.0%
Common
Stocks
0.0%
Mriya
Farming,
Recovery
Certificates,
Acquisition
date:
8/23/18,
Cost $—
(EUR) (4)(5)(8)
488,383
3
Total
United
Kingdom
(Cost
$–
)
3
UNITED
STATES
0.4%
Corporate
Bonds
0.4%
Hyundai
Capital
America,
5.60%,
3/30/28 (1)
605,000
611
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29 (1)
1,045,000
873
Total
United
States
(Cost
$1,674
)
1,484
URUGUAY
0.4%
Government
Bonds
0.4%
Oriental
Republic
of
Uruguay,
5.75%,
10/28/34
(USD)
1,265,000
1,337
Total
Uruguay
(Cost
$1,351
)
1,337
VENEZUELA
2.1%
Government
Bonds
2.1%
Petroleos
de
Venezuela,
5.375%,
4/12/27
(USD) (4)(6)
3,465,000
329
Petroleos
de
Venezuela,
6.00%,
5/16/24
(USD) (4)(6)
10,960,000
1,047
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Petroleos
de
Venezuela,
6.00%,
11/15/26
(USD) (4)(6)
1,725,000
165
Petroleos
de
Venezuela,
8.50%,
10/27/20
(USD) (4)(6)
1,222,500
988
Petroleos
de
Venezuela,
9.00%,
11/17/21
(USD) (4)(6)
24,590,000
2,582
Petroleos
de
Venezuela,
9.75%,
5/17/35
(USD) (4)(6)
985,000
113
Petroleos
de
Venezuela,
12.75%,
2/17/22
(USD) (4)(6)
3,430,000
434
Republic
of
Venezuela,
6.00%,
12/9/20
(USD) (4)(6)
3,350,000
470
Republic
of
Venezuela,
7.75%,
10/13/19
(USD) (4)(6)
3,600,000
511
Republic
of
Venezuela,
9.25%,
9/15/27
(USD) (4)(6)
1,000,000
181
Republic
of
Venezuela,
11.75%,
10/21/26
(USD) (4)(6)
1,500,000
278
Republic
of
Venezuela,
11.95%,
8/5/31
(USD) (4)(6)
800,000
141
Republic
of
Venezuela,
12.75%,
8/23/22
(USD) (4)(6)
550,000
96
Total
Venezuela
(Cost
$23,223
)
7,335
VIETNAM
0.1%
Corporate
Bonds
0.1%
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD) (1)
290,521
278
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD)
249,018
238
Total
Vietnam
(Cost
$543
)
516
ZAMBIA
0.1%
Government
Bonds
0.1%
Republic
of
Zambia,
5.375%,
9/20/22
(USD) (4)(6)
510,000
339
Total
Zambia
(Cost
$245
)
339
SHORT-TERM
INVESTMENTS
1.7%
Money
Market
Funds
1.7%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (9)(10)
6,110,605
6,111
Total
Short-Term
Investments
(Cost
$6,111)
6,111
Total
Investments
in
Securities
97.8%
(Cost
$376,088)
$
343,356
Other
Assets
Less
Liabilities
2.2%
7,807
Net
Assets
100.0%
$
351,163
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
$71,128
and
represents
20.3%
of
net
assets.
(2)
Perpetual
security
with
no
stated
maturity
date.
(3)
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.
(4)
Non-income
producing
(5)
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
$477
and
represents
0.1%
of
net
assets.
(6)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(7)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(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
INR
Indian
Rupee
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
PEN
Peruvian
New
Sol
PIK
Payment-in-kind
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TWD
Taiwan
Dollar
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
4/5/24
USD
1,712
IDR
27,167,518
$
—
Bank
of
America
4/12/24
USD
2,287
MXN
39,165
(63)
Bank
of
America
6/7/24
USD
2,761
MYR
13,168
(7)
Barclays
Bank
4/5/24
USD
1,714
KRW
2,309,489
(1)
Barclays
Bank
6/14/24
USD
5,908
CNH
42,262
68
Barclays
Bank
7/5/24
KRW
2,309,489
USD
1,722
(2)
BNP
Paribas
4/5/24
USD
1,722
KRW
2,289,369
22
BNP
Paribas
5/24/24
EUR
412
USD
448
(2)
BNP
Paribas
6/4/24
BRL
2,975
USD
599
(9)
BNP
Paribas
7/12/24
USD
884
ZAR
16,694
10
Citibank
4/5/24
USD
243
INR
20,298
—
Citibank
5/24/24
EUR
254
USD
277
(3)
Deutsche
Bank
4/5/24
IDR
65,998,491
USD
4,174
(14)
Deutsche
Bank
4/5/24
USD
1,847
IDR
28,768,312
33
Deutsche
Bank
4/5/24
USD
617
INR
51,452
—
Deutsche
Bank
7/5/24
USD
4,163
IDR
65,998,491
16
Goldman
Sachs
4/3/24
TWD
53,677
USD
1,686
(9)
Goldman
Sachs
4/5/24
USD
2,350
IDR
36,516,621
48
Goldman
Sachs
5/24/24
EUR
286
USD
310
(1)
Goldman
Sachs
6/4/24
USD
3,194
BRL
16,097
5
Goldman
Sachs
7/5/24
USD
1,696
TWD
53,677
10
HSBC
Bank
4/3/24
USD
1,729
TWD
53,677
51
HSBC
Bank
4/5/24
IDR
26,453,960
USD
1,695
(27)
HSBC
Bank
4/5/24
INR
69,226
USD
831
(1)
HSBC
Bank
4/5/24
KRW
4,598,858
USD
3,458
(43)
JPMorgan
Chase
5/24/24
EUR
130
USD
142
(1)
Morgan
Stanley
4/5/24
USD
559
PEN
2,074
1
Morgan
Stanley
4/12/24
USD
1,146
MXN
19,730
(38)
Morgan
Stanley
5/24/24
EUR
1,286
USD
1,408
(18)
Morgan
Stanley
6/7/24
USD
875
COP
3,499,064
(20)
RBC
Dominion
Securities
4/12/24
USD
858
MXN
14,724
(25)
State
Street
5/24/24
USD
17,957
EUR
16,604
4
UBS
Investment
Bank
4/12/24
USD
1,046
MXN
18,082
(39)
UBS
Investment
Bank
6/7/24
USD
288
COP
1,150,855
(6)
Wells
Fargo
4/5/24
PEN
1,037
USD
278
1
Wells
Fargo
4/5/24
PEN
1,037
USD
280
(1)
Wells
Fargo
6/7/24
USD
289
COP
1,162,480
(9)
Wells
Fargo
7/5/24
USD
280
PEN
1,037
2
Wells
Fargo
7/5/24
USD
278
PEN
1,037
(1)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(69)
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
12
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
51
Euro
BUND
contracts
6/24
(7,339)
$
(62)
Short,
32
U.S.
Treasury
Notes
ten
year
contracts
6/24
(3,545)
(10)
Long,
132
Ultra
U.S.
Treasury
Bonds
contracts
6/24
17,028
201
Net
payments
(receipts)
of
variation
margin
to
date
(62)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
67
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
three
months
ended
March
31,
2024.
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,
5.39%
$
—#
$
—
$
54+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
8,469
¤
¤
$
6,111^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$54
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
$6,111.
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
March
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
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
03/24
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
336,768
$
—
$
336,768
Common
Stocks
—
—
3
3
Private
Investment
Company
2
—
—
—
474
Short-Term
Investments
6,111
—
—
6,111
Total
Securities
6,111
336,768
3
343,356
Forward
Currency
Exchange
Contracts
—
271
—
271
Futures
Contracts*
201
—
—
201
Total
$
6,312
$
337,039
$
3
$
343,828
Liabilities
Forward
Currency
Exchange
Contracts
$
—
$
340
$
—
$
340
Futures
Contracts*
72
—
—
72
Total
$
72
$
340
$
—
$
412
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
share
(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.