UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-05833
T. Rowe Price Global Funds, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
June 30, 2024
Institutional Emerging Markets Bond Fund
This semi-annual shareholder report contains important information about Institutional Emerging Markets Bond Fund (the "fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Emerging Markets Bond Fund | $35 | 0.70% |
What are some fund statistics?
| Total Net Assets (000s) | $348,497 |
| Number of Portfolio Holdings | 325 |
| |
| Portfolio Turnover Rate | 20.4% |
What did the fund invest in?
Credit Quality Allocation* (as a % of Net Assets)
| AAA Rated | 0.3% |
| AA Rated | 2.7 |
| A Rated | 7.1 |
| BBB Rated | 31.1 |
| BB Rated and Below | 54.0 |
| Not Rated | 1.5 |
| Reserves | 3.3 |
*Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s, and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. If the ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings (as a % of Net Assets)
| Petroleos Mexicanos | 3.5% |
| Republic of Panama | 3.4 |
| Sultanate of Oman | 3.2 |
| Republic of Angola | 3.1 |
| Republic of Colombia | 2.9 |
| Republic of Indonesia | 2.8 |
| Arab Republic of Egypt | 2.7 |
| Republic of Turkiye | 2.6 |
| Republic of Ivory Coast | 2.6 |
| Dominican Republic | 2.2 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Institutional Emerging Markets Bond Fund
(TREBX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Statements
and
Other
Information
Institutional
Emerging
Markets
Bond
Fund
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
6.69
$
6.28
$
8.01
$
8.56
$
8.58
$
8.04
Investment
activities
Net
investment
income
(1)(2)
0.19
0.36
0.33
0.37
0.40
0.46
Net
realized
and
unrealized
gain/
loss
(0.04)
0.41
(1.72)
(0.54)
(0.01)
0.54
Total
from
investment
activities
0.15
0.77
(1.39)
(0.17)
0.39
1.00
Distributions
Net
investment
income
(0.19)
(0.36)
(0.34)
(0.38)
(0.39)
(0.45)
Tax
return
of
capital
–
–
–
–
(3)
(0.02)
(0.01)
Total
distributions
(0.19)
(0.36)
(0.34)
(0.38)
(0.41)
(0.46)
NET
ASSET
VALUE
End
of
period
$
6.65
$
6.69
$
6.28
$
8.01
$
8.56
$
8.58
Ratios/Supplemental
Data
Total
return
(2)(4)
2.27%
12.73%
(17.39)%
(2.06)%
4.99%
12.68%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.70%
(5)
0.70%
0.70%
0.70%
0.70%
0.70%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.70%
(5)
0.70%
0.70%
0.70%
0.70%
0.70%
Net
investment
income
5.76%
(5)
5.70%
5.04%
4.51%
5.02%
5.45%
Portfolio
turnover
rate
20.4%
24.9%
43.1%
37.7%
58.0%
44.7%
Net
assets,
end
of
period
(in
thousands)
$
348,497
$
352,019
$
358,016
$
490,849
$
441,677
$
485,686
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
June
30,
2024
(Unaudited)
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA 1.0%
Government
Bonds 1.0%
Republic
of
Albania,
3.50%,
11/23/31
(EUR) (1)
1,925,000
1,862
Republic
of
Albania,
3.50%,
11/23/31
(EUR)
1,705,000
1,650
Republic
of
Albania,
5.90%,
6/9/28
(EUR)
145,000
160
Total
Albania
(Cost
$3,749)
3,672
ANGOLA 3.1%
Government
Bonds 3.1%
Republic
of
Angola,
8.00%,
11/26/29
(USD)
4,535,000
4,089
Republic
of
Angola,
8.25%,
5/9/28
(USD)
4,015,000
3,782
Republic
of
Angola,
8.75%,
4/14/32
(USD) (1)
530,000
471
Republic
of
Angola,
8.75%,
4/14/32
(USD)
770,000
683
Republic
of
Angola,
9.125%,
11/26/49
(USD)
1,700,000
1,398
Republic
of
Angola,
9.375%,
5/8/48
(USD)
510,000
428
Total
Angola
(Cost
$10,721)
10,851
ARGENTINA 1.3%
Government
Bonds 1.3%
Republic
of
Argentina,
STEP,
0.75%,
7/9/30
(USD)
2,033,000
1,149
Republic
of
Argentina,
STEP,
3.625%,
7/9/35
(USD)
4,339,026
1,828
Republic
of
Argentina,
STEP,
4.25%,
1/9/38
(USD)
3,305,959
1,518
Total
Argentina
(Cost
$4,315)
4,495
BAHAMAS 0.5%
Government
Bonds 0.5%
Commonwealth
of
Bahamas,
6.00%,
11/21/28
(USD) (1)
1,830,000
1,608
Total
Bahamas
(Cost
$1,901)
1,608
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
1,737
Kingdom
of
Bahrain,
7.00%,
10/12/28
(USD)
2,505,000
2,586
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Kingdom
of
Bahrain,
7.50%,
9/20/47
(USD)
1,225,000
1,172
Total
Bahrain
(Cost
$5,722)
5,707
BARBADOS 0.3%
Government
Bonds 0.3%
Government
of
Barbados,
6.50%,
10/1/29
(USD) (1)
1,152,000
1,100
Total
Barbados
(Cost
$1,117)
1,100
BERMUDA 0.3%
Government
Bonds 0.3%
Government
of
Bermuda,
5.00%,
7/15/32
(USD)
1,057,000
1,021
Total
Bermuda
(Cost
$1,050)
1,021
BRAZIL 4.7%
Corporate
Bonds 2.2%
Aegea
Finance,
9.00%,
1/20/31
(USD) (1)
620,000
645
Banco
do
Brasil,
6.00%,
3/18/31
(USD) (1)
590,000
578
Braskem
Netherlands
Finance,
7.25%,
2/13/33
(USD) (1)
885,000
835
Braskem
Netherlands
Finance,
8.50%,
1/12/31
(USD) (1)
420,000
429
Cosan
Luxembourg,
7.25%,
6/27/31
(USD) (1)
720,000
729
Cosan
Overseas,
8.25%
(USD) (2)
430,000
438
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
2,450,000
2,172
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD) (1)
500,000
438
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD)
475,000
416
Sitios
Latinoamerica,
5.375%,
4/4/32
(USD) (1)
1,200,000
1,118
7,798
Government
Bonds 2.5%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/29
2,850,000
475
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31
19,443,000
3,143
Republic
of
Brazil,
5.00%,
1/27/45
(USD)
823,000
635
Republic
of
Brazil,
6.125%,
3/15/34
(USD)
2,825,000
2,720
Republic
of
Brazil,
6.25%,
3/18/31
(USD)
1,225,000
1,218
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Brazil,
7.125%,
5/13/54
(USD)
340,000
329
8,520
Total
Brazil
(Cost
$17,077)
16,318
BULGARIA 0.5%
Government
Bonds 0.5%
Republic
of
Bulgaria,
4.50%,
1/27/33
(EUR) (1)
1,365,000
1,522
Republic
of
Bulgaria,
4.875%,
5/13/36
(EUR)
150,000
170
Total
Bulgaria
(Cost
$1,595)
1,692
CHILE 2.6%
Corporate
Bonds 2.6%
AES
Andes,
VR,
8.15%,
6/10/55
(USD) (1)(3)
1,140,000
1,142
Agrosuper,
4.60%,
1/20/32
(USD) (1)
1,400,000
1,228
Banco
del
Estado
de
Chile,
VR,
7.95%
(USD) (1)(2)(3)
1,000,000
1,034
Banco
Santander
Chile,
3.177%,
10/26/31
(USD) (1)
945,000
820
Celulosa
Arauco
y
Constitucion,
3.875%,
11/2/27
(USD)
445,000
416
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30
(USD) (1)
450,000
418
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
1,180
Empresa
de
los
Ferrocarriles
del
Estado,
3.068%,
8/18/50
(USD)
1,520,000
923
Empresa
de
Transporte
de
Pasajeros
Metro,
3.693%,
9/13/61
(USD) (1)
800,000
527
Empresa
de
Transporte
de
Pasajeros
Metro,
4.70%,
5/7/50
(USD) (1)
945,000
774
Total
Chile
(Cost
$9,948)
8,939
CHINA 1.4%
Government
Bonds 1.4%
People's
Republic
of
China,
Series
INBK,
2.28%,
3/25/31
15,000,000
2,084
People's
Republic
of
China,
Series
INBK,
2.62%,
6/25/30
11,400,000
1,614
People's
Republic
of
China,
Series
INBK,
3.27%,
11/19/30
7,600,000
1,124
Total
China
(Cost
$4,866)
4,822
Par/Shares
$
Value
(Cost
and
value
in
$000s)
COLOMBIA 4.1%
Corporate
Bonds 1.0%
Banco
de
Bogota,
6.25%,
5/12/26
(USD)
1,000,000
986
Bancolombia,
VR,
4.625%,
12/18/29
(USD) (3)
920,000
889
Ecopetrol,
6.875%,
4/29/30
(USD)
100,000
96
Ecopetrol,
8.375%,
1/19/36
(USD)
880,000
865
Ecopetrol,
8.875%,
1/13/33
(USD)
390,000
403
3,239
Government
Bonds 2.9%
Republic
of
Colombia,
3.00%,
1/30/30
(USD)
557,000
457
Republic
of
Colombia,
3.125%,
4/15/31
(USD)
2,100,000
1,660
Republic
of
Colombia,
4.125%,
5/15/51
(USD)
880,000
529
Republic
of
Colombia,
4.50%,
3/15/29
(USD)
200,000
183
Republic
of
Colombia,
5.00%,
6/15/45
(USD)
3,950,000
2,786
Republic
of
Colombia,
6.125%,
1/18/41
(USD)
1,320,000
1,107
Republic
of
Colombia,
7.50%,
2/2/34
(USD)
675,000
677
Republic
of
Colombia,
8.00%,
11/14/35
(USD)
710,000
732
Republic
of
Colombia,
8.75%,
11/14/53
(USD)
440,000
464
Republic
of
Colombia,
Series
B,
7.00%,
3/26/31
7,801,700,000
1,583
10,178
Private
Investment
Company 0.2%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/1/22
-
12/22/23,
Cost $0
(USD) (4)(5)
†
26
Bona
Fide
Investments
Holding
LLC,
Acquisition
date:
6/7/23,
Cost $331
(USD) (4)(5)
†
429
Bona
Fide
Investments
Holdings
III,
Acquisition
date:
6/14/24,
Cost $265
(USD) (4)(5)
†
264
719
Total
Colombia
(Cost
$15,019)
14,136
COSTA
RICA 0.9%
Government
Bonds 0.9%
Republic
of
Costa
Rica,
7.30%,
11/13/54
(USD) (1)
2,990,000
3,143
Total
Costa
Rica
(Cost
$2,934)
3,143
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
DOMINICAN
REPUBLIC 2.2%
Government
Bonds 2.2%
Dominican
Republic,
4.50%,
1/30/30
(USD) (1)
2,245,000
2,046
Dominican
Republic,
4.875%,
9/23/32
(USD)
3,400,000
3,052
Dominican
Republic,
5.875%,
1/30/60
(USD)
1,016,000
865
Dominican
Republic,
6.60%,
6/1/36
(USD) (1)
270,000
269
Dominican
Republic,
6.85%,
1/27/45
(USD)
1,410,000
1,393
Total
Dominican
Republic
(Cost
$7,514)
7,625
ECUADOR 1.2%
Government
Bonds 1.2%
Republic
of
Ecuador,
STEP,
3.50%,
7/31/35
(USD)
400,000
200
Republic
of
Ecuador,
STEP,
6.00%,
7/31/30
(USD) (1)
6,328,550
4,024
Total
Ecuador
(Cost
$4,291)
4,224
EGYPT 2.7%
Government
Bonds 2.7%
Arab
Republic
of
Egypt,
5.80%,
9/30/27
(USD)
880,000
794
Arab
Republic
of
Egypt,
5.875%,
2/16/31
(USD)
575,000
447
Arab
Republic
of
Egypt,
6.588%,
2/21/28
(USD)
1,435,000
1,300
Arab
Republic
of
Egypt,
7.50%,
2/16/61
(USD)
850,000
572
Arab
Republic
of
Egypt,
7.60%,
3/1/29
(USD)
1,150,000
1,046
Arab
Republic
of
Egypt,
7.625%,
5/29/32
(USD)
1,098,000
898
Arab
Republic
of
Egypt,
7.903%,
2/21/48
(USD) (1)
800,000
564
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD) (1)
3,050,000
2,268
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD)
1,920,000
1,428
Total
Egypt
(Cost
$10,615)
9,317
EL
SALVADOR 1.4%
Government
Bonds 1.4%
Republic
of
El
Salvador,
0.25%,
4/17/30
(USD) (1)
1,320,000
41
Republic
of
El
Salvador,
5.875%,
1/30/25
(USD)
2,410,000
2,377
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
El
Salvador,
7.625%,
2/1/41
(USD)
335,000
229
Republic
of
El
Salvador,
7.65%,
6/15/35
(USD)
90,000
65
Republic
of
El
Salvador,
8.25%,
4/10/32
(USD)
481,000
381
Republic
of
El
Salvador,
9.25%,
4/17/30
(USD) (1)
2,205,000
1,965
Total
El
Salvador
(Cost
$4,937)
5,058
GHANA 0.6%
Corporate
Bonds 0.2%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
700,000
693
693
Government
Bonds 0.4%
Republic
of
Ghana,
6.375%,
2/11/27
(USD) (5)(6)
1,325,000
676
Republic
of
Ghana,
8.125%,
1/18/26
(USD) (5)(6)
200,000
104
Republic
of
Ghana,
10.75%,
10/14/30
(USD)
830,000
563
1,343
Total
Ghana
(Cost
$1,971)
2,036
GRENADA 0.0%
Government
Bonds 0.0%
Government
of
Grenada,
7.00%,
5/12/30
(USD)
114,732
103
Total
Grenada
(Cost
$107)
103
GUATEMALA 1.6%
Government
Bonds 1.6%
Republic
of
Guatemala,
4.875%,
2/13/28
(USD)
1,050,000
1,013
Republic
of
Guatemala,
4.90%,
6/1/30
(USD) (1)
1,000,000
952
Republic
of
Guatemala,
5.25%,
8/10/29
(USD) (1)
230,000
222
Republic
of
Guatemala,
5.375%,
4/24/32
(USD)
1,900,000
1,815
Republic
of
Guatemala,
6.60%,
6/13/36
(USD) (1)
1,004,000
1,014
Republic
of
Guatemala,
7.05%,
10/4/32
(USD) (1)
650,000
683
Total
Guatemala
(Cost
$5,909)
5,699
INDIA 3.8%
Corporate
Bonds 0.9%
ABJA
Investment,
5.45%,
1/24/28
(USD)
1,170,000
1,162
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Greenko
Power
II,
4.30%,
12/13/28
(USD)
997,625
913
State
Bank
of
India,
5.00%,
1/17/29
(USD)
880,000
874
2,949
Government
Bonds 2.9%
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
2,053
Export-Import
Bank
of
India,
3.25%,
1/15/30
(USD)
5,055,000
4,560
Republic
of
India,
7.10%,
4/8/34
142,000,000
1,715
Republic
of
India,
7.18%,
8/14/33
140,600,000
1,701
10,240
Total
India
(Cost
$13,866)
13,189
INDONESIA 5.5%
Corporate
Bonds 1.3%
Minejesa
Capital,
5.625%,
8/10/37
(USD)
2,200,000
1,991
Pertamina
Persero,
5.625%,
5/20/43
(USD)
920,000
888
Perusahaan
Listrik
Negara,
4.125%,
5/15/27
(USD)
1,000,000
965
Perusahaan
Listrik
Negara,
4.375%,
2/5/50
(USD) (1)
400,000
308
Perusahaan
Listrik
Negara,
6.15%,
5/21/48
(USD)
300,000
296
4,448
Government
Bonds 4.2%
Perusahaan
Penerbit,
2.80%,
6/23/30
(USD)
3,700,000
3,239
Perusahaan
Penerbit,
4.15%,
3/29/27
(USD)
720,000
703
Perusahaan
Penerbit,
4.40%,
3/1/28
(USD)
200,000
194
Perusahaan
Penerbit,
4.45%,
2/20/29
(USD)
897,000
872
Republic
of
Indonesia,
4.55%,
1/11/28
(USD)
900,000
882
Republic
of
Indonesia,
4.625%,
4/15/43
(USD)
3,300,000
3,005
Republic
of
Indonesia,
5.25%,
1/17/42
(USD)
2,100,000
2,066
Republic
of
Indonesia,
Series
FR64,
6.125%,
5/15/28
35,324,000,000
2,111
Republic
of
Indonesia,
Series
FR96,
7.00%,
2/15/33
28,659,000,000
1,743
14,815
Total
Indonesia
(Cost
$21,795)
19,263
Par/Shares
$
Value
(Cost
and
value
in
$000s)
IVORY
COAST 2.5%
Government
Bonds 2.5%
Republic
of
Ivory
Coast,
4.875%,
1/30/32
(EUR)
1,155,000
1,038
Republic
of
Ivory
Coast,
6.125%,
6/15/33
(USD)
5,595,000
4,974
Republic
of
Ivory
Coast,
6.625%,
3/22/48
(EUR)
2,210,000
1,849
Republic
of
Ivory
Coast,
7.625%,
1/30/33
(USD) (1)
1,040,000
1,012
Total
Ivory
Coast
(Cost
$8,857)
8,873
JAMAICA 0.2%
Corporate
Bonds 0.2%
TransJamaican
Highway,
5.75%,
10/10/36
(USD) (1)
332,697
294
TransJamaican
Highway,
5.75%,
10/10/36
(USD)
359,672
317
Total
Jamaica
(Cost
$691)
611
JORDAN 1.8%
Government
Bonds 1.8%
Kingdom
of
Jordan,
5.85%,
7/7/30
(USD)
5,925,000
5,319
Kingdom
of
Jordan,
7.50%,
1/13/29
(USD) (1)
1,000,000
981
Total
Jordan
(Cost
$7,085)
6,300
KAZAKHSTAN 0.4%
Corporate
Bonds 0.4%
KazMunayGas
National,
3.50%,
4/14/33
(USD)
1,200,000
985
KazMunayGas
National,
5.75%,
4/19/47
(USD)
335,000
292
Total
Kazakhstan
(Cost
$1,545)
1,277
KENYA 1.1%
Government
Bonds 1.1%
Republic
of
Kenya,
7.25%,
2/28/28
(USD)
2,954,000
2,690
Republic
of
Kenya,
9.75%,
2/16/31
(USD) (1)
1,235,000
1,186
Total
Kenya
(Cost
$3,872)
3,876
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
KUWAIT 0.2%
Corporate
Bonds 0.2%
MEGlobal
Canada,
5.875%,
5/18/30
(USD)
800,000
808
Total
Kuwait
(Cost
$886)
808
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
1,403
Total
Malaysia
(Cost
$2,791)
2,764
MEXICO 6.9%
Corporate
Bonds 2.2%
Banco
Mercantil
del
Norte,
VR,
7.625%
(USD) (2)(3)
500,000
493
Banco
Mercantil
del
Norte,
VR,
8.375%
(USD) (2)(3)
575,000
581
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (3)
1,450,000
1,322
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD) (3)
550,000
510
BBVA
Bancomer,
VR,
8.125%,
1/8/39
(USD) (1)(3)
540,000
547
BBVA
Bancomer,
VR,
8.45%,
6/29/38
(USD) (1)(3)
1,660,000
1,712
Cometa
Energia,
6.375%,
4/24/35
(USD) (1)
613,085
596
Petroleos
Mexicanos,
5.95%,
1/28/31
(USD)
2,000,000
1,613
Petroleos
Mexicanos,
6.84%,
1/23/30
(USD)
270,000
238
7,612
Government
Bonds 4.7%
Petroleos
Mexicanos,
4.50%,
1/23/26
(USD)
2,825,000
2,690
Petroleos
Mexicanos,
5.50%,
6/27/44
(USD)
1,460,000
887
Petroleos
Mexicanos,
5.625%,
1/23/46
(USD)
3,460,000
2,092
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
2,100,000
2,002
Petroleos
Mexicanos,
8.75%,
6/2/29
(USD)
1,455,000
1,430
Petroleos
Mexicanos,
10.00%,
2/7/33
(USD)
1,125,000
1,130
Petroleos
Mexicanos,
Series
13-2,
7.19%,
9/12/24
2,700,000
146
United
Mexican
States,
6.00%,
5/7/36
(USD)
1,910,000
1,864
Par/Shares
$
Value
(Cost
and
value
in
$000s)
United
Mexican
States,
6.35%,
2/9/35
(USD)
1,110,000
1,119
United
Mexican
States,
Series
M,
7.75%,
5/29/31
65,839,000
3,211
16,571
Total
Mexico
(Cost
$25,767)
24,183
MONTENEGRO 0.7%
Government
Bonds 0.7%
Republic
of
Montenegro,
7.25%,
3/12/31
(USD) (1)
2,300,000
2,311
Total
Montenegro
(Cost
$2,312)
2,311
MOROCCO 1.9%
Corporate
Bonds 0.3%
OCP,
7.50%,
5/2/54
(USD) (1)
910,000
929
929
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
1,023
Kingdom
of
Morocco,
4.00%,
12/15/50
(USD)
3,505,000
2,413
Kingdom
of
Morocco,
6.50%,
9/8/33
(USD) (1)
1,050,000
1,083
5,566
Total
Morocco
(Cost
$6,718)
6,495
NIGERIA 0.6%
Government
Bonds 0.6%
Republic
of
Nigeria,
7.875%,
2/16/32
(USD)
2,575,000
2,230
Total
Nigeria
(Cost
$1,894)
2,230
OMAN 3.6%
Corporate
Bonds 0.4%
OmGrid
Funding,
5.196%,
5/16/27
(USD)
500,000
489
Oryx
Funding,
5.80%,
2/3/31
(USD) (1)
200,000
198
Oryx
Funding,
5.80%,
2/3/31
(USD)
700,000
692
1,379
Government
Bonds 3.2%
Sultanate
of
Oman,
4.75%,
6/15/26
(USD)
475,000
466
Sultanate
of
Oman,
5.375%,
3/8/27
(USD)
4,445,000
4,412
Sultanate
of
Oman,
5.625%,
1/17/28
(USD)
1,400,000
1,401
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Sultanate
of
Oman,
6.50%,
3/8/47
(USD)
3,060,000
3,059
Sultanate
of
Oman,
6.75%,
10/28/27
(USD)
1,700,000
1,758
11,096
Total
Oman
(Cost
$12,461)
12,475
PAKISTAN 0.2%
Government
Bonds 0.2%
Islamic
Republic
of
Pakistan,
7.875%,
3/31/36
(USD)
1,171,000
891
Total
Pakistan
(Cost
$1,225)
891
PANAMA 3.9%
Corporate
Bonds 0.6%
Aeropuerto
Internacional
de
Tocumen,
4.00%,
8/11/41
(USD) (1)
520,000
392
Banco
General,
VR,
5.25%
(USD) (1)(2)(3)
905,000
785
Banco
Nacional
de
Panama,
2.50%,
8/11/30
(USD) (1)
1,105,000
854
2,031
Government
Bonds 3.3%
Republic
of
Panama,
4.50%,
1/19/63
(USD)
1,750,000
1,123
Republic
of
Panama,
6.40%,
2/14/35
(USD)
5,600,000
5,319
Republic
of
Panama,
6.853%,
3/28/54
(USD)
375,000
344
Republic
of
Panama,
6.875%,
1/31/36
(USD)
700,000
685
Republic
of
Panama,
7.875%,
3/1/57
(USD)
800,000
835
Republic
of
Panama,
8.00%,
3/1/38
(USD)
3,232,000
3,412
11,718
Total
Panama
(Cost
$15,104)
13,749
PARAGUAY 1.4%
Corporate
Bonds 0.3%
Telefonica
Celular
del
Paraguay,
5.875%,
4/15/27
(USD) (1)
1,005,000
982
982
Government
Bonds 1.1%
Republic
of
Paraguay,
4.95%,
4/28/31
(USD) (1)
840,000
805
Republic
of
Paraguay,
5.40%,
3/30/50
(USD)
2,980,000
2,611
Republic
of
Paraguay,
5.85%,
8/21/33
(USD) (1)
290,000
289
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Paraguay,
6.00%,
2/9/36
(USD) (1)
200,000
201
3,906
Total
Paraguay
(Cost
$5,511)
4,888
PERU 1.4%
Corporate
Bonds 0.1%
Lima
Metro
Line
2
Finance,
5.875%,
7/5/34
(USD)
278,956
275
275
Government
Bonds 1.3%
Republic
of
Peru,
2.78%,
12/1/60
(USD)
1,510,000
850
Republic
of
Peru,
3.30%,
3/11/41
(USD)
1,400,000
1,040
Republic
of
Peru,
3.55%,
3/10/51
(USD)
590,000
417
Republic
of
Peru,
5.625%,
11/18/50
(USD)
800,000
779
Republic
of
Peru,
7.60%,
8/12/39 (1)
5,250,000
1,380
4,466
Total
Peru
(Cost
$5,820)
4,741
PHILIPPINES 1.8%
Corporate
Bonds 1.1%
Globe
Telecom,
3.00%,
7/23/35
(USD)
1,600,000
1,247
International
Container
Terminal
Services,
4.75%,
6/17/30
(USD)
1,160,000
1,114
Manila
Water,
4.375%,
7/30/30
(USD)
1,600,000
1,502
3,863
Government
Bonds 0.7%
Republic
of
Philippines,
2.65%,
12/10/45
(USD)
3,175,000
2,086
Republic
of
Philippines,
4.625%,
7/17/28
(USD)
200,000
197
2,283
Total
Philippines
(Cost
$7,474)
6,146
POLAND 1.0%
Government
Bonds 1.0%
Republic
of
Poland,
3.875%,
2/14/33
(EUR)
760,000
839
Republic
of
Poland,
5.50%,
4/4/53
(USD)
520,000
511
Republic
of
Poland,
Series
1033,
6.00%,
10/25/33
8,000,000
2,036
Total
Poland
(Cost
$3,391)
3,386
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
QATAR 2.2%
Corporate
Bonds 1.0%
QatarEnergy,
2.25%,
7/12/31
(USD) (1)
1,210,000
1,012
QatarEnergy,
2.25%,
7/12/31
(USD)
1,250,000
1,045
QatarEnergy,
3.125%,
7/12/41
(USD) (1)
1,760,000
1,314
3,371
Government
Bonds 1.2%
State
of
Qatar,
4.40%,
4/16/50
(USD)
1,550,000
1,359
State
of
Qatar,
4.817%,
3/14/49
(USD)
3,200,000
2,997
4,356
Total
Qatar
(Cost
$10,444)
7,727
ROMANIA 2.0%
Corporate
Bonds 0.4%
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (3)
1,200,000
1,358
1,358
Government
Bonds 1.6%
Republic
of
Romania,
2.875%,
4/13/42
(EUR) (1)
610,000
426
Republic
of
Romania,
4.00%,
2/14/51
(USD) (1)
826,000
571
Republic
of
Romania,
4.00%,
2/14/51
(USD)
3,018,000
2,087
Republic
of
Romania,
5.50%,
9/18/28
(EUR)
1,610,000
1,771
Republic
of
Romania,
6.375%,
1/30/34
(USD) (1)
626,000
634
5,489
Total
Romania
(Cost
$8,287)
6,847
SAUDI
ARABIA 2.4%
Corporate
Bonds 0.5%
Gaci
First
Investment,
5.125%,
2/14/53
(USD)
1,883,000
1,631
1,631
Government
Bonds 1.9%
Kingdom
of
Saudi
Arabia,
3.25%,
10/26/26
(USD)
500,000
480
Kingdom
of
Saudi
Arabia,
3.45%,
2/2/61
(USD) (1)
465,000
305
Kingdom
of
Saudi
Arabia,
3.75%,
1/21/55
(USD)
500,000
354
Kingdom
of
Saudi
Arabia,
4.50%,
4/22/60
(USD) (1)
585,000
475
Kingdom
of
Saudi
Arabia,
4.75%,
1/16/30
(USD) (1)
1,070,000
1,053
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Kingdom
of
Saudi
Arabia,
4.875%,
7/18/33
(USD)
500,000
489
Kingdom
of
Saudi
Arabia,
5.00%,
4/17/49
(USD)
550,000
494
Saudi
Arabian
Oil,
3.50%,
4/16/29
(USD)
2,000,000
1,860
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
1,250,000
1,090
6,600
Total
Saudi
Arabia
(Cost
$9,193)
8,231
SENEGAL 0.9%
Government
Bonds 0.9%
Republic
of
Senegal,
6.25%,
5/23/33
(USD)
3,580,000
3,011
Total
Senegal
(Cost
$2,978)
3,011
SERBIA 1.9%
Government
Bonds 1.9%
Republic
of
Serbia,
2.125%,
12/1/30
(USD)
3,750,000
3,002
Republic
of
Serbia,
6.00%,
6/12/34
(USD) (1)
1,050,000
1,035
Republic
of
Serbia,
6.25%,
5/26/28
(USD) (1)
680,000
689
Republic
of
Serbia,
6.50%,
9/26/33
(USD)
1,795,000
1,823
Total
Serbia
(Cost
$6,767)
6,549
SLOVENIA 0.4%
Corporate
Bonds 0.4%
Nova
Kreditna
Banka
Maribor,
VR,
7.375%,
6/29/26 (3)
1,400,000
1,538
Total
Slovenia
(Cost
$1,549)
1,538
SOUTH
AFRICA 1.7%
Corporate
Bonds 0.5%
Transnet,
8.25%,
2/6/28
(USD) (1)
1,035,000
1,031
Transnet,
8.25%,
2/6/28
(USD)
735,000
733
1,764
Government
Bonds 1.2%
Republic
of
South
Africa,
5.65%,
9/27/47
(USD)
2,470,000
1,871
Republic
of
South
Africa,
5.875%,
4/20/32
(USD)
1,115,000
1,036
Republic
of
South
Africa,
7.30%,
4/20/52
(USD)
605,000
548
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
South
Africa,
Series
2035,
8.875%,
2/28/35
16,050,000
747
4,202
Total
South
Africa
(Cost
$6,165)
5,966
SOUTH
KOREA 0.5%
Corporate
Bonds 0.3%
Hanwha
Totalenergies
Petrochemical,
5.50%,
7/18/29
(USD)
960,000
960
POSCO,
5.75%,
1/17/28
(USD) (1)
200,000
203
1,163
Government
Bonds 0.2%
Export-Import
Bank
of
Korea,
5.00%,
1/11/28
(USD)
350,000
352
Export-Import
Bank
of
Korea,
5.125%,
1/11/33
(USD)
400,000
405
757
Total
South
Korea
(Cost
$1,909)
1,920
SRI
LANKA 1.8%
Government
Bonds 1.8%
Republic
of
Sri
Lanka,
6.125%,
6/3/25
(USD) (5)(6)
2,505,000
1,486
Republic
of
Sri
Lanka,
6.825%,
7/18/26
(USD) (5)(6)
200,000
119
Republic
of
Sri
Lanka,
6.85%,
11/3/25
(USD) (5)(6)
7,780,000
4,611
Total
Sri
Lanka
(Cost
$6,676)
6,216
SUPRANATIONAL 0.3%
Government
Bonds 0.3%
International
Bank
for
Reconstruction
&
Development,
Zero
Coupon,
3/31/27
(USD)
1,175,000
1,070
Total
Supranational
(Cost
$1,065)
1,070
SURINAME 1.0%
Government
Bonds 1.0%
Republic
of
Suriname,
7.95%,
7/15/33,
(4.95%
Cash
and
3.00%
PIK)
(USD) (1)(7)
2,261,182
2,114
Republic
of
Suriname,
VR,
9.00%,
12/31/50
(USD) (1)
1,573,000
1,263
Total
Suriname
(Cost
$2,380)
3,377
Par/Shares
$
Value
(Cost
and
value
in
$000s)
TANZANIA 0.4%
Convertible
Bonds 0.1%
HTA
Group,
2.875%,
3/18/27
(USD)
400,000
371
371
Corporate
Bonds 0.3%
HTA
Group,
7.50%,
6/4/29
(USD) (1)
900,000
897
897
Total
Tanzania
(Cost
$1,306)
1,268
THAILAND 0.4%
Corporate
Bonds 0.4%
Bangkok
Bank,
VR,
3.466%,
9/23/36
(USD) (1)(3)
880,000
733
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD) (1)
965,000
652
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD)
304,000
205
Total
Thailand
(Cost
$1,962)
1,590
TRINIDAD
AND
TOBAGO 0.2%
Government
Bonds 0.2%
Republic
of
Trinidad
&
Tobago,
6.40%,
6/26/34
(USD) (1)
830,000
825
Total
Trinidad
and
Tobago
(Cost
$830)
825
TÜRKIYE 2.6%
Government
Bonds 2.6%
Republic
of
Turkiye,
4.25%,
4/14/26
(USD)
1,925,000
1,856
Republic
of
Turkiye,
4.875%,
4/16/43
(USD)
610,000
433
Republic
of
Turkiye,
6.00%,
1/14/41
(USD)
1,600,000
1,332
Republic
of
Turkiye,
6.50%,
9/20/33
(USD)
575,000
541
Republic
of
Turkiye,
7.625%,
5/15/34
(USD)
910,000
918
Republic
of
Turkiye,
8.60%,
9/24/27
(USD)
675,000
713
Republic
of
Turkiye,
9.375%,
3/14/29
(USD)
1,800,000
1,959
Republic
of
Turkiye,
9.375%,
1/19/33
(USD)
950,000
1,063
Republic
of
Turkiye,
9.875%,
1/15/28
(USD)
325,000
357
Total
Türkiye
(Cost
$8,989)
9,172
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UKRAINE 0.3%
Government
Bonds 0.3%
Government
of
Ukraine,
7.375%,
9/25/34
(USD) (5)(6)
3,450,000
998
Total
Ukraine
(Cost
$949)
998
UNITED
ARAB
EMIRATES 0.9%
Corporate
Bonds 0.9%
DP
World
Crescent,
3.875%,
7/18/29
(USD)
900,000
844
Emirates
NBD
Bank,
VR,
6.125%
(USD) (2)(3)
1,100,000
1,093
Galaxy
Pipeline
Assets
Bidco,
2.625%,
3/31/36
(USD)
775,000
631
Ruwais
Power,
6.00%,
8/31/36
(USD)
395,000
400
2,968
Government
Bonds 0.0%
Emirate
of
Dubai,
3.90%,
9/9/50
(USD)
230,000
169
169
Total
United
Arab
Emirates
(Cost
$3,398)
3,137
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
609
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29 (1)
1,045,000
867
Total
United
States
(Cost
$1,674)
1,476
URUGUAY 0.4%
Government
Bonds 0.4%
Oriental
Republic
of
Uruguay,
5.75%,
10/28/34
(USD)
1,265,000
1,320
Total
Uruguay
(Cost
$1,349)
1,320
Par/Shares
$
Value
(Cost
and
value
in
$000s)
VENEZUELA 2.5%
Government
Bonds 2.5%
Petroleos
de
Venezuela,
5.375%,
4/12/27
(USD) (5)(6)
3,465,000
423
Petroleos
de
Venezuela,
6.00%,
5/16/24
(USD) (5)(6)
10,960,000
1,370
Petroleos
de
Venezuela,
6.00%,
11/15/26
(USD) (5)(6)
1,725,000
214
Petroleos
de
Venezuela,
8.50%,
10/27/20
(USD) (5)(6)
1,222,500
948
Petroleos
de
Venezuela,
9.00%,
11/17/21
(USD) (5)(6)
24,590,000
3,221
Petroleos
de
Venezuela,
9.75%,
5/17/35
(USD) (5)(6)
985,000
142
Petroleos
de
Venezuela,
12.75%,
2/17/22
(USD) (5)(6)
3,430,000
514
Republic
of
Venezuela,
6.00%,
12/9/20
(USD) (5)(6)
3,350,000
479
Republic
of
Venezuela,
7.75%,
10/13/19
(USD) (5)(6)
3,600,000
548
Republic
of
Venezuela,
9.25%,
9/15/27
(USD) (5)(6)
1,000,000
190
Republic
of
Venezuela,
11.75%,
10/21/26
(USD) (5)(6)
1,500,000
290
Republic
of
Venezuela,
11.95%,
8/5/31
(USD) (5)(6)
800,000
151
Republic
of
Venezuela,
12.75%,
8/23/22
(USD) (5)(6)
550,000
103
Total
Venezuela
(Cost
$23,223)
8,593
ZAMBIA 0.1%
Government
Bonds 0.1%
Republic
of
Zambia,
0.50%,
12/31/53
(USD)
210,559
103
Republic
of
Zambia,
STEP,
5.75%,
6/30/33
(USD)
224,284
197
Total
Zambia
(Cost
$318)
300
SHORT-TERM
INVESTMENTS 3.0%
Money
Market
Funds 3.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.38% (9)(10)
10,446,543
10,447
Total
Short-Term
Investments
(Cost
$10,447)
10,447
Total
Investments
in
Securities
98.0%
of
Net
Assets
(Cost
$376,281)
$
341,603
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
‡
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
$71,149
and
represents
20.4%
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)
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
$722
and
represents
0.2%
of
net
assets.
(5)
Non-income
producing
(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)
See
Note
2.
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
PLN
Polish
Zloty
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
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
7/12/24
USD
5,503
MXN
91,701
$
502
Barclays
Bank
7/5/24
KRW
2,309,489
USD
1,722
(45)
BNP
Paribas
7/5/24
IDR
37,952,739
USD
2,306
12
BNP
Paribas
7/5/24
USD
1,701
KRW
2,309,489
23
BNP
Paribas
7/12/24
USD
1,394
ZAR
26,502
(61)
BNP
Paribas
8/16/24
USD
2,139
PLN
8,428
47
BNP
Paribas
8/23/24
USD
2,303
IDR
37,952,739
(15)
BNP
Paribas
8/23/24
USD
2,829
MYR
13,168
35
Citibank
7/5/24
INR
220,059
USD
2,637
1
Citibank
7/5/24
TWD
53,677
USD
1,660
(6)
Citibank
7/5/24
USD
866
INR
72,372
(2)
Citibank
8/23/24
USD
1,664
TWD
53,677
10
Citibank
9/13/24
USD
2,632
INR
220,059
(1)
Deutsche
Bank
7/5/24
IDR
28,045,752
USD
1,727
(14)
Deutsche
Bank
7/5/24
USD
4,163
IDR
65,998,491
132
Deutsche
Bank
9/4/24
USD
749
BRL
4,006
38
Goldman
Sachs
7/5/24
USD
1,696
TWD
53,677
42
Goldman
Sachs
8/16/24
USD
2,527
BRL
13,122
193
Goldman
Sachs
9/4/24
USD
793
BRL
4,291
31
HSBC
Bank
7/12/24
MXN
2,580
USD
139
1
HSBC
Bank
7/12/24
ZAR
14,142
USD
785
(8)
JPMorgan
Chase
7/5/24
USD
258
INR
21,483
—
JPMorgan
Chase
7/12/24
MXN
46,582
USD
2,602
(62)
JPMorgan
Chase
9/13/24
CNH
1,762
USD
245
(2)
RBC
Dominion
Securities
7/5/24
USD
646
INR
53,710
2
RBC
Dominion
Securities
7/12/24
MXN
28,686
USD
1,670
(105)
RBC
Dominion
Securities
7/12/24
USD
1,628
MXN
27,988
102
Standard
Chartered
10/11/24
USD
1,358
PEN
5,163
15
State
Street
9/13/24
USD
187
CNH
1,343
1
UBS
Investment
Bank
7/5/24
USD
867
INR
72,495
(2)
UBS
Investment
Bank
8/23/24
USD
5,875
CNH
42,262
62
UBS
Investment
Bank
8/23/24
USD
16,438
EUR
15,063
263
Wells
Fargo
7/5/24
PEN
2,074
USD
558
(19)
Wells
Fargo
7/5/24
USD
557
PEN
2,074
18
Wells
Fargo
8/23/24
USD
2,229
COP
8,717,041
147
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
1,335
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
49
Euro
BUND
contracts
9/24
(6,907)
$
(69)
Short,
12
U.S.
Treasury
Notes
ten
year
contracts
9/24
(1,320)
(12)
Long,
147
Ultra
U.S.
Treasury
Bonds
contracts
9/24
18,426
205
Net
payments
(receipts)
of
variation
margin
to
date
(339)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(215)
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
six
months
ended
June
30,
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,
5.38%
$
—#
$
—
$
139+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
06/30/24
T.
Rowe
Price
Government
Reserve
Fund,
5.38%
$
8,469
¤
¤
$
10,447^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$139
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
$10,447.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
June
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$376,281)
$
341,603
Interest
receivable
5,936
Unrealized
gain
on
forward
currency
exchange
contracts
1,677
Receivable
for
shares
sold
1,277
Cash
deposits
on
futures
contracts
957
Foreign
currency
(cost
$334)
332
Cash
62
Receivable
for
investment
securities
sold
30
Total
assets
351,874
Liabilities
Payable
for
investment
securities
purchased
1,650
Payable
for
shares
redeemed
946
Unrealized
loss
on
forward
currency
exchange
contracts
342
Investment
management
and
administrative
fees
payable
221
Variation
margin
payable
on
futures
contracts
215
Other
liabilities
3
Total
liabilities
3,377
NET
ASSETS
$
348,497
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(134,052)
Paid-in
capital
applicable
to
52,420,939
shares
of
$0.01
par
value
capital
stock
outstanding;
1,000,000,000
shares
of
the
Corporation
authorized
482,549
NET
ASSETS
$
348,497
NET
ASSET
VALUE
PER
SHARE
$
6.65
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/24
Investment
Income
(Loss)
Income
.
Interest
(net
of
foreign
taxes
of
$29)
$
10,980
Dividend
139
Total
income
11,119
Expenses
Investment
management
and
administrative
expense
1,207
Miscellaneous
5
Total
expenses
1,212
Net
investment
income
9,907
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(6,595)
Futures
251
Forward
currency
exchange
contracts
(259)
Foreign
currency
transactions
(33)
Net
realized
loss
(6,636)
Change
in
net
unrealized
gain
/
loss
Securities
3,732
Futures
(1,243)
Forward
currency
exchange
contracts
1,988
Other
assets
and
liabilities
denominated
in
foreign
currencies
(52)
Change
in
net
unrealized
gain
/
loss
4,425
Net
realized
and
unrealized
gain
/
loss
(2,211)
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
7,696
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/24
Year
Ended
12/31/23
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
9,907
$
19,503
Net
realized
loss
(6,636)
(22,386)
Change
in
net
unrealized
gain
/
loss
4,425
43,801
Increase
in
net
assets
from
operations
7,696
40,918
Distributions
to
shareholders
Net
earnings
(9,912)
(19,503)
Capital
share
transactions
*
Shares
sold
10,959
25,885
Distributions
reinvested
9,838
19,380
Shares
redeemed
(22,103)
(72,677)
Decrease
in
net
assets
from
capital
share
transactions
(1,306)
(27,412)
Net
Assets
Decrease
during
period
(3,522)
(5,997)
Beginning
of
period
352,019
358,016
End
of
period
$
348,497
$
352,019
*Share
information
(000s)
Shares
sold
1,647
4,097
Distributions
reinvested
1,483
3,060
Shares
redeemed
(3,329)
(11,551)
Decrease
in
shares
outstanding
(199)
(4,394)
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Global
Funds,
Inc. (the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Institutional
Emerging
Markets
Bond
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks
to
provide
high
income
and
capital
appreciation.
At
a
Board
meeting
held
on
May
8,
2024,
the
Board
approved
the
reorganization
of
the
fund
into
the
T.
Rowe
Price
Emerging
Markets
Bond
Fund
(Acquiring
fund).
The
reorganization
will
be
structured
as
a
tax-free
reorganization
for
federal
income
tax
purposes
whereby
the
Acquiring
fund
will
acquire
substantially
all
of
the
assets
and
liabilities
of
the
fund
in
exchange
for
I
Class
shares
of
the
Acquiring
fund.
The
reorganization
is
anticipated
to
close
on
or
around
September
27,
2024.
After
the
reorganization,
the
fund
will
be
formally
terminated.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/
loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Earnings
on
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
earnings. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
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.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
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
the
fund’s 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
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.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
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.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
June
30,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
330,434
$
—
$
330,434
Common
Stocks
—
—
3
3
Private
Investment
Company
2
—
—
—
719
Short-Term
Investments
10,447
—
—
10,447
Total
Securities
10,447
330,434
3
341,603
Forward
Currency
Exchange
Contracts
—
1,677
—
1,677
Futures
Contracts*
205
—
—
205
Total
$
10,652
$
332,111
$
3
$
343,485
Liabilities
Forward
Currency
Exchange
Contracts
$
—
$
342
$
—
$
342
Futures
Contracts*
81
—
—
81
Total
$
81
$
342
$
—
$
423
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.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
June
30,
2024,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
June
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Futures
$
205
Foreign
exchange
derivatives
Forwards
1,677
*
Total
$
1,882
*
Liabilities
Interest
rate
derivatives
Futures
$
81
Foreign
exchange
derivatives
Forwards
342
Total
$
423
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
June
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
non-cleared bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’s
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral
may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Forward
Currency
Exchange
Contracts
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
251
$
—
$
251
Foreign
exchange
derivatives
—
(259)
(259)
Total
$
251
$
(259)
$
(8)
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
(1,243)
$
—
$
(1,243)
Foreign
exchange
derivatives
—
1,988
1,988
Total
$
(1,243)
$
1,988
$
745
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund’s
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
or
received
by
the
fund
is
held
in
a
segregated
account
at
the
fund’s
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared,
and
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
June
30,
2024,
no
collateral had
been
pledged
or
posted
by
the
fund
to
counterparties
for
bilateral
derivatives. As
of
June
30,
2024,
collateral
pledged
by
counterparties
to
the
fund
for
bilateral
derivatives
consisted
of
securities
valued
at
$893,000. As
of
June
30,
2024,
cash
of $957,000 had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
Forward
Currency
Exchange
Contracts
The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund’s
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund’s
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund’s
total
return;
and
the
potential
for
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
June
30,
2024,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
10%
and
13%
of
net
assets.
Futures
Contracts
The
fund
is
subject
to interest
rate
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rate
and
yield
curve
movements,
security
prices,
foreign
currencies,
credit
quality,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
June
30,
2024,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
5%
and
7%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Emerging
and
Frontier
Markets
The fund
invests,
either
directly
or
through
investments
in
other
T.
Rowe
Price
funds,
in
securities
of
companies
located
in,
issued
by
governments
of,
or
denominated
in
or
linked
to
the
currencies
of
emerging
and
frontier
market
countries.
Emerging
markets,
and
to
a
greater
extent
frontier
markets, tend
to
have
economic
structures
that
are
less
diverse
and
mature,
less
developed
legal
and
regulatory
regimes,
and
political
systems
that
are
less
stable,
than
those
of
developed
countries.
These
markets
may
be
subject
to
greater
political,
economic,
and
social
uncertainty
and
differing
accounting
standards
and
regulatory
environments
that
may
potentially
impact
the
fund’s
ability
to
buy
or
sell
certain
securities
or
repatriate
proceeds
to
U.S.
dollars.
Emerging
markets
securities
exchanges
are
more
likely
to
experience
delays
with
the
clearing
and
settling
of
trades,
as
well
as
the
custody
of
holdings
by
local
banks,
agents,
and
depositories.
Such
securities
are
often
subject
to
greater
price
volatility,
less
liquidity,
and
higher
rates
of
inflation
than
U.S.
securities.
Investing
in
frontier
markets
is
typically
significantly
riskier
than
investing
in
other
countries,
including
emerging
markets.
Noninvestment-Grade
Debt
The
fund
invests,
either
directly
or
through
its
investment
in
other
T.
Rowe
Price
funds,
in
noninvestment-grade
debt,
including
“high
yield”
or
“junk”
bonds
or
leveraged
loans.
Noninvestment-grade
debt
issuers
are
more
likely
to
suffer
an
adverse
change
in
financial
condition
that
would
result
in
the
inability
to
meet
a
financial
obligation.
The
noninvestment-grade
debt
market
may
experience
sudden
and
sharp
price
swings
due
to
a
variety
of
factors
that
may
decrease
the
ability
of
issuers
to
make
principal
and
interest
payments
and
adversely
affect
the
liquidity
or
value,
or
both,
of
such
securities.
Accordingly,
securities
issued
by
such
companies
carry
a
higher
risk
of
default
and
should
be
considered
speculative.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $68,619,000 and
$72,747,000,
respectively,
for
the
six
months ended
June
30,
2024.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
December
31,
2023,
the
fund
had
$87,564,000
of
available
capital
loss
carryforwards.
At
June
30,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$376,782,000.
Net
unrealized
loss
aggregated
$33,740,000
at
period-end,
of
which
$8,000,000
related
to
appreciated
investments
and
$41,740,000
related
to
depreciated
investments.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund. The
investment
management
and
administrative
agreement
between
the
fund
and
Price
Associates
provides
for
an
all-inclusive
annual
fee
equal
to
0.70%
of
the
fund’s
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly. The
all-inclusive
fee
covers
investment
management
services
and
ordinary,
recurring
operating
expenses
but
does
not
cover
interest
expense;
expenses
related
to
borrowing,
taxes,
and
brokerage;
or
nonrecurring,
extraordinary
expenses.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund.
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
funds.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
Pursuant
to
the
all-inclusive
fee
arrangement
under
the
investment
management
and
administrative
agreement,
expenses
incurred
by
the
funds
pursuant
to
these
service
agreements
are
paid
by
Price
Associates.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
June
30,
2024,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
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
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
well
as
the
investment
subadvisory
agreements
(Subadvisory
Contracts)
that
the
Adviser
has
entered
into
with
T.
Rowe
Price
International
Ltd
and
T.
Rowe
Price
Hong
Kong
Limited
(Subadvisers)
on
behalf
of
the
fund.
In
that
regard,
at
a
meeting
held
on
March
11–12,
2024
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract
and
Subadvisory
Contracts.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
Subadvisers
and
the
approval
of
the
Advisory
Contract
and
Subadvisory
Contracts.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
and
Subadvisory
Contracts
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting,
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
and
Subadvisers
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
and
Subadvisers
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser
and
Subadvisers.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
and
Subadvisers’
senior
management
teams
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser
and
Subadvisers,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2023.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2023,
which
ranked
the
fund’s
returns
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
the
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates,
including
the
Subadvisers)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-
dealers
that
execute
the
fund’s
portfolio
transactions,
the
Board
noted
that
during
2023
the
Adviser
paid
the
costs
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
However,
effective
January
1,
2024,
the
Adviser
will
begin
using
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
While
the
Board
did
not
review
information
regarding
profits
realized
from
managing
the
fund
in
particular
because
the
fund
had
either
not
achieved
sufficient
portfolio
asset
size
or
not
recognized
sufficient
revenues
to
produce
meaningful
profit
margin
percentages,
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
T.
Rowe
Price
funds.
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
the
Adviser
an
all-inclusive
management
fee,
which
is
based
on
the
fund’s
average
daily
net
assets.
Under
each
Subadvisory
Contract,
the
Adviser
may
pay
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
The
all-inclusive
management
fee
includes
investment
management
services
and
provides
for
the
Adviser
to
pay
all
of
the
fund’s
ordinary,
recurring
operating
expenses
except
for
interest,
taxes,
portfolio
transaction
fees,
and
any
nonrecurring
extraordinary
expenses
that
may
arise.
The
Adviser
has
generally
implemented
an
all-inclusive
management
fee
structure
in
situations
where
a
fixed
total
expense
ratio
is
useful
for
purposes
of
providing
certainty
of
fees
and
expenses
for
the
fund’s
investors
and
has
historically
sought
to
set
the
initial
all-inclusive
management
fee
rate
at
levels
below
the
expense
ratios
of
comparable
funds
to
take
into
account
potential
future
economies
of
scale.
In
addition,
the
assets
of
the
fund
are
included
in
the
calculation
of
the
group
fee
rate,
which
serves
as
a
component
of
the
management
fee
for
many
T.
Rowe
Price
funds
and
declines
at
certain
asset
levels
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund).
Although
the
fund
does
not
have
a
group
fee
component
to
its
management
fee,
its
assets
are
included
in
the
calculation
because
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
and
Subadvisers’
ongoing
investments
in
their
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group)
and
(ii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or
reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
third
quintile
(Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
fourth
quintile
(Expense
Group)
and
fifth
quintile
(Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
first
quintile
(Expense
Group)
and
second
quintile
(Expense
Universe).
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
mutual
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
and
Subadvisory
Contracts
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
E163-051
8/24
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR and/or the Statement of Additional Information.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
T. Rowe Price Institutional Emerging Markets Bond Fund
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | August 20, 2024 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | August 20, 2024 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | August 20, 2024 | | |
