T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
March
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ANGOLA
2.5%
Government
Bonds
2.5%
Republic
of
Angola,
8.00%,
11/26/29
(USD)
3,010,000
2,833
Republic
of
Angola,
8.25%,
5/9/28
(USD)
3,490,000
3,358
Republic
of
Angola,
9.125%,
11/26/49
(USD)
2,800,000
2,612
Republic
of
Angola,
9.50%,
11/12/25
(USD)
2,150,000
2,256
Total
Angola
(Cost
$10,117
)
11,059
ARGENTINA
2.2%
Convertible
Bonds
0.2%
MercadoLibre,
2.00%,
8/15/28
(USD)
259,000
868
868
Corporate
Bonds
0.4%
YPF,
8.75%,
4/4/24
(USD)
1,155,000
917
YPF,
STEP,
4.00%,
2/12/26
(USD) (1)
940,155
768
1,685
Government
Bonds
1.6%
Republic
of
Argentina,
0.00%,
12/15/35
(USD) (2)(3)
4,020,000
27
Republic
of
Argentina,
1.00%,
7/9/29
(USD)
2,036,206
734
Republic
of
Argentina,
STEP,
0.125%,
7/9/30
(USD)
2,110,121
710
Republic
of
Argentina,
STEP,
0.125%,
7/9/35
(USD)
9,600,026
2,885
Republic
of
Argentina,
STEP,
0.125%,
1/9/38
(USD)
7,040,959
2,592
6,948
Total
Argentina
(Cost
$13,677
)
9,501
BAHAMAS
2.5%
Government
Bonds
2.5%
Commonwealth
of
Bahamas,
6.00%,
11/21/28
(USD) (1)
10,045,000
9,641
Commonwealth
of
Bahamas,
6.00%,
11/21/28
(USD)
600,000
576
Commonwealth
of
Bahamas,
8.95%,
10/15/32
(USD) (1)
800,000
854
Total
Bahamas
(Cost
$11,671
)
11,071
BAHRAIN
1.0%
Government
Bonds
1.0%
Kingdom
of
Bahrain,
7.00%,
10/12/28
(USD)
1,640,000
1,833
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Kingdom
of
Bahrain,
7.50%,
9/20/47
(USD)
2,500,000
2,618
Total
Bahrain
(Cost
$4,025
)
4,451
BARBADOS
0.3%
Government
Bonds
0.3%
Government
of
Barbados,
6.50%,
10/1/29
(USD) (1)
1,425,000
1,453
Total
Barbados
(Cost
$1,354
)
1,453
BENIN
0.5%
Government
Bonds
0.5%
Republic
of
Benin,
4.875%,
1/19/32
(EUR) (1)
1,860,000
2,079
Republic
of
Benin,
6.875%,
1/19/52
(EUR) (1)
115,000
135
Total
Benin
(Cost
$2,374
)
2,214
BERMUDA
0.2%
Government
Bonds
0.2%
Government
of
Bermuda,
3.375%,
8/20/50
(USD) (1)
813,000
790
Total
Bermuda
(Cost
$811
)
790
BRAZIL
3.8%
Corporate
Bonds
1.7%
Banco
BTG
Pactual,
VR,
7.75%,
2/15/29
(USD) (1)(4)
400,000
424
Banco
do
Brasil,
VR,
9.00%
(USD) (4)
(5)
1,950,000
2,134
Cosan
Overseas,
8.25%
(USD) (5)
430,000
441
CSN
Resources,
7.625%,
2/13/23
(USD) (1)
250,000
260
CSN
Resources,
7.625%,
2/13/23
(USD)
950,000
987
Embraer
Netherlands
Finance,
5.05%,
6/15/25
(USD)
1,200,000
1,248
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
550,000
556
Globo
Comunicacao
e
Participacoes,
5.125%,
3/31/27
(USD)
500,000
515
Klabin
Austria,
3.20%,
1/12/31
(USD) (1)
240,000
228
Suzano
Austria,
6.00%,
1/15/29
(USD)
600,000
707
7,500
Government
Bonds
2.1%
Petrobras
Global
Finance,
6.85%,
6/5/2115
(USD)
600,000
618
Republic
of
Brazil,
4.50%,
5/30/29
(USD)
3,290,000
3,391
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Brazil,
4.625%,
1/13/28
(USD)
500,000
529
Republic
of
Brazil,
5.00%,
1/27/45
(USD)
3,023,000
2,885
Republic
of
Brazil,
5.625%,
1/7/41
(USD)
1,100,000
1,148
Republic
of
Brazil,
8.25%,
1/20/34
(USD)
380,000
505
9,076
Total
Brazil
(Cost
$16,449
)
16,576
CHILE
1.1%
Convertible
Bonds
0.1%
Liberty
Latin
America,
2.00%,
7/15/24
(USD)
410,000
407
407
Corporate
Bonds
1.0%
Celulosa
Arauco
y
Constitucion,
5.15%,
1/29/50
(USD)
1,000,000
1,118
Corp
Nacional
del
Cobre
de
Chile,
3.70%,
1/30/50
(USD) (1)
1,930,000
1,939
Corp
Nacional
del
Cobre
de
Chile,
3.75%,
1/15/31
(USD) (1)
385,000
416
Empresa
de
Transporte
de
Pasajeros
Metro,
4.70%,
5/7/50
(USD) (1)
945,000
1,080
4,553
Total
Chile
(Cost
$4,830
)
4,960
CHINA
3.0%
Convertible
Bonds
0.0%
Huazhu
Group,
3.00%,
5/1/26
(USD) (1)
66,000
97
97
Corporate
Bonds
2.2%
CIFI
Holdings
Group,
6.55%,
3/28/24
(USD)
1,000,000
1,062
Country
Garden
Holdings,
4.75%,
1/17/23
(USD)
750,000
769
Country
Garden
Holdings,
8.00%,
1/27/24
(USD)
700,000
745
Health
&
Happiness
H&H
International
Holdings,
5.625%,
10/24/24
(USD)
1,000,000
1,041
Lenovo
Group,
3.421%,
11/2/30
(USD) (1)
460,000
463
Lenovo
Group,
3.421%,
11/2/30
(USD)
625,000
629
Meituan,
2.125%,
10/28/25
(USD) (1)
200,000
199
State
Grid
Overseas
Investment
2014,
4.85%,
5/7/44
(USD)
200,000
250
State
Grid
Overseas
Investment
2016,
4.00%,
5/4/47
(USD)
800,000
895
Times
China
Holdings,
6.75%,
7/8/25
(USD)
1,400,000
1,466
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Tingyi
Cayman
Islands
Holding,
1.625%,
9/24/25
(USD)
774,000
760
Yanlord
Land,
6.75%,
4/23/23
(USD)
1,000,000
1,035
Yuzhou
Group
Holdings,
8.375%,
10/30/24
(USD)
400,000
362
9,676
Government
Bonds
0.8%
People's
Republic
of
China,
3.12%,
12/5/26
21,100,000
3,226
3,226
Total
China
(Cost
$12,904
)
12,999
COLOMBIA
1.3%
Corporate
Bonds
0.3%
Banco
de
Bogota,
6.25%,
5/12/26
(USD)
1,000,000
1,124
Millicom
International
Cellular,
4.50%,
4/27/31
(USD) (1)
200,000
208
1,332
Government
Bonds
1.0%
Republic
of
Colombia,
4.125%,
5/15/51
(USD)
455,000
434
Republic
of
Colombia,
5.625%,
2/26/44
(USD)
1,000,000
1,138
Republic
of
Colombia,
6.125%,
1/18/41
(USD)
2,320,000
2,761
4,333
Total
Colombia
(Cost
$5,429
)
5,665
CONGO
0.4%
Convertible
Bonds
0.2%
HTA
Group,
2.875%,
3/18/27
(USD)
800,000
894
894
Corporate
Bonds
0.2%
HTA
Group,
7.00%,
12/18/25
(USD) (1)
810,000
863
863
Total
Congo
(Cost
$1,618
)
1,757
COSTA
RICA
0.6%
Government
Bonds
0.6%
Republic
of
Costa
Rica,
7.00%,
4/4/44
(USD)
1,535,000
1,489
Republic
of
Costa
Rica,
7.158%,
3/12/45
(USD)
1,000,000
976
Total
Costa
Rica
(Cost
$2,514
)
2,465
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
DOMINICAN
REPUBLIC
3.2%
Government
Bonds
3.2%
Dominican
Republic,
4.50%,
1/30/30
(USD) (1)
770,000
780
Dominican
Republic,
4.875%,
9/23/32
(USD) (1)
680,000
696
Dominican
Republic,
4.875%,
9/23/32
(USD)
500,000
511
Dominican
Republic,
5.95%,
1/25/27
(USD)
2,130,000
2,402
Dominican
Republic,
6.00%,
7/19/28
(USD)
970,000
1,095
Dominican
Republic,
6.40%,
6/5/49
(USD) (1)
1,000,000
1,050
Dominican
Republic,
6.50%,
2/15/48
(USD)
1,050,000
1,113
Dominican
Republic,
6.85%,
1/27/45
(USD)
3,625,000
4,019
Dominican
Republic,
6.875%,
1/29/26
(USD) (1)
1,300,000
1,512
Dominican
Republic,
7.45%,
4/30/44
(USD)
850,000
1,004
Total
Dominican
Republic
(Cost
$12,929
)
14,182
ECUADOR
1.3%
Government
Bonds
1.3%
Republic
of
Ecuador,
STEP,
0.50%,
7/31/30
(USD) (1)
3,054,550
1,794
Republic
of
Ecuador,
STEP,
0.50%,
7/31/35
(USD) (1)
8,847,685
4,026
Total
Ecuador
(Cost
$8,028
)
5,820
EGYPT
3.8%
Government
Bonds
3.8%
Arab
Republic
of
Egypt,
5.875%,
2/16/31
(USD) (1)
540,000
507
Arab
Republic
of
Egypt,
6.588%,
2/21/28
(USD)
2,000,000
2,057
Arab
Republic
of
Egypt,
7.50%,
1/31/27
(USD)
2,100,000
2,285
Arab
Republic
of
Egypt,
7.60%,
3/1/29
(USD)
1,650,000
1,761
Arab
Republic
of
Egypt,
7.903%,
2/21/48
(USD) (1)
300,000
283
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD) (1)
3,450,000
3,446
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD)
4,230,000
4,226
Arab
Republic
of
Egypt,
14.051%,
7/21/22
16,750,000
1,073
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Arab
Republic
of
Egypt
Treasury
Bills,
13.559%,
8/17/21
19,000,000
1,155
Total
Egypt
(Cost
$16,871
)
16,793
EL
SALVADOR
1.7%
Government
Bonds
1.7%
Republic
of
El
Salvador,
5.875%,
1/30/25
(USD)
1,965,000
1,969
Republic
of
El
Salvador,
6.375%,
1/18/27
(USD) (1)
2,730,000
2,710
Republic
of
El
Salvador,
7.65%,
6/15/35
(USD)
900,000
889
Republic
of
El
Salvador,
8.625%,
2/28/29
(USD)
1,800,000
1,922
Total
El
Salvador
(Cost
$7,783
)
7,490
GHANA
3.3%
Government
Bonds
3.3%
Republic
of
Ghana,
6.375%,
2/11/27
(USD)
6,125,000
5,934
Republic
of
Ghana,
7.625%,
5/16/29
(USD)
600,000
591
Republic
of
Ghana,
8.125%,
1/18/26
(USD)
5,985,000
6,363
Republic
of
Ghana,
8.75%,
3/11/61
(USD)
1,600,000
1,488
Total
Ghana
(Cost
$12,738
)
14,376
GRENADA
0.0%
Government
Bonds
0.0%
Government
of
Grenada,
7.00%,
5/12/30
(USD)
181,658
132
Total
Grenada
(Cost
$165
)
132
GUATEMALA
0.6%
Government
Bonds
0.6%
Republic
of
Guatemala,
4.875%,
2/13/28
(USD)
1,300,000
1,436
Republic
of
Guatemala,
4.90%,
6/1/30
(USD) (1)
1,000,000
1,099
Total
Guatemala
(Cost
$2,441
)
2,535
INDIA
1.8%
Corporate
Bonds
0.6%
Adani
Ports
&
Special
Economic
Zone,
4.20%,
8/4/27
(USD) (1)
645,000
686
Adani
Ports
&
Special
Economic
Zone,
4.375%,
7/3/29
(USD)
400,000
419
Bharti
Airtel,
3.25%,
6/3/31
(USD) (1)
540,000
528
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Periama
Holdings,
5.95%,
4/19/26
(USD)
993,000
1,050
2,683
Government
Bonds
1.2%
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD) (1)
255,000
233
Export-Import
Bank
of
India,
3.25%,
1/15/30
(USD)
5,155,000
5,134
5,367
Total
India
(Cost
$8,147
)
8,050
INDONESIA
6.0%
Corporate
Bonds
2.9%
Bank
Negara
Indonesia
Persero,
3.75%,
3/30/26
(USD)
1,749,000
1,769
Hutama
Karya
Persero,
3.75%,
5/11/30
(USD) (1)
420,000
442
Pertamina
Persero,
5.625%,
5/20/43
(USD)
4,420,000
5,016
Pertamina
Persero,
6.00%,
5/3/42
(USD)
1,500,000
1,777
Perusahaan
Listrik
Negara,
3.875%,
7/17/29
(USD) (1)
865,000
909
Perusahaan
Listrik
Negara,
4.00%,
6/30/50
(USD) (1)
200,000
191
Perusahaan
Listrik
Negara,
4.125%,
5/15/27
(USD)
1,000,000
1,076
Perusahaan
Listrik
Negara,
4.375%,
2/5/50
(USD) (1)
400,000
405
Perusahaan
Listrik
Negara,
4.875%,
7/17/49
(USD) (1)
355,000
376
Perusahaan
Listrik
Negara,
5.25%,
10/24/42
(USD)
400,000
444
12,405
Government
Bonds
3.1%
Perusahaan
Penerbit,
3.80%,
6/23/50
(USD) (1)
200,000
203
Perusahaan
Penerbit,
4.15%,
3/29/27
(USD)
2,100,000
2,321
Perusahaan
Penerbit,
4.45%,
2/20/29
(USD)
3,200,000
3,617
Perusahaan
Penerbit,
4.55%,
3/29/26
(USD)
5,400,000
6,105
Republic
of
Indonesia,
2.85%,
2/14/30
(USD)
800,000
817
Republic
of
Indonesia,
4.35%,
1/11/48
(USD)
600,000
654
13,717
Total
Indonesia
(Cost
$24,970
)
26,122
ISRAEL
0.8%
Corporate
Bonds
0.8%
ICL
Group,
6.375%,
5/31/38
(USD) (1)
1,400,000
1,771
Israel
Electric,
7.75%,
12/15/27
(USD)
350,000
455
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Leviathan
Bond,
6.125%,
6/30/25
(USD) (1)
1,100,000
1,192
Total
Israel
(Cost
$2,985
)
3,418
IVORY
COAST
0.3%
Government
Bonds
0.3%
Republic
of
Ivory
Coast,
STEP,
5.75%,
12/31/32
(USD)
1,527,001
1,532
Total
Ivory
Coast
(Cost
$1,451
)
1,532
JAMAICA
1.4%
Corporate
Bonds
0.1%
TransJamaican
Highway,
5.75%,
10/10/36
(USD) (1)
370,000
375
375
Government
Bonds
1.3%
Government
of
Jamaica,
7.875%,
7/28/45
(USD)
2,910,000
3,958
Government
of
Jamaica,
8.00%,
3/15/39
(USD)
1,465,000
2,014
5,972
Total
Jamaica
(Cost
$5,452
)
6,347
JORDAN
0.9%
Government
Bonds
0.9%
Kingdom
of
Jordan,
5.85%,
7/7/30
(USD)
3,750,000
3,829
Total
Jordan
(Cost
$4,086
)
3,829
KENYA
0.4%
Government
Bonds
0.4%
Republic
of
Kenya,
8.00%,
5/22/32
(USD)
1,500,000
1,597
Total
Kenya
(Cost
$1,747
)
1,597
KUWAIT
0.6%
Corporate
Bonds
0.6%
Equate
Petrochemical,
4.25%,
11/3/26
(USD)
200,000
218
Kuwait
Projects,
4.229%,
10/29/26
(USD)
1,100,000
1,073
MEGlobal
Canada,
5.875%,
5/18/30
(USD) (1)
245,000
296
MEGlobal
Canada,
5.875%,
5/18/30
(USD)
800,000
968
Total
Kuwait
(Cost
$2,441
)
2,555
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
LAO
PEOPLE'S
DEMOCRATIC
REPUBLIC
0.1%
Government
Bonds
0.1%
People's
Democratic
Republic
of
Laos,
6.875%,
6/30/21
(USD) (1)
600,000
490
Total
Lao
People's
Democratic
Republic
(Cost
$598
)
490
LEBANON
0.3%
Government
Bonds
0.3%
Lebanese
Republic,
6.00%,
1/27/23
(USD) (2)(6)
9,515,000
1,167
Total
Lebanon
(Cost
$2,339
)
1,167
MEXICO
9.9%
Corporate
Bonds
4.8%
Axtel,
6.375%,
11/14/24
(USD) (1)
505,000
526
Banco
Mercantil
del
Norte,
VR,
6.75%
(USD) (4)(5)
600,000
626
Banco
Mercantil
del
Norte,
VR,
7.625%
(USD) (4)(5)
500,000
549
Banco
Santander
Mexico,
5.375%,
4/17/25
(USD) (1)
655,000
737
Banco
Santander
Mexico,
VR,
8.50%
(USD) (4)(5)
800,000
844
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (4)
1,900,000
1,959
BBVA
Bancomer,
VR,
5.35%,
11/12/29
(USD) (4)
300,000
310
Cemex,
5.45%,
11/19/29
(USD)
700,000
768
Cometa
Energia,
6.375%,
4/24/35
(USD) (1)
1,405,500
1,574
Cometa
Energia,
6.375%,
4/24/35
(USD)
468,500
525
Controladora
Mabe,
5.60%,
10/23/28
(USD) (1)
960,000
1,119
Industrias
Penoles,
4.75%,
8/6/50
(USD) (1)
240,000
247
Infraestructura
Energetica
Nova,
4.75%,
1/15/51
(USD)
400,000
399
Infraestructura
Energetica
Nova,
4.875%,
1/14/48
(USD) (1)
600,000
599
Mexico
City
Airport
Trust,
5.50%,
7/31/47
(USD)
10,063,000
10,013
Poinsettia
Finance,
6.625%,
6/17/31
(USD) (1)
200,000
192
20,987
Government
Bonds
5.1%
Petroleos
Mexicanos,
4.50%,
1/23/26
(USD)
5,900,000
5,868
Petroleos
Mexicanos,
5.50%,
6/27/44
(USD)
1,860,000
1,481
Petroleos
Mexicanos,
5.625%,
1/23/46
(USD)
3,285,000
2,623
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
2,800,000
2,931
Petroleos
Mexicanos,
6.50%,
6/2/41
(USD)
6,880,000
6,006
Petroleos
Mexicanos,
6.75%,
9/21/47
(USD)
4,000,000
3,409
Petroleos
Mexicanos,
Series
13-2,
7.19%,
9/12/24
2,700,000
124
22,442
Total
Mexico
(Cost
$41,602
)
43,429
MONGOLIA
1.3%
Corporate
Bonds
0.3%
Development
Bank
of
Mongolia,
7.25%,
10/23/23
(USD) (1)
1,035,000
1,124
1,124
Government
Bonds
1.0%
Government
of
Mongolia,
5.125%,
12/5/22
(USD)
1,862,000
1,927
Government
of
Mongolia,
5.125%,
4/7/26
(USD) (1)
830,000
890
Government
of
Mongolia,
5.625%,
5/1/23
(USD)
900,000
944
Government
of
Mongolia,
8.75%,
3/9/24
(USD)
700,000
808
4,569
Total
Mongolia
(Cost
$5,260
)
5,693
MOROCCO
0.3%
Government
Bonds
0.3%
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD) (1)
1,300,000
1,222
Total
Morocco
(Cost
$1,299
)
1,222
NIGERIA
0.8%
Government
Bonds
0.8%
Republic
of
Nigeria,
7.143%,
2/23/30
(USD)
3,300,000
3,375
Total
Nigeria
(Cost
$3,222
)
3,375
OMAN
4.2%
Corporate
Bonds
0.6%
Lamar
Funding,
3.958%,
5/7/25
(USD)
1,125,000
1,129
Oryx
Funding,
5.80%,
2/3/31
(USD) (1)
200,000
207
Oztel
Holdings
SPC,
6.625%,
4/24/28
(USD)
1,000,000
1,099
2,435
Government
Bonds
3.6%
Sultanate
of
Oman,
4.75%,
6/15/26
(USD)
1,500,000
1,544
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Sultanate
of
Oman,
5.375%,
3/8/27
(USD)
4,605,000
4,780
Sultanate
of
Oman,
5.625%,
1/17/28
(USD)
1,200,000
1,244
Sultanate
of
Oman,
6.25%,
1/25/31
(USD) (1)
710,000
744
Sultanate
of
Oman,
6.50%,
3/8/47
(USD)
2,360,000
2,227
Sultanate
of
Oman,
6.75%,
10/28/27
(USD)
2,700,000
2,987
Sultanate
of
Oman,
6.75%,
1/17/48
(USD) (1)
1,450,000
1,388
Sultanate
of
Oman,
7.00%,
1/25/51
(USD) (1)
845,000
836
15,750
Total
Oman
(Cost
$17,661
)
18,185
PAKISTAN
0.6%
Government
Bonds
0.6%
Islamic
Republic
of
Pakistan,
6.00%,
4/8/26
(USD) (1)
590,000
601
Islamic
Republic
of
Pakistan,
6.875%,
12/5/27
(USD)
1,000,000
1,046
Islamic
Republic
of
Pakistan,
7.875%,
3/31/36
(USD)
936,000
974
Total
Pakistan
(Cost
$2,579
)
2,621
PANAMA
0.6%
Corporate
Bonds
0.2%
Banco
Nacional
de
Panama,
2.50%,
8/11/30
(USD) (1)
1,105,000
1,027
1,027
Government
Bonds
0.4%
Republic
of
Panama,
7.125%,
1/29/26
(USD)
1,200,000
1,487
1,487
Total
Panama
(Cost
$2,442
)
2,514
PARAGUAY
1.4%
Corporate
Bonds
0.2%
Telefonica
Celular
del
Paraguay,
5.875%,
4/15/27
(USD) (1)
1,005,000
1,065
1,065
Government
Bonds
1.2%
Republic
of
Paraguay,
4.95%,
4/28/31
(USD) (1)
315,000
357
Republic
of
Paraguay,
5.40%,
3/30/50
(USD)
3,655,000
4,136
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Paraguay,
6.10%,
8/11/44
(USD)
570,000
687
5,180
Total
Paraguay
(Cost
$5,916
)
6,245
PERU
0.4%
Corporate
Bonds
0.3%
Consorcio
Transmantaro,
4.70%,
4/16/34
(USD) (1)
280,000
317
Lima
Metro
Line
2
Finance,
5.875%,
7/5/34
(USD)
337,830
397
Nexa
Resources,
5.375%,
5/4/27
(USD)
575,000
629
1,343
Government
Bonds
0.1%
Republic
of
Peru,
2.844%,
6/20/30
(USD)
620,000
631
631
Total
Peru
(Cost
$1,861
)
1,974
PHILIPPINES
1.0%
Corporate
Bonds
0.5%
Globe
Telecom,
3.00%,
7/23/35
(USD)
1,050,000
975
International
Container
Terminal
Services,
4.75%,
6/17/30
(USD)
1,160,000
1,293
2,268
Government
Bonds
0.5%
Republic
of
Philippines,
2.65%,
12/10/45
(USD)
2,200,000
1,983
1,983
Total
Philippines
(Cost
$4,276
)
4,251
QATAR
2.0%
Corporate
Bonds
0.2%
Ooredoo
International
Finance,
2.625%,
4/8/31
(USD) (1)
1,140,000
1,128
1,128
Government
Bonds
1.8%
State
of
Qatar,
4.40%,
4/16/50
(USD) (1)
560,000
651
State
of
Qatar,
4.40%,
4/16/50
(USD)
800,000
931
State
of
Qatar,
4.817%,
3/14/49
(USD)
5,000,000
6,138
7,720
Total
Qatar
(Cost
$9,625
)
8,848
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ROMANIA
0.8%
Government
Bonds
0.8%
Republic
of
Romania,
3.00%,
2/14/31
(USD) (1)
1,044,000
1,046
Republic
of
Romania,
4.00%,
2/14/51
(USD) (1)
926,000
899
Republic
of
Romania,
4.00%,
2/14/51
(USD)
1,750,000
1,699
Total
Romania
(Cost
$3,676
)
3,644
RUSSIA
2.0%
Corporate
Bonds
0.3%
GTLK
Europe,
5.125%,
5/31/24
(USD)
1,150,000
1,219
1,219
Government
Bonds
1.7%
Russian
Federation,
4.375%,
3/21/29
(USD)
5,000,000
5,477
Russian
Federation,
5.25%,
6/23/47
(USD)
1,600,000
1,903
7,380
Total
Russia
(Cost
$8,893
)
8,599
SAUDI
ARABIA
1.9%
Government
Bonds
1.9%
Kingdom
of
Saudi
Arabia,
3.25%,
10/26/26
(USD)
1,900,000
2,048
Kingdom
of
Saudi
Arabia,
3.45%,
2/2/61
(USD) (1)
1,265,000
1,167
Kingdom
of
Saudi
Arabia,
3.75%,
1/21/55
(USD)
500,000
491
Kingdom
of
Saudi
Arabia,
4.50%,
4/22/60
(USD) (1)
585,000
655
Kingdom
of
Saudi
Arabia,
5.00%,
4/17/49
(USD)
1,750,000
2,077
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
1,700,000
1,837
Total
Saudi
Arabia
(Cost
$7,860
)
8,275
SENEGAL
1.4%
Government
Bonds
1.4%
Republic
of
Senegal,
4.75%,
3/13/28
(EUR)
1,500,000
1,790
Republic
of
Senegal,
6.25%,
5/23/33
(USD) (1)
900,000
901
Republic
of
Senegal,
6.25%,
5/23/33
(USD)
3,300,000
3,303
Total
Senegal
(Cost
$5,856
)
5,994
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SERBIA
0.1%
Government
Bonds
0.1%
Republic
of
Serbia,
2.125%,
12/1/30
(USD) (1)
439,000
406
Total
Serbia
(Cost
$430
)
406
SOUTH
AFRICA
1.9%
Corporate
Bonds
0.1%
Eskom
Holdings
SOC,
6.75%,
8/6/23
(USD)
400,000
414
414
Government
Bonds
1.8%
Republic
of
South
Africa,
4.85%,
9/27/27
(USD)
1,200,000
1,241
Republic
of
South
Africa,
5.65%,
9/27/47
(USD)
3,750,000
3,463
Republic
of
South
Africa,
5.875%,
9/16/25
(USD)
2,390,000
2,642
Republic
of
South
Africa,
6.25%,
3/8/41
(USD)
450,000
456
7,802
Total
South
Africa
(Cost
$8,062
)
8,216
SRI
LANKA
2.8%
Corporate
Bonds
0.1%
SriLankan
Airlines,
7.00%,
6/25/24
(USD)
845,000
503
503
Government
Bonds
2.7%
Republic
of
Sri
Lanka,
5.75%,
1/18/22
(USD)
2,200,000
1,938
Republic
of
Sri
Lanka,
5.875%,
7/25/22
(USD)
2,750,000
2,166
Republic
of
Sri
Lanka,
6.125%,
6/3/25
(USD)
6,200,000
3,959
Republic
of
Sri
Lanka,
6.25%,
7/27/21
(USD)
2,950,000
2,855
Republic
of
Sri
Lanka,
6.825%,
7/18/26
(USD) (1)
300,000
186
Republic
of
Sri
Lanka,
6.825%,
7/18/26
(USD)
1,000,000
618
11,722
Total
Sri
Lanka
(Cost
$15,691
)
12,225
THAILAND
0.3%
Corporate
Bonds
0.3%
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD) (1)
965,000
833
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD)
325,000
280
Total
Thailand
(Cost
$1,220
)
1,113
TRINIDAD
AND
TOBAGO
0.4%
Corporate
Bonds
0.2%
Trinidad
Petroleum
Holdings,
9.75%,
6/15/26
(USD) (1)
700,000
781
781
Government
Bonds
0.2%
Republic
of
Trinidad
&
Tobago,
4.50%,
6/26/30
(USD) (1)
1,075,000
1,090
1,090
Total
Trinidad
and
Tobago
(Cost
$1,835
)
1,871
TURKEY
3.0%
Corporate
Bonds
0.9%
Akbank,
5.125%,
3/31/25
(USD)
900,000
872
Turk
Telekomunikasyon,
4.875%,
6/19/24
(USD)
1,000,000
1,015
Turk
Telekomunikasyon,
6.875%,
2/28/25
(USD) (1)
670,000
713
Turkiye
Sise
ve
Cam
Fabrikalari,
6.95%,
3/14/26
(USD) (1)
1,180,000
1,265
Yapi
ve
Kredi
Bankasi,
5.85%,
6/21/24
(USD)
200,000
195
4,060
Government
Bonds
2.1%
Republic
of
Turkey,
4.25%,
4/14/26
(USD)
3,800,000
3,462
Republic
of
Turkey,
4.875%,
10/9/26
(USD)
2,275,000
2,105
Republic
of
Turkey,
5.95%,
1/15/31
(USD)
1,200,000
1,092
Republic
of
Turkey,
6.00%,
1/14/41
(USD)
3,100,000
2,635
9,294
Total
Turkey
(Cost
$13,408
)
13,354
UKRAINE
3.5%
Corporate
Bonds
0.4%
Ukraine
Railways
Via
Rail
Capital
Markets,
8.25%,
7/9/24
(USD)
800,000
850
VF
Ukraine
PAT
via
VFU
Funding,
6.20%,
2/11/25
(USD)
800,000
830
1,680
Government
Bonds
3.1%
Government
of
Ukraine,
7.75%,
9/1/25
(USD)
1,395,000
1,520
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
of
Ukraine,
7.75%,
9/1/27
(USD)
5,055,000
5,418
Government
of
Ukraine,
8.994%,
2/1/24
(USD)
1,290,000
1,434
Government
of
Ukraine,
9.75%,
11/1/28
(USD) (1)
2,300,000
2,685
Government
of
Ukraine,
9.75%,
11/1/28
(USD)
1,750,000
2,043
Government
of
Ukraine,
VR,
0.00%,
5/31/40
(USD) (1)(2)(3)
485,000
502
13,602
Total
Ukraine
(Cost
$14,151
)
15,282
UNITED
ARAB
EMIRATES
2.0%
Corporate
Bonds
0.9%
Acwa
Power
Management
&
Investments
One,
5.95%,
12/15/39
(USD)
800,000
924
Emirates
NBD
Bank,
VR,
6.125%
(USD) (4)(5)
1,100,000
1,178
Ruwais
Power,
6.00%,
8/31/36
(USD)
1,570,000
2,049
4,151
Government
Bonds
1.1%
Emirate
of
Dubai,
5.25%,
1/30/43
(USD)
350,000
379
Finance
Department
Government
of
Sharjah,
4.00%,
7/28/50
(USD) (1)
2,430,000
2,147
Finance
Department
Government
of
Sharjah,
4.00%,
7/28/50
(USD)
1,350,000
1,193
Sharjah
Sukuk
Program,
3.234%,
10/23/29
(USD)
1,000,000
1,014
4,733
Total
United
Arab
Emirates
(Cost
$9,484
)
8,884
UNITED
KINGDOM
0.0%
Common
Stocks
0.0%
Mriya
Farming (2)(7)
5,890
—
Mriya
Farming,
Recovery
Certificates
(EUR) (2)(7)
488,383
6
Total
United
Kingdom
(Cost
$–
)
6
UNITED
STATES
0.4%
Convertible
Bonds
0.1%
JPMorgan
Chase
Bank,
0.125%,
1/1/23 (1)
375,000
421
421
Corporate
Bonds
0.3%
CITGO
Holding,
9.25%,
8/1/24 (1)
650,000
650
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29 (1)
745,000
757
1,407
Total
United
States
(Cost
$1,849
)
1,828
URUGUAY
0.8%
Government
Bonds
0.8%
Republic
of
Uruguay,
5.10%,
6/18/50
(USD)
2,910,000
3,618
Total
Uruguay
(Cost
$3,333
)
3,618
UZBEKISTAN
0.9%
Government
Bonds
0.9%
National
Bank
of
Uzbekistan,
4.85%,
10/21/25
(USD)
1,765,000
1,816
Republic
of
Uzbekistan,
5.375%,
2/20/29
(USD) (1)
485,000
532
Republic
of
Uzbekistan,
5.375%,
2/20/29
(USD)
1,640,000
1,798
Total
Uzbekistan
(Cost
$4,018
)
4,146
VENEZUELA
0.9%
Corporate
Bonds
0.0%
Electricidad
de
Caracas,
8.50%,
4/10/22
(USD) (2)(6)
800,000
20
20
Government
Bonds
0.9%
Petroleos
de
Venezuela,
5.375%,
4/12/27
(USD) (2)(6)
3,600,000
170
Petroleos
de
Venezuela,
6.00%,
5/16/24
(USD) (2)(6)
10,960,000
521
Petroleos
de
Venezuela,
6.00%,
11/15/26
(USD) (2)(6)
2,950,000
140
Petroleos
de
Venezuela,
8.50%,
10/27/20
(USD) (2)(6)
2,355,500
648
Petroleos
de
Venezuela,
9.00%,
11/17/21
(USD) (2)(6)
24,590,000
1,162
Petroleos
de
Venezuela,
9.75%,
5/17/35
(USD) (2)(6)
985,000
48
Petroleos
de
Venezuela,
12.75%,
2/17/22
(USD) (2)(6)
3,430,000
162
Republic
of
Venezuela,
6.00%,
12/9/20
(USD) (2)(6)
3,350,000
338
Republic
of
Venezuela,
7.75%,
10/13/19
(USD) (2)(6)
3,600,000
360
Republic
of
Venezuela,
9.25%,
9/15/27
(USD) (2)(6)
1,000,000
105
Republic
of
Venezuela,
11.75%,
10/21/26
(USD) (2)(6)
1,500,000
156
Republic
of
Venezuela,
11.95%,
8/5/31
(USD) (2)(6)
800,000
84
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Venezuela,
12.75%,
8/23/22
(USD) (2)(6)
550,000
58
3,952
Total
Venezuela
(Cost
$25,116
)
3,972
VIETNAM
1.3%
Corporate
Bonds
0.2%
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD) (1)
315,000
318
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD)
550,000
554
872
Government
Bonds
1.1%
Socialist
Republic
of
Vietnam,
4.80%,
11/19/24
(USD) (1)
600,000
673
Socialist
Republic
of
Vietnam,
4.80%,
11/19/24
(USD)
3,600,000
4,041
4,714
Total
Vietnam
(Cost
$5,173
)
5,586
ZAMBIA
0.3%
Government
Bonds
0.3%
Republic
of
Zambia,
5.375%,
9/20/22
(USD) (2)
2,250,000
1,265
Total
Zambia
(Cost
$1,216
)
1,265
SHORT-TERM
INVESTMENTS
4.5%
Money
Market
Funds
4.3%
T.
Rowe
Price
Government
Reserve
Fund,
0.04% (8)(9)
18,680,645
18,681
18,681
U.S.
Treasury
Obligations
0.2%
U.S.
Treasury
Notes,
2.625%,
12/15/21 (10)
970,000
987
987
Total
Short-Term
Investments
(Cost
$19,668)
19,668
Total
Investments
in
Securities
97.6%
(Cost
$449,626)
$
427,705
Other
Assets
Less
Liabilities
2.4%
10,341
Net
Assets
100.0%
$
438,046
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.
(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
$83,075
and
represents
19.0%
of
net
assets.
(2)
Non-income
producing
(3)
GDP-linked
note
provides
for
contingent
payments
linked
to
the
gross
domestic
product
of
the
country
presented;
par
reflects
notional
and
will
not
be
paid
over
the
life
or
at
maturity.
(4)
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
is
provided
if
the
rate
is
currently
floating.
(5)
Perpetual
security
with
no
stated
maturity
date.
(6)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(7)
Level
3
in
fair
value
hierarchy.
(8)
Seven-day
yield
(9)
Affiliated
Companies
(10)
At
March
31,
2021,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
BRL
Brazilian
Real
BRL
CDI
One
day
Brazilian
interbank
deposit
rate
CNH
Offshore
China
Renminbi
CNY
China
Renminbi
COP
Colombian
Peso
EUR
Euro
IDR
Indonesian
Rupiah
INR
Indian
Rupee
MXN
Mexican
Peso
PEN
Peruvian
New
Sol
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
11
(Amounts
in
000s)
SWAPS
(0.3)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.3)%
Credit
Default
Swaps,
Protection
Sold
(0.3)%
Argentina
(0.3)%
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Republic
of
Argentina,
CCC+*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
(USD)
*
2,500
(953)
(528)
(425)
Morgan
Stanley,
Protection
Sold
(Relevant
Credit:
Republic
of
Argentina,
CCC+*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
(USD)
*
500
(191)
(114)
(77)
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(642)
(502)
Interest
Rate
Swaps
0.0%
Brazil
0.0%
Morgan
Stanley,
2
Year
Interest
Rate
Swap,
Pay
Fixed
5.681%
At
Termination,
Receive
Variable
2.650%
(BRL
CDI)
At
Termination,
1/2/23
6,200
9
—
9
Morgan
Stanley,
2
Year
Interest
Rate
Swap,
Pay
Fixed
6.553%
At
Termination,
Receive
Variable
2.650%
(BRL
CDI)
At
Termination,
1/2/23
6,300
(4)
—
(4)
Total
Bilateral
Interest
Rate
Swaps
—
5
Total
Bilateral
Swaps
(642)
(497)
*
Credit
ratings
as
of
March
31,
2021.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
12
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/9/21
INR
38,841
USD
525
$
5
Bank
of
America
4/16/21
USD
1,281
MXN
25,857
18
Barclays
Bank
6/11/21
COP
2,427,437
USD
675
(13)
BNP
Paribas
4/16/21
MXN
22,896
USD
1,100
19
BNP
Paribas
4/16/21
USD
2,224
MXN
45,189
17
BNP
Paribas
6/2/21
USD
1,088
BRL
6,000
27
Citibank
4/16/21
MXN
23,455
USD
1,156
(11)
Citibank
5/7/21
CNY
27,810
USD
4,250
(24)
Citibank
5/21/21
EUR
371
USD
447
(12)
Citibank
6/2/21
BRL
3,905
USD
690
1
Citibank
6/2/21
USD
1,083
BRL
6,000
22
Deutsche
Bank
4/9/21
IDR
15,100,119
USD
1,041
(4)
Deutsche
Bank
5/21/21
USD
242
EUR
200
8
Deutsche
Bank
6/18/21
USD
1,083
CNH
7,080
11
Goldman
Sachs
4/9/21
INR
38,841
USD
524
6
Goldman
Sachs
4/9/21
USD
625
IDR
9,063,067
2
Goldman
Sachs
4/9/21
USD
668
INR
48,838
1
Goldman
Sachs
6/2/21
BRL
6,032
USD
1,109
(42)
Goldman
Sachs
6/11/21
USD
659
COP
2,427,437
(3)
HSBC
Bank
4/9/21
USD
393
INR
28,844
(1)
HSBC
Bank
5/7/21
USD
2,190
CNY
14,237
27
HSBC
Bank
5/21/21
EUR
230
USD
277
(7)
HSBC
Bank
5/21/21
USD
1,710
EUR
1,408
57
JPMorgan
Chase
5/21/21
EUR
176
USD
213
(6)
Morgan
Stanley
4/9/21
PEN
3,823
USD
1,054
(33)
Morgan
Stanley
4/9/21
USD
456
IDR
6,446,998
14
Morgan
Stanley
4/9/21
USD
1,047
PEN
3,823
25
Morgan
Stanley
4/16/21
MXN
22,030
USD
1,041
35
Morgan
Stanley
5/7/21
USD
2,089
CNY
13,573
27
Morgan
Stanley
5/21/21
USD
157
EUR
129
5
Morgan
Stanley
6/2/21
BRL
4,438
USD
777
8
Morgan
Stanley
6/2/21
USD
435
BRL
2,375
14
RBC
Dominion
Securities
5/21/21
EUR
531
USD
640
(16)
State
Street
5/21/21
USD
363
EUR
299
12
UBS
Investment
Bank
5/21/21
USD
3,450
EUR
2,847
107
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
296
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
13
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
36
U.S.
Treasury
Notes
five
year
contracts
6/21
4,443
$
(57)
Long,
125
U.S.
Treasury
Notes
ten
year
contracts
6/21
16,367
(227)
Net
payments
(receipts)
of
variation
margin
to
date
250
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(34)
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
14
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,
2021.
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,
0.04%
$
—#
$
—
$
2+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
T.
Rowe
Price
Government
Reserve
Fund,
0.04%
$
9,147
¤
¤
$
18,681^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$2
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
$18,681.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Unaudited
15
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
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
fund's
own
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
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.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
16
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
fund
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
fund
uses
information
from
outside
pricing
services
to
evaluate
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
fund
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
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
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
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
Committee
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
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
17
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
E163-054Q1
03/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
408,031
$
—
$
408,031
Common
Stocks
—
—
6
6
Short-Term
Investments
18,681
987
—
19,668
Total
Securities
18,681
409,018
6
427,705
Swaps
—
9
—
9
Forward
Currency
Exchange
Contracts
—
468
—
468
Total
$
18,681
$
409,495
$
6
$
428,182
Liabilities
Swaps
$
—
$
1,148
$
—
$
1,148
Forward
Currency
Exchange
Contracts
—
172
—
172
Futures
Contracts*
284
—
—
284
Total
$
284
$
1,320
$
—
$
1,604
1
Includes
Convertible
Bonds,
Corporate
Bonds
and
Government
Bonds.
*
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.