T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA
0.5%
Government
Bonds
0.5%
Republic
of
Albania,
3.50%,
6/16/27
(EUR)
2,080,000
2,599
Total
Albania
(Cost
$2,683
)
2,599
ANGOLA
2.6%
Government
Bonds
2.6%
Republic
of
Angola,
8.00%,
11/26/29
(USD)
3,810,000
3,912
Republic
of
Angola,
8.25%,
5/9/28
(USD)
3,290,000
3,418
Republic
of
Angola,
9.125%,
11/26/49
(USD)
2,800,000
2,854
Republic
of
Angola,
9.50%,
11/12/25
(USD)
2,150,000
2,373
Total
Angola
(Cost
$10,763
)
12,557
ARGENTINA
1.6%
Convertible
Bonds
0.2%
MercadoLibre,
2.00%,
8/15/28
(USD)
259,000
992
992
Government
Bonds
1.4%
Republic
of
Argentina,
0.00%,
12/15/35
(USD) (1)(2)
4,020,000
27
Republic
of
Argentina,
STEP,
0.50%,
7/9/30
(USD)
2,110,121
779
Republic
of
Argentina,
STEP,
1.125%,
7/9/35
(USD)
9,600,026
3,164
Republic
of
Argentina,
STEP,
2.00%,
1/9/38
(USD)
7,040,959
2,748
6,718
Total
Argentina
(Cost
$11,132
)
7,710
BAHAMAS
1.2%
Government
Bonds
1.2%
Commonwealth
of
Bahamas,
6.00%,
11/21/28
(USD) (3)
6,825,000
5,895
Total
Bahamas
(Cost
$7,031
)
5,895
BAHRAIN
1.2%
Government
Bonds
1.2%
Kingdom
of
Bahrain,
7.00%,
10/12/28
(USD)
3,540,000
3,880
Kingdom
of
Bahrain,
7.50%,
9/20/47
(USD)
1,825,000
1,885
Total
Bahrain
(Cost
$5,609
)
5,765
Par/Shares
$
Value
(Cost
and
value
in
$000s)
BARBADOS
0.4%
Government
Bonds
0.4%
Government
of
Barbados,
6.50%,
10/1/29
(USD) (3)
1,675,000
1,692
Total
Barbados
(Cost
$1,611
)
1,692
BENIN
0.5%
Government
Bonds
0.5%
Republic
of
Benin,
4.875%,
1/19/32
(EUR) (3)
1,860,000
2,155
Total
Benin
(Cost
$2,231
)
2,155
BERMUDA
0.2%
Government
Bonds
0.2%
Government
of
Bermuda,
3.375%,
8/20/50
(USD) (3)
813,000
819
Total
Bermuda
(Cost
$811
)
819
BRAZIL
2.2%
Corporate
Bonds
1.0%
Cosan
Overseas,
8.25%
(USD) (4)
430,000
444
Embraer
Netherlands
Finance,
5.05%,
6/15/25
(USD)
1,200,000
1,265
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
1,250,000
1,240
Globo
Comunicacao
e
Participacoes,
5.125%,
3/31/27
(USD)
500,000
510
Nexa
Resources,
5.375%,
5/4/27
(USD)
575,000
605
Petrobras
Global
Finance,
5.50%,
6/10/51
(USD)
780,000
727
4,791
Government
Bonds
1.2%
Republic
of
Brazil,
4.50%,
5/30/29
(USD)
1,990,000
2,047
Republic
of
Brazil,
4.625%,
1/13/28
(USD)
500,000
527
Republic
of
Brazil,
5.00%,
1/27/45
(USD)
3,023,000
2,829
Republic
of
Brazil,
8.25%,
1/20/34
(USD)
380,000
507
5,910
Total
Brazil
(Cost
$10,705
)
10,701
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
CHILE
2.0%
Corporate
Bonds
2.0%
AES
Andes,
VR,
6.35%,
10/7/79
(USD) (3)(5)
725,000
768
AES
Andes,
VR,
7.125%,
3/26/79
(USD) (3)(5)
1,400,000
1,488
Celulosa
Arauco
y
Constitucion,
5.15%,
1/29/50
(USD)
1,000,000
1,134
Corp
Nacional
del
Cobre
de
Chile,
3.70%,
1/30/50
(USD) (3)
1,315,000
1,337
Corp
Nacional
del
Cobre
de
Chile,
3.75%,
1/15/31
(USD) (3)
385,000
415
Empresa
de
los
Ferrocarriles
del
Estado,
3.068%,
8/18/50
(USD)
665,000
588
Empresa
de
Transporte
de
Pasajeros
Metro,
3.693%,
9/13/61
(USD) (3)
800,000
783
Empresa
de
Transporte
de
Pasajeros
Metro,
4.70%,
5/7/50
(USD) (3)
945,000
1,112
VTR
Finance,
6.375%,
7/15/28
(USD)
1,700,000
1,835
Total
Chile
(Cost
$9,396
)
9,460
CHINA
5.3%
Convertible
Bonds
0.2%
Huazhu
Group,
3.00%,
5/1/26
(USD)
556,000
727
727
Corporate
Bonds
3.8%
AAC
Technologies
Holdings,
2.625%,
6/2/26
(USD)
1,060,000
1,059
Agile
Group
Holdings,
5.75%,
1/2/25
(USD)
900,000
848
Agile
Group
Holdings,
6.05%,
10/13/25
(USD)
550,000
520
CIFI
Holdings
Group,
5.25%,
5/13/26
(USD)
450,000
442
CIFI
Holdings
Group,
6.55%,
3/28/24
(USD)
1,000,000
1,011
Country
Garden
Holdings,
3.30%,
1/12/31
(USD)
800,000
733
Country
Garden
Holdings,
8.00%,
1/27/24
(USD)
700,000
729
Health
&
Happiness
H&H
International
Holdings,
5.625%,
10/24/24
(USD)
1,000,000
1,022
Kaisa
Group
Holdings,
11.95%,
10/22/22
(USD)
1,600,000
1,376
Lenovo
Group,
3.421%,
11/2/30
(USD) (3)
460,000
480
Lenovo
Group,
3.421%,
11/2/30
(USD)
625,000
652
Shimao
Group
Holdings,
3.45%,
1/11/31
(USD)
3,200,000
2,865
Par/Shares
$
Value
(Cost
and
value
in
$000s)
State
Grid
Overseas
Investment
2013,
4.375%,
5/22/43
(USD)
500,000
615
State
Grid
Overseas
Investment
2014,
4.85%,
5/7/44
(USD)
1,700,000
2,237
State
Grid
Overseas
Investment
BVI,
4.00%,
5/4/47
(USD)
800,000
952
Times
China
Holdings,
6.75%,
7/8/25
(USD)
1,744,000
1,602
Tingyi
Cayman
Islands
Holding,
1.625%,
9/24/25
(USD)
774,000
769
Yanlord
Land
HK,
6.75%,
4/23/23
(USD)
500,000
506
18,418
Government
Bonds
1.3%
People's
Republic
of
China,
3.12%,
12/5/26
21,100,000
3,327
People's
Republic
of
China,
3.27%,
11/19/30
18,000,000
2,862
6,189
Total
China
(Cost
$25,669
)
25,334
COLOMBIA
2.7%
Corporate
Bonds
1.3%
Banco
Davivienda,
VR,
6.65%
(USD) (3)(4)(5)
1,100,000
1,176
Banco
de
Bogota,
6.25%,
5/12/26
(USD)
1,000,000
1,090
Bancolombia,
VR,
4.625%,
12/18/29
(USD) (5)
1,400,000
1,420
Ecopetrol,
5.875%,
5/28/45
(USD)
1,800,000
1,821
Grupo
Aval,
4.375%,
2/4/30
(USD)
700,000
692
Millicom
International
Cellular,
4.50%,
4/27/31
(USD) (3)
200,000
209
6,408
Government
Bonds
1.4%
Republic
of
Colombia,
3.125%,
4/15/31
(USD)
2,700,000
2,532
Republic
of
Colombia,
4.125%,
5/15/51
(USD)
455,000
392
Republic
of
Colombia,
5.625%,
2/26/44
(USD)
1,000,000
1,046
Republic
of
Colombia,
6.125%,
1/18/41
(USD)
2,320,000
2,556
6,526
Total
Colombia
(Cost
$13,208
)
12,934
DOMINICAN
REPUBLIC
2.8%
Government
Bonds
2.8%
Dominican
Republic,
4.50%,
1/30/30
(USD) (3)
3,370,000
3,437
Dominican
Republic,
4.875%,
9/23/32
(USD) (3)
680,000
695
Dominican
Republic,
4.875%,
9/23/32
(USD)
1,500,000
1,534
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Dominican
Republic,
6.00%,
7/19/28
(USD)
420,000
476
Dominican
Republic,
6.40%,
6/5/49
(USD) (3)
1,000,000
1,061
Dominican
Republic,
6.50%,
2/15/48
(USD)
1,050,000
1,125
Dominican
Republic,
6.85%,
1/27/45
(USD)
3,625,000
4,055
Dominican
Republic,
7.45%,
4/30/44
(USD)
850,000
1,016
Total
Dominican
Republic
(Cost
$12,868
)
13,399
ECUADOR
1.6%
Government
Bonds
1.6%
Republic
of
Ecuador,
STEP,
1.00%,
7/31/35
(USD) (3)
8,397,685
5,574
Republic
of
Ecuador,
STEP,
5.00%,
7/31/30
(USD) (3)
2,529,550
2,125
Total
Ecuador
(Cost
$7,488
)
7,699
EGYPT
3.4%
Government
Bonds
3.4%
Arab
Republic
of
Egypt,
5.875%,
2/16/31
(USD) (3)
540,000
498
Arab
Republic
of
Egypt,
6.588%,
2/21/28
(USD)
2,300,000
2,315
Arab
Republic
of
Egypt,
7.50%,
1/31/27
(USD)
2,100,000
2,225
Arab
Republic
of
Egypt,
7.60%,
3/1/29
(USD)
1,250,000
1,299
Arab
Republic
of
Egypt,
7.903%,
2/21/48
(USD) (3)
800,000
733
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD) (3)
3,050,000
2,955
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD)
4,230,000
4,098
Arab
Republic
of
Egypt,
14.051%,
7/21/22
16,750,000
1,075
Arab
Republic
of
Egypt
Treasury
Bills,
12.851%,
12/7/21
20,000,000
1,247
Total
Egypt
(Cost
$16,890
)
16,445
EL
SALVADOR
1.0%
Government
Bonds
1.0%
Republic
of
El
Salvador,
5.875%,
1/30/25
(USD)
2,465,000
1,898
Republic
of
El
Salvador,
6.375%,
1/18/27
(USD) (3)
1,180,000
885
Republic
of
El
Salvador,
7.65%,
6/15/35
(USD)
900,000
653
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
El
Salvador,
8.625%,
2/28/29
(USD)
1,800,000
1,386
Total
El
Salvador
(Cost
$6,572
)
4,822
GHANA
1.0%
Corporate
Bonds
0.1%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
700,000
687
687
Government
Bonds
0.9%
Republic
of
Ghana,
8.125%,
1/18/26
(USD)
4,235,000
4,294
4,294
Total
Ghana
(Cost
$4,504
)
4,981
GRENADA
0.0%
Government
Bonds
0.0%
Government
of
Grenada,
7.00%,
5/12/30
(USD)
172,097
163
Total
Grenada
(Cost
$157
)
163
GUATEMALA
0.5%
Government
Bonds
0.5%
Republic
of
Guatemala,
4.875%,
2/13/28
(USD)
1,300,000
1,407
Republic
of
Guatemala,
4.90%,
6/1/30
(USD) (3)
1,000,000
1,089
Total
Guatemala
(Cost
$2,432
)
2,496
HONG
KONG
0.4%
Corporate
Bonds
0.4%
JMH,
2.50%,
4/9/31
(USD)
1,800,000
1,801
Total
Hong
Kong
(Cost
$1,777
)
1,801
HUNGARY
0.2%
Government
Bonds
0.2%
Republic
of
Hungary,
2.125%,
9/22/31
(USD) (3)
1,060,000
1,045
Total
Hungary
(Cost
$1,046
)
1,045
INDIA
3.0%
Corporate
Bonds
1.4%
ABJA
Investment,
5.45%,
1/24/28
(USD)
1,170,000
1,278
Adani
International
Container
Terminal,
3.00%,
2/16/31
(USD)
1,555,000
1,512
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Adani
Ports
&
Special
Economic
Zone,
4.20%,
8/4/27
(USD) (3)
645,000
677
Adani
Ports
&
Special
Economic
Zone,
4.375%,
7/3/29
(USD)
400,000
421
Bharti
Airtel,
3.25%,
6/3/31
(USD) (3)
1,540,000
1,550
Periama
Holdings,
5.95%,
4/19/26
(USD)
993,000
1,067
6,505
Government
Bonds
1.6%
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD) (3)
255,000
237
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD)
1,800,000
1,676
Export-Import
Bank
of
India,
3.25%,
1/15/30
(USD)
5,655,000
5,751
7,664
Total
India
(Cost
$14,002
)
14,169
INDONESIA
6.4%
Corporate
Bonds
3.8%
Bank
Negara
Indonesia
Persero,
3.75%,
3/30/26
(USD)
1,749,000
1,799
Minejesa
Capital,
5.625%,
8/10/37
(USD)
2,200,000
2,327
Pertamina
Persero,
5.625%,
5/20/43
(USD)
4,420,000
5,256
Pertamina
Persero,
6.00%,
5/3/42
(USD)
1,500,000
1,858
Perusahaan
Listrik
Negara,
3.875%,
7/17/29
(USD) (3)
865,000
917
Perusahaan
Listrik
Negara,
4.00%,
6/30/50
(USD) (3)
200,000
192
Perusahaan
Listrik
Negara,
4.125%,
5/15/27
(USD)
1,000,000
1,085
Perusahaan
Listrik
Negara,
4.375%,
2/5/50
(USD) (3)
400,000
403
Perusahaan
Listrik
Negara,
4.875%,
7/17/49
(USD) (3)
355,000
380
Perusahaan
Listrik
Negara,
5.25%,
10/24/42
(USD)
400,000
448
Perusahaan
Listrik
Negara,
6.15%,
5/21/48
(USD)
2,800,000
3,463
18,128
Government
Bonds
2.6%
Perusahaan
Penerbit,
3.80%,
6/23/50
(USD) (3)
200,000
204
Perusahaan
Penerbit,
4.15%,
3/29/27
(USD)
2,100,000
2,349
Perusahaan
Penerbit,
4.45%,
2/20/29
(USD)
3,200,000
3,688
Perusahaan
Penerbit,
4.55%,
3/29/26
(USD)
5,400,000
6,116
12,357
Total
Indonesia
(Cost
$28,951
)
30,485
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ISRAEL
0.7%
Corporate
Bonds
0.7%
ICL
Group,
6.375%,
5/31/38
(USD) (3)
1,400,000
1,815
Israel
Electric,
7.75%,
12/15/27
(USD)
350,000
452
Leviathan
Bond,
6.125%,
6/30/25
(USD) (3)
1,100,000
1,191
Total
Israel
(Cost
$2,981
)
3,458
IVORY
COAST
1.2%
Government
Bonds
1.2%
Republic
of
Ivory
Coast,
6.125%,
6/15/33
(USD)
3,950,000
4,183
Republic
of
Ivory
Coast,
STEP,
5.75%,
12/31/32
(USD)
1,473,001
1,479
Total
Ivory
Coast
(Cost
$5,697
)
5,662
JAMAICA
1.7%
Corporate
Bonds
0.2%
TransJamaican
Highway,
5.75%,
10/10/36
(USD) (3)
366,183
367
TransJamaican
Highway,
5.75%,
10/10/36
(USD)
395,874
397
764
Government
Bonds
1.5%
Government
of
Jamaica,
6.75%,
4/28/28
(USD)
1,100,000
1,284
Government
of
Jamaica,
7.875%,
7/28/45
(USD)
2,910,000
4,048
Government
of
Jamaica,
8.00%,
3/15/39
(USD)
1,465,000
2,037
7,369
Total
Jamaica
(Cost
$7,130
)
8,133
JORDAN
1.0%
Government
Bonds
1.0%
Kingdom
of
Jordan,
5.85%,
7/7/30
(USD)
4,400,000
4,577
Total
Jordan
(Cost
$4,761
)
4,577
KAZAKHSTAN
0.4%
Corporate
Bonds
0.4%
KazMunayGas
National,
3.50%,
4/14/33
(USD)
1,700,000
1,756
Total
Kazakhstan
(Cost
$1,757
)
1,756
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
KUWAIT
0.3%
Corporate
Bonds
0.3%
Equate
Petrochemical,
4.25%,
11/3/26
(USD)
200,000
220
MEGlobal
Canada,
5.875%,
5/18/30
(USD) (3)
245,000
302
MEGlobal
Canada,
5.875%,
5/18/30
(USD)
800,000
985
Total
Kuwait
(Cost
$1,373
)
1,507
LEBANON
0.3%
Government
Bonds
0.3%
Lebanese
Republic,
6.00%,
1/27/23
(USD) (1)(6)
9,515,000
1,612
Total
Lebanon
(Cost
$2,339
)
1,612
MEXICO
9.8%
Corporate
Bonds
4.9%
Axtel,
6.375%,
11/14/24
(USD) (3)
505,000
517
Banco
Mercantil
del
Norte,
VR,
6.75%
(USD) (4)(5)
600,000
634
Banco
Mercantil
del
Norte,
VR,
7.625%
(USD) (4)(5)
500,000
558
Banco
Mercantil
del
Norte,
VR,
8.375%
(USD) (4)(5)
475,000
562
Banco
Santander
Mexico,
5.375%,
4/17/25
(USD) (3)
655,000
733
Banco
Santander
Mexico,
VR,
8.50%
(USD) (4)(5)
800,000
821
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (5)
2,750,000
2,871
Cemex,
5.45%,
11/19/29
(USD)
700,000
759
Cometa
Energia,
6.375%,
4/24/35
(USD) (3)
1,371,000
1,609
Cometa
Energia,
6.375%,
4/24/35
(USD)
457,000
536
Controladora
Mabe,
5.60%,
10/23/28
(USD) (3)
960,000
1,117
Industrias
Penoles,
4.75%,
8/6/50
(USD) (3)
240,000
266
Infraestructura
Energetica
Nova,
4.75%,
1/15/51
(USD)
1,725,000
1,778
Infraestructura
Energetica
Nova,
4.875%,
1/14/48
(USD) (3)
600,000
619
Mexico
City
Airport
Trust,
5.50%,
7/31/47
(USD)
10,063,000
10,298
23,678
Government
Bonds
4.9%
Petroleos
Mexicanos,
4.50%,
1/23/26
(USD)
5,900,000
5,941
Petroleos
Mexicanos,
5.50%,
6/27/44
(USD)
1,860,000
1,491
Petroleos
Mexicanos,
5.625%,
1/23/46
(USD)
5,285,000
4,254
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
3,800,000
4,018
Petroleos
Mexicanos,
6.50%,
6/2/41
(USD)
6,880,000
6,100
Petroleos
Mexicanos,
6.75%,
9/21/47
(USD)
1,500,000
1,311
Petroleos
Mexicanos,
Series
13-2,
7.19%,
9/12/24
2,700,000
125
23,240
Total
Mexico
(Cost
$44,918
)
46,918
MOROCCO
1.5%
Government
Bonds
1.5%
Kingdom
of
Morocco,
2.375%,
12/15/27
(USD)
2,215,000
2,173
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD) (3)
1,300,000
1,239
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD)
1,635,000
1,558
Kingdom
of
Morocco,
4.00%,
12/15/50
(USD)
2,400,000
2,196
Total
Morocco
(Cost
$7,309
)
7,166
OMAN
5.0%
Corporate
Bonds
1.3%
Bank
Muscat,
4.75%,
3/17/26
(USD)
1,300,000
1,342
Lamar
Funding,
3.958%,
5/7/25
(USD)
1,125,000
1,128
OmGrid
Funding,
5.196%,
5/16/27
(USD)
500,000
520
Oryx
Funding,
5.80%,
2/3/31
(USD) (3)
200,000
212
Oryx
Funding,
5.80%,
2/3/31
(USD)
500,000
531
Oztel
Holdings,
6.625%,
4/24/28
(USD)
2,200,000
2,426
6,159
Government
Bonds
3.7%
Sultanate
of
Oman,
4.75%,
6/15/26
(USD)
1,500,000
1,541
Sultanate
of
Oman,
5.375%,
3/8/27
(USD)
6,255,000
6,541
Sultanate
of
Oman,
5.625%,
1/17/28
(USD)
1,200,000
1,252
Sultanate
of
Oman,
6.25%,
1/25/31
(USD) (3)
710,000
761
Sultanate
of
Oman,
6.50%,
3/8/47
(USD)
2,360,000
2,295
Sultanate
of
Oman,
6.75%,
10/28/27
(USD)
2,700,000
3,007
Sultanate
of
Oman,
6.75%,
1/17/48
(USD) (3)
1,450,000
1,440
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Sultanate
of
Oman,
7.00%,
1/25/51
(USD) (3)
845,000
860
17,697
Total
Oman
(Cost
$23,130
)
23,856
PAKISTAN
0.6%
Government
Bonds
0.6%
Islamic
Republic
of
Pakistan,
6.875%,
12/5/27
(USD)
1,000,000
1,008
Islamic
Republic
of
Pakistan,
7.875%,
3/31/36
(USD)
1,936,000
1,916
Total
Pakistan
(Cost
$3,035
)
2,924
PANAMA
0.8%
Corporate
Bonds
0.5%
Aeropuerto
Internacional
de
Tocumen,
4.00%,
8/11/41
(USD) (3)
520,000
536
Banco
General,
VR,
5.25%
(USD) (3)
(4)(5)
580,000
587
Banco
Nacional
de
Panama,
2.50%,
8/11/30
(USD) (3)
1,105,000
1,061
2,184
Government
Bonds
0.3%
Republic
of
Panama,
7.125%,
1/29/26
(USD)
1,200,000
1,470
1,470
Total
Panama
(Cost
$3,537
)
3,654
PARAGUAY
1.3%
Corporate
Bonds
0.2%
Telefonica
Celular
del
Paraguay,
5.875%,
4/15/27
(USD) (3)
1,005,000
1,054
1,054
Government
Bonds
1.1%
Republic
of
Paraguay,
4.95%,
4/28/31
(USD) (3)
315,000
357
Republic
of
Paraguay,
5.40%,
3/30/50
(USD)
3,655,000
4,212
Republic
of
Paraguay,
6.10%,
8/11/44
(USD)
570,000
697
5,266
Total
Paraguay
(Cost
$5,911
)
6,320
PERU
0.4%
Corporate
Bonds
0.1%
Consorcio
Transmantaro,
4.70%,
4/16/34
(USD) (3)
280,000
311
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Lima
Metro
Line
2
Finance,
5.875%,
7/5/34
(USD)
329,483
386
697
Government
Bonds
0.3%
Republic
of
Peru,
3.30%,
3/11/41
(USD)
1,400,000
1,362
1,362
Total
Peru
(Cost
$2,071
)
2,059
PHILIPPINES
1.3%
Corporate
Bonds
0.9%
Globe
Telecom,
3.00%,
7/23/35
(USD)
1,600,000
1,481
International
Container
Terminal
Services,
4.75%,
6/17/30
(USD)
1,160,000
1,300
Manila
Water,
4.375%,
7/30/30
(USD)
1,400,000
1,473
4,254
Government
Bonds
0.4%
Republic
of
Philippines,
2.65%,
12/10/45
(USD)
2,200,000
2,017
2,017
Total
Philippines
(Cost
$6,260
)
6,271
QATAR
2.9%
Corporate
Bonds
1.2%
Ooredoo
International
Finance,
2.625%,
4/8/31
(USD) (3)
1,540,000
1,572
Qatar
Petroleum,
2.25%,
7/12/31
(USD) (3)
1,210,000
1,200
Qatar
Petroleum,
2.25%,
7/12/31
(USD)
1,200,000
1,190
Qatar
Petroleum,
3.125%,
7/12/41
(USD) (3)
1,760,000
1,763
5,725
Government
Bonds
1.7%
State
of
Qatar,
4.40%,
4/16/50
(USD) (3)
560,000
685
State
of
Qatar,
4.40%,
4/16/50
(USD)
800,000
978
State
of
Qatar,
4.817%,
3/14/49
(USD)
5,000,000
6,443
8,106
Total
Qatar
(Cost
$14,186
)
13,831
ROMANIA
1.4%
Government
Bonds
1.4%
Republic
of
Romania,
2.875%,
4/13/42
(EUR) (3)
610,000
662
Republic
of
Romania,
3.00%,
2/14/31
(USD) (3)
1,044,000
1,067
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Romania,
3.00%,
2/14/31
(USD)
1,100,000
1,125
Republic
of
Romania,
4.00%,
2/14/51
(USD) (3)
926,000
926
Republic
of
Romania,
4.00%,
2/14/51
(USD)
3,018,000
3,020
Total
Romania
(Cost
$6,882
)
6,800
RUSSIA
3.8%
Corporate
Bonds
0.9%
Gazprom
via
Gaz
Finance,
3.50%,
7/14/31
(USD) (3)
1,510,000
1,506
Gazprom
via
Gaz
Finance,
3.50%,
7/14/31
(USD)
390,000
389
GTLK
Europe,
5.125%,
5/31/24
(USD)
1,150,000
1,228
GTLK
Europe
Capital,
5.95%,
4/17/25
(USD)
1,300,000
1,428
4,551
Government
Bonds
2.9%
Russian
Federation,
4.375%,
3/21/29
(USD)
6,800,000
7,713
Russian
Federation,
5.25%,
6/23/47
(USD)
4,800,000
6,093
13,806
Total
Russia
(Cost
$18,273
)
18,357
SAUDI
ARABIA
2.4%
Government
Bonds
2.4%
Kingdom
of
Saudi
Arabia,
3.25%,
10/26/26
(USD)
1,900,000
2,051
Kingdom
of
Saudi
Arabia,
3.45%,
2/2/61
(USD) (3)
1,265,000
1,245
Kingdom
of
Saudi
Arabia,
3.75%,
1/21/55
(USD)
500,000
523
Kingdom
of
Saudi
Arabia,
4.50%,
4/22/60
(USD) (3)
585,000
701
Kingdom
of
Saudi
Arabia,
5.00%,
4/17/49
(USD)
1,750,000
2,184
Saudi
Arabian
Oil,
3.50%,
4/16/29
(USD)
2,600,000
2,802
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
1,700,000
1,911
Total
Saudi
Arabia
(Cost
$10,705
)
11,417
SENEGAL
0.9%
Government
Bonds
0.9%
Republic
of
Senegal,
4.75%,
3/13/28
(EUR)
1,500,000
1,812
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Senegal,
6.25%,
5/23/33
(USD)
2,400,000
2,508
Total
Senegal
(Cost
$4,047
)
4,320
SERBIA
1.1%
Government
Bonds
1.1%
Republic
of
Serbia,
2.125%,
12/1/30
(USD) (3)
439,000
412
Republic
of
Serbia,
2.125%,
12/1/30
(USD)
5,300,000
4,970
Total
Serbia
(Cost
$5,463
)
5,382
SINGAPORE
0.2%
Convertible
Bonds
0.2%
Sea,
0.25%,
9/15/26
(USD)
980,000
994
Total
Singapore
(Cost
$980
)
994
SOUTH
AFRICA
0.5%
Government
Bonds
0.5%
Republic
of
South
Africa,
5.65%,
9/27/47
(USD)
2,050,000
1,955
Republic
of
South
Africa,
6.25%,
3/8/41
(USD)
450,000
472
Total
South
Africa
(Cost
$2,363
)
2,427
SRI
LANKA
1.5%
Corporate
Bonds
0.1%
SriLankan
Airlines,
7.00%,
6/25/24
(USD)
845,000
523
523
Government
Bonds
1.4%
Republic
of
Sri
Lanka,
5.875%,
7/25/22
(USD)
2,750,000
2,021
Republic
of
Sri
Lanka,
6.125%,
6/3/25
(USD)
4,450,000
2,822
Republic
of
Sri
Lanka,
6.825%,
7/18/26
(USD)
400,000
252
Republic
of
Sri
Lanka,
6.85%,
11/3/25
(USD)
2,200,000
1,388
6,483
Total
Sri
Lanka
(Cost
$9,766
)
7,006
SURINAME
0.1%
Government
Bonds
0.1%
Republic
of
Suriname,
9.25%,
10/26/26
(USD) (1)(6)
500,000
344
Total
Suriname
(Cost
$320
)
344
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
TANZANIA
0.4%
Convertible
Bonds
0.2%
HTA
Group,
2.875%,
3/18/27
(USD)
1,000,000
1,109
1,109
Corporate
Bonds
0.2%
HTA
Group,
7.00%,
12/18/25
(USD) (3)
810,000
854
854
Total
Tanzania
(Cost
$1,828
)
1,963
THAILAND
0.6%
Corporate
Bonds
0.6%
Bangkok
Bank,
VR,
3.466%,
9/23/36
(USD) (3)(5)
880,000
872
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD) (3)
965,000
848
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD)
1,125,000
989
Total
Thailand
(Cost
$2,848
)
2,709
TRINIDAD
AND
TOBAGO
0.4%
Corporate
Bonds
0.2%
Trinidad
Petroleum
Holdings,
9.75%,
6/15/26
(USD) (3)
700,000
777
777
Government
Bonds
0.2%
Republic
of
Trinidad
&
Tobago,
4.50%,
6/26/30
(USD) (3)
1,075,000
1,129
1,129
Total
Trinidad
and
Tobago
(Cost
$1,832
)
1,906
TURKEY
2.5%
Corporate
Bonds
0.2%
Akbank,
5.125%,
3/31/25
(USD)
900,000
902
Yapi
ve
Kredi
Bankasi,
5.85%,
6/21/24
(USD)
200,000
205
1,107
Government
Bonds
2.3%
Republic
of
Turkey,
4.25%,
4/14/26
(USD)
5,500,000
5,200
Republic
of
Turkey,
4.875%,
10/9/26
(USD)
2,275,000
2,186
Republic
of
Turkey,
5.95%,
1/15/31
(USD)
1,200,000
1,138
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Turkey,
6.00%,
1/14/41
(USD)
2,600,000
2,259
10,783
Total
Turkey
(Cost
$11,930
)
11,890
UKRAINE
3.4%
Corporate
Bonds
0.5%
Ukraine
Railways
Via
Rail
Capital
Markets,
8.25%,
7/9/24
(USD)
1,375,000
1,438
VF
Ukraine
PAT
via
VFU
Funding,
6.20%,
2/11/25
(USD)
800,000
831
2,269
Government
Bonds
2.9%
Government
of
Ukraine,
7.75%,
9/1/25
(USD)
1,395,000
1,519
Government
of
Ukraine,
7.75%,
9/1/27
(USD)
5,055,000
5,490
Government
of
Ukraine,
8.994%,
2/1/24
(USD)
1,290,000
1,422
Government
of
Ukraine,
9.75%,
11/1/28
(USD) (3)
2,300,000
2,704
Government
of
Ukraine,
9.75%,
11/1/28
(USD)
1,750,000
2,057
Government
of
Ukraine,
FRN,
1.258%,
5/31/40
(USD) (2)(3)
485,000
531
13,723
Total
Ukraine
(Cost
$14,714
)
15,992
UNITED
ARAB
EMIRATES
1.7%
Corporate
Bonds
1.7%
Abu
Dhabi
Ports,
2.50%,
5/6/31
(USD)
1,400,000
1,420
Acwa
Power
Management
&
Investments
One,
5.95%,
12/15/39
(USD)
799,144
967
DP
World
Crescent,
3.875%,
7/18/29
(USD)
1,950,000
2,111
Emirates
NBD
Bank,
VR,
6.125%
(USD) (4)(5)
1,100,000
1,171
Ruwais
Power,
6.00%,
8/31/36
(USD)
1,770,000
2,376
Total
United
Arab
Emirates
(Cost
$7,835
)
8,045
UNITED
KINGDOM
0.0%
Common
Stocks
0.0%
Mriya
Farming (1)(7)
5,890
—
Mriya
Farming,
Recovery
Certificates
(EUR) (1)(7)
488,383
6
Total
United
Kingdom
(Cost
$–
)
6
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
STATES
0.6%
Convertible
Bonds
0.1%
JPMorgan
Chase
Bank,
0.125%,
1/1/23 (3)
375,000
385
385
Corporate
Bonds
0.5%
Citgo
Holding,
9.25%,
8/1/24 (3)
650,000
653
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29 (3)
1,745,000
1,791
2,444
Total
United
States
(Cost
$2,877
)
2,829
URUGUAY
0.5%
Government
Bonds
0.5%
Republic
of
Uruguay,
5.10%,
6/18/50
(USD)
1,910,000
2,436
Total
Uruguay
(Cost
$2,216
)
2,436
UZBEKISTAN
0.8%
Government
Bonds
0.8%
Republic
of
Uzbekistan,
3.90%,
10/19/31
(USD) (3)
1,596,000
1,559
Republic
of
Uzbekistan,
5.375%,
2/20/29
(USD) (3)
485,000
529
Republic
of
Uzbekistan,
5.375%,
2/20/29
(USD)
1,640,000
1,791
Total
Uzbekistan
(Cost
$3,842
)
3,879
VENEZUELA
1.0%
Corporate
Bonds
0.0%
Electricidad
de
Caracas,
8.50%,
4/10/22
(USD) (1)(6)
800,000
24
24
Government
Bonds
1.0%
Petroleos
de
Venezuela,
5.375%,
4/12/27
(USD) (1)(6)
3,600,000
216
Petroleos
de
Venezuela,
6.00%,
5/16/24
(USD) (1)(6)
10,960,000
658
Petroleos
de
Venezuela,
6.00%,
11/15/26
(USD) (1)(6)
2,950,000
177
Petroleos
de
Venezuela,
8.50%,
10/27/20
(USD) (1)(6)
2,355,500
665
Petroleos
de
Venezuela,
9.00%,
11/17/21
(USD) (1)(6)
24,590,000
1,475
Petroleos
de
Venezuela,
9.75%,
5/17/35
(USD) (1)(6)
985,000
59
Petroleos
de
Venezuela,
12.75%,
2/17/22
(USD) (1)(6)
3,430,000
206
Republic
of
Venezuela,
6.00%,
12/9/20
(USD) (1)(6)
3,350,000
327
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Venezuela,
7.75%,
10/13/19
(USD) (1)(6)
3,600,000
378
Republic
of
Venezuela,
9.25%,
9/15/27
(USD) (1)(6)
1,000,000
108
Republic
of
Venezuela,
11.75%,
10/21/26
(USD) (1)(6)
1,500,000
167
Republic
of
Venezuela,
11.95%,
8/5/31
(USD) (1)(6)
800,000
88
Republic
of
Venezuela,
12.75%,
8/23/22
(USD) (1)(6)
550,000
61
4,585
Total
Venezuela
(Cost
$25,116
)
4,609
VIETNAM
1.2%
Corporate
Bonds
0.2%
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD) (3)
315,000
314
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD)
550,000
549
863
Government
Bonds
1.0%
Socialist
Republic
of
Vietnam,
4.80%,
11/19/24
(USD) (3)
600,000
666
Socialist
Republic
of
Vietnam,
4.80%,
11/19/24
(USD)
3,600,000
3,994
4,660
Total
Vietnam
(Cost
$5,160
)
5,523
ZAMBIA
0.4%
Government
Bonds
0.4%
Republic
of
Zambia,
5.375%,
9/20/22
(USD) (1)(6)
2,600,000
1,959
Total
Zambia
(Cost
$1,443
)
1,959
SHORT-TERM
INVESTMENTS
3.6%
Money
Market
Funds
3.1%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (8)(9)
14,626,515
14,627
14,627
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Obligations
0.5%
U.S.
Treasury
Notes,
2.625%,
12/15/21 (10)
2,570,000
2,583
2,583
Total
Short-Term
Investments
(Cost
$17,210)
17,210
Total
Investments
in
Securities
98.9%
(Cost
$491,581)
$
472,833
Other
Assets
Less
Liabilities
1.1%
5,313
Net
Assets
100.0%
$
478,146
‡
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)
Non-income
producing
(2)
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.
(3)
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
$85,291
and
represents
17.8%
of
net
assets.
(4)
Perpetual
security
with
no
stated
maturity
date.
(5)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
is
provided
if
the
rate
is
currently
floating.
(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
September
30,
2021,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
CNH
Offshore
China
Renminbi
EUR
Euro
FRN
Floating
Rate
Note
IDR
Indonesian
Rupiah
MXN
Mexican
Peso
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
(0.1)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.0)%
Credit
Default
Swaps,
Protection
Sold
(0.0)%
Argentina
(0.0)%
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Republic
of
Argentina,
CCC+*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
(USD)
*
545
(228)
(101)
(127)
Total
Argentina
(101)
(127)
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(101)
(127)
Total
Bilateral
Swaps
(101)
(127)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
(0.1)%
Credit
Default
Swaps,
Protection
Sold
(0.1)%
United
States
(0.1)%
Protection
Sold
(Relevant
Credit:
Markit
CDX.EM-S36,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/26
10,875
(431)
(380)
(51)
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S36,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
1,100
103
108
(5)
Total
United
States
(56)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(56)
Total
Centrally
Cleared
Swaps
(56)
Net
payments
(receipts)
of
variation
margin
to
date
50
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(6)
*
Credit
ratings
as
of
September
30,
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.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
less
than
$1,000.
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
10/8/21
USD
5
IDR
73,906
$
—
Bank
of
America
10/15/21
USD
275
CNH
1,770
1
Bank
of
America
12/17/21
USD
103
CNH
670
(1)
BNP
Paribas
10/15/21
USD
137
CNH
885
—
BNP
Paribas
11/19/21
USD
2,488
EUR
2,109
43
Citibank
11/19/21
USD
1,225
EUR
1,039
20
Goldman
Sachs
10/15/21
CNH
3,540
USD
547
1
Goldman
Sachs
10/15/21
USD
137
CNH
885
—
HSBC
Bank
10/8/21
USD
10
IDR
148,402
—
HSBC
Bank
12/17/21
USD
126
CNH
821
—
Morgan
Stanley
10/8/21
USD
13
IDR
187,638
—
Morgan
Stanley
11/19/21
USD
3,718
EUR
3,148
68
Morgan
Stanley
12/17/21
CNH
2,147
USD
330
1
Standard
Chartered
12/17/21
USD
101
CNH
655
—
State
Street
10/15/21
USD
132
MXN
2,665
3
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
136
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
13
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
26
U.S.
Treasury
Notes
ten
year
contracts
12/21
3,422
$
(47)
Long,
67
Ultra
U.S.
Treasury
Bonds
contracts
12/21
12,801
(327)
Net
payments
(receipts)
of
variation
margin
to
date
370
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(4)
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
nine
months
ended
September
30,
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,
0.05%
$
—#
$
—
$
5+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
$
9,147
¤
¤
$
14,627^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$5
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
$14,627.
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
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
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
September
30,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
E163-054Q3
09/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
455,617
$
—
$
455,617
Common
Stocks
—
—
6
6
Short-Term
Investments
14,627
2,583
—
17,210
Total
Securities
14,627
458,200
6
472,833
Forward
Currency
Exchange
Contracts
—
137
—
137
Total
$
14,627
$
458,337
$
6
$
472,970
Liabilities
Swaps*
$
—
$
284
$
—
$
284
Forward
Currency
Exchange
Contracts
—
1
—
1
Futures
Contracts*
374
—
—
374
Total
$
374
$
285
$
—
$
659
1
Includes
Convertible
Bonds,
Corporate
Bonds
and
Government
Bonds.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.