T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA
0.9%
Government
Bonds
0.9%
Republic
of
Albania,
3.50%,
6/16/27
(EUR)
2,080,000
2,237
Republic
of
Albania,
3.50%,
11/23/31
(EUR) (1)
1,425,000
1,374
Republic
of
Albania,
3.50%,
11/23/31
(EUR)
335,000
323
Total
Albania
(Cost
$4,625
)
3,934
ANGOLA
1.9%
Government
Bonds
1.9%
Republic
of
Angola,
8.00%,
11/26/29
(USD)
1,760,000
1,774
Republic
of
Angola,
8.25%,
5/9/28
(USD)
2,840,000
2,903
Republic
of
Angola,
9.125%,
11/26/49
(USD)
2,800,000
2,734
Republic
of
Angola,
9.50%,
11/12/25
(USD)
1,050,000
1,152
Total
Angola
(Cost
$7,435
)
8,563
ARGENTINA
1.2%
Government
Bonds
1.2%
Republic
of
Argentina,
0.00%,
12/15/35
(USD) (2)(3)
4,020,000
32
Republic
of
Argentina,
STEP,
0.50%,
7/9/30
(USD)
2,110,121
712
Republic
of
Argentina,
STEP,
1.125%,
7/9/35
(USD)
8,000,026
2,449
Republic
of
Argentina,
STEP,
2.00%,
1/9/38
(USD)
5,920,959
2,242
Total
Argentina
(Cost
$9,432
)
5,435
BAHAMAS
1.2%
Government
Bonds
1.2%
Commonwealth
of
Bahamas,
6.00%,
11/21/28
(USD) (1)
6,825,000
5,315
Total
Bahamas
(Cost
$7,019
)
5,315
BAHRAIN
3.0%
Government
Bonds
3.0%
Kingdom
of
Bahrain,
5.625%,
5/18/34
(USD) (1)
6,050,000
5,730
Kingdom
of
Bahrain,
5.625%,
5/18/34
(USD)
500,000
473
Kingdom
of
Bahrain,
6.75%,
9/20/29
(USD)
1,060,000
1,120
Kingdom
of
Bahrain,
7.00%,
10/12/28
(USD)
3,880,000
4,215
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Kingdom
of
Bahrain,
7.50%,
9/20/47
(USD)
1,825,000
1,794
Total
Bahrain
(Cost
$13,593
)
13,332
BARBADOS
0.4%
Government
Bonds
0.4%
Government
of
Barbados,
6.50%,
10/1/29
(USD) (1)
1,675,000
1,613
Total
Barbados
(Cost
$1,614
)
1,613
BENIN
0.4%
Government
Bonds
0.4%
Republic
of
Benin,
4.875%,
1/19/32
(EUR) (1)
1,860,000
1,801
Total
Benin
(Cost
$2,232
)
1,801
BERMUDA
0.2%
Government
Bonds
0.2%
Government
of
Bermuda,
3.375%,
8/20/50
(USD) (1)
813,000
718
Total
Bermuda
(Cost
$811
)
718
BRAZIL
2.2%
Convertible
Bonds
0.1%
MercadoLibre,
2.00%,
8/15/28
(USD)
259,000
719
719
Corporate
Bonds
0.7%
Cosan
Overseas,
8.25%
(USD) (4)
430,000
431
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
1,650,000
1,461
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD) (1)
500,000
451
Petrobras
Global
Finance,
5.50%,
6/10/51
(USD)
780,000
671
3,014
Government
Bonds
1.4%
Republic
of
Brazil,
3.875%,
6/12/30
(USD)
650,000
600
Republic
of
Brazil,
4.50%,
5/30/29
(USD)
1,990,000
1,956
Republic
of
Brazil,
4.625%,
1/13/28
(USD)
500,000
502
Republic
of
Brazil,
5.00%,
1/27/45
(USD)
3,023,000
2,698
Republic
of
Brazil,
8.25%,
1/20/34
(USD)
380,000
471
6,227
Total
Brazil
(Cost
$10,551
)
9,960
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
CHILE
3.0%
Corporate
Bonds
2.4%
AES
Andes,
VR,
6.35%,
10/7/79
(USD) (1)(5)
725,000
717
AES
Andes,
VR,
7.125%,
3/26/79
(USD) (1)(5)
1,625,000
1,634
Banco
Santander
Chile,
3.177%,
10/26/31
(USD) (1)
1,650,000
1,580
Celulosa
Arauco
y
Constitucion,
5.15%,
1/29/50
(USD)
1,000,000
990
Corp
Nacional
del
Cobre
de
Chile,
3.15%,
1/14/30
(USD) (1)
385,000
371
Corp
Nacional
del
Cobre
de
Chile,
3.70%,
1/30/50
(USD) (1)
625,000
563
Empresa
de
los
Ferrocarriles
del
Estado,
3.068%,
8/18/50
(USD)
1,520,000
1,135
Empresa
de
Transporte
de
Pasajeros
Metro,
3.693%,
9/13/61
(USD) (1)
800,000
653
Empresa
de
Transporte
de
Pasajeros
Metro,
4.70%,
5/7/50
(USD) (1)
945,000
956
VTR
Comunicaciones,
4.375%,
4/15/29
(USD) (1)
310,000
284
VTR
Finance,
6.375%,
7/15/28
(USD)
1,700,000
1,650
10,533
Government
Bonds
0.6%
Bonos
de
la
Tesoreria
de
la
Republica,
4.70%,
9/1/30 (1)
1,315,000,000
1,518
Bonos
de
la
Tesoreria
de
la
Republica,
5.80%,
6/1/24 (1)
450,000,000
558
Republic
of
Chile,
3.50%,
1/31/34
(USD)
310,000
307
Republic
of
Chile,
4.00%,
1/31/52
(USD)
350,000
346
2,729
Total
Chile
(Cost
$14,250
)
13,262
CHINA
3.5%
Convertible
Bonds
0.1%
Huazhu
Group,
3.00%,
5/1/26
(USD)
556,000
591
591
Corporate
Bonds
2.4%
AAC
Technologies
Holdings,
2.625%,
6/2/26
(USD)
1,060,000
955
Country
Garden
Holdings,
3.30%,
1/12/31
(USD)
1,275,000
899
Country
Garden
Holdings,
8.00%,
1/27/24
(USD)
700,000
603
Health
&
Happiness
H&H
International
Holdings,
5.625%,
10/24/24
(USD)
1,000,000
895
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Kaisa
Group
Holdings,
11.95%,
10/22/22
(USD) (2)(6)
1,600,000
324
Lenovo
Group,
3.421%,
11/2/30
(USD) (1)
460,000
426
Lenovo
Group,
3.421%,
11/2/30
(USD)
625,000
579
Shimao
Group
Holdings,
3.45%,
1/11/31
(USD)
2,800,000
714
Shimao
Group
Holdings,
5.60%,
7/15/26
(USD)
200,000
58
State
Grid
Overseas
Investment
2013,
4.375%,
5/22/43
(USD)
500,000
548
State
Grid
Overseas
Investment
2014,
4.85%,
5/7/44
(USD)
1,700,000
1,985
State
Grid
Overseas
Investment
BVI,
4.00%,
5/4/47
(USD)
800,000
834
Tencent
Holdings,
3.29%,
6/3/60
(USD)
200,000
152
Tencent
Holdings,
3.84%,
4/22/51
(USD)
200,000
174
Times
China
Holdings,
6.75%,
7/8/25
(USD)
1,744,000
716
Tingyi
Cayman
Islands
Holding,
1.625%,
9/24/25
(USD)
774,000
718
10,580
Government
Bonds
1.0%
People's
Republic
of
China,
3.12%,
12/5/26
21,100,000
3,400
People's
Republic
of
China,
3.27%,
11/19/30
7,600,000
1,236
4,636
Total
China
(Cost
$21,100
)
15,807
COLOMBIA
2.6%
Corporate
Bonds
1.2%
Banco
Davivienda,
VR,
6.65%
(USD) (1)(4)(5)
1,100,000
1,016
Banco
de
Bogota,
6.25%,
5/12/26
(USD)
1,000,000
1,024
Bancolombia,
VR,
4.625%,
12/18/29
(USD) (5)
800,000
772
Ecopetrol,
4.625%,
11/2/31
(USD)
510,000
462
Ecopetrol,
5.875%,
5/28/45
(USD)
2,375,000
2,085
5,359
Government
Bonds
1.4%
Republic
of
Colombia,
3.125%,
4/15/31
(USD)
2,700,000
2,289
Republic
of
Colombia,
4.125%,
5/15/51
(USD)
1,255,000
950
Republic
of
Colombia,
5.625%,
2/26/44
(USD)
1,000,000
909
Republic
of
Colombia,
6.125%,
1/18/41
(USD)
2,320,000
2,258
6,406
Total
Colombia
(Cost
$13,337
)
11,765
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
COSTA
RICA
0.2%
Government
Bonds
0.2%
Republic
of
Costa
Rica,
5.625%,
4/30/43
(USD)
1,000,000
880
Total
Costa
Rica
(Cost
$871
)
880
DOMINICAN
REPUBLIC
3.7%
Government
Bonds
3.7%
Dominican
Republic,
4.50%,
1/30/30
(USD) (1)
3,370,000
3,101
Dominican
Republic,
4.875%,
9/23/32
(USD) (1)
1,980,000
1,797
Dominican
Republic,
4.875%,
9/23/32
(USD)
1,500,000
1,361
Dominican
Republic,
5.50%,
2/22/29
(USD) (1)
770,000
762
Dominican
Republic,
5.875%,
1/30/60
(USD)
2,425,000
2,086
Dominican
Republic,
6.00%,
7/19/28
(USD)
420,000
427
Dominican
Republic,
6.40%,
6/5/49
(USD) (1)
1,000,000
939
Dominican
Republic,
6.50%,
2/15/48
(USD)
1,050,000
1,000
Dominican
Republic,
6.85%,
1/27/45
(USD)
4,125,000
4,099
Dominican
Republic,
7.45%,
4/30/44
(USD)
850,000
901
Total
Dominican
Republic
(Cost
$17,376
)
16,473
ECUADOR
2.0%
Government
Bonds
2.0%
Republic
of
Ecuador,
STEP,
1.00%,
7/31/35
(USD) (1)
8,397,685
5,501
Republic
of
Ecuador,
STEP,
1.00%,
7/31/35
(USD)
750,000
491
Republic
of
Ecuador,
STEP,
5.00%,
7/31/30
(USD) (1)
3,729,550
3,101
Total
Ecuador
(Cost
$9,177
)
9,093
EGYPT
3.0%
Government
Bonds
3.0%
Arab
Republic
of
Egypt,
5.875%,
2/16/31
(USD) (1)
540,000
455
Arab
Republic
of
Egypt,
5.875%,
2/16/31
(USD)
1,350,000
1,137
Arab
Republic
of
Egypt,
6.588%,
2/21/28
(USD)
2,900,000
2,699
Arab
Republic
of
Egypt,
7.60%,
3/1/29
(USD)
2,560,000
2,439
Arab
Republic
of
Egypt,
7.903%,
2/21/48
(USD) (1)
800,000
652
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD) (1)
3,050,000
2,609
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD)
3,915,000
3,349
Total
Egypt
(Cost
$14,997
)
13,340
EL
SALVADOR
0.9%
Government
Bonds
0.9%
Republic
of
El
Salvador,
5.875%,
1/30/25
(USD)
5,035,000
2,826
Republic
of
El
Salvador,
6.375%,
1/18/27
(USD) (1)
1,180,000
590
Republic
of
El
Salvador,
7.65%,
6/15/35
(USD)
900,000
428
Total
El
Salvador
(Cost
$6,467
)
3,844
GHANA
0.8%
Corporate
Bonds
0.2%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
700,000
685
685
Government
Bonds
0.6%
Republic
of
Ghana,
8.125%,
1/18/26
(USD)
3,420,000
2,914
2,914
Total
Ghana
(Cost
$3,714
)
3,599
GRENADA
0.0%
Government
Bonds
0.0%
Government
of
Grenada,
7.00%,
5/12/30
(USD)
162,536
142
Total
Grenada
(Cost
$149
)
142
GUATEMALA
1.0%
Government
Bonds
1.0%
Republic
of
Guatemala,
4.875%,
2/13/28
(USD)
1,300,000
1,335
Republic
of
Guatemala,
4.90%,
6/1/30
(USD) (1)
1,000,000
1,021
Republic
of
Guatemala,
5.375%,
4/24/32
(USD)
1,900,000
1,992
Total
Guatemala
(Cost
$4,339
)
4,348
HONG
KONG
0.4%
Corporate
Bonds
0.4%
JMH,
2.50%,
4/9/31
(USD)
1,800,000
1,654
Total
Hong
Kong
(Cost
$1,778
)
1,654
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
HUNGARY
0.6%
Government
Bonds
0.6%
Republic
of
Hungary,
2.125%,
9/22/31
(USD) (1)
2,860,000
2,596
Total
Hungary
(Cost
$2,823
)
2,596
INDIA
3.7%
Corporate
Bonds
1.8%
ABJA
Investment,
5.45%,
1/24/28
(USD)
1,170,000
1,213
Adani
International
Container
Terminal,
3.00%,
2/16/31
(USD)
2,352,000
2,105
Adani
Ports
&
Special
Economic
Zone,
4.20%,
8/4/27
(USD) (1)
645,000
629
Adani
Ports
&
Special
Economic
Zone,
4.375%,
7/3/29
(USD)
400,000
385
Bharti
Airtel,
3.25%,
6/3/31
(USD) (1)
1,540,000
1,425
Periama
Holdings,
5.95%,
4/19/26
(USD)
993,000
1,014
Reliance
Industries,
3.625%,
1/12/52
(USD) (1)
1,500,000
1,334
8,105
Government
Bonds
1.9%
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD) (1)
255,000
219
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD)
3,300,000
2,838
Export-Import
Bank
of
India,
3.25%,
1/15/30
(USD)
5,655,000
5,367
8,424
Total
India
(Cost
$17,505
)
16,529
INDONESIA
7.1%
Corporate
Bonds
1.9%
Bank
Negara
Indonesia
Persero,
3.75%,
3/30/26
(USD)
1,749,000
1,671
Minejesa
Capital,
5.625%,
8/10/37
(USD)
2,200,000
2,008
Pertamina
Persero,
5.625%,
5/20/43
(USD)
920,000
979
Pertamina
Persero,
6.00%,
5/3/42
(USD)
1,500,000
1,669
Perusahaan
Listrik
Negara,
4.00%,
6/30/50
(USD) (1)
200,000
178
Perusahaan
Listrik
Negara,
4.125%,
5/15/27
(USD)
1,000,000
1,012
Perusahaan
Listrik
Negara,
4.375%,
2/5/50
(USD) (1)
400,000
367
Perusahaan
Listrik
Negara,
6.15%,
5/21/48
(USD)
300,000
335
8,219
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds
5.2%
Perusahaan
Penerbit,
2.80%,
6/23/30
(USD)
7,800,000
7,626
Perusahaan
Penerbit,
3.80%,
6/23/50
(USD) (1)
200,000
196
Perusahaan
Penerbit,
4.15%,
3/29/27
(USD)
2,100,000
2,213
Perusahaan
Penerbit,
4.45%,
2/20/29
(USD)
3,200,000
3,477
Perusahaan
Penerbit,
4.55%,
3/29/26
(USD)
5,400,000
5,740
Republic
of
Indonesia,
4.625%,
4/15/43
(USD)
2,200,000
2,301
Republic
of
Indonesia,
5.25%,
1/17/42
(USD)
1,500,000
1,680
23,233
Total
Indonesia
(Cost
$32,747
)
31,452
ISRAEL
0.7%
Corporate
Bonds
0.7%
ICL
Group,
6.375%,
5/31/38
(USD) (1)
1,400,000
1,554
Israel
Electric,
7.75%,
12/15/27
(USD)
350,000
408
Leviathan
Bond,
6.125%,
6/30/25
(USD) (1)
1,100,000
1,119
Total
Israel
(Cost
$2,978
)
3,081
IVORY
COAST
1.8%
Government
Bonds
1.8%
Republic
of
Ivory
Coast,
6.125%,
6/15/33
(USD)
6,225,000
6,047
Republic
of
Ivory
Coast,
6.625%,
3/22/48
(EUR)
2,260,000
2,191
Total
Ivory
Coast
(Cost
$8,907
)
8,238
JAMAICA
1.3%
Corporate
Bonds
0.2%
TransJamaican
Highway,
5.75%,
10/10/36
(USD) (1)
360,041
343
TransJamaican
Highway,
5.75%,
10/10/36
(USD)
389,233
370
713
Government
Bonds
1.1%
Government
of
Jamaica,
6.75%,
4/28/28
(USD)
1,100,000
1,216
Government
of
Jamaica,
7.875%,
7/28/45
(USD)
2,910,000
3,768
4,984
Total
Jamaica
(Cost
$5,503
)
5,697
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
JORDAN
1.2%
Government
Bonds
1.2%
Kingdom
of
Jordan,
5.85%,
7/7/30
(USD)
5,575,000
5,213
Total
Jordan
(Cost
$5,939
)
5,213
KAZAKHSTAN
0.7%
Corporate
Bonds
0.7%
KazMunayGas
National,
3.50%,
4/14/33
(USD)
1,700,000
1,421
KazMunayGas
National,
5.75%,
4/19/47
(USD)
1,785,000
1,588
KazMunayGas
National,
6.375%,
10/24/48
(USD)
215,000
203
Total
Kazakhstan
(Cost
$4,122
)
3,212
KUWAIT
0.3%
Corporate
Bonds
0.3%
Equate
Petrochemical,
4.25%,
11/3/26
(USD)
200,000
203
MEGlobal
Canada,
5.875%,
5/18/30
(USD) (1)
245,000
273
MEGlobal
Canada,
5.875%,
5/18/30
(USD)
800,000
889
Total
Kuwait
(Cost
$1,366
)
1,365
LEBANON
0.2%
Government
Bonds
0.2%
Lebanese
Republic,
6.00%,
1/27/23
(USD) (2)(6)
7,615,000
913
Total
Lebanon
(Cost
$1,691
)
913
MEXICO
9.3%
Corporate
Bonds
4.5%
Axtel,
6.375%,
11/14/24
(USD) (1)
505,000
516
Banco
Mercantil
del
Norte,
VR,
6.75%
(USD) (4)(5)
600,000
592
Banco
Mercantil
del
Norte,
VR,
7.625%
(USD) (4)(5)
500,000
503
Banco
Mercantil
del
Norte,
VR,
8.375%
(USD) (4)(5)
475,000
497
Banco
Santander
Mexico,
5.375%,
4/17/25
(USD) (1)
655,000
684
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (5)
2,975,000
2,813
Cemex,
5.45%,
11/19/29
(USD)
700,000
709
Cometa
Energia,
6.375%,
4/24/35
(USD) (1)
1,348,500
1,365
Cometa
Energia,
6.375%,
4/24/35
(USD)
449,500
455
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Controladora
Mabe,
5.60%,
10/23/28
(USD) (1)
960,000
1,024
Industrias
Penoles,
4.75%,
8/6/50
(USD) (1)
240,000
219
Infraestructura
Energetica
Nova,
4.75%,
1/15/51
(USD)
1,725,000
1,501
Infraestructura
Energetica
Nova,
4.875%,
1/14/48
(USD) (1)
600,000
523
Mexico
City
Airport
Trust,
5.50%,
7/31/47
(USD)
9,638,000
8,511
19,912
Government
Bonds
4.8%
Petroleos
Mexicanos,
4.50%,
1/23/26
(USD)
5,900,000
5,781
Petroleos
Mexicanos,
5.50%,
6/27/44
(USD)
1,860,000
1,406
Petroleos
Mexicanos,
5.625%,
1/23/46
(USD)
5,560,000
4,202
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
3,350,000
3,408
Petroleos
Mexicanos,
6.50%,
6/2/41
(USD)
6,605,000
5,490
Petroleos
Mexicanos,
6.75%,
9/21/47
(USD)
1,500,000
1,222
Petroleos
Mexicanos,
Series
13-2,
7.19%,
9/12/24
2,700,000
128
21,637
Total
Mexico
(Cost
$43,411
)
41,549
MONGOLIA
0.4%
Government
Bonds
0.4%
State
of
Mongolia,
4.45%,
7/7/31
(USD)
1,750,000
1,582
Total
Mongolia
(Cost
$1,495
)
1,582
MOROCCO
2.2%
Government
Bonds
2.2%
Kingdom
of
Morocco,
2.375%,
12/15/27
(USD)
2,215,000
2,027
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD) (1)
1,300,000
1,129
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD)
2,635,000
2,289
Kingdom
of
Morocco,
4.00%,
12/15/50
(USD)
5,175,000
4,163
Total
Morocco
(Cost
$10,464
)
9,608
OMAN
5.3%
Corporate
Bonds
1.3%
Bank
Muscat,
4.75%,
3/17/26
(USD)
1,300,000
1,315
Lamar
Funding,
3.958%,
5/7/25
(USD)
1,125,000
1,104
OmGrid
Funding,
5.196%,
5/16/27
(USD)
500,000
496
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Oryx
Funding,
5.80%,
2/3/31
(USD) (1)
200,000
201
Oryx
Funding,
5.80%,
2/3/31
(USD)
500,000
502
Oztel
Holdings,
6.625%,
4/24/28
(USD)
2,200,000
2,313
5,931
Government
Bonds
4.0%
Sultanate
of
Oman,
4.75%,
6/15/26
(USD)
1,500,000
1,510
Sultanate
of
Oman,
5.375%,
3/8/27
(USD)
6,255,000
6,440
Sultanate
of
Oman,
5.625%,
1/17/28
(USD)
1,200,000
1,241
Sultanate
of
Oman,
6.25%,
1/25/31
(USD) (1)
710,000
754
Sultanate
of
Oman,
6.50%,
3/8/47
(USD)
2,360,000
2,319
Sultanate
of
Oman,
6.75%,
10/28/27
(USD)
2,700,000
2,943
Sultanate
of
Oman,
6.75%,
1/17/48
(USD) (1)
1,450,000
1,453
Sultanate
of
Oman,
7.00%,
1/25/51
(USD) (1)
845,000
868
17,528
Total
Oman
(Cost
$23,117
)
23,459
PAKISTAN
0.3%
Government
Bonds
0.3%
Islamic
Republic
of
Pakistan,
7.875%,
3/31/36
(USD)
1,936,000
1,353
Total
Pakistan
(Cost
$2,061
)
1,353
PANAMA
1.2%
Corporate
Bonds
0.5%
Aeropuerto
Internacional
de
Tocumen,
4.00%,
8/11/41
(USD) (1)
520,000
473
Banco
General,
VR,
5.25%
(USD) (1)
(4)(5)
905,000
891
Banco
Nacional
de
Panama,
2.50%,
8/11/30
(USD) (1)
1,105,000
978
2,342
Government
Bonds
0.7%
Republic
of
Panama,
4.50%,
1/19/63
(USD)
1,750,000
1,685
Republic
of
Panama,
7.125%,
1/29/26
(USD)
1,200,000
1,371
3,056
Total
Panama
(Cost
$5,590
)
5,398
Par/Shares
$
Value
(Cost
and
value
in
$000s)
PARAGUAY
1.3%
Corporate
Bonds
0.2%
Telefonica
Celular
del
Paraguay,
5.875%,
4/15/27
(USD) (1)
1,005,000
1,019
1,019
Government
Bonds
1.1%
Republic
of
Paraguay,
4.95%,
4/28/31
(USD) (1)
315,000
330
Republic
of
Paraguay,
5.40%,
3/30/50
(USD)
3,655,000
3,715
Republic
of
Paraguay,
6.10%,
8/11/44
(USD)
570,000
633
4,678
Total
Paraguay
(Cost
$5,906
)
5,697
PERU
1.2%
Corporate
Bonds
0.3%
Consorcio
Transmantaro,
4.70%,
4/16/34
(USD) (1)
280,000
283
Lima
Metro
Line
2
Finance,
5.875%,
7/5/34
(USD)
320,889
345
Nexa
Resources,
5.375%,
5/4/27
(USD)
575,000
585
1,213
Government
Bonds
0.9%
Republic
of
Peru,
2.78%,
12/1/60
(USD)
3,010,000
2,363
Republic
of
Peru,
3.30%,
3/11/41
(USD)
1,400,000
1,276
Republic
of
Peru,
3.55%,
3/10/51
(USD)
590,000
552
4,191
Total
Peru
(Cost
$5,862
)
5,404
PHILIPPINES
1.6%
Corporate
Bonds
0.8%
Globe
Telecom,
3.00%,
7/23/35
(USD)
1,600,000
1,279
International
Container
Terminal
Services,
4.75%,
6/17/30
(USD)
1,160,000
1,162
Manila
Water,
4.375%,
7/30/30
(USD)
1,400,000
1,335
3,776
Government
Bonds
0.8%
Republic
of
Philippines,
2.65%,
12/10/45
(USD)
4,175,000
3,440
3,440
Total
Philippines
(Cost
$8,078
)
7,216
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
QATAR
3.0%
Corporate
Bonds
1.2%
Ooredoo
International
Finance,
2.625%,
4/8/31
(USD) (1)
1,540,000
1,448
Qatar
Energy,
2.25%,
7/12/31
(USD) (1)
1,210,000
1,116
Qatar
Energy,
3.125%,
7/12/41
(USD) (1)
1,760,000
1,606
Qatar
Petroleum,
2.25%,
7/12/31
(USD)
1,200,000
1,107
5,277
Government
Bonds
1.8%
State
of
Qatar,
4.40%,
4/16/50
(USD) (1)
560,000
631
State
of
Qatar,
4.40%,
4/16/50
(USD)
1,550,000
1,746
State
of
Qatar,
4.817%,
3/14/49
(USD)
5,000,000
5,941
8,318
Total
Qatar
(Cost
$15,076
)
13,595
ROMANIA
2.2%
Government
Bonds
2.2%
Republic
of
Romania,
2.124%,
7/16/31
(EUR)
500,000
474
Republic
of
Romania,
2.125%,
3/7/28
(EUR) (1)
870,000
909
Republic
of
Romania,
2.875%,
4/13/42
(EUR) (1)
610,000
520
Republic
of
Romania,
3.00%,
2/14/31
(USD) (1)
1,044,000
968
Republic
of
Romania,
3.00%,
2/14/31
(USD)
1,600,000
1,483
Republic
of
Romania,
3.375%,
1/28/50
(EUR)
2,475,000
2,202
Republic
of
Romania,
4.00%,
2/14/51
(USD) (1)
926,000
807
Republic
of
Romania,
4.00%,
2/14/51
(USD)
3,018,000
2,632
Total
Romania
(Cost
$10,995
)
9,995
SAUDI
ARABIA
2.6%
Corporate
Bonds
0.2%
Acwa
Power
Management
&
Investments
One,
5.95%,
12/15/39
(USD)
798,480
852
852
Government
Bonds
2.4%
Kingdom
of
Saudi
Arabia,
3.25%,
10/26/26
(USD)
1,900,000
1,947
Kingdom
of
Saudi
Arabia,
3.45%,
2/2/61
(USD) (1)
1,265,000
1,125
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Kingdom
of
Saudi
Arabia,
3.75%,
1/21/55
(USD)
500,000
482
Kingdom
of
Saudi
Arabia,
4.50%,
4/22/60
(USD) (1)
585,000
635
Kingdom
of
Saudi
Arabia,
5.00%,
4/17/49
(USD)
1,750,000
1,995
Saudi
Arabian
Oil,
3.50%,
4/16/29
(USD)
2,600,000
2,621
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
1,700,000
1,746
10,551
Total
Saudi
Arabia
(Cost
$11,590
)
11,403
SENEGAL
1.3%
Government
Bonds
1.3%
Republic
of
Senegal,
4.75%,
3/13/28
(EUR)
1,500,000
1,616
Republic
of
Senegal,
6.25%,
5/23/33
(USD)
4,400,000
4,165
Total
Senegal
(Cost
$5,936
)
5,781
SERBIA
1.1%
Government
Bonds
1.1%
Republic
of
Serbia,
2.125%,
12/1/30
(USD) (1)
439,000
368
Republic
of
Serbia,
2.125%,
12/1/30
(USD)
5,300,000
4,450
Total
Serbia
(Cost
$5,476
)
4,818
SINGAPORE
0.2%
Convertible
Bonds
0.2%
Sea,
0.25%,
9/15/26
(USD)
1,380,000
1,111
Total
Singapore
(Cost
$1,310
)
1,111
SOUTH
AFRICA
0.5%
Government
Bonds
0.5%
Republic
of
South
Africa,
5.65%,
9/27/47
(USD)
2,050,000
1,795
Republic
of
South
Africa,
6.25%,
3/8/41
(USD)
450,000
449
Total
South
Africa
(Cost
$2,364
)
2,244
SRI
LANKA
1.1%
Corporate
Bonds
0.1%
SriLankan
Airlines,
7.00%,
6/25/24
(USD)
845,000
405
405
Government
Bonds
1.0%
Republic
of
Sri
Lanka,
6.125%,
6/3/25
(USD)
4,450,000
2,248
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Sri
Lanka,
6.825%,
7/18/26
(USD)
200,000
98
Republic
of
Sri
Lanka,
6.85%,
11/3/25
(USD)
4,150,000
2,060
4,406
Total
Sri
Lanka
(Cost
$8,219
)
4,811
SURINAME
0.6%
Government
Bonds
0.6%
Republic
of
Suriname,
9.25%,
10/26/26
(USD) (2)(6)
2,659,000
2,220
Republic
of
Suriname,
12.875%,
12/30/23
(USD) (1)(2)(6)
325,000
272
Republic
of
Suriname,
12.875%,
12/30/23
(USD)
200,000
167
Total
Suriname
(Cost
$2,458
)
2,659
TANZANIA
0.3%
Convertible
Bonds
0.1%
HTA
Group,
2.875%,
3/18/27
(USD)
400,000
346
346
Corporate
Bonds
0.2%
HTA
Group,
7.00%,
12/18/25
(USD) (1)
810,000
803
803
Total
Tanzania
(Cost
$1,227
)
1,149
THAILAND
1.1%
Corporate
Bonds
1.1%
Bangkok
Bank,
VR,
3.466%,
9/23/36
(USD) (1)(5)
880,000
795
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (5)
1,500,000
1,401
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD) (1)
965,000
717
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD)
2,825,000
2,098
Total
Thailand
(Cost
$5,717
)
5,011
TRINIDAD
AND
TOBAGO
0.2%
Government
Bonds
0.2%
Republic
of
Trinidad
&
Tobago,
4.50%,
6/26/30
(USD) (1)
1,075,000
1,048
Total
Trinidad
and
Tobago
(Cost
$1,075
)
1,048
TURKEY
1.7%
Government
Bonds
1.7%
Republic
of
Turkey,
4.25%,
4/14/26
(USD)
3,250,000
2,935
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Turkey,
5.95%,
1/15/31
(USD)
1,200,000
1,038
Republic
of
Turkey,
6.00%,
1/14/41
(USD)
2,600,000
2,045
Republic
of
Turkey,
8.60%,
9/24/27
(USD)
1,725,000
1,772
Total
Turkey
(Cost
$8,485
)
7,790
UKRAINE
0.7%
Corporate
Bonds
0.0%
Ukraine
Railways
Via
Rail
Capital
Markets,
8.25%,
7/9/24
(USD)
450,000
137
137
Government
Bonds
0.7%
Government
of
Ukraine,
7.75%,
9/1/25
(USD)
1,395,000
611
Government
of
Ukraine,
7.75%,
9/1/27
(USD)
255,000
111
Government
of
Ukraine,
8.994%,
2/1/24
(USD)
1,290,000
586
Government
of
Ukraine,
9.75%,
11/1/28
(USD) (1)
2,300,000
997
Government
of
Ukraine,
9.75%,
11/1/28
(USD)
1,750,000
759
Government
of
Ukraine,
FRN,
1.258%,
5/31/40
(USD) (1)(3)
485,000
161
3,225
Total
Ukraine
(Cost
$8,175
)
3,362
UNITED
ARAB
EMIRATES
2.0%
Corporate
Bonds
2.0%
Abu
Dhabi
Ports,
2.50%,
5/6/31
(USD)
3,900,000
3,611
DP
World
Crescent,
3.875%,
7/18/29
(USD)
1,950,000
1,963
Emirates
NBD
Bank,
VR,
6.125%
(USD) (4)(5)
1,100,000
1,107
Ruwais
Power,
6.00%,
8/31/36
(USD)
1,770,000
2,164
Total
United
Arab
Emirates
(Cost
$9,403
)
8,845
UNITED
KINGDOM
0.0%
Common
Stocks
0.0%
Mriya
Farming (2)(7)
5,890
—
Mriya
Farming,
Recovery
Certificates
(EUR) (2)(7)
488,383
5
Total
United
Kingdom
(Cost
$–
)
5
UNITED
STATES
0.5%
Corporate
Bonds
0.5%
Citgo
Holding,
9.25%,
8/1/24 (1)
650,000
655
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)
1,745,000
1,660
Total
United
States
(Cost
$2,422
)
2,315
UZBEKISTAN
1.0%
Government
Bonds
1.0%
Republic
of
Uzbekistan,
3.90%,
10/19/31
(USD) (1)
1,596,000
1,414
Republic
of
Uzbekistan,
3.90%,
10/19/31
(USD)
1,080,000
957
Republic
of
Uzbekistan,
5.375%,
2/20/29
(USD) (1)
485,000
488
Republic
of
Uzbekistan,
5.375%,
2/20/29
(USD)
1,640,000
1,648
Total
Uzbekistan
(Cost
$4,840
)
4,507
VENEZUELA
1.1%
Corporate
Bonds
0.0%
Electricidad
de
Caracas,
8.50%,
4/10/23
(USD) (2)(6)
800,000
14
14
Government
Bonds
1.1%
Petroleos
de
Venezuela,
5.375%,
4/12/27
(USD) (2)(6)
3,600,000
252
Petroleos
de
Venezuela,
6.00%,
5/16/24
(USD) (2)(6)
10,960,000
767
Petroleos
de
Venezuela,
6.00%,
11/15/26
(USD) (2)(6)
2,950,000
218
Petroleos
de
Venezuela,
8.50%,
10/27/22
(USD) (2)(6)
2,355,500
400
Petroleos
de
Venezuela,
9.00%,
11/17/22
(USD) (2)(6)
24,590,000
1,814
Petroleos
de
Venezuela,
9.75%,
5/17/35
(USD) (2)(6)
985,000
65
Petroleos
de
Venezuela,
12.75%,
2/17/23
(USD) (2)(6)
3,430,000
253
Republic
of
Venezuela,
6.00%,
12/9/22
(USD) (2)(6)
3,350,000
291
Republic
of
Venezuela,
7.75%,
10/13/22
(USD) (2)(6)
3,600,000
313
Republic
of
Venezuela,
9.25%,
9/15/27
(USD) (2)(6)
1,000,000
87
Republic
of
Venezuela,
11.75%,
10/21/26
(USD) (2)(6)
1,500,000
131
Republic
of
Venezuela,
11.95%,
8/5/31
(USD) (2)(6)
800,000
70
Republic
of
Venezuela,
12.75%,
8/23/22
(USD) (2)(6)
550,000
48
4,709
Total
Venezuela
(Cost
$25,116
)
4,723
Par/Shares
$
Value
(Cost
and
value
in
$000s)
VIETNAM
1.1%
Corporate
Bonds
0.2%
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD) (1)
315,000
284
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD)
550,000
497
781
Government
Bonds
0.9%
Socialist
Republic
of
Vietnam,
4.80%,
11/19/24
(USD) (1)
600,000
622
Socialist
Republic
of
Vietnam,
4.80%,
11/19/24
(USD)
3,300,000
3,424
4,046
Total
Vietnam
(Cost
$4,844
)
4,827
ZAMBIA
0.6%
Government
Bonds
0.6%
Republic
of
Zambia,
5.375%,
9/20/22
(USD) (2)(6)
3,700,000
2,564
Total
Zambia
(Cost
$2,239
)
2,564
SHORT-TERM
INVESTMENTS
3.3%
Money
Market
Funds
2.8%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (8)(9)
12,579,888
12,580
12,580
U.S.
Treasury
Obligations
0.5%
U.S.
Treasury
Bills,
0.145%,
6/16/22
2,264,000
2,262
2,262
Total
Short-Term
Investments
(Cost
$14,843)
14,842
Total
Investments
in
Securities
99.1%
(Cost
$506,242)
$
441,845
Other
Assets
Less
Liabilities
0.9%
4,022
Net
Assets
100.0%
$
445,867
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
$90,798
and
represents
20.4%
of
net
assets.
(2)
Non-income
producing
(3)
GDP-linked
note
provides
for
contingent
payments
linked
to
the
gross
domestic
product
of
the
country
presented;
par
reflects
notional
and
will
not
be
paid
over
the
life
or
at
maturity.
(4)
Perpetual
security
with
no
stated
maturity
date.
(5)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(6)
Security
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
CLP
Chilean
Peso
CNH
Offshore
China
Renminbi
EUR
Euro
FRN
Floating
Rate
Note
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)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
6/10/22
USD
352
CLP
288,161
$
(10)
Citibank
4/13/22
USD
129
MXN
2,665
(5)
Citibank
5/20/22
EUR
150
USD
165
1
Citibank
5/20/22
USD
854
EUR
764
7
Goldman
Sachs
5/20/22
USD
140
EUR
123
4
HSBC
Bank
5/20/22
EUR
424
USD
478
(8)
HSBC
Bank
5/20/22
USD
575
EUR
515
4
HSBC
Bank
5/20/22
USD
496
EUR
452
(5)
Morgan
Stanley
5/20/22
USD
109
EUR
95
3
Morgan
Stanley
5/20/22
USD
435
EUR
394
(2)
State
Street
4/14/22
USD
819
CNH
5,233
(3)
State
Street
5/20/22
USD
5,675
EUR
4,994
141
UBS
Investment
Bank
5/20/22
USD
6,169
EUR
5,416
167
UBS
Investment
Bank
5/20/22
USD
218
EUR
198
(1)
UBS
Investment
Bank
6/10/22
USD
354
CLP
288,161
(7)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
286
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
12
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
247
U.S.
Treasury
Notes
ten
year
contracts
6/22
(30,350)
$
842
Long,
47
Ultra
U.S.
Treasury
Bonds
contracts
6/22
8,325
(345)
Net
payments
(receipts)
of
variation
margin
to
date
(506)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(9)
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
13
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2022.
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,
0.29%
$
—#
$
—
$
5+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
$
23,980
¤
¤
$
12,580^
#
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
$12,580.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Unaudited
14
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
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
15
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.
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
16
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
E163-054Q1
03/22
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
426,998
$
—
$
426,998
Common
Stocks
—
—
5
5
Short-Term
Investments
12,580
2,262
—
14,842
Total
Securities
12,580
429,260
5
441,845
Forward
Currency
Exchange
Contracts
—
327
—
327
Futures
Contracts*
842
—
—
842
Total
$
13,422
$
429,587
$
5
$
443,014
Liabilities
Forward
Currency
Exchange
Contracts
$
—
$
41
$
—
$
41
Futures
Contracts*
345
—
—
345
Total
$
345
$
41
$
—
$
386
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.