T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
September
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA
1.4%
Government
Bonds
1.4%
Republic
of
Albania,
3.50%,
6/16/27
(EUR)
1,960,000
1,669
Republic
of
Albania,
3.50%,
11/23/31
(EUR) (1)
1,925,000
1,387
Republic
of
Albania,
3.50%,
11/23/31
(EUR)
2,270,000
1,636
Total
Albania
(Cost
$6,605
)
4,692
ANGOLA
2.3%
Government
Bonds
2.3%
Republic
of
Angola,
8.00%,
11/26/29
(USD)
2,460,000
1,858
Republic
of
Angola,
8.25%,
5/9/28
(USD)
3,840,000
3,037
Republic
of
Angola,
8.75%,
4/14/32
(USD) (1)
1,130,000
841
Republic
of
Angola,
9.125%,
11/26/49
(USD)
2,800,000
1,894
Total
Angola
(Cost
$8,983
)
7,630
ARGENTINA
0.7%
Government
Bonds
0.7%
Republic
of
Argentina,
0.00%,
12/15/35
(USD) (2)(3)
4,020,000
23
Republic
of
Argentina,
STEP,
0.50%,
7/9/30
(USD)
1,610,121
325
Republic
of
Argentina,
STEP,
1.50%,
7/9/35
(USD)
2,600,026
474
Republic
of
Argentina,
STEP,
3.875%,
1/9/38
(USD)
7,020,959
1,658
Total
Argentina
(Cost
$6,372
)
2,480
AUSTRIA
0.2%
Government
Bonds
0.2%
Republic
of
Austria,
0.85%,
6/30/2120 (1)
1,775,000
717
Total
Austria
(Cost
$975
)
717
BAHAMAS
1.0%
Government
Bonds
1.0%
Commonwealth
of
Bahamas,
6.00%,
11/21/28
(USD) (1)
5,325,000
3,248
Commonwealth
of
Bahamas,
9.00%,
6/16/29
(USD) (1)
350,000
245
Total
Bahamas
(Cost
$5,774
)
3,493
BAHRAIN
3.2%
Government
Bonds
3.2%
Kingdom
of
Bahrain,
5.625%,
5/18/34
(USD) (1)
4,350,000
3,418
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Kingdom
of
Bahrain,
6.75%,
9/20/29
(USD)
2,860,000
2,679
Kingdom
of
Bahrain,
7.00%,
10/12/28
(USD)
3,755,000
3,613
Kingdom
of
Bahrain,
7.50%,
9/20/47
(USD)
1,225,000
976
Total
Bahrain
(Cost
$12,430
)
10,686
BARBADOS
0.1%
Government
Bonds
0.1%
Government
of
Barbados,
6.50%,
10/1/29
(USD) (1)
275,000
244
Total
Barbados
(Cost
$278
)
244
BENIN
0.2%
Government
Bonds
0.2%
Republic
of
Benin,
4.875%,
1/19/32
(EUR) (1)
1,160,000
779
Total
Benin
(Cost
$1,396
)
779
BRAZIL
1.6%
Convertible
Bonds
0.3%
MercadoLibre,
2.00%,
8/15/28
(USD)
459,000
910
910
Corporate
Bonds
0.9%
Cosan
Overseas,
8.25%
(USD) (4)
430,000
425
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
3,225,000
2,432
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD) (1)
500,000
376
3,233
Government
Bonds
0.4%
Republic
of
Brazil,
5.00%,
1/27/45
(USD)
1,723,000
1,256
1,256
Total
Brazil
(Cost
$6,701
)
5,399
CHILE
3.6%
Corporate
Bonds
3.0%
AES
Andes,
VR,
6.35%,
10/7/79
(USD) (1)(5)
725,000
625
AES
Andes,
VR,
7.125%,
3/26/79
(USD) (1)(5)
2,425,000
2,132
Agrosuper,
4.60%,
1/20/32
(USD) (1)
1,400,000
1,138
Banco
Santander
Chile,
3.177%,
10/26/31
(USD) (1)
1,500,000
1,194
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30
(USD) (1)
1,000,000
822
Celulosa
Arauco
y
Constitucion,
5.15%,
1/29/50
(USD)
1,000,000
708
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Empresa
de
los
Ferrocarriles
del
Estado,
3.068%,
8/18/50
(USD)
1,520,000
860
Empresa
de
Transporte
de
Pasajeros
Metro,
3.693%,
9/13/61
(USD) (1)
800,000
470
Empresa
de
Transporte
de
Pasajeros
Metro,
4.70%,
5/7/50
(USD) (1)
945,000
714
VTR
Comunicaciones,
4.375%,
4/15/29
(USD) (1)
2,010,000
1,251
9,914
Government
Bonds
0.6%
Bonos
de
la
Tesoreria
de
la
Republica,
4.70%,
9/1/30 (1)
980,000,000
886
Republic
of
Chile,
3.25%,
9/21/71
(USD)
1,200,000
688
Republic
of
Chile,
3.50%,
1/31/34
(USD)
310,000
253
Republic
of
Chile,
4.00%,
1/31/52
(USD)
350,000
256
2,083
Total
Chile
(Cost
$15,231
)
11,997
CHINA
2.2%
Convertible
Bonds
0.2%
H
World
Group,
3.00%,
5/1/26
(USD)
556,000
608
608
Corporate
Bonds
1.0%
Health
&
Happiness
H&H
International
Holdings,
5.625%,
10/24/24
(USD)
1,000,000
805
State
Grid
Overseas
Investment
2013,
4.375%,
5/22/43
(USD)
500,000
460
State
Grid
Overseas
Investment
BVI,
4.00%,
5/4/47
(USD)
800,000
693
Tencent
Holdings,
3.29%,
6/3/60
(USD)
1,435,000
821
Tencent
Holdings,
3.84%,
4/22/51
(USD)
690,000
452
3,231
Government
Bonds
1.0%
People's
Republic
of
China,
Series
INBK,
3.27%,
11/19/30
7,600,000
1,115
People's
Republic
of
China,
Series
1916,
3.12%,
12/5/26
16,100,000
2,331
3,446
Total
China
(Cost
$8,441
)
7,285
COLOMBIA
4.4%
Corporate
Bonds
1.9%
Banco
Davivienda,
VR,
6.65%
(USD) (1)(4)(5)
1,975,000
1,451
Banco
de
Bogota,
6.25%,
5/12/26
(USD)
1,000,000
937
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Bancolombia,
VR,
4.625%,
12/18/29
(USD) (5)
1,345,000
1,132
Ecopetrol,
4.625%,
11/2/31
(USD)
1,460,000
1,024
Ecopetrol,
5.875%,
5/28/45
(USD)
3,325,000
2,018
6,562
Government
Bonds
2.4%
Republic
of
Colombia,
3.00%,
1/30/30
(USD)
2,075,000
1,491
Republic
of
Colombia,
3.125%,
4/15/31
(USD)
2,100,000
1,460
Republic
of
Colombia,
4.125%,
5/15/51
(USD)
1,455,000
785
Republic
of
Colombia,
5.00%,
6/15/45
(USD)
4,425,000
2,695
Republic
of
Colombia,
6.125%,
1/18/41
(USD)
2,320,000
1,713
8,144
Private
Investment
Company
0.1%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/1/22,
Cost $265
(USD) (2)(6)
†
251
251
Total
Colombia
(Cost
$19,450
)
14,957
DOMINICAN
REPUBLIC
5.6%
Government
Bonds
5.6%
Dominican
Republic,
4.50%,
1/30/30
(USD) (1)
3,870,000
3,061
Dominican
Republic,
4.875%,
9/23/32
(USD) (1)
4,705,000
3,555
Dominican
Republic,
4.875%,
9/23/32
(USD)
5,925,000
4,477
Dominican
Republic,
5.875%,
1/30/60
(USD)
5,200,000
3,451
Dominican
Republic,
6.85%,
1/27/45
(USD)
4,350,000
3,402
Dominican
Republic,
7.45%,
4/30/44
(USD)
850,000
717
Total
Dominican
Republic
(Cost
$22,708
)
18,663
ECUADOR
1.3%
Government
Bonds
1.3%
Republic
of
Ecuador,
STEP,
2.50%,
7/31/35
(USD) (1)
7,952,685
2,637
Republic
of
Ecuador,
STEP,
2.50%,
7/31/35
(USD)
1,075,000
357
Republic
of
Ecuador,
STEP,
5.50%,
7/31/30
(USD) (1)
2,829,550
1,353
Total
Ecuador
(Cost
$8,575
)
4,347
EGYPT
1.8%
Government
Bonds
1.8%
Arab
Republic
of
Egypt,
5.875%,
2/16/31
(USD) (1)
540,000
315
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Arab
Republic
of
Egypt,
5.875%,
2/16/31
(USD)
1,350,000
788
Arab
Republic
of
Egypt,
6.588%,
2/21/28
(USD)
1,650,000
1,162
Arab
Republic
of
Egypt,
7.60%,
3/1/29
(USD)
1,030,000
724
Arab
Republic
of
Egypt,
7.903%,
2/21/48
(USD) (1)
800,000
420
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD) (1)
3,050,000
1,705
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD)
1,640,000
917
Total
Egypt
(Cost
$9,803
)
6,031
EL
SALVADOR
0.8%
Government
Bonds
0.8%
Republic
of
El
Salvador,
5.875%,
1/30/25
(USD)
3,565,000
1,978
Republic
of
El
Salvador,
7.65%,
6/15/35
(USD)
1,945,000
664
Total
El
Salvador
(Cost
$4,192
)
2,642
GHANA
0.4%
Corporate
Bonds
0.2%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
700,000
575
575
Government
Bonds
0.2%
Republic
of
Ghana,
8.125%,
1/18/26
(USD)
1,720,000
872
872
Total
Ghana
(Cost
$2,217
)
1,447
GRENADA
0.0%
Government
Bonds
0.0%
Government
of
Grenada,
7.00%,
5/12/30
(USD)
152,975
125
Total
Grenada
(Cost
$140
)
125
GUATEMALA
1.1%
Government
Bonds
1.1%
Republic
of
Guatemala,
4.875%,
2/13/28
(USD)
1,050,000
953
Republic
of
Guatemala,
4.90%,
6/1/30
(USD) (1)
1,000,000
878
Republic
of
Guatemala,
5.25%,
8/10/29
(USD) (1)
230,000
207
Republic
of
Guatemala,
5.375%,
4/24/32
(USD)
1,900,000
1,659
Total
Guatemala
(Cost
$4,283
)
3,697
Par/Shares
$
Value
(Cost
and
value
in
$000s)
HUNGARY
0.3%
Government
Bonds
0.3%
Republic
of
Hungary,
2.125%,
9/22/31
(USD) (1)
1,360,000
934
Total
Hungary
(Cost
$1,343
)
934
INDIA
3.6%
Corporate
Bonds
1.7%
ABJA
Investment,
5.45%,
1/24/28
(USD)
1,170,000
1,090
Adani
International
Container
Terminal,
3.00%,
2/16/31
(USD)
2,304,000
1,773
Adani
Ports
&
Special
Economic
Zone,
4.20%,
8/4/27
(USD) (1)
645,000
566
Adani
Ports
&
Special
Economic
Zone,
4.375%,
7/3/29
(USD)
400,000
333
Bharti
Airtel,
3.25%,
6/3/31
(USD) (1)
1,540,000
1,241
Greenko
Power
II,
4.30%,
12/13/28
(USD)
855,313
675
5,678
Government
Bonds
1.9%
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD) (1)
255,000
192
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD)
3,300,000
2,483
Export-Import
Bank
of
India,
3.25%,
1/15/30
(USD)
4,655,000
3,897
6,572
Total
India
(Cost
$14,650
)
12,250
INDONESIA
5.7%
Corporate
Bonds
1.1%
Minejesa
Capital,
5.625%,
8/10/37
(USD)
2,200,000
1,576
Pertamina
Persero,
5.625%,
5/20/43
(USD)
920,000
781
Perusahaan
Listrik
Negara,
4.125%,
5/15/27
(USD)
1,000,000
927
Perusahaan
Listrik
Negara,
4.375%,
2/5/50
(USD) (1)
400,000
257
Perusahaan
Listrik
Negara,
6.15%,
5/21/48
(USD)
300,000
249
3,790
Government
Bonds
4.6%
Perusahaan
Penerbit,
2.80%,
6/23/30
(USD)
8,150,000
6,887
Perusahaan
Penerbit,
4.15%,
3/29/27
(USD)
2,100,000
2,014
Perusahaan
Penerbit,
4.45%,
2/20/29
(USD)
1,800,000
1,728
Perusahaan
Penerbit,
4.55%,
3/29/26
(USD)
1,350,000
1,325
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Indonesia,
4.625%,
4/15/43
(USD)
2,425,000
2,065
Republic
of
Indonesia,
5.25%,
1/17/42
(USD)
1,500,000
1,362
15,381
Total
Indonesia
(Cost
$23,549
)
19,171
ISRAEL
0.4%
Corporate
Bonds
0.4%
ICL
Group,
6.375%,
5/31/38
(USD) (1)
1,400,000
1,321
Total
Israel
(Cost
$1,515
)
1,321
IVORY
COAST
2.7%
Government
Bonds
2.7%
Republic
of
Ivory
Coast,
6.125%,
6/15/33
(USD)
9,700,000
7,421
Republic
of
Ivory
Coast,
6.625%,
3/22/48
(EUR)
2,760,000
1,606
Total
Ivory
Coast
(Cost
$11,986
)
9,027
JAMAICA
0.5%
Corporate
Bonds
0.2%
TransJamaican
Highway,
5.75%,
10/10/36
(USD) (1)
355,583
290
TransJamaican
Highway,
5.75%,
10/10/36
(USD)
384,414
313
603
Government
Bonds
0.3%
Government
of
Jamaica,
6.75%,
4/28/28
(USD)
1,100,000
1,145
1,145
Total
Jamaica
(Cost
$2,007
)
1,748
JORDAN
1.6%
Government
Bonds
1.6%
Kingdom
of
Jordan,
5.85%,
7/7/30
(USD)
6,475,000
5,286
Total
Jordan
(Cost
$6,723
)
5,286
KAZAKHSTAN
1.1%
Corporate
Bonds
1.1%
KazMunayGas
National,
3.50%,
4/14/33
(USD)
1,700,000
1,125
KazMunayGas
National,
5.75%,
4/19/47
(USD)
3,685,000
2,471
KazMunayGas
National,
6.375%,
10/24/48
(USD)
215,000
151
Total
Kazakhstan
(Cost
$5,872
)
3,747
Par/Shares
$
Value
(Cost
and
value
in
$000s)
KUWAIT
0.3%
Corporate
Bonds
0.3%
MEGlobal
Canada,
5.875%,
5/18/30
(USD) (1)
245,000
243
MEGlobal
Canada,
5.875%,
5/18/30
(USD)
800,000
795
Total
Kuwait
(Cost
$1,153
)
1,038
LEBANON
0.1%
Government
Bonds
0.1%
Lebanese
Republic,
6.00%,
1/27/23
(USD) (2)(7)
4,640,000
288
Total
Lebanon
(Cost
$896
)
288
MEXICO
8.9%
Corporate
Bonds
4.2%
America
Movil,
5.375%,
4/4/32
(USD) (1)
1,200,000
1,034
Axtel,
6.375%,
11/14/24
(USD) (1)
505,000
356
Banco
Mercantil
del
Norte,
VR,
7.625%
(USD) (4)(5)
500,000
445
Banco
Mercantil
del
Norte,
VR,
8.375%
(USD) (4)(5)
1,075,000
986
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (5)
2,975,000
2,466
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD) (5)
750,000
643
Cemex,
5.45%,
11/19/29
(USD)
700,000
627
Cometa
Energia,
6.375%,
4/24/35
(USD) (1)
1,357,800
1,227
Cometa
Energia,
6.375%,
4/24/35
(USD)
262,800
238
Infraestructura
Energetica
Nova,
4.75%,
1/15/51
(USD)
1,375,000
937
Mexico
City
Airport
Trust,
5.50%,
7/31/47
(USD)
8,003,000
5,012
13,971
Government
Bonds
4.7%
Petroleos
Mexicanos,
4.50%,
1/23/26
(USD)
3,400,000
2,934
Petroleos
Mexicanos,
5.50%,
6/27/44
(USD)
1,860,000
976
Petroleos
Mexicanos,
5.625%,
1/23/46
(USD)
5,560,000
2,908
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
4,450,000
3,734
Petroleos
Mexicanos,
6.50%,
6/2/41
(USD)
7,405,000
4,305
Petroleos
Mexicanos,
6.75%,
9/21/47
(USD)
1,550,000
867
Petroleos
Mexicanos,
Series
13-2,
7.19%,
9/12/24
2,700,000
121
15,845
Total
Mexico
(Cost
$39,887
)
29,816
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
MONGOLIA
0.8%
Government
Bonds
0.8%
State
of
Mongolia,
4.45%,
7/7/31
(USD)
3,900,000
2,730
Total
Mongolia
(Cost
$3,299
)
2,730
MOROCCO
2.4%
Government
Bonds
2.4%
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD) (1)
1,300,000
914
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD)
3,570,000
2,510
Kingdom
of
Morocco,
4.00%,
12/15/50
(USD)
7,825,000
4,498
Total
Morocco
(Cost
$10,655
)
7,922
NIGERIA
0.6%
Government
Bonds
0.6%
Republic
of
Nigeria,
7.875%,
2/16/32
(USD)
2,950,000
1,907
Total
Nigeria
(Cost
$2,082
)
1,907
OMAN
4.2%
Corporate
Bonds
0.4%
OmGrid
Funding,
5.196%,
5/16/27
(USD)
500,000
453
Oryx
Funding,
5.80%,
2/3/31
(USD) (1)
200,000
179
Oryx
Funding,
5.80%,
2/3/31
(USD)
700,000
625
1,257
Government
Bonds
3.8%
Sultanate
of
Oman,
4.75%,
6/15/26
(USD)
900,000
841
Sultanate
of
Oman,
5.375%,
3/8/27
(USD)
6,255,000
5,893
Sultanate
of
Oman,
5.625%,
1/17/28
(USD)
1,400,000
1,305
Sultanate
of
Oman,
6.25%,
1/25/31
(USD) (1)
710,000
663
Sultanate
of
Oman,
6.50%,
3/8/47
(USD)
3,060,000
2,406
Sultanate
of
Oman,
6.75%,
10/28/27
(USD)
1,700,000
1,681
12,789
Total
Oman
(Cost
$15,376
)
14,046
PAKISTAN
0.2%
Government
Bonds
0.2%
Islamic
Republic
of
Pakistan,
7.875%,
3/31/36
(USD)
1,936,000
719
Total
Pakistan
(Cost
$2,059
)
719
Par/Shares
$
Value
(Cost
and
value
in
$000s)
PANAMA
1.6%
Corporate
Bonds
0.6%
Aeropuerto
Internacional
de
Tocumen,
4.00%,
8/11/41
(USD) (1)
520,000
386
Banco
General,
VR,
5.25%
(USD) (1)
(4)(5)
905,000
775
Banco
Nacional
de
Panama,
2.50%,
8/11/30
(USD) (1)
1,105,000
812
1,973
Government
Bonds
1.0%
Republic
of
Panama,
2.252%,
9/29/32
(USD)
3,000,000
2,120
Republic
of
Panama,
4.50%,
1/19/63
(USD)
1,750,000
1,160
3,280
Total
Panama
(Cost
$6,579
)
5,253
PARAGUAY
1.3%
Corporate
Bonds
0.3%
Telefonica
Celular
del
Paraguay,
5.875%,
4/15/27
(USD) (1)
1,005,000
895
895
Government
Bonds
1.0%
Republic
of
Paraguay,
4.95%,
4/28/31
(USD) (1)
840,000
750
Republic
of
Paraguay,
5.40%,
3/30/50
(USD)
3,655,000
2,701
3,451
Total
Paraguay
(Cost
$5,759
)
4,346
PERU
1.1%
Corporate
Bonds
0.2%
Lima
Metro
Line
2
Finance,
5.875%,
7/5/34
(USD)
312,040
296
Nexa
Resources,
5.375%,
5/4/27
(USD)
575,000
510
806
Government
Bonds
0.9%
Republic
of
Peru,
2.78%,
12/1/60
(USD)
3,010,000
1,644
Republic
of
Peru,
3.30%,
3/11/41
(USD)
1,400,000
971
Republic
of
Peru,
3.55%,
3/10/51
(USD)
590,000
397
3,012
Total
Peru
(Cost
$5,571
)
3,818
PHILIPPINES
1.8%
Corporate
Bonds
1.1%
Globe
Telecom,
3.00%,
7/23/35
(USD)
1,600,000
1,152
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
International
Container
Terminal
Services,
4.75%,
6/17/30
(USD)
1,160,000
1,047
Manila
Water,
4.375%,
7/30/30
(USD)
1,600,000
1,404
3,603
Government
Bonds
0.7%
Republic
of
Philippines,
2.65%,
12/10/45
(USD)
4,175,000
2,588
2,588
Total
Philippines
(Cost
$8,256
)
6,191
QATAR
2.5%
Corporate
Bonds
0.9%
Qatar
Energy,
2.25%,
7/12/31
(USD) (1)
1,210,000
978
Qatar
Energy,
2.25%,
7/12/31
(USD)
1,200,000
969
Qatar
Energy,
3.125%,
7/12/41
(USD) (1)
1,760,000
1,288
3,235
Government
Bonds
1.6%
State
of
Qatar,
4.40%,
4/16/50
(USD)
1,550,000
1,367
State
of
Qatar,
4.817%,
3/14/49
(USD)
4,200,000
3,897
5,264
Total
Qatar
(Cost
$12,008
)
8,499
ROMANIA
1.7%
Government
Bonds
1.7%
Republic
of
Romania,
2.875%,
4/13/42
(EUR) (1)
610,000
309
Republic
of
Romania,
3.00%,
2/14/31
(USD)
1,600,000
1,142
Republic
of
Romania,
3.375%,
1/28/50
(EUR)
3,775,000
1,917
Republic
of
Romania,
4.00%,
2/14/51
(USD) (1)
926,000
520
Republic
of
Romania,
4.00%,
2/14/51
(USD)
3,018,000
1,693
Total
Romania
(Cost
$9,449
)
5,581
SAUDI
ARABIA
2.5%
Corporate
Bonds
0.3%
Acwa
Power
Management
&
Investments
One,
5.95%,
12/15/39
(USD)
1,197,600
1,077
1,077
Government
Bonds
2.2%
Kingdom
of
Saudi
Arabia,
3.25%,
10/26/26
(USD)
1,900,000
1,810
Kingdom
of
Saudi
Arabia,
3.45%,
2/2/61
(USD) (1)
1,265,000
862
Kingdom
of
Saudi
Arabia,
3.75%,
1/21/55
(USD)
500,000
371
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Kingdom
of
Saudi
Arabia,
4.50%,
4/22/60
(USD) (1)
585,000
494
Kingdom
of
Saudi
Arabia,
5.00%,
4/17/49
(USD)
1,150,000
1,039
Saudi
Arabian
Oil,
3.50%,
4/16/29
(USD)
1,800,000
1,629
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
1,250,000
1,074
7,279
Total
Saudi
Arabia
(Cost
$9,862
)
8,356
SENEGAL
1.8%
Government
Bonds
1.8%
Republic
of
Senegal,
6.25%,
5/23/33
(USD)
8,025,000
6,055
Total
Senegal
(Cost
$7,296
)
6,055
SERBIA
1.4%
Government
Bonds
1.4%
Republic
of
Serbia,
2.125%,
12/1/30
(USD)
7,250,000
4,769
Total
Serbia
(Cost
$6,504
)
4,769
SINGAPORE
0.3%
Convertible
Bonds
0.3%
Sea,
0.25%,
9/15/26
(USD)
1,380,000
959
Total
Singapore
(Cost
$1,310
)
959
SOUTH
AFRICA
1.9%
Government
Bonds
1.9%
Republic
of
South
Africa,
5.65%,
9/27/47
(USD)
3,070,000
1,982
Republic
of
South
Africa,
5.875%,
4/20/32
(USD)
1,800,000
1,492
Republic
of
South
Africa,
6.25%,
3/8/41
(USD)
450,000
338
Republic
of
South
Africa,
7.30%,
4/20/52
(USD)
3,280,000
2,510
Total
South
Africa
(Cost
$8,001
)
6,322
SRI
LANKA
0.8%
Corporate
Bonds
0.1%
SriLankan
Airlines,
7.00%,
6/25/24
(USD)
845,000
499
499
Government
Bonds
0.7%
Republic
of
Sri
Lanka,
6.125%,
6/3/25
(USD) (2)(7)
2,300,000
646
Republic
of
Sri
Lanka,
6.825%,
7/18/26
(USD) (2)(7)
200,000
53
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Sri
Lanka,
6.85%,
11/3/25
(USD) (2)(7)
5,950,000
1,603
2,302
Total
Sri
Lanka
(Cost
$6,652
)
2,801
SURINAME
0.8%
Government
Bonds
0.8%
Republic
of
Suriname,
9.25%,
10/26/26
(USD) (2)(7)
2,859,000
2,267
Republic
of
Suriname,
12.875%,
12/30/23
(USD) (2)(7)
200,000
164
Republic
of
Suriname,
12.875%,
12/30/23
(USD) (1)(2)(7)
325,000
267
Total
Suriname
(Cost
$2,625
)
2,698
TANZANIA
0.3%
Convertible
Bonds
0.1%
HTA
Group,
2.875%,
3/18/27
(USD)
400,000
292
292
Corporate
Bonds
0.2%
HTA
Group,
7.00%,
12/18/25
(USD) (1)
810,000
710
710
Total
Tanzania
(Cost
$1,226
)
1,002
THAILAND
1.2%
Corporate
Bonds
1.2%
Bangkok
Bank,
VR,
3.466%,
9/23/36
(USD) (1)(5)
880,000
682
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (5)
1,500,000
1,234
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD) (1)
965,000
559
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD)
2,825,000
1,637
Total
Thailand
(Cost
$5,721
)
4,112
TURKEY
1.8%
Government
Bonds
1.8%
Republic
of
Turkey,
4.25%,
4/14/26
(USD)
3,050,000
2,519
Republic
of
Turkey,
5.95%,
1/15/31
(USD)
1,200,000
887
Republic
of
Turkey,
6.00%,
1/14/41
(USD)
2,600,000
1,612
Republic
of
Turkey,
8.60%,
9/24/27
(USD)
1,150,000
1,078
Total
Turkey
(Cost
$7,726
)
6,096
UKRAINE
0.3%
Government
Bonds
0.3%
Government
of
Ukraine,
7.75%,
9/1/27
(USD) (7)
1,395,000
284
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
of
Ukraine,
7.75%,
9/1/29
(USD) (7)
255,000
54
Government
of
Ukraine,
8.994%,
2/1/26
(USD) (7)
1,290,000
274
Government
of
Ukraine,
9.75%,
11/1/30
(USD) (7)
800,000
175
Government
of
Ukraine,
9.75%,
11/1/30
(USD) (1)(7)
250,000
55
Government
of
Ukraine,
FRN,
1.258%,
8/1/41
(USD) (1)(2)(3)
485,000
138
Total
Ukraine
(Cost
$4,470
)
980
UNITED
ARAB
EMIRATES
1.9%
Corporate
Bonds
1.9%
Abu
Dhabi
Ports,
2.50%,
5/6/31
(USD)
1,900,000
1,550
DP
World
Crescent,
3.875%,
7/18/29
(USD)
1,950,000
1,769
Emirates
NBD
Bank,
VR,
6.125%
(USD) (4)(5)
1,100,000
1,065
Ruwais
Power,
6.00%,
8/31/36
(USD)
1,770,000
1,910
Total
United
Arab
Emirates
(Cost
$7,341
)
6,294
UNITED
KINGDOM
0.0%
Common
Stocks
0.0%
Mriya
Farming (2)(8)
5,890
—
Mriya
Farming,
Recovery
Certificates
(EUR) (2)(8)
488,383
5
Total
United
Kingdom
(Cost
$–
)
5
UNITED
STATES
0.4%
Corporate
Bonds
0.4%
Citgo
Holding,
9.25%,
8/1/24 (1)
650,000
645
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29 (1)
1,045,000
788
Total
United
States
(Cost
$1,722
)
1,433
UZBEKISTAN
1.1%
Government
Bonds
1.1%
Republic
of
Uzbekistan,
3.90%,
10/19/31
(USD) (1)
1,596,000
1,124
Republic
of
Uzbekistan,
3.90%,
10/19/31
(USD)
1,930,000
1,360
Republic
of
Uzbekistan,
5.375%,
2/20/29
(USD)
1,640,000
1,380
Total
Uzbekistan
(Cost
$4,907
)
3,864
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
VENEZUELA
0.7%
Corporate
Bonds
0.0%
Electricidad
de
Caracas,
8.50%,
4/10/22
(USD) (2)(7)
800,000
14
14
Government
Bonds
0.7%
Petroleos
de
Venezuela,
5.375%,
4/12/27
(USD) (2)(7)
3,600,000
86
Petroleos
de
Venezuela,
6.00%,
5/16/24
(USD) (2)(7)
10,960,000
260
Petroleos
de
Venezuela,
6.00%,
11/15/26
(USD) (2)(7)
2,950,000
70
Petroleos
de
Venezuela,
8.50%,
10/27/22
(USD) (2)(7)
2,355,500
424
Petroleos
de
Venezuela,
9.00%,
11/17/22
(USD) (2)(7)
24,590,000
584
Petroleos
de
Venezuela,
9.75%,
5/17/35
(USD) (2)(7)
985,000
23
Petroleos
de
Venezuela,
12.75%,
2/17/23
(USD) (2)(7)
3,430,000
82
Republic
of
Venezuela,
6.00%,
12/9/22
(USD) (2)(7)
3,350,000
235
Republic
of
Venezuela,
7.75%,
10/13/23
(USD) (2)(7)
3,600,000
252
Republic
of
Venezuela,
9.25%,
9/15/27
(USD) (2)(7)
1,000,000
81
Republic
of
Venezuela,
11.75%,
10/21/26
(USD) (2)(7)
1,500,000
116
Republic
of
Venezuela,
11.95%,
8/5/31
(USD) (2)(7)
800,000
64
Republic
of
Venezuela,
12.75%,
8/23/23
(USD) (2)(7)
550,000
41
2,318
Total
Venezuela
(Cost
$25,116
)
2,332
VIETNAM
0.2%
Corporate
Bonds
0.2%
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD) (1)
315,000
248
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD)
550,000
433
Total
Vietnam
(Cost
$873
)
681
ZAMBIA
0.7%
Government
Bonds
0.7%
Republic
of
Zambia,
5.375%,
9/23/23
(USD) (2)(7)
4,629,000
2,187
Total
Zambia
(Cost
$2,902
)
2,187
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS
4.8%
Money
Market
Funds
4.8%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (9)(10)
15,999,658
16,000
Total
Short-Term
Investments
(Cost
$16,000)
16,000
Total
Investments
in
Securities
98.2%
(Cost
$455,482)
$
329,895
Other
Assets
Less
Liabilities
1.8%
6,203
Net
Assets
100.0%
$
336,098
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
9
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Par/Shares
and
Notional
Amount
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
†
Investment
fund
is
not
unitized.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$58,771
and
represents
17.5%
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
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$251
and
represents
0.1%
of
net
assets.
(7)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(8)
Level
3
in
fair
value
hierarchy.
(9)
Seven-day
yield
(10)
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
10
(Amounts
in
000s)
SWAPS
(0.1)%
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-S38,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
3,850
(382)
(309)
(73)
Total
United
States
(73)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(73)
Total
Centrally
Cleared
Swaps
(73)
Net
payments
(receipts)
of
variation
margin
to
date
73
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
—
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
less
than
$1.
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
11/25/22
EUR
359
USD
359
$
(6)
BNP
Paribas
12/9/22
USD
299
CLP
273,753
19
Citibank
10/14/22
CNH
12,893
USD
1,783
23
Citibank
11/25/22
EUR
529
USD
511
10
Citibank
1/13/23
USD
1,788
CNH
12,893
(23)
Deutsche
Bank
11/25/22
EUR
641
USD
653
(22)
Goldman
Sachs
10/14/22
USD
250
CNH
1,677
15
HSBC
Bank
10/14/22
CNH
8,860
USD
1,231
10
HSBC
Bank
10/14/22
USD
4,355
CNH
29,345
244
HSBC
Bank
11/25/22
EUR
553
USD
556
(11)
HSBC
Bank
11/25/22
USD
4,369
EUR
4,228
209
HSBC
Bank
12/9/22
CLP
431,436
USD
475
(35)
HSBC
Bank
1/13/23
USD
1,235
CNH
8,861
(9)
JPMorgan
Chase
10/14/22
CNH
4,003
USD
554
7
JPMorgan
Chase
10/14/22
CNH
5,265
USD
767
(30)
JPMorgan
Chase
11/25/22
EUR
1,731
USD
1,740
(37)
JPMorgan
Chase
12/9/22
CLP
154,034
USD
159
(2)
JPMorgan
Chase
1/13/23
USD
555
CNH
4,003
(7)
Morgan
Stanley
11/25/22
EUR
1,333
USD
1,334
(23)
Morgan
Stanley
12/9/22
USD
333
CLP
302,569
24
RBC
Dominion
Securities
11/25/22
EUR
94
USD
95
(3)
State
Street
10/14/22
USD
126
MXN
2,665
(6)
State
Street
11/25/22
EUR
623
USD
626
(13)
State
Street
11/25/22
USD
4,302
EUR
4,165
204
UBS
Investment
Bank
11/25/22
USD
8,719
EUR
8,434
421
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
959
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
12
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
224
U.S.
Treasury
Notes
ten
year
contracts
12/22
(25,102)
$
867
Long,
60
Ultra
U.S.
Treasury
Bonds
contracts
12/22
8,220
(491)
Net
payments
(receipts)
of
variation
margin
to
date
(383)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(7)
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
nine
months
ended
September
30,
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,
3.07%
$
—#
$
—
$
101+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
09/30/22
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
$
23,980
¤
¤
$
16,000^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$101
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
$16,000.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Unaudited
14
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the 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.
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
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
15
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.
Investments
in
private
investment
companies
are
valued
at
the
investee’s
NAV
per
share
as
of
the
valuation
date,
if
available.
If
the
investee’s
NAV
is
not
available
as
of
the
valuation
date
or
is
not
calculated
in
accordance
with
GAAP,
the
Valuation Designee
may
adjust
the
investee’s
NAV
to
reflect
fair
value
at
the
valuation
date.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
16
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
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
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
E163-054Q3
09/22
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
313,639
$
—
$
313,639
Common
Stocks
—
—
5
5
Private
Investment
Company
2
—
—
—
251
Short-Term
Investments
16,000
—
—
16,000
Total
Securities
16,000
313,639
5
329,895
Forward
Currency
Exchange
Contracts
—
1,186
—
1,186
Futures
Contracts*
867
—
—
867
Total
$
16,867
$
314,825
$
5
$
331,948
Liabilities
Swaps*
$
—
$
73
$
—
$
73
Forward
Currency
Exchange
Contracts
—
227
—
227
Futures
Contracts*
491
—
—
491
Total
$
491
$
300
$
—
$
791
1
Includes
Convertible
Bonds,
Corporate
Bonds
and
Government
Bonds.
2
In
accordance
with
Subtopic
820-10,
certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
hierarchy.
The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Portfolio
of
Investments.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
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.