T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

September

30,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ALBANIA

1.7%

Government

Bonds

1.7%

Republic

of

Albania,

3.50%,

6/16/27

(EUR) 

1,960,000‌

1,940‌

Republic

of

Albania,

3.50%,

11/23/31

(EUR) (1)

1,925,000‌

1,676‌

Republic

of

Albania,

3.50%,

11/23/31

(EUR) 

2,270,000‌

1,977‌

Total

Albania

(Cost

$6,620

)

5,593‌

ANGOLA

2.8%

Government

Bonds

2.8%

Republic

of

Angola,

8.00%,

11/26/29

(USD) 

4,535,000‌

3,744‌

Republic

of

Angola,

8.25%,

5/9/28

(USD) 

4,415,000‌

3,834‌

Republic

of

Angola,

8.75%,

4/14/32

(USD) (1)

530,000‌

427‌

Republic

of

Angola,

9.125%,

11/26/49

(USD) 

1,700,000‌

1,222‌

Total

Angola

(Cost

$9,893

)

9,227‌

ARGENTINA

1.2%

Government

Bonds

1.2%

Republic

of

Argentina,

STEP,

0.75%,

7/9/30

(USD) 

1,610,121‌

462‌

Republic

of

Argentina,

STEP,

3.625%,

7/9/35

(USD) 

5,000,026‌

1,246‌

Republic

of

Argentina,

STEP,

4.25%,

1/9/38

(USD) 

7,020,959‌

2,074‌

Republic

of

Argentina,

Series

$GDP,

0.00%,

12/15/35

(USD) (2)(3)

4,020,000‌

109‌

Total

Argentina

(Cost

$7,448

)

3,891‌

BAHAMAS

0.7%

Government

Bonds

0.7%

Commonwealth

of

Bahamas,

6.00%,

11/21/28

(USD) (1)

2,710,000‌

2,257‌

Total

Bahamas

(Cost

$2,795

)

2,257‌

BAHRAIN

2.7%

Government

Bonds

2.7%

Kingdom

of

Bahrain,

5.625%,

5/18/34

(USD) (1)

3,750,000‌

3,219‌

Kingdom

of

Bahrain,

6.75%,

9/20/29

(USD) 

1,710,000‌

1,685‌

Kingdom

of

Bahrain,

7.00%,

10/12/28

(USD) 

2,905,000‌

2,952‌

Kingdom

of

Bahrain,

7.50%,

9/20/47

(USD) 

1,225,000‌

1,090‌

Total

Bahrain

(Cost

$9,670

)

8,946‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

BARBADOS

0.1%

Government

Bonds

0.1%

Government

of

Barbados,

6.50%,

10/1/29

(USD) (1)

275,000‌

257‌

Total

Barbados

(Cost

$278

)

257‌

BERMUDA

0.5%

Government

Bonds

0.5%

Government

of

Bermuda,

5.00%,

7/15/32

(USD) 

1,800,000‌

1,682‌

Total

Bermuda

(Cost

$1,786

)

1,682‌

BRAZIL

3.2%

Convertible

Bonds

0.2%

MercadoLibre,

2.00%,

8/15/28

(USD) 

179,000‌

521‌

521‌

Corporate

Bonds

1.9%

Braskem

Netherlands

Finance,

7.25%,

2/13/33

(USD) (1)

885,000‌

816‌

Braskem

Netherlands

Finance,

8.50%,

1/12/31

(USD) (1)

420,000‌

417‌

Cosan

Overseas,

8.25%

(USD) (4)

430,000‌

429‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD) 

3,225,000‌

2,682‌

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32

(USD) (1)

500,000‌

411‌

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32

(USD) 

475,000‌

391‌

Sitios

Latinoamerica,

5.375%,

4/4/32

(USD) (1)

1,200,000‌

1,034‌

6,180‌

Government

Bonds

1.1%

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/29 

2,850,000‌

539‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31 

12,975,000‌

2,404‌

Republic

of

Brazil,

5.00%,

1/27/45

(USD) 

823,000‌

611‌

3,554‌

Total

Brazil

(Cost

$10,717

)

10,255‌

BULGARIA

0.4%

Government

Bonds

0.4%

Republic

of

Bulgaria,

4.50%,

1/27/33

(EUR) (1)

1,365,000‌

1,396‌

Total

Bulgaria

(Cost

$1,436

)

1,396‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

CHILE

3.3%

Corporate

Bonds

2.8%

AES

Andes,

VR,

6.35%,

10/7/79

(USD) (1)(5)

725,000‌

685‌

AES

Andes,

VR,

7.125%,

3/26/79

(USD) (1)(5)

1,700,000‌

1,605‌

Agrosuper,

4.60%,

1/20/32

(USD) (1)

1,400,000‌

1,125‌

Banco

Santander

Chile,

3.177%,

10/26/31

(USD) (1)

1,500,000‌

1,245‌

Celulosa

Arauco

y

Constitucion,

4.20%,

1/29/30

(USD) (1)

1,200,000‌

1,030‌

Celulosa

Arauco

y

Constitucion,

5.15%,

1/29/50

(USD) 

1,000,000‌

773‌

Corp.

Nacional

del

Cobre

de

Chile,

5.125%,

2/2/33

(USD) (1)

500,000‌

461‌

Empresa

de

los

Ferrocarriles

del

Estado,

3.068%,

8/18/50

(USD) 

1,520,000‌

875‌

Empresa

de

Transporte

de

Pasajeros

Metro,

3.693%,

9/13/61

(USD) (1)

800,000‌

488‌

Empresa

de

Transporte

de

Pasajeros

Metro,

4.70%,

5/7/50

(USD) (1)

945,000‌

737‌

9,024‌

Government

Bonds

0.5%

Republic

of

Chile,

3.25%,

9/21/71

(USD) 

1,200,000‌

683‌

Republic

of

Chile,

3.50%,

1/31/34

(USD) 

310,000‌

257‌

Republic

of

Chile,

4.00%,

1/31/52

(USD) 

350,000‌

256‌

Republic

of

Chile,

4.95%,

1/5/36

(USD) 

620,000‌

570‌

1,766‌

Total

Chile

(Cost

$13,101

)

10,790‌

CHINA

1.5%

Government

Bonds

1.5%

People's

Republic

of

China,

Series

INBK,

2.62%,

6/25/30 

11,400,000‌

1,554‌

People's

Republic

of

China,

Series

INBK,

3.27%,

11/19/30 

7,600,000‌

1,085‌

People's

Republic

of

China,

Series

1916,

3.12%,

12/5/26 

16,100,000‌

2,254‌

Total

China

(Cost

$5,281

)

4,893‌

COLOMBIA

4.5%

Corporate

Bonds

1.5%

Banco

Davivienda,

VR,

6.65%

(USD) (1)(4)(5)

1,975,000‌

1,338‌

Banco

de

Bogota,

6.25%,

5/12/26

(USD) 

1,000,000‌

955‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Bancolombia,

VR,

4.625%,

12/18/29

(USD) (5)

920,000‌

793‌

Ecopetrol,

4.625%,

11/2/31

(USD) 

1,460,000‌

1,116‌

Ecopetrol,

6.875%,

4/29/30

(USD) 

200,000‌

183‌

Ecopetrol,

8.875%,

1/13/33

(USD) 

390,000‌

381‌

4,766‌

Government

Bonds

2.9%

Republic

of

Colombia,

3.00%,

1/30/30

(USD) 

1,625,000‌

1,251‌

Republic

of

Colombia,

3.125%,

4/15/31

(USD) 

2,100,000‌

1,559‌

Republic

of

Colombia,

4.125%,

5/15/51

(USD) 

880,000‌

493‌

Republic

of

Colombia,

4.50%,

3/15/29

(USD) 

200,000‌

174‌

Republic

of

Colombia,

5.00%,

6/15/45

(USD) 

4,425,000‌

2,915‌

Republic

of

Colombia,

6.125%,

1/18/41

(USD) 

1,320,000‌

1,038‌

Republic

of

Colombia,

Series

B,

7.00%,

3/26/31 

10,583,800,000‌

2,035‌

9,465‌

Private

Investment

Company

0.1%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $109

(USD) (2)(6)

†

142‌

Bona

Fide

Investments

Holding

LLC,

Acquisition

date:

6/7/23,

Cost $331

(USD) (2)(6)

†

330‌

472‌

Total

Colombia

(Cost

$16,856

)

14,703‌

DOMINICAN

REPUBLIC

4.2%

Government

Bonds

4.2%

Dominican

Republic,

4.50%,

1/30/30

(USD) (1)

2,245,000‌

1,908‌

Dominican

Republic,

4.875%,

9/23/32

(USD) (1)

1,780,000‌

1,450‌

Dominican

Republic,

4.875%,

9/23/32

(USD) 

5,175,000‌

4,217‌

Dominican

Republic,

5.875%,

1/30/60

(USD) 

5,200,000‌

3,740‌

Dominican

Republic,

6.85%,

1/27/45

(USD) 

2,775,000‌

2,370‌

Total

Dominican

Republic

(Cost

$14,999

)

13,685‌

ECUADOR

1.3%

Government

Bonds

1.3%

Republic

of

Ecuador,

STEP,

3.50%,

7/31/35

(USD) (1)

3,077,685‌

1,152‌

Republic

of

Ecuador,

STEP,

3.50%,

7/31/35

(USD) 

1,075,000‌

402‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Ecuador,

STEP,

6.00%,

7/31/30

(USD) (1)

5,114,550‌

2,625‌

Total

Ecuador

(Cost

$6,559

)

4,179‌

EGYPT

1.7%

Government

Bonds

1.7%

Arab

Republic

of

Egypt,

5.875%,

2/16/31

(USD) 

575,000‌

319‌

Arab

Republic

of

Egypt,

6.588%,

2/21/28

(USD) 

1,225,000‌

800‌

Arab

Republic

of

Egypt,

7.50%,

1/31/27

(USD) 

1,652,000‌

1,195‌

Arab

Republic

of

Egypt,

7.625%,

5/29/32

(USD) 

673,000‌

390‌

Arab

Republic

of

Egypt,

7.903%,

2/21/48

(USD) (1)

800,000‌

412‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) (1)

3,050,000‌

1,637‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) 

1,390,000‌

746‌

Total

Egypt

(Cost

$8,677

)

5,499‌

EL

SALVADOR

0.9%

Government

Bonds

0.9%

Republic

of

El

Salvador,

5.875%,

1/30/25

(USD) 

2,410,000‌

2,196‌

Republic

of

El

Salvador,

7.65%,

6/15/35

(USD) 

945,000‌

672‌

Total

El

Salvador

(Cost

$2,588

)

2,868‌

GHANA

0.4%

Corporate

Bonds

0.2%

Kosmos

Energy,

7.125%,

4/4/26

(USD) 

700,000‌

660‌

660‌

Government

Bonds

0.2%

Republic

of

Ghana,

10.75%,

10/14/30

(USD) 

830,000‌

560‌

560‌

Total

Ghana

(Cost

$1,273

)

1,220‌

GRENADA

0.0%

Government

Bonds

0.0%

Government

of

Grenada,

7.00%,

5/12/30

(USD) 

133,853‌

115‌

Total

Grenada

(Cost

$124

)

115‌

GUATEMALA

1.7%

Government

Bonds

1.7%

Republic

of

Guatemala,

4.875%,

2/13/28

(USD) 

1,050,000‌

978‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Guatemala,

4.90%,

6/1/30

(USD) (1)

1,000,000‌

911‌

Republic

of

Guatemala,

5.25%,

8/10/29

(USD) (1)

230,000‌

213‌

Republic

of

Guatemala,

5.375%,

4/24/32

(USD) 

1,900,000‌

1,742‌

Republic

of

Guatemala,

6.60%,

6/13/36

(USD) (1)

1,004,000‌

965‌

Republic

of

Guatemala,

7.05%,

10/4/32

(USD) (1)

650,000‌

655‌

Total

Guatemala

(Cost

$5,922

)

5,464‌

INDIA

3.0%

Corporate

Bonds

0.8%

ABJA

Investment,

5.45%,

1/24/28

(USD) 

1,170,000‌

1,144‌

Adani

International

Container

Terminal,

3.00%,

2/16/31

(USD) 

754,875‌

569‌

Greenko

Power

II,

4.30%,

12/13/28

(USD) 

1,066,625‌

916‌

2,629‌

Government

Bonds

2.2%

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) (1)

255,000‌

198‌

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) 

3,300,000‌

2,565‌

Export-Import

Bank

of

India,

3.25%,

1/15/30

(USD) 

5,055,000‌

4,319‌

7,082‌

Total

India

(Cost

$11,115

)

9,711‌

INDONESIA

7.0%

Corporate

Bonds

1.2%

Minejesa

Capital,

5.625%,

8/10/37

(USD) 

2,200,000‌

1,686‌

Pertamina

Persero,

5.625%,

5/20/43

(USD) 

920,000‌

808‌

Perusahaan

Listrik

Negara,

4.125%,

5/15/27

(USD) 

1,000,000‌

941‌

Perusahaan

Listrik

Negara,

4.375%,

2/5/50

(USD) (1)

400,000‌

273‌

Perusahaan

Listrik

Negara,

6.15%,

5/21/48

(USD) 

300,000‌

266‌

3,974‌

Government

Bonds

5.8%

Perusahaan

Penerbit,

2.80%,

6/23/30

(USD) 

7,150,000‌

6,043‌

Perusahaan

Penerbit,

4.15%,

3/29/27

(USD) 

2,995,000‌

2,875‌

Perusahaan

Penerbit,

4.40%,

3/1/28

(USD) 

200,000‌

192‌

Perusahaan

Penerbit,

4.45%,

2/20/29

(USD) 

897,000‌

859‌

Perusahaan

Penerbit,

4.55%,

3/29/26

(USD) 

1,350,000‌

1,326‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Indonesia,

3.50%,

1/11/28

(USD) 

959,000‌

890‌

Republic

of

Indonesia,

4.55%,

1/11/28

(USD) 

900,000‌

874‌

Republic

of

Indonesia,

4.625%,

4/15/43

(USD) 

2,425,000‌

2,088‌

Republic

of

Indonesia,

5.25%,

1/17/42

(USD) 

1,500,000‌

1,407‌

Republic

of

Indonesia,

Series

FR64,

6.125%,

5/15/28 

35,324,000,000‌

2,255‌

18,809‌

Total

Indonesia

(Cost

$26,650

)

22,783‌

ISRAEL

0.4%

Corporate

Bonds

0.4%

ICL

Group,

6.375%,

5/31/38

(USD) (1)

1,400,000‌

1,346‌

Total

Israel

(Cost

$1,509

)

1,346‌

IVORY

COAST

2.8%

Government

Bonds

2.8%

Republic

of

Ivory

Coast,

4.875%,

1/30/32

(EUR) 

1,155,000‌

933‌

Republic

of

Ivory

Coast,

6.125%,

6/15/33

(USD) 

7,375,000‌

6,138‌

Republic

of

Ivory

Coast,

6.625%,

3/22/48

(EUR) 

2,760,000‌

2,014‌

Total

Ivory

Coast

(Cost

$10,051

)

9,085‌

JAMAICA

0.5%

Corporate

Bonds

0.2%

TransJamaican

Highway,

5.75%,

10/10/36

(USD) (1)

343,570‌

284‌

TransJamaican

Highway,

5.75%,

10/10/36

(USD) 

371,427‌

306‌

590‌

Government

Bonds

0.3%

Government

of

Jamaica,

6.75%,

4/28/28

(USD) 

1,100,000‌

1,122‌

1,122‌

Total

Jamaica

(Cost

$1,955

)

1,712‌

JORDAN

2.1%

Government

Bonds

2.1%

Kingdom

of

Jordan,

5.85%,

7/7/30

(USD) 

6,475,000‌

5,768‌

Kingdom

of

Jordan,

7.50%,

1/13/29

(USD) (1)

1,000,000‌

979‌

Total

Jordan

(Cost

$7,688

)

6,747‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

KAZAKHSTAN

0.4%

Corporate

Bonds

0.4%

KazMunayGas

National,

3.50%,

4/14/33

(USD) 

1,200,000‌

900‌

KazMunayGas

National,

5.75%,

4/19/47

(USD) 

335,000‌

261‌

Total

Kazakhstan

(Cost

$1,547

)

1,161‌

KENYA

0.8%

Government

Bonds

0.8%

Republic

of

Kenya,

7.25%,

2/28/28

(USD) 

3,054,000‌

2,466‌

Total

Kenya

(Cost

$2,716

)

2,466‌

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

$1,140

)

1,038‌

MEXICO

7.0%

Corporate

Bonds

2.8%

Banco

Mercantil

del

Norte,

VR,

7.625%

(USD) (4)(5)

500,000‌

461‌

Banco

Mercantil

del

Norte,

VR,

8.375%

(USD) (4)(5)

575,000‌

546‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD) (5)

1,800,000‌

1,551‌

BBVA

Bancomer,

VR,

5.875%,

9/13/34

(USD) (5)

750,000‌

657‌

BBVA

Bancomer,

VR,

8.45%,

6/29/38

(USD) (1)(5)

1,660,000‌

1,637‌

Cemex,

5.45%,

11/19/29

(USD) 

700,000‌

664‌

Cometa

Energia,

6.375%,

4/24/35

(USD) (1)

944,150‌

880‌

Infraestructura

Energetica

Nova,

4.75%,

1/15/51

(USD) 

1,375,000‌

973‌

Petroleos

Mexicanos,

5.95%,

1/28/31

(USD) 

675,000‌

484‌

Petroleos

Mexicanos,

6.84%,

1/23/30

(USD) 

270,000‌

211‌

Petroleos

Mexicanos,

10.00%,

2/7/33

(USD) (1)

1,125,000‌

1,003‌

9,067‌

Government

Bonds

4.2%

Petroleos

Mexicanos,

4.50%,

1/23/26

(USD) 

2,825,000‌

2,526‌

Petroleos

Mexicanos,

5.50%,

6/27/44

(USD) 

1,460,000‌

808‌

Petroleos

Mexicanos,

5.625%,

1/23/46

(USD) 

3,460,000‌

1,894‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD) 

2,875,000‌

2,537‌

Petroleos

Mexicanos,

8.75%,

6/2/29

(USD) 

2,855,000‌

2,533‌

Petroleos

Mexicanos,

Series

13-2,

7.19%,

9/12/24 

2,700,000‌

145‌

United

Mexican

States,

6.35%,

2/9/35

(USD) 

1,110,000‌

1,088‌

United

Mexican

States,

Series

M,

7.75%,

5/29/31 

41,300,000‌

2,089‌

13,620‌

Total

Mexico

(Cost

$25,818

)

22,687‌

MONGOLIA

0.2%

Government

Bonds

0.2%

State

of

Mongolia,

4.45%,

7/7/31

(USD) 

926,000‌

716‌

Total

Mongolia

(Cost

$773

)

716‌

MOROCCO

2.1%

Government

Bonds

2.1%

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD) (1)

1,300,000‌

992‌

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD) 

2,670,000‌

2,038‌

Kingdom

of

Morocco,

4.00%,

12/15/50

(USD) 

4,480,000‌

2,787‌

Kingdom

of

Morocco,

6.50%,

9/8/33

(USD) (1)

1,050,000‌

1,034‌

Total

Morocco

(Cost

$7,897

)

6,851‌

NIGERIA

0.6%

Government

Bonds

0.6%

Republic

of

Nigeria,

7.875%,

2/16/32

(USD) 

2,575,000‌

2,034‌

Total

Nigeria

(Cost

$1,857

)

2,034‌

OMAN

4.0%

Corporate

Bonds

0.4%

OmGrid

Funding,

5.196%,

5/16/27

(USD) 

500,000‌

476‌

Oryx

Funding,

5.80%,

2/3/31

(USD) (1)

200,000‌

191‌

Oryx

Funding,

5.80%,

2/3/31

(USD) 

700,000‌

668‌

1,335‌

Government

Bonds

3.6%

Sultanate

of

Oman,

4.75%,

6/15/26

(USD) 

475,000‌

461‌

Sultanate

of

Oman,

5.375%,

3/8/27

(USD) 

5,380,000‌

5,251‌

Sultanate

of

Oman,

5.625%,

1/17/28

(USD) 

1,400,000‌

1,367‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Sultanate

of

Oman,

6.50%,

3/8/47

(USD) 

3,060,000‌

2,741‌

Sultanate

of

Oman,

6.75%,

10/28/27

(USD) 

1,700,000‌

1,732‌

11,552‌

Total

Oman

(Cost

$13,373

)

12,887‌

PAKISTAN

0.3%

Government

Bonds

0.3%

Islamic

Republic

of

Pakistan,

7.875%,

3/31/36

(USD) 

1,936,000‌

924‌

Total

Pakistan

(Cost

$2,053

)

924‌

PANAMA

3.3%

Corporate

Bonds

0.7%

Aeropuerto

Internacional

de

Tocumen,

4.00%,

8/11/41

(USD) (1)

520,000‌

405‌

Banco

General,

VR,

5.25%

(USD) (1)

(4)(5)

905,000‌

800‌

Banco

Nacional

de

Panama,

2.50%,

8/11/30

(USD) (1)

1,105,000‌

861‌

2,066‌

Government

Bonds

2.6%

Republic

of

Panama,

2.252%,

9/29/32

(USD) 

4,650,000‌

3,377‌

Republic

of

Panama,

4.50%,

1/19/63

(USD) 

1,750,000‌

1,136‌

Republic

of

Panama,

6.40%,

2/14/35

(USD) 

4,150,000‌

4,032‌

8,545‌

Total

Panama

(Cost

$12,234

)

10,611‌

PARAGUAY

1.5%

Corporate

Bonds

0.3%

Telefonica

Celular

del

Paraguay,

5.875%,

4/15/27

(USD) (1)

1,005,000‌

916‌

916‌

Government

Bonds

1.2%

Republic

of

Paraguay,

4.95%,

4/28/31

(USD) (1)

840,000‌

780‌

Republic

of

Paraguay,

5.40%,

3/30/50

(USD) 

3,655,000‌

2,893‌

Republic

of

Paraguay,

5.85%,

8/21/33

(USD) (1)

290,000‌

275‌

3,948‌

Total

Paraguay

(Cost

$6,043

)

4,864‌

PERU

1.2%

Corporate

Bonds

0.1%

Lima

Metro

Line

2

Finance,

5.875%,

7/5/34

(USD) 

293,549‌

283‌

283‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

1.1%

Republic

of

Peru,

2.78%,

12/1/60

(USD) 

3,010,000‌

1,611‌

Republic

of

Peru,

3.30%,

3/11/41

(USD) 

1,400,000‌

972‌

Republic

of

Peru,

3.55%,

3/10/51

(USD) 

590,000‌

390‌

Republic

of

Peru,

6.15%,

8/12/32 

2,220,000‌

546‌

3,519‌

Total

Peru

(Cost

$5,473

)

3,802‌

PHILIPPINES

1.8%

Corporate

Bonds

1.1%

Globe

Telecom,

3.00%,

7/23/35

(USD) 

1,600,000‌

1,156‌

International

Container

Terminal

Services,

4.75%,

6/17/30

(USD) 

1,160,000‌

1,093‌

Manila

Water,

4.375%,

7/30/30

(USD) 

1,600,000‌

1,442‌

3,691‌

Government

Bonds

0.7%

Republic

of

Philippines,

2.65%,

12/10/45

(USD) 

3,175,000‌

1,920‌

Republic

of

Philippines,

4.625%,

7/17/28

(USD) 

200,000‌

194‌

2,114‌

Total

Philippines

(Cost

$7,470

)

5,805‌

POLAND

0.4%

Government

Bonds

0.4%

Republic

of

Poland,

3.875%,

2/14/33

(EUR) 

960,000‌

986‌

Republic

of

Poland,

5.50%,

4/4/53

(USD) 

520,000‌

472‌

Total

Poland

(Cost

$1,535

)

1,458‌

QATAR

2.2%

Corporate

Bonds

1.0%

Qatar

Energy,

2.25%,

7/12/31

(USD) (1)

1,210,000‌

972‌

Qatar

Energy,

2.25%,

7/12/31

(USD) 

1,250,000‌

1,004‌

QatarEnergy,

3.125%,

7/12/41

(USD) (1)

1,760,000‌

1,220‌

3,196‌

Government

Bonds

1.2%

State

of

Qatar,

4.40%,

4/16/50

(USD) 

1,550,000‌

1,268‌

State

of

Qatar,

4.817%,

3/14/49

(USD) 

3,200,000‌

2,784‌

4,052‌

Total

Qatar

(Cost

$10,463

)

7,248‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

ROMANIA

2.0%

Corporate

Bonds

0.4%

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR) (5)

1,200,000‌

1,320‌

1,320‌

Government

Bonds

1.6%

Republic

of

Romania,

2.875%,

4/13/42

(EUR) (1)

610,000‌

381‌

Republic

of

Romania,

3.00%,

2/14/31

(USD) 

710,000‌

573‌

Republic

of

Romania,

4.00%,

2/14/51

(USD) (1)

926,000‌

592‌

Republic

of

Romania,

4.00%,

2/14/51

(USD) 

3,018,000‌

1,930‌

Republic

of

Romania,

5.50%,

9/18/28

(EUR) 

1,610,000‌

1,695‌

5,171‌

Total

Romania

(Cost

$8,486

)

6,491‌

SAUDI

ARABIA

2.5%

Corporate

Bonds

0.5%

Gaci

First

Investment,

5.125%,

2/14/53

(USD) 

1,883,000‌

1,536‌

1,536‌

Government

Bonds

2.0%

Kingdom

of

Saudi

Arabia,

3.25%,

10/26/26

(USD) 

1,900,000‌

1,785‌

Kingdom

of

Saudi

Arabia,

3.45%,

2/2/61

(USD) (1)

1,265,000‌

778‌

Kingdom

of

Saudi

Arabia,

3.75%,

1/21/55

(USD) 

500,000‌

333‌

Kingdom

of

Saudi

Arabia,

4.50%,

4/22/60

(USD) (1)

585,000‌

451‌

Kingdom

of

Saudi

Arabia,

5.00%,

4/17/49

(USD) 

550,000‌

461‌

Saudi

Arabian

Oil,

3.50%,

4/16/29

(USD) 

2,000,000‌

1,805‌

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) 

1,250,000‌

1,020‌

6,633‌

Total

Saudi

Arabia

(Cost

$9,826

)

8,169‌

SENEGAL

2.3%

Government

Bonds

2.3%

Republic

of

Senegal,

6.25%,

5/23/33

(USD) 

9,325,000‌

7,499‌

Total

Senegal

(Cost

$8,396

)

7,499‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SERBIA

1.4%

Government

Bonds

1.4%

Republic

of

Serbia,

2.125%,

12/1/30

(USD) 

5,150,000‌

3,793‌

Republic

of

Serbia,

6.25%,

5/26/28

(USD) (1)

680,000‌

668‌

Total

Serbia

(Cost

$5,268

)

4,461‌

SLOVENIA

0.5%

Corporate

Bonds

0.5%

Nova

Kreditna

Banka

Maribor,

VR,

7.375%,

6/29/26 (5)

1,400,000‌

1,513‌

Total

Slovenia

(Cost

$1,559

)

1,513‌

SOUTH

AFRICA

2.0%

Corporate

Bonds

0.3%

Transnet,

8.25%,

2/6/28

(USD) (1)

1,035,000‌

994‌

994‌

Government

Bonds

1.7%

Republic

of

South

Africa,

5.65%,

9/27/47

(USD) 

2,470,000‌

1,649‌

Republic

of

South

Africa,

5.875%,

4/20/32

(USD) 

1,600,000‌

1,365‌

Republic

of

South

Africa,

6.25%,

3/8/41

(USD) 

450,000‌

348‌

Republic

of

South

Africa,

7.30%,

4/20/52

(USD) 

1,080,000‌

859‌

Republic

of

South

Africa,

Series

2030,

8.00%,

1/31/30 

24,979,000‌

1,152‌

5,373‌

Total

South

Africa

(Cost

$7,421

)

6,367‌

SOUTH

KOREA

0.3%

Corporate

Bonds

0.1%

POSCO,

5.75%,

1/17/28

(USD) (1)

200,000‌

199‌

199‌

Government

Bonds

0.2%

Export-Import

Bank

of

Korea,

5.00%,

1/11/28

(USD) 

350,000‌

346‌

Export-Import

Bank

of

Korea,

5.125%,

1/11/33

(USD) 

400,000‌

392‌

738‌

Total

South

Korea

(Cost

$950

)

937‌

SRI

LANKA

1.5%

Government

Bonds

1.5%

Republic

of

Sri

Lanka,

6.125%,

6/3/25

(USD) (2)(7)

2,505,000‌

1,219‌

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD) (2)(7)

200,000‌

96‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Sri

Lanka,

6.85%,

11/3/25

(USD) (2)(7)

7,180,000‌

3,474‌

Total

Sri

Lanka

(Cost

$6,330

)

4,789‌

SUPRANATIONAL

0.3%

Government

Bonds

0.3%

International

Bank

for

Reconstruction

&

Development,

Zero

Coupon,

3/31/27

(USD) 

1,175,000‌

1,049‌

Total

Supranational

(Cost

$1,036

)

1,049‌

SURINAME

0.9%

Government

Bonds

0.9%

Republic

of

Suriname,

9.25%,

10/26/26

(USD) (2)(7)

2,859,000‌

2,466‌

Republic

of

Suriname,

12.875%,

12/30/23

(USD) (2)(7)

200,000‌

180‌

Republic

of

Suriname,

12.875%,

12/30/23

(USD) (1)(2)(7)

325,000‌

293‌

Total

Suriname

(Cost

$2,625

)

2,939‌

TANZANIA

0.3%

Convertible

Bonds

0.1%

HTA

Group,

2.875%,

3/18/27

(USD) 

400,000‌

329‌

329‌

Corporate

Bonds

0.2%

HTA

Group,

7.00%,

12/18/25

(USD) (1)

810,000‌

782‌

782‌

Total

Tanzania

(Cost

$1,225

)

1,111‌

THAILAND

1.1%

Corporate

Bonds

1.1%

Bangkok

Bank,

VR,

3.466%,

9/23/36

(USD) (1)(5)

880,000‌

684‌

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD) (5)

1,500,000‌

1,253‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) (1)

965,000‌

558‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) 

1,700,000‌

982‌

Total

Thailand

(Cost

$4,591

)

3,477‌

TURKEY

2.8%

Government

Bonds

2.8%

Republic

of

Turkey,

4.25%,

4/14/26

(USD) 

1,925,000‌

1,766‌

Republic

of

Turkey,

4.875%,

4/16/43

(USD) 

1,850,000‌

1,177‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Turkey,

6.00%,

1/14/41

(USD) 

1,600,000‌

1,186‌

Republic

of

Turkey,

6.50%,

9/20/33

(USD) 

575,000‌

493‌

Republic

of

Turkey,

8.60%,

9/24/27

(USD) 

1,150,000‌

1,168‌

Republic

of

Turkey,

9.375%,

3/14/29

(USD) 

1,800,000‌

1,849‌

Republic

of

Turkey,

9.375%,

1/19/33

(USD) 

950,000‌

970‌

Republic

of

Turkey,

9.875%,

1/15/28

(USD) 

325,000‌

343‌

Total

Turkey

(Cost

$9,390

)

8,952‌

UNITED

ARAB

EMIRATES

1.5%

Corporate

Bonds

1.4%

Abu

Dhabi

Ports,

2.50%,

5/6/31

(USD) 

900,000‌

735‌

DP

World

Crescent,

3.875%,

7/18/29

(USD) 

1,950,000‌

1,774‌

Emirates

NBD

Bank,

VR,

6.125%

(USD) (4)(5)

1,100,000‌

1,086‌

Ruwais

Power,

6.00%,

8/31/36

(USD) 

1,020,000‌

1,017‌

4,612‌

Government

Bonds

0.1%

Emirate

of

Dubai,

3.90%,

9/9/50

(USD) 

230,000‌

158‌

158‌

Total

United

Arab

Emirates

(Cost

$5,577

)

4,770‌

UNITED

KINGDOM

0.0%

Common

Stocks

0.0%

Mriya

Farming,

Recovery

Certificates,

Acquisition

date:

8/23/18,

Cost $—

(EUR) (2)(6)(8)

488,383‌

—‌

Total

United

Kingdom

(Cost

$–

)

—‌

UNITED

STATES

0.4%

Corporate

Bonds

0.4%

Hyundai

Capital

America,

5.60%,

3/30/28 (1)

605,000‌

591‌

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29 (1)

1,045,000‌

844‌

Total

United

States

(Cost

$1,675

)

1,435‌

URUGUAY

0.5%

Government

Bonds

0.5%

Oriental

Republic

of

Uruguay,

5.75%,

10/28/34

(USD) 

1,580,000‌

1,612‌

Total

Uruguay

(Cost

$1,664

)

1,612‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

VENEZUELA

1.4%

Corporate

Bonds

0.0%

Electricidad

de

Caracas,

8.50%,

4/10/18

(USD) (2)(7)

800,000‌

12‌

12‌

Government

Bonds

1.4%

Petroleos

de

Venezuela,

5.375%,

4/12/27

(USD) (2)(7)

3,600,000‌

207‌

Petroleos

de

Venezuela,

6.00%,

5/16/24

(USD) (2)(7)

10,960,000‌

630‌

Petroleos

de

Venezuela,

6.00%,

11/15/26

(USD) (2)(7)

1,861,000‌

107‌

Petroleos

de

Venezuela,

8.50%,

10/27/20

(USD) (2)(7)

2,355,500‌

1,190‌

Petroleos

de

Venezuela,

9.00%,

11/17/21

(USD) (2)(7)

24,590,000‌

1,414‌

Petroleos

de

Venezuela,

9.75%,

5/17/35

(USD) (2)(7)

985,000‌

57‌

Petroleos

de

Venezuela,

12.75%,

2/17/22

(USD) (2)(7)

3,430,000‌

197‌

Republic

of

Venezuela,

6.00%,

12/9/20

(USD) (2)(7)

3,350,000‌

235‌

Republic

of

Venezuela,

7.75%,

10/13/19

(USD) (2)(7)

3,600,000‌

252‌

Republic

of

Venezuela,

9.25%,

9/15/27

(USD) (2)(7)

1,000,000‌

102‌

Republic

of

Venezuela,

11.75%,

10/21/26

(USD) (2)(7)

1,500,000‌

154‌

Republic

of

Venezuela,

11.95%,

8/5/31

(USD) (2)(7)

800,000‌

83‌

Republic

of

Venezuela,

12.75%,

8/23/22

(USD) (2)(7)

550,000‌

56‌

4,684‌

Total

Venezuela

(Cost

$24,692

)

4,696‌

VIETNAM

0.2%

Corporate

Bonds

0.2%

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) (1)

315,000‌

286‌

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) 

270,000‌

245‌

Total

Vietnam

(Cost

$589

)

531‌

ZAMBIA

0.1%

Government

Bonds

0.1%

Republic

of

Zambia,

5.375%,

9/20/22

(USD) (2)(7)

935,000‌

468‌

Total

Zambia

(Cost

$547

)

468‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SHORT-TERM

INVESTMENTS

1.3%

Money

Market

Funds

1.3%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (9)(10)

4,377,163‌

4,377‌

Total

Short-Term

Investments

(Cost

$4,377)

4,377‌

Total

Investments

in

Securities

98.0%

(Cost

$391,607)

$

318,499‌

Other

Assets

Less

Liabilities

2.0%

6,601

Net

Assets

100.0%

$

325,100‌

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.

†

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

$55,942

and

represents

17.2%

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

$472

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

BRL

Brazilian

Real

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

EUR

Euro

IDR

Indonesian

Rupiah

MXN

Mexican

Peso

PEN

Peruvian

New

Sol

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

ZAR

South

African

Rand

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

11

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

10/13/23

USD

1,230‌

ZAR

23,431‌

$

(6‌)

BNP

Paribas

11/24/23

USD

6,113‌

EUR

5,588‌

191‌

BNP

Paribas

12/4/23

USD

1,152‌

BRL

5,690‌

30‌

BNP

Paribas

12/7/23

USD

863‌

COP

3,644,029‌

(15‌)

Citibank

12/7/23

COP

3,277,593‌

USD

784‌

5‌

Citibank

12/7/23

USD

868‌

COP

3,680,837‌

(18‌)

Goldman

Sachs

10/6/23

IDR

2,258,866‌

USD

146‌

1‌

Goldman

Sachs

12/4/23

USD

1,151‌

BRL

5,690‌

29‌

Goldman

Sachs

12/15/23

USD

856‌

CNH

6,181‌

6‌

Goldman

Sachs

1/17/24

USD

145‌

IDR

2,258,866‌

—‌

HSBC

Bank

10/6/23

IDR

2,211,254‌

USD

143‌

—‌

HSBC

Bank

10/13/23

ZAR

999‌

USD

53‌

(1‌)

HSBC

Bank

11/24/23

USD

4,972‌

EUR

4,562‌

137‌

HSBC

Bank

12/15/23

USD

1,712‌

CNH

12,361‌

12‌

HSBC

Bank

1/17/24

USD

143‌

IDR

2,211,254‌

—‌

JPMorgan

Chase

10/6/23

USD

446‌

IDR

6,640,403‌

16‌

Morgan

Stanley

10/13/23

USD

431‌

MXN

7,488‌

3‌

Morgan

Stanley

12/15/23

USD

2,588‌

CNH

18,741‌

11‌

RBC

Dominion

Securities

10/13/23

USD

460‌

MXN

8,022‌

1‌

State

Street

10/13/23

USD

1,410‌

MXN

24,600‌

1‌

State

Street

11/24/23

USD

5,642‌

EUR

5,158‌

176‌

UBS

Investment

Bank

10/6/23

IDR

2,170,283‌

USD

140‌

—‌

UBS

Investment

Bank

12/7/23

USD

1,762‌

COP

7,398,482‌

(19‌)

UBS

Investment

Bank

1/17/24

PEN

2,074‌

USD

547‌

1‌

UBS

Investment

Bank

1/17/24

USD

140‌

IDR

2,170,283‌

—‌

UBS

Investment

Bank

1/17/24

USD

544‌

PEN

2,074‌

(1‌)

Wells

Fargo

Bank

10/6/23

USD

567‌

PEN

2,074‌

19‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

579‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

12

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

71

U.S.

Treasury

Notes

ten

year

contracts

12/23

(7,672)

$

124‌

Long,

125

Ultra

U.S.

Treasury

Bonds

contracts

12/23

14,836

(1,108‌)

Net

payments

(receipts)

of

variation

margin

to

date

1,019‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

35‌

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,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

—‌#

$

—‌

$

298‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

09/30/23

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

18,095‌

 ¤

 ¤

$

4,377‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$298

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

$4,377.

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

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of its portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

15

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

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.

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,

2023

(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

the 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.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

E163-054Q3

09/23

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

313,650‌

$

—‌

$

313,650‌

Common

Stocks

—‌

—‌

—‌

—‌

Private

Investment

Company

2

—‌

—‌

—‌

472‌

Short-Term

Investments

4,377‌

—‌

—‌

4,377‌

Total

Securities

4,377‌

313,650‌

—‌

318,499‌

Forward

Currency

Exchange

Contracts

—‌

639‌

—‌

639‌

Futures

Contracts*

124‌

—‌

—‌

124‌

Total

$

4,501‌

$

314,289‌

$

—‌

$

319,262‌

Liabilities

Forward

Currency

Exchange

Contracts

$

—‌

$

60‌

$

—‌

$

60‌

Futures

Contracts*

1,108‌

—‌

—‌

1,108‌

Total

$

1,108‌

$

60‌

$

—‌

$

1,168‌

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

unit

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

hierarchy.

The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Portfolio

of

Investments.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.