Institutional Emerging Markets Bond Fund_IEB_E163-051
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-05833
T. Rowe Price Global Funds, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive
offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting
period: June 30, 2023
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Institutional
Emerging
Markets
Bond
Fund
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
Market
Commentary
Portfolio
Summary
Fund
Expense
Example
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
Certain
mutual
fund
accounts
that
are
assessed
an
annual
account
service
fee
can
also
save
money
by
switching
to
e-delivery.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Market
Commentary
Dear
Investor
Most
major
global
stock
and
bond
indexes
produced
positive
returns
during
the
first
half
of
your
fund’s
fiscal
year,
the
six-
month
period
ended
June
30,
2023.
Despite
turmoil
in
the
banking
sector
and
a
protracted
debt
ceiling
standoff,
markets
were
resilient
as
growth
remained
positive
in
the
major
economies
and
corporate
earnings
results
came
in
stronger
than
expected.
For
the
six-month
period,
the
technology-oriented
Nasdaq
Composite
Index
gained
more
than
30%,
the
strongest
result
of
the
major
benchmarks,
as
tech
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
applications.
Growth
stocks
outperformed
value
shares,
and
developed
market
stocks
generally
outpaced
their
emerging
market
counterparts.
Currency
movements
were
mixed
over
the
period,
although
a
weaker
dollar
versus
major
European
currencies
was
beneficial
for
U.S.
investors
in
European
securities.
Within
the
S&P
500
Index,
the
information
technology,
communication
services,
and
consumer
discretionary
sectors
were
all
lifted
by
the
tech
rally
and
recorded
significant
gains.
Conversely,
the
defensive
utilities
sector
had
the
weakest
returns
in
the
growth-focused
environment,
and
the
energy
sector
also
lost
ground
amid
declining
oil
prices.
The
financials
sector
partly
recovered
from
the
failure
of
three
large
regional
banks
during
the
period
but
still
finished
with
modest
losses.
Cheaper
oil
contributed
to
slowing
inflation,
although
core
inflation
readings—which
exclude
volatile
food
and
energy
prices—remained
stubbornly
high.
In
response,
the
Federal
Reserve
raised
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.00%
to
5.25%
by
early
May,
the
highest
level
since
2007.
The
Fed
held
rates
steady
at
its
June
meeting,
but
policymakers
indicated
that
two
more
rate
hikes
could
come
by
the
end
of
the
year.
In
the
fixed
income
market,
returns
were
generally
positive
across
most
sectors
as
investors
benefited
from
the
higher
interest
rates
that
have
become
available
over
the
past
year.
Investment-grade
corporate
bonds
were
supported
by
generally
solid
balance
sheets
and
were
among
the
strongest
performers.
Global
economies
and
markets
showed
surprising
resilience
in
recent
months,
but,
moving
into
the
second
half
of
2023,
we
believe
investors
could
face
potential
challenges.
The
impact
of
the
Fed’s
rate
hikes
has
yet
to
be
fully
felt
in
the
economy,
and
while
the
regional
banking
turmoil
appears
to
have
been
contained
by
the
swift
actions
of
regulators,
it
could
weigh
on
credit
conditions.
Moreover,
market
consensus
still
seems
to
point
to
a
coming
recession,
although
hopes
have
emerged
that
such
a
downturn
could
be
more
modest.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
You
may
notice
that
this
report
no
longer
contains
the
commentary
on
your
fund’s
performance
and
positioning
that
we
previously
included
in
the
semiannual
shareholder
letters.
The
Securities
and
Exchange
Commission
(SEC)
adopted
new
rules
in
January
that
will
require
fund
reports
to
transition
to
a
new
format
known
as
a
Tailored
Shareholder
Report.
This
change
will
require
a
much
more
concise
summary
of
performance
rather
than
the
level
of
detail
we
have
provided
historically
while
also
aiming
to
be
more
visually
engaging.
As
we
prepare
to
make
changes
to
the
annual
reports
to
meet
the
new
report
regulatory
requirements
by
mid-2024,
we
felt
the
time
was
right
to
discontinue
the
optional
six-month
semiannual
fund
letter
to
focus
on
the
changes
to
come.
While
semiannual
fund
letters
will
no
longer
be
produced,
you
may
continue
to
access
current
fund
information
as
well
as
insights
and
perspectives
from
our
investment
team
on
our
personal
investing
website.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Portfolio
Summary
Note:
Copyright
©
2023
Fitch
Ratings,
Inc.,
Fitch
Ratings
Ltd.
and
its
subsidiaries.
Note:
©
2023,
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Corporation,
Moody’s
Investors
Service,
Inc.,
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Inc.
and/or
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by
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Note:
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©
2023,
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Global
Market
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as
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Reproduction
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(negligent
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In
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losses
(including
lost
income
or
lost
profit
and
opportunity
costs)
in
connection
with
any
use
of
the
Content.
A
reference
to
a
particular
investment
or
security,
a
rating
or
any
observation
concerning
an
investment
that
is
part
of
the
Content
is
not
a
recommendation
to
buy,
sell
or
hold
such
investment
or
security,
does
not
address
the
appropriateness
of
an
investment
or
security
and
should
not
be
relied
on
as
investment
advice.
Credit
ratings
are
statements
of
opinions
and
are
not
statements
of
fact.
CREDIT
QUALITY
DIVERSIFICATION
Sources:
Credit
ratings
for
the
securities
held
in
the
fund
are
provided
by
Moody’s,
Standard
&
Poor’s,
and
Fitch
and
are
converted
to
the
Standard
&
Poor’s
nomenclature.
A
rating
of
AAA
represents
the
highest-rated
securities,
and
a
rating
of
D
represents
the
lowest-rated
securities.
If
the
rating
agencies
differ,
the
highest
rating
is
applied
to
the
security.
If
a
rating
is
not
available,
the
security
is
classified
as
Not
Rated.
T.
Rowe
Price
uses
the
rating
of
the
underlying
investment
vehicle
to
determine
the
creditworthiness
of
credit
default
swaps.
The
fund
is
not
rated
by
any
agency.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
INSTITUTIONAL
EMERGING
MARKETS
BOND
FUND
Beginning
Account
Value
1/1/23
Ending
Account
Value
6/30/23
Expenses
Paid
During
Period*
1/1/23
to
6/30/23
Actual
$1,000.00
$1,041.10
$3.54
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.32
3.51
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period
(0.70%),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(181),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
6
Months
.
Ended
6/30/23
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
6
.28
$
8
.01
$
8
.56
$
8
.58
$
8
.04
$
9
.04
Investment
activities
Net
investment
income
(1)(2)
0
.17
0
.33
0
.37
0
.40
0
.46
0
.42
Net
realized
and
unrealized
gain/
loss
0
.08
(
1
.72
)
(
0
.54
)
(
0
.01
)
0
.54
(
0
.92
)
Total
from
investment
activities
0
.25
(
1
.39
)
(
0
.17
)
0
.39
1
.00
(
0
.50
)
Distributions
Net
investment
income
(
0
.17
)
(
0
.34
)
(
0
.38
)
(
0
.39
)
(
0
.45
)
(
0
.45
)
Net
realized
gain
–
–
–
–
–
(
0
.05
)
Tax
return
of
capital
–
–
–
(3)
(
0
.02
)
(
0
.01
)
–
Total
distributions
(
0
.17
)
(
0
.34
)
(
0
.38
)
(
0
.41
)
(
0
.46
)
(
0
.50
)
NET
ASSET
VALUE
End
of
period
$
6
.36
$
6
.28
$
8
.01
$
8
.56
$
8
.58
$
8
.04
Ratios/Supplemental
Data
Total
return
(2)(4)
4
.11
%
(
17
.39
)
%
(
2
.06
)
%
4
.99
%
12
.68
%
(
5
.61
)
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.70
%
(5)
0
.70
%
0
.70
%
0
.70
%
0
.70
%
0
.70
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.70
%
(5)
0
.70
%
0
.70
%
0
.70
%
0
.70
%
0
.70
%
Net
investment
income
5
.58
%
(5)
5
.04
%
4
.51
%
5
.02
%
5
.45
%
4
.93
%
Portfolio
turnover
rate
11
.9
%
43
.1
%
37
.7
%
58
.0
%
44
.7
%
41
.1
%
Net
assets,
end
of
period
(in
thousands)
$
347,538
$
358,016
$
490,849
$
441,677
$
485,686
$
425,745
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
June
30,
2023
(Unaudited)
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
1,978
Republic
of
Albania,
3.50%,
11/23/31
(EUR)
(1)
1,925,000
1,755
Republic
of
Albania,
3.50%,
11/23/31
(EUR)
2,270,000
2,069
Total
Albania
(Cost
$6,616
)
5,802
ANGOLA
2.1%
Government
Bonds
2.1%
Republic
of
Angola,
8.00%,
11/26/29
(USD)
2,410,000
2,049
Republic
of
Angola,
8.25%,
5/9/28
(USD)
3,840,000
3,417
Republic
of
Angola,
8.75%,
4/14/32
(USD)
(1)
530,000
447
Republic
of
Angola,
9.125%,
11/26/49
(USD)
1,700,000
1,315
Total
Angola
(Cost
$7,557
)
7,228
ARGENTINA
1.1%
Government
Bonds
1.1%
Republic
of
Argentina,
STEP,
0.50%,
7/9/30
(USD)
1,610,121
539
Republic
of
Argentina,
STEP,
1.50%,
7/9/35
(USD)
2,600,026
782
Republic
of
Argentina,
STEP,
3.875%,
1/9/38
(USD)
7,020,959
2,493
Republic
of
Argentina,
Series
$GDP,
0.00%,
12/15/35
(USD)
(2)(3)
4,020,000
54
Total
Argentina
(Cost
$6,620
)
3,868
AZERBAIJAN
0.3%
Government
Bonds
0.3%
Republic
of
Azerbaijan,
3.50%,
9/1/32
(USD)
1,300,000
1,115
Total
Azerbaijan
(Cost
$1,108
)
1,115
BAHAMAS
0.6%
Government
Bonds
0.6%
Commonwealth
of
Bahamas,
6.00%,
11/21/28
(USD)
(1)
2,710,000
2,188
Total
Bahamas
(Cost
$2,799
)
2,188
BAHRAIN
2.6%
Government
Bonds
2.6%
Kingdom
of
Bahrain,
5.625%,
5/18/34
(USD)
(1)
3,750,000
3,275
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Kingdom
of
Bahrain,
6.75%,
9/20/29
(USD)
1,710,000
1,702
Kingdom
of
Bahrain,
7.00%,
10/12/28
(USD)
2,905,000
2,982
Kingdom
of
Bahrain,
7.50%,
9/20/47
(USD)
1,225,000
1,119
Total
Bahrain
(Cost
$9,677
)
9,078
BARBADOS
0.1%
Government
Bonds
0.1%
Government
of
Barbados,
6.50%,
10/1/29
(USD)
(1)
275,000
260
Total
Barbados
(Cost
$278
)
260
BERMUDA
0.5%
Government
Bonds
0.5%
Government
of
Bermuda,
5.00%,
7/15/32
(USD)
1,800,000
1,760
Total
Bermuda
(Cost
$1,786
)
1,760
BRAZIL
2.8%
Convertible
Bonds
0.2%
MercadoLibre,
2.00%,
8/15/28
(USD)
179,000
491
491
Corporate
Bonds
1.5%
Braskem
Netherlands
Finance,
7.25%,
2/13/33
(USD)
(1)
885,000
870
Cosan
Overseas,
8.25%
(USD)
(4)
430,000
428
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
3,225,000
2,571
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD)
(1)
500,000
390
Sitios
Latinoamerica,
5.375%,
4/4/32
(USD)
(1)
1,200,000
1,088
5,347
Government
Bonds
1.1%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/29
2,850,000
582
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31
12,975,000
2,636
Republic
of
Brazil,
5.00%,
1/27/45
(USD)
823,000
644
3,862
Total
Brazil
(Cost
$9,906
)
9,700
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
BULGARIA
0.4%
Government
Bonds
0.4%
Republic
of
Bulgaria,
4.50%,
1/27/33
(EUR)
(1)
1,365,000
1,478
Total
Bulgaria
(Cost
$1,435
)
1,478
CHILE
3.3%
Corporate
Bonds
2.7%
AES
Andes,
VR,
6.35%,
10/7/79
(USD)
(1)(5)
725,000
668
AES
Andes,
VR,
7.125%,
3/26/79
(USD)
(1)(5)
1,700,000
1,573
Agrosuper,
4.60%,
1/20/32
(USD)
(1)
1,400,000
1,188
Banco
Santander
Chile,
3.177%,
10/26/31
(USD)
(1)
1,500,000
1,301
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30
(USD)
(1)
1,200,000
1,072
Celulosa
Arauco
y
Constitucion,
5.15%,
1/29/50
(USD)
1,000,000
810
Corp.
Nacional
del
Cobre
de
Chile,
5.125%,
2/2/33
(USD)
(1)
500,000
494
Empresa
de
los
Ferrocarriles
del
Estado,
3.068%,
8/18/50
(USD)
1,520,000
930
Empresa
de
Transporte
de
Pasajeros
Metro,
3.693%,
9/13/61
(USD)
(1)
800,000
526
Empresa
de
Transporte
de
Pasajeros
Metro,
4.70%,
5/7/50
(USD)
(1)
945,000
784
9,346
Government
Bonds
0.6%
Republic
of
Chile,
3.25%,
9/21/71
(USD)
1,200,000
782
Republic
of
Chile,
3.50%,
1/31/34
(USD)
310,000
274
Republic
of
Chile,
4.00%,
1/31/52
(USD)
350,000
286
Republic
of
Chile,
4.95%,
1/5/36
(USD)
620,000
613
1,955
Total
Chile
(Cost
$13,094
)
11,301
CHINA
1.0%
Corporate
Bonds
0.1%
Health
&
Happiness
H&H
International
Holdings,
5.625%,
10/24/24
(USD)
280,000
258
258
Government
Bonds
0.9%
People's
Republic
of
China,
Series
INBK,
3.27%,
11/19/30
7,600,000
1,097
Par/Shares
$
Value
(Cost
and
value
in
$000s)
People's
Republic
of
China,
Series
1916,
3.12%,
12/5/26
16,100,000
2,274
3,371
Total
China
(Cost
$3,998
)
3,629
COLOMBIA
4.9%
Corporate
Bonds
1.4%
Banco
Davivienda,
VR,
6.65%
(USD)
(1)(4)(5)
1,975,000
1,455
Banco
de
Bogota,
6.25%,
5/12/26
(USD)
1,000,000
967
Bancolombia,
VR,
4.625%,
12/18/29
(USD)
(5)
920,000
784
Ecopetrol,
4.625%,
11/2/31
(USD)
1,460,000
1,128
Ecopetrol,
6.875%,
4/29/30
(USD)
200,000
183
Ecopetrol,
8.875%,
1/13/33
(USD)
390,000
386
4,903
Government
Bonds
3.3%
Republic
of
Colombia,
3.00%,
1/30/30
(USD)
1,625,000
1,267
Republic
of
Colombia,
3.125%,
4/15/31
(USD)
2,100,000
1,589
Republic
of
Colombia,
4.125%,
5/15/51
(USD)
880,000
529
Republic
of
Colombia,
4.50%,
3/15/29
(USD)
200,000
176
Republic
of
Colombia,
5.00%,
6/15/45
(USD)
4,425,000
3,092
Republic
of
Colombia,
6.125%,
1/18/41
(USD)
2,320,000
1,896
Republic
of
Colombia,
Series
B,
7.00%,
3/26/31
14,507,400,000
2,934
11,483
Private
Investment
Company
0.2%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/1/22,
Cost $121
(USD)
(3)(6)(7)
†
147
Bona
Fide
Investments
Holding
LLC,
Acquisition
date:
6/7/23,
Cost $331
(USD)
(3)(6)(7)
†
331
478
Total
Colombia
(Cost
$18,568
)
16,864
DOMINICAN
REPUBLIC
4.8%
Government
Bonds
4.8%
Dominican
Republic,
4.50%,
1/30/30
(USD)
(1)
2,245,000
1,973
Dominican
Republic,
4.875%,
9/23/32
(USD)
(1)
3,405,000
2,906
Dominican
Republic,
4.875%,
9/23/32
(USD)
5,950,000
5,079
Dominican
Republic,
5.875%,
1/30/60
(USD)
5,200,000
4,043
Dominican
Republic,
6.85%,
1/27/45
(USD)
2,775,000
2,526
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Dominican
Republic,
7.05%,
2/3/31
(USD)
(1)
160,000
160
Total
Dominican
Republic
(Cost
$17,348
)
16,687
ECUADOR
1.1%
Government
Bonds
1.1%
Republic
of
Ecuador,
STEP,
2.50%,
7/31/35
(USD)
(1)
6,052,685
2,115
Republic
of
Ecuador,
STEP,
2.50%,
7/31/35
(USD)
1,075,000
376
Republic
of
Ecuador,
STEP,
5.50%,
7/31/30
(USD)
(1)
2,939,550
1,428
Total
Ecuador
(Cost
$7,489
)
3,919
EGYPT
1.1%
Government
Bonds
1.1%
Arab
Republic
of
Egypt,
5.875%,
2/16/31
(USD)
575,000
318
Arab
Republic
of
Egypt,
6.588%,
2/21/28
(USD)
1,225,000
808
Arab
Republic
of
Egypt,
7.903%,
2/21/48
(USD)
(1)
800,000
413
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD)
(1)
3,050,000
1,629
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD)
1,390,000
742
Total
Egypt
(Cost
$6,956
)
3,910
EL
SALVADOR
1.0%
Government
Bonds
1.0%
Republic
of
El
Salvador,
5.875%,
1/30/25
(USD)
2,410,000
2,144
Republic
of
El
Salvador,
7.65%,
6/15/35
(USD)
2,295,000
1,363
Total
El
Salvador
(Cost
$3,398
)
3,507
GHANA
0.3%
Corporate
Bonds
0.2%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
700,000
616
616
Government
Bonds
0.1%
Republic
of
Ghana,
10.75%,
10/14/30
(USD)
830,000
561
561
Total
Ghana
(Cost
$1,268
)
1,177
Par/Shares
$
Value
(Cost
and
value
in
$000s)
GRENADA
0.0%
Government
Bonds
0.0%
Government
of
Grenada,
7.00%,
5/12/30
(USD)
133,853
112
Total
Grenada
(Cost
$124
)
112
GUATEMALA
1.1%
Government
Bonds
1.1%
Republic
of
Guatemala,
4.875%,
2/13/28
(USD)
1,050,000
1,001
Republic
of
Guatemala,
4.90%,
6/1/30
(USD)
(1)
1,000,000
935
Republic
of
Guatemala,
5.25%,
8/10/29
(USD)
(1)
230,000
219
Republic
of
Guatemala,
5.375%,
4/24/32
(USD)
1,900,000
1,809
Total
Guatemala
(Cost
$4,270
)
3,964
INDIA
2.9%
Corporate
Bonds
0.8%
ABJA
Investment,
5.45%,
1/24/28
(USD)
1,170,000
1,155
Adani
International
Container
Terminal,
3.00%,
2/16/31
(USD)
754,875
594
Greenko
Power
II,
4.30%,
12/13/28
(USD)
1,066,625
930
2,679
Government
Bonds
2.1%
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD)
(1)
255,000
206
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD)
3,300,000
2,660
Export-Import
Bank
of
India,
3.25%,
1/15/30
(USD)
5,055,000
4,468
7,334
Total
India
(Cost
$11,100
)
10,013
INDONESIA
7.1%
Corporate
Bonds
1.2%
Minejesa
Capital,
5.625%,
8/10/37
(USD)
2,200,000
1,730
Pertamina
Persero,
5.625%,
5/20/43
(USD)
920,000
888
Perusahaan
Listrik
Negara,
4.125%,
5/15/27
(USD)
1,000,000
953
Perusahaan
Listrik
Negara,
4.375%,
2/5/50
(USD)
(1)
400,000
301
Perusahaan
Listrik
Negara,
6.15%,
5/21/48
(USD)
300,000
290
4,162
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds
5.9%
Perusahaan
Penerbit,
2.80%,
6/23/30
(USD)
8,150,000
7,196
Perusahaan
Penerbit,
4.15%,
3/29/27
(USD)
2,995,000
2,943
Perusahaan
Penerbit,
4.40%,
3/1/28
(USD)
200,000
197
Perusahaan
Penerbit,
4.45%,
2/20/29
(USD)
1,800,000
1,773
Perusahaan
Penerbit,
4.55%,
3/29/26
(USD)
1,350,000
1,343
Republic
of
Indonesia,
4.55%,
1/11/28
(USD)
900,000
890
Republic
of
Indonesia,
4.625%,
4/15/43
(USD)
2,425,000
2,308
Republic
of
Indonesia,
5.25%,
1/17/42
(USD)
1,500,000
1,500
Republic
of
Indonesia,
Series
FR64,
6.125%,
5/15/28
35,324,000,000
2,369
20,519
Total
Indonesia
(Cost
$27,792
)
24,681
ISRAEL
0.4%
Corporate
Bonds
0.4%
ICL
Group,
6.375%,
5/31/38
(USD)
(1)
1,400,000
1,406
Total
Israel
(Cost
$1,511
)
1,406
IVORY
COAST
2.8%
Government
Bonds
2.8%
Republic
of
Ivory
Coast,
4.875%,
1/30/32
(EUR)
1,155,000
984
Republic
of
Ivory
Coast,
6.125%,
6/15/33
(USD)
7,375,000
6,481
Republic
of
Ivory
Coast,
6.625%,
3/22/48
(EUR)
2,760,000
2,143
Total
Ivory
Coast
(Cost
$10,027
)
9,608
JAMAICA
0.5%
Corporate
Bonds
0.2%
TransJamaican
Highway,
5.75%,
10/10/36
(USD)
(1)
345,953
286
TransJamaican
Highway,
5.75%,
10/10/36
(USD)
374,004
309
595
Government
Bonds
0.3%
Government
of
Jamaica,
6.75%,
4/28/28
(USD)
1,100,000
1,153
1,153
Total
Jamaica
(Cost
$1,967
)
1,748
Par/Shares
$
Value
(Cost
and
value
in
$000s)
JORDAN
2.1%
Government
Bonds
2.1%
Kingdom
of
Jordan,
5.85%,
7/7/30
(USD)
6,475,000
5,949
Kingdom
of
Jordan,
7.50%,
1/13/29
(USD)
(1)
1,400,000
1,411
Total
Jordan
(Cost
$8,091
)
7,360
KAZAKHSTAN
0.3%
Corporate
Bonds
0.3%
KazMunayGas
National,
3.50%,
4/14/33
(USD)
1,200,000
932
KazMunayGas
National,
5.75%,
4/19/47
(USD)
335,000
274
Total
Kazakhstan
(Cost
$1,548
)
1,206
KENYA
0.6%
Government
Bonds
0.6%
Republic
of
Kenya,
7.25%,
2/28/28
(USD)
2,444,000
2,126
Total
Kenya
(Cost
$2,173
)
2,126
KUWAIT
0.3%
Corporate
Bonds
0.3%
MEGlobal
Canada,
5.875%,
5/18/30
(USD)
(1)
245,000
248
MEGlobal
Canada,
5.875%,
5/18/30
(USD)
800,000
810
Total
Kuwait
(Cost
$1,143
)
1,058
MEXICO
7.4%
Corporate
Bonds
3.2%
Axtel,
6.375%,
11/14/24
(USD)
(1)
505,000
515
Banco
Mercantil
del
Norte,
VR,
7.625%
(USD)
(4)(5)
500,000
456
Banco
Mercantil
del
Norte,
VR,
8.375%
(USD)
(4)(5)
575,000
537
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD)
(5)
2,975,000
2,584
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD)
(5)
750,000
668
BBVA
Bancomer,
VR,
8.45%,
6/29/38
(USD)
(1)(5)
560,000
561
Cemex,
5.45%,
11/19/29
(USD)
700,000
676
Cometa
Energia,
6.375%,
4/24/35
(USD)
(1)
944,150
917
Infraestructura
Energetica
Nova,
4.75%,
1/15/51
(USD)
1,375,000
1,015
Mexico
City
Airport
Trust,
5.50%,
7/31/47
(USD)
3,428,000
2,999
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Petroleos
Mexicanos,
6.84%,
1/23/30
(USD)
270,000
215
11,143
Government
Bonds
4.2%
Petroleos
Mexicanos,
4.50%,
1/23/26
(USD)
2,825,000
2,528
Petroleos
Mexicanos,
5.50%,
6/27/44
(USD)
1,460,000
842
Petroleos
Mexicanos,
5.625%,
1/23/46
(USD)
3,460,000
1,990
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
2,875,000
2,560
Petroleos
Mexicanos,
8.75%,
6/2/29
(USD)
2,855,000
2,586
Petroleos
Mexicanos,
Series
13-2,
7.19%,
9/12/24
2,700,000
146
United
Mexican
States,
6.35%,
2/9/35
(USD)
1,710,000
1,802
United
Mexican
States,
Series
M,
7.75%,
5/29/31
41,300,000
2,284
14,738
Total
Mexico
(Cost
$28,736
)
25,881
MONGOLIA
0.2%
Government
Bonds
0.2%
State
of
Mongolia,
4.45%,
7/7/31
(USD)
926,000
720
Total
Mongolia
(Cost
$769
)
720
MOROCCO
2.1%
Government
Bonds
2.1%
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD)
(1)
1,300,000
1,031
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD)
2,670,000
2,118
Kingdom
of
Morocco,
4.00%,
12/15/50
(USD)
4,480,000
3,023
Kingdom
of
Morocco,
6.50%,
9/8/33
(USD)
(1)
1,050,000
1,084
Total
Morocco
(Cost
$7,885
)
7,256
NIGERIA
0.7%
Government
Bonds
0.7%
Republic
of
Nigeria,
7.875%,
2/16/32
(USD)
2,950,000
2,481
Total
Nigeria
(Cost
$2,119
)
2,481
OMAN
4.4%
Corporate
Bonds
0.4%
OmGrid
Funding,
5.196%,
5/16/27
(USD)
500,000
484
Oryx
Funding,
5.80%,
2/3/31
(USD)
(1)
200,000
194
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Oryx
Funding,
5.80%,
2/3/31
(USD)
700,000
677
1,355
Government
Bonds
4.0%
Sultanate
of
Oman,
4.75%,
6/15/26
(USD)
900,000
876
Sultanate
of
Oman,
5.375%,
3/8/27
(USD)
5,380,000
5,288
Sultanate
of
Oman,
5.625%,
1/17/28
(USD)
1,400,000
1,387
Sultanate
of
Oman,
6.00%,
8/1/29
(USD)
1,100,000
1,103
Sultanate
of
Oman,
6.25%,
1/25/31
(USD)
(1)
710,000
722
Sultanate
of
Oman,
6.50%,
3/8/47
(USD)
3,060,000
2,861
Sultanate
of
Oman,
6.75%,
10/28/27
(USD)
1,700,000
1,759
13,996
Total
Oman
(Cost
$15,611
)
15,351
PAKISTAN
0.3%
Government
Bonds
0.3%
Islamic
Republic
of
Pakistan,
7.875%,
3/31/36
(USD)
1,936,000
898
Total
Pakistan
(Cost
$2,055
)
898
PANAMA
3.5%
Corporate
Bonds
0.6%
Aeropuerto
Internacional
de
Tocumen,
4.00%,
8/11/41
(USD)
(1)
520,000
417
Banco
General,
VR,
5.25%
(USD)
(1)
(4)(5)
905,000
783
Banco
Nacional
de
Panama,
2.50%,
8/11/30
(USD)
(1)
1,105,000
870
2,070
Government
Bonds
2.9%
Republic
of
Panama,
2.252%,
9/29/32
(USD)
4,650,000
3,565
Republic
of
Panama,
4.50%,
1/19/63
(USD)
1,750,000
1,285
Republic
of
Panama,
6.40%,
2/14/35
(USD)
4,950,000
5,174
10,024
Total
Panama
(Cost
$13,039
)
12,094
PARAGUAY
1.5%
Corporate
Bonds
0.3%
Telefonica
Celular
del
Paraguay,
5.875%,
4/15/27
(USD)
(1)
1,005,000
923
923
Government
Bonds
1.2%
Republic
of
Paraguay,
4.95%,
4/28/31
(USD)
(1)
840,000
809
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Paraguay,
5.40%,
3/30/50
(USD)
3,655,000
3,132
Republic
of
Paraguay,
5.85%,
8/21/33
(USD)
(1)
290,000
290
4,231
Total
Paraguay
(Cost
$6,044
)
5,154
PERU
1.2%
Corporate
Bonds
0.1%
Lima
Metro
Line
2
Finance,
5.875%,
7/5/34
(USD)
298,274
290
290
Government
Bonds
1.1%
Republic
of
Peru,
2.78%,
12/1/60
(USD)
3,010,000
1,848
Republic
of
Peru,
3.30%,
3/11/41
(USD)
1,400,000
1,083
Republic
of
Peru,
3.55%,
3/10/51
(USD)
590,000
444
Republic
of
Peru,
6.15%,
8/12/32
2,220,000
585
3,960
Total
Peru
(Cost
$5,476
)
4,250
PHILIPPINES
2.0%
Corporate
Bonds
1.1%
Globe
Telecom,
3.00%,
7/23/35
(USD)
1,600,000
1,204
International
Container
Terminal
Services,
4.75%,
6/17/30
(USD)
1,160,000
1,127
Manila
Water,
4.375%,
7/30/30
(USD)
1,600,000
1,476
3,807
Government
Bonds
0.9%
Republic
of
Philippines,
2.65%,
12/10/45
(USD)
4,175,000
2,819
Republic
of
Philippines,
4.625%,
7/17/28
(USD)
200,000
201
3,020
Total
Philippines
(Cost
$8,459
)
6,827
POLAND
0.5%
Government
Bonds
0.5%
Republic
of
Poland,
3.875%,
2/14/33
(EUR)
960,000
1,043
Republic
of
Poland,
5.50%,
4/4/53
(USD)
520,000
525
Total
Poland
(Cost
$1,534
)
1,568
QATAR
2.5%
Corporate
Bonds
1.0%
Qatar
Energy,
2.25%,
7/12/31
(USD)
(1)
1,210,000
1,016
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Qatar
Energy,
2.25%,
7/12/31
(USD)
1,250,000
1,050
QatarEnergy,
3.125%,
7/12/41
(USD)
(1)
1,760,000
1,350
3,416
Government
Bonds
1.5%
State
of
Qatar,
4.40%,
4/16/50
(USD)
1,550,000
1,413
State
of
Qatar,
4.817%,
3/14/49
(USD)
4,000,000
3,853
5,266
Total
Qatar
(Cost
$11,580
)
8,682
ROMANIA
1.7%
Government
Bonds
1.7%
Republic
of
Romania,
2.875%,
4/13/42
(EUR)
(1)
610,000
411
Republic
of
Romania,
3.00%,
2/14/31
(USD)
710,000
590
Republic
of
Romania,
3.375%,
1/28/50
(EUR)
2,935,000
2,013
Republic
of
Romania,
4.00%,
2/14/51
(USD)
(1)
926,000
664
Republic
of
Romania,
4.00%,
2/14/51
(USD)
3,018,000
2,162
Total
Romania
(Cost
$7,822
)
5,840
SAUDI
ARABIA
2.2%
Government
Bonds
2.2%
Kingdom
of
Saudi
Arabia,
3.25%,
10/26/26
(USD)
1,900,000
1,804
Kingdom
of
Saudi
Arabia,
3.45%,
2/2/61
(USD)
(1)
1,265,000
892
Kingdom
of
Saudi
Arabia,
3.75%,
1/21/55
(USD)
500,000
379
Kingdom
of
Saudi
Arabia,
4.50%,
4/22/60
(USD)
(1)
585,000
508
Kingdom
of
Saudi
Arabia,
5.00%,
4/17/49
(USD)
1,150,000
1,073
Saudi
Arabian
Oil,
3.50%,
4/16/29
(USD)
2,000,000
1,846
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
1,250,000
1,105
Total
Saudi
Arabia
(Cost
$8,775
)
7,607
SENEGAL
2.3%
Government
Bonds
2.3%
Republic
of
Senegal,
6.25%,
5/23/33
(USD)
9,325,000
7,830
Total
Senegal
(Cost
$8,381
)
7,830
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SERBIA
1.4%
Government
Bonds
1.4%
Republic
of
Serbia,
2.125%,
12/1/30
(USD)
5,450,000
4,202
Republic
of
Serbia,
6.25%,
5/26/28
(USD)
(1)
680,000
678
Total
Serbia
(Cost
$5,540
)
4,880
SOUTH
AFRICA
2.1%
Corporate
Bonds
0.3%
Transnet,
8.25%,
2/6/28
(USD)
(1)
1,035,000
1,008
1,008
Government
Bonds
1.8%
Republic
of
South
Africa,
5.65%,
9/27/47
(USD)
2,470,000
1,753
Republic
of
South
Africa,
5.875%,
4/20/32
(USD)
1,600,000
1,421
Republic
of
South
Africa,
6.25%,
3/8/41
(USD)
450,000
366
Republic
of
South
Africa,
7.30%,
4/20/52
(USD)
1,680,000
1,416
Republic
of
South
Africa,
Series
2030,
8.00%,
1/31/30
24,979,000
1,173
6,129
Total
South
Africa
(Cost
$8,013
)
7,137
SOUTH
KOREA
0.3%
Corporate
Bonds
0.1%
POSCO,
5.75%,
1/17/28
(USD)
(1)
200,000
203
203
Government
Bonds
0.2%
Export-Import
Bank
of
Korea,
5.00%,
1/11/28
(USD)
350,000
351
Export-Import
Bank
of
Korea,
5.125%,
1/11/33
(USD)
400,000
411
762
Total
South
Korea
(Cost
$950
)
965
SRI
LANKA
1.4%
Corporate
Bonds
0.1%
SriLankan
Airlines,
7.00%,
6/25/24
(USD)
(8)
438,000
217
217
Government
Bonds
1.3%
Republic
of
Sri
Lanka,
6.125%,
6/3/25
(USD)
(3)(8)
2,505,000
1,195
Republic
of
Sri
Lanka,
6.825%,
7/18/26
(USD)
(3)(8)
200,000
95
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Sri
Lanka,
6.85%,
11/3/25
(USD)
(3)(8)
7,180,000
3,421
4,711
Total
Sri
Lanka
(Cost
$6,768
)
4,928
SUPRANATIONAL
0.3%
Government
Bonds
0.3%
International
Bank
for
Reconstruction
&
Development,
Zero
Coupon,
3/31/27
(USD)
1,175,000
1,054
Total
Supranational
(Cost
$1,027
)
1,054
SURINAME
0.8%
Government
Bonds
0.8%
Republic
of
Suriname,
9.25%,
10/26/26
(USD)
(3)(8)
2,859,000
2,430
Republic
of
Suriname,
12.875%,
12/30/23
(USD)
(3)(8)
200,000
170
Republic
of
Suriname,
12.875%,
12/30/23
(USD)
(1)(3)(8)
325,000
276
Total
Suriname
(Cost
$2,625
)
2,876
TANZANIA
0.3%
Convertible
Bonds
0.1%
HTA
Group,
2.875%,
3/18/27
(USD)
400,000
324
324
Corporate
Bonds
0.2%
HTA
Group,
7.00%,
12/18/25
(USD)
(1)
810,000
769
769
Total
Tanzania
(Cost
$1,225
)
1,093
THAILAND
1.1%
Corporate
Bonds
1.1%
Bangkok
Bank,
VR,
3.466%,
9/23/36
(USD)
(1)(5)
880,000
718
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD)
(5)
1,500,000
1,273
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD)
(1)
965,000
616
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD)
1,700,000
1,086
Total
Thailand
(Cost
$4,589
)
3,693
TURKEY
2.6%
Government
Bonds
2.6%
Republic
of
Turkey,
4.25%,
4/14/26
(USD)
3,050,000
2,733
Republic
of
Turkey,
5.95%,
1/15/31
(USD)
1,200,000
1,015
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Turkey,
6.00%,
1/14/41
(USD)
2,600,000
1,922
Republic
of
Turkey,
8.60%,
9/24/27
(USD)
1,150,000
1,133
Republic
of
Turkey,
9.375%,
3/14/29
(USD)
1,125,000
1,130
Republic
of
Turkey,
9.375%,
1/19/33
(USD)
950,000
955
Total
Turkey
(Cost
$9,808
)
8,888
UNITED
ARAB
EMIRATES
1.7%
Corporate
Bonds
1.6%
Abu
Dhabi
Ports,
2.50%,
5/6/31
(USD)
1,900,000
1,614
DP
World
Crescent,
3.875%,
7/18/29
(USD)
1,950,000
1,850
Emirates
NBD
Bank,
VR,
6.125%
(USD)
(4)(5)
1,100,000
1,087
Ruwais
Power,
6.00%,
8/31/36
(USD)
1,020,000
1,063
5,614
Government
Bonds
0.1%
Emirate
of
Dubai,
3.90%,
9/9/50
(USD)
230,000
167
167
Total
United
Arab
Emirates
(Cost
$6,583
)
5,781
UNITED
KINGDOM
0.0%
Common
Stocks
0.0%
Mriya
Farming,
Recovery
Certificates,
Acquisition
date:
8/23/18,
Cost $—
(EUR)
(3)(6)(7)
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
600
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29
(1)
1,045,000
870
Total
United
States
(Cost
$1,675
)
1,470
URUGUAY
0.5%
Government
Bonds
0.5%
Oriental
Republic
of
Uruguay,
5.75%,
10/28/34
(USD)
1,580,000
1,710
Total
Uruguay
(Cost
$1,666
)
1,710
Par/Shares
$
Value
(Cost
and
value
in
$000s)
VENEZUELA
1.0%
Corporate
Bonds
0.0%
Electricidad
de
Caracas,
8.50%,
4/10/18
(USD)
(3)(8)
800,000
12
12
Government
Bonds
1.0%
Petroleos
de
Venezuela,
5.375%,
4/12/27
(USD)
(3)(8)
3,600,000
127
Petroleos
de
Venezuela,
6.00%,
5/16/24
(USD)
(3)(8)
10,960,000
425
Petroleos
de
Venezuela,
6.00%,
11/15/26
(USD)
(3)(8)
2,950,000
103
Petroleos
de
Venezuela,
8.50%,
10/27/20
(USD)
(3)(8)
2,355,500
954
Petroleos
de
Venezuela,
9.00%,
11/17/21
(USD)
(3)(8)
24,590,000
953
Petroleos
de
Venezuela,
9.75%,
5/17/35
(USD)
(3)(8)
985,000
39
Petroleos
de
Venezuela,
12.75%,
2/17/22
(USD)
(3)(8)
3,430,000
136
Republic
of
Venezuela,
6.00%,
12/9/20
(USD)
(3)(8)
3,350,000
209
Republic
of
Venezuela,
7.75%,
10/13/19
(USD)
(3)(8)
3,600,000
216
Republic
of
Venezuela,
9.25%,
9/15/27
(USD)
(3)(8)
1,000,000
90
Republic
of
Venezuela,
11.75%,
10/21/26
(USD)
(3)(8)
1,500,000
139
Republic
of
Venezuela,
11.95%,
8/5/31
(USD)
(3)(8)
800,000
74
Republic
of
Venezuela,
12.75%,
8/23/22
(USD)
(3)(8)
550,000
49
3,514
Total
Venezuela
(Cost
$25,116
)
3,526
VIETNAM
0.1%
Corporate
Bonds
0.1%
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD)
(1)
315,000
278
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD)
270,000
238
Total
Vietnam
(Cost
$589
)
516
ZAMBIA
0.5%
Government
Bonds
0.5%
Republic
of
Zambia,
5.375%,
9/20/22
(USD)
(3)(8)
3,429,000
1,809
Total
Zambia
(Cost
$2,220
)
1,809
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS
3.4%
Money
Market
Funds
3.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.13%
(9)(10)
11,752,335
11,752
Total
Short-Term
Investments
(Cost
$11,752)
11,752
Total
Investments
in
Securities
98.2%
of
Net
Assets
(Cost
$408,078)
$
341,270
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
‡
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
$56,421
and
represents
16.2%
of
net
assets.
(2)
GDP-linked
note
provides
for
contingent
payments
linked
to
the
gross
domestic
product
of
the
country
presented;
par
reflects
notional
and
will
not
be
paid
over
the
life
or
at
maturity.
(3)
Non-income
producing
(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
$478
and
represents
0.1%
of
net
assets.
(7)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(8)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(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
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Barclays
Bank
8/25/23
USD
540
EUR
495
$
(
2
)
BNP
Paribas
7/14/23
MXN
1,618
USD
93
1
BNP
Paribas
7/14/23
ZAR
7,840
USD
405
11
BNP
Paribas
8/25/23
USD
13,673
EUR
12,493
3
BNP
Paribas
9/8/23
USD
528
COP
2,414,403
(
39
)
Citibank
7/7/23
USD
549
PEN
2,074
(
22
)
Citibank
9/8/23
USD
1,202
COP
5,432,406
(
75
)
Goldman
Sachs
9/8/23
USD
432
COP
1,846,534
(
2
)
Goldman
Sachs
9/15/23
USD
323
CNH
2,293
6
HSBC
Bank
7/7/23
USD
440
IDR
6,640,403
(
3
)
HSBC
Bank
7/14/23
USD
539
MXN
9,931
(
39
)
HSBC
Bank
9/15/23
USD
3,317
CNH
23,463
68
JPMorgan
Chase
7/7/23
IDR
6,640,403
USD
446
(
3
)
JPMorgan
Chase
10/6/23
USD
446
IDR
6,640,403
5
Morgan
Stanley
7/14/23
USD
1,267
MXN
23,284
(
90
)
Morgan
Stanley
9/5/23
USD
1,037
BRL
5,250
(
46
)
Morgan
Stanley
9/8/23
USD
707
COP
3,219,204
(
50
)
RBC
Dominion
Securities
7/14/23
MXN
8,022
USD
468
(
1
)
RBC
Dominion
Securities
7/14/23
USD
464
MXN
8,513
(
32
)
RBC
Dominion
Securities
10/13/23
USD
460
MXN
8,022
1
State
Street
7/14/23
MXN
24,601
USD
1,434
(
1
)
State
Street
9/5/23
USD
1,376
BRL
6,902
(
48
)
State
Street
10/13/23
USD
858
MXN
14,974
—
State
Street
10/13/23
USD
551
MXN
9,626
—
UBS
Investment
Bank
7/14/23
USD
1,696
ZAR
31,271
37
UBS
Investment
Bank
9/8/23
USD
400
COP
1,810,802
(
26
)
Wells
Fargo
7/7/23
PEN
2,074
USD
570
1
Wells
Fargo
10/6/23
USD
567
PEN
2,074
(
1
)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(
347
)
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
262
U.S.
Treasury
Notes
ten
year
contracts
9/23
(29,414)
$
473
Long,
155
Ultra
U.S.
Treasury
Bonds
contracts
9/23
21,114
221
Net
payments
(receipts)
of
variation
margin
to
date
(
531
)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
163
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
six
months
ended
June
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,
5.13%
$
—
#
$
—
$
210
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
06/30/23
T.
Rowe
Price
Government
Reserve
Fund,
5.13%
$
18,095
¤
¤
$
11,752
^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$210
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
$11,752.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
June
30,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$408,078)
$
341,270
Interest
and
dividends
receivable
5,479
Receivable
for
shares
sold
855
Cash
deposits
on
futures
contracts
672
Receivable
for
investment
securities
sold
417
Variation
margin
receivable
on
futures
contracts
163
Unrealized
gain
on
forward
currency
exchange
contracts
133
Foreign
currency
(cost
$98)
96
Other
assets
102
Total
assets
349,187
Liabilities
Payable
for
investment
securities
purchased
907
Unrealized
loss
on
forward
currency
exchange
contracts
480
Investment
management
and
administrative
fees
payable
240
Payable
for
shares
redeemed
22
Total
liabilities
1,649
NET
ASSETS
$
347,538
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
148,749
)
Paid-in
capital
applicable
to
54,609,573
shares
of
$0.01
par
value
capital
stock
outstanding;
1,000,000,000
shares
of
the
Corporation
authorized
496,287
NET
ASSETS
$
347,538
NET
ASSET
VALUE
PER
SHARE
$
6.36
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/23
Investment
Income
(Loss)
Income
Interest
(net
of
foreign
taxes
of
$4)
$
10,683
Dividend
210
Total
income
10,893
Investment
management
and
administrative
expense
1,218
Net
investment
income
9,675
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(
8,388
)
Futures
(
1,151
)
Forward
currency
exchange
contracts
(
1,019
)
Foreign
currency
transactions
47
Net
realized
loss
(
10,511
)
Change
in
net
unrealized
gain
/
loss
Securities
13,810
Futures
956
Forward
currency
exchange
contracts
250
Other
assets
and
liabilities
denominated
in
foreign
currencies
(
4
)
Change
in
net
unrealized
gain
/
loss
15,012
Net
realized
and
unrealized
gain
/
loss
4,501
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
14,176
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/23
Year
Ended
12/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
9,675
$
20,125
Net
realized
loss
(
10,511
)
(
57,130
)
Change
in
net
unrealized
gain
/
loss
15,012
(
49,434
)
Increase
(decrease)
in
net
assets
from
operations
14,176
(
86,439
)
Distributions
to
shareholders
Net
earnings
(
9,674
)
(
20,522
)
Capital
share
transactions
*
Shares
sold
16,943
59,935
Distributions
reinvested
9,630
19,989
Shares
redeemed
(
41,553
)
(
105,796
)
Decrease
in
net
assets
from
capital
share
transactions
(
14,980
)
(
25,872
)
Net
Assets
Decrease
during
period
(
10,478
)
(
132,833
)
Beginning
of
period
358,016
490,849
End
of
period
$
347,538
$
358,016
*Share
information
(000s)
Shares
sold
2,679
9,059
Distributions
reinvested
1,523
3,077
Shares
redeemed
(
6,606
)
(
16,394
)
Decrease
in
shares
outstanding
(
2,404
)
(
4,258
)
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Global
Funds,
Inc.
(the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Institutional
Emerging
Markets
Bond
Fund
(the
fund)
is a
diversified,
open-end
management
investment
company
established
by
the
corporation. The
fund
seeks
to
provide
high
income
and
capital
appreciation.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis.
Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes.
Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense.
Dividends
received
from other
investment
companies are
reflected
as
dividend
income;
capital
gain
distributions
are
reflected
as
realized
gain/loss.
Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date.
Earnings
on
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
earnings.
Non-
cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received.
Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Income
distributions,
if
any, are
declared daily
and
paid
monthly.
A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
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.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In
June
2022,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
clarifies
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
is
not
considered
in
measuring
fair
value.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023;
however,
the
fund
opted
to
early
adopt,
as
permitted,
effective
December
1,
2022. Adoption
of
the
guidance
did not
have
a
material
impact
on
the fund's
financial
statements.
The
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2020–04,
Reference
Rate
Reform
(Topic
848) –
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting
in
March
2020
and
ASU
2021-01
in
January
2021
which
provided
further
amendments
and
clarifications
to
Topic
848.
These
ASUs provide
optional,
temporary
relief
with
respect
to
the
financial
reporting
of
contracts
subject
to
certain
types
of
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR),
and
other
interbank-offered
based
reference
rates,
through December
31,
2022.
In
December
2022,
FASB
issued
ASU
2022-06
which
defers
the
sunset
date
of
Topic
848
from
December
31,
2022
to
December
31,
2024,
after
which
entities
will
no
longer
be
permitted
to
apply
the
relief
in
Topic
848.
Management
intends
to
rely
upon
the
relief
provided
under
Topic
848,
which
is
not
expected to
have
a
material
impact
on
the fund's
financial statements.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
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 the
fund’s
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
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.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
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.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
June
30,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
June
30,
2023,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
329,040
$
—
$
329,040
Common
Stocks
—
—
—
—
Private
Investment
Company
2
—
—
—
478
Short-Term
Investments
11,752
—
—
11,752
Total
Securities
11,752
329,040
—
341,270
Forward
Currency
Exchange
Contracts
—
133
—
133
Futures
Contracts*
694
—
—
694
Total
$
12,446
$
329,173
$
—
$
342,097
Liabilities
Forward
Currency
Exchange
Contracts
$
—
$
480
$
—
$
480
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.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
June
30,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Futures
$
694
Foreign
exchange
derivatives
Forwards
133
*
Total
$
827
*
Liabilities
Foreign
exchange
derivatives
Forwards
$
480
Total
$
480
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
June
30,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
non-cleared bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’s
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral
may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund’s
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
or
received
by
the
fund
is
held
in
a
segregated
account
at
the
fund’s
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Forward
Currency
Exchange
Contracts
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
(1,151)
$
—
$
(1,151)
Foreign
exchange
derivatives
—
(1,019)
(1,019)
Total
$
(1,151)
$
(1,019)
$
(2,170)
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
956
$
—
$
956
Foreign
exchange
derivatives
—
250
250
Total
$
956
$
250
$
1,206
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
the
contracts
were
cleared,
and
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
June
30,
2023,
no
collateral
was
pledged
by
either
the
fund
or
counterparties for
bilateral
derivatives. As
of
June
30,
2023,
cash
of $672,000 had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
Forward
Currency
Exchange
Contracts
The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund’s
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund’s
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund’s
total
return;
and
the
potential
for
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
June
30,
2023,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
5%
and
9%
of
net
assets.
Futures
Contracts
The
fund
is
subject
to interest
rate
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The
fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rate
and
yield
curve
movements,
security
prices,
foreign
currencies,
credit
quality,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
June
30,
2023,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
10%
and
12%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective,
the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of
the
fund
are
described
more
fully
in
the
fund's
prospectus
and
Statement
of
Additional
Information.
Emerging
and
Frontier
Markets
The fund
invests,
either
directly
or
through
investments
in
other
T.
Rowe
Price
funds,
in
securities
of
companies
located
in,
issued
by
governments
of,
or
denominated
in
or
linked
to
the
currencies
of
emerging
and
frontier
market
countries.
Emerging
markets,
and
to
a
greater
extent
frontier
markets, tend
to
have
economic
structures
that
are
less
diverse
and
mature,
less
developed
legal
and
regulatory
regimes,
and
political
systems
that
are
less
stable,
than
those
of
developed
countries.
These
markets
may
be
subject
to
greater
political,
economic,
and
social
uncertainty
and
differing
accounting
standards
and
regulatory
environments
that
may
potentially
impact
the
fund’s
ability
to
buy
or
sell
certain
securities
or
repatriate
proceeds
to
U.S.
dollars.
Emerging
markets
securities
exchanges
are
more
likely
to
experience
delays
with
the
clearing
and
settling
of
trades,
as
well
as
the
custody
of
holdings
by
local
banks,
agents,
and
depositories.
Such
securities
are
often
subject
to
greater
price
volatility,
less
liquidity,
and
higher
rates
of
inflation
than
U.S.
securities.
Investing
in
frontier
markets
is
typically
significantly
riskier
than
investing
in
other
countries,
including
emerging
markets.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Noninvestment-Grade
Debt
The
fund
invests,
either
directly
or
through
its
investment
in
other
T.
Rowe
Price
funds,
in
noninvestment-grade
debt,
including
“high
yield”
or
“junk”
bonds
or
leveraged
loans.
Noninvestment-grade
debt
issuers
are
more
likely
to
suffer
an
adverse
change
in
financial
condition
that
would
result
in
the
inability
to
meet
a
financial
obligation.
The
noninvestment-
grade
debt
market
may
experience
sudden
and
sharp
price
swings
due
to
a
variety
of
factors
that
may
decrease
the
ability
of
issuers
to
make
principal
and
interest
payments
and
adversely
affect
the
liquidity
or
value,
or
both,
of
such
securities.
Accordingly,
securities
issued
by
such
companies
carry
a
higher
risk
of
default
and
should
be
considered
speculative.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Other
Purchases
and
sales
of
portfolio
securities
other
than
short-term securities
aggregated $39,988,000 and
$50,844,000,
respectively,
for
the
six
months ended
June
30,
2023.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its
taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
December
31,
2022,
the
fund
had
$67,801,000 of
available
capital
loss
carryforwards.
At
June
30,
2023,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$409,131,000.
Net
unrealized
loss
aggregated
$67,506,000
at
period-end,
of
which $4,247,000
related
to
appreciated
investments
and $71,753,000
related
to
depreciated
investments.
NOTE
6
-
FOREIGN
TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund. The
investment
management
and
administrative
agreement
between
the
fund
and
Price
Associates
provides
for
an
all-inclusive
annual
fee
equal
to
0.70%
of
the
fund’s
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly. The
all-inclusive
fee
covers
investment
management
services
and
ordinary,
recurring
operating
expenses
but
does
not
cover
interest
expense;
expenses
related
to
borrowing,
taxes,
and
brokerage;
or
nonrecurring,
extraordinary
expenses.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund.
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
Pursuant
to
the
all-inclusive
fee
arrangement
under
the
investment
management
and
administrative
agreement,
expenses
incurred
by
the
funds
pursuant
to
these
service
agreements
are
paid
by
Price
Associates.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The
fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
June
30,
2023,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
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.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
RESULTS
OF
PROXY
VOTING
A
Special
Meeting
of
Shareholders
was
held
on
July
24,
2023
for
shareholders
of
record
on
April
7,
2023,
to
elect
the
following
director-
nominees
to
serve
on
the
Board
of
all
Price
Funds.
The
newly
elected
Directors
took
office
effective
July
24,
2023.
The
results
of
the
voting
were
as
follows:
Teresa
Bryce
Bazemore,
Bruce
W.
Duncan,
Robert
J.
Gerrard,
Jr.,
Paul
F.
McBride
and
David
Oestreicher
continue
to
serve
as
Directors
on
the
Board
of
all
Price
Funds.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
Votes
For
Votes
Withheld
Melody
Bianchetto
54,016,226
196,144
Mark
J.
Parrell
53,993,698
218,540
Kellye
L.
Walker
54,002,409
210,013
Eric
L.
Veiel
53,709,880
502,305
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
well
as
the
investment
subadvisory
agreements
(Subadvisory
Contracts)
that
the
Adviser
has
entered
into
with
T.
Rowe
Price
International
Ltd
and
T.
Rowe
Price
Hong
Kong
Limited
(Subadvisers)
on
behalf
of
the
fund.
In
that
regard,
at
a
meeting
held
on
March
6–7,
2023
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors,
approved
the
continuation
of
the
fund’s
Advisory
Contract
and
Subadvisory
Contracts.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
Subadvisers
and
the
approval
of
the
Advisory
Contract
and
Subadvisory
Contracts.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
and
Subadvisory
Contracts
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
and
Subadvisers
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
and
Subadvisers
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser
and
Subadvisers.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
and
Subadvisers’
senior
management
teams
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser
and
Subadvisers,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2022. Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2022,
which
ranked
the
returns
of
the
fund
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-dealers
that
execute
the
fund’s
portfolio
transactions,
the
Board
noted
that
the
Adviser
bears
the
cost
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
the
Adviser
an
all-inclusive
management
fee,
which
is
based
on
the
fund’s
average
daily
net
assets.
The
all-inclusive
management
fee
includes
investment
management
services
and
provides
for
the
Adviser
to
pay
all
of
the
fund’s
ordinary,
recurring
operating
expenses
except
for
interest,
taxes,
portfolio
transaction
fees,
and
any
nonrecurring
extraordinary
expenses.
Under
each
Subadvisory
Contract,
the
Adviser
may
pay
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
The
Adviser
has
generally
implemented
an
all-inclusive
management
fee
structure
in
situations
where
a
fixed
total
expense
ratio
is
useful
for
purposes
of
providing
certainty
of
fees
and
expenses
for
the
fund’s
investors
and
has
historically
sought
to
set
the
initial
all-inclusive
management
fee
rate
at
levels
below
the
expense
ratios
of
comparable
funds
to
take
into
account
potential
future
economies
of
scale.
In
addition,
the
assets
of
the
fund
are
included
in
the
calculation
of
the
group
fee
rate,
which
serves
as
a
component
of
the
management
fee
for
many
T.
Rowe
Price
funds
and
declines
at
certain
asset
levels
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund).
Although
the
fund
does
not
have
a
group
fee
component
to
its
management
fee,
its
assets
are
included
in
the
calculation
because
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group)
and
(ii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate,
and
total
expenses
(each
of
which
reflects
the
fund’s
all-inclusive
management
fee
rate)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
third
quintile
(Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
fourth
quintile
(Expense
Group)
and
fifth
quintile
(Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
second
quintile
(Expense
Group
and
Expense
Universe).
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
mutual
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
T.
ROWE
PRICE
Institutional
Emerging
Markets
Bond
Fund
Approval
of
the
Advisory
Contract
and
Subadvisory
Contracts
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
E163-051
8/23
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer,
principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments
were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee
Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not
applicable.
Item 6. Investments.
(a) Not
applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies.
Not applicable.
Item 8. Portfolio
Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of
Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the
registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s
disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the
registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the
registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial
reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment
Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| T. Rowe Price Global Funds, Inc. |
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| By |
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/s/ David Oestreicher |
|
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David Oestreicher |
|
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Principal Executive Officer |
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| Date |
|
August 18, 2023 |
|
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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| By |
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/s/ David Oestreicher |
|
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David Oestreicher |
|
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Principal Executive Officer |
|
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|
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| Date |
|
August 18, 2023 |
|
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| By |
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/s/ Alan S. Dupski |
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Alan S. Dupski |
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Principal Financial Officer |
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| Date |
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August 18, 2023 |
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