T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

March

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ANGOLA

2.5%

Government

Bonds

2.5%

Republic

of

Angola,

8.00%,

11/26/29

(USD) 

3,010,000‌

2,833‌

Republic

of

Angola,

8.25%,

5/9/28

(USD) 

3,490,000‌

3,358‌

Republic

of

Angola,

9.125%,

11/26/49

(USD) 

2,800,000‌

2,612‌

Republic

of

Angola,

9.50%,

11/12/25

(USD) 

2,150,000‌

2,256‌

Total

Angola

(Cost

$10,117

)

11,059‌

ARGENTINA

2.2%

Convertible

Bonds

0.2%

MercadoLibre,

2.00%,

8/15/28

(USD) 

259,000‌

868‌

868‌

Corporate

Bonds

0.4%

YPF,

8.75%,

4/4/24

(USD) 

1,155,000‌

917‌

YPF,

STEP,

4.00%,

2/12/26

(USD) (1)

940,155‌

768‌

1,685‌

Government

Bonds

1.6%

Republic

of

Argentina,

0.00%,

12/15/35

(USD) (2)(3)

4,020,000‌

27‌

Republic

of

Argentina,

1.00%,

7/9/29

(USD) 

2,036,206‌

734‌

Republic

of

Argentina,

STEP,

0.125%,

7/9/30

(USD) 

2,110,121‌

710‌

Republic

of

Argentina,

STEP,

0.125%,

7/9/35

(USD) 

9,600,026‌

2,885‌

Republic

of

Argentina,

STEP,

0.125%,

1/9/38

(USD) 

7,040,959‌

2,592‌

6,948‌

Total

Argentina

(Cost

$13,677

)

9,501‌

BAHAMAS

2.5%

Government

Bonds

2.5%

Commonwealth

of

Bahamas,

6.00%,

11/21/28

(USD) (1)

10,045,000‌

9,641‌

Commonwealth

of

Bahamas,

6.00%,

11/21/28

(USD) 

600,000‌

576‌

Commonwealth

of

Bahamas,

8.95%,

10/15/32

(USD) (1)

800,000‌

854‌

Total

Bahamas

(Cost

$11,671

)

11,071‌

BAHRAIN

1.0%

Government

Bonds

1.0%

Kingdom

of

Bahrain,

7.00%,

10/12/28

(USD) 

1,640,000‌

1,833‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Kingdom

of

Bahrain,

7.50%,

9/20/47

(USD) 

2,500,000‌

2,618‌

Total

Bahrain

(Cost

$4,025

)

4,451‌

BARBADOS

0.3%

Government

Bonds

0.3%

Government

of

Barbados,

6.50%,

10/1/29

(USD) (1)

1,425,000‌

1,453‌

Total

Barbados

(Cost

$1,354

)

1,453‌

BENIN

0.5%

Government

Bonds

0.5%

Republic

of

Benin,

4.875%,

1/19/32

(EUR) (1)

1,860,000‌

2,079‌

Republic

of

Benin,

6.875%,

1/19/52

(EUR) (1)

115,000‌

135‌

Total

Benin

(Cost

$2,374

)

2,214‌

BERMUDA

0.2%

Government

Bonds

0.2%

Government

of

Bermuda,

3.375%,

8/20/50

(USD) (1)

813,000‌

790‌

Total

Bermuda

(Cost

$811

)

790‌

BRAZIL

3.8%

Corporate

Bonds

1.7%

Banco

BTG

Pactual,

VR,

7.75%,

2/15/29

(USD) (1)(4)

400,000‌

424‌

Banco

do

Brasil,

VR,

9.00%

(USD) (4)

(5)

1,950,000‌

2,134‌

Cosan

Overseas,

8.25%

(USD) (5)

430,000‌

441‌

CSN

Resources,

7.625%,

2/13/23

(USD) (1)

250,000‌

260‌

CSN

Resources,

7.625%,

2/13/23

(USD) 

950,000‌

987‌

Embraer

Netherlands

Finance,

5.05%,

6/15/25

(USD) 

1,200,000‌

1,248‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD) 

550,000‌

556‌

Globo

Comunicacao

e

Participacoes,

5.125%,

3/31/27

(USD) 

500,000‌

515‌

Klabin

Austria,

3.20%,

1/12/31

(USD) (1)

240,000‌

228‌

Suzano

Austria,

6.00%,

1/15/29

(USD) 

600,000‌

707‌

7,500‌

Government

Bonds

2.1%

Petrobras

Global

Finance,

6.85%,

6/5/2115

(USD) 

600,000‌

618‌

Republic

of

Brazil,

4.50%,

5/30/29

(USD) 

3,290,000‌

3,391‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Brazil,

4.625%,

1/13/28

(USD) 

500,000‌

529‌

Republic

of

Brazil,

5.00%,

1/27/45

(USD) 

3,023,000‌

2,885‌

Republic

of

Brazil,

5.625%,

1/7/41

(USD) 

1,100,000‌

1,148‌

Republic

of

Brazil,

8.25%,

1/20/34

(USD) 

380,000‌

505‌

9,076‌

Total

Brazil

(Cost

$16,449

)

16,576‌

CHILE

1.1%

Convertible

Bonds

0.1%

Liberty

Latin

America,

2.00%,

7/15/24

(USD) 

410,000‌

407‌

407‌

Corporate

Bonds

1.0%

Celulosa

Arauco

y

Constitucion,

5.15%,

1/29/50

(USD) 

1,000,000‌

1,118‌

Corp

Nacional

del

Cobre

de

Chile,

3.70%,

1/30/50

(USD) (1)

1,930,000‌

1,939‌

Corp

Nacional

del

Cobre

de

Chile,

3.75%,

1/15/31

(USD) (1)

385,000‌

416‌

Empresa

de

Transporte

de

Pasajeros

Metro,

4.70%,

5/7/50

(USD) (1)

945,000‌

1,080‌

4,553‌

Total

Chile

(Cost

$4,830

)

4,960‌

CHINA

3.0%

Convertible

Bonds

0.0%

Huazhu

Group,

3.00%,

5/1/26

(USD) (1)

66,000‌

97‌

97‌

Corporate

Bonds

2.2%

CIFI

Holdings

Group,

6.55%,

3/28/24

(USD) 

1,000,000‌

1,062‌

Country

Garden

Holdings,

4.75%,

1/17/23

(USD) 

750,000‌

769‌

Country

Garden

Holdings,

8.00%,

1/27/24

(USD) 

700,000‌

745‌

Health

&

Happiness

H&H

International

Holdings,

5.625%,

10/24/24

(USD) 

1,000,000‌

1,041‌

Lenovo

Group,

3.421%,

11/2/30

(USD) (1)

460,000‌

463‌

Lenovo

Group,

3.421%,

11/2/30

(USD) 

625,000‌

629‌

Meituan,

2.125%,

10/28/25

(USD) (1)

200,000‌

199‌

State

Grid

Overseas

Investment

2014,

4.85%,

5/7/44

(USD) 

200,000‌

250‌

State

Grid

Overseas

Investment

2016,

4.00%,

5/4/47

(USD) 

800,000‌

895‌

Times

China

Holdings,

6.75%,

7/8/25

(USD) 

1,400,000‌

1,466‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Tingyi

Cayman

Islands

Holding,

1.625%,

9/24/25

(USD) 

774,000‌

760‌

Yanlord

Land,

6.75%,

4/23/23

(USD) 

1,000,000‌

1,035‌

Yuzhou

Group

Holdings,

8.375%,

10/30/24

(USD) 

400,000‌

362‌

9,676‌

Government

Bonds

0.8%

People's

Republic

of

China,

3.12%,

12/5/26 

21,100,000‌

3,226‌

3,226‌

Total

China

(Cost

$12,904

)

12,999‌

COLOMBIA

1.3%

Corporate

Bonds

0.3%

Banco

de

Bogota,

6.25%,

5/12/26

(USD) 

1,000,000‌

1,124‌

Millicom

International

Cellular,

4.50%,

4/27/31

(USD) (1)

200,000‌

208‌

1,332‌

Government

Bonds

1.0%

Republic

of

Colombia,

4.125%,

5/15/51

(USD) 

455,000‌

434‌

Republic

of

Colombia,

5.625%,

2/26/44

(USD) 

1,000,000‌

1,138‌

Republic

of

Colombia,

6.125%,

1/18/41

(USD) 

2,320,000‌

2,761‌

4,333‌

Total

Colombia

(Cost

$5,429

)

5,665‌

CONGO

0.4%

Convertible

Bonds

0.2%

HTA

Group,

2.875%,

3/18/27

(USD) 

800,000‌

894‌

894‌

Corporate

Bonds

0.2%

HTA

Group,

7.00%,

12/18/25

(USD) (1)

810,000‌

863‌

863‌

Total

Congo

(Cost

$1,618

)

1,757‌

COSTA

RICA

0.6%

Government

Bonds

0.6%

Republic

of

Costa

Rica,

7.00%,

4/4/44

(USD) 

1,535,000‌

1,489‌

Republic

of

Costa

Rica,

7.158%,

3/12/45

(USD) 

1,000,000‌

976‌

Total

Costa

Rica

(Cost

$2,514

)

2,465‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

DOMINICAN

REPUBLIC

3.2%

Government

Bonds

3.2%

Dominican

Republic,

4.50%,

1/30/30

(USD) (1)

770,000‌

780‌

Dominican

Republic,

4.875%,

9/23/32

(USD) (1)

680,000‌

696‌

Dominican

Republic,

4.875%,

9/23/32

(USD) 

500,000‌

511‌

Dominican

Republic,

5.95%,

1/25/27

(USD) 

2,130,000‌

2,402‌

Dominican

Republic,

6.00%,

7/19/28

(USD) 

970,000‌

1,095‌

Dominican

Republic,

6.40%,

6/5/49

(USD) (1)

1,000,000‌

1,050‌

Dominican

Republic,

6.50%,

2/15/48

(USD) 

1,050,000‌

1,113‌

Dominican

Republic,

6.85%,

1/27/45

(USD) 

3,625,000‌

4,019‌

Dominican

Republic,

6.875%,

1/29/26

(USD) (1)

1,300,000‌

1,512‌

Dominican

Republic,

7.45%,

4/30/44

(USD) 

850,000‌

1,004‌

Total

Dominican

Republic

(Cost

$12,929

)

14,182‌

ECUADOR

1.3%

Government

Bonds

1.3%

Republic

of

Ecuador,

STEP,

0.50%,

7/31/30

(USD) (1)

3,054,550‌

1,794‌

Republic

of

Ecuador,

STEP,

0.50%,

7/31/35

(USD) (1)

8,847,685‌

4,026‌

Total

Ecuador

(Cost

$8,028

)

5,820‌

EGYPT

3.8%

Government

Bonds

3.8%

Arab

Republic

of

Egypt,

5.875%,

2/16/31

(USD) (1)

540,000‌

507‌

Arab

Republic

of

Egypt,

6.588%,

2/21/28

(USD) 

2,000,000‌

2,057‌

Arab

Republic

of

Egypt,

7.50%,

1/31/27

(USD) 

2,100,000‌

2,285‌

Arab

Republic

of

Egypt,

7.60%,

3/1/29

(USD) 

1,650,000‌

1,761‌

Arab

Republic

of

Egypt,

7.903%,

2/21/48

(USD) (1)

300,000‌

283‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) (1)

3,450,000‌

3,446‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) 

4,230,000‌

4,226‌

Arab

Republic

of

Egypt,

14.051%,

7/21/22 

16,750,000‌

1,073‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Arab

Republic

of

Egypt

Treasury

Bills,

13.559%,

8/17/21 

19,000,000‌

1,155‌

Total

Egypt

(Cost

$16,871

)

16,793‌

EL

SALVADOR

1.7%

Government

Bonds

1.7%

Republic

of

El

Salvador,

5.875%,

1/30/25

(USD) 

1,965,000‌

1,969‌

Republic

of

El

Salvador,

6.375%,

1/18/27

(USD) (1)

2,730,000‌

2,710‌

Republic

of

El

Salvador,

7.65%,

6/15/35

(USD) 

900,000‌

889‌

Republic

of

El

Salvador,

8.625%,

2/28/29

(USD) 

1,800,000‌

1,922‌

Total

El

Salvador

(Cost

$7,783

)

7,490‌

GHANA

3.3%

Government

Bonds

3.3%

Republic

of

Ghana,

6.375%,

2/11/27

(USD) 

6,125,000‌

5,934‌

Republic

of

Ghana,

7.625%,

5/16/29

(USD) 

600,000‌

591‌

Republic

of

Ghana,

8.125%,

1/18/26

(USD) 

5,985,000‌

6,363‌

Republic

of

Ghana,

8.75%,

3/11/61

(USD) 

1,600,000‌

1,488‌

Total

Ghana

(Cost

$12,738

)

14,376‌

GRENADA

0.0%

Government

Bonds

0.0%

Government

of

Grenada,

7.00%,

5/12/30

(USD) 

181,658‌

132‌

Total

Grenada

(Cost

$165

)

132‌

GUATEMALA

0.6%

Government

Bonds

0.6%

Republic

of

Guatemala,

4.875%,

2/13/28

(USD) 

1,300,000‌

1,436‌

Republic

of

Guatemala,

4.90%,

6/1/30

(USD) (1)

1,000,000‌

1,099‌

Total

Guatemala

(Cost

$2,441

)

2,535‌

INDIA

1.8%

Corporate

Bonds

0.6%

Adani

Ports

&

Special

Economic

Zone,

4.20%,

8/4/27

(USD) (1)

645,000‌

686‌

Adani

Ports

&

Special

Economic

Zone,

4.375%,

7/3/29

(USD) 

400,000‌

419‌

Bharti

Airtel,

3.25%,

6/3/31

(USD) (1)

540,000‌

528‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Periama

Holdings,

5.95%,

4/19/26

(USD) 

993,000‌

1,050‌

2,683‌

Government

Bonds

1.2%

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) (1)

255,000‌

233‌

Export-Import

Bank

of

India,

3.25%,

1/15/30

(USD) 

5,155,000‌

5,134‌

5,367‌

Total

India

(Cost

$8,147

)

8,050‌

INDONESIA

6.0%

Corporate

Bonds

2.9%

Bank

Negara

Indonesia

Persero,

3.75%,

3/30/26

(USD) 

1,749,000‌

1,769‌

Hutama

Karya

Persero,

3.75%,

5/11/30

(USD) (1)

420,000‌

442‌

Pertamina

Persero,

5.625%,

5/20/43

(USD) 

4,420,000‌

5,016‌

Pertamina

Persero,

6.00%,

5/3/42

(USD) 

1,500,000‌

1,777‌

Perusahaan

Listrik

Negara,

3.875%,

7/17/29

(USD) (1)

865,000‌

909‌

Perusahaan

Listrik

Negara,

4.00%,

6/30/50

(USD) (1)

200,000‌

191‌

Perusahaan

Listrik

Negara,

4.125%,

5/15/27

(USD) 

1,000,000‌

1,076‌

Perusahaan

Listrik

Negara,

4.375%,

2/5/50

(USD) (1)

400,000‌

405‌

Perusahaan

Listrik

Negara,

4.875%,

7/17/49

(USD) (1)

355,000‌

376‌

Perusahaan

Listrik

Negara,

5.25%,

10/24/42

(USD) 

400,000‌

444‌

12,405‌

Government

Bonds

3.1%

Perusahaan

Penerbit,

3.80%,

6/23/50

(USD) (1)

200,000‌

203‌

Perusahaan

Penerbit,

4.15%,

3/29/27

(USD) 

2,100,000‌

2,321‌

Perusahaan

Penerbit,

4.45%,

2/20/29

(USD) 

3,200,000‌

3,617‌

Perusahaan

Penerbit,

4.55%,

3/29/26

(USD) 

5,400,000‌

6,105‌

Republic

of

Indonesia,

2.85%,

2/14/30

(USD) 

800,000‌

817‌

Republic

of

Indonesia,

4.35%,

1/11/48

(USD) 

600,000‌

654‌

13,717‌

Total

Indonesia

(Cost

$24,970

)

26,122‌

ISRAEL

0.8%

Corporate

Bonds

0.8%

ICL

Group,

6.375%,

5/31/38

(USD) (1)

1,400,000‌

1,771‌

Israel

Electric,

7.75%,

12/15/27

(USD) 

350,000‌

455‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Leviathan

Bond,

6.125%,

6/30/25

(USD) (1)

1,100,000‌

1,192‌

Total

Israel

(Cost

$2,985

)

3,418‌

IVORY

COAST

0.3%

Government

Bonds

0.3%

Republic

of

Ivory

Coast,

STEP,

5.75%,

12/31/32

(USD) 

1,527,001‌

1,532‌

Total

Ivory

Coast

(Cost

$1,451

)

1,532‌

JAMAICA

1.4%

Corporate

Bonds

0.1%

TransJamaican

Highway,

5.75%,

10/10/36

(USD) (1)

370,000‌

375‌

375‌

Government

Bonds

1.3%

Government

of

Jamaica,

7.875%,

7/28/45

(USD) 

2,910,000‌

3,958‌

Government

of

Jamaica,

8.00%,

3/15/39

(USD) 

1,465,000‌

2,014‌

5,972‌

Total

Jamaica

(Cost

$5,452

)

6,347‌

JORDAN

0.9%

Government

Bonds

0.9%

Kingdom

of

Jordan,

5.85%,

7/7/30

(USD) 

3,750,000‌

3,829‌

Total

Jordan

(Cost

$4,086

)

3,829‌

KENYA

0.4%

Government

Bonds

0.4%

Republic

of

Kenya,

8.00%,

5/22/32

(USD) 

1,500,000‌

1,597‌

Total

Kenya

(Cost

$1,747

)

1,597‌

KUWAIT

0.6%

Corporate

Bonds

0.6%

Equate

Petrochemical,

4.25%,

11/3/26

(USD) 

200,000‌

218‌

Kuwait

Projects,

4.229%,

10/29/26

(USD) 

1,100,000‌

1,073‌

MEGlobal

Canada,

5.875%,

5/18/30

(USD) (1)

245,000‌

296‌

MEGlobal

Canada,

5.875%,

5/18/30

(USD) 

800,000‌

968‌

Total

Kuwait

(Cost

$2,441

)

2,555‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

LAO

PEOPLE'S

DEMOCRATIC

REPUBLIC

0.1%

Government

Bonds

0.1%

People's

Democratic

Republic

of

Laos,

6.875%,

6/30/21

(USD) (1)

600,000‌

490‌

Total

Lao

People's

Democratic

Republic

(Cost

$598

)

490‌

LEBANON

0.3%

Government

Bonds

0.3%

Lebanese

Republic,

6.00%,

1/27/23

(USD) (2)(6)

9,515,000‌

1,167‌

Total

Lebanon

(Cost

$2,339

)

1,167‌

MEXICO

9.9%

Corporate

Bonds

4.8%

Axtel,

6.375%,

11/14/24

(USD) (1)

505,000‌

526‌

Banco

Mercantil

del

Norte,

VR,

6.75%

(USD) (4)(5)

600,000‌

626‌

Banco

Mercantil

del

Norte,

VR,

7.625%

(USD) (4)(5)

500,000‌

549‌

Banco

Santander

Mexico,

5.375%,

4/17/25

(USD) (1)

655,000‌

737‌

Banco

Santander

Mexico,

VR,

8.50%

(USD) (4)(5)

800,000‌

844‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD) (4)

1,900,000‌

1,959‌

BBVA

Bancomer,

VR,

5.35%,

11/12/29

(USD) (4)

300,000‌

310‌

Cemex,

5.45%,

11/19/29

(USD) 

700,000‌

768‌

Cometa

Energia,

6.375%,

4/24/35

(USD) (1)

1,405,500‌

1,574‌

Cometa

Energia,

6.375%,

4/24/35

(USD) 

468,500‌

525‌

Controladora

Mabe,

5.60%,

10/23/28

(USD) (1)

960,000‌

1,119‌

Industrias

Penoles,

4.75%,

8/6/50

(USD) (1)

240,000‌

247‌

Infraestructura

Energetica

Nova,

4.75%,

1/15/51

(USD) 

400,000‌

399‌

Infraestructura

Energetica

Nova,

4.875%,

1/14/48

(USD) (1)

600,000‌

599‌

Mexico

City

Airport

Trust,

5.50%,

7/31/47

(USD) 

10,063,000‌

10,013‌

Poinsettia

Finance,

6.625%,

6/17/31

(USD) (1)

200,000‌

192‌

20,987‌

Government

Bonds

5.1%

Petroleos

Mexicanos,

4.50%,

1/23/26

(USD) 

5,900,000‌

5,868‌

Petroleos

Mexicanos,

5.50%,

6/27/44

(USD) 

1,860,000‌

1,481‌

Petroleos

Mexicanos,

5.625%,

1/23/46

(USD) 

3,285,000‌

2,623‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD) 

2,800,000‌

2,931‌

Petroleos

Mexicanos,

6.50%,

6/2/41

(USD) 

6,880,000‌

6,006‌

Petroleos

Mexicanos,

6.75%,

9/21/47

(USD) 

4,000,000‌

3,409‌

Petroleos

Mexicanos,

Series

13-2,

7.19%,

9/12/24 

2,700,000‌

124‌

22,442‌

Total

Mexico

(Cost

$41,602

)

43,429‌

MONGOLIA

1.3%

Corporate

Bonds

0.3%

Development

Bank

of

Mongolia,

7.25%,

10/23/23

(USD) (1)

1,035,000‌

1,124‌

1,124‌

Government

Bonds

1.0%

Government

of

Mongolia,

5.125%,

12/5/22

(USD) 

1,862,000‌

1,927‌

Government

of

Mongolia,

5.125%,

4/7/26

(USD) (1)

830,000‌

890‌

Government

of

Mongolia,

5.625%,

5/1/23

(USD) 

900,000‌

944‌

Government

of

Mongolia,

8.75%,

3/9/24

(USD) 

700,000‌

808‌

4,569‌

Total

Mongolia

(Cost

$5,260

)

5,693‌

MOROCCO

0.3%

Government

Bonds

0.3%

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD) (1)

1,300,000‌

1,222‌

Total

Morocco

(Cost

$1,299

)

1,222‌

NIGERIA

0.8%

Government

Bonds

0.8%

Republic

of

Nigeria,

7.143%,

2/23/30

(USD) 

3,300,000‌

3,375‌

Total

Nigeria

(Cost

$3,222

)

3,375‌

OMAN

4.2%

Corporate

Bonds

0.6%

Lamar

Funding,

3.958%,

5/7/25

(USD) 

1,125,000‌

1,129‌

Oryx

Funding,

5.80%,

2/3/31

(USD) (1)

200,000‌

207‌

Oztel

Holdings

SPC,

6.625%,

4/24/28

(USD) 

1,000,000‌

1,099‌

2,435‌

Government

Bonds

3.6%

Sultanate

of

Oman,

4.75%,

6/15/26

(USD) 

1,500,000‌

1,544‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Sultanate

of

Oman,

5.375%,

3/8/27

(USD) 

4,605,000‌

4,780‌

Sultanate

of

Oman,

5.625%,

1/17/28

(USD) 

1,200,000‌

1,244‌

Sultanate

of

Oman,

6.25%,

1/25/31

(USD) (1)

710,000‌

744‌

Sultanate

of

Oman,

6.50%,

3/8/47

(USD) 

2,360,000‌

2,227‌

Sultanate

of

Oman,

6.75%,

10/28/27

(USD) 

2,700,000‌

2,987‌

Sultanate

of

Oman,

6.75%,

1/17/48

(USD) (1)

1,450,000‌

1,388‌

Sultanate

of

Oman,

7.00%,

1/25/51

(USD) (1)

845,000‌

836‌

15,750‌

Total

Oman

(Cost

$17,661

)

18,185‌

PAKISTAN

0.6%

Government

Bonds

0.6%

Islamic

Republic

of

Pakistan,

6.00%,

4/8/26

(USD) (1)

590,000‌

601‌

Islamic

Republic

of

Pakistan,

6.875%,

12/5/27

(USD) 

1,000,000‌

1,046‌

Islamic

Republic

of

Pakistan,

7.875%,

3/31/36

(USD) 

936,000‌

974‌

Total

Pakistan

(Cost

$2,579

)

2,621‌

PANAMA

0.6%

Corporate

Bonds

0.2%

Banco

Nacional

de

Panama,

2.50%,

8/11/30

(USD) (1)

1,105,000‌

1,027‌

1,027‌

Government

Bonds

0.4%

Republic

of

Panama,

7.125%,

1/29/26

(USD) 

1,200,000‌

1,487‌

1,487‌

Total

Panama

(Cost

$2,442

)

2,514‌

PARAGUAY

1.4%

Corporate

Bonds

0.2%

Telefonica

Celular

del

Paraguay,

5.875%,

4/15/27

(USD) (1)

1,005,000‌

1,065‌

1,065‌

Government

Bonds

1.2%

Republic

of

Paraguay,

4.95%,

4/28/31

(USD) (1)

315,000‌

357‌

Republic

of

Paraguay,

5.40%,

3/30/50

(USD) 

3,655,000‌

4,136‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Paraguay,

6.10%,

8/11/44

(USD) 

570,000‌

687‌

5,180‌

Total

Paraguay

(Cost

$5,916

)

6,245‌

PERU

0.4%

Corporate

Bonds

0.3%

Consorcio

Transmantaro,

4.70%,

4/16/34

(USD) (1)

280,000‌

317‌

Lima

Metro

Line

2

Finance,

5.875%,

7/5/34

(USD) 

337,830‌

397‌

Nexa

Resources,

5.375%,

5/4/27

(USD) 

575,000‌

629‌

1,343‌

Government

Bonds

0.1%

Republic

of

Peru,

2.844%,

6/20/30

(USD) 

620,000‌

631‌

631‌

Total

Peru

(Cost

$1,861

)

1,974‌

PHILIPPINES

1.0%

Corporate

Bonds

0.5%

Globe

Telecom,

3.00%,

7/23/35

(USD) 

1,050,000‌

975‌

International

Container

Terminal

Services,

4.75%,

6/17/30

(USD) 

1,160,000‌

1,293‌

2,268‌

Government

Bonds

0.5%

Republic

of

Philippines,

2.65%,

12/10/45

(USD) 

2,200,000‌

1,983‌

1,983‌

Total

Philippines

(Cost

$4,276

)

4,251‌

QATAR

2.0%

Corporate

Bonds

0.2%

Ooredoo

International

Finance,

2.625%,

4/8/31

(USD) (1)

1,140,000‌

1,128‌

1,128‌

Government

Bonds

1.8%

State

of

Qatar,

4.40%,

4/16/50

(USD) (1)

560,000‌

651‌

State

of

Qatar,

4.40%,

4/16/50

(USD) 

800,000‌

931‌

State

of

Qatar,

4.817%,

3/14/49

(USD) 

5,000,000‌

6,138‌

7,720‌

Total

Qatar

(Cost

$9,625

)

8,848‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

ROMANIA

0.8%

Government

Bonds

0.8%

Republic

of

Romania,

3.00%,

2/14/31

(USD) (1)

1,044,000‌

1,046‌

Republic

of

Romania,

4.00%,

2/14/51

(USD) (1)

926,000‌

899‌

Republic

of

Romania,

4.00%,

2/14/51

(USD) 

1,750,000‌

1,699‌

Total

Romania

(Cost

$3,676

)

3,644‌

RUSSIA

2.0%

Corporate

Bonds

0.3%

GTLK

Europe,

5.125%,

5/31/24

(USD) 

1,150,000‌

1,219‌

1,219‌

Government

Bonds

1.7%

Russian

Federation,

4.375%,

3/21/29

(USD) 

5,000,000‌

5,477‌

Russian

Federation,

5.25%,

6/23/47

(USD) 

1,600,000‌

1,903‌

7,380‌

Total

Russia

(Cost

$8,893

)

8,599‌

SAUDI

ARABIA

1.9%

Government

Bonds

1.9%

Kingdom

of

Saudi

Arabia,

3.25%,

10/26/26

(USD) 

1,900,000‌

2,048‌

Kingdom

of

Saudi

Arabia,

3.45%,

2/2/61

(USD) (1)

1,265,000‌

1,167‌

Kingdom

of

Saudi

Arabia,

3.75%,

1/21/55

(USD) 

500,000‌

491‌

Kingdom

of

Saudi

Arabia,

4.50%,

4/22/60

(USD) (1)

585,000‌

655‌

Kingdom

of

Saudi

Arabia,

5.00%,

4/17/49

(USD) 

1,750,000‌

2,077‌

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) 

1,700,000‌

1,837‌

Total

Saudi

Arabia

(Cost

$7,860

)

8,275‌

SENEGAL

1.4%

Government

Bonds

1.4%

Republic

of

Senegal,

4.75%,

3/13/28

(EUR) 

1,500,000‌

1,790‌

Republic

of

Senegal,

6.25%,

5/23/33

(USD) (1)

900,000‌

901‌

Republic

of

Senegal,

6.25%,

5/23/33

(USD) 

3,300,000‌

3,303‌

Total

Senegal

(Cost

$5,856

)

5,994‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SERBIA

0.1%

Government

Bonds

0.1%

Republic

of

Serbia,

2.125%,

12/1/30

(USD) (1)

439,000‌

406‌

Total

Serbia

(Cost

$430

)

406‌

SOUTH

AFRICA

1.9%

Corporate

Bonds

0.1%

Eskom

Holdings

SOC,

6.75%,

8/6/23

(USD) 

400,000‌

414‌

414‌

Government

Bonds

1.8%

Republic

of

South

Africa,

4.85%,

9/27/27

(USD) 

1,200,000‌

1,241‌

Republic

of

South

Africa,

5.65%,

9/27/47

(USD) 

3,750,000‌

3,463‌

Republic

of

South

Africa,

5.875%,

9/16/25

(USD) 

2,390,000‌

2,642‌

Republic

of

South

Africa,

6.25%,

3/8/41

(USD) 

450,000‌

456‌

7,802‌

Total

South

Africa

(Cost

$8,062

)

8,216‌

SRI

LANKA

2.8%

Corporate

Bonds

0.1%

SriLankan

Airlines,

7.00%,

6/25/24

(USD) 

845,000‌

503‌

503‌

Government

Bonds

2.7%

Republic

of

Sri

Lanka,

5.75%,

1/18/22

(USD) 

2,200,000‌

1,938‌

Republic

of

Sri

Lanka,

5.875%,

7/25/22

(USD) 

2,750,000‌

2,166‌

Republic

of

Sri

Lanka,

6.125%,

6/3/25

(USD) 

6,200,000‌

3,959‌

Republic

of

Sri

Lanka,

6.25%,

7/27/21

(USD) 

2,950,000‌

2,855‌

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD) (1)

300,000‌

186‌

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD) 

1,000,000‌

618‌

11,722‌

Total

Sri

Lanka

(Cost

$15,691

)

12,225‌

THAILAND

0.3%

Corporate

Bonds

0.3%

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) (1)

965,000‌

833‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) 

325,000‌

280‌

Total

Thailand

(Cost

$1,220

)

1,113‌

TRINIDAD

AND

TOBAGO

0.4%

Corporate

Bonds

0.2%

Trinidad

Petroleum

Holdings,

9.75%,

6/15/26

(USD) (1)

700,000‌

781‌

781‌

Government

Bonds

0.2%

Republic

of

Trinidad

&

Tobago,

4.50%,

6/26/30

(USD) (1)

1,075,000‌

1,090‌

1,090‌

Total

Trinidad

and

Tobago

(Cost

$1,835

)

1,871‌

TURKEY

3.0%

Corporate

Bonds

0.9%

Akbank,

5.125%,

3/31/25

(USD) 

900,000‌

872‌

Turk

Telekomunikasyon,

4.875%,

6/19/24

(USD) 

1,000,000‌

1,015‌

Turk

Telekomunikasyon,

6.875%,

2/28/25

(USD) (1)

670,000‌

713‌

Turkiye

Sise

ve

Cam

Fabrikalari,

6.95%,

3/14/26

(USD) (1)

1,180,000‌

1,265‌

Yapi

ve

Kredi

Bankasi,

5.85%,

6/21/24

(USD) 

200,000‌

195‌

4,060‌

Government

Bonds

2.1%

Republic

of

Turkey,

4.25%,

4/14/26

(USD) 

3,800,000‌

3,462‌

Republic

of

Turkey,

4.875%,

10/9/26

(USD) 

2,275,000‌

2,105‌

Republic

of

Turkey,

5.95%,

1/15/31

(USD) 

1,200,000‌

1,092‌

Republic

of

Turkey,

6.00%,

1/14/41

(USD) 

3,100,000‌

2,635‌

9,294‌

Total

Turkey

(Cost

$13,408

)

13,354‌

UKRAINE

3.5%

Corporate

Bonds

0.4%

Ukraine

Railways

Via

Rail

Capital

Markets,

8.25%,

7/9/24

(USD) 

800,000‌

850‌

VF

Ukraine

PAT

via

VFU

Funding,

6.20%,

2/11/25

(USD) 

800,000‌

830‌

1,680‌

Government

Bonds

3.1%

Government

of

Ukraine,

7.75%,

9/1/25

(USD) 

1,395,000‌

1,520‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

of

Ukraine,

7.75%,

9/1/27

(USD) 

5,055,000‌

5,418‌

Government

of

Ukraine,

8.994%,

2/1/24

(USD) 

1,290,000‌

1,434‌

Government

of

Ukraine,

9.75%,

11/1/28

(USD) (1)

2,300,000‌

2,685‌

Government

of

Ukraine,

9.75%,

11/1/28

(USD) 

1,750,000‌

2,043‌

Government

of

Ukraine,

VR,

0.00%,

5/31/40

(USD) (1)(2)(3)

485,000‌

502‌

13,602‌

Total

Ukraine

(Cost

$14,151

)

15,282‌

UNITED

ARAB

EMIRATES

2.0%

Corporate

Bonds

0.9%

Acwa

Power

Management

&

Investments

One,

5.95%,

12/15/39

(USD) 

800,000‌

924‌

Emirates

NBD

Bank,

VR,

6.125%

(USD) (4)(5)

1,100,000‌

1,178‌

Ruwais

Power,

6.00%,

8/31/36

(USD) 

1,570,000‌

2,049‌

4,151‌

Government

Bonds

1.1%

Emirate

of

Dubai,

5.25%,

1/30/43

(USD) 

350,000‌

379‌

Finance

Department

Government

of

Sharjah,

4.00%,

7/28/50

(USD) (1)

2,430,000‌

2,147‌

Finance

Department

Government

of

Sharjah,

4.00%,

7/28/50

(USD) 

1,350,000‌

1,193‌

Sharjah

Sukuk

Program,

3.234%,

10/23/29

(USD) 

1,000,000‌

1,014‌

4,733‌

Total

United

Arab

Emirates

(Cost

$9,484

)

8,884‌

UNITED

KINGDOM

0.0%

Common

Stocks

0.0%

Mriya

Farming (2)(7)

5,890‌

—‌

Mriya

Farming,

Recovery

Certificates

(EUR) (2)(7)

488,383‌

6‌

Total

United

Kingdom

(Cost

$–

)

6‌

UNITED

STATES

0.4%

Convertible

Bonds

0.1%

JPMorgan

Chase

Bank,

0.125%,

1/1/23 (1)

375,000‌

421‌

421‌

Corporate

Bonds

0.3%

CITGO

Holding,

9.25%,

8/1/24 (1)

650,000‌

650‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29 (1)

745,000‌

757‌

1,407‌

Total

United

States

(Cost

$1,849

)

1,828‌

URUGUAY

0.8%

Government

Bonds

0.8%

Republic

of

Uruguay,

5.10%,

6/18/50

(USD) 

2,910,000‌

3,618‌

Total

Uruguay

(Cost

$3,333

)

3,618‌

UZBEKISTAN

0.9%

Government

Bonds

0.9%

National

Bank

of

Uzbekistan,

4.85%,

10/21/25

(USD) 

1,765,000‌

1,816‌

Republic

of

Uzbekistan,

5.375%,

2/20/29

(USD) (1)

485,000‌

532‌

Republic

of

Uzbekistan,

5.375%,

2/20/29

(USD) 

1,640,000‌

1,798‌

Total

Uzbekistan

(Cost

$4,018

)

4,146‌

VENEZUELA

0.9%

Corporate

Bonds

0.0%

Electricidad

de

Caracas,

8.50%,

4/10/22

(USD) (2)(6)

800,000‌

20‌

20‌

Government

Bonds

0.9%

Petroleos

de

Venezuela,

5.375%,

4/12/27

(USD) (2)(6)

3,600,000‌

170‌

Petroleos

de

Venezuela,

6.00%,

5/16/24

(USD) (2)(6)

10,960,000‌

521‌

Petroleos

de

Venezuela,

6.00%,

11/15/26

(USD) (2)(6)

2,950,000‌

140‌

Petroleos

de

Venezuela,

8.50%,

10/27/20

(USD) (2)(6)

2,355,500‌

648‌

Petroleos

de

Venezuela,

9.00%,

11/17/21

(USD) (2)(6)

24,590,000‌

1,162‌

Petroleos

de

Venezuela,

9.75%,

5/17/35

(USD) (2)(6)

985,000‌

48‌

Petroleos

de

Venezuela,

12.75%,

2/17/22

(USD) (2)(6)

3,430,000‌

162‌

Republic

of

Venezuela,

6.00%,

12/9/20

(USD) (2)(6)

3,350,000‌

338‌

Republic

of

Venezuela,

7.75%,

10/13/19

(USD) (2)(6)

3,600,000‌

360‌

Republic

of

Venezuela,

9.25%,

9/15/27

(USD) (2)(6)

1,000,000‌

105‌

Republic

of

Venezuela,

11.75%,

10/21/26

(USD) (2)(6)

1,500,000‌

156‌

Republic

of

Venezuela,

11.95%,

8/5/31

(USD) (2)(6)

800,000‌

84‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Venezuela,

12.75%,

8/23/22

(USD) (2)(6)

550,000‌

58‌

3,952‌

Total

Venezuela

(Cost

$25,116

)

3,972‌

VIETNAM

1.3%

Corporate

Bonds

0.2%

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) (1)

315,000‌

318‌

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) 

550,000‌

554‌

872‌

Government

Bonds

1.1%

Socialist

Republic

of

Vietnam,

4.80%,

11/19/24

(USD) (1)

600,000‌

673‌

Socialist

Republic

of

Vietnam,

4.80%,

11/19/24

(USD) 

3,600,000‌

4,041‌

4,714‌

Total

Vietnam

(Cost

$5,173

)

5,586‌

ZAMBIA

0.3%

Government

Bonds

0.3%

Republic

of

Zambia,

5.375%,

9/20/22

(USD) (2)

2,250,000‌

1,265‌

Total

Zambia

(Cost

$1,216

)

1,265‌

SHORT-TERM

INVESTMENTS

4.5%

Money

Market

Funds

4.3%

T.

Rowe

Price

Government

Reserve

Fund,

0.04% (8)(9)

18,680,645‌

18,681‌

18,681‌

U.S.

Treasury

Obligations

0.2%

U.S.

Treasury

Notes,

2.625%,

12/15/21 (10)

970,000‌

987‌

987‌

Total

Short-Term

Investments

(Cost

$19,668)

19,668‌

Total

Investments

in

Securities

97.6%

(Cost

$449,626)

$

427,705‌

Other

Assets

Less

Liabilities

2.4%

10,341

Net

Assets

100.0%

$

438,046‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

10

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$83,075

and

represents

19.0%

of

net

assets.

(2)

Non-income

producing

(3)

GDP-linked

note

provides

for

contingent

payments

linked

to

the

gross

domestic

product

of

the

country

presented;

par

reflects

notional

and

will

not

be

paid

over

the

life

or

at

maturity.

(4)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

is

provided

if

the

rate

is

currently

floating.

(5)

Perpetual

security

with

no

stated

maturity

date.

(6)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(7)

Level

3

in

fair

value

hierarchy.

(8)

Seven-day

yield

(9)

Affiliated

Companies

(10)

At

March

31,

2021,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

BRL

Brazilian

Real

BRL

CDI

One

day

Brazilian

interbank

deposit

rate

CNH

Offshore

China

Renminbi

CNY

China

Renminbi

COP

Colombian

Peso

EUR

Euro

IDR

Indonesian

Rupiah

INR

Indian

Rupee

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.

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

11

(Amounts

in

000s)

SWAPS

(0.3)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

(0.3)%

Credit

Default

Swaps,

Protection

Sold

(0.3)%

Argentina

(0.3)%

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Republic

of

Argentina,

CCC+*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

(USD)

*

2,500

(953)

(528)

(425)

Morgan

Stanley,

Protection

Sold

(Relevant

Credit:

Republic

of

Argentina,

CCC+*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

(USD)

*

500

(191)

(114)

(77)

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(642)

(502)

Interest

Rate

Swaps

0.0%

Brazil

0.0%

Morgan

Stanley,

2

Year

Interest

Rate

Swap,

Pay

Fixed

5.681%

At

Termination,

Receive

Variable

2.650%

(BRL

CDI)

At

Termination,

1/2/23

6,200

9

—

9

Morgan

Stanley,

2

Year

Interest

Rate

Swap,

Pay

Fixed

6.553%

At

Termination,

Receive

Variable

2.650%

(BRL

CDI)

At

Termination,

1/2/23

6,300

(4)

—

(4)

Total

Bilateral

Interest

Rate

Swaps

—

5

Total

Bilateral

Swaps

(642)

(497)

*

Credit

ratings

as

of

March

31,

2021.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

12

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

4/9/21

INR

38,841‌

USD

525‌

$

5‌

Bank

of

America

4/16/21

USD

1,281‌

MXN

25,857‌

18‌

Barclays

Bank

6/11/21

COP

2,427,437‌

USD

675‌

(13‌)

BNP

Paribas

4/16/21

MXN

22,896‌

USD

1,100‌

19‌

BNP

Paribas

4/16/21

USD

2,224‌

MXN

45,189‌

17‌

BNP

Paribas

6/2/21

USD

1,088‌

BRL

6,000‌

27‌

Citibank

4/16/21

MXN

23,455‌

USD

1,156‌

(11‌)

Citibank

5/7/21

CNY

27,810‌

USD

4,250‌

(24‌)

Citibank

5/21/21

EUR

371‌

USD

447‌

(12‌)

Citibank

6/2/21

BRL

3,905‌

USD

690‌

1‌

Citibank

6/2/21

USD

1,083‌

BRL

6,000‌

22‌

Deutsche

Bank

4/9/21

IDR

15,100,119‌

USD

1,041‌

(4‌)

Deutsche

Bank

5/21/21

USD

242‌

EUR

200‌

8‌

Deutsche

Bank

6/18/21

USD

1,083‌

CNH

7,080‌

11‌

Goldman

Sachs

4/9/21

INR

38,841‌

USD

524‌

6‌

Goldman

Sachs

4/9/21

USD

625‌

IDR

9,063,067‌

2‌

Goldman

Sachs

4/9/21

USD

668‌

INR

48,838‌

1‌

Goldman

Sachs

6/2/21

BRL

6,032‌

USD

1,109‌

(42‌)

Goldman

Sachs

6/11/21

USD

659‌

COP

2,427,437‌

(3‌)

HSBC

Bank

4/9/21

USD

393‌

INR

28,844‌

(1‌)

HSBC

Bank

5/7/21

USD

2,190‌

CNY

14,237‌

27‌

HSBC

Bank

5/21/21

EUR

230‌

USD

277‌

(7‌)

HSBC

Bank

5/21/21

USD

1,710‌

EUR

1,408‌

57‌

JPMorgan

Chase

5/21/21

EUR

176‌

USD

213‌

(6‌)

Morgan

Stanley

4/9/21

PEN

3,823‌

USD

1,054‌

(33‌)

Morgan

Stanley

4/9/21

USD

456‌

IDR

6,446,998‌

14‌

Morgan

Stanley

4/9/21

USD

1,047‌

PEN

3,823‌

25‌

Morgan

Stanley

4/16/21

MXN

22,030‌

USD

1,041‌

35‌

Morgan

Stanley

5/7/21

USD

2,089‌

CNY

13,573‌

27‌

Morgan

Stanley

5/21/21

USD

157‌

EUR

129‌

5‌

Morgan

Stanley

6/2/21

BRL

4,438‌

USD

777‌

8‌

Morgan

Stanley

6/2/21

USD

435‌

BRL

2,375‌

14‌

RBC

Dominion

Securities

5/21/21

EUR

531‌

USD

640‌

(16‌)

State

Street

5/21/21

USD

363‌

EUR

299‌

12‌

UBS

Investment

Bank

5/21/21

USD

3,450‌

EUR

2,847‌

107‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

296‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

13

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

36

U.S.

Treasury

Notes

five

year

contracts

6/21

4,443

$

(57‌)

Long,

125

U.S.

Treasury

Notes

ten

year

contracts

6/21

16,367

(227‌)

Net

payments

(receipts)

of

variation

margin

to

date

250‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(34‌)

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

14

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

March

31,

2021.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

0.04%

$

—‌#

$

—‌

$

2‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

03/31/21

T.

Rowe

Price

Government

Reserve

Fund,

0.04%

$

9,147‌

 ¤

 ¤

$

18,681‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$2

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

$18,681.

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

Unaudited

15

Notes

to

Portfolio

of

Investments

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the

fund's

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

16

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the

fund

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value,

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The

fund

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The

fund

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

17

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

E163-054Q1

03/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

408,031‌

$

—‌

$

408,031‌

Common

Stocks

—‌

—‌

6‌

6‌

Short-Term

Investments

18,681‌

987‌

—‌

19,668‌

Total

Securities

18,681‌

409,018‌

6‌

427,705‌

Swaps

—‌

9‌

—‌

9‌

Forward

Currency

Exchange

Contracts

—‌

468‌

—‌

468‌

Total

$

18,681‌

$

409,495‌

$

6‌

$

428,182‌

Liabilities

Swaps

$

—‌

$

1,148‌

$

—‌

$

1,148‌

Forward

Currency

Exchange

Contracts

—‌

172‌

—‌

172‌

Futures

Contracts*

284‌

—‌

—‌

284‌

Total

$

284‌

$

1,320‌

$

—‌

$

1,604‌

1

Includes

Convertible

Bonds,

Corporate

Bonds

and

Government

Bonds.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.