T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

September

30,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ALBANIA

0.5%

Government

Bonds

0.5%

Republic

of

Albania,

3.50%,

6/16/27

(EUR) 

2,080,000‌

2,599‌

Total

Albania

(Cost

$2,683

)

2,599‌

ANGOLA

2.6%

Government

Bonds

2.6%

Republic

of

Angola,

8.00%,

11/26/29

(USD) 

3,810,000‌

3,912‌

Republic

of

Angola,

8.25%,

5/9/28

(USD) 

3,290,000‌

3,418‌

Republic

of

Angola,

9.125%,

11/26/49

(USD) 

2,800,000‌

2,854‌

Republic

of

Angola,

9.50%,

11/12/25

(USD) 

2,150,000‌

2,373‌

Total

Angola

(Cost

$10,763

)

12,557‌

ARGENTINA

1.6%

Convertible

Bonds

0.2%

MercadoLibre,

2.00%,

8/15/28

(USD) 

259,000‌

992‌

992‌

Government

Bonds

1.4%

Republic

of

Argentina,

0.00%,

12/15/35

(USD) (1)(2)

4,020,000‌

27‌

Republic

of

Argentina,

STEP,

0.50%,

7/9/30

(USD) 

2,110,121‌

779‌

Republic

of

Argentina,

STEP,

1.125%,

7/9/35

(USD) 

9,600,026‌

3,164‌

Republic

of

Argentina,

STEP,

2.00%,

1/9/38

(USD) 

7,040,959‌

2,748‌

6,718‌

Total

Argentina

(Cost

$11,132

)

7,710‌

BAHAMAS

1.2%

Government

Bonds

1.2%

Commonwealth

of

Bahamas,

6.00%,

11/21/28

(USD) (3)

6,825,000‌

5,895‌

Total

Bahamas

(Cost

$7,031

)

5,895‌

BAHRAIN

1.2%

Government

Bonds

1.2%

Kingdom

of

Bahrain,

7.00%,

10/12/28

(USD) 

3,540,000‌

3,880‌

Kingdom

of

Bahrain,

7.50%,

9/20/47

(USD) 

1,825,000‌

1,885‌

Total

Bahrain

(Cost

$5,609

)

5,765‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

BARBADOS

0.4%

Government

Bonds

0.4%

Government

of

Barbados,

6.50%,

10/1/29

(USD) (3)

1,675,000‌

1,692‌

Total

Barbados

(Cost

$1,611

)

1,692‌

BENIN

0.5%

Government

Bonds

0.5%

Republic

of

Benin,

4.875%,

1/19/32

(EUR) (3)

1,860,000‌

2,155‌

Total

Benin

(Cost

$2,231

)

2,155‌

BERMUDA

0.2%

Government

Bonds

0.2%

Government

of

Bermuda,

3.375%,

8/20/50

(USD) (3)

813,000‌

819‌

Total

Bermuda

(Cost

$811

)

819‌

BRAZIL

2.2%

Corporate

Bonds

1.0%

Cosan

Overseas,

8.25%

(USD) (4)

430,000‌

444‌

Embraer

Netherlands

Finance,

5.05%,

6/15/25

(USD) 

1,200,000‌

1,265‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD) 

1,250,000‌

1,240‌

Globo

Comunicacao

e

Participacoes,

5.125%,

3/31/27

(USD) 

500,000‌

510‌

Nexa

Resources,

5.375%,

5/4/27

(USD) 

575,000‌

605‌

Petrobras

Global

Finance,

5.50%,

6/10/51

(USD) 

780,000‌

727‌

4,791‌

Government

Bonds

1.2%

Republic

of

Brazil,

4.50%,

5/30/29

(USD) 

1,990,000‌

2,047‌

Republic

of

Brazil,

4.625%,

1/13/28

(USD) 

500,000‌

527‌

Republic

of

Brazil,

5.00%,

1/27/45

(USD) 

3,023,000‌

2,829‌

Republic

of

Brazil,

8.25%,

1/20/34

(USD) 

380,000‌

507‌

5,910‌

Total

Brazil

(Cost

$10,705

)

10,701‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

CHILE

2.0%

Corporate

Bonds

2.0%

AES

Andes,

VR,

6.35%,

10/7/79

(USD) (3)(5)

725,000‌

768‌

AES

Andes,

VR,

7.125%,

3/26/79

(USD) (3)(5)

1,400,000‌

1,488‌

Celulosa

Arauco

y

Constitucion,

5.15%,

1/29/50

(USD) 

1,000,000‌

1,134‌

Corp

Nacional

del

Cobre

de

Chile,

3.70%,

1/30/50

(USD) (3)

1,315,000‌

1,337‌

Corp

Nacional

del

Cobre

de

Chile,

3.75%,

1/15/31

(USD) (3)

385,000‌

415‌

Empresa

de

los

Ferrocarriles

del

Estado,

3.068%,

8/18/50

(USD) 

665,000‌

588‌

Empresa

de

Transporte

de

Pasajeros

Metro,

3.693%,

9/13/61

(USD) (3)

800,000‌

783‌

Empresa

de

Transporte

de

Pasajeros

Metro,

4.70%,

5/7/50

(USD) (3)

945,000‌

1,112‌

VTR

Finance,

6.375%,

7/15/28

(USD) 

1,700,000‌

1,835‌

Total

Chile

(Cost

$9,396

)

9,460‌

CHINA

5.3%

Convertible

Bonds

0.2%

Huazhu

Group,

3.00%,

5/1/26

(USD) 

556,000‌

727‌

727‌

Corporate

Bonds

3.8%

AAC

Technologies

Holdings,

2.625%,

6/2/26

(USD) 

1,060,000‌

1,059‌

Agile

Group

Holdings,

5.75%,

1/2/25

(USD) 

900,000‌

848‌

Agile

Group

Holdings,

6.05%,

10/13/25

(USD) 

550,000‌

520‌

CIFI

Holdings

Group,

5.25%,

5/13/26

(USD) 

450,000‌

442‌

CIFI

Holdings

Group,

6.55%,

3/28/24

(USD) 

1,000,000‌

1,011‌

Country

Garden

Holdings,

3.30%,

1/12/31

(USD) 

800,000‌

733‌

Country

Garden

Holdings,

8.00%,

1/27/24

(USD) 

700,000‌

729‌

Health

&

Happiness

H&H

International

Holdings,

5.625%,

10/24/24

(USD) 

1,000,000‌

1,022‌

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD) 

1,600,000‌

1,376‌

Lenovo

Group,

3.421%,

11/2/30

(USD) (3)

460,000‌

480‌

Lenovo

Group,

3.421%,

11/2/30

(USD) 

625,000‌

652‌

Shimao

Group

Holdings,

3.45%,

1/11/31

(USD) 

3,200,000‌

2,865‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

State

Grid

Overseas

Investment

2013,

4.375%,

5/22/43

(USD) 

500,000‌

615‌

State

Grid

Overseas

Investment

2014,

4.85%,

5/7/44

(USD) 

1,700,000‌

2,237‌

State

Grid

Overseas

Investment

BVI,

4.00%,

5/4/47

(USD) 

800,000‌

952‌

Times

China

Holdings,

6.75%,

7/8/25

(USD) 

1,744,000‌

1,602‌

Tingyi

Cayman

Islands

Holding,

1.625%,

9/24/25

(USD) 

774,000‌

769‌

Yanlord

Land

HK,

6.75%,

4/23/23

(USD) 

500,000‌

506‌

18,418‌

Government

Bonds

1.3%

People's

Republic

of

China,

3.12%,

12/5/26 

21,100,000‌

3,327‌

People's

Republic

of

China,

3.27%,

11/19/30 

18,000,000‌

2,862‌

6,189‌

Total

China

(Cost

$25,669

)

25,334‌

COLOMBIA

2.7%

Corporate

Bonds

1.3%

Banco

Davivienda,

VR,

6.65%

(USD) (3)(4)(5)

1,100,000‌

1,176‌

Banco

de

Bogota,

6.25%,

5/12/26

(USD) 

1,000,000‌

1,090‌

Bancolombia,

VR,

4.625%,

12/18/29

(USD) (5)

1,400,000‌

1,420‌

Ecopetrol,

5.875%,

5/28/45

(USD) 

1,800,000‌

1,821‌

Grupo

Aval,

4.375%,

2/4/30

(USD) 

700,000‌

692‌

Millicom

International

Cellular,

4.50%,

4/27/31

(USD) (3)

200,000‌

209‌

6,408‌

Government

Bonds

1.4%

Republic

of

Colombia,

3.125%,

4/15/31

(USD) 

2,700,000‌

2,532‌

Republic

of

Colombia,

4.125%,

5/15/51

(USD) 

455,000‌

392‌

Republic

of

Colombia,

5.625%,

2/26/44

(USD) 

1,000,000‌

1,046‌

Republic

of

Colombia,

6.125%,

1/18/41

(USD) 

2,320,000‌

2,556‌

6,526‌

Total

Colombia

(Cost

$13,208

)

12,934‌

DOMINICAN

REPUBLIC

2.8%

Government

Bonds

2.8%

Dominican

Republic,

4.50%,

1/30/30

(USD) (3)

3,370,000‌

3,437‌

Dominican

Republic,

4.875%,

9/23/32

(USD) (3)

680,000‌

695‌

Dominican

Republic,

4.875%,

9/23/32

(USD) 

1,500,000‌

1,534‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Dominican

Republic,

6.00%,

7/19/28

(USD) 

420,000‌

476‌

Dominican

Republic,

6.40%,

6/5/49

(USD) (3)

1,000,000‌

1,061‌

Dominican

Republic,

6.50%,

2/15/48

(USD) 

1,050,000‌

1,125‌

Dominican

Republic,

6.85%,

1/27/45

(USD) 

3,625,000‌

4,055‌

Dominican

Republic,

7.45%,

4/30/44

(USD) 

850,000‌

1,016‌

Total

Dominican

Republic

(Cost

$12,868

)

13,399‌

ECUADOR

1.6%

Government

Bonds

1.6%

Republic

of

Ecuador,

STEP,

1.00%,

7/31/35

(USD) (3)

8,397,685‌

5,574‌

Republic

of

Ecuador,

STEP,

5.00%,

7/31/30

(USD) (3)

2,529,550‌

2,125‌

Total

Ecuador

(Cost

$7,488

)

7,699‌

EGYPT

3.4%

Government

Bonds

3.4%

Arab

Republic

of

Egypt,

5.875%,

2/16/31

(USD) (3)

540,000‌

498‌

Arab

Republic

of

Egypt,

6.588%,

2/21/28

(USD) 

2,300,000‌

2,315‌

Arab

Republic

of

Egypt,

7.50%,

1/31/27

(USD) 

2,100,000‌

2,225‌

Arab

Republic

of

Egypt,

7.60%,

3/1/29

(USD) 

1,250,000‌

1,299‌

Arab

Republic

of

Egypt,

7.903%,

2/21/48

(USD) (3)

800,000‌

733‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) (3)

3,050,000‌

2,955‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) 

4,230,000‌

4,098‌

Arab

Republic

of

Egypt,

14.051%,

7/21/22 

16,750,000‌

1,075‌

Arab

Republic

of

Egypt

Treasury

Bills,

12.851%,

12/7/21 

20,000,000‌

1,247‌

Total

Egypt

(Cost

$16,890

)

16,445‌

EL

SALVADOR

1.0%

Government

Bonds

1.0%

Republic

of

El

Salvador,

5.875%,

1/30/25

(USD) 

2,465,000‌

1,898‌

Republic

of

El

Salvador,

6.375%,

1/18/27

(USD) (3)

1,180,000‌

885‌

Republic

of

El

Salvador,

7.65%,

6/15/35

(USD) 

900,000‌

653‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

El

Salvador,

8.625%,

2/28/29

(USD) 

1,800,000‌

1,386‌

Total

El

Salvador

(Cost

$6,572

)

4,822‌

GHANA

1.0%

Corporate

Bonds

0.1%

Kosmos

Energy,

7.125%,

4/4/26

(USD) 

700,000‌

687‌

687‌

Government

Bonds

0.9%

Republic

of

Ghana,

8.125%,

1/18/26

(USD) 

4,235,000‌

4,294‌

4,294‌

Total

Ghana

(Cost

$4,504

)

4,981‌

GRENADA

0.0%

Government

Bonds

0.0%

Government

of

Grenada,

7.00%,

5/12/30

(USD) 

172,097‌

163‌

Total

Grenada

(Cost

$157

)

163‌

GUATEMALA

0.5%

Government

Bonds

0.5%

Republic

of

Guatemala,

4.875%,

2/13/28

(USD) 

1,300,000‌

1,407‌

Republic

of

Guatemala,

4.90%,

6/1/30

(USD) (3)

1,000,000‌

1,089‌

Total

Guatemala

(Cost

$2,432

)

2,496‌

HONG

KONG

0.4%

Corporate

Bonds

0.4%

JMH,

2.50%,

4/9/31

(USD) 

1,800,000‌

1,801‌

Total

Hong

Kong

(Cost

$1,777

)

1,801‌

HUNGARY

0.2%

Government

Bonds

0.2%

Republic

of

Hungary,

2.125%,

9/22/31

(USD) (3)

1,060,000‌

1,045‌

Total

Hungary

(Cost

$1,046

)

1,045‌

INDIA

3.0%

Corporate

Bonds

1.4%

ABJA

Investment,

5.45%,

1/24/28

(USD) 

1,170,000‌

1,278‌

Adani

International

Container

Terminal,

3.00%,

2/16/31

(USD) 

1,555,000‌

1,512‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Adani

Ports

&

Special

Economic

Zone,

4.20%,

8/4/27

(USD) (3)

645,000‌

677‌

Adani

Ports

&

Special

Economic

Zone,

4.375%,

7/3/29

(USD) 

400,000‌

421‌

Bharti

Airtel,

3.25%,

6/3/31

(USD) (3)

1,540,000‌

1,550‌

Periama

Holdings,

5.95%,

4/19/26

(USD) 

993,000‌

1,067‌

6,505‌

Government

Bonds

1.6%

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) (3)

255,000‌

237‌

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) 

1,800,000‌

1,676‌

Export-Import

Bank

of

India,

3.25%,

1/15/30

(USD) 

5,655,000‌

5,751‌

7,664‌

Total

India

(Cost

$14,002

)

14,169‌

INDONESIA

6.4%

Corporate

Bonds

3.8%

Bank

Negara

Indonesia

Persero,

3.75%,

3/30/26

(USD) 

1,749,000‌

1,799‌

Minejesa

Capital,

5.625%,

8/10/37

(USD) 

2,200,000‌

2,327‌

Pertamina

Persero,

5.625%,

5/20/43

(USD) 

4,420,000‌

5,256‌

Pertamina

Persero,

6.00%,

5/3/42

(USD) 

1,500,000‌

1,858‌

Perusahaan

Listrik

Negara,

3.875%,

7/17/29

(USD) (3)

865,000‌

917‌

Perusahaan

Listrik

Negara,

4.00%,

6/30/50

(USD) (3)

200,000‌

192‌

Perusahaan

Listrik

Negara,

4.125%,

5/15/27

(USD) 

1,000,000‌

1,085‌

Perusahaan

Listrik

Negara,

4.375%,

2/5/50

(USD) (3)

400,000‌

403‌

Perusahaan

Listrik

Negara,

4.875%,

7/17/49

(USD) (3)

355,000‌

380‌

Perusahaan

Listrik

Negara,

5.25%,

10/24/42

(USD) 

400,000‌

448‌

Perusahaan

Listrik

Negara,

6.15%,

5/21/48

(USD) 

2,800,000‌

3,463‌

18,128‌

Government

Bonds

2.6%

Perusahaan

Penerbit,

3.80%,

6/23/50

(USD) (3)

200,000‌

204‌

Perusahaan

Penerbit,

4.15%,

3/29/27

(USD) 

2,100,000‌

2,349‌

Perusahaan

Penerbit,

4.45%,

2/20/29

(USD) 

3,200,000‌

3,688‌

Perusahaan

Penerbit,

4.55%,

3/29/26

(USD) 

5,400,000‌

6,116‌

12,357‌

Total

Indonesia

(Cost

$28,951

)

30,485‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

ISRAEL

0.7%

Corporate

Bonds

0.7%

ICL

Group,

6.375%,

5/31/38

(USD) (3)

1,400,000‌

1,815‌

Israel

Electric,

7.75%,

12/15/27

(USD) 

350,000‌

452‌

Leviathan

Bond,

6.125%,

6/30/25

(USD) (3)

1,100,000‌

1,191‌

Total

Israel

(Cost

$2,981

)

3,458‌

IVORY

COAST

1.2%

Government

Bonds

1.2%

Republic

of

Ivory

Coast,

6.125%,

6/15/33

(USD) 

3,950,000‌

4,183‌

Republic

of

Ivory

Coast,

STEP,

5.75%,

12/31/32

(USD) 

1,473,001‌

1,479‌

Total

Ivory

Coast

(Cost

$5,697

)

5,662‌

JAMAICA

1.7%

Corporate

Bonds

0.2%

TransJamaican

Highway,

5.75%,

10/10/36

(USD) (3)

366,183‌

367‌

TransJamaican

Highway,

5.75%,

10/10/36

(USD) 

395,874‌

397‌

764‌

Government

Bonds

1.5%

Government

of

Jamaica,

6.75%,

4/28/28

(USD) 

1,100,000‌

1,284‌

Government

of

Jamaica,

7.875%,

7/28/45

(USD) 

2,910,000‌

4,048‌

Government

of

Jamaica,

8.00%,

3/15/39

(USD) 

1,465,000‌

2,037‌

7,369‌

Total

Jamaica

(Cost

$7,130

)

8,133‌

JORDAN

1.0%

Government

Bonds

1.0%

Kingdom

of

Jordan,

5.85%,

7/7/30

(USD) 

4,400,000‌

4,577‌

Total

Jordan

(Cost

$4,761

)

4,577‌

KAZAKHSTAN

0.4%

Corporate

Bonds

0.4%

KazMunayGas

National,

3.50%,

4/14/33

(USD) 

1,700,000‌

1,756‌

Total

Kazakhstan

(Cost

$1,757

)

1,756‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

KUWAIT

0.3%

Corporate

Bonds

0.3%

Equate

Petrochemical,

4.25%,

11/3/26

(USD) 

200,000‌

220‌

MEGlobal

Canada,

5.875%,

5/18/30

(USD) (3)

245,000‌

302‌

MEGlobal

Canada,

5.875%,

5/18/30

(USD) 

800,000‌

985‌

Total

Kuwait

(Cost

$1,373

)

1,507‌

LEBANON

0.3%

Government

Bonds

0.3%

Lebanese

Republic,

6.00%,

1/27/23

(USD) (1)(6)

9,515,000‌

1,612‌

Total

Lebanon

(Cost

$2,339

)

1,612‌

MEXICO

9.8%

Corporate

Bonds

4.9%

Axtel,

6.375%,

11/14/24

(USD) (3)

505,000‌

517‌

Banco

Mercantil

del

Norte,

VR,

6.75%

(USD) (4)(5)

600,000‌

634‌

Banco

Mercantil

del

Norte,

VR,

7.625%

(USD) (4)(5)

500,000‌

558‌

Banco

Mercantil

del

Norte,

VR,

8.375%

(USD) (4)(5)

475,000‌

562‌

Banco

Santander

Mexico,

5.375%,

4/17/25

(USD) (3)

655,000‌

733‌

Banco

Santander

Mexico,

VR,

8.50%

(USD) (4)(5)

800,000‌

821‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD) (5)

2,750,000‌

2,871‌

Cemex,

5.45%,

11/19/29

(USD) 

700,000‌

759‌

Cometa

Energia,

6.375%,

4/24/35

(USD) (3)

1,371,000‌

1,609‌

Cometa

Energia,

6.375%,

4/24/35

(USD) 

457,000‌

536‌

Controladora

Mabe,

5.60%,

10/23/28

(USD) (3)

960,000‌

1,117‌

Industrias

Penoles,

4.75%,

8/6/50

(USD) (3)

240,000‌

266‌

Infraestructura

Energetica

Nova,

4.75%,

1/15/51

(USD) 

1,725,000‌

1,778‌

Infraestructura

Energetica

Nova,

4.875%,

1/14/48

(USD) (3)

600,000‌

619‌

Mexico

City

Airport

Trust,

5.50%,

7/31/47

(USD) 

10,063,000‌

10,298‌

23,678‌

Government

Bonds

4.9%

Petroleos

Mexicanos,

4.50%,

1/23/26

(USD) 

5,900,000‌

5,941‌

Petroleos

Mexicanos,

5.50%,

6/27/44

(USD) 

1,860,000‌

1,491‌

Petroleos

Mexicanos,

5.625%,

1/23/46

(USD) 

5,285,000‌

4,254‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD) 

3,800,000‌

4,018‌

Petroleos

Mexicanos,

6.50%,

6/2/41

(USD) 

6,880,000‌

6,100‌

Petroleos

Mexicanos,

6.75%,

9/21/47

(USD) 

1,500,000‌

1,311‌

Petroleos

Mexicanos,

Series

13-2,

7.19%,

9/12/24 

2,700,000‌

125‌

23,240‌

Total

Mexico

(Cost

$44,918

)

46,918‌

MOROCCO

1.5%

Government

Bonds

1.5%

Kingdom

of

Morocco,

2.375%,

12/15/27

(USD) 

2,215,000‌

2,173‌

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD) (3)

1,300,000‌

1,239‌

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD) 

1,635,000‌

1,558‌

Kingdom

of

Morocco,

4.00%,

12/15/50

(USD) 

2,400,000‌

2,196‌

Total

Morocco

(Cost

$7,309

)

7,166‌

OMAN

5.0%

Corporate

Bonds

1.3%

Bank

Muscat,

4.75%,

3/17/26

(USD) 

1,300,000‌

1,342‌

Lamar

Funding,

3.958%,

5/7/25

(USD) 

1,125,000‌

1,128‌

OmGrid

Funding,

5.196%,

5/16/27

(USD) 

500,000‌

520‌

Oryx

Funding,

5.80%,

2/3/31

(USD) (3)

200,000‌

212‌

Oryx

Funding,

5.80%,

2/3/31

(USD) 

500,000‌

531‌

Oztel

Holdings,

6.625%,

4/24/28

(USD) 

2,200,000‌

2,426‌

6,159‌

Government

Bonds

3.7%

Sultanate

of

Oman,

4.75%,

6/15/26

(USD) 

1,500,000‌

1,541‌

Sultanate

of

Oman,

5.375%,

3/8/27

(USD) 

6,255,000‌

6,541‌

Sultanate

of

Oman,

5.625%,

1/17/28

(USD) 

1,200,000‌

1,252‌

Sultanate

of

Oman,

6.25%,

1/25/31

(USD) (3)

710,000‌

761‌

Sultanate

of

Oman,

6.50%,

3/8/47

(USD) 

2,360,000‌

2,295‌

Sultanate

of

Oman,

6.75%,

10/28/27

(USD) 

2,700,000‌

3,007‌

Sultanate

of

Oman,

6.75%,

1/17/48

(USD) (3)

1,450,000‌

1,440‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Sultanate

of

Oman,

7.00%,

1/25/51

(USD) (3)

845,000‌

860‌

17,697‌

Total

Oman

(Cost

$23,130

)

23,856‌

PAKISTAN

0.6%

Government

Bonds

0.6%

Islamic

Republic

of

Pakistan,

6.875%,

12/5/27

(USD) 

1,000,000‌

1,008‌

Islamic

Republic

of

Pakistan,

7.875%,

3/31/36

(USD) 

1,936,000‌

1,916‌

Total

Pakistan

(Cost

$3,035

)

2,924‌

PANAMA

0.8%

Corporate

Bonds

0.5%

Aeropuerto

Internacional

de

Tocumen,

4.00%,

8/11/41

(USD) (3)

520,000‌

536‌

Banco

General,

VR,

5.25%

(USD) (3)

(4)(5)

580,000‌

587‌

Banco

Nacional

de

Panama,

2.50%,

8/11/30

(USD) (3)

1,105,000‌

1,061‌

2,184‌

Government

Bonds

0.3%

Republic

of

Panama,

7.125%,

1/29/26

(USD) 

1,200,000‌

1,470‌

1,470‌

Total

Panama

(Cost

$3,537

)

3,654‌

PARAGUAY

1.3%

Corporate

Bonds

0.2%

Telefonica

Celular

del

Paraguay,

5.875%,

4/15/27

(USD) (3)

1,005,000‌

1,054‌

1,054‌

Government

Bonds

1.1%

Republic

of

Paraguay,

4.95%,

4/28/31

(USD) (3)

315,000‌

357‌

Republic

of

Paraguay,

5.40%,

3/30/50

(USD) 

3,655,000‌

4,212‌

Republic

of

Paraguay,

6.10%,

8/11/44

(USD) 

570,000‌

697‌

5,266‌

Total

Paraguay

(Cost

$5,911

)

6,320‌

PERU

0.4%

Corporate

Bonds

0.1%

Consorcio

Transmantaro,

4.70%,

4/16/34

(USD) (3)

280,000‌

311‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Lima

Metro

Line

2

Finance,

5.875%,

7/5/34

(USD) 

329,483‌

386‌

697‌

Government

Bonds

0.3%

Republic

of

Peru,

3.30%,

3/11/41

(USD) 

1,400,000‌

1,362‌

1,362‌

Total

Peru

(Cost

$2,071

)

2,059‌

PHILIPPINES

1.3%

Corporate

Bonds

0.9%

Globe

Telecom,

3.00%,

7/23/35

(USD) 

1,600,000‌

1,481‌

International

Container

Terminal

Services,

4.75%,

6/17/30

(USD) 

1,160,000‌

1,300‌

Manila

Water,

4.375%,

7/30/30

(USD) 

1,400,000‌

1,473‌

4,254‌

Government

Bonds

0.4%

Republic

of

Philippines,

2.65%,

12/10/45

(USD) 

2,200,000‌

2,017‌

2,017‌

Total

Philippines

(Cost

$6,260

)

6,271‌

QATAR

2.9%

Corporate

Bonds

1.2%

Ooredoo

International

Finance,

2.625%,

4/8/31

(USD) (3)

1,540,000‌

1,572‌

Qatar

Petroleum,

2.25%,

7/12/31

(USD) (3)

1,210,000‌

1,200‌

Qatar

Petroleum,

2.25%,

7/12/31

(USD) 

1,200,000‌

1,190‌

Qatar

Petroleum,

3.125%,

7/12/41

(USD) (3)

1,760,000‌

1,763‌

5,725‌

Government

Bonds

1.7%

State

of

Qatar,

4.40%,

4/16/50

(USD) (3)

560,000‌

685‌

State

of

Qatar,

4.40%,

4/16/50

(USD) 

800,000‌

978‌

State

of

Qatar,

4.817%,

3/14/49

(USD) 

5,000,000‌

6,443‌

8,106‌

Total

Qatar

(Cost

$14,186

)

13,831‌

ROMANIA

1.4%

Government

Bonds

1.4%

Republic

of

Romania,

2.875%,

4/13/42

(EUR) (3)

610,000‌

662‌

Republic

of

Romania,

3.00%,

2/14/31

(USD) (3)

1,044,000‌

1,067‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Romania,

3.00%,

2/14/31

(USD) 

1,100,000‌

1,125‌

Republic

of

Romania,

4.00%,

2/14/51

(USD) (3)

926,000‌

926‌

Republic

of

Romania,

4.00%,

2/14/51

(USD) 

3,018,000‌

3,020‌

Total

Romania

(Cost

$6,882

)

6,800‌

RUSSIA

3.8%

Corporate

Bonds

0.9%

Gazprom

via

Gaz

Finance,

3.50%,

7/14/31

(USD) (3)

1,510,000‌

1,506‌

Gazprom

via

Gaz

Finance,

3.50%,

7/14/31

(USD) 

390,000‌

389‌

GTLK

Europe,

5.125%,

5/31/24

(USD) 

1,150,000‌

1,228‌

GTLK

Europe

Capital,

5.95%,

4/17/25

(USD) 

1,300,000‌

1,428‌

4,551‌

Government

Bonds

2.9%

Russian

Federation,

4.375%,

3/21/29

(USD) 

6,800,000‌

7,713‌

Russian

Federation,

5.25%,

6/23/47

(USD) 

4,800,000‌

6,093‌

13,806‌

Total

Russia

(Cost

$18,273

)

18,357‌

SAUDI

ARABIA

2.4%

Government

Bonds

2.4%

Kingdom

of

Saudi

Arabia,

3.25%,

10/26/26

(USD) 

1,900,000‌

2,051‌

Kingdom

of

Saudi

Arabia,

3.45%,

2/2/61

(USD) (3)

1,265,000‌

1,245‌

Kingdom

of

Saudi

Arabia,

3.75%,

1/21/55

(USD) 

500,000‌

523‌

Kingdom

of

Saudi

Arabia,

4.50%,

4/22/60

(USD) (3)

585,000‌

701‌

Kingdom

of

Saudi

Arabia,

5.00%,

4/17/49

(USD) 

1,750,000‌

2,184‌

Saudi

Arabian

Oil,

3.50%,

4/16/29

(USD) 

2,600,000‌

2,802‌

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) 

1,700,000‌

1,911‌

Total

Saudi

Arabia

(Cost

$10,705

)

11,417‌

SENEGAL

0.9%

Government

Bonds

0.9%

Republic

of

Senegal,

4.75%,

3/13/28

(EUR) 

1,500,000‌

1,812‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Senegal,

6.25%,

5/23/33

(USD) 

2,400,000‌

2,508‌

Total

Senegal

(Cost

$4,047

)

4,320‌

SERBIA

1.1%

Government

Bonds

1.1%

Republic

of

Serbia,

2.125%,

12/1/30

(USD) (3)

439,000‌

412‌

Republic

of

Serbia,

2.125%,

12/1/30

(USD) 

5,300,000‌

4,970‌

Total

Serbia

(Cost

$5,463

)

5,382‌

SINGAPORE

0.2%

Convertible

Bonds

0.2%

Sea,

0.25%,

9/15/26

(USD) 

980,000‌

994‌

Total

Singapore

(Cost

$980

)

994‌

SOUTH

AFRICA

0.5%

Government

Bonds

0.5%

Republic

of

South

Africa,

5.65%,

9/27/47

(USD) 

2,050,000‌

1,955‌

Republic

of

South

Africa,

6.25%,

3/8/41

(USD) 

450,000‌

472‌

Total

South

Africa

(Cost

$2,363

)

2,427‌

SRI

LANKA

1.5%

Corporate

Bonds

0.1%

SriLankan

Airlines,

7.00%,

6/25/24

(USD) 

845,000‌

523‌

523‌

Government

Bonds

1.4%

Republic

of

Sri

Lanka,

5.875%,

7/25/22

(USD) 

2,750,000‌

2,021‌

Republic

of

Sri

Lanka,

6.125%,

6/3/25

(USD) 

4,450,000‌

2,822‌

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD) 

400,000‌

252‌

Republic

of

Sri

Lanka,

6.85%,

11/3/25

(USD) 

2,200,000‌

1,388‌

6,483‌

Total

Sri

Lanka

(Cost

$9,766

)

7,006‌

SURINAME

0.1%

Government

Bonds

0.1%

Republic

of

Suriname,

9.25%,

10/26/26

(USD) (1)(6)

500,000‌

344‌

Total

Suriname

(Cost

$320

)

344‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

TANZANIA

0.4%

Convertible

Bonds

0.2%

HTA

Group,

2.875%,

3/18/27

(USD) 

1,000,000‌

1,109‌

1,109‌

Corporate

Bonds

0.2%

HTA

Group,

7.00%,

12/18/25

(USD) (3)

810,000‌

854‌

854‌

Total

Tanzania

(Cost

$1,828

)

1,963‌

THAILAND

0.6%

Corporate

Bonds

0.6%

Bangkok

Bank,

VR,

3.466%,

9/23/36

(USD) (3)(5)

880,000‌

872‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) (3)

965,000‌

848‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) 

1,125,000‌

989‌

Total

Thailand

(Cost

$2,848

)

2,709‌

TRINIDAD

AND

TOBAGO

0.4%

Corporate

Bonds

0.2%

Trinidad

Petroleum

Holdings,

9.75%,

6/15/26

(USD) (3)

700,000‌

777‌

777‌

Government

Bonds

0.2%

Republic

of

Trinidad

&

Tobago,

4.50%,

6/26/30

(USD) (3)

1,075,000‌

1,129‌

1,129‌

Total

Trinidad

and

Tobago

(Cost

$1,832

)

1,906‌

TURKEY

2.5%

Corporate

Bonds

0.2%

Akbank,

5.125%,

3/31/25

(USD) 

900,000‌

902‌

Yapi

ve

Kredi

Bankasi,

5.85%,

6/21/24

(USD) 

200,000‌

205‌

1,107‌

Government

Bonds

2.3%

Republic

of

Turkey,

4.25%,

4/14/26

(USD) 

5,500,000‌

5,200‌

Republic

of

Turkey,

4.875%,

10/9/26

(USD) 

2,275,000‌

2,186‌

Republic

of

Turkey,

5.95%,

1/15/31

(USD) 

1,200,000‌

1,138‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Turkey,

6.00%,

1/14/41

(USD) 

2,600,000‌

2,259‌

10,783‌

Total

Turkey

(Cost

$11,930

)

11,890‌

UKRAINE

3.4%

Corporate

Bonds

0.5%

Ukraine

Railways

Via

Rail

Capital

Markets,

8.25%,

7/9/24

(USD) 

1,375,000‌

1,438‌

VF

Ukraine

PAT

via

VFU

Funding,

6.20%,

2/11/25

(USD) 

800,000‌

831‌

2,269‌

Government

Bonds

2.9%

Government

of

Ukraine,

7.75%,

9/1/25

(USD) 

1,395,000‌

1,519‌

Government

of

Ukraine,

7.75%,

9/1/27

(USD) 

5,055,000‌

5,490‌

Government

of

Ukraine,

8.994%,

2/1/24

(USD) 

1,290,000‌

1,422‌

Government

of

Ukraine,

9.75%,

11/1/28

(USD) (3)

2,300,000‌

2,704‌

Government

of

Ukraine,

9.75%,

11/1/28

(USD) 

1,750,000‌

2,057‌

Government

of

Ukraine,

FRN,

1.258%,

5/31/40

(USD) (2)(3)

485,000‌

531‌

13,723‌

Total

Ukraine

(Cost

$14,714

)

15,992‌

UNITED

ARAB

EMIRATES

1.7%

Corporate

Bonds

1.7%

Abu

Dhabi

Ports,

2.50%,

5/6/31

(USD) 

1,400,000‌

1,420‌

Acwa

Power

Management

&

Investments

One,

5.95%,

12/15/39

(USD) 

799,144‌

967‌

DP

World

Crescent,

3.875%,

7/18/29

(USD) 

1,950,000‌

2,111‌

Emirates

NBD

Bank,

VR,

6.125%

(USD) (4)(5)

1,100,000‌

1,171‌

Ruwais

Power,

6.00%,

8/31/36

(USD) 

1,770,000‌

2,376‌

Total

United

Arab

Emirates

(Cost

$7,835

)

8,045‌

UNITED

KINGDOM

0.0%

Common

Stocks

0.0%

Mriya

Farming (1)(7)

5,890‌

—‌

Mriya

Farming,

Recovery

Certificates

(EUR) (1)(7)

488,383‌

6‌

Total

United

Kingdom

(Cost

$–

)

6‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

UNITED

STATES

0.6%

Convertible

Bonds

0.1%

JPMorgan

Chase

Bank,

0.125%,

1/1/23 (3)

375,000‌

385‌

385‌

Corporate

Bonds

0.5%

Citgo

Holding,

9.25%,

8/1/24 (3)

650,000‌

653‌

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29 (3)

1,745,000‌

1,791‌

2,444‌

Total

United

States

(Cost

$2,877

)

2,829‌

URUGUAY

0.5%

Government

Bonds

0.5%

Republic

of

Uruguay,

5.10%,

6/18/50

(USD) 

1,910,000‌

2,436‌

Total

Uruguay

(Cost

$2,216

)

2,436‌

UZBEKISTAN

0.8%

Government

Bonds

0.8%

Republic

of

Uzbekistan,

3.90%,

10/19/31

(USD) (3)

1,596,000‌

1,559‌

Republic

of

Uzbekistan,

5.375%,

2/20/29

(USD) (3)

485,000‌

529‌

Republic

of

Uzbekistan,

5.375%,

2/20/29

(USD) 

1,640,000‌

1,791‌

Total

Uzbekistan

(Cost

$3,842

)

3,879‌

VENEZUELA

1.0%

Corporate

Bonds

0.0%

Electricidad

de

Caracas,

8.50%,

4/10/22

(USD) (1)(6)

800,000‌

24‌

24‌

Government

Bonds

1.0%

Petroleos

de

Venezuela,

5.375%,

4/12/27

(USD) (1)(6)

3,600,000‌

216‌

Petroleos

de

Venezuela,

6.00%,

5/16/24

(USD) (1)(6)

10,960,000‌

658‌

Petroleos

de

Venezuela,

6.00%,

11/15/26

(USD) (1)(6)

2,950,000‌

177‌

Petroleos

de

Venezuela,

8.50%,

10/27/20

(USD) (1)(6)

2,355,500‌

665‌

Petroleos

de

Venezuela,

9.00%,

11/17/21

(USD) (1)(6)

24,590,000‌

1,475‌

Petroleos

de

Venezuela,

9.75%,

5/17/35

(USD) (1)(6)

985,000‌

59‌

Petroleos

de

Venezuela,

12.75%,

2/17/22

(USD) (1)(6)

3,430,000‌

206‌

Republic

of

Venezuela,

6.00%,

12/9/20

(USD) (1)(6)

3,350,000‌

327‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Venezuela,

7.75%,

10/13/19

(USD) (1)(6)

3,600,000‌

378‌

Republic

of

Venezuela,

9.25%,

9/15/27

(USD) (1)(6)

1,000,000‌

108‌

Republic

of

Venezuela,

11.75%,

10/21/26

(USD) (1)(6)

1,500,000‌

167‌

Republic

of

Venezuela,

11.95%,

8/5/31

(USD) (1)(6)

800,000‌

88‌

Republic

of

Venezuela,

12.75%,

8/23/22

(USD) (1)(6)

550,000‌

61‌

4,585‌

Total

Venezuela

(Cost

$25,116

)

4,609‌

VIETNAM

1.2%

Corporate

Bonds

0.2%

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) (3)

315,000‌

314‌

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) 

550,000‌

549‌

863‌

Government

Bonds

1.0%

Socialist

Republic

of

Vietnam,

4.80%,

11/19/24

(USD) (3)

600,000‌

666‌

Socialist

Republic

of

Vietnam,

4.80%,

11/19/24

(USD) 

3,600,000‌

3,994‌

4,660‌

Total

Vietnam

(Cost

$5,160

)

5,523‌

ZAMBIA

0.4%

Government

Bonds

0.4%

Republic

of

Zambia,

5.375%,

9/20/22

(USD) (1)(6)

2,600,000‌

1,959‌

Total

Zambia

(Cost

$1,443

)

1,959‌

SHORT-TERM

INVESTMENTS

3.6%

Money

Market

Funds

3.1%

T.

Rowe

Price

Government

Reserve

Fund,

0.05% (8)(9)

14,626,515‌

14,627‌

14,627‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

10

Par/Shares

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Obligations

0.5%

U.S.

Treasury

Notes,

2.625%,

12/15/21 (10)

2,570,000‌

2,583‌

2,583‌

Total

Short-Term

Investments

(Cost

$17,210)

17,210‌

Total

Investments

in

Securities

98.9%

(Cost

$491,581)

$

472,833‌

Other

Assets

Less

Liabilities

1.1%

5,313

Net

Assets

100.0%

$

478,146‌

‡

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)

Non-income

producing

(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)

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

$85,291

and

represents

17.8%

of

net

assets.

(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

is

provided

if

the

rate

is

currently

floating.

(6)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(7)

Level

3

in

fair

value

hierarchy.

(8)

Seven-day

yield

(9)

Affiliated

Companies

(10)

At

September

30,

2021,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

CNH

Offshore

China

Renminbi

EUR

Euro

FRN

Floating

Rate

Note

IDR

Indonesian

Rupiah

MXN

Mexican

Peso

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

11

(Amounts

in

000s)

SWAPS

(0.1)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

(0.0)%

Credit

Default

Swaps,

Protection

Sold

(0.0)%

Argentina

(0.0)%

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Republic

of

Argentina,

CCC+*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

(USD)

*

545

(228)

(101)

(127‌)

Total

Argentina

(101)

(127‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(101)

(127‌)

Total

Bilateral

Swaps

(101)

(127‌)

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.1)%

Credit

Default

Swaps,

Protection

Sold

(0.1)%

United

States

(0.1)%

Protection

Sold

(Relevant

Credit:

Markit

CDX.EM-S36,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/26

10,875

(431)

(380)

(51‌)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S36,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/26

1,100

103

108

(5‌)

Total

United

States

(56‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(56‌)

Total

Centrally

Cleared

Swaps

(56‌)

Net

payments

(receipts)

of

variation

margin

to

date

50‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(6‌)

*

Credit

ratings

as

of

September

30,

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.

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

less

than

$1,000.

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

10/8/21

USD

5‌

IDR

73,906‌

$

—‌

Bank

of

America

10/15/21

USD

275‌

CNH

1,770‌

1‌

Bank

of

America

12/17/21

USD

103‌

CNH

670‌

(1‌)

BNP

Paribas

10/15/21

USD

137‌

CNH

885‌

—‌

BNP

Paribas

11/19/21

USD

2,488‌

EUR

2,109‌

43‌

Citibank

11/19/21

USD

1,225‌

EUR

1,039‌

20‌

Goldman

Sachs

10/15/21

CNH

3,540‌

USD

547‌

1‌

Goldman

Sachs

10/15/21

USD

137‌

CNH

885‌

—‌

HSBC

Bank

10/8/21

USD

10‌

IDR

148,402‌

—‌

HSBC

Bank

12/17/21

USD

126‌

CNH

821‌

—‌

Morgan

Stanley

10/8/21

USD

13‌

IDR

187,638‌

—‌

Morgan

Stanley

11/19/21

USD

3,718‌

EUR

3,148‌

68‌

Morgan

Stanley

12/17/21

CNH

2,147‌

USD

330‌

1‌

Standard

Chartered

12/17/21

USD

101‌

CNH

655‌

—‌

State

Street

10/15/21

USD

132‌

MXN

2,665‌

3‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

136‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

13

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

26

U.S.

Treasury

Notes

ten

year

contracts

12/21

3,422

$

(47‌)

Long,

67

Ultra

U.S.

Treasury

Bonds

contracts

12/21

12,801

(327‌)

Net

payments

(receipts)

of

variation

margin

to

date

370‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(4‌)

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

nine

months

ended

September

30,

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,

0.05%

$

—‌#

$

—‌

$

5‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

09/30/21

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

$

9,147‌

 ¤

 ¤

$

14,627‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$5

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$14,627.

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

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

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

September

30,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

E163-054Q3

09/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

455,617‌

$

—‌

$

455,617‌

Common

Stocks

—‌

—‌

6‌

6‌

Short-Term

Investments

14,627‌

2,583‌

—‌

17,210‌

Total

Securities

14,627‌

458,200‌

6‌

472,833‌

Forward

Currency

Exchange

Contracts

—‌

137‌

—‌

137‌

Total

$

14,627‌

$

458,337‌

$

6‌

$

472,970‌

Liabilities

Swaps*

$

—‌

$

284‌

$

—‌

$

284‌

Forward

Currency

Exchange

Contracts

—‌

1‌

—‌

1‌

Futures

Contracts*

374‌

—‌

—‌

374‌

Total

$

374‌

$

285‌

$

—‌

$

659‌

1

Includes

Convertible

Bonds,

Corporate

Bonds

and

Government

Bonds.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.