T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

September

30,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ALBANIA

1.4%

Government

Bonds

1.4%

Republic

of

Albania,

3.50%,

6/16/27

(EUR) 

1,960,000‌

1,669‌

Republic

of

Albania,

3.50%,

11/23/31

(EUR) (1)

1,925,000‌

1,387‌

Republic

of

Albania,

3.50%,

11/23/31

(EUR) 

2,270,000‌

1,636‌

Total

Albania

(Cost

$6,605

)

4,692‌

ANGOLA

2.3%

Government

Bonds

2.3%

Republic

of

Angola,

8.00%,

11/26/29

(USD) 

2,460,000‌

1,858‌

Republic

of

Angola,

8.25%,

5/9/28

(USD) 

3,840,000‌

3,037‌

Republic

of

Angola,

8.75%,

4/14/32

(USD) (1)

1,130,000‌

841‌

Republic

of

Angola,

9.125%,

11/26/49

(USD) 

2,800,000‌

1,894‌

Total

Angola

(Cost

$8,983

)

7,630‌

ARGENTINA

0.7%

Government

Bonds

0.7%

Republic

of

Argentina,

0.00%,

12/15/35

(USD) (2)(3)

4,020,000‌

23‌

Republic

of

Argentina,

STEP,

0.50%,

7/9/30

(USD) 

1,610,121‌

325‌

Republic

of

Argentina,

STEP,

1.50%,

7/9/35

(USD) 

2,600,026‌

474‌

Republic

of

Argentina,

STEP,

3.875%,

1/9/38

(USD) 

7,020,959‌

1,658‌

Total

Argentina

(Cost

$6,372

)

2,480‌

AUSTRIA

0.2%

Government

Bonds

0.2%

Republic

of

Austria,

0.85%,

6/30/2120 (1)

1,775,000‌

717‌

Total

Austria

(Cost

$975

)

717‌

BAHAMAS

1.0%

Government

Bonds

1.0%

Commonwealth

of

Bahamas,

6.00%,

11/21/28

(USD) (1)

5,325,000‌

3,248‌

Commonwealth

of

Bahamas,

9.00%,

6/16/29

(USD) (1)

350,000‌

245‌

Total

Bahamas

(Cost

$5,774

)

3,493‌

BAHRAIN

3.2%

Government

Bonds

3.2%

Kingdom

of

Bahrain,

5.625%,

5/18/34

(USD) (1)

4,350,000‌

3,418‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Kingdom

of

Bahrain,

6.75%,

9/20/29

(USD) 

2,860,000‌

2,679‌

Kingdom

of

Bahrain,

7.00%,

10/12/28

(USD) 

3,755,000‌

3,613‌

Kingdom

of

Bahrain,

7.50%,

9/20/47

(USD) 

1,225,000‌

976‌

Total

Bahrain

(Cost

$12,430

)

10,686‌

BARBADOS

0.1%

Government

Bonds

0.1%

Government

of

Barbados,

6.50%,

10/1/29

(USD) (1)

275,000‌

244‌

Total

Barbados

(Cost

$278

)

244‌

BENIN

0.2%

Government

Bonds

0.2%

Republic

of

Benin,

4.875%,

1/19/32

(EUR) (1)

1,160,000‌

779‌

Total

Benin

(Cost

$1,396

)

779‌

BRAZIL

1.6%

Convertible

Bonds

0.3%

MercadoLibre,

2.00%,

8/15/28

(USD) 

459,000‌

910‌

910‌

Corporate

Bonds

0.9%

Cosan

Overseas,

8.25%

(USD) (4)

430,000‌

425‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD) 

3,225,000‌

2,432‌

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32

(USD) (1)

500,000‌

376‌

3,233‌

Government

Bonds

0.4%

Republic

of

Brazil,

5.00%,

1/27/45

(USD) 

1,723,000‌

1,256‌

1,256‌

Total

Brazil

(Cost

$6,701

)

5,399‌

CHILE

3.6%

Corporate

Bonds

3.0%

AES

Andes,

VR,

6.35%,

10/7/79

(USD) (1)(5)

725,000‌

625‌

AES

Andes,

VR,

7.125%,

3/26/79

(USD) (1)(5)

2,425,000‌

2,132‌

Agrosuper,

4.60%,

1/20/32

(USD) (1)

1,400,000‌

1,138‌

Banco

Santander

Chile,

3.177%,

10/26/31

(USD) (1)

1,500,000‌

1,194‌

Celulosa

Arauco

y

Constitucion,

4.20%,

1/29/30

(USD) (1)

1,000,000‌

822‌

Celulosa

Arauco

y

Constitucion,

5.15%,

1/29/50

(USD) 

1,000,000‌

708‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Empresa

de

los

Ferrocarriles

del

Estado,

3.068%,

8/18/50

(USD) 

1,520,000‌

860‌

Empresa

de

Transporte

de

Pasajeros

Metro,

3.693%,

9/13/61

(USD) (1)

800,000‌

470‌

Empresa

de

Transporte

de

Pasajeros

Metro,

4.70%,

5/7/50

(USD) (1)

945,000‌

714‌

VTR

Comunicaciones,

4.375%,

4/15/29

(USD) (1)

2,010,000‌

1,251‌

9,914‌

Government

Bonds

0.6%

Bonos

de

la

Tesoreria

de

la

Republica,

4.70%,

9/1/30 (1)

980,000,000‌

886‌

Republic

of

Chile,

3.25%,

9/21/71

(USD) 

1,200,000‌

688‌

Republic

of

Chile,

3.50%,

1/31/34

(USD) 

310,000‌

253‌

Republic

of

Chile,

4.00%,

1/31/52

(USD) 

350,000‌

256‌

2,083‌

Total

Chile

(Cost

$15,231

)

11,997‌

CHINA

2.2%

Convertible

Bonds

0.2%

H

World

Group,

3.00%,

5/1/26

(USD) 

556,000‌

608‌

608‌

Corporate

Bonds

1.0%

Health

&

Happiness

H&H

International

Holdings,

5.625%,

10/24/24

(USD) 

1,000,000‌

805‌

State

Grid

Overseas

Investment

2013,

4.375%,

5/22/43

(USD) 

500,000‌

460‌

State

Grid

Overseas

Investment

BVI,

4.00%,

5/4/47

(USD) 

800,000‌

693‌

Tencent

Holdings,

3.29%,

6/3/60

(USD) 

1,435,000‌

821‌

Tencent

Holdings,

3.84%,

4/22/51

(USD) 

690,000‌

452‌

3,231‌

Government

Bonds

1.0%

People's

Republic

of

China,

Series

INBK,

3.27%,

11/19/30 

7,600,000‌

1,115‌

People's

Republic

of

China,

Series

1916,

3.12%,

12/5/26 

16,100,000‌

2,331‌

3,446‌

Total

China

(Cost

$8,441

)

7,285‌

COLOMBIA

4.4%

Corporate

Bonds

1.9%

Banco

Davivienda,

VR,

6.65%

(USD) (1)(4)(5)

1,975,000‌

1,451‌

Banco

de

Bogota,

6.25%,

5/12/26

(USD) 

1,000,000‌

937‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Bancolombia,

VR,

4.625%,

12/18/29

(USD) (5)

1,345,000‌

1,132‌

Ecopetrol,

4.625%,

11/2/31

(USD) 

1,460,000‌

1,024‌

Ecopetrol,

5.875%,

5/28/45

(USD) 

3,325,000‌

2,018‌

6,562‌

Government

Bonds

2.4%

Republic

of

Colombia,

3.00%,

1/30/30

(USD) 

2,075,000‌

1,491‌

Republic

of

Colombia,

3.125%,

4/15/31

(USD) 

2,100,000‌

1,460‌

Republic

of

Colombia,

4.125%,

5/15/51

(USD) 

1,455,000‌

785‌

Republic

of

Colombia,

5.00%,

6/15/45

(USD) 

4,425,000‌

2,695‌

Republic

of

Colombia,

6.125%,

1/18/41

(USD) 

2,320,000‌

1,713‌

8,144‌

Private

Investment

Company

0.1%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $265

(USD) (2)(6)

†

251‌

251‌

Total

Colombia

(Cost

$19,450

)

14,957‌

DOMINICAN

REPUBLIC

5.6%

Government

Bonds

5.6%

Dominican

Republic,

4.50%,

1/30/30

(USD) (1)

3,870,000‌

3,061‌

Dominican

Republic,

4.875%,

9/23/32

(USD) (1)

4,705,000‌

3,555‌

Dominican

Republic,

4.875%,

9/23/32

(USD) 

5,925,000‌

4,477‌

Dominican

Republic,

5.875%,

1/30/60

(USD) 

5,200,000‌

3,451‌

Dominican

Republic,

6.85%,

1/27/45

(USD) 

4,350,000‌

3,402‌

Dominican

Republic,

7.45%,

4/30/44

(USD) 

850,000‌

717‌

Total

Dominican

Republic

(Cost

$22,708

)

18,663‌

ECUADOR

1.3%

Government

Bonds

1.3%

Republic

of

Ecuador,

STEP,

2.50%,

7/31/35

(USD) (1)

7,952,685‌

2,637‌

Republic

of

Ecuador,

STEP,

2.50%,

7/31/35

(USD) 

1,075,000‌

357‌

Republic

of

Ecuador,

STEP,

5.50%,

7/31/30

(USD) (1)

2,829,550‌

1,353‌

Total

Ecuador

(Cost

$8,575

)

4,347‌

EGYPT

1.8%

Government

Bonds

1.8%

Arab

Republic

of

Egypt,

5.875%,

2/16/31

(USD) (1)

540,000‌

315‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Arab

Republic

of

Egypt,

5.875%,

2/16/31

(USD) 

1,350,000‌

788‌

Arab

Republic

of

Egypt,

6.588%,

2/21/28

(USD) 

1,650,000‌

1,162‌

Arab

Republic

of

Egypt,

7.60%,

3/1/29

(USD) 

1,030,000‌

724‌

Arab

Republic

of

Egypt,

7.903%,

2/21/48

(USD) (1)

800,000‌

420‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) (1)

3,050,000‌

1,705‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) 

1,640,000‌

917‌

Total

Egypt

(Cost

$9,803

)

6,031‌

EL

SALVADOR

0.8%

Government

Bonds

0.8%

Republic

of

El

Salvador,

5.875%,

1/30/25

(USD) 

3,565,000‌

1,978‌

Republic

of

El

Salvador,

7.65%,

6/15/35

(USD) 

1,945,000‌

664‌

Total

El

Salvador

(Cost

$4,192

)

2,642‌

GHANA

0.4%

Corporate

Bonds

0.2%

Kosmos

Energy,

7.125%,

4/4/26

(USD) 

700,000‌

575‌

575‌

Government

Bonds

0.2%

Republic

of

Ghana,

8.125%,

1/18/26

(USD) 

1,720,000‌

872‌

872‌

Total

Ghana

(Cost

$2,217

)

1,447‌

GRENADA

0.0%

Government

Bonds

0.0%

Government

of

Grenada,

7.00%,

5/12/30

(USD) 

152,975‌

125‌

Total

Grenada

(Cost

$140

)

125‌

GUATEMALA

1.1%

Government

Bonds

1.1%

Republic

of

Guatemala,

4.875%,

2/13/28

(USD) 

1,050,000‌

953‌

Republic

of

Guatemala,

4.90%,

6/1/30

(USD) (1)

1,000,000‌

878‌

Republic

of

Guatemala,

5.25%,

8/10/29

(USD) (1)

230,000‌

207‌

Republic

of

Guatemala,

5.375%,

4/24/32

(USD) 

1,900,000‌

1,659‌

Total

Guatemala

(Cost

$4,283

)

3,697‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

HUNGARY

0.3%

Government

Bonds

0.3%

Republic

of

Hungary,

2.125%,

9/22/31

(USD) (1)

1,360,000‌

934‌

Total

Hungary

(Cost

$1,343

)

934‌

INDIA

3.6%

Corporate

Bonds

1.7%

ABJA

Investment,

5.45%,

1/24/28

(USD) 

1,170,000‌

1,090‌

Adani

International

Container

Terminal,

3.00%,

2/16/31

(USD) 

2,304,000‌

1,773‌

Adani

Ports

&

Special

Economic

Zone,

4.20%,

8/4/27

(USD) (1)

645,000‌

566‌

Adani

Ports

&

Special

Economic

Zone,

4.375%,

7/3/29

(USD) 

400,000‌

333‌

Bharti

Airtel,

3.25%,

6/3/31

(USD) (1)

1,540,000‌

1,241‌

Greenko

Power

II,

4.30%,

12/13/28

(USD) 

855,313‌

675‌

5,678‌

Government

Bonds

1.9%

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) (1)

255,000‌

192‌

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) 

3,300,000‌

2,483‌

Export-Import

Bank

of

India,

3.25%,

1/15/30

(USD) 

4,655,000‌

3,897‌

6,572‌

Total

India

(Cost

$14,650

)

12,250‌

INDONESIA

5.7%

Corporate

Bonds

1.1%

Minejesa

Capital,

5.625%,

8/10/37

(USD) 

2,200,000‌

1,576‌

Pertamina

Persero,

5.625%,

5/20/43

(USD) 

920,000‌

781‌

Perusahaan

Listrik

Negara,

4.125%,

5/15/27

(USD) 

1,000,000‌

927‌

Perusahaan

Listrik

Negara,

4.375%,

2/5/50

(USD) (1)

400,000‌

257‌

Perusahaan

Listrik

Negara,

6.15%,

5/21/48

(USD) 

300,000‌

249‌

3,790‌

Government

Bonds

4.6%

Perusahaan

Penerbit,

2.80%,

6/23/30

(USD) 

8,150,000‌

6,887‌

Perusahaan

Penerbit,

4.15%,

3/29/27

(USD) 

2,100,000‌

2,014‌

Perusahaan

Penerbit,

4.45%,

2/20/29

(USD) 

1,800,000‌

1,728‌

Perusahaan

Penerbit,

4.55%,

3/29/26

(USD) 

1,350,000‌

1,325‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Indonesia,

4.625%,

4/15/43

(USD) 

2,425,000‌

2,065‌

Republic

of

Indonesia,

5.25%,

1/17/42

(USD) 

1,500,000‌

1,362‌

15,381‌

Total

Indonesia

(Cost

$23,549

)

19,171‌

ISRAEL

0.4%

Corporate

Bonds

0.4%

ICL

Group,

6.375%,

5/31/38

(USD) (1)

1,400,000‌

1,321‌

Total

Israel

(Cost

$1,515

)

1,321‌

IVORY

COAST

2.7%

Government

Bonds

2.7%

Republic

of

Ivory

Coast,

6.125%,

6/15/33

(USD) 

9,700,000‌

7,421‌

Republic

of

Ivory

Coast,

6.625%,

3/22/48

(EUR) 

2,760,000‌

1,606‌

Total

Ivory

Coast

(Cost

$11,986

)

9,027‌

JAMAICA

0.5%

Corporate

Bonds

0.2%

TransJamaican

Highway,

5.75%,

10/10/36

(USD) (1)

355,583‌

290‌

TransJamaican

Highway,

5.75%,

10/10/36

(USD) 

384,414‌

313‌

603‌

Government

Bonds

0.3%

Government

of

Jamaica,

6.75%,

4/28/28

(USD) 

1,100,000‌

1,145‌

1,145‌

Total

Jamaica

(Cost

$2,007

)

1,748‌

JORDAN

1.6%

Government

Bonds

1.6%

Kingdom

of

Jordan,

5.85%,

7/7/30

(USD) 

6,475,000‌

5,286‌

Total

Jordan

(Cost

$6,723

)

5,286‌

KAZAKHSTAN

1.1%

Corporate

Bonds

1.1%

KazMunayGas

National,

3.50%,

4/14/33

(USD) 

1,700,000‌

1,125‌

KazMunayGas

National,

5.75%,

4/19/47

(USD) 

3,685,000‌

2,471‌

KazMunayGas

National,

6.375%,

10/24/48

(USD) 

215,000‌

151‌

Total

Kazakhstan

(Cost

$5,872

)

3,747‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

KUWAIT

0.3%

Corporate

Bonds

0.3%

MEGlobal

Canada,

5.875%,

5/18/30

(USD) (1)

245,000‌

243‌

MEGlobal

Canada,

5.875%,

5/18/30

(USD) 

800,000‌

795‌

Total

Kuwait

(Cost

$1,153

)

1,038‌

LEBANON

0.1%

Government

Bonds

0.1%

Lebanese

Republic,

6.00%,

1/27/23

(USD) (2)(7)

4,640,000‌

288‌

Total

Lebanon

(Cost

$896

)

288‌

MEXICO

8.9%

Corporate

Bonds

4.2%

America

Movil,

5.375%,

4/4/32

(USD) (1)

1,200,000‌

1,034‌

Axtel,

6.375%,

11/14/24

(USD) (1)

505,000‌

356‌

Banco

Mercantil

del

Norte,

VR,

7.625%

(USD) (4)(5)

500,000‌

445‌

Banco

Mercantil

del

Norte,

VR,

8.375%

(USD) (4)(5)

1,075,000‌

986‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD) (5)

2,975,000‌

2,466‌

BBVA

Bancomer,

VR,

5.875%,

9/13/34

(USD) (5)

750,000‌

643‌

Cemex,

5.45%,

11/19/29

(USD) 

700,000‌

627‌

Cometa

Energia,

6.375%,

4/24/35

(USD) (1)

1,357,800‌

1,227‌

Cometa

Energia,

6.375%,

4/24/35

(USD) 

262,800‌

238‌

Infraestructura

Energetica

Nova,

4.75%,

1/15/51

(USD) 

1,375,000‌

937‌

Mexico

City

Airport

Trust,

5.50%,

7/31/47

(USD) 

8,003,000‌

5,012‌

13,971‌

Government

Bonds

4.7%

Petroleos

Mexicanos,

4.50%,

1/23/26

(USD) 

3,400,000‌

2,934‌

Petroleos

Mexicanos,

5.50%,

6/27/44

(USD) 

1,860,000‌

976‌

Petroleos

Mexicanos,

5.625%,

1/23/46

(USD) 

5,560,000‌

2,908‌

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD) 

4,450,000‌

3,734‌

Petroleos

Mexicanos,

6.50%,

6/2/41

(USD) 

7,405,000‌

4,305‌

Petroleos

Mexicanos,

6.75%,

9/21/47

(USD) 

1,550,000‌

867‌

Petroleos

Mexicanos,

Series

13-2,

7.19%,

9/12/24 

2,700,000‌

121‌

15,845‌

Total

Mexico

(Cost

$39,887

)

29,816‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

MONGOLIA

0.8%

Government

Bonds

0.8%

State

of

Mongolia,

4.45%,

7/7/31

(USD) 

3,900,000‌

2,730‌

Total

Mongolia

(Cost

$3,299

)

2,730‌

MOROCCO

2.4%

Government

Bonds

2.4%

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD) (1)

1,300,000‌

914‌

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD) 

3,570,000‌

2,510‌

Kingdom

of

Morocco,

4.00%,

12/15/50

(USD) 

7,825,000‌

4,498‌

Total

Morocco

(Cost

$10,655

)

7,922‌

NIGERIA

0.6%

Government

Bonds

0.6%

Republic

of

Nigeria,

7.875%,

2/16/32

(USD) 

2,950,000‌

1,907‌

Total

Nigeria

(Cost

$2,082

)

1,907‌

OMAN

4.2%

Corporate

Bonds

0.4%

OmGrid

Funding,

5.196%,

5/16/27

(USD) 

500,000‌

453‌

Oryx

Funding,

5.80%,

2/3/31

(USD) (1)

200,000‌

179‌

Oryx

Funding,

5.80%,

2/3/31

(USD) 

700,000‌

625‌

1,257‌

Government

Bonds

3.8%

Sultanate

of

Oman,

4.75%,

6/15/26

(USD) 

900,000‌

841‌

Sultanate

of

Oman,

5.375%,

3/8/27

(USD) 

6,255,000‌

5,893‌

Sultanate

of

Oman,

5.625%,

1/17/28

(USD) 

1,400,000‌

1,305‌

Sultanate

of

Oman,

6.25%,

1/25/31

(USD) (1)

710,000‌

663‌

Sultanate

of

Oman,

6.50%,

3/8/47

(USD) 

3,060,000‌

2,406‌

Sultanate

of

Oman,

6.75%,

10/28/27

(USD) 

1,700,000‌

1,681‌

12,789‌

Total

Oman

(Cost

$15,376

)

14,046‌

PAKISTAN

0.2%

Government

Bonds

0.2%

Islamic

Republic

of

Pakistan,

7.875%,

3/31/36

(USD) 

1,936,000‌

719‌

Total

Pakistan

(Cost

$2,059

)

719‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

PANAMA

1.6%

Corporate

Bonds

0.6%

Aeropuerto

Internacional

de

Tocumen,

4.00%,

8/11/41

(USD) (1)

520,000‌

386‌

Banco

General,

VR,

5.25%

(USD) (1)

(4)(5)

905,000‌

775‌

Banco

Nacional

de

Panama,

2.50%,

8/11/30

(USD) (1)

1,105,000‌

812‌

1,973‌

Government

Bonds

1.0%

Republic

of

Panama,

2.252%,

9/29/32

(USD) 

3,000,000‌

2,120‌

Republic

of

Panama,

4.50%,

1/19/63

(USD) 

1,750,000‌

1,160‌

3,280‌

Total

Panama

(Cost

$6,579

)

5,253‌

PARAGUAY

1.3%

Corporate

Bonds

0.3%

Telefonica

Celular

del

Paraguay,

5.875%,

4/15/27

(USD) (1)

1,005,000‌

895‌

895‌

Government

Bonds

1.0%

Republic

of

Paraguay,

4.95%,

4/28/31

(USD) (1)

840,000‌

750‌

Republic

of

Paraguay,

5.40%,

3/30/50

(USD) 

3,655,000‌

2,701‌

3,451‌

Total

Paraguay

(Cost

$5,759

)

4,346‌

PERU

1.1%

Corporate

Bonds

0.2%

Lima

Metro

Line

2

Finance,

5.875%,

7/5/34

(USD) 

312,040‌

296‌

Nexa

Resources,

5.375%,

5/4/27

(USD) 

575,000‌

510‌

806‌

Government

Bonds

0.9%

Republic

of

Peru,

2.78%,

12/1/60

(USD) 

3,010,000‌

1,644‌

Republic

of

Peru,

3.30%,

3/11/41

(USD) 

1,400,000‌

971‌

Republic

of

Peru,

3.55%,

3/10/51

(USD) 

590,000‌

397‌

3,012‌

Total

Peru

(Cost

$5,571

)

3,818‌

PHILIPPINES

1.8%

Corporate

Bonds

1.1%

Globe

Telecom,

3.00%,

7/23/35

(USD) 

1,600,000‌

1,152‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

International

Container

Terminal

Services,

4.75%,

6/17/30

(USD) 

1,160,000‌

1,047‌

Manila

Water,

4.375%,

7/30/30

(USD) 

1,600,000‌

1,404‌

3,603‌

Government

Bonds

0.7%

Republic

of

Philippines,

2.65%,

12/10/45

(USD) 

4,175,000‌

2,588‌

2,588‌

Total

Philippines

(Cost

$8,256

)

6,191‌

QATAR

2.5%

Corporate

Bonds

0.9%

Qatar

Energy,

2.25%,

7/12/31

(USD) (1)

1,210,000‌

978‌

Qatar

Energy,

2.25%,

7/12/31

(USD) 

1,200,000‌

969‌

Qatar

Energy,

3.125%,

7/12/41

(USD) (1)

1,760,000‌

1,288‌

3,235‌

Government

Bonds

1.6%

State

of

Qatar,

4.40%,

4/16/50

(USD) 

1,550,000‌

1,367‌

State

of

Qatar,

4.817%,

3/14/49

(USD) 

4,200,000‌

3,897‌

5,264‌

Total

Qatar

(Cost

$12,008

)

8,499‌

ROMANIA

1.7%

Government

Bonds

1.7%

Republic

of

Romania,

2.875%,

4/13/42

(EUR) (1)

610,000‌

309‌

Republic

of

Romania,

3.00%,

2/14/31

(USD) 

1,600,000‌

1,142‌

Republic

of

Romania,

3.375%,

1/28/50

(EUR) 

3,775,000‌

1,917‌

Republic

of

Romania,

4.00%,

2/14/51

(USD) (1)

926,000‌

520‌

Republic

of

Romania,

4.00%,

2/14/51

(USD) 

3,018,000‌

1,693‌

Total

Romania

(Cost

$9,449

)

5,581‌

SAUDI

ARABIA

2.5%

Corporate

Bonds

0.3%

Acwa

Power

Management

&

Investments

One,

5.95%,

12/15/39

(USD) 

1,197,600‌

1,077‌

1,077‌

Government

Bonds

2.2%

Kingdom

of

Saudi

Arabia,

3.25%,

10/26/26

(USD) 

1,900,000‌

1,810‌

Kingdom

of

Saudi

Arabia,

3.45%,

2/2/61

(USD) (1)

1,265,000‌

862‌

Kingdom

of

Saudi

Arabia,

3.75%,

1/21/55

(USD) 

500,000‌

371‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Kingdom

of

Saudi

Arabia,

4.50%,

4/22/60

(USD) (1)

585,000‌

494‌

Kingdom

of

Saudi

Arabia,

5.00%,

4/17/49

(USD) 

1,150,000‌

1,039‌

Saudi

Arabian

Oil,

3.50%,

4/16/29

(USD) 

1,800,000‌

1,629‌

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) 

1,250,000‌

1,074‌

7,279‌

Total

Saudi

Arabia

(Cost

$9,862

)

8,356‌

SENEGAL

1.8%

Government

Bonds

1.8%

Republic

of

Senegal,

6.25%,

5/23/33

(USD) 

8,025,000‌

6,055‌

Total

Senegal

(Cost

$7,296

)

6,055‌

SERBIA

1.4%

Government

Bonds

1.4%

Republic

of

Serbia,

2.125%,

12/1/30

(USD) 

7,250,000‌

4,769‌

Total

Serbia

(Cost

$6,504

)

4,769‌

SINGAPORE

0.3%

Convertible

Bonds

0.3%

Sea,

0.25%,

9/15/26

(USD) 

1,380,000‌

959‌

Total

Singapore

(Cost

$1,310

)

959‌

SOUTH

AFRICA

1.9%

Government

Bonds

1.9%

Republic

of

South

Africa,

5.65%,

9/27/47

(USD) 

3,070,000‌

1,982‌

Republic

of

South

Africa,

5.875%,

4/20/32

(USD) 

1,800,000‌

1,492‌

Republic

of

South

Africa,

6.25%,

3/8/41

(USD) 

450,000‌

338‌

Republic

of

South

Africa,

7.30%,

4/20/52

(USD) 

3,280,000‌

2,510‌

Total

South

Africa

(Cost

$8,001

)

6,322‌

SRI

LANKA

0.8%

Corporate

Bonds

0.1%

SriLankan

Airlines,

7.00%,

6/25/24

(USD) 

845,000‌

499‌

499‌

Government

Bonds

0.7%

Republic

of

Sri

Lanka,

6.125%,

6/3/25

(USD) (2)(7)

2,300,000‌

646‌

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD) (2)(7)

200,000‌

53‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Sri

Lanka,

6.85%,

11/3/25

(USD) (2)(7)

5,950,000‌

1,603‌

2,302‌

Total

Sri

Lanka

(Cost

$6,652

)

2,801‌

SURINAME

0.8%

Government

Bonds

0.8%

Republic

of

Suriname,

9.25%,

10/26/26

(USD) (2)(7)

2,859,000‌

2,267‌

Republic

of

Suriname,

12.875%,

12/30/23

(USD) (2)(7)

200,000‌

164‌

Republic

of

Suriname,

12.875%,

12/30/23

(USD) (1)(2)(7)

325,000‌

267‌

Total

Suriname

(Cost

$2,625

)

2,698‌

TANZANIA

0.3%

Convertible

Bonds

0.1%

HTA

Group,

2.875%,

3/18/27

(USD) 

400,000‌

292‌

292‌

Corporate

Bonds

0.2%

HTA

Group,

7.00%,

12/18/25

(USD) (1)

810,000‌

710‌

710‌

Total

Tanzania

(Cost

$1,226

)

1,002‌

THAILAND

1.2%

Corporate

Bonds

1.2%

Bangkok

Bank,

VR,

3.466%,

9/23/36

(USD) (1)(5)

880,000‌

682‌

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD) (5)

1,500,000‌

1,234‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) (1)

965,000‌

559‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) 

2,825,000‌

1,637‌

Total

Thailand

(Cost

$5,721

)

4,112‌

TURKEY

1.8%

Government

Bonds

1.8%

Republic

of

Turkey,

4.25%,

4/14/26

(USD) 

3,050,000‌

2,519‌

Republic

of

Turkey,

5.95%,

1/15/31

(USD) 

1,200,000‌

887‌

Republic

of

Turkey,

6.00%,

1/14/41

(USD) 

2,600,000‌

1,612‌

Republic

of

Turkey,

8.60%,

9/24/27

(USD) 

1,150,000‌

1,078‌

Total

Turkey

(Cost

$7,726

)

6,096‌

UKRAINE

0.3%

Government

Bonds

0.3%

Government

of

Ukraine,

7.75%,

9/1/27

(USD) (7)

1,395,000‌

284‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

of

Ukraine,

7.75%,

9/1/29

(USD) (7)

255,000‌

54‌

Government

of

Ukraine,

8.994%,

2/1/26

(USD) (7)

1,290,000‌

274‌

Government

of

Ukraine,

9.75%,

11/1/30

(USD) (7)

800,000‌

175‌

Government

of

Ukraine,

9.75%,

11/1/30

(USD) (1)(7)

250,000‌

55‌

Government

of

Ukraine,

FRN,

1.258%,

8/1/41

(USD) (1)(2)(3)

485,000‌

138‌

Total

Ukraine

(Cost

$4,470

)

980‌

UNITED

ARAB

EMIRATES

1.9%

Corporate

Bonds

1.9%

Abu

Dhabi

Ports,

2.50%,

5/6/31

(USD) 

1,900,000‌

1,550‌

DP

World

Crescent,

3.875%,

7/18/29

(USD) 

1,950,000‌

1,769‌

Emirates

NBD

Bank,

VR,

6.125%

(USD) (4)(5)

1,100,000‌

1,065‌

Ruwais

Power,

6.00%,

8/31/36

(USD) 

1,770,000‌

1,910‌

Total

United

Arab

Emirates

(Cost

$7,341

)

6,294‌

UNITED

KINGDOM

0.0%

Common

Stocks

0.0%

Mriya

Farming (2)(8)

5,890‌

—‌

Mriya

Farming,

Recovery

Certificates

(EUR) (2)(8)

488,383‌

5‌

Total

United

Kingdom

(Cost

$–

)

5‌

UNITED

STATES

0.4%

Corporate

Bonds

0.4%

Citgo

Holding,

9.25%,

8/1/24 (1)

650,000‌

645‌

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29 (1)

1,045,000‌

788‌

Total

United

States

(Cost

$1,722

)

1,433‌

UZBEKISTAN

1.1%

Government

Bonds

1.1%

Republic

of

Uzbekistan,

3.90%,

10/19/31

(USD) (1)

1,596,000‌

1,124‌

Republic

of

Uzbekistan,

3.90%,

10/19/31

(USD) 

1,930,000‌

1,360‌

Republic

of

Uzbekistan,

5.375%,

2/20/29

(USD) 

1,640,000‌

1,380‌

Total

Uzbekistan

(Cost

$4,907

)

3,864‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

VENEZUELA

0.7%

Corporate

Bonds

0.0%

Electricidad

de

Caracas,

8.50%,

4/10/22

(USD) (2)(7)

800,000‌

14‌

14‌

Government

Bonds

0.7%

Petroleos

de

Venezuela,

5.375%,

4/12/27

(USD) (2)(7)

3,600,000‌

86‌

Petroleos

de

Venezuela,

6.00%,

5/16/24

(USD) (2)(7)

10,960,000‌

260‌

Petroleos

de

Venezuela,

6.00%,

11/15/26

(USD) (2)(7)

2,950,000‌

70‌

Petroleos

de

Venezuela,

8.50%,

10/27/22

(USD) (2)(7)

2,355,500‌

424‌

Petroleos

de

Venezuela,

9.00%,

11/17/22

(USD) (2)(7)

24,590,000‌

584‌

Petroleos

de

Venezuela,

9.75%,

5/17/35

(USD) (2)(7)

985,000‌

23‌

Petroleos

de

Venezuela,

12.75%,

2/17/23

(USD) (2)(7)

3,430,000‌

82‌

Republic

of

Venezuela,

6.00%,

12/9/22

(USD) (2)(7)

3,350,000‌

235‌

Republic

of

Venezuela,

7.75%,

10/13/23

(USD) (2)(7)

3,600,000‌

252‌

Republic

of

Venezuela,

9.25%,

9/15/27

(USD) (2)(7)

1,000,000‌

81‌

Republic

of

Venezuela,

11.75%,

10/21/26

(USD) (2)(7)

1,500,000‌

116‌

Republic

of

Venezuela,

11.95%,

8/5/31

(USD) (2)(7)

800,000‌

64‌

Republic

of

Venezuela,

12.75%,

8/23/23

(USD) (2)(7)

550,000‌

41‌

2,318‌

Total

Venezuela

(Cost

$25,116

)

2,332‌

VIETNAM

0.2%

Corporate

Bonds

0.2%

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) (1)

315,000‌

248‌

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) 

550,000‌

433‌

Total

Vietnam

(Cost

$873

)

681‌

ZAMBIA

0.7%

Government

Bonds

0.7%

Republic

of

Zambia,

5.375%,

9/23/23

(USD) (2)(7)

4,629,000‌

2,187‌

Total

Zambia

(Cost

$2,902

)

2,187‌

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SHORT-TERM

INVESTMENTS

4.8%

Money

Market

Funds

4.8%

T.

Rowe

Price

Government

Reserve

Fund,

3.07% (9)(10)

15,999,658‌

16,000‌

Total

Short-Term

Investments

(Cost

$16,000)

16,000‌

Total

Investments

in

Securities

98.2%

(Cost

$455,482)

$

329,895‌

Other

Assets

Less

Liabilities

1.8%

6,203

Net

Assets

100.0%

$

336,098‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

9

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

†

Investment

fund

is

not

unitized.

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$58,771

and

represents

17.5%

of

net

assets.

(2)

Non-income

producing

(3)

GDP-linked

note

provides

for

contingent

payments

linked

to

the

gross

domestic

product

of

the

country

presented;

par

reflects

notional

and

will

not

be

paid

over

the

life

or

at

maturity.

(4)

Perpetual

security

with

no

stated

maturity

date.

(5)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(6)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$251

and

represents

0.1%

of

net

assets.

(7)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(8)

Level

3

in

fair

value

hierarchy.

(9)

Seven-day

yield

(10)

Affiliated

Companies

CLP

Chilean

Peso

CNH

Offshore

China

Renminbi

EUR

Euro

FRN

Floating

Rate

Note

MXN

Mexican

Peso

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

10

(Amounts

in

000s)

SWAPS

(0.1)%

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.1)%

Credit

Default

Swaps,

Protection

Sold

(0.1)%

United

States

(0.1)%

Protection

Sold

(Relevant

Credit:

Markit

CDX.EM-S38,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

3,850

(382)

(309)

(73‌)

Total

United

States

(73‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(73‌)

Total

Centrally

Cleared

Swaps

(73‌)

Net

payments

(receipts)

of

variation

margin

to

date

73‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

—‌

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

less

than

$1.

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

11

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

11/25/22

EUR

359‌

USD

359‌

$

(6‌)

BNP

Paribas

12/9/22

USD

299‌

CLP

273,753‌

19‌

Citibank

10/14/22

CNH

12,893‌

USD

1,783‌

23‌

Citibank

11/25/22

EUR

529‌

USD

511‌

10‌

Citibank

1/13/23

USD

1,788‌

CNH

12,893‌

(23‌)

Deutsche

Bank

11/25/22

EUR

641‌

USD

653‌

(22‌)

Goldman

Sachs

10/14/22

USD

250‌

CNH

1,677‌

15‌

HSBC

Bank

10/14/22

CNH

8,860‌

USD

1,231‌

10‌

HSBC

Bank

10/14/22

USD

4,355‌

CNH

29,345‌

244‌

HSBC

Bank

11/25/22

EUR

553‌

USD

556‌

(11‌)

HSBC

Bank

11/25/22

USD

4,369‌

EUR

4,228‌

209‌

HSBC

Bank

12/9/22

CLP

431,436‌

USD

475‌

(35‌)

HSBC

Bank

1/13/23

USD

1,235‌

CNH

8,861‌

(9‌)

JPMorgan

Chase

10/14/22

CNH

4,003‌

USD

554‌

7‌

JPMorgan

Chase

10/14/22

CNH

5,265‌

USD

767‌

(30‌)

JPMorgan

Chase

11/25/22

EUR

1,731‌

USD

1,740‌

(37‌)

JPMorgan

Chase

12/9/22

CLP

154,034‌

USD

159‌

(2‌)

JPMorgan

Chase

1/13/23

USD

555‌

CNH

4,003‌

(7‌)

Morgan

Stanley

11/25/22

EUR

1,333‌

USD

1,334‌

(23‌)

Morgan

Stanley

12/9/22

USD

333‌

CLP

302,569‌

24‌

RBC

Dominion

Securities

11/25/22

EUR

94‌

USD

95‌

(3‌)

State

Street

10/14/22

USD

126‌

MXN

2,665‌

(6‌)

State

Street

11/25/22

EUR

623‌

USD

626‌

(13‌)

State

Street

11/25/22

USD

4,302‌

EUR

4,165‌

204‌

UBS

Investment

Bank

11/25/22

USD

8,719‌

EUR

8,434‌

421‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

959‌

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

12

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

224

U.S.

Treasury

Notes

ten

year

contracts

12/22

(25,102)

$

867‌

Long,

60

Ultra

U.S.

Treasury

Bonds

contracts

12/22

8,220

(491‌)

Net

payments

(receipts)

of

variation

margin

to

date

(383‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(7‌)

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

13

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

September

30,

2022.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

3.07%

$

—‌#

$

—‌

$

101‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

09/30/22

T.

Rowe

Price

Government

Reserve

Fund,

3.07%

$

23,980‌

 ¤

 ¤

$

16,000‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$101

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$16,000.

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

Unaudited

14

Notes

to

Portfolio

of

Investments

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the fund’s

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the

fund

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

15

represent

foreign

securities

and

baskets

of

foreign

securities. The

fund

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The

fund

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T.

ROWE

PRICE

Institutional

Emerging

Markets

Bond

Fund

16

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

an

impact

on

the

fund’s

performance,

which

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

E163-054Q3

09/22 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

313,639‌

$

—‌

$

313,639‌

Common

Stocks

—‌

—‌

5‌

5‌

Private

Investment

Company

2

—‌

—‌

—‌

251‌

Short-Term

Investments

16,000‌

—‌

—‌

16,000‌

Total

Securities

16,000‌

313,639‌

5‌

329,895‌

Forward

Currency

Exchange

Contracts

—‌

1,186‌

—‌

1,186‌

Futures

Contracts*

867‌

—‌

—‌

867‌

Total

$

16,867‌

$

314,825‌

$

5‌

$

331,948‌

Liabilities

Swaps*

$

—‌

$

73‌

$

—‌

$

73‌

Forward

Currency

Exchange

Contracts

—‌

227‌

—‌

227‌

Futures

Contracts*

491‌

—‌

—‌

491‌

Total

$

491‌

$

300‌

$

—‌

$

791‌

1

Includes

Convertible

Bonds,

Corporate

Bonds

and

Government

Bonds.

2

In

accordance

with

Subtopic

820-10,

certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

hierarchy.

The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Portfolio

of

Investments.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.