# EDGAR Filing Document

**Accession Number:** 0000852254
**File Stem:** 0001193125-23-044634
**Filing Date:** 2023-2
**Character Count:** 128403
**Document Hash:** 33403e44f746800d223aa4151edc3580
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044634.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044634

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Global Funds, Inc.
- **CENTRAL INDEX KEY:** 0000852254
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05833
- **FILM NUMBER:** 23652478

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price Institutional International Funds, Inc.
- **DATE OF NAME CHANGE:** 20051028

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 20011217

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INSTITUTIONAL INTERNATIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### T. Rowe Price Institutional Emerging Markets Bond Fund (Series ID: S000014469)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000039420 | T. Rowe Price Institutional Emerging Markets Bond Fund | TREBX           |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-05833

T. Rowe Price Global Funds, Inc.
(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

ANNUAL REPORT

December 31, 2022

T. ROWE PRICE

# Institutional Emerging Markets Bond Fund

For more insights from T. Rowe Price investment professionals, go to troweprice.com.

INVEST WITH CONFIDENCE

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

## HIGHLIGHTS

- The Institutional Emerging Markets Bond Fund outperformed its benchmark while underperforming its Lipper peer group for the 12 months ended December 31, 2022.

The fund's country allocation decisions were beneficial, while security selection detracted from relative performance.

The portfolio remains underweight lower-yielding markets that provide limited relative value, such as Malaysia and Saudi Arabia, in favor of higher-yielding countries that we believe offer better opportunities for risk-adjusted return, including Ivory Coast and the Dominican

## Go Paperless

If you invest directly with T. Rowe Price, go to **troweprice.com/paperless**.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

**It's fast**-receive your statements and

**it's secure**-we protect your online accounts using

**it's convenient**-access your important account documents whenever you need them.

**It can save you money**-where applicable,

T. Rowe Price passes on the cost savings to fund holders.*

Log in to your account at **troweprice.com** for more information.

* Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

Market Commentary

## Dear Shareholder

As overwhelmingly negative sentiment pushed fundamentally sound assets to the people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people's people

tightening financial conditions, and slowing economic and corporate earnings growth.

Double-digit losses were common in equity markets around

1

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

Management's Discussion of Fund Performance

**INVESTMENT OBJECTIVE**

Positioning among frontier countries was largely positive.

the world and the world's greatest highland and a history of tough
environment. amid a sharp rise in interest rates. Value shares

d
margin as equity investors turned risk averse and as rising

**FUND COMMENTARY** pressure on growth stock valuations.

Emerging markets stocks generally underperformed shares in
**How did the fund perform in the past 12 months?**
developed markets. Meanwhile, the U.S. dollar strengthened

Overweight paper out-of-benchmark positions in high yield, high-
conviction, fundamentally well-anchored countries-such as
The past year has been a trying time for investors as few
Oman, Ivory Coast, the Bahamas, Angola, and Vietnam-
sectors remained untouched by the broad headwinds that
added materially
markets faced, and volatility may continue in the near term as
century stocks are underweight and a shocking to the future. We are not
the only one of the best and the best. We are not the only one of the best. We are not the only one of the best.

However, we have been a very hard to be seen in the past in for
selectively investors that are more fundamental than the situation program to

2

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

**CREDIT QUALITY DIVERSIFICATION**

![img-0.jpeg](img-0.jpeg)

and South Africa, though we added some to South Africa. We
maintain our structural underweight to low-beta, investment-

The International Emergency Management Fund (EMG) was established on 12/20/2022. The EMG is a member of the International Emergency Management Fund (EMG) and is a member of the International Emergency Management Fund (EMG).

outperforming the benchmark J.P. Morgan Emerging Markets Within the S&P 500 Index, energy was a rare bright spot. Bond Index Global Diversified while underperforming the gaining more than 60% as oil prices jumped in response to Upper peer group average. (Past performance cannot guarantee Russia's invasion of Ukraine and concerns over commodity future results.)

supply shortages. Defensive shares, such as utilities, consumer

prices, business, financial, and other services. The EMG is a member of the International Emergency Management Fund (EMG). However, we have been able to provide the EMG with the best performance in the market. The EMG is a member of the International Emergency Management Fund (EMG). We have been able to provide the EMG with the best performance in the market. The EMG is a member of the International Emergency Management Fund (EMG).

3

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

EM debt continues to offer a substantial yield premium and broadly sound fundamentals, making the asset class

stimulated, not included in the 2013/2014 year, we have been a result of the year with a result of the year with a result of the year with a result of the year with a result of the year with a result of the year with a result of the year with a result of the year with a result of the year with a result of the year with a result of the year with a result of the year with a result of the year with a result of the year with a result of the year with a result of the year with a result of the year with a result of

My own and the other, but I have been a very little bit of the first time. I have been a very little bit of the second time. I have been a very little bit of the third time. I have been a very little bit of the fourth time. I have been a very little bit of the fifth time. I have been a very little bit of the sixth time. I have been a very little bit of the seventh time. I have been a very little bit of the eight time. I have been a very little bit of the nine time. I have been a very little bit of the ten time. I have been a very little bit of the ten time. I have been a very little bit of the ten time. I have been a very little bit of the ten time. I have been a very little bit of the ten time. I have been a very little bit of the ten time. I have been a very little bit of the ten time. I have been a very little bit of the ten time. I have been a very little bit of the ten time. I have been a very little

4

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

# **RISK OF INTERNATIONAL BOND INVESTING**

Funds that invest overseas generally carry more risk than

The following table provides the information in a specific format:

The following table provides the information in a specific format:

5

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

# GROWTH OF $1 MILLION

This chart shows the value of a hypothetical $1 million investment in the fund over the past 10 fiscal year periods or since inception

# EXPENSE RATIO

Institutional Emerging Markets Bond Fund 0.70%

The expense ratio shown is as of the fund's most recent prospectus. This

![img-1.jpeg](img-1.jpeg)

12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 12/22

As of 12/31/22

- Institutional Emerging Markets Bond Fund $1,138,413

- J.P. Morgan Emerging Markets Bond Index 1,170,754

The following table provides the information in a specific format:

On the same time, the company has been a large number of companies, and the number may vary from the expense ratio shown elsewhere in this report because it is based on the company's performance. The company includes a business of the company's business, and the company's business is not to be used for any other company's business. The company is not to be used for any other company's business, and the company is not to be used for any other company's business.

What is portfolio management's outlook

FUND EXPENSE EXAMPLE exposure to the more duration-Declining global rates volatility supported the EM debt asset

6

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

FUND EXPENSE EXAMPLE (CONTINUED)

INSTITUTIONAL EMERGING MARKETS BOND FUND

Expenses

How to the fund positioned as a monthly policy with the
following: Ending Paid During
Account Account Period
$3.62
Hypothetical
(assumes 3% return)

As a monthly fund, the fund is not to be used in the
(1) transaction costs, which is not to be used in the
(2) ongoing (2) or (3) ongoing (3) ongoing (4) ongoing (5) ongoing (6) ongoing (7) ongoing (8) ongoing (9) ongoing (10) ongoing (11) ongoing (12) ongoing (13) ongoing (14) ongoing (15) ongoing (16) ongoing (17) ongoing (18) ongoing (19) ongoing (20) ongoing (21) ongoing (22) ongoing (23) ongoing (24) ongoing (25) ongoing (26) ongoing (27) ongoing (28) ongoing (29) ongoing (30) ongoing (31) ongoing (32) ongoing (33) ongoing (34) ongoing (35) ongoing (36) ongoing (37) ongoing (38) ongoing (39) ongoing (40) ongoing (41) ongoing (42) ongoing (43) ongoing (44) ongoing (45) ongoing (46) ongoing (47) ongoing (48) ongoing (49) ongoing (50) ongoing (51) ongoing (52) ongoing (53) ongoing (54) ongoing (55) ongoing (56) ongoing (57) ongoing (58) ongoing (59) ongoing (60) ongoing (61) ongoing (62) ongoing (63) ongoing (64) ongoing (65) ongoing (66) ongoing (67) ongoing (68) ongoing (69) ongoing (70) ongoing (71) ongoing (72) ongoing (73) ongoing (74) ongoing (75) ongoing (76) ongoing (77) ongoing (78) ongoing (79) ongoing (80) ongoing (81) ongoing (82) ongoing (83) ongoing (84) ongoing (85) ongoing (86) ongoing (87) ongoing (88) ongoing (89) ongoing (90) ongoing (91) ongoing (92) ongoing (93) ongoing (94) ongoing (95) ongoing (96) ongoing (97) ongoing (98) ongoing (99) ongoing (100)

7

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

|  | Year Ended 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| --- | --- | --- | --- | --- | --- |
| NET ASSET VALUE |  |  |  |  |  |

| before the payment of the investment income | 57 |
| --- | --- |
| after the payment of the investment income | 57 |
| after the payment of the investment income | 57 |
| after the payment of the investment income | 57 |
| after the payment of the investment income | 57 |
| after the payment of the investment income | 57 |
| after the payment of the investment income | 57 |
| after the payment of the investment income | 57 |
| after the payment of the investment income | 57 |
| after the payment of the investment income | 57 |

| Investment income | 0.33 |
| --- | --- |
| Net realized and unrealized gain/loss | (1.72) |
| Total from investment activities | (1.39) |

| Distributions |  |
| --- | --- |
| Net investment income | (0.34) |

The accompanying notes are an integral part of these financial statements.

| some markets due to lingering effects of the coronavirus |  |
| --- | --- |
| Actual Expenses though strong export demand has supported fiscal |  |
| The first line of the following table (actual) provides information about actual account values and actual expenses. You may use the information on this line, together with your account balance, to estimate the expenses that you have over the period (e.g. 1993) of the year. The amount value by $1,000 (for example, $1,000) is $0.60 per annum, which is $0.60 per annum, which is $0.60 per annum, which is $0.60 per annum, which is $0.60 per annum, which is $0.60 per annum, which is $0.60 per annum, which is $0.60 per annum, which is $0.60 per annum, which is $0.60 per annum, which is $0.60 per annum |  |
| in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your |  |
| (0.54) | (0.01) |
| (0.54) | (0.01) |
| (0.17) | 0.39 |
| (0.39) | 1.00 |
| (0.38) | (0.39) |
| (0.45) | (0.45) |

8

# T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

December 31, 2022

| PORTFOLIO OF INVESTMENTS | Par/Shares | $ Value | Par/Shares | $ Value |
| --- | --- | --- | --- | --- |
| (Cost and value in $000s) |  |  | (Cost and value in $000s) |  |
| ALBANIA 1.5% |  |  | Kingdom of Bahrain, 7.00%, 10/12/28 (USD) | 3,755,000 |
|  |  |  | 3,792 |  |

BENCHMARK INFORMATION

| Note: Information is based on the following table: |  |  |
| --- | --- | --- |
| Government Bonds 1.5% | 1,960,000 | 1,879 |
| Republic of Albania, 3.50%, 6/16/27 |  |  |
| (EUR) |  |  |
| Net (net of cash) |  |  |
| 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/ |  |  |
| 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/ |  |  |
| 1/2, 1/2, 1/2 |  |  |
| 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/2, 1/ |  |  |
| 1/2, 1/2 |  |  |
| 1/2, 1/2 |  |  |

Ratios/Supplemental

Data

account during this period.

Hypothetical Example for Comparison Purposes

| The information on the second line of the table (Hypothetical) is based on hypothetical examples derived from the fund's actual expense ratio and an assumed 5% per year rate of return before expenses (not BARBADOS: 0.1% of the fund with other funds by contrasting this 5% hypothetical example that appears in the shareholder reports of the fund's potential account values and expenses |
| --- |
| $8.01 $8.56 $8.58 $8.04 |

9

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

|  | Par/Shares | $ Value |  | Par/Shares | $ Value |
| --- | --- | --- | --- | --- | --- |
| (Cost and value in $000s) |  |  | (Cost and value in $000s) |  |  |
| Empresa de los Ferrocarriles del Estado, 3.068%, 8/18/50 (USD) | 1,520,000 | 956 | Republic of Colombia, 4.50%, 3/15/29 (USD) | 425,000 | 369 |

| controls on semiconductors. Due to deteriorating fiscal |  |
| --- | --- |
| Employed in the United States, funds for the most recent exposure to |  |
| Total Albania (Cost $5,608) | 5,528 |
| Passenger and other services, underweight, 3 days, 6 months, 1 year |  |
| (USD) (1) | 800,000 |
| ANGOLA 2.1% the following: Copyright 2023 © Refinitiv All rights | 549 |
| Empresa de Transporte de |  |
| presumed. Any employee republication or redistribution of |  |
| Government Bonds 2.1% | (17.39)% |
| AVERAGE ANNUAL COMPOUND TOTAL RETURN | 752 |
| Restated in Angola 6.00% |  |
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| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table></table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table></table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table></table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table></table><tr><td>1.00% of the Company's 4.00%</td><td></td></tr></table></table></table></table></table></table>

| controls on semiconductors. Due to deteriorating fiscal |  |
| --- | --- |
| 1.00% of the Company's 4.00% |  |
| 1.00% of the Company's 4.00% |  |
| 1.00% of the Company's 4.00% |  |
| 1.00% of the Company's 4.00% |  |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table></table></table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table>

| 1.00% of the Company's 4.00% |  |
| --- | --- |

</table></table>[{"box_2d": [71, 247, 494, 247], "label": "tabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletrtabletrtable. 1. 1. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1."td 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1</td><td></td></tr></table>"}][{"box_2d": [71, 247, 494, 247], "label": "tabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletrtrtabletr. 1. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1."td 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1."td></tr></table>"}]

The tax rate is based on the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of the tax rate of

11

| Bank Fide Investments Employ LLC, | 1,098,250 | 1,792 |
| --- | --- | --- |
| Total Bermuda (Cost $1,785) |  |  |
| Acquisition date: 6/1/22, Cost $265 |  |  |
| (USD) (2)(6) | † | 6,038 |
| Government Bonds 1.9% |  | 262 |
| Government Bank of India, 2.25% | 44.7% | 41,392 |
| Total (USD) (2)(6) | 485,686 | 425,745 |
| Net Cash Flow 2.00% (1) |  |  |
| Debtors' Equity, 2.00% | 458,000 | 924 |
| Other (USD) (2)(6) | 3,300,000 | 2,607 |
| Export-Import Bank of India, 3.25% |  | 924 |

(2) See Note 7 for details of expense-related arrangements with Price Associates.

(3) Amounts round to less than $0.01 per share. (4) Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption or account fees, if applicable.

|  | Par/Shares | $ Value |  | Par/Shares | $ Value |
| --- | --- | --- | --- | --- | --- |
| (Cost and value in $000s) |  |  | (Cost and value in $000s) |  |  |
| IVORY COAST 3.2% |  |  | Axtel, 6.375%, 11/14/24 (USD) (1) | 505,000 | 416 |
| Government Bonds 3.2% |  |  | Banco Mercantil del Norte, VR, 7.625% (USD) (4)(5) | 500,000 | 469 |

12

| Government Bonds 0.9% | 1,279 | Government Bonds 1.0% | 4,855,000 | 4,045 |
| --- | --- | --- | --- | --- |
| Total Government Bonds 0.9% | 12,445 | Corporate Bonds 1.0% | 1,075,000 | 1,067 |
| Proposed of the United States | 155,000 | Corporate Bonds 4.50% | 430,000 | 6,851 |
| Proposed of the United States | 1,610,121 | Corporate Bonds 0.2% (USD) (4) | 3,345,000 | 2,802 |
| Proposed of the United States | 638 | Corporate Bonds 0.2% (USD) (4) | 2,975,000 | 12,891 |
| Proposed of the United States | 2,550,000 | Corporate Bonds 0.2% (USD) (4) | 4,055,000 | 3,381 |
| Proposed of the United States | 2,550,000 | Corporate Bonds 0.2% (USD) (4) | 3,275,000 | 2,784 |
| Proposed of the United States | 2,550,000 | Corporate Bonds 0.2% (USD) (4) | 4,875,000 | 4,973 |
| Proposed of the United States | 2,550,000 | Corporate Bonds 0.2% (USD) (4) | 5,950,000 | 4,973 |
| Proposed of the United States | 2,550,000 | Corporate Bonds 0.2% (USD) (4) | 6,000,000 | 5,271 |
| Proposed of the United States | 2,550,000 | Corporate Bonds 0.2% (USD) (4) | 5,950,000 | 3,851 |
| Proposed of the United States | 2,550,000 | Corporate Bonds 0.2% (USD) (4) | 6,000,000 | 5,271 |

(Cost and value in $000s)

(Cost and value in $000s)

| NIGERIA 0.6% |
| --- |
| Government Bonds 0.6% |

| Republic of Panama, 6.40%, 2/14/35 (USD) | 500,000 | 509 |
| --- | --- | --- |
|  |  | 5,209 |

13

# T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

should consider both short- and long-term returns.

| Corporate Bonds 1.2% | 4,020,000 | 27 |
| --- | --- | --- |
| Corporate Bonds 1.2% | 2,850,000 | 1,893 |
| Corporate Bonds 1.2% | 3,370 | 3,370 |
| Corporate Bonds 1.2% | 2,233 | 2,233 |
| Corporate Bonds 1.2% | 1,088 | 1,088 |
| Corporate Bonds 1.2% | 1,570 | 1,570 |
| Corporate Bonds 1.2% | 1,368 | 1,368 |

Corporate Bonds 1.2%

| Total Panama (Cost $8,386) | 7,276 |
| --- | --- |
| Inter-structural Elections, Nov. 1, 1990 | 2,200,000 |
| Inter-structural Elections, 1990 | 1,000,000 |
| Inter-structural Elections, 5/20/43 | 1,000,000 |
| Inter-structural Elections, 5/20/43 | 1,000,000 |
| Mexico City Airport Trust, 5.50% | 920,000 |
| Total Dominican Republic (Cost $8,386) | 1,000,000 |
| Corporate Bonds 1.2% | 1,000,000 |
| Corporate Bonds 1.2% | 1,000,000 |
| Corporate Bonds 1.2% | 1,000,000 |
| Corporate Bonds 1.2% | 1,000,000 |

Government Bonds 1.1%

14

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

| Qatar Energy, 2.25%, 7/12/31 | 900,000 | 4,400 |
| --- | --- | --- |
| Total Investment (USD 2,000,101) | Parishares | $ Value |
| U.S. Investment (USD 2,000,101) | 2,500,000 | 2,075 |
| U.S. Investment (USD 2,000,101) | 1,100,000 | 1,168 |
| U.S. Investment (USD 2,000,101) | 1,100,000 | 1,168 |
| U.S. Investment (USD 2,000,101) | 1,100,000 | 1,168 |
| 12/30/23 (USD) (1)(2)(7) | 325,000 | 261 |
| Total Investment (USD 2,000,101) | 1,762 | 1,762 |
| U.S. Investment (USD 2,000,101) | 1,762 | 1,762 |
| U.S. Investment (USD 2,000,101) | 1,762 | 1,762 |
| Total Investment (USD 2,000,101) | 1,762 | 1,762 |
| Total Bahamas (Cost $3,774) | 900,000 | 2,682 |

| International (USD 2,000,101) | 900,000 | 6,625 |
| --- | --- | --- |
| Total International (USD 2,000,101) | Parishares | $ Value |
| U.S. Investment (USD 2,000,101) | 3,400,000 | 3,033 |
| U.S. Investment (USD 2,000,101) | 1,800,000 | 1,800 |
| U.S. Investment (USD 2,000,101) | 1,800,000 | 1,800 |
| U.S. Investment (USD 2,000,101) | 1,800,000 | 1,800 |
| U.S. Investment (USD 2,000,101) | 1,800,000 | 1,800 |

15

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

| Total Suriname (Cost $2,625) | 1,560,000 | 3,780 |
| --- | --- | --- |
| Government Bonds 1.1% | Par Shares | $ Value |
| Government Bonds 1.1% | 6,255,000 | 6,138 |
| Government Bonds 1.1% | 4,390,000 | 4,284 |
| Government Bonds 1.1% | 1,450,000 | 1,415 |
| Government Bonds 1.1% | 5,350,000 | 5,448 |
| Government Bonds 1.1% | 2,000,000 | 2,442 |
| Government Bonds 1.1% | 1,900,000 | 1,888 |
| Government Bonds 1.1% | 4,350,000 | 3,422 |
| Government Bonds 1.1% | 2,950,000 | 6,284 |
| Corporate Bonds 1.1% | 2,950,000 | 6,284 |
| Corporate Bonds 1.1% | 3,950,000 | 2,284 |

| Corporate Bonds 1.1% | 1,370,000 | 1,428 |
| --- | --- | --- |
| Corporate Bonds 1.1% | 4,280,000 | 2,296 |
| Corporate Bonds 1.1% | 1,400,000 | 1,343 |
| Corporate Bonds 1.1% | 1,800,000 | 1,776 |
| Corporate Bonds 1.1% | 2,830,000 | 2,658 |
| Corporate Bonds 1.1% | 1,500,000 | 1,281 |
| Corporate Bonds 1.1% | 1,800,000 | 1,782 |
| Corporate Bonds 1.1% | 1,500,000 | 1,188 |
| Corporate Bonds 1.1% | 4,200,000 | 1,121 |
| Corporate Bonds 1.1% | 1,600,000 | 1,488 |
| Corporate Bonds 1.1% | 2,910,000 | 2,881 |
| Corporate Bonds 1.1% | 19,500,000 | 921 |
| Corporate Bonds 1.1% | 1,600,000 | 1,449 |

16

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

| 2/14/51 (USD) (1) | 926,000 | 618 |
| --- | --- | --- |

17

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

| Total (Total) | 3,350,000 | 235 | Total United Kingdom (Cost $) | 1,400,000 | 1,000 |
| --- | --- | --- | --- | --- | --- |
| Total (Total) | 1,800,000 | 800 | United Kingdom (Cost $) | 1,400,000 | 1,000 |
| Total (Total) | 1,800,000 | 800 | United Kingdom (Cost $) | 1,400,000 | 1,000 |
| Total (Total) | 1,800,000 | 800 | United Kingdom (Cost $) | 1,400,000 | 1,000 |

18

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

| Total (in thousands of dollars) | 4,403 | 4,403 | Total (in thousands of dollars) | Total (in thousands of dollars) | Total (in thousands of dollars) |
| --- | --- | --- | --- | --- | --- |
| Total (in thousands of dollars) | 4,403 | 4,403 | Total (in thousands of dollars) | Total (in thousands of dollars) | Total (in thousands of dollars) |
| Total (in thousands of dollars) | 4,403 | 4,403 | Total (in thousands of dollars) | Total (in thousands of dollars) | Total (in thousands of dollars) |

19

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

| Non-State, State, Office, China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China | 1,000 | 2/24/23 | EUR | 3,000 | EUR | 3,000 | EUR | 3,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Non-State, State, Office, China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China | 2,000 | 2/24/23 | USD | 520 | BRL | 2,860 | USD | 2,860 |
| Non-State, State, Office, China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China | 2,000 | 2/24/23 | USD | 520 | BRL | 2,860 | USD | 2,860 |
| Non-State, State, Office, China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China | 2,000 | 2/24/23 | USD | 1,000 | EUR | 7,000 | EUR | 7,000 |
| Non-State, State, Office, China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China, Republic of China | 2,000 | 2/24/23 | USD | 1,000 | EUR | 7,000 | EUR | 7,000 |

SURINAME 0.8%

20

# T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

December 31, 2022

# STATEMENT OF ASSETS AND LIABILITIES

($000s, except shares and per share amounts)

Assets

Investments in securities, at value (cost $432,993)

Interest receivable

Receivable for shares sold

$352,375

5,588

474

| Government Bonds 0.0% | Republic of Uzbekistan, 5.375% | Change in Net | Investment |
| --- | --- | --- | --- |
| Government Bonds 2.25% | Net Realized | Unrealized | Income |
| Allstate | Net Realized | Gain/Loss | 6.45% |
| Government Bonds 0.0% | - | - | 236+ |
| State Price Government Reserve Fund, K. 0.0% | Republic of Suriname, 9.25% | 2,859,000 | 2,310 |
| Total Amount (Cost 0.0%) | YENEZUELA, 1.0% |  | 302 |
| Total Amount (Cost 0.0%) | YENEZUELA, 1.0% |  | 297 |
| Total Revenue (Cost 0.0%) | Corporate Bonds, 0.0% | Sales | Value |
| Total Revenue (Cost 0.0%) | Value | Cost | 12/31/22 |
| Total Revenue (Cost 0.0%) | Electricidad, 1.0% |  | 1 |
| Total Revenue (Cost 0.0%) | Electricidad, 1.0% |  | 96 |
| Total Assets |  |  | 359,208 |

# Liabilities

Unrealized loss on forward currency exchange contracts

612

The accompanying notes are an integral part of these financial statements.

21

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

# STATEMENT OF OPERATIONS

($000s)

Investment Income (Loss)

Year
Ended
12/31/22

| UNITED ARAB EMIRATES Fund, 4.30% | 4/10/18 (USD) (2)(7) | 800,000 $ | 18,0914 |
| --- | --- | --- | --- |
| Corporate Bonds 1.0% | 18,004,702 | 18,005 | 14 |
| For the year of operations from underlying in the funds represented $0 of the net realized gain (loss) |  |  |  |
| Net realized gain (loss) and $236 of dividend income and $0 of interest income. |  |  |  |
| Total Short Term Investments |  |  |  |
| Total short and sale information not shown to common management funds. |  |  |  |
| Net short and cost basis of investments in affiliated companies was $18,095. |  |  |  |
| Net short and cost basis of investments in affiliated companies was $18,095. |  |  |  |
| Total short and cost basis of investments in affiliated companies was $18,095. |  |  |  |
| Total short and cost basis of investments in affiliated companies was $18,095. |  |  |  |
| Total short and cost basis of investments in affiliated companies was $18,095. |  |  |  |
| Total short and cost basis of investments in affiliated companies was $18,095. |  |  |  |
| Total short and cost basis of investments in affiliated companies was $18,095. |  |  |  |

Realized and Unrealized Gain / Loss
Net Assets Consist of:

The accompanying notes are an integral part of these financial statements.

22

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

| STATEMENT OF CHANGES IN NET ASSETS |  |  |
| --- | --- | --- |
| ($000s) |  |  |
|  | Year Ended |  |
|  | 12/31/22 | 12/31/21 |
| Increase (Decrease) in Net Assets |  |  |
| Operations |  |  |

| Net realized gain / Earnings | $ | 20,125 | $ | 21,051 |
| --- | --- | --- | --- | --- |
| Total cumulative earnings (loss) |  | (57,130) |  | (57,130) |
| Cash realized gain (loss) |  | (49,434) |  | (49,434) |
| Pre-tax capital applicable to 57,013,698 shares of $0.01 par value capital stock outstanding; 1,000,000,000 shares of the |  |  |  | (34,457) |
| Number in net unrealized gain / loss |  |  |  | (51,251) |
| Corporation authorized |  | (86,439) |  | (5,229) |
| Decrease in net assets from operations |  |  |  | 2,273 |
| Forward currency exchange contracts |  |  | $ | 358,016 |
| NET ASSETS |  |  |  | (97) |
| Current currency transactions |  |  |  | (57,130) |
| Distributions to shareholders |  |  |  | (21,228) |
| Net realized loss |  | (20,522) | $ | (21,228) |
| NET ASSET VALUE PER SHARE |  |  |  | (187) |
| Tax return of capital |  |  |  |  |
| Change in net unrealized gain / distributions |  | (20,522) |  | (21,270) |

The accompanying notes are an integral part of these financial statements.

23

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

# NOTES TO FINANCIAL STATEMENTS

T. Rowe Price Global Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The Institutional Emerging Markets Bond Fund (the fund) is a diversified, open-end management investment company established by the corporation. The fund seeks to provide high income and capital appreciation.

| Securities |  | (48,211) |
| --- | --- | --- |
| NOTE 1 SIGNIFICANT ACCOUNTING POLICIES |  | (492) |
| Capital share transactions |  | (12) |
| Shares sold | 59,935 | 89,608 |
| Forwarded to the Securities and Exchange Commission | 19,989 | 20,388 |
| Other assets and liabilities denominated in foreign currency |  |  |
| Share of the Securities and Exchange Commission | Topic 946 (ASC 946). The accompanying financial statements were | (20,275) |
| Change in the unrealized gain / loss | (1,008,798) | (20,334) |
| Increase in the unrealized loss / loss | (1,008,798) | (20,334) |
| Net realized and unrealized gain / loss | (1,008,798) | (20,334) |
| limited to, ASC 946. GAAP requires the use of estimates made by management. Management believes that estimates and valuations |  | (106,564) |
| DECREASE IN NET ASSETS FROM OPERATIONS |  | (86,439) |

24

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

**Indemnification** In the normal course of business, the fund may provide indemnification in connection with its officers and directors, service providers, and/or private company investments. The fund's maximum exposure under these arrangements is unknown; however, the risk of material loss is currently considered to be remote.

# NOTE 2 - VALUATION

Net assets (increase) during period

Beginning of period. The date from the value currently are stated upon the date of the NYSE and are reported at fair value, which GAAP 491,877

End of period. The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction 358,616 market participants

Investment Transactions, Investment Income, and Distributions. Investment transactions are accounted for on the trade date basis.

at the measurement date. The fund's Board of Directors (the Board) has designated T. Rowe Price Associates, Inc. as the fund's

Income and expenses are recorded on the accrual basis. Realized gains and losses are reported on the identified cost basis. Premiums

Valuation Designee (Valuation Designee). Subject to oversight by the Board, the Valuation Designee performs the following functions in

Shares and accounts on debt securities are amortized for financial reporting purposes. Income tax-related interest and penalties, if included

Distrates and other income tax expense. Dividends received from mutual fund investments are reflected as dividend income, capital gain

Shares and other income tax expense. Dividends received from mutual fund investments are reflected as dividend income, capital gain

Shares and other income tax expense. Dividend income and capital gain distributions are recorded on the ex-dividend date.

Earnings on investments recognized as partnerships for federal income tax purposes reflect the tax character of such earnings. Non-

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

Investments in mutual funds are valued at the mutual fund's closing NAV per share on the day of valuation. Investments in private investment companies are valued at the investee's NAV per share as of the valuation date, if available. If the investee's NAV is not available as of the valuation date or is not calculated in accordance with GAAP, the Valuation Designee may adjust the investee's NAV to reflect fair value at the valuation date. Futures contracts are valued at closing settlement prices. Forward currency exchange contracts are valued using the prevailing forward exchange rate. Assets and liabilities other than financial instruments, including short-term receivables and payables, are carried at cost, or estimated realizable value, if less, which approximates fair value.

Increased (decrease) of State's (unreliable) 28

The Valuation Designee provides periodic reporting to the Board on valuation matters. 9,679 investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good faith. The amount of capital is not to be paid. The amount of capital is not to be paid. The amount of capital is not to be paid. The amount of capital is not to be paid. The amount of capital is not to be paid. The amount of capital is not to be paid. The amount of capital is not to be paid. The amount of capital is not to be paid. The amount of capital is not to be paid. The amount of capital is not to be paid. The amount of capital is not to be paid.

# **NOTE 3 - DERIVATIVE INSTRUMENTS**

During the year ended December 31, 2022, the fund invested in derivative instruments. As defined by GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variable; it requires little or no initial investment and permits or requires net settlement. The fund invests in derivatives only if the expected risks and rewards are consistent with its investment objectives, policies, and overall risk profile, as described in its prospectus and Statement of Additional Information. The fund may use derivatives for a variety of purposes and may use them to establish both

![img-0.jpeg](img-0.jpeg)

27

The accompanying notes are an integral part of these financial statements.

fair value, those for the Valuation Department, is a tax on the value of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company

($000s)#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT###Location of Gain (Loss) on Statement of Operations#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT###

Forward Currency

![img-1.jpeg](img-1.jpeg)

![img-2.jpeg](img-2.jpeg)

28

# T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

The fund is a fund that is designed to meet the needs of the public and to provide a comprehensive understanding of the funding. The fund is designed to meet the needs of the public and to provide a comprehensive understanding of the funding. The fund is designed to meet the needs of the public and to provide a comprehensive understanding of the funding. The fund is designed to meet the needs of the public and to provide a comprehensive understanding of the funding. The fund is designed to meet the needs of the public and to provide a comprehensive understanding of the funding. The fund is designed to meet the needs of the public and to provide a comprehensive understanding of the funding.

December 31, 2022, no collateral was pledged by either the fund or counterparties for bilateral derivatives. As of December 31, 2022, cash of $297,000 had been posted by the fund for exchange-traded and/or centrally cleared derivatives.

29

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

received by the fund each day to settle the daily fluctuation in the value of the contract (variation margin). Accordingly, the value of a
Furnace Company's Exchange Contract is set to be limited to the total of 1,000 shares of the Company's Exchange
Contract. The Company's Exchange Contract is subject to the 1,000 shares of the Company's Exchange Contract.
The Company's Exchange Contract is subject to the 1,000 shares of the Company's Exchange Contract.
The Company's Exchange Contract is subject to the 1,000 shares of the Company's Exchange Contract.
The Company's Exchange Contract is subject to the 1,000 shares of the Company's Exchange Contract.
The Company's Exchange Contract is subject to the 1,000 shares of the Company's Exchange Contract.
The Company's Exchange Contract is subject to the 1,000 shares of

defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to

30

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

In addition, the law has been in the case of the law, and the law is not to be a result of the law. The law is not to be a result of the law. The law is not to be a result of the law.

![img-0.jpeg](img-0.jpeg)

31

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

At December 31, 2022, the tax-basis, cost of investments (including derivatives, if any) and gross unrealized appreciation, and

At December 31, 2022, the tax-deductible cost of investments (including derivatives, if any) and gross unrealized appreciation and

NOTE: A OTHER INVESTMENT TRANSACTIONS (RUTTER) AND/OR OTHER INVESTMENT TRANSACTIONS (RUTTER) ARE NOT TO BE USED FOR ANY OTHER INVESTMENT. (RUTTER) AND/OR OTHER INVESTMENT TRANSACTIONS (RUTTER) ARE NOT TO BE USED FOR ANY OTHER INVESTMENT. (RUTTER) AND/OR OTHER INVESTMENT TRANSACTIONS (RUTTER) ARE NOT TO BE USED FOR ANY OTHER INVESTMENT. (RUTTER) AND/OR OTHER INVESTMENT TRANSACTIONS (RUTTER) ARE NOT TO BE USED FOR ANY OTHER INVESTMENT. (RUTTER) AND/OR OTHER INVESTMENT TRANSACTIONS (RUTTER) ARE NOT TO BE USED FOR ANY OTHER INVESTMENT. (RUTTER) AND/OR OTHER INVESTMENT TRANSACTIONS (RUTTER) ARE NOT TO BE USED FOR ANY OTHER INVESTMENT. (RUTTER) AND/OR OTHER INVESTMENT TRANSACTIONS (RUTTER) ARE NOT TO BE USED FOR ANY OTHER INVESTMENT. (RUTTER) AND/OR OTHER INVESTMENT TRANSACTIONS (RUTTER)

32

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

The fund may invest its cash reserves in certain open-end management investment companies managed by Price Associates and

NOTE: The Federal Income Tax Act of 1933 (the Federal Income Tax Act) is a federal tax on the use of the government's tax on the use of the government's tax on the use of the government's tax on the use of the government's tax on the use of the government's tax on the use of the government's tax on the use of the government's tax on the use of the government's tax on the use of the government's tax on the use of the government's tax on the use of the government's tax on the use of the government's tax on the use of the government's tax on

33

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

Report of Independent Registered Public Accounting Firm

NOTE: TO OTHER MATTERS:

NOTE: TO OTHER MATTERS:

NOTE: TO OTHER MATTERS:

NOTE: TO OTHER MATTERS:

NOTE: TO OTHER MATTERS:

NOTE: TO OTHER MATTERS:

NOTE: TO OTHER MATTERS:

NOTE: TO OTHER MATTERS:

NOTE: TO OTHER MATTERS:

NOTE: TO OTHER MATTERS:

NOTE: TO OTHER MATTERS:

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

We are providing this information as required by the Internal Revenue Code. The amounts shown may differ from those elsewhere in this

34

NOTE: The foregoing is to be used in accordance with the laws of the State of New York, and in accordance with the laws of the State of New York, and in accordance with the laws of the State of New York, and in accordance with the laws of the State of New York, and in accordance with the laws of the State of New York, and in accordance with the laws of the State of New York, and in accordance with the laws of the State of New York, and in accordance with the laws of the State of New York, and in accordance with the laws of the State of New York.

35

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

# **APPROVAL OF SUBADVISORY AGREEMENT**

At a meeting held on July 25, 2022 (Meeting), the fund's Board of Directors (Board) considered the initial approval of an investment subadvisory agreement (Subadvisory Contract) that T. Rowe Price Associates, Inc. (Adviser), entered into with T. Rowe Price International Ltd

INFORMATION FOR PROCEEDINGS, POSITIONS, PROCEDURES AND RECORDS

A description of the Project and procedures used by the Project is to be used in accordance with the Project's objectives and objectives. The Project is designed to be a comprehensive, comprehensive, and comprehensive, and is designed to be a comprehensive, comprehensive, and comprehensive, and is designed to be a comprehensive, comprehensive, and comprehensive, and is designed to be a comprehensive, comprehensive, and comprehensive, and is designed to be a comprehensive, comprehensive, and comprehensive, and is designed to be a comprehensive, comprehensive, and comprehensive, and is designed to be a comprehensive, comprehensive, and comprehensive, and is designed to be a comprehensive, comprehensive, and comprehensive, and is designed to be a comprehensive, comprehensive, and

36

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

## LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 (Liquidity Rule) under the Investment Company Act of 1940, as amended, the fund has established a liquidity risk management program (Liquidity Program) reasonably designed to assess and manage the fund's liquidity risk, which generally

NOTE: The Liquidity Program's principal objectives include supporting the T. Rowe Price funds' compliance with limits on investments in liquid

37

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

# ABOUT THE FUND'S DIRECTORS AND OFFICERS

Your fund is overseen by a Board of Directors (Board) that meets regularly to review a wide variety of matters affecting or potentially affecting the fund, including performance, investment programs, compliance matters, advisory fees and expenses, service providers, and business and regulatory affairs. The Board elects the fund's officers, who are listed in the final table. The directors who are also employees or officers of T. Rowe Price are considered to be "interested" directors as defined in Section 2(a)(19) of the 1940 Act because of their relationships with T. Rowe Price and its affiliates. The

and the company's investment management services and ordinary, recurring operating expenses but does business and marketing. The risk that the fund will be unable to comply with the information contained in the Company Program is not included in the Company Program. The Company Program is not included in the Company Program. The Company Program is not included in the Company Program. The Company Program is not included in the Company Program. The Company Program is not included in the Company Program. The Company Program is not included in the Company Program. The Company Program is not included in the Company Program. The Company Program is not included in the Company Program. The Company Program is not included in the Company Program. The Company Program is not included in the Company Program.

Past Five Years

38

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

# OFFICERS

| Name (Year of Birth) Position Held With Global Funds | Principal Occupation(s) |
| --- | --- |
| Ulle Adamson, CFA (1979) Vice President | Vice President, T. Rowe Price Group, Inc., and Price International |

As required by the Liquidity Rule, at a meeting held on July 25, 2022, the Board was presented with an annual assessment prepared by the Teresa Bruce Bagnall (1969), President and Chief Executive Officer, Federal Home Loan Bank of San Francisco (2021 to present). President, Richard A. Bagnall (1969), President, and Chief Executive Officer, Federal Home Loan Bank of San Francisco (2021 to present). President, Richard A. Bagnall (1969), President, and Chief Executive Officer, Federal Home Loan Bank of San Francisco (2021 to present). President, Richard A. Bagnall (1969), President, and Chief Executive Officer, Federal Home Loan Bank of San Francisco (2021 to present). President, Richard A. Bagnall (1969), President, and Chief Executive Officer, Federal Home Loan Bank of San Francisco (2021 to present). President, Richard A. Bagnall (1969), President

39

T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

# OFFICERS (CONTINUED)

Name (Year of Birth)

Position Held With Global Funds

Shawn T. Driscoll (1975)

Vice President

Principal Occupation(s)

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

Majik S. Asif (1981)

Joshua S. Shivers, CFA (1982)

Principal Financial Officer, Vice President

Zind Bakri, M.D., CFA (1980)

Vice President

Vice President

Vice President

Harshankar Balikrishna (1983)

Govind S. Shivers, SF (1982)

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Aok L (1968)

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Vice President, Price Hong Kong and T. Rowe Price Group, Inc.
Vice President, and reported to the Board, that the Liquidity Program
Executive Vice President and Chief Legal Officer, T. Rowe Price and T. Rowe Price Group, Inc. Executive
Vice President and Chief Legal Officer, T. Rowe Price and T. Rowe Price Group, Inc. Executive
Vice President and Chief Legal Officer, T. Rowe Price and T. Rowe Price Group, Inc. Executive
Vice President and Chief Legal Officer, T. Rowe Price and T. Rowe Price Group, Inc. Executive
Vice President and Chief Legal Officer, T. Rowe Price and T. Rowe Price Group, Inc. Executive
Vice President and Chief Legal Officer, T. Rowe Price and T. Rowe Price Group, Inc. Executive

Lincoln Electric Company (October 2020 to present)
Vice President, T. Rowe Price Group, Inc., and Price International
Vice President, Price Investment Management, T. Rowe Price, Price
Vice President, T. Rowe Price and T. Rowe Price Group, Inc. of portfolios
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., Price International,
Director, November 8, 2021, Ms. Walker was appointed as an independent director of the Price Funds.

# T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND

# OFFICERS (CONTINUED)

| Name (Year of Birth) | Principal Occupation(s) |
| --- | --- |
| Position Held With Global Funds |  |
| Rupinder Vig (1979) | Vice President, T. Rowe Price Group, Inc., and Price International |
| Vice President |  |
| Zenon Voyiatzis (1971) | Vice President, T. Rowe Price Group, Inc., and Price International |

42

Executive Vice President
Vice President, CFA (1977)
President, CFA (1978)
Vice President, CFA (1979)
Vice President, CFA (1980)
Vice President, CFA (1981)
Vice President, CFA (1982)
Vice President, CFA (1983)
Vice President, CFA (1984)
Vice President, CFA (1985)
Vice President, CFA (1986)
Vice President, CFA (1987)
Vice President, CFA (1988)
Vice President, CFA (1989)
Vice President, CFA (1990)
Vice President, CFA (1991)
Vice President, CFA (1992)
Vice President, CFA (1993)
Vice President, CFA (1994)

Principal Occupation(s) and Directorials of Public Companies and Other Investment Companies (including the Past Five Years
Director, Vice President, and Secretary, CFA (1977)
Retirement Plan Services, Inc., and T. Rowe Price Investment Management, Inc. (Price Investment Management, Inc. (Price Investment Management, Inc. (Price Investment Management, Inc. (Price Investment Management, Inc. (Price Investment Management, Inc. (Price Investment Management, Inc. (Price Investment Management, Inc. (Price Investment Management, Inc. (Price Investment Management, Inc. (Price Investment Management, Inc. (Price Investment Management, Inc. (Price Investment Management, Inc. (Price Investment Management, Inc. (Price Investment Management, Inc. (Price Investment Management

# T.RowePrice®

100 East Pratt Street

Baltimore, MD 21202

Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

202302-2582651

T. Rowe Price Investment Services, Inc.

E163-050 2/23

Dudley Nanch, Ph.D., CFA (1959)  
Vice President  
Jeffrey Holford, Ph.D., ACA (1972)  
Andrew Holford, CFA (1979)  
Vice President  
Stefan Hynch, Ph.D., CFA (1974)  
Vice President  
Vice President  
A. F. F. F. (1972)  
Vice President  
Eric E. V. (1972)

International); Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group

Director and Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Group

**Item 1. (b) Notice pursuant to Rule 30e-3.**

Not applicable.

**Item 2. Code of Ethics.**

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

**Item 3. Audit Committee Financial Expert.**

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

The registrant's audit committee has determined that Ms. Teresa Bryce Bazemore qualified audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered a member of the Board of Directors, Vice President, Global Fund.

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

#### **Item 5. Audit Committee of Listed Registrants.**

Not applicable.

Not applicable.

Item 6. General Counsel (1974)

Not applicable.

Not applicable.

Item 7. General Counsel (1974)

Not applicable.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 11. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

Not applicable.

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Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Not applicable.

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(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.

(2) Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(3) Written by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(b) A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(c) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(d) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(e) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(f) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(g) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(h) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(i) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(j) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(k) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(l) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(m) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(n) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(o) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(p) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(q) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(r) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(s) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(t) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(u) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(v) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(w) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(x) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(y) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(z) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(a) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(b) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(c) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(d) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(e) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(f) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(g) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(h) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(i) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(j) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(k) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(l) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(m) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(n) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

(o) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, are attached.

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Global Funds, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 16, 2023

Justin Thomson (1968)
President

Director, Price Hong Kong; Vice President, T. Rowe Price Group, Inc.; Director and Vice President, Price International

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the basis indicated.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 16, 2023

By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 16, 2023

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Institutional Emerging Markets Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Institutional Emerging Markets Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Institutional Emerging Markets Bond Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

**Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

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**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

------

**Gifts.** Accept any gifts, except as permitted by the Group Code.

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**IV. Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

------

communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Initial and Annual Affirmations.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

------

investigating and enforcing the Price Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

------

## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer