T. ROWE PRICE INSTITUTIONAL FRONTIER MARKETS EQUITY FUND
January 31, 2020 (Unaudited)
Portfolio of Investments‡ | Shares | $ Value | Shares | $ Value | |
(Cost and value in $000s) | (Cost and value in $000s) | ||||
BANGLADESH 3.7% | NAC Kazatomprom, GDR (USD) | 35,249 | 458 | ||
Total Kazakhstan | |||||
Common Stocks 3.7% | (Cost $1,468) | 1,680 | |||
BRAC Bank (1) | 1,231,769 | 718 | |||
GrameenPhone | 155,780 | 471 | KENYA 0.8% | ||
Marico Bangladesh | 17,753 | 355 | |||
Singer Bangladesh (1) | 145,177 | 294 | Common Stocks 0.8% | ||
Total Bangladesh | East African Breweries | 183,810 | 390 | ||
(Cost $1,956) | 1,838 | Total Kenya | |||
(Cost $392) | 390 | ||||
CROATIA 0.4% | |||||
KUWAIT 33.0% | |||||
Common Stocks 0.4% | |||||
Zagrebacka Banka | 21,063 | 198 | Common Stocks 33.0% | ||
Total Croatia | Agility Public Warehousing | 444,722 | 1,240 | ||
(Cost $182) | 198 | Boubyan Bank | 829,766 | 1,764 | |
Gulf Bank | 1,496,264 | 1,534 | |||
EGYPT 2.4% | Humansoft Holding | 78,175 | 800 | ||
Kuwait Finance House | 1,826,373 | 5,026 | |||
Common Stocks 2.4% | Mabanee | 448,984 | 1,346 | ||
Commercial International Bank | National Bank of Kuwait | 1,368,938 | 4,721 | ||
Egypt | 156,773 | 845 | Total Kuwait | ||
Edita Food Industries | 175,935 | 156 | (Cost $12,437) | 16,431 | |
Integrated Diagnostics Holdings | |||||
(USD) | 47,801 | 209 | LITHUANIA 0.4% | ||
Total Egypt | |||||
(Cost $1,198) | 1,210 | Common Stocks 0.4% | |||
Siauliu Bankas | 302,254 | 175 | |||
GEORGIA 1.7% | Total Lithuania | ||||
(Cost $169) | 175 | ||||
Common Stocks 1.7% | |||||
Bank of Georgia Group (GBP) | 19,259 | 385 | MOROCCO 5.5% | ||
Georgia Healthcare Group | |||||
(GBP) | 141,004 | 229 | |||
Georgia Capital (GBP) (1) | 22,890 | 243 | Common Stocks 5.5% | ||
Attijariwafa Bank | 22,259 | 1,166 | |||
Total Georgia | Label Vie | 4,057 | 1,356 | ||
(Cost $1,087) | 857 | Societe d'Exploitation des Ports | 8,960 | 206 | |
KAZAKHSTAN 3.4% | Total Morocco | ||||
(Cost $2,094) | 2,728 | ||||
Common Stocks 3.4% | |||||
Halyk Savings Bank of | NIGERIA 4.8% | ||||
Kazakhstan, GDR (USD) | 83,971 | 1,222 | |||
Common Stocks 4.8% | |||||
FBN Holdings | 27,081,992 | 488 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL FRONTIER MARKETS EQUITY FUND
Shares | $ Value | Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
Guaranty Trust Bank | 12,425,524 | 1,027 | SINGAPORE 0.3% | ||
Guaranty Trust Bank, GDR | |||||
(USD) | 13,964 | 59 | Common Stocks 0.3% | ||
Nestle Nigeria | 227,550 | 804 | Yoma Strategic Holdings (1) | 680,266 | 156 |
Total Nigeria | Total Singapore | ||||
(Cost $2,489) | 2,378 | (Cost $204) | 156 | ||
PAKISTAN 1.8% | SLOVENIA 1.2% | ||||
Common Stocks 1.8% | Common Stocks 1.2% | ||||
Habib Bank | 264,700 | 280 | Nova Ljubljanska Banka, GDR | 43,049 | 596 |
Nestle Pakistan | 5,798 | 298 | |||
United Bank | 306,200 | 337 | Total Slovenia | ||
(Cost $538) | 596 | ||||
Total Pakistan | |||||
(Cost $773) | 915 | SOUTH AFRICA 0.6% | |||
ROMANIA 4.6% | Common Stocks 0.6% | ||||
Common Stocks 4.6% | MTN Group | 59,236 | 317 | ||
Banca Transilvania | 2,418,003 | 1,450 | Total South Africa | ||
Fondul Proprietatea (2) | 1,286,970 | 400 | (Cost $467) | 317 | |
MED Life (1) | 54,280 | 457 | |||
Total Romania | SRI LANKA 3.7% | ||||
(Cost $1,578) | 2,307 | ||||
Common Stocks 3.7% | |||||
RWANDA 0.9% | Ceylon Cold Stores | 107,320 | 474 | ||
Commercial Bank of Ceylon | 500,054 | 254 | |||
Common Stocks 0.9% | Dialog Axiata | 5,155,670 | 357 | ||
Hatton National Bank | 282,335 | 250 | |||
BK Group (KES) | 2,165,544 | 465 | Lion Brewery Ceylon | 143,557 | 493 |
Total Rwanda | Total Sri Lanka | ||||
(Cost $671) | 465 | (Cost $1,790) | 1,828 | ||
SAUDI ARABIA 1.4% | TANZANIA 0.5% | ||||
Common Stocks 1.4% | Common Stocks 0.5% | ||||
Mouwasat Medical Services | 18,166 | 390 | NMB Bank | 147,013 | 134 |
United Electronics | 14,500 | 318 | Vodacom Tanzania | 389,371 | 123 |
Total Saudi Arabia | Total Tanzania | ||||
(Cost $552) | 708 | (Cost $437) | 257 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL FRONTIER MARKETS EQUITY FUND
Shares | $ Value | Shares | $ Value | |||||
(Cost and value in $000s) | (Cost and value in $000s) | |||||||
UNITED ARAB EMIRATES 2.7% | Masan Group (1) | 87,160 | 187 | |||||
Military Commercial Joint Stock | ||||||||
Common Stocks 2.7% | Bank | 1,952,455 | 1,846 | |||||
ADES International Holding | Mobile World Investment | 340,005 | 1,722 | |||||
(USD)(1) | 17,541 | 202 | Nam Long Investment | 844,696 | 1,025 | |||
Network International Holdings | No Va Land Investment Group | |||||||
(GBP)(1) | 140,710 | 1,126 | (1) | 199,640 | 473 | |||
Phu Nhuan Jewelry | 236,933 | 950 | ||||||
Total United Arab Emirates | Vietnam Prosperity Bank (1) | 409,397 | 422 | |||||
(Cost $1,166) | 1,328 | Vincom Retail | 463,547 | 594 | ||||
UNITED KINGDOM 2.3% | Total Vietnam | |||||||
(Cost $7,414) | 10,523 | |||||||
Common Stocks 2.3% | ||||||||
Helios Towers (1) | 436,002 | 843 | ZAMBIA 0.1% | |||||
KAZ Minerals | 16,558 | 96 | ||||||
Vivo Energy | 148,753 | 220 | Common Stocks 0.1% | |||||
Standard Chartered Bank | ||||||||
Total United Kingdom | Zambia | 572,006 | 60 | |||||
(Cost $1,052) | 1,159 | |||||||
Total Zambia | ||||||||
UNITED STATES 0.5% | (Cost $118) | 60 | ||||||
Common Stocks 0.5% | SHORT-TERM INVESTMENTS 0.8% | |||||||
Liberty Latin America, Class C | MONEY MARKET FUNDS 0.8% | |||||||
(1) | 15,400 | 259 | T. Rowe Price Government Reserve | |||||
Total United States | Fund,1.57% (3)(4) | 403,510 | 403 | |||||
(Cost $258) | 259 | Total Short-Term Investments | ||||||
(Cost $403) | 403 | |||||||
VIETNAM 21.1% | ||||||||
Common Stocks 21.1% | Total Investments in Securities 98.6% | |||||||
Asia Commercial Bank (1) | 1,158,146 | 1,261 | (Cost $40,893) | $ | 49,166 | |||
Bank For Foreign Trade of | Other Assets Less Liabilities 1.4% | 711 | ||||||
Vietnam | 173,580 | 656 | Net Assets 100% | $ | 49,877 | |||
FPT | 556,736 | 1,387 |
‡ Country classifications are generally based on MSCI categories or another unaffiliated third party data provider; Shares are
denominated in the currency of the country presented unless otherwise noted.
(1) Non-income producing
(2) Organized as a closed-end management investment company.
(3) Seven-day yield
(4) Affiliated Companies
GBP British Pound
GDR Global Depositary Receipts
KES Kenyan Shilling
USD U.S. Dollar
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL FRONTIER MARKETS EQUITY FUND
Affiliated Companies
($000s)
The fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in
which the fund owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following
securities were considered affiliated companies for all or some portion of the three months ended January 31, 2020. Net realized gain (loss),
investment income, change in net unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended.
Change in Net | ||||||||
Net Realized Gain | Unrealized | Investment | ||||||
Affiliate | (Loss) | Gain/Loss | Income | |||||
T. Rowe Price Government Reserve Fund | $ | —# | $ | — | $ | 3+ | ||
Supplementary Investment Schedule | ||||||||
Value | Purchase | Sales | Value | |||||
Affiliate | 10/31/19 | Cost | Cost | 1/31/20 | ||||
T. Rowe Price Government Reserve Fund | $ | 209 | ¤ | ¤ | $ | 403^ |
# Capital gain distributions from mutual funds represented $0 of the net realized gain (loss).
+ Investment income comprised $3 of dividend income and $0 of interest income.
¤ Purchase and sale information not shown for cash management funds.
^ The cost basis of investments in affiliated companies was $403.
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL FRONTIER MARKETS EQUITY FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
T. Rowe Price Institutional Frontier Markets Equity Fund (the fund) is registered under the Investment Company Act of
1940 (the 1940 Act) as an open-end management investment company and follows accounting and reporting guidance of
the Financial Accounting Standards BoardAccounting Standards CodificationTopic 946. The accompanying Portfolio of
Investments was prepared in accordance with accounting principles generally accepted in the United States of America
(GAAP). For additional information on the fund’s significant accounting policies and investment related disclosures,
please refer to the fund’s most recent semiannual or annual shareholder report and its prospectus.
VALUATION
The fund’s financial instruments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET,
each day the NYSE is open for business.
Fair Value
The fund’s financial instruments are reported at fair value, which GAAP defines as the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been
delegated certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are
appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the
Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value
determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP
establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 - quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at
the reporting date
Level 2 - inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not
limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or
similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and
credit spreads)
Level 3 - unobservable inputs
Observable inputs are developed using market data, such as publicly available information about actual events or
transactions, and reflect the assumptions that market participants would use to price the financial instrument.
Unobservable inputs are those for which market data are not available and are developed using the best information
available about the assumptions that market participants would use to price the financial instrument. GAAP requires
valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value
hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are
not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the
degree of judgment used in determining those values.
T. ROWE PRICE INSTITUTIONAL FRONTIER MARKETS EQUITY FUND
Valuation Techniques
Equity securities listed or regularly traded on a securities exchange or in the over-the-counter (OTC) market are valued
at the last quoted sale price or, for certain markets, the official closing price at the time the valuations are made. OTC
Bulletin Board securities are valued at the mean of the closing bid and asked prices. A security that is listed or traded on
more than one exchange is valued at the quotation on the exchange determined to be the primary market for such
security. Listed securities not traded on a particular day are valued at the mean of the closing bid and asked prices for
domestic securities and the last quoted sale or closing price for international securities.
For valuation purposes, the last quoted prices of non-U.S. equity securities may be adjusted to reflect the fair value of
such securities at the close of the NYSE. If the fund determines that developments between the close of a foreign market
and the close of the NYSE will affect the value of some or all of its portfolio securities, the fund will adjust the previous
quoted prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding
whether it is necessary to adjust quoted prices to reflect fair value, the fund reviews a variety of factors, including
developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments
trading in U.S. markets that represent foreign securities and baskets of foreign securities. The fund may also fair value
securities in other situations, such as when a particular foreign market is closed but the fund is open. The fund uses
outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The fund
cannot predict how often it will use quoted prices and how often it will determine it necessary to adjust those prices to
reflect fair value. As a means of evaluating its security valuation process, the fund routinely compares quoted prices, the
next day’s opening prices in the same markets, and adjusted prices.
Actively traded equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value
hierarchy. Non-U.S. equity securities generally are categorized in Level 2 of the fair value hierarchy despite the
availability of quoted prices because, as described above, the fund evaluates and determines whether those quoted prices
reflect fair value at the close of the NYSE or require adjustment. OTC Bulletin Board securities, certain preferred
securities, and equity securities traded in inactive markets generally are categorized in Level 2 of the fair value
hierarchy.
Investments denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange
rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as quoted by a major bank.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are
categorized in Level 1 of the fair value hierarchy.
Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The
objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current
sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted
securities, warrants, rights, and other securities that are not publicly traded.
Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of an equity investment with limited market activity, such as a private placement or a thinly traded public
company stock, the Valuation Committee considers a variety of factors, which may include, but are not limited to, the
issuer’s business prospects, its financial standing and performance, recent investment transactions in the issuer, new
rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market
valuations of peer companies, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and
unobservable inputs. The Valuation Committee typically will afford greatest weight to actual prices in arm’s length
transactions, to the extent they represent orderly transactions between market participants, transaction information can
be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Committee may also
T. ROWE PRICE INSTITUTIONAL FRONTIER MARKETS EQUITY FUND
consider other valuation methods such as market-based valuation multiples; a discount or premium from market value
of a similar, freely traded security of the same issuer; or some combination. Fair value determinations are reviewed on a
regular basis and updated as information becomes available, including actual purchase and sale transactions of the
issue. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity
inherent in such pricing decisions, and fair value prices determined by the Valuation Committee could differ from
those of other market participants. Depending on the relative significance of unobservable inputs, including the
valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value hierarchy.
Valuation Inputs
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values
on January 31, 2020 (for further detail by category, please refer to the accompanying Portfolio of Investments):
($000s) | Level 1 | Level 2 | Level 3 | Total Value | |||||
Assets | |||||||||
Common Stocks | $ | 259 | $ 48,504 | $ — | $ 48,763 | ||||
Short-Term Investments | 403 | — | — | 403 | |||||
Total | $ | 662 | $ 48,504 | $ — | $ 49,166 |