T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
March 31, 2020 (Unaudited)
Portfolio of Investments‡ | Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | |||||
ARGENTINA 2.5% | BAHAMAS 2.4% | |||||
Corporate Bonds 0.6% | Government Bonds 2.4% | |||||
Banco Macro, | Commonwealth of Bahamas, | |||||
17.50%, 5/8/22 (1) | 1,955,000 | 13 | 6.00%, 11/21/28 (USD) | 600,000 | 527 | |
IRSA Propiedades Comerciales, | Commonwealth of Bahamas, | |||||
8.75%, 3/23/23 (USD) (1) | 1,180,000 | 863 | 6.00%, 11/21/28 (USD) (1) | 10,045,000 | 8,825 | |
MercadoLibre, | Total Bahamas | |||||
2.00%, 8/15/28 (USD) | 300,000 | 388 | (Cost $10,912) | 9,352 | ||
Tarjeta Naranja, FRN, | ||||||
BDLRPP + 3.50%, 10.421%, | �� | |||||
4/11/22 (USD)(1) | 1,278,000 | 231 | BAHRAIN 0.1% | |||
YPF, | ||||||
8.50%, 7/28/25 (USD) | 645,000 | 339 | Government Bonds 0.1% | |||
YPF, | Kingdom of Bahrain, | |||||
8.75%, 4/4/24 (USD) | 530,000 | 303 | 7.50%, 9/20/47 (USD) | 400,000 | 338 | |
YPF, FRN, | ||||||
BDLRPP + 4.00%, 10.727%, | Total Bahrain | |||||
7/7/20 (USD)(1) | 260,000 | 47 | (Cost $367) | 338 | ||
2,184 | BARBADOS 0.1% | |||||
Government Bonds 1.9% | ||||||
Province of Buenos Aires, FRN, | Government Bonds 0.1% | |||||
BDLRPP + 3.83%, 43.079%, | Government of Barbados, | |||||
5/31/22 | 9,679,000 | 61 | 6.50%, 10/1/29 (USD) (1) | 500,000 | 450 | |
Republic of Argentina, | Total Barbados | |||||
5.875%, 1/11/28 (USD) | 1,855,000 | 507 | (Cost $505) | 450 | ||
Republic of Argentina, | ||||||
7.50%, 4/22/26 (USD) | 11,655,000 | 3,293 | ||||
Republic of Argentina, | BERMUDA 0.6% | |||||
8.28%, 12/31/33 (USD) | 8,980,053 | 3,230 | ||||
Republic of Argentina, STEP, | Government Bonds 0.6% | |||||
3.75%, 12/31/38 (USD) | 535,000 | 162 | Government of Bermuda, | |||
Republic of Argentina, VR, | 4.75%, 2/15/29 (USD) (1) | 2,230,000 | 2,271 | |||
0.00%, 12/15/35 (USD) (2) | 3,870,000 | 31 | Total Bermuda | |||
7,284 | (Cost $2,312) | 2,271 | ||||
Total Argentina | ||||||
(Cost $26,227) | 9,468 | BRAZIL 13.4% | ||||
ARMENIA 0.1% | Corporate Bonds 4.6% | |||||
Azul Investments, | ||||||
Government Bonds 0.1% | 5.875%, 10/26/24 (USD) | 400,000 | 224 | |||
Azul Investments, | ||||||
Republic of Armenia, | 5.875%, 10/26/24 (USD) (1) | 1,705,000 | 953 | |||
3.95%, 9/26/29 (USD) (1) | 435,000 | 386 | Banco BTG Pactual, VR, | |||
Total Armenia | 7.75%, 2/15/29 (USD) (3) | 1,100,000 | 946 | |||
(Cost $427) | 386 | Banco do Brasil, VR, | ||||
6.25% (USD) (3)(4) | 2,300,000 | 1,818 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
Banco do Brasil, VR, | Petrobras Global Finance, | ||||
9.00% (USD) (3)(4) | 4,100,000 | 3,937 | 7.375%, 1/17/27 (USD) | 5,060,000 | 5,202 |
BRF, | Petrobras Global Finance, | ||||
4.875%, 1/24/30 (USD) | 1,100,000 | 929 | 8.75%, 5/23/26 (USD) | 12,345,000 | 13,395 |
Cosan Overseas, | Republic of Brazil, | ||||
8.25% (USD) (4) | 430,000 | 388 | 4.50%, 5/30/29 (USD) | 3,790,000 | 3,906 |
CSN Islands, | Republic of Brazil, | ||||
6.75%, 1/28/28 (USD) (1) | 700,000 | 451 | 4.625%, 1/13/28 (USD) | 1,000,000 | 1,069 |
CSN Resources, | Republic of Brazil, | ||||
7.625%, 2/13/23 (USD) | 1,350,000 | 947 | 5.00%, 1/27/45 (USD) | 5,873,000 | 5,623 |
CSN Resources, | Republic of Brazil, | ||||
7.625%, 2/13/23 (USD) (1) | 250,000 | 175 | 5.625%, 1/7/41 (USD) | 2,100,000 | 2,155 |
CSN Resources, | Republic of Brazil, | ||||
7.625%, 4/17/26 (USD) | 260,000 | 171 | 8.25%, 1/20/34 (USD) | 380,000 | 485 |
Globo Comunicacao e | |||||
Participacoes, | 33,748 | ||||
4.875%, 1/22/30 (USD) (1) | 530,000 | 456 | Total Brazil | ||
Globo Comunicacao e | (Cost $55,893) | 51,600 | |||
Participacoes, | |||||
5.125%, 3/31/27 (USD) | 500,000 | 448 | CHILE 0.6% | ||
Gusap, | |||||
4.25%, 1/21/30 (USD) | 800,000 | 709 | |||
Itau Unibanco Holding, VR, | Corporate Bonds 0.6% | ||||
6.125% (USD) (1)(3)(4) | 490,000 | 464 | Corp Nacional del Cobre de Chile, | ||
Itau Unibanco Holding, VR, | 3.70%, 1/30/50 (USD) (1) | 1,430,000 | 1,246 | ||
6.50% (USD) (1)(3)(4) | 550,000 | 525 | Celulosa Arauco y Constitucion, | ||
Minerva Luxembourg, | 4.20%, 1/29/30 (USD) (1) | 670,000 | 578 | ||
6.50%, 9/20/26 (USD) (1) | 1,600,000 | 1,470 | Latam Finance, | ||
Oi, | 7.00%, 3/1/26 (USD) | 1,400,000 | 645 | ||
10.00%, 7/27/25 (USD) (5) | 775,000 | 536 | Total Chile | ||
Petrobras Global Finance, | (Cost $3,590) | 2,469 | |||
6.75%, 1/27/41 (USD) | 115,000 | 112 | |||
Rumo, | |||||
5.875%, 1/18/25 (USD) (1) | 500,000 | 466 | CHINA 2.2% | ||
Rumo, | |||||
7.375%, 2/9/24 (USD) (1) | 400,000 | 402 | Corporate Bonds 2.2% | ||
St Marys Cement, | China Evergrande Group, | ||||
5.75%, 1/28/27 (USD) | 400,000 | 384 | 8.25%, 3/23/22 (USD) | 300,000 | 245 |
Suzano Austria, | China Evergrande Group, | ||||
6.00%, 1/15/29 (USD) | 1,000,000 | 941 | 9.50%, 4/11/22 (USD) | 700,000 | 576 |
CIFI Holdings Group, | |||||
17,852 | 6.00%, 7/16/25 (USD) | 1,118,000 | 984 | ||
Government Bonds 8.8% | CNAC HK Finbridge, | ||||
4.625%, 3/14/23 (USD) | 600,000 | 615 | |||
Brazil Notas do Tesouro Nacional, | CNOOC Curtis Funding No 1, | ||||
Series B, Inflation-Indexed, | |||||
6.00%, 5/15/45 | 3,974,762 | 928 | 4.50%, 10/3/23 (USD) | 380,000 | 409 |
Petrobras Global Finance, | CNRC Capitale, VR, | ||||
5.625%, 5/20/43 (USD) | 240,000 | 221 | 3.90% (USD) (3)(4) | 400,000 | 391 |
Petrobras Global Finance, | Country Garden Holdings, | ||||
6.85%, 6/5/2115 (USD) | 800,000 | 764 | 4.75%, 1/17/23 (USD) | 750,000 | 705 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
Country Garden Holdings, | COSTA RICA 1.1% | ||||
8.00%, 1/27/24 (USD) | 700,000 | 719 | |||
Health & Happiness H&H | Government Bonds 1.1% | ||||
International Holdings, | |||||
5.625%, 10/24/24 (USD) | 400,000 | 374 | Instituto Costarricense de | ||
Electricidad, | |||||
Kaisa Group Holdings, | 6.375%, 5/15/43 (USD) | 900,000 | 572 | ||
8.50%, 6/30/22 (USD) | 1,000,000 | 828 | |||
State Grid Overseas Investment | Republic of Costa Rica, | ||||
2013, | 4.375%, 4/30/25 (USD) | 1,130,000 | 939 | ||
4.375%, 5/22/43 (USD) | 485,000 | 591 | Republic of Costa Rica, | ||
State Grid Overseas Investment | 6.125%, 2/19/31 (USD) | 800,000 | 680 | ||
2014, | Republic of Costa Rica, | ||||
4.85%, 5/7/44 (USD) | 200,000 | 249 | 6.125%, 2/19/31 (USD) (1) | 590,000 | 501 |
State Grid Overseas Investment | Republic of Costa Rica, | ||||
2016, | 7.00%, 4/4/44 (USD) | 2,035,000 | 1,649 | ||
4.00%, 5/4/47 (USD) | 800,000 | 931 | Total Costa Rica | ||
Times China Holdings, | (Cost $5,189) | 4,341 | |||
6.75%, 7/16/23 (USD) | 1,115,000 | 1,012 | |||
Total China | DOMINICAN REPUBLIC 3.3% | ||||
(Cost $9,019) | 8,629 | ||||
Government Bonds 3.3% | |||||
COLOMBIA 2.2% | Dominican Republic, | ||||
5.50%, 1/27/25 (USD) | 5,000,000 | 4,844 | |||
Government Bonds 2.2% | Dominican Republic, | ||||
Republic of Colombia, | 5.95%, 1/25/27 (USD) | 1,000,000 | 954 | ||
4.00%, 2/26/24 (USD) | 800,000 | 812 | Dominican Republic, | ||
Republic of Colombia, | 6.50%, 2/15/48 (USD) | 700,000 | 623 | ||
4.50%, 1/28/26 (USD) | 1,400,000 | 1,424 | Dominican Republic, | ||
Republic of Colombia, | 6.85%, 1/27/45 (USD) | 3,225,000 | 2,991 | ||
4.50%, 3/15/29 (USD) | 285,000 | 294 | Dominican Republic, | ||
Republic of Colombia, | 6.875%, 1/29/26 (USD) (1) | 2,300,000 | 2,308 | ||
5.625%, 2/26/44 (USD) | 1,000,000 | 1,108 | Dominican Republic, | ||
Republic of Colombia, | 7.45%, 4/30/44 (USD) | 850,000 | 833 | ||
6.125%, 1/18/41 (USD) | 4,120,000 | 4,762 | Total Dominican Republic | ||
Total Colombia | (Cost $13,221) | 12,553 | |||
(Cost $8,395) | 8,400 | ||||
ECUADOR 0.9% | |||||
CONGO 0.1% | |||||
Government Bonds 0.9% | |||||
Corporate Bonds 0.1% | Republic of Ecuador, | ||||
HTA Group, | 7.875%, 1/23/28 (USD) | 3,100,000 | 878 | ||
9.125%, 3/8/22 (USD) | 500,000 | 469 | Republic of Ecuador, | ||
7.95%, 6/20/24 (USD) | 8,700,000 | 2,480 | |||
Total Congo | |||||
(Cost $518) | 469 | Total Ecuador | |||
(Cost $11,220) | 3,358 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
EGYPT 3.5% | GRENADA 0.0% | ||||
Government Bonds 3.5% | Government Bonds 0.0% | ||||
Arab Republic of Egypt, | Government of Grenada, | ||||
6.588%, 2/21/28 (USD) | 2,000,000 | 1,713 | 7.00%, 5/12/30 (USD) | 200,780 | 180 |
Arab Republic of Egypt, | Total Grenada | ||||
7.50%, 1/31/27 (USD) | 4,500,000 | 4,110 | (Cost $181) | 180 | |
Arab Republic of Egypt, | |||||
7.60%, 3/1/29 (USD) | 1,000,000 | 899 | |||
Arab Republic of Egypt, | GUATEMALA 0.4% | ||||
7.903%, 2/21/48 (USD) (1) | 300,000 | 245 | |||
Arab Republic of Egypt, | Government Bonds 0.4% | ||||
7.903%, 2/21/48 (USD) | 645,000 | 526 | Republic of Guatemala, | ||
Arab Republic of Egypt, | 4.90%, 6/1/30 (USD) (1) | 1,630,000 | 1,575 | ||
8.50%, 1/31/47 (USD) | 3,580,000 | 2,952 | |||
Arab Republic of Egypt, | Total Guatemala | ||||
8.50%, 1/31/47 (USD) (1) | 3,450,000 | 2,845 | (Cost $1,610) | 1,575 | |
Total Egypt | HONG KONG 0.3% | ||||
(Cost $16,047) | 13,290 | ||||
Corporate Bonds 0.3% | |||||
EL SALVADOR 2.4% | Metropolitan Light, | ||||
5.50%, 11/21/22 (USD) | 320,000 | 302 | |||
Government Bonds 2.4% | Metropolitan Light, | ||||
Republic of El Salvador, | 5.50%, 11/21/22 (USD) (1) | 302,000 | 285 | ||
5.875%, 1/30/25 (USD) | 1,965,000 | 1,741 | SmarTone Finance, | ||
Republic of El Salvador, | 3.875%, 4/8/23 (USD) | 600,000 | 634 | ||
6.375%, 1/18/27 (USD) (1) | 2,730,000 | 2,412 | |||
Republic of El Salvador, | Total Hong Kong | ||||
7.65%, 6/15/35 (USD) | 350,000 | 301 | (Cost $1,206) | 1,221 | |
Republic of El Salvador, | |||||
8.25%, 4/10/32 (USD) | 400,000 | 369 | INDIA 0.1% | ||
Republic of El Salvador, | |||||
8.625%, 2/28/29 (USD) | 1,800,000 | 1,761 | Corporate Bonds 0.1% | ||
Republic of El Salvador, | HPCL-Mittal Energy, | ||||
8.625%, 2/28/29 (USD) (1) | 2,535,000 | 2,481 | 5.25%, 4/28/27 (USD) | 310,000 | 234 |
Total El Salvador | Shriram Transport Finance, | ||||
(Cost $10,410) | 9,065 | 5.10%, 7/16/23 (USD) | 450,000 | 315 | |
Total India | |||||
GHANA 1.5% | (Cost $703) | 549 | |||
Government Bonds 1.5% | INDONESIA 6.2% | ||||
Republic of Ghana, | |||||
7.625%, 5/16/29 (USD) | 900,000 | 651 | Corporate Bonds 3.2% | ||
Republic of Ghana, | Bank Tabungan Negara Persero, | ||||
8.125%, 1/18/26 (USD) | 6,370,000 | 5,041 | 4.20%, 1/23/25 (USD) | 210,000 | 185 |
Total Ghana | Pertamina Persero, | ||||
(Cost $7,259) | 5,692 | 5.625%, 5/20/43 (USD) | 6,020,000 | 6,140 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
Pertamina Persero, | |||||
6.00%, 5/3/42 (USD) | 1,500,000 | 1,597 | Government Bonds 0.1% | ||
Perusahaan Listrik Negara, | State of Israel, | ||||
3.875%, 7/17/29 (USD) (1) | 865,000 | 812 | 3.875%, 7/3/50 (USD) | 330,000 | 330 |
Perusahaan Listrik Negara, | 330 | ||||
4.125%, 5/15/27 (USD) | 1,000,000 | 972 | |||
Perusahaan Listrik Negara, | Total Israel | ||||
4.375%, 2/5/50 (USD) (1) | 400,000 | 358 | (Cost $9,614) | 9,595 | |
Perusahaan Listrik Negara, | |||||
4.875%, 7/17/49 (USD) (1) | 355,000 | 343 | IVORY COAST 1.4% | ||
Perusahaan Listrik Negara, | |||||
6.25%, 1/25/49 (USD) (1) | 500,000 | 548 | Government Bonds 1.4% | ||
Theta Capital, | |||||
8.125%, 1/22/25 (USD) | 1,666,000 | 1,224 | Republic of Ivory Coast, | ||
6.625%, 3/22/48 (EUR) (1) | 400,000 | 376 | |||
12,179 | Republic of Ivory Coast, | ||||
6.625%, 3/22/48 (EUR) | 800,000 | 753 | |||
Government Bonds 3.0% | Republic of Ivory Coast, STEP, | ||||
Perusahaan Penerbit, | 5.75%, 12/31/32 (USD) | 4,617,000 | 4,185 | ||
4.15%, 3/29/27 (USD) | 2,100,000 | 2,112 | |||
Perusahaan Penerbit, | Total Ivory Coast | ||||
4.45%, 2/20/29 (USD) | 1,700,000 | 1,742 | (Cost $5,847) | 5,314 | |
Perusahaan Penerbit, | |||||
4.55%, 3/29/26 (USD) | 5,400,000 | 5,567 | JAMAICA 1.8% | ||
Republic of Indonesia, | |||||
2.85%, 2/14/30 (USD) | 800,000 | 780 | Corporate Bonds 0.1% | ||
Republic of Indonesia, | TransJamaican Highway, | ||||
4.35%, 1/11/48 (USD) | 600,000 | 618 | 5.75%, 10/10/36 (USD) (1) | 370,000 | 358 |
Republic of Indonesia, | |||||
9.00%, 3/15/29 | 12,897,000,000 | 835 | 358 | ||
11,654 | Government Bonds 1.7% | ||||
Total Indonesia | Government of Jamaica, | ||||
(Cost $25,060) | 23,833 | 6.75%, 4/28/28 (USD) | 600,000 | 626 | |
Government of Jamaica, | |||||
7.875%, 7/28/45 (USD) | 3,110,000 | 3,360 | |||
ISRAEL 2.5% | Government of Jamaica, | ||||
8.00%, 3/15/39 (USD) | 2,165,000 | 2,382 | |||
Corporate Bonds 2.4% | |||||
Bank Leumi Le-Israel, VR, | 6,368 | ||||
3.275%, 1/29/31 (USD) (1)(3) | 1,700,000 | 1,562 | Total Jamaica | ||
Israel Chemicals, | (Cost $7,100) | 6,726 | |||
6.375%, 5/31/38 (USD) (1) | 1,550,000 | 1,695 | |||
Israel Electric, | KAZAKHSTAN 0.5% | ||||
4.25%, 8/14/28 (USD) (1) | 5,370,000 | 5,554 | |||
Israel Electric, | Corporate Bonds 0.5% | ||||
7.75%, 12/15/27 (USD) | 350,000 | 454 | |||
KazMunayGas National, | |||||
9,265 | 6.375%, 10/24/48 (USD) (1) | 1,850,000 | 1,840 | ||
Total Kazakhstan | |||||
(Cost $1,833) | 1,840 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
KENYA 0.6% | Cometa Energia, | ||||
6.375%, 4/24/35 (USD) (1) | 1,453,500 | 1,330 | |||
Government Bonds 0.6% | Controladora Mabe, | ||||
5.60%, 10/23/28 (USD) (1) | 260,000 | 248 | |||
Republic of Kenya, | Mexico City Airport Trust, | ||||
7.25%, 2/28/28 (USD) | 2,500,000 | 2,338 | 5.50%, 7/31/47 (USD) | 10,063,000 | 8,596 |
Total Kenya | Mexico City Airport Trust, | ||||
(Cost $2,439) | 2,338 | 5.50%, 7/31/47 (USD) (1) | 1,200,000 | 1,025 | |
Petroleos Mexicanos, | |||||
KUWAIT 0.3% | 5.35%, 2/12/28 (USD) | 3,800,000 | 2,655 | ||
Poinsettia Finance, | |||||
Corporate Bonds 0.3% | 6.625%, 6/17/31 (USD) (1) | 200,000 | 204 | ||
Sixsigma Networks Mexico, | |||||
NBK Tier 1 Financing 2, VR, | 7.50%, 5/2/25 (USD) (1) | 600,000 | 425 | ||
4.50% (USD) (1)(3)(4) | 1,200,000 | 1,134 | |||
Total Kuwait | 17,659 | ||||
(Cost $1,200) | 1,134 | Government Bonds 2.1% | |||
Petroleos Mexicanos, | |||||
LAO PEOPLE'S DEMOCRATIC REPUBLIC 0.2% | 4.50%, 1/23/26 (USD) | 1,700,000 | 1,253 | ||
Petroleos Mexicanos, | |||||
Government Bonds 0.2% | 5.50%, 6/27/44 (USD) | 1,860,000 | 1,165 | ||
People's Democratic Republic of | Petroleos Mexicanos, | ||||
Laos, | 5.625%, 1/23/46 (USD) | 3,050,000 | 1,924 | ||
6.875%, 6/30/21 (USD) (1) | 600,000 | 596 | Petroleos Mexicanos, | ||
6.50%, 6/2/41 (USD) | 4,980,000 | 3,218 | |||
Total Lao People's Democratic Republic | Petroleos Mexicanos, | ||||
(Cost $589) | 596 | 6.75%, 9/21/47 (USD) | 600,000 | 390 | |
Petroleos Mexicanos, | |||||
LEBANON 0.3% | 7.19%, 9/12/24 | 2,700,000 | 91 | ||
Government Bonds 0.3% | 8,041 | ||||
Lebanese Republic, | Total Mexico | ||||
6.00%, 1/27/23 (USD) (2)(6) | 6,185,000 | 1,209 | (Cost $30,748) | 25,700 | |
Total Lebanon | |||||
(Cost $1,704) | 1,209 | MONGOLIA 1.2% | |||
MEXICO 6.7% | Corporate Bonds 0.2% | ||||
Development Bank of Mongolia, | |||||
Corporate Bonds 4.6% | 7.25%, 10/23/23 (USD) (1) | 1,035,000 | 895 | ||
Axtel, | 895 | ||||
6.375%, 11/14/24 (USD) (1) | 700,000 | 582 | Government Bonds 1.0% | ||
Banco Santander Mexico, VR, | |||||
8.50% (USD) (3)(4) | 800,000 | 828 | Government of Mongolia, | ||
BBVA Bancomer, VR, | 5.125%, 12/5/22 (USD) | 3,260,000 | 2,934 | ||
5.125%, 1/18/33 (USD) (3) | 1,100,000 | 919 | |||
BBVA Bancomer, VR, | |||||
5.35%, 11/12/29 (USD) (3) | 300,000 | 276 | |||
Cemex, | |||||
5.45%, 11/19/29 (USD) | 700,000 | 571 | |||
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
Government of Mongolia, | PAKISTAN 0.3% | ||||
5.625%, 5/1/23 (USD) | 900,000 | 810 | |||
3,744 | Government Bonds 0.3% | ||||
Islamic Republic of Pakistan, | |||||
Total Mongolia | 6.875%, 12/5/27 (USD) | 800,000 | 668 | ||
(Cost $5,116) | 4,639 | Islamic Republic of Pakistan, | |||
8.25%, 4/15/24 (USD) | 700,000 | 623 | |||
NIGERIA 2.0% | Total Pakistan | ||||
(Cost $1,579) | 1,291 | ||||
Government Bonds 2.0% | |||||
Republic of Nigeria, | PANAMA 0.5% | ||||
6.50%, 11/28/27 (USD) | 2,700,000 | 1,889 | |||
Republic of Nigeria, | |||||
7.143%, 2/23/30 (USD) | 4,900,000 | 3,441 | Corporate Bonds 0.1% | ||
Republic of Nigeria, | Aeropuerto Internacional de | ||||
7.875%, 2/16/32 (USD) | 600,000 | 424 | Tocumen, | ||
Republic of Nigeria, | 5.625%, 5/18/36 (USD) | 300,000 | 308 | ||
8.747%, 1/21/31 (USD) | 2,400,000 | 1,747 | 308 | ||
Total Nigeria | |||||
(Cost $10,705) | 7,501 | Government Bonds 0.4% | |||
Republic of Panama, | |||||
OMAN 1.8% | 7.125%, 1/29/26 (USD) | 1,200,000 | 1,459 | ||
1,459 | |||||
Corporate Bonds 0.2% | Total Panama | ||||
Lamar Funding, | (Cost $1,675) | 1,767 | |||
3.958%, 5/7/25 (USD) | 1,200,000 | 872 | |||
872 | PARAGUAY 0.9% | ||||
Government Bonds 1.6% | Corporate Bonds 0.2% | ||||
Sultanate of Oman, | Telefonica Celular del Paraguay, | ||||
4.75%, 6/15/26 (USD) | 2,500,000 | 1,799 | 5.875%, 4/15/27 (USD) (1) | 1,005,000 | 915 |
Sultanate of Oman, | |||||
5.375%, 3/8/27 (USD) | 1,505,000 | 1,085 | 915 | ||
Sultanate of Oman, | |||||
5.625%, 1/17/28 (USD) | 1,200,000 | 864 | Government Bonds 0.7% | ||
Sultanate of Oman, | Republic of Paraguay, | ||||
6.50%, 3/8/47 (USD) | 2,360,000 | 1,555 | 5.40%, 3/30/50 (USD) | 1,955,000 | 1,994 |
Sultanate of Oman, | Republic of Paraguay, | ||||
6.75%, 1/17/48 (USD) (1) | 1,450,000 | 968 | 6.10%, 8/11/44 (USD) | 570,000 | 607 |
6,271 | 2,601 | ||||
Total Oman | Total Paraguay | ||||
(Cost $10,226) | 7,143 | (Cost $3,823) | 3,516 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
PERU 1.1% | RUSSIA 1.9% | ||||
Corporate Bonds 0.5% | Corporate Bonds 0.6% | ||||
Consorcio Transmantaro, | ALROSA Finance, | ||||
4.70%, 4/16/34 (USD) (1) | 280,000 | 264 | 4.65%, 4/9/24 (USD) | 675,000 | 682 |
Lima Metro Line 2 Finance, | GTLK Europe, | ||||
5.875%, 7/5/34 (USD) | 353,812 | 381 | 5.125%, 5/31/24 (USD) | 1,150,000 | 1,086 |
Nexa Resources, | Petropavlovsk 2016, | ||||
5.375%, 5/4/27 (USD) | 1,100,000 | 856 | 8.125%, 11/14/22 (USD) | 600,000 | 576 |
Peru LNG, | |||||
5.375%, 3/22/30 (USD) (1) | 960,000 | 575 | 2,344 | ||
2,076 | Government Bonds 1.3% | ||||
Russian Federation, | |||||
Government Bonds 0.6% | 4.375%, 3/21/29 (USD) | 2,800,000 | 3,003 | ||
Republic of Peru, | Russian Federation, | ||||
2.844%, 6/20/30 (USD) | 620,000 | 660 | 5.25%, 6/23/47 (USD) | 1,600,000 | 1,944 |
Republic of Peru, | |||||
5.40%, 8/12/34 (1) | 3,800,000 | 1,107 | 4,947 | ||
Republic of Peru, | Total Russia | ||||
6.55%, 3/14/37 (USD) | 500,000 | 721 | (Cost $7,658) | 7,291 | |
2,488 | |||||
SAUDI ARABIA 1.6% | |||||
Total Peru | |||||
(Cost $5,286) | 4,564 | Government Bonds 1.6% | |||
Kingdom of Saudi Arabia, | |||||
PHILIPPINES 0.8% | 3.25%, 10/26/26 (USD) | 1,900,000 | 1,904 | ||
Kingdom of Saudi Arabia, | |||||
Corporate Bonds 0.2% | 5.00%, 4/17/49 (USD) | 2,250,000 | 2,440 | ||
AC Energy Finance International, | Saudi Arabian Oil, | ||||
5.65% (USD) (4) | 889,000 | 858 | 4.25%, 4/16/39 (USD) | 1,700,000 | 1,693 |
858 | Total Saudi Arabia | ||||
(Cost $6,090) | 6,037 | ||||
Government Bonds 0.6% | |||||
Republic of Philippines, | SENEGAL 1.4% | ||||
7.75%, 1/14/31 (USD) | 1,700,000 | 2,416 | |||
2,416 | Government Bonds 1.4% | ||||
Total Philippines | Republic of Senegal, | ||||
(Cost $3,461) | 3,274 | 4.75%, 3/13/28 (EUR) | 1,500,000 | 1,508 | |
Republic of Senegal, | |||||
6.25%, 5/23/33 (USD) | 3,300,000 | 2,984 | |||
QATAR 0.3% | Republic of Senegal, | ||||
6.25%, 5/23/33 (USD) (1) | 900,000 | 814 | |||
Government Bonds 0.3% | |||||
Total Senegal | |||||
State of Qatar, | (Cost $5,847) | 5,306 | |||
4.817%, 3/14/49 (USD) | 900,000 | 1,064 | |||
Total Qatar | |||||
(Cost $1,078) | 1,064 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
SERBIA 0.9% | Government Bonds 2.5% | ||||
Government Bonds 0.9% | Republic of Sri Lanka, | ||||
5.75%, 1/18/22 (USD) | 2,200,000 | 1,426 | |||
Republic of Serbia, | Republic of Sri Lanka, | ||||
1.50%, 6/26/29 (EUR) (1) | 520,000 | 527 | 5.875%, 7/25/22 (USD) | 2,750,000 | 1,773 |
Republic of Serbia, | Republic of Sri Lanka, | ||||
4.50%, 1/11/26 | 110,000,000 | 1,134 | 6.125%, 6/3/25 (USD) | 6,200,000 | 3,552 |
Republic of Serbia, | Republic of Sri Lanka, | ||||
7.25%, 9/28/21 (USD) | 1,728,000 | 1,814 | 6.20%, 5/11/27 (USD) | 305,000 | 169 |
Total Serbia | Republic of Sri Lanka, | ||||
(Cost $3,446) | 3,475 | 6.25%, 7/27/21 (USD) | 2,850,000 | 1,845 | |
Republic of Sri Lanka, | |||||
SOUTH AFRICA 2.6% | 6.85%, 3/14/24 (USD) (1) | 1,175,000 | 695 | ||
9,460 | |||||
Corporate Bonds 0.3% | Total Sri Lanka | ||||
FirstRand Bank, VR, | (Cost $16,099) | 10,138 | |||
6.25%, 4/23/28 (USD) (3) | 400,000 | 361 | |||
MTN Mauritius Investments, | |||||
6.50%, 10/13/26 (USD) | 800,000 | 769 | THAILAND 0.1% | ||
1,130 | Corporate Bonds 0.1% | ||||
Government Bonds 2.3% | Thaioil Treasury Center, | ||||
Republic of South Africa, | 3.50%, 10/17/49 (USD) (1) | 465,000 | 406 | ||
4.665%, 1/17/24 (USD) | 2,347,000 | 2,212 | Total Thailand | ||
Republic of South Africa, | (Cost $463) | 406 | |||
4.85%, 9/27/27 (USD) | 1,200,000 | 1,060 | |||
Republic of South Africa, | TRINIDAD AND TOBAGO 0.2% | ||||
4.85%, 9/30/29 (USD) | 650,000 | 536 | |||
Republic of South Africa, | Corporate Bonds 0.2% | ||||
5.65%, 9/27/47 (USD) | 3,400,000 | 2,525 | |||
Republic of South Africa, | Trinidad Petroleum Holdings, | ||||
5.875%, 9/16/25 (USD) | 2,390,000 | 2,305 | 9.75%, 6/15/26 (USD) (1) | 700,000 | 672 |
Republic of South Africa, | Total Trinidad and Tobago | ||||
6.25%, 3/8/41 (USD) | 450,000 | 363 | (Cost $767) | 672 | |
9,001 | |||||
TURKEY 4.4% | |||||
Total South Africa | |||||
(Cost $11,658) | 10,131 | Corporate Bonds 0.8% | |||
Turk Telekomunikasyon, | |||||
SRI LANKA 2.7% | 4.875%, 6/19/24 (USD) | 1,000,000 | 905 | ||
Turk Telekomunikasyon, | |||||
Corporate Bonds 0.2% | 6.875%, 2/28/25 (USD) (1) | 670,000 | 635 | ||
SriLankan Airlines, | Turk Telekomunikasyon, | ||||
7.00%, 6/25/24 (USD) | 845,000 | 678 | 6.875%, 2/28/25 (USD) | 450,000 | 426 |
Turkiye Sise ve Cam Fabrikalari, | |||||
678 | 6.95%, 3/14/26 (USD) (1) | 1,180,000 | 1,080 | ||
3,046 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
Par/Shares | $ Value | Par/Shares | $ Value | ||||
(Cost and value in $000s) | (Cost and value in $000s) | ||||||
Government of Ukraine, | |||||||
Government Bonds 3.6% | 9.75%, 11/1/28 (USD) (1) | 2,300,000 | 2,245 | ||||
Hazine Mustesarligi Varlik Kiralama, | Government of Ukraine, | ||||||
4.489%, 11/25/24 (USD) | 350,000 | 307 | 9.75%, 11/1/28 (USD) | 4,150,000 | 4,051 | ||
Republic of Turkey, | Government of Ukraine, VR, | ||||||
4.25%, 4/14/26 (USD) | 2,900,000 | 2,425 | 0.00%, 5/31/40 (USD) (1)(2)(7) | 860,000 | 637 | ||
Republic of Turkey, | |||||||
4.875%, 10/9/26 (USD) | 3,175,000 | 2,693 | 27,450 | ||||
Republic of Turkey, | Total Ukraine | ||||||
5.125%, 3/25/22 (USD) | 2,000,000 | 1,938 | (Cost $31,497) | 29,104 | |||
Republic of Turkey, | |||||||
5.125%, 2/17/28 (USD) | 2,500,000 | 2,101 | UNITED ARAB EMIRATES 0.4% | ||||
Republic of Turkey, | |||||||
5.25%, 3/13/30 (USD) | 700,000 | 569 | |||||
Republic of Turkey, | Corporate Bonds 0.4% | ||||||
6.00%, 3/25/27 (USD) | 1,525,000 | 1,365 | ADES International Holding, | ||||
Republic of Turkey, | 8.625%, 4/24/24 (USD) | 200,000 | 157 | ||||
6.00%, 1/14/41 (USD) | 3,100,000 | 2,437 | Emirates NBD Bank, VR, | ||||
6.125% (USD) (3)(4) | 1,100,000 | 941 | |||||
13,835 | Ruwais Power, | ||||||
Total Turkey | 6.00%, 8/31/36 (USD) | 370,000 | 433 | ||||
(Cost $18,220) | 16,881 | Total United Arab Emirates | |||||
(Cost $1,775) | 1,531 | ||||||
UKRAINE 7.5% | |||||||
UNITED KINGDOM 0.0% | |||||||
Corporate Bonds 0.4% | |||||||
MHP Lux, | Common Stocks 0.0% | ||||||
6.25%, 9/19/29 (USD) (1) | 1,015,000 | 802 | Mriya Farming, (2)(8) | 5,890 | — | ||
Ukraine Railways Via Rail Capital | Mriya Farming, Recovery | ||||||
Markets, | Certificates, | ||||||
8.25%, 7/9/24 (USD) | 1,000,000 | 852 | (EUR) | (8) | 488,383 | 5 | |
1,654 | 5 | ||||||
Government Bonds 7.1% | Corporate Bonds 0.0% | ||||||
Government of Ukraine, | Mriya Farming, EC, | ||||||
6.75%, 6/20/26 (EUR) (1) | 410,000 | 404 | 0.50%, 12/31/25 (USD) (1)(8) | 1,239,500 | 19 | ||
Government of Ukraine, | |||||||
7.75%, 9/1/21 (USD) | 1,200,000 | 1,159 | 19 | ||||
Government of Ukraine, | Total United Kingdom | ||||||
7.75%, 9/1/21 (USD) (1) | 2,000,000 | 1,931 | (Cost $—) | 24 | |||
Government of Ukraine, | |||||||
7.75%, 9/1/22 (USD) | 6,200,000 | 5,898 | |||||
Government of Ukraine, | UNITED STATES 0.2% | ||||||
7.75%, 9/1/24 (USD) | 610,000 | 564 | |||||
Government of Ukraine, | Corporate Bonds 0.1% | ||||||
7.75%, 9/1/25 (USD) | 3,395,000 | 3,103 | Citgo Holding, | ||||
Government of Ukraine, | 9.25%, 8/1/24 (1) | 350,000 | 285 | ||||
7.75%, 9/1/27 (USD) | 6,805,000 | 6,259 | |||||
Government of Ukraine, | 285 | ||||||
8.994%, 2/1/24 (USD) | 1,290,000 | 1,199 | |||||
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
Petroleos de Venezuela, | |||||
Municipal Securities 0.1% | 9.75%, 5/17/35 (USD) (2)(6) | 985,000 | 69 | ||
Commonwealth of Puerto Rico, | Petroleos de Venezuela, | ||||
Series A, GO, | 12.75%, 2/17/22 (USD) (2)(6) | 3,430,000 | 240 | ||
8.00%, 7/1/35 (2)(6) | 350,000 | 210 | Republic of Venezuela, | ||
210 | 6.00%, 12/9/20 (USD) (2)(6) | 3,350,000 | 335 | ||
Republic of Venezuela, | |||||
Total United States | 7.75%, 10/13/19 (USD) (2)(6) | 3,600,000 | 360 | ||
(Cost $665) | 495 | Republic of Venezuela, | |||
9.25%, 9/15/27 (USD) (2)(6) | 1,000,000 | 100 | |||
URUGUAY 1.3% | Republic of Venezuela, | ||||
11.75%, 10/21/26 (USD) (2)(6) | 1,500,000 | 150 | |||
Government Bonds 1.3% | Republic of Venezuela, | ||||
Republic of Uruguay, | 11.95%, 8/5/31 (USD) (2)(6) | 800,000 | 80 | ||
5.10%, 6/18/50 (USD) | 4,350,000 | 4,998 | Republic of Venezuela, | ||
12.75%, 8/23/22 (USD) (2)(6) | 550,000 | 55 | |||
Total Uruguay | |||||
(Cost $4,947) | 4,998 | 4,716 | |||
Total Venezuela | |||||
UZBEKISTAN 1.1% | (Cost $25,116) | 4,764 | |||
Government Bonds 1.1% | VIETNAM 1.8% | ||||
Republic of Uzbekistan, | |||||
4.75%, 2/20/24 (USD) (1) | 2,145,000 | 2,121 | Corporate Bonds 0.2% | ||
Republic of Uzbekistan, | Mong Duong Finance Holdings, | ||||
5.375%, 2/20/29 (USD) (1) | 485,000 | 483 | 5.125%, 5/7/29 (USD) (1) | 565,000 | 481 |
Republic of Uzbekistan, | Mong Duong Finance Holdings, | ||||
5.375%, 2/20/29 (USD) | 1,640,000 | 1,632 | 5.125%, 5/7/29 (USD) | 550,000 | 469 |
Total Uzbekistan | 950 | ||||
(Cost $4,408) | 4,236 | ||||
Government Bonds 1.6% | |||||
VENEZUELA 1.2% | Socialist Republic of Vietnam, | ||||
4.80%, 11/19/24 (USD) | 5,500,000 | 5,582 | |||
Corporate Bonds 0.0% | Socialist Republic of Vietnam, | ||||
4.80%, 11/19/24 (USD) (1) | 600,000 | 609 | |||
Electricidad de Caracas, | |||||
8.50%, 4/10/20 (USD) (2)(6) | 800,000 | 48 | 6,191 | ||
48 | Total Vietnam | ||||
(Cost $7,396) | 7,141 | ||||
Government Bonds 1.2% | |||||
Petroleos de Venezuela, | SHORT-TERM INVESTMENTS 2.6% | ||||
5.375%, 4/12/27 (USD) (2)(6) | 3,600,000 | 252 | |||
Petroleos de Venezuela, | MONEY MARKET FUNDS 2.6% | ||||
6.00%, 5/16/24 (USD) (2)(6) | 10,960,000 | 767 | |||
Petroleos de Venezuela, | T. Rowe Price Government Reserve | ||||
Fund, | |||||
6.00%, 11/15/26 (USD) (2)(6) | 2,950,000 | 207 | 0.95% (9)(10) | 10,132,516 | 10,133 |
Petroleos de Venezuela, | |||||
8.50%, 10/27/20 (USD) (2)(6) | 2,355,500 | 380 | Total Short-Term Investments | ||
Petroleos de Venezuela, | (Cost $10,133) | 10,133 | |||
9.00%, 11/17/21 (USD) (2)(6) | 24,590,000 | 1,721 | |||
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
(Amounts in 000s, except for contracts) | ||||
OPTIONS PURCHASED 0.0% | ||||
OTC Options Purchased 0.0% | ||||
Counterparty | Description | Contracts Notional Amount | $ Value | |
Credit Default Swap, Protection Sold (Relevant Credit: Markit | ||||
CDX. NA. HY-S33, 5 Year Index,12/20/24), Receive 5.00% | ||||
Goldman Sachs | Quarterly, Pay upon credit default, 6/17/20 @ $1.07%* (2) | 1 | 4,800 | 3 |
Total Options Purchased (Cost $19) | 3 | |||
Total Investments in Securities 99.1% | ||||
(Cost $470,498) | $ | 381,466 | ||
Other Assets Less Liabilities 0.9% | 3,465 | |||
Net Assets 100.0% | $ | 384,931 |
‡ | Country classifications are generally based on MSCI categories or another unaffiliated third party data provider; Par/Shares | |
and Notional Amount are denominated in the currency of the country presented unless otherwise noted. | ||
* | Exercise Spread | |
(1 | ) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt |
from registration only to qualified institutional buyers. Total value of such securities at period-end amounts to $71,484 and | ||
represents 18.6% of net assets. | ||
(2 | ) | Non-income producing |
(3 | ) | Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. |
Reference rate and spread is provided if the rate is currently floating. | ||
(4 | ) | Perpetual security with no stated maturity date. |
(5 | ) | Security has the ability to pay in-kind or pay in cash. When applicable, separate rates of such payments are disclosed. |
(6 | ) | Security is in default or has failed to make a scheduled interest and/or principal payment. |
(7 | ) | GDP-linked note provides for contingent payments linked to the gross domestic product of Ukraine; par reflects notional |
and will not be paid over the life or at maturity. | ||
(8 | ) | Level 3 in fair value hierarchy. |
(9 | ) | Seven-day yield |
(10 | ) | Affiliated Companies |
BDLRPP | Argentina deposit rates (Badlar) at private banks | |
BRL | Brazilian Real | |
COP | Colombian Peso | |
EC | Escrow CUSIP; represents a beneficial interest in a residual pool of bankruptcy assets; the amount and timing of future | |
distributions, if any, is uncertain; when presented, interest rate and maturity date are those of the original security. | ||
EUR | Euro | |
FRN | Floating Rate Note | |
GO | General Obligation | |
IDR | Indonesian Rupiah | |
MXN | Mexican Peso | |
OTC | Over-the-counter | |
PEN | Peruvian New Sol | |
RUB | Russian Ruble | |
STEP | Stepped coupon bond for which the coupon rate of interest adjusts on specified date(s); rate shown is effective rate at | |
period-end. | ||
USD | U. S. Dollar | |
VR | Variable Rate; rate shown is effective rate at period-end. The rates for certain variable rate securities are not based on a | |
published reference rate and spread but are determined by the issuer or agent and based on current market conditions. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
(Amounts In 000s, except Market Price) | ||||||
SWAPS (0.1)% | ||||||
Upfront | ||||||
Notional | Payments/ | Unrealized | ||||
Description | Amount | $ Value | $ (Receipts)** | $ Gain/(Loss) | ||
BILATERAL SWAPS (0.1)% | ||||||
Credit Default Swaps, Protection Sold (0.1)% | ||||||
Brazil (0.1)% | ||||||
BNP Paribas, Protection Sold (Relevant Credit: Brazil Notas do Tesouro | ||||||
Nacional, 4.25%, 1/7/25, $105.25*), Receive 1.00% Quarterly, Pay | ||||||
Upon credit default, 6/20/25 (USD) | 3,200 | (262 | ) | (304) | 42 | |
Total Brazil | (304) | 42 | ||||
Ukraine (0.0)% | ||||||
Barclays Bank, Protection Sold (Relevant Credit: Government of Ukraine, | ||||||
7.75%, 9/1/23, $90.51*), Receive 5.00% Quarterly, Pay Upon credit | ||||||
default, 6/20/25 (USD) | 1,200 | (153 | ) | (216) | 63 | |
Total Ukraine | (216) | 63 | ||||
Total Bilateral Credit Default Swaps, Protection Sold | (520) | 105 | ||||
Total Bilateral Swaps | (520) | 105 | ||||
*Market Price at March 31, 2020 | ||||||
** Includes interest purchased or sold but not yet collected of $2. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
(Amounts In 000s) | ||||||||
FORWARD CURRENCY EXCHANGE CONTRACTS | ||||||||
Unrealized | ||||||||
Counterparty | Settlement | Receive | Deliver | Gain/(Loss) | ||||
Bank of America | 4/9/20 | IDR | 5,550,046USD | 345 | $ (5) | |||
Bank of America | 4/9/20 | USD | 596IDR | 8,344,379 | 85 | |||
Bank of America | 4/17/20 | USD | 1,207RUB | 78,295 | 209 | |||
Bank of America | 5/22/20 | EUR | 467USD | 501 | 15 | |||
BNP Paribas | 4/8/20 | USD | 1,244PEN | 4,146 | 37 | |||
BNP Paribas | 4/9/20 | USD | 2,559IDR | 35,026,201 | 413 | |||
BNP Paribas | 6/2/20 | USD | 2,964BRL | 12,943 | 483 | |||
BNP Paribas | 6/5/20 | COP | 4,436,016USD | 1,081 | 6 | |||
Citibank | 4/17/20 | MXN | 35,226USD | 1,526 | (45) | |||
Credit Suisse | 4/9/20 | USD | 596IDR | 8,344,379 | 85 | |||
Credit Suisse | 6/2/20 | BRL | 5,158USD | 1,096 | (107) | |||
Goldman Sachs | 4/9/20 | IDR | 13,301,164USD | 799 | 16 | |||
Goldman Sachs | 4/9/20 | IDR | 4,545,473USD | 285 | (6) | |||
Goldman Sachs | 5/22/20 | EUR | 1,794USD | 1,987 | (4) | |||
Goldman Sachs | 6/5/20 | COP | 4,170,647USD | 1,020 | 1 | |||
Goldman Sachs | 7/10/20 | USD | 466IDR | 7,803,526 | (4) | |||
HSBC Bank | 4/9/20 | IDR | 20,183,227USD | 1,334 | (98) | |||
HSBC Bank | 4/17/20 | MXN | 23,806USD | 991 | 10 | |||
HSBC Bank | 5/22/20 | EUR | 441USD | 490 | (3) | |||
JPMorgan Chase | 4/17/20 | MXN | 16,836USD | 699 | 8 | |||
JPMorgan Chase | 4/17/20 | RUB | 78,295USD | 1,038 | (40) | |||
JPMorgan Chase | 4/17/20 | USD | 1,292MXN | 24,478 | 263 | |||
Morgan Stanley | 4/17/20 | MXN | 18,066USD | 778 | (19) | |||
Morgan Stanley | 5/22/20 | EUR | 462USD | 510 | 1 | |||
Morgan Stanley | 6/2/20 | USD | 1,580BRL | 7,539 | 135 | |||
Morgan Stanley | 6/5/20 | USD | 2,222COP | 8,606,663 | 113 | |||
RBC Dominion Securities | 5/22/20 | EUR | 570USD | 649 | (19) | |||
State Street | 4/17/20 | MXN | 9,165USD | 453 | (67) | |||
State Street | 4/17/20 | USD | 4,321MXN | 82,039 | 872 | |||
State Street | 5/22/20 | EUR | 72USD | 80 | (1) | |||
State Street | 5/22/20 | USD | 8,523EUR | 7,811 | (110) | |||
State Street | 6/2/20 | BRL | 22,841USD | 4,525 | (148) | |||
State Street | 6/2/20 | USD | 1,552BRL | 7,517 | 112 | |||
Net unrealized gain (loss) on open forward currency | ||||||||
exchange contracts | $ | 2,188 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
FUTURES CONTRACTS | ||||||||
($000s) | ||||||||
Value and | ||||||||
Expiration | Notional | Unrealized Gain | ||||||
Date | Amount | (Loss) | ||||||
Long, 103 U. S. Treasury Notes five year contracts | 6/20 | 12,912 | $ | 368 | ||||
Long, 19 U. S. Treasury Notes ten year contracts | 6/20 | 2,635 | 40 | |||||
Net payments (receipts) of variation margin to date | (413) | |||||||
Variation margin receivable (payable) on open futures contracts | $ | (5) |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND 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 March 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 | $ | —# | $ | — | $ | 44+ | ||
Supplementary Investment Schedule | ||||||||
Value | Purchase | Sales | Value | |||||
Affiliate | 12/31/19 | Cost | Cost | 3/31/20 | ||||
T. Rowe Price Government Reserve Fund | $ | 13,202 | ¤ | ¤ | $ | 10,133^ |
# Capital gain distributions from mutual funds represented $0 of the net realized gain (loss).
+ Investment income comprised $44 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 $10,133.
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
T. Rowe Price Institutional Emerging Markets Bond Fund (the fund) is registered under the Investment Company Act of
1940 (the 1940 Act) as an open-end management investment company and follows accounting and reporting guidance of
the Financial Accounting Standards 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.
Valuation Techniques
Debt securities generally are traded in the over-the-counter (OTC) market and are valued at prices furnished by
independent pricing services or by broker dealers who make markets in such securities. When valuing securities, the
independent pricing services consider the yield or price of bonds of comparable quality, coupon, maturity, and type, as
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
well as prices quoted by dealers who make markets in such securities. Generally, debt securities are categorized in Level
2 of the fair value hierarchy; however, to the extent the valuations include significant unobservable inputs, the securities
would be categorized in Level 3.
Equity securities listed or regularly traded on a securities exchange or in the 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. Listed options, and OTC options with a listed equivalent, are valued at
the mean of the closing bid and asked prices and generally are categorized in Level 2 of the fair value hierarchy.
Financial futures contracts are valued at closing settlement prices and are categorized in Level 1 of the fair value
hierarchy. Forward currency exchange contracts are valued using the prevailing forward exchange rate and are
categorized in Level 2 of the fair value hierarchy. Swaps are valued at prices furnished by an independent pricing service
or independent swap dealers and generally are categorized in Level 2 of the fair value hierarchy; however, if
unobservable inputs are significant to the valuation, the swap would be categorized in Level 3.
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 troubled or thinly traded debt instruments, the Valuation Committee considers a variety of factors,
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
which may include, but are not limited to, the issuer’s business prospects, its financial standing and performance, recent
investment transactions in the issuer, 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
consider other valuation methods such as a discount or premium from market value of a similar, freely traded security
of the same issuer; discounted cash flows; yield to maturity; or some combination. Fair value determinations are
reviewed on a regular basis and updated as information becomes available, including actual purchase and sale
transactions of the 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 March 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 | $ | — | $ — | $ 5 | $ 5 | |||
Corporate Bonds | — | 94,476 | 19 | 94,495 | ||||
Fixed Income Securities1 | — | 276,830 | — | 276,830 | ||||
Short-Term Investments | 10,133 | — | — | 10,133 | ||||
Options Purchased | — | 3 | — | 3 | ||||
Total Securities | 10,133 | 371,309 | 24 | 381,466 | ||||
Forward Currency Exchange Contracts | — | 2,864 | — | 2,864 | ||||
Total | $ | 10,133 | $ 374,173 | $ 24 | $ 384,330 | |||
Liabilities | ||||||||
Swaps | $ | — | $ 415 | $ — | $ 415 | |||
Forward Currency Exchange Contracts | — | 676 | — | 676 | ||||
Futures Contracts | 5 | — | — | 5 | ||||
Total | $ | 5 | $ 1,091 | $ — | $ 1,096 | |||
1Includes Government Bonds, Municipal Securities. |
Following is a reconciliation of the fund’s Level 3 holdings for the period ended March 31, 2020. Gain (loss) reflects
both realized and change in unrealized gain/loss on Level 3 holdings during the period, if any. The change in unrealized
gain/loss on Level 3 instruments held at March 31, 2020, totaled $(18,000) for the period ended March 31, 2020.
($000s) | |||||||||
Beginning | Ending | ||||||||
Balance | Gain (Loss) | Balance | |||||||
1/1/20 | During Period | 3/31/20 | |||||||
Investment in Securities | |||||||||
Common Stocks | $ | 6 | $ | (1) | $ | 5 | |||
Corporate Bonds | 36 | (17) | 19 | ||||||
Total | $ | 42 | $ | (18) | $ | 24 |