T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
September 30, 2020 (Unaudited)
Portfolio of Investments‡ | Par/Shares | $ Value | Par/Shares | $ Value | |||
(Cost and value in $000s) | (Cost and value in $000s) | ||||||
ALBANIA 0.3% | Republic of Argentina, | ||||||
0.00%, 12/15/35 (USD) (2) | 4,020,000 | 25 | |||||
Government Bonds 0.3% | Republic of Argentina, | ||||||
1.00%, 7/9/29 (USD) | 2,036,206 | 932 | |||||
Republic of Albania, | Republic of Argentina, STEP, | ||||||
3.50%, 6/16/27 (EUR) (1) | 1,035,000 | 1,250 | 0.125%, 7/9/30 (USD) | 3,960,121 | 1,661 | ||
Total Albania | Republic of Argentina, STEP, | ||||||
(Cost $1,158) | 1,250 | 0.125%, 7/9/35 (USD) | 14,377,026 | 5,435 | |||
Republic of Argentina, STEP, | |||||||
ANGOLA 1.0% | 0.125%, 1/9/38 (USD) | 10,290,959 | 4,446 | ||||
12,558 | |||||||
Government Bonds 1.0% | Total Argentina | ||||||
Republic of Angola, | (Cost $20,767) | 16,216 | |||||
8.00%, 11/26/29 (USD) | 1,250,000 | 994 | |||||
Republic of Angola, | |||||||
8.25%, 5/9/28 (USD) | 1,500,000 | 1,201 | BAHAMAS 2.3% | ||||
Republic of Angola, | |||||||
9.125%, 11/26/49 (USD) | 2,600,000 | 2,034 | Government Bonds 2.3% | ||||
Total Angola | Commonwealth of Bahamas, | ||||||
(Cost $3,987) | 4,229 | 6.00%, 11/21/28 (USD) (1) | 10,045,000 | 8,940 | |||
Commonwealth of Bahamas, | |||||||
6.00%, 11/21/28 (USD) | 600,000 | 534 | |||||
ARGENTINA 3.9% | |||||||
Total Bahamas | |||||||
Convertible Bonds 0.2% | (Cost $10,899) | 9,474 | |||||
MercadoLibre, | |||||||
2.00%, 8/15/28 (USD) | 300,000 | 759 | BAHRAIN 1.3% | ||||
759 | Government Bonds 1.3% | ||||||
Corporate Bonds 0.7% | Kingdom of Bahrain, | ||||||
Banco Macro, | 7.00%, 10/12/28 (USD) | 1,640,000 | 1,794 | ||||
17.50%, 5/8/22 (1) | 1,955,000 | 9 | Kingdom of Bahrain, | ||||
IRSA Propiedades Comerciales, | 7.375%, 5/14/30 (USD) (1) | 595,000 | 654 | ||||
8.75%, 3/23/23 (USD) (1) | 455,000 | 325 | Kingdom of Bahrain, | ||||
Tarjeta Naranja, FRN, | 7.50%, 9/20/47 (USD) | 2,700,000 | 2,879 | ||||
BDLRPP + 3.50%, 6.87%, 4/11/22 | Total Bahrain | ||||||
(USD) (1) | 851,915 | 75 | (Cost $4,818) | 5,327 | |||
YPF, | |||||||
8.50%, 3/23/21 (USD) | 1,395,000 | 1,313 | BARBADOS 0.3% | ||||
YPF, | |||||||
8.50%, 7/28/25 (USD) | 645,000 | 472 | |||||
YPF, | Government Bonds 0.3% | ||||||
8.75%, 4/4/24 (USD) | 880,000 | 705 | Government of Barbados, | ||||
6.50%, 10/1/29 (USD) (1) | 1,425,000 | 1,402 | |||||
2,899 | |||||||
Total Barbados | |||||||
Government Bonds 3.0% | (Cost $1,351) | 1,402 | |||||
Province of Buenos Aires, | |||||||
32.81%, 5/31/22 (2) | 9,679,000 | 59 | |||||
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) | ||||
BERMUDA 0.3% | Republic of Brazil, | ||||
4.625%, 1/13/28 (USD) | 500,000 | 543 | |||
Government Bonds 0.3% | Republic of Brazil, | ||||
5.00%, 1/27/45 (USD) | 3,023,000 | 3,048 | |||
Government of Bermuda, | Republic of Brazil, | ||||
3.375%, 8/20/50 (USD) (1) | 1,113,000 | 1,148 | 5.625%, 1/7/41 (USD) | 1,100,000 | 1,191 |
Total Bermuda | Republic of Brazil, | ||||
(Cost $1,110) | 1,148 | 8.25%, 1/20/34 (USD) | 380,000 | 511 | |
BRAZIL 7.3% | 19,146 | ||||
Total Brazil | |||||
Corporate Bonds 2.7% | (Cost $29,260) | 30,472 | |||
Azul Investments, | |||||
5.875%, 10/26/24 (USD) (1) | 1,825,000 | 1,372 | CHILE 1.1% | ||
Azul Investments, | |||||
5.875%, 10/26/24 (USD) | 200,000 | 150 | Convertible Bonds 0.2% | ||
Banco do Brasil, VR, | Liberty Latin America, | ||||
6.25% (USD) (3)(4) | 400,000 | 376 | 2.00%, 7/15/24 (USD) | 1,000,000 | 823 |
Banco do Brasil, VR, | |||||
9.00% (USD) (3)(4) | 2,950,000 | 3,193 | 823 | ||
Cosan Overseas, | Corporate Bonds 0.9% | ||||
8.25% (USD) (4) | 430,000 | 441 | |||
CSN Resources, | Celulosa Arauco y Constitucion, | ||||
7.625%, 2/13/23 (USD) (1) | 250,000 | 259 | 5.15%, 1/29/50 (USD) | 1,000,000 | 1,060 |
Corp Nacional del Cobre de Chile, | |||||
CSN Resources, | 3.70%, 1/30/50 (USD) (1) | 1,430,000 | 1,518 | ||
7.625%, 2/13/23 (USD) | 950,000 | 985 | |||
Embraer Netherlands Finance, | Corp Nacional del Cobre de Chile, | ||||
5.05%, 6/15/25 (USD) | 1,200,000 | 1,154 | 3.75%, 1/15/31 (USD) (1) | 385,000 | 429 |
Empresa de Transporte de Pasajeros | |||||
Globo Comunicacao e | Metro, | ||||
Participacoes, | 4.70%, 5/7/50 (USD) (1) | 445,000 | 548 | ||
5.125%, 3/31/27 (USD) | 500,000 | 508 | |||
Itau Unibanco Holding, VR, | 3,555 | ||||
6.125% (USD) (1)(3)(4) | 490,000 | 474 | |||
Itau Unibanco Holding, VR, | Total Chile | ||||
6.50% (USD) (1)(3)(4) | 550,000 | 537 | (Cost $4,158) | 4,378 | |
JSM Global Sarl, | |||||
4.75%, 10/20/30 (USD) (1) | 735,000 | 735 | CHINA 1.8% | ||
Suzano Austria, | |||||
6.00%, 1/15/29 (USD) | 1,000,000 | 1,142 | Corporate Bonds 1.8% | ||
11,326 | China Overseas Finance Cayman, | ||||
5.95%, 5/8/24 (USD) | 900,000 | 1,034 | |||
Government Bonds 4.6% | Country Garden Holdings, | ||||
Petrobras Global Finance, | 4.75%, 1/17/23 (USD) | 750,000 | 771 | ||
6.85%, 6/5/2115 (USD) | 600,000 | 641 | Country Garden Holdings, | ||
Petrobras Global Finance, | 8.00%, 1/27/24 (USD) | 700,000 | 761 | ||
7.375%, 1/17/27 (USD) | 1,140,000 | 1,351 | Health & Happiness H&H | ||
Petrobras Global Finance, | International Holdings, | ||||
8.75%, 5/23/26 (USD) | 6,685,000 | 8,347 | 5.625%, 10/24/24 (USD) | 400,000 | 411 |
Republic of Brazil, | Kaisa Group Holdings, | ||||
4.50%, 5/30/29 (USD) | 3,290,000 | 3,514 | 8.50%, 6/30/22 (USD) | 600,000 | 589 |
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) | |||||
State Grid Overseas Investment | COSTA RICA 0.4% | |||||
2013, | ||||||
4.375%, 5/22/43 (USD) | 485,000 | 624 | Government Bonds 0.4% | |||
State Grid Overseas Investment | ||||||
2014, | Republic of Costa Rica, | |||||
4.85%, 5/7/44 (USD) | 200,000 | 281 | 7.00%, 4/4/44 (USD) | 2,035,000 | 1,853 | |
State Grid Overseas Investment | Total Costa Rica | |||||
2016, | (Cost $1,989) | 1,853 | ||||
4.00%, 5/4/47 (USD) | 800,000 | 1,001 | ||||
Times China Holdings, | DOMINICAN REPUBLIC 3.1% | |||||
6.75%, 7/8/25 (USD) | 1,400,000 | 1,435 | ||||
Tingyi Cayman Islands Holding, | ||||||
1.625%, 9/24/25 (USD) | 774,000 | 769 | Government Bonds 3.1% | |||
Dominican Republic, | ||||||
Total China | 4.875%, 9/23/32 (USD) (1) | 680,000 | 678 | |||
(Cost $7,239) | 7,676 | Dominican Republic, | ||||
5.50%, 1/27/25 (USD) | 1,000,000 | 1,066 | ||||
COLOMBIA 1.8% | Dominican Republic, | |||||
5.95%, 1/25/27 (USD) | 2,130,000 | 2,291 | ||||
Corporate Bonds 0.3% | Dominican Republic, | |||||
Banco de Bogota, | 6.00%, 7/19/28 (USD) | 970,000 | 1,046 | |||
6.25%, 5/12/26 (USD) | 1,000,000 | 1,086 | Dominican Republic, | |||
6.40%, 6/5/49 (USD) (1) | 500,000 | 504 | ||||
1,086 | Dominican Republic, | |||||
6.50%, 2/15/48 (USD) | 1,050,000 | 1,067 | ||||
Government Bonds 1.5% | Dominican Republic, | |||||
Republic of Colombia, | 6.85%, 1/27/45 (USD) | 3,625,000 | 3,835 | |||
4.00%, 2/26/24 (USD) | 500,000 | 534 | Dominican Republic, | |||
Republic of Colombia, | 6.875%, 1/29/26 (USD) (1) | 1,300,000 | 1,450 | |||
4.125%, 5/15/51 (USD) | 455,000 | 474 | Dominican Republic, | |||
Republic of Colombia, | 7.45%, 4/30/44 (USD) | 850,000 | 961 | |||
5.625%, 2/26/44 (USD) | 1,000,000 | 1,242 | ||||
Republic of Colombia, | Total Dominican Republic | |||||
6.125%, 1/18/41 (USD) | 3,120,000 | 4,009 | (Cost $12,085) | 12,898 | ||
6,259 | ECUADOR 2.2% | |||||
Total Colombia | ||||||
(Cost $6,641) | 7,345 | Government Bonds 2.2% | ||||
Republic of Ecuador, STEP, | ||||||
CONGO 0.2% | 0.50%, 7/31/30 (USD) (1) | 4,274,550 | 2,907 | |||
Republic of Ecuador, STEP, | ||||||
Corporate Bonds 0.2% | 0.50%, 7/31/35 (USD) (1) | 8,147,685 | 4,542 | |||
HTA Group, | Republic of Ecuador, STEP, | |||||
7.00%, 12/18/25 (USD) (1) | 810,000 | 852 | 0.50%, 7/31/40 (USD) (1) | 2,568,650 | 1,294 | |
Republic of Ecuador, Zero Coupon, | ||||||
Total Congo | 7/31/30 (USD) (1) | 786,051 | 368 | |||
(Cost $819) | 852 | |||||
Total Ecuador | ||||||
(Cost $10,455) | 9,111 | |||||
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 4.5% | Republic of Ghana, | ||||
7.625%, 5/16/29 (USD) | 600,000 | 545 | |||
Government Bonds 4.5% | Republic of Ghana, | ||||
8.125%, 1/18/26 (USD) | 6,985,000 | 7,004 | |||
Arab Republic of Egypt, | Republic of Ghana, | ||||
6.588%, 2/21/28 (USD) | 2,000,000 | 1,983 | 8.75%, 3/11/61 (USD) | 1,100,000 | 932 |
Arab Republic of Egypt, | |||||
7.50%, 1/31/27 (USD) | 4,500,000 | 4,742 | Total Ghana | ||
Arab Republic of Egypt, | (Cost $13,234) | 14,016 | |||
7.60%, 3/1/29 (USD) | 1,000,000 | 1,028 | |||
Arab Republic of Egypt, | GRENADA 0.0% | ||||
7.903%, 2/21/48 (USD) | 645,000 | 598 | |||
Arab Republic of Egypt, | Government Bonds 0.0% | ||||
7.903%, 2/21/48 (USD) (1) | 300,000 | 278 | |||
Arab Republic of Egypt, | Government of Grenada, | ||||
8.50%, 1/31/47 (USD) (1) | 3,450,000 | 3,351 | 7.00%, 5/12/30 (USD) | 191,219 | 139 |
Arab Republic of Egypt, | Total Grenada | ||||
8.50%, 1/31/47 (USD) | 4,230,000 | 4,108 | (Cost $173) | 139 | |
Arab Republic of Egypt, | |||||
8.875%, 5/29/50 (USD) (1) | 510,000 | 507 | GUATEMALA 0.3% | ||
Arab Republic of Egypt, | |||||
14.051%, 7/21/22 | 16,750,000 | 1,060 | |||
Arab Republic of Egypt Treasury | Government Bonds 0.3% | ||||
Bills, | Republic of Guatemala, | ||||
13.559%, 8/17/21 | 19,000,000 | 1,082 | 4.90%, 6/1/30 (USD) (1) | 1,000,000 | 1,110 |
Total Egypt | Total Guatemala | ||||
(Cost $19,277) | 18,737 | (Cost $991) | 1,110 | ||
EL SALVADOR 1.6% | HONG KONG 0.3% | ||||
Government Bonds 1.6% | Corporate Bonds 0.3% | ||||
Republic of El Salvador, | Metropolitan Light, | ||||
5.875%, 1/30/25 (USD) | 1,965,000 | 1,723 | 5.50%, 11/21/22 (USD) | 320,000 | 327 |
Republic of El Salvador, | Metropolitan Light, | ||||
6.375%, 1/18/27 (USD) (1) | 2,730,000 | 2,364 | 5.50%, 11/21/22 (USD) (1) | 302,000 | 309 |
Republic of El Salvador, | SmarTone Finance, | ||||
7.65%, 6/15/35 (USD) | 350,000 | 303 | 3.875%, 4/8/23 (USD) | 600,000 | 627 |
Republic of El Salvador, | Total Hong Kong | ||||
8.625%, 2/28/29 (USD) (1) | 435,000 | 414 | (Cost $1,209) | 1,263 | |
Republic of El Salvador, | |||||
8.625%, 2/28/29 (USD) | 1,800,000 | 1,714 | INDIA 1.2% | ||
Total El Salvador | |||||
(Cost $7,711) | 6,518 | Corporate Bonds 0.2% | |||
Adani Ports & Special Economic | |||||
GHANA 3.4% | Zone, | ||||
4.20%, 8/4/27 (USD) (1) | 645,000 | 648 | |||
Government Bonds 3.4% | HPCL-Mittal Energy, | ||||
Republic of Ghana, | 5.25%, 4/28/27 (USD) | 310,000 | 314 | ||
6.375%, 2/11/27 (USD) | 6,125,000 | 5,535 | 962 | ||
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) | ||||
Republic of Indonesia, | |||||
Government Bonds 1.0% | 9.00%, 3/15/29 | 12,897,000,000 | 979 | ||
Export-Import Bank of India, | |||||
3.25%, 1/15/30 (USD) | 4,255,000 | 4,303 | 14,439 | ||
4,303 | Total Indonesia | ||||
(Cost $24,985) | 27,171 | ||||
Total India | |||||
(Cost $5,293) | 5,265 | ISRAEL 0.8% | |||
INDONESIA 6.6% | Corporate Bonds 0.8% | ||||
ICL Group , | |||||
Corporate Bonds 3.1% | 6.375%, 5/31/38 (USD) (1) | 1,400,000 | 1,782 | ||
Hutama Karya Persero, | Israel Electric, | ||||
3.75%, 5/11/30 (USD) (1) | 420,000 | 457 | 7.75%, 12/15/27 (USD) | 350,000 | 466 |
Pertamina Persero, | Leviathan Bond, | ||||
5.625%, 5/20/43 (USD) | 6,020,000 | 7,043 | 6.125%, 6/30/25 (USD) (1) | 1,100,000 | 1,133 |
Pertamina Persero, | |||||
6.00%, 5/3/42 (USD) | 1,500,000 | 1,830 | Total Israel | ||
Perusahaan Listrik Negara, | (Cost $2,988) | 3,381 | |||
3.875%, 7/17/29 (USD) (1) | 865,000 | 925 | |||
Perusahaan Listrik Negara, | �� | IVORY COAST 0.4% | |||
4.00%, 6/30/50 (USD) (1) | 200,000 | 196 | |||
Perusahaan Listrik Negara, | Government Bonds 0.4% | ||||
4.125%, 5/15/27 (USD) | 1,000,000 | 1,081 | Republic of Ivory Coast, STEP, | ||
Perusahaan Listrik Negara, | 5.75%, 12/31/32 (USD) | 1,792,800 | 1,667 | ||
4.375%, 2/5/50 (USD) (1) | 400,000 | 417 | |||
Perusahaan Listrik Negara, | Total Ivory Coast | ||||
4.875%, 7/17/49 (USD) (1) | 355,000 | 391 | (Cost $1,701) | 1,667 | |
Perusahaan Listrik Negara, | |||||
6.25%, 1/25/49 (USD) (1) | 300,000 | 392 | JAMAICA 1.5% | ||
12,732 | Corporate Bonds 0.1% | ||||
Government Bonds 3.5% | TransJamaican Highway, | ||||
Perusahaan Penerbit, | 5.75%, 10/10/36 (USD) (1) | 370,000 | 361 | ||
3.80%, 6/23/50 (USD) (1) | 200,000 | 215 | |||
Perusahaan Penerbit, | 361 | ||||
4.15%, 3/29/27 (USD) | 2,100,000 | 2,366 | Government Bonds 1.4% | ||
Perusahaan Penerbit, | Government of Jamaica, | ||||
4.45%, 2/20/29 (USD) | 2,700,000 | 3,123 | 7.875%, 7/28/45 (USD) | 3,110,000 | 3,959 |
Perusahaan Penerbit, | Government of Jamaica, | ||||
4.55%, 3/29/26 (USD) | 5,400,000 | 6,220 | 8.00%, 3/15/39 (USD) | 1,465,000 | 1,905 |
Republic of Indonesia, | |||||
2.85%, 2/14/30 (USD) | 800,000 | 842 | 5,864 | ||
Republic of Indonesia, | Total Jamaica | ||||
4.35%, 1/11/48 (USD) | 600,000 | 694 | (Cost $5,661) | 6,225 | |
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) | ||||
KUWAIT 0.6% | BBVA Bancomer, VR, | ||||
5.35%, 11/12/29 (USD) (3) | 300,000 | 299 | |||
Corporate Bonds 0.6% | Cemex, | ||||
5.45%, 11/19/29 (USD) | 700,000 | 710 | |||
Equate Petrochemical, | Cometa Energia, | ||||
4.25%, 11/3/26 (USD) | 200,000 | 210 | 6.375%, 4/24/35 (USD) (1) | 1,425,000 | 1,564 |
Kuwait Projects, | |||||
4.229%, 10/29/26 (USD) | 1,100,000 | 1,082 | Cometa Energia, | ||
6.375%, 4/24/35 (USD) | 475,000 | 521 | |||
MEGlobal Canada, | Controladora Mabe, | ||||
5.875%, 5/18/30 (USD) | 800,000 | 937 | 5.60%, 10/23/28 (USD) (1) | 960,000 | 1,075 |
MEGlobal Canada, | |||||
5.875%, 5/18/30 (USD) (1) | 245,000 | 287 | Grupo Cementos de Chihuahua, | ||
5.25%, 6/23/24 (USD) | 200,000 | 209 | |||
Total Kuwait | Industrias Penoles, | ||||
(Cost $2,444) | 2,516 | 4.75%, 8/6/50 (USD) (1) | 240,000 | 248 | |
Mexico City Airport Trust, | |||||
LAO PEOPLE'S DEMOCRATIC REPUBLIC 0.1% | 5.50%, 7/31/47 (USD) | 10,063,000 | 8,232 | ||
Petroleos Mexicanos, | |||||
Government Bonds 0.1% | 5.35%, 2/12/28 (USD) | 3,800,000 | 3,257 | ||
Poinsettia Finance, | |||||
People's Democratic Republic of | 6.625%, 6/17/31 (USD) (1) | 200,000 | 198 | ||
Laos, | |||||
6.875%, 6/30/21 (USD) (1) | 600,000 | 495 | 21,521 | ||
Total Lao People's Democratic Republic | Government Bonds 3.5% | ||||
(Cost $593) | 495 | Petroleos Mexicanos, | |||
4.50%, 1/23/26 (USD) | 2,900,000 | 2,578 | |||
LEBANON 0.4% | Petroleos Mexicanos, | ||||
5.50%, 6/27/44 (USD) | 1,860,000 | 1,382 | |||
Government Bonds 0.4% | Petroleos Mexicanos, | ||||
Lebanese Republic, | 5.625%, 1/23/46 (USD) | 3,285,000 | 2,411 | ||
6.00%, 1/27/23 (USD) (2)(5) | 9,515,000 | 1,588 | Petroleos Mexicanos, | ||
6.50%, 6/2/41 (USD) | 6,080,000 | 4,699 | |||
Total Lebanon | Petroleos Mexicanos, | ||||
(Cost $2,339) | 1,588 | 6.75%, 9/21/47 (USD) | 2,200,000 | 1,698 | |
Petroleos Mexicanos, | |||||
MEXICO 8.7% | 6.95%, 1/28/60 (USD) | 600,000 | 460 | ||
Petroleos Mexicanos, | |||||
Corporate Bonds 5.2% | 7.19%, 9/12/24 | 2,700,000 | 106 | ||
Axtel, | United Mexican States, | ||||
6.375%, 11/14/24 (USD) (1) | 700,000 | 729 | 8.50%, 5/31/29 | 19,200,000 | 1,028 |
Banco Mercantil del Norte, VR, | 14,362 | ||||
6.75% (USD) (3)(4) | 600,000 | 592 | |||
Banco Mercantil del Norte, VR, | Total Mexico | ||||
7.625% (USD) (3)(4) | 500,000 | 500 | (Cost $37,474) | 35,883 | |
Banco Santander Mexico, | |||||
5.375%, 4/17/25 (USD) (1) | 655,000 | 729 | |||
Banco Santander Mexico, VR, | |||||
8.50% (USD) (3)(4) | 800,000 | 826 | |||
BBVA Bancomer, VR, | |||||
5.125%, 1/18/33 (USD) (3) | 1,900,000 | 1,832 | |||
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) | ||||
MONGOLIA 2.1% | Total Oman | ||||
(Cost $10,827) | 9,878 | ||||
Corporate Bonds 0.3% | |||||
Development Bank of Mongolia, | PAKISTAN 0.2% | ||||
7.25%, 10/23/23 (USD) (1) | 1,035,000 | 1,087 | |||
1,087 | Government Bonds 0.2% | ||||
Islamic Republic of Pakistan, | |||||
Government Bonds 1.8% | 6.875%, 12/5/27 (USD) | 1,000,000 | 998 | ||
Government of Mongolia, | |||||
5.125%, 12/5/22 (USD) | 2,860,000 | 2,931 | Total Pakistan | ||
Government of Mongolia, | (Cost $967) | 998 | |||
5.125%, 4/7/26 (USD) (1) | 1,830,000 | 1,844 | |||
Government of Mongolia, | PANAMA 0.7% | ||||
5.625%, 5/1/23 (USD) | 900,000 | 928 | |||
Government of Mongolia, | Corporate Bonds 0.3% | ||||
8.75%, 3/9/24 (USD) | 1,500,000 | 1,684 | Banco Nacional De Panama, | ||
7,387 | 2.50%, 8/11/30 (USD) (1) | 1,105,000 | 1,095 | ||
Total Mongolia | 1,095 | ||||
(Cost $8,007) | 8,474 | ||||
Government Bonds 0.4% | |||||
Republic of Panama, | |||||
NIGERIA 2.3% | 7.125%, 1/29/26 (USD) | 1,200,000 | 1,522 | ||
Government Bonds 2.3% | 1,522 | ||||
Republic of Nigeria, | Total Panama | ||||
6.50%, 11/28/27 (USD) | 2,700,000 | 2,580 | (Cost $2,455) | 2,617 | |
Republic of Nigeria, | |||||
7.143%, 2/23/30 (USD) | 4,900,000 | 4,669 | PARAGUAY 1.5% | ||
Republic of Nigeria, | |||||
7.875%, 2/16/32 (USD) | 600,000 | 574 | |||
Republic of Nigeria, | Corporate Bonds 0.2% | ||||
8.747%, 1/21/31 (USD) | 1,800,000 | 1,844 | Telefonica Celular del Paraguay, | ||
5.875%, 4/15/27 (USD) (1) | 1,005,000 | 1,053 | |||
Total Nigeria | |||||
(Cost $10,035) | 9,667 | 1,053 | |||
Government Bonds 1.3% | |||||
OMAN 2.4% | Republic of Paraguay, | ||||
4.95%, 4/28/31 (USD) (1) | 315,000 | 364 | |||
Government Bonds 2.4% | Republic of Paraguay, | ||||
Sultanate of Oman, | 5.40%, 3/30/50 (USD) | 3,655,000 | 4,454 | ||
4.75%, 6/15/26 (USD) | 1,500,000 | 1,381 | Republic of Paraguay, | ||
Sultanate of Oman, | 6.10%, 8/11/44 (USD) | 570,000 | 739 | ||
5.375%, 3/8/27 (USD) | 4,605,000 | 4,248 | |||
Sultanate of Oman, | 5,557 | ||||
5.625%, 1/17/28 (USD) | 1,200,000 | 1,108 | Total Paraguay | ||
Sultanate of Oman, | (Cost $5,921) | 6,610 | |||
6.50%, 3/8/47 (USD) | 2,360,000 | 1,936 | |||
Sultanate of Oman, | |||||
6.75%, 1/17/48 (USD) (1) | 1,450,000 | 1,205 | |||
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 0.6% | Total Qatar | ||||
(Cost $6,303) | 6,343 | ||||
Corporate Bonds 0.4% | |||||
Consorcio Transmantaro, | ROMANIA 0.5% | ||||
4.70%, 4/16/34 (USD) (1) | 280,000 | 332 | |||
Lima Metro Line 2 Finance, | Government Bonds 0.5% | ||||
5.875%, 7/5/34 (USD) | 345,938 | 423 | |||
Nexa Resources, | Government of Romania, | ||||
5.375%, 5/4/27 (USD) | 900,000 | 936 | 4.00%, 2/14/51 (USD) (1) | 926,000 | 958 |
Government of Romania, | |||||
1,691 | 3.00%, 2/14/31 (USD) (1) | 1,044,000 | 1,074 | ||
Government Bonds 0.2% | Total Romania | ||||
Republic of Peru, | (Cost $1,966) | 2,032 | |||
2.844%, 6/20/30 (USD) | 620,000 | 676 | |||
RUSSIA 2.2% | |||||
676 | |||||
Total Peru | Corporate Bonds 0.3% | ||||
(Cost $2,209) | 2,367 | GTLK Europe, | |||
5.125%, 5/31/24 (USD) | 1,150,000 | 1,208 | |||
PHILIPPINES 1.4% | |||||
1,208 | |||||
Corporate Bonds 0.8% | Government Bonds 1.9% | ||||
AC Energy Finance International, | Russian Federation, | ||||
5.65% (USD) (4) | 889,000 | 912 | 4.375%, 3/21/29 (USD) | 5,000,000 | 5,746 |
Globe Telecom, | Russian Federation, | ||||
3.00%, 7/23/35 (USD) | 1,050,000 | 1,006 | 5.25%, 6/23/47 (USD) | 1,600,000 | 2,124 |
International Container Terminal | |||||
Services, | 7,870 | ||||
4.75%, 6/17/30 (USD) | 1,160,000 | 1,218 | Total Russia | ||
3,136 | (Cost $8,817) | 9,078 | |||
Government Bonds 0.6% | SAUDI ARABIA 1.8% | ||||
Republic of Philippines, | |||||
7.75%, 1/14/31 (USD) | 1,700,000 | 2,592 | Government Bonds 1.8% | ||
2,592 | Kingdom of Saudi Arabia, | ||||
3.25%, 10/26/26 (USD) | 1,900,000 | 2,071 | |||
Total Philippines | Kingdom of Saudi Arabia, | ||||
(Cost $5,640) | 5,728 | 3.75%, 1/21/55 (USD) | 500,000 | 543 | |
Kingdom of Saudi Arabia, | |||||
QATAR 1.5% | 4.50%, 4/22/60 (USD) (1) | 585,000 | 727 | ||
Kingdom of Saudi Arabia, | |||||
Government Bonds 1.5% | 5.00%, 4/17/49 (USD) | 1,750,000 | 2,269 | ||
State of Qatar, | Saudi Arabian Oil, | ||||
4.40%, 4/16/50 (USD) (1) | 560,000 | 722 | 4.25%, 4/16/39 (USD) | 1,700,000 | 1,960 |
State of Qatar, | Total Saudi Arabia | ||||
4.40%, 4/16/50 (USD) | 800,000 | 1,032 | (Cost $6,595) | 7,570 | |
State of Qatar, | |||||
4.817%, 3/14/49 (USD) | 3,400,000 | 4,589 | |||
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) | ||||
SENEGAL 1.4% | Republic of Sri Lanka, | ||||
6.825%, 7/18/26 (USD) | 1,000,000 | 706 | |||
Government Bonds 1.4% | Republic of Sri Lanka, | ||||
Republic of Senegal, | 6.85%, 3/14/24 (USD) (1) | 1,175,000 | 875 | ||
4.75%, 3/13/28 (EUR) | 1,500,000 | 1,704 | 13,059 | ||
Republic of Senegal, | |||||
6.25%, 5/23/33 (USD) (1) | 900,000 | 891 | Total Sri Lanka | ||
Republic of Senegal, | (Cost $16,993) | 13,629 | |||
6.25%, 5/23/33 (USD) | 3,300,000 | 3,266 | |||
Total Senegal | THAILAND 0.1% | ||||
(Cost $5,852) | 5,861 | ||||
Corporate Bonds 0.1% | |||||
SOUTH AFRICA 2.3% | Thaioil Treasury Center, | ||||
3.50%, 10/17/49 (USD) (1) | 465,000 | 424 | |||
Government Bonds 2.3% | Total Thailand | ||||
Republic of South Africa, | (Cost $463) | 424 | |||
4.665%, 1/17/24 (USD) | 1,347,000 | 1,383 | |||
Republic of South Africa, | TRINIDAD AND TOBAGO 0.5% | ||||
4.85%, 9/27/27 (USD) | 1,200,000 | 1,187 | |||
Republic of South Africa, | Corporate Bonds 0.2% | ||||
5.65%, 9/27/47 (USD) | 3,800,000 | 3,234 | Trinidad Petroleum Holdings, | ||
Republic of South Africa, | 9.75%, 6/15/26 (USD) (1) | 700,000 | 772 | ||
5.875%, 9/16/25 (USD) | 2,390,000 | 2,564 | |||
Republic of South Africa, | 772 | ||||
6.25%, 3/8/41 (USD) | 450,000 | 433 | Government Bonds 0.3% | ||
Transnet, | |||||
4.00%, 7/26/22 (USD) | 650,000 | 646 | Republic of Trinidad & Tobago, | ||
4.50%, 6/26/30 (USD) (1) | 1,075,000 | 1,059 | |||
Total South Africa | |||||
(Cost $9,742) | 9,447 | 1,059 | |||
Total Trinidad and Tobago | |||||
SRI LANKA 3.2% | (Cost $1,839) | 1,831 | |||
Corporate Bonds 0.1% | TURKEY 2.8% | ||||
SriLankan Airlines, | |||||
7.00%, 6/25/24 (USD) | 845,000 | 570 | Corporate Bonds 0.7% | ||
570 | Turk Telekomunikasyon, | ||||
4.875%, 6/19/24 (USD) | 1,000,000 | 974 | |||
Government Bonds 3.1% | Turk Telekomunikasyon, | ||||
Republic of Sri Lanka, | 6.875%, 2/28/25 (USD) (1) | 670,000 | 687 | ||
5.75%, 1/18/22 (USD) | 2,200,000 | 1,821 | Turkiye Sise ve Cam Fabrikalari, | ||
Republic of Sri Lanka, | 6.95%, 3/14/26 (USD) (1) | 1,180,000 | 1,204 | ||
5.875%, 7/25/22 (USD) | 2,750,000 | 2,227 | 2,865 | ||
Republic of Sri Lanka, | |||||
6.125%, 6/3/25 (USD) | 6,200,000 | 4,402 | Government Bonds 2.1% | ||
Republic of Sri Lanka, | Republic of Turkey, | ||||
6.25%, 7/27/21 (USD) | 3,200,000 | 2,816 | 4.25%, 4/14/26 (USD) | 3,800,000 | 3,437 |
Republic of Sri Lanka, | Republic of Turkey, | ||||
6.825%, 7/18/26 (USD) (1) | 300,000 | 212 | 4.875%, 10/9/26 (USD) | 3,175,000 | 2,913 |
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) | ||||||
Republic of Turkey, | |||||||
6.00%, 1/14/41 (USD) | 3,100,000 | 2,581 | Government Bonds 0.6% | ||||
Finance Department Government of | |||||||
8,931 | Sharjah, | ||||||
Total Turkey | 4.00%, 7/28/50 (USD) (1) | 2,430,000 | 2,496 | ||||
(Cost $11,855) | 11,796 | 2,496 | |||||
Total United Arab Emirates | |||||||
UKRAINE 5.1% | (Cost $6,863) | 6,813 | |||||
Corporate Bonds 0.6% | UNITED KINGDOM 0.0% | ||||||
Ukraine Railways Via Rail Capital | |||||||
Markets, | |||||||
8.25%, 7/9/24 (USD) | 1,500,000 | 1,506 | Common Stocks 0.0% | ||||
VF Ukraine PAT via VFU Funding, | Mriya Farming (5)(7) | 5,890 | — | ||||
6.20%, 2/11/25 (USD) | 800,000 | 802 | Mriya Farming, Recovery | ||||
Certificates, | |||||||
2,308 | (EUR) | (5)(7) | 488,383 | 6 | |||
Government Bonds 4.5% | 6 | ||||||
Government of Ukraine, | |||||||
7.75%, 9/1/25 (USD) | 2,395,000 | 2,408 | Corporate Bonds 0.0% | ||||
Government of Ukraine, | Mriya Farming, EC, | ||||||
7.75%, 9/1/27 (USD) | 6,805,000 | 6,758 | 0.50%, 12/31/25 (USD) (1)(5)(7) | 1,239,500 | 19 | ||
Government of Ukraine, | 19 | ||||||
8.994%, 2/1/24 (USD) | 1,290,000 | 1,350 | |||||
Government of Ukraine, | Total United Kingdom | ||||||
9.75%, 11/1/28 (USD) | 4,850,000 | 5,259 | (Cost $—) | 25 | |||
Government of Ukraine, | |||||||
9.75%, 11/1/28 (USD) (1) | 2,300,000 | 2,494 | UNITED STATES 0.1% | ||||
Government of Ukraine, VR, | |||||||
0.00%, 5/31/40 (USD) (1)(5)(6) | 485,000 | 443 | Corporate Bonds 0.1% | ||||
18,712 | Citgo Holding, | ||||||
Total Ukraine | 9.25%, 8/1/24 (1) | 350,000 | 333 | ||||
(Cost $20,791) | 21,020 | Total United States | |||||
(Cost $350) | 333 | ||||||
UNITED ARAB EMIRATES 1.6% | |||||||
URUGUAY 1.1% | |||||||
Corporate Bonds 1.0% | |||||||
Acwa Power Management & | Government Bonds 1.1% | ||||||
Investments One, | Republic of Uruguay, | ||||||
5.95%, 12/15/39 (USD) | 800,000 | 913 | 5.10%, 6/18/50 (USD) | 3,310,000 | 4,454 | ||
ADES International Holding, | Total Uruguay | ||||||
8.625%, 4/24/24 (USD) | 200,000 | 189 | (Cost $3,783) | 4,454 | |||
Emirates NBD Bank, VR, | |||||||
6.125% (USD) (3)(4) | 1,100,000 | 1,139 | |||||
Ruwais Power, | |||||||
6.00%, 8/31/36 (USD) | 1,570,000 | 2,076 | |||||
4,317 | |||||||
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) | ||||
UZBEKISTAN 1.1% | Republic of Venezuela, | ||||
12.75%, 8/23/22 (USD) (2)(5) | 550,000 | 44 | |||
Government Bonds 1.1% | 2,542 | ||||
Republic of Uzbekistan, | |||||
4.75%, 2/20/24 (USD) (1) | 2,145,000 | 2,263 | Total Venezuela | ||
Republic of Uzbekistan, | (Cost $25,116) | 2,556 | |||
5.375%, 2/20/29 (USD) (1) | 485,000 | 544 | |||
Republic of Uzbekistan, | VIETNAM 1.9% | ||||
5.375%, 2/20/29 (USD) | 1,640,000 | 1,840 | |||
Total Uzbekistan | Corporate Bonds 0.3% | ||||
(Cost $4,402) | 4,647 | Mong Duong Finance Holdings, | |||
5.125%, 5/7/29 (USD) (1) | 565,000 | 579 | |||
VENEZUELA 0.6% | Mong Duong Finance Holdings, | ||||
5.125%, 5/7/29 (USD) | 550,000 | 563 | |||
Corporate Bonds 0.0% | 1,142 | ||||
Electricidad de Caracas, | Government Bonds 1.6% | ||||
8.50%, 4/10/18 (USD) (2)(5) | 800,000 | 14 | Socialist Republic of Vietnam, | ||
14 | 4.80%, 11/19/24 (USD) (1) | 600,000 | 672 | ||
Socialist Republic of Vietnam, | |||||
Government Bonds 0.6% | 4.80%, 11/19/24 (USD) | 5,500,000 | 6,161 | ||
Petroleos de Venezuela, | |||||
5.375%, 4/12/27 (USD) (2)(5) | 3,600,000 | 108 | 6,833 | ||
Petroleos de Venezuela, | Total Vietnam | ||||
6.00%, 5/16/24 (USD) (2)(5) | 10,960,000 | 329 | (Cost $7,380) | 7,975 | |
Petroleos de Venezuela, | |||||
6.00%, 11/15/26 (USD) (2)(5) | 2,950,000 | 88 | SHORT-TERM INVESTMENTS 2.3% | ||
Petroleos de Venezuela, | |||||
8.50%, 10/27/20 (USD) (2)(5) | 2,355,500 | 283 | |||
Petroleos de Venezuela, | MONEY MARKET FUNDS 2.1% | ||||
9.00%, 11/17/21 (USD) (2)(5) | 24,590,000 | 738 | T. Rowe Price Government Reserve | ||
Petroleos de Venezuela, | Fund, | ||||
9.75%, 5/17/35 (USD) (2)(5) | 985,000 | 29 | 0.09% (8)(9) | 8,770,385 | 8,771 |
Petroleos de Venezuela, | 8,771 | ||||
12.75%, 2/17/22 (USD) (2)(5) | 3,430,000 | 103 | |||
Republic of Venezuela, | U.S. TREASURY OBLIGATIONS 0.2% | ||||
6.00%, 12/9/20 (USD) (2)(5) | 3,350,000 | 268 | U.S. Treasury Notes, | ||
Republic of Venezuela, | 2.50%, 1/31/21 (10) | 912 | 919 | ||
7.75%, 10/13/19 (USD) (2)(5) | 3,600,000 | 288 | |||
Republic of Venezuela, | 919 | ||||
9.25%, 9/15/27 (USD) (2)(5) | 1,000,000 | 80 | Total Short-Term Investments | ||
Republic of Venezuela, | (Cost $9,689) | 9,690 | |||
11.75%, 10/21/26 (USD) (2)(5) | 1,500,000 | 120 | |||
Republic of Venezuela, | |||||
11.95%, 8/5/31 (USD) (2)(5) | 800,000 | 64 | Total Investments in Securities 99.0% | ||
(Cost $437,669) | $ | 411,468 | |||
Other Assets Less Liabilities 1.0% | 4,348 | ||||
Net Assets 100% | $ | 415,816 | |||
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
‡ | Country classifications are generally based on MSCI categories or another unaffiliated third party data provider; Par/Shares | |
and Notional Amount are denominated in the currency of the country presented unless otherwise noted. | ||
(1 | ) | 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 $79,273 and | ||
represents 19.1% of net assets. | ||
(2 | ) | Security is in default or has failed to make a scheduled interest and/or principal payment. |
(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 | ) | Non-income producing |
(6 | ) | 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. | ||
(7 | ) | Level 3 in fair value hierarchy. |
(8 | ) | Seven-day yield |
(9 | ) | Affiliated Companies |
(10 | ) | At September 30, 2020, all or a portion of this security is pledged as collateral and/or margin deposit to cover future |
funding obligations. | ||
BDLRPP | Argentina deposit rates (Badlar) at private banks | |
BRL | Brazilian Real | |
EC | Escrow CUSIP; represents a beneficial interest in a residual pool of 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 | |
IDR | Indonesian Rupiah | |
PEN | Peruvian New Sol | |
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)% | ||||||
Argentina (0.1)% | ||||||
Barclays Bank, Protection Sold (Relevant Credit: Republic of Argentina, | ||||||
1.00%, 7/9/29, $44.88*), Receive 5.00% Quarterly, Pay upon credit | ||||||
default, 12/20/25 (USD) | 1,950 | (423 | ) | (450) | 27 | |
Total Bilateral Credit Default Swaps, Protection Sold | (450) | 27 | ||||
Total Bilateral Swaps | (450) | 27 | ||||
*Market Price at September 30, 2020 | ||||||
**Includes interest purchased or sold but not yet collected of $1. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | ||||||||
(Amounts In 000s) | ||||||||
FORWARD CURRENCY EXCHANGE CONTRACTS | ||||||||
Unrealized | ||||||||
Counterparty | Settlement | Receive | Deliver | Gain/(Loss) | ||||
Barclays Bank | 10/9/20 | USD | 1,034IDR | 15,326,232$ | 5 | |||
Citibank | 10/13/20 | PEN | 4,146USD | 1,164 | (14) | |||
Citibank | 11/20/20 | USD | 2,661EUR | 2,239 | 33 | |||
Deutsche Bank | 10/9/20 | IDR | 97,814USD | 7 | — | |||
Goldman Sachs | 10/9/20 | IDR | 15,004,528USD | 1,020 | (12) | |||
Goldman Sachs | 12/2/20 | USD | 1,066BRL | 6,012 | (2) | |||
HSBC Bank | 10/9/20 | IDR | 178,240USD | 12 | — | |||
Morgan Stanley | 10/9/20 | IDR | 45,650USD | 3 | — | |||
Morgan Stanley | 10/13/20 | USD | 1,177PEN | 4,146 | 26 | |||
Morgan Stanley | 11/20/20 | USD | 424EUR | 355 | 8 | |||
Net unrealized gain (loss) on open forward currency | ||||||||
exchange contracts | $ | 44 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
FUTURES CONTRACTS | ||||||||
($ | 000 s) | |||||||
Value and | ||||||||
Expiration | Notional | Unrealized Gain | ||||||
Date | Amount | (Loss) | ||||||
Long, 143 U.S. Treasury Notes five year contracts | 12/20 | 18,022 | $ | 16 | ||||
Long, 90 U.S. Treasury Notes ten year contracts | 12/20 | 12,558 | 7 | |||||
Net payments (receipts) of variation margin to date | (57) | |||||||
Variation margin receivable (payable) on open futures contracts | $ | (34) |
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 nine months ended September 30, 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 | $ | —# | $ | — | $ | 54+ | ||
Supplementary Investment Schedule | ||||||||
Value | Purchase | Sales | Value | |||||
Affiliate | 12/31/19 | Cost | Cost | 9/30/20 | ||||
T. Rowe Price Government Reserve Fund | $ | 13,202 | ¤ | ¤ $ | 8,771^ |
# | Capital gain distributions from mutual funds represented $0 of the net realized gain (loss). |
+ | Investment income comprised $54 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 $8,771. |
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 Board Accounting Standards Codification Topic 946. The accompanying Portfolio of
Investments was prepared in accordance with accounting principles generally accepted in the United States of America
(GAAP). For additional information on the fund’s significant accounting policies and investment related disclosures,
please refer to the fund’s most recent semiannual or annual shareholder report and its prospectus.
VALUATION
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. 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,
which may include, but are not limited to, the issuer’s business prospects, its financial standing and performance, recent
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
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 September 30, 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 | $ | — $ | — $ | 6$ | 6 | |||
Corporate Bonds | — | 92,145 | 19 | 92,164 | ||||
Fixed Income Securities1 | — | 309,608 | — | 309,608 | ||||
Short-Term Investments | 8,771 | 919 | — | 9,690 | ||||
Total Securities | 8,771 | 402,672 | 25 | 411,468 | ||||
Forward Currency Exchange Contracts | — | 72 | — | 72 | ||||
Total | $ | 8,771$ | 402,744$ | 25$ | 411,540 | |||
Liabilities | ||||||||
Swaps | $ | — $ | 423$ | — $ | 423 | |||
Forward Currency Exchange Contracts | — | 28 | — | 28 | ||||
Futures Contracts | 34 | — | — | 34 | ||||
Total | $ | 34$ | 451$ | — $ | 485 | |||
1 Includes Convertible Bonds, Government Bonds. |