T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | ||||||
March 31, 2019 | (Unaudited) | |||||
Portfolio of Investments | Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | |||||
ARGENTINA 6.0% | ||||||
AZERBAIJAN 0.2% | ||||||
Corporate Bonds 1.1% | ||||||
Adecoagro, | Government Bonds 0.2% | |||||
6.00%, 9/21/27 (USD)(1) | 985,000 | 931 | Southern Gas Corridor, | |||
Adecoagro, | 6.875%, 3/24/26 (USD) | 900,000 | 1,011 | |||
6.00%, 9/21/27 (USD) | 700,000 | 661 | ||||
Banco de Galicia y Buenos Aires, | Total Azerbaijan | |||||
VR, | (Cost $1,003) | 1,011 | ||||
8.25%, 7/19/26 (USD)(1)(2) | 900,000 | 875 | ||||
Banco Macro, | BAHAMAS 2.1% | |||||
17.50%, 5/8/22 (1) | 1,955,000 | 30 | ||||
Banco Macro, VR, | Government Bonds 2.1% | |||||
6.75%, 11/4/26 (USD)(1)(2) | 1,200,000 | 1,021 | Commonwealth of Bahamas, | |||
IRSA Propiedades Comerciales, | 6.00%, 11/21/28 (USD)(1) | 8,745,000 | 9,217 | |||
8.75%, 3/23/23 (USD)(1) | 1,180,000 | 1,148 | Commonwealth of Bahamas, | |||
Tarjeta Naranja, FRN, | 6.00%, 11/21/28 (USD) | 600,000 | 630 | |||
BDLRPP + 3.50%, 20.328%, | ||||||
4/11/22 (USD) | (1) | 1,278,000 | 421 | Total Bahamas | ||
YPF Sociedad Anonima, FRN, | (Cost $9,503) | 9,847 | ||||
BDLRPP + 4.00%, 19.826%, | ||||||
7/7/20 (USD) | (1) | 260,000 | 94 | BENIN 0.5% | ||
5,181 | ||||||
Government Bonds 0.5% | ||||||
Government Bonds 4.9% | Government of Benin, | |||||
Province of Buenos Aires, | 5.75%, 3/26/26 (1) | 2,060,000 | 2,300 | |||
9.125%, 3/16/24 (USD) | 800,000 | 666 | ||||
Province of Buenos Aires, | Total Benin | |||||
9.125%, 3/16/24 (USD)(1) | 525,000 | 437 | (Cost $2,312) | 2,300 | ||
Province of Buenos Aires, FRN, | ||||||
BDLRPP + 3.83%, 50.198%, | BERMUDA 0.4% | |||||
5/31/22 | 9,679,000 | 203 | ||||
Republic of Argentina, | Government Bonds 0.4% | |||||
5.875%, 1/11/28 (USD) | 3,660,000 | 2,819 | Government of Bermuda, | |||
Republic of Argentina, | 4.75%, 2/15/29 (USD)(1) | 1,630,000 | 1,726 | |||
6.875%, 1/26/27 (USD) | 500,000 | 406 | ||||
Republic of Argentina, | Total Bermuda | |||||
7.50%, 4/22/26 (USD) | 12,400,000 | 10,554 | (Cost $1,630) | 1,726 | ||
Republic of Argentina, | ||||||
8.28%, 12/31/33 (USD) | 7,879,454 | 6,559 | BRAZIL 9.2% | |||
Republic of Argentina, FRN, | ||||||
ABPP + 0.00%, 54.47%, 6/21/20 | 35,000,000 | 901 | Corporate Bonds 7.2% | |||
Republic of Argentina, STEP, | ||||||
2.50%, 12/31/38 (USD) | 600,000 | 349 | Azul Investments, | |||
Republic of Argentina, VR, | 5.875%, 10/26/24 (USD)(1) | 1,405,000 | 1,331 | |||
0.00%, 12/15/35 (USD) | 3,870,000 | 156 | Azul Investments, | |||
5.875%, 10/26/24 (USD) | 200,000 | 190 | ||||
23,050 | Banco BTG Pactual, VR, | |||||
Total Argentina | 7.75%, 2/15/29 (USD)(1)(2) | 1,340,000 | 1,333 | |||
(Cost $34,106) | 28,231 | Banco do Brasil, VR, | ||||
9.00% (USD)(2)(3) | 1,700,000 | 1,802 |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
Cosan Overseas, | |||||
8.25% (USD)(3) | 300,000 | 307 | CHILE 0.6% | ||
CSN Resources, | |||||
7.625%, 2/13/23 (USD) | 650,000 | 653 | |||
Globo Comunicacao e | Corporate Bonds 0.6% | ||||
Participacoes, | Empresa Nacional Del Petroleo, | ||||
5.125%, 3/31/27 (USD) | 500,000 | 486 | 4.50%, 9/14/47 (USD) | 2,300,000 | 2,191 |
Itau Unibanco Holding, VR, | Empresa Nacional Del Petroleo, | ||||
6.125% (USD)(1)(2)(3) | 490,000 | 482 | 5.25%, 11/6/29 (USD)(1) | 790,000 | 851 |
Itau Unibanco Holding, VR, | Total Chile | ||||
6.50% (USD)(1)(2)(3) | 550,000 | 545 | (Cost $3,016) | 3,042 | |
Klabin Austria Gmbh, | |||||
5.75%, 4/3/29 (USD)(1) | 920,000 | 916 | |||
MARB BondCo, | CHINA 3.0% | ||||
7.00%, 3/15/24 (USD) | 200,000 | 199 | |||
Marfrig Holding Europe, Series B, | Convertible Bonds 0.1% | ||||
8.00%, 6/8/23 (USD) | 1,500,000 | 1,553 | Ctrip.com International, | ||
Petrobras Global Finance, | 1.25%, 9/15/22 (USD) | 431,000 | 437 | ||
6.85%, 6/5/2115 (USD) | 800,000 | 777 | |||
Petrobras Global Finance, | 437 | ||||
7.375%, 1/17/27 (USD) | 5,060,000 | 5,595 | Corporate Bonds 2.9% | ||
Petrobras Global Finance, | CAR, | ||||
8.75%, 5/23/26 (USD) | 13,045,000 | 15,458 | 6.125%, 2/4/20 (USD) | 675,000 | 671 |
Rede D'or Finance Sarl, | China Evergrande Group, | ||||
4.95%, 1/17/28 (USD)(1) | 255,000 | 241 | 6.25%, 6/28/21 (USD) | 700,000 | 669 |
Rumo, | CIFI Holdings Group, | ||||
5.875%, 1/18/25 (USD)(1) | 500,000 | 504 | 6.55%, 3/28/24 (USD) | 555,000 | 554 |
Rumo, | CIFI Holdings Group, | ||||
7.375%, 2/9/24 (USD)(1) | 400,000 | 426 | 7.625%, 3/2/21 (USD) | 450,000 | 466 |
Suzano Austria Gmbh, | CNAC HK Finbridge, | ||||
6.00%, 1/15/29 (USD)(1) | 1,100,000 | 1,174 | 4.625%, 3/14/23 (USD) | 3,600,000 | 3,740 |
33,972 | CNOOC Curtis Funding No 1, | ||||
4.50%, 10/3/23 (USD) | 1,400,000 | 1,472 | |||
Government Bonds 2.0% | CNRC Capitale, VR, | ||||
Brazil Notas do Tesouro Nacional, | 3.90%, 12/2/67 (USD)(2)(3) | 400,000 | 397 | ||
Series F, | Country Garden Holdings, | ||||
10.00%, 1/1/23 | 1,500,000 | 404 | 4.75%, 1/17/23 (USD) | 750,000 | 724 |
Republic of Brazil, | Country Garden Holdings, | ||||
2.625%, 1/5/23 (USD) | 1,200,000 | 1,168 | 8.00%, 1/27/24 (USD) | 400,000 | 425 |
Republic of Brazil, | Easy Tactic, | ||||
4.625%, 1/13/28 (USD) | 4,000,000 | 4,039 | 9.125%, 7/28/22 (USD) | 650,000 | 690 |
Republic of Brazil, | Golden Eagle Retail Group, | ||||
5.00%, 1/27/45 (USD) | 3,008,000 | 2,780 | 4.625%, 5/21/23 (USD) | 1,000,000 | 935 |
Republic of Brazil, | State Grid Overseas Investment, | ||||
5.625%, 1/7/41 (USD) | 600,000 | 604 | 4.00%, 5/4/47 (USD) | 800,000 | 805 |
Republic of Brazil, | State Grid Overseas Investment, | ||||
8.25%, 1/20/34 (USD) | 380,000 | 486 | 4.375%, 5/22/43 (USD) | 485,000 | 519 |
State Grid Overseas Investment, | |||||
9,481 | 4.85%, 5/7/44 (USD) | 200,000 | 229 | ||
Total Brazil | Yanlord Land, | ||||
(Cost $41,586) | 43,453 | 6.75%, 4/23/23 (USD) | 730,000 | 745 |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
Yuzhou Properties, | Republic of Costa Rica, | ||||
7.90%, 5/11/21 (USD) | 800,000 | 828 | 4.25%, 1/26/23 (USD) | 200,000 | 190 |
Republic of Costa Rica, | |||||
13,869 | 7.00%, 4/4/44 (USD) | 1,235,000 | 1,181 | ||
Total China | Total Costa Rica | ||||
(Cost $13,943) | 14,306 | (Cost $7,825) | 8,063 | ||
COLOMBIA 2.6% | DOMINICAN REPUBLIC 2.6% | ||||
Common Stocks 0.0% | Government Bonds 2.6% | ||||
Frontera Energy (CAD) | 11,597 | 98 | Dominican Republic, | ||
98 | 5.50%, 1/27/25 (USD) | 5,500,000 | 5,672 | ||
Dominican Republic, | |||||
Government Bonds 2.6% | 6.85%, 1/27/45 (USD) | 3,625,000 | 3,892 | ||
Republic of Colombia, | Dominican Republic, | ||||
2.625%, 3/15/23 (USD) | 2,000,000 | 1,958 | 6.875%, 1/29/26 (USD)(1) | 1,400,000 | 1,542 |
Republic of Colombia, | Dominican Republic, | ||||
4.00%, 2/26/24 (USD) | 2,600,000 | 2,684 | 7.45%, 4/30/44 (USD) | 850,000 | 962 |
Republic of Colombia, | Total Dominican Republic | ||||
4.50%, 3/15/29 (USD) | 285,000 | 301 | (Cost $11,542) | 12,068 | |
Republic of Colombia, | |||||
5.625%, 2/26/44 (USD) | 1,800,000 | 2,033 | |||
Republic of Colombia, | ECUADOR 2.5% | ||||
6.125%, 1/18/41 (USD) | 4,250,000 | 5,032 | |||
Government Bonds 2.5% | |||||
12,008 | Republic of Ecuador, | ||||
Total Colombia | 9.625%, 6/2/27 (USD) | 1,000,000 | 1,044 | ||
(Cost $12,454) | 12,106 | Republic of Ecuador, | |||
10.75%, 3/28/22 (USD)(1) | 2,000,000 | 2,242 | |||
CONGO 0.1% | Republic of Ecuador, | ||||
7.95%, 6/20/24 (USD) | 8,700,000 | 8,689 | |||
Corporate Bonds 0.1% | Total Ecuador | ||||
HTA Group, | (Cost $11,398) | 11,975 | |||
9.125%, 3/8/22 (USD) | 500,000 | 523 | |||
Total Congo | EGYPT 1.9% | ||||
(Cost $527) | 523 | ||||
Government Bonds 1.9% | |||||
COSTA RICA 1.7% | Egypt Treasury Bills, | ||||
18.844%, 5/21/19 | 8,000,000 | 453 | |||
Government Bonds 1.7% | Government of Egypt, | ||||
7.50%, 1/31/27 (USD) | 4,500,000 | 4,723 | |||
Instituto Costarricense De | Government of Egypt, | ||||
Electricidad, | 7.903%, 2/21/48 (USD)(1) | 300,000 | 292 | ||
6.95%, 11/10/21 (USD) | 4,100,000 | 4,085 | Government of Egypt, | ||
Republic of Costa Rica, | 8.50%, 1/31/47 (USD)(1) | 3,450,000 | 3,530 | ||
7.158%, 3/12/45 (USD) | 1,165,000 | 1,129 | |||
Republic of Costa Rica, | Total Egypt | ||||
4.375%, 4/30/25 (USD) | 1,600,000 | 1,478 | (Cost $9,157) | 8,998 |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | |||||
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
EL SALVADOR 1.9% | HONG KONG 0.3% | ||||
Government Bonds 1.9% | Corporate Bonds 0.3% | ||||
Republic of El Salvador, | SmarTone Finance, | ||||
5.875%, 1/30/25 (USD) | 965,000 | 941 | 3.875%, 4/8/23 (USD) | 600,000 | 605 |
Republic of El Salvador, | WTT Investment, | ||||
6.375%, 1/18/27 (USD)(1) | 1,930,000 | 1,899 | 5.50%, 11/21/22 (USD)(1) | 400,000 | 400 |
Republic of El Salvador, | WTT Investment, | ||||
7.65%, 6/15/35 (USD) | 350,000 | 365 | 5.50%, 11/21/22 (USD) | 400,000 | 400 |
Republic of El Salvador, | Total Hong Kong | ||||
7.75%, 1/24/23 (USD) | 235,000 | 248 | (Cost $1,376) | 1,405 | |
Republic of El Salvador, | |||||
8.25%, 4/10/32 (USD) | 400,000 | 432 | |||
Republic of El Salvador, | INDIA 0.2% | ||||
8.625%, 2/28/29 (USD)(1) | 2,535,000 | 2,811 | |||
Republic of El Salvador, | Corporate Bonds 0.2% | ||||
8.625%, 2/28/29 (USD) | 2,090,000 | 2,328 | Bharti Airtel International | ||
Total El Salvador | Netherlands, | ||||
(Cost $8,935) | 9,024 | 5.35%, 5/20/24 (USD) | 650,000 | 675 | |
HPCL-Mittal Energy, | |||||
5.25%, 4/28/27 (USD) | 310,000 | 301 | |||
GHANA 2.3% | |||||
Total India | |||||
Corporate Bonds 0.3% | (Cost $962) | 976 | |||
Tullow Oil, | |||||
6.25%, 4/15/22 (USD) | 1,000,000 | 1,007 | INDONESIA 3.8% | ||
Tullow Oil, | |||||
7.00%, 3/1/25 (USD)(1) | 440,000 | 444 | Corporate Bonds 2.0% | ||
Indonesia Asahan Aluminium | |||||
1,451 | Persero, | ||||
Government Bonds 2.0% | 5.71%, 11/15/23 (USD)(1) | 1,050,000 | 1,134 | ||
Republic of Ghana, | Indonesia Asahan Aluminium | ||||
8.125%, 1/18/26 (USD) | 8,310,000 | 8,549 | Persero, | ||
6.53%, 11/15/28 (USD)(1) | 1,050,000 | 1,201 | |||
Republic of Ghana, | Pertamina Persero, | ||||
10.75%, 10/14/30 (USD) | 700,000 | 854 | 5.625%, 5/20/43 (USD) | 5,500,000 | 5,728 |
9,403 | Perusahaan Listrik Negara, | ||||
4.125%, 5/15/27 (USD) | 1,000,000 | 988 | |||
Total Ghana | Perusahaan Listrik Negara, | ||||
(Cost $11,033) | 10,854 | 6.25%, 1/25/49 (USD)(1) | 500,000 | 561 | |
GRENADA 0.0% | 9,612 | ||||
Government Bonds 1.8% | |||||
Government Bonds 0.0% | Perusahaan Penerbit, | ||||
Government of Grenada, | 4.35%, 9/10/24 (USD) | 900,000 | 932 | ||
7.00%, 5/12/30 (USD) | 219,902 | 203 | Perusahaan Penerbit, | ||
Total Grenada | 4.55%, 3/29/26 (USD) | 5,400,000 | 5,623 | ||
(Cost $198) | 203 | Republic of Indonesia, | |||
4.75%, 2/11/29 (USD) | 615,000 | 659 |
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, | KAZAKHSTAN 1.1% | ||||
9.00%, 3/15/29 | 15,000,000,000 | 1,149 | |||
8,363 | Corporate Bonds 1.1% | ||||
KazMunayGas National, | |||||
Total Indonesia | 4.75%, 4/19/27 (USD) | 800,000 | 822 | ||
(Cost $17,299) | 17,975 | KazMunayGas National, | |||
5.75%, 4/19/47 (USD) | 250,000 | 261 | |||
ISRAEL 1.4% | KazMunayGas National, | ||||
6.375%, 10/24/48 (USD)(1) | 3,850,000 | 4,220 | |||
Corporate Bonds 1.4% | Total Kazakhstan | ||||
Israel Chemicals, | (Cost $4,854) | 5,303 | |||
6.375%, 5/31/38 (USD)(1) | 1,000,000 | 1,079 | |||
Israel Electric, | KENYA 0.4% | ||||
4.25%, 8/14/28 (USD)(1) | 4,620,000 | 4,649 | |||
Israel Electric, | |||||
7.75%, 12/15/27 (USD) | 600,000 | 739 | Government Bonds 0.4% | ||
Republic of Kenya, | |||||
Total Israel | 7.25%, 2/28/28 (USD) | 1,800,000 | 1,823 | ||
(Cost $6,115) | 6,467 | ||||
Total Kenya | |||||
IVORY COAST 1.6% | (Cost $1,742) | 1,823 | |||
Government Bonds 1.6% | LEBANON 0.6% | ||||
Republic of Ivory Coast, | |||||
6.375%, 3/3/28 (USD) | 2,100,000 | 2,052 | Government Bonds 0.6% | ||
Republic of Ivory Coast, | Lebanese Republic, | ||||
6.625%, 3/22/48 (EUR)(1) | 400,000 | 429 | 6.85%, 3/23/27 (USD) | 3,550,000 | 2,870 |
Republic of Ivory Coast, | Total Lebanon | ||||
6.625%, 3/22/48 (EUR) | 500,000 | 536 | (Cost $3,591) | 2,870 | |
Republic of Ivory Coast, STEP, | |||||
5.75%, 12/31/32 (USD) | 4,887,000 | 4,644 | |||
MALAYSIA 0.2% | |||||
Total Ivory Coast | |||||
(Cost $7,790) | 7,661 | Corporate Bonds 0.2% | |||
Press Metal Labuan, | |||||
JAMAICA 1.5% | 4.80%, 10/30/22 (USD) | 850,000 | 838 | ||
Total Malaysia | |||||
Government Bonds 1.5% | (Cost $855) | 838 | |||
Government of Jamaica, | |||||
7.625%, 7/9/25 (USD) | 1,800,000 | 2,060 | |||
Government of Jamaica, | MEXICO 6.8% | ||||
7.875%, 7/28/45 (USD) | 2,430,000 | 2,916 | |||
Government of Jamaica, | Corporate Bonds 3.4% | ||||
8.00%, 3/15/39 (USD) | 1,665,000 | 2,000 | Axtel, | ||
Total Jamaica | 6.375%, 11/14/24 (USD)(1) | 1,400,000 | 1,405 | ||
(Cost $6,806) | 6,976 | Banco Santander Mexico, VR, | |||
8.50% (USD)(2)(3) | 800,000 | 840 | |||
BBVA Bancomer, VR, | |||||
5.125%, 1/18/33 (USD)(2) | 600,000 | 554 |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | |||||
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
BBVA Bancomer, VR, | |||||
5.35%, 11/12/29 (USD)(2) | 300,000 | 289 | Government Bonds 1.3% | ||
Cemex, | Government of Mongolia, | ||||
7.75%, 4/16/26 (USD) | 1,800,000 | 1,962 | 5.125%, 12/5/22 (USD) | 3,260,000 | 3,267 |
Cometa Energia, | Government of Mongolia, | ||||
6.375%, 4/24/35 (USD)(1) | 1,480,500 | 1,458 | 5.625%, 5/1/23 (USD) | 900,000 | 911 |
Controladora Mabe, | Government of Mongolia, | ||||
5.60%, 10/23/28 (USD)(1) | 480,000 | 488 | 10.875%, 4/6/21 (USD) | 1,840,000 | 2,058 |
Mexico City Airport Trust, | 6,236 | ||||
4.25%, 10/31/26 (USD) | 1,130,000 | 1,092 | |||
Mexico City Airport Trust, | Total Mongolia | ||||
5.50%, 7/31/47 (USD)(1) | 1,200,000 | 1,110 | (Cost $7,124) | 7,311 | |
Mexico City Airport Trust, | |||||
5.50%, 7/31/47 (USD) | 5,900,000 | 5,458 | NIGERIA 2.0% | ||
Poinsettia Finance, | |||||
6.625%, 6/17/31 (USD)(1) | 200,000 | 210 | Government Bonds 2.0% | ||
Sixsigma Networks Mexico, | |||||
7.50%, 5/2/25 (USD)(1) | 1,200,000 | 1,175 | Republic of Nigeria, | ||
6.50%, 11/28/27 (USD)(1) | 1,080,000 | 1,070 | |||
16,041 | Republic of Nigeria, | ||||
6.50%, 11/28/27 (USD) | 3,300,000 | 3,270 | |||
Government Bonds 3.4% | Republic of Nigeria, | ||||
Petroleos Mexicanos, | 7.143%, 2/23/30 (USD) | 4,900,000 | 4,911 | ||
4.75%, 2/26/29 (EUR) | 800,000 | 900 | |||
Petroleos Mexicanos, | Total Nigeria | ||||
5.50%, 6/27/44 (USD) | 2,360,000 | 1,935 | (Cost $9,072) | 9,251 | |
Petroleos Mexicanos, | |||||
5.625%, 1/23/46 (USD) | 2,290,000 | 1,900 | OMAN 2.4% | ||
Petroleos Mexicanos, | |||||
6.50%, 3/13/27 (USD) | 915,000 | 921 | Corporate Bonds 0.7% | ||
Petroleos Mexicanos, | Oztel Holdings, | ||||
6.50%, 6/2/41 (USD) | 5,880,000 | 5,337 | 6.625%, 4/24/28 (USD)(1) | 1,180,000 | 1,154 |
Petroleos Mexicanos, | Oztel Holdings, | ||||
7.19%, 9/12/24 | 2,700,000 | 117 | 6.625%, 4/24/28 (USD) | 2,100,000 | 2,054 |
United Mexican States, | |||||
6.75%, 9/21/47 (USD) | 5,200,000 | 4,797 | 3,208 | ||
15,907 | Government Bonds 1.7% | ||||
Total Mexico | Sultanate of Oman, | ||||
(Cost $32,330) | 31,948 | 4.75%, 6/15/26 (USD)(1) | 2,635,000 | 2,414 | |
Sultanate of Oman, | |||||
4.75%, 6/15/26 (USD) | 1,495,000 | 1,370 | |||
MONGOLIA 1.5% | Sultanate of Oman, | ||||
5.375%, 3/8/27 (USD) | 1,505,000 | 1,403 | |||
Corporate Bonds 0.2% | Sultanate of Oman, | ||||
Development Bank of Mongolia, | 6.75%, 1/17/48 (USD)(1) | 3,100,000 | 2,762 | ||
7.25%, 10/23/23 (USD)(1) | 1,035,000 | 1,075 | |||
7,949 | |||||
1,075 | Total Oman | ||||
(Cost $12,037) | 11,157 |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | |||||
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
PAKISTAN 0.5% | |||||
SAUDI ARABIA 0.4% | |||||
Government Bonds 0.5% | |||||
Islamic Republic of Pakistan, | Government Bonds 0.4% | ||||
6.875%, 12/5/27 (USD) | 1,700,000 | 1,683 | Saudi International Bond, | ||
Islamic Republic of Pakistan, | 3.25%, 10/26/26 (USD) | 1,900,000 | 1,853 | ||
8.25%, 4/15/24 (USD) | 700,000 | 749 | |||
Total Saudi Arabia | |||||
Total Pakistan | (Cost $1,847) | 1,853 | |||
(Cost $2,324) | 2,432 | ||||
PANAMA 0.9% | SENEGAL 1.1% | ||||
Government Bonds 1.1% | |||||
Corporate Bonds 0.3% | Republic of Senegal, | ||||
Aeropuerto Internacional de | 4.75%, 3/13/28 (EUR) | 1,500,000 | 1,667 | ||
Tocumen, | Republic of Senegal, | ||||
5.625%, 5/18/36 (USD) | 300,000 | 318 | 6.25%, 5/23/33 (USD)(1) | 900,000 | 867 |
C&W Senior Financing, | Republic of Senegal, | ||||
6.875%, 9/15/27 (USD)(1) | 310,000 | 313 | 6.25%, 5/23/33 (USD) | 2,700,000 | 2,599 |
C&W Senior Financing, | |||||
7.50%, 10/15/26 (USD)(1) | 650,000 | 671 | Total Senegal | ||
(Cost $5,189) | 5,133 | ||||
1,302 | |||||
Government Bonds 0.6% | SERBIA 2.9% | ||||
Republic of Panama, | |||||
7.125%, 1/29/26 (USD) | 1,200,000 | 1,469 | Government Bonds 2.9% | ||
Republic of Panama, | Republic of Serbia, | ||||
4.50%, 4/16/50 (USD) | 1,125,000 | 1,177 | 4.875%, 2/25/20 (USD) | 2,325,000 | 2,353 |
Republic of Serbia, | |||||
2,646 | 7.25%, 9/28/21 (USD) | 9,600,000 | 10,438 | ||
Total Panama | Serbia Treasury Bonds, | ||||
(Cost $3,673) | 3,948 | 4.50%, 1/11/26 | 110,000,000 | 1,046 | |
Total Serbia | |||||
PARAGUAY 0.1% | (Cost $13,758) | 13,837 | |||
Corporate Bonds 0.1% | SOUTH AFRICA 6.9% | ||||
Telefonica Celular del Paraguay, | |||||
5.875%, 4/15/27 (USD)(1) | 600,000 | 611 | Corporate Bonds 4.6% | ||
Total Paraguay | Eskom Holdings, | ||||
(Cost $600) | 611 | 5.75%, 1/26/21 (USD) | 1,050,000 | 1,037 | |
Eskom Holdings, | |||||
PERU 0.3% | 6.35%, 8/10/28 (USD)(1) | 2,200,000 | 2,268 | ||
Eskom Holdings, | |||||
Corporate Bonds 0.3% | 7.125%, 2/11/25 (USD) | 11,275,000 | 11,177 | ||
Eskom Holdings, | |||||
Peru LNG, | 8.45%, 8/10/28 (USD)(1) | 4,400,000 | 4,633 | ||
5.375%, 3/22/30 (USD)(1) | 1,260,000 | 1,317 | FirstRand Bank, VR, | ||
Total Peru | 6.25%, 4/23/28 (USD)(2) | 700,000 | 715 | ||
(Cost $1,262) | 1,317 |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | |||||
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
MTN Mauritius Investments, | THAILAND 0.1% | ||||
6.50%, 10/13/26 (USD) | 800,000 | 816 | |||
SASOL Financing USA, | Government Bonds 0.1% | ||||
6.50%, 9/27/28 (USD) | 829,000 | 906 | Export Import Bank of Thailand, | ||
21,552 | FRN, | ||||
3M USD LIBOR + 0.90%, 3.544%, | |||||
Government Bonds 2.3% | 11/20/23 (USD) | 428,000 | 429 | ||
Republic of South Africa, | Total Thailand | ||||
4.665%, 1/17/24 (USD) | 2,347,000 | 2,372 | (Cost $428) | 429 | |
Republic of South Africa, | |||||
4.85%, 9/27/27 (USD) | 1,200,000 | 1,171 | |||
Republic of South Africa, | TRINIDAD AND TOBAGO 0.2% | ||||
5.65%, 9/27/47 (USD) | 3,400,000 | 3,248 | |||
Republic of South Africa, | Corporate Bonds 0.2% | ||||
5.875%, 9/16/25 (USD) | 2,390,000 | 2,527 | Petroleum Company of Trinidad & | ||
Republic of South Africa, | Tobago, | ||||
6.25%, 3/8/41 (USD) | 450,000 | 467 | 9.75%, 8/14/19 (USD)(1) | 700,000 | 699 |
Republic of South Africa, | Total Trinidad and Tobago | ||||
10.50%, 12/21/26 | 14,400,000 | 1,102 | (Cost $701) | 699 | |
10,887 | |||||
Total South Africa | TURKEY 7.0% | ||||
(Cost $32,423) | 32,439 | ||||
Corporate Bonds 1.9% | |||||
SRI LANKA 3.6% | Akbank, | ||||
5.125%, 3/31/25 (USD) | 1,000,000 | 848 | |||
Government Bonds 3.6% | Akbank, VR, | ||||
7.20%, 3/16/27 (USD)(2) | 1,900,000 | 1,639 | |||
Republic of Sri Lanka, | TC Ziraat Bankasi, | ||||
5.75%, 1/18/22 (USD) | 2,000,000 | 2,000 | 5.125%, 5/3/22 (USD) | 1,155,000 | 1,051 |
Republic of Sri Lanka, | TC Ziraat Bankasi, | ||||
5.875%, 7/25/22 (USD) | 2,750,000 | 2,763 | 5.125%, 9/29/23 (USD) | 600,000 | 523 |
Republic of Sri Lanka, | Turk Telekomunikasyon, | ||||
6.125%, 6/3/25 (USD) | 4,700,000 | 4,588 | 4.875%, 6/19/24 (USD) | 1,000,000 | 893 |
Republic of Sri Lanka, | Turk Telekomunikasyon, | ||||
6.20%, 5/11/27 (USD) | 2,805,000 | 2,699 | 6.875%, 2/28/25 (USD)(1) | 870,000 | 836 |
Republic of Sri Lanka, | Turkiye Garanti Bankasi, VR, | ||||
6.25%, 7/27/21 (USD) | 2,650,000 | 2,690 | 6.125%, 5/24/27 (USD)(2) | 2,300,000 | 1,948 |
Republic of Sri Lanka, | Turkiye Sise ve Cam Fabrikalari, | ||||
6.825%, 7/18/26 (USD) | 900,000 | 905 | 6.95%, 3/14/26 (USD)(1) | 1,180,000 | 1,143 |
Republic of Sri Lanka, | |||||
6.85%, 3/14/24 (USD)(1) | 1,175,000 | 1,201 | 8,881 | ||
Total Sri Lanka | Government Bonds 5.1% | ||||
(Cost $16,862) | 16,846 | Export Credit Bank of Turkey, | |||
4.25%, 9/18/22 (USD) | 900,000 | 794 | |||
Export Credit Bank of Turkey, | |||||
5.375%, 2/8/21 (USD) | 2,050,000 | 1,962 | |||
Export Credit Bank of Turkey, | |||||
5.375%, 10/24/23 (USD) | 400,000 | 355 |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | |||||
Par/Shares | $ Value | Par/Shares | $ Value | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
Hazine Mustesarligi Varlik Kiralama, | UNITED ARAB EMIRATES 0.3% | ||||
4.489%, 11/25/24 (USD) | 350,000 | 313 | |||
Republic of Turkey, | Corporate Bonds 0.1% | ||||
4.25%, 4/14/26 (USD) | 2,900,000 | 2,443 | |||
Republic of Turkey, | Ruwais Power, | ||||
4.875%, 10/9/26 (USD) | 2,875,000 | 2,488 | 6.00%, 8/31/36 (USD) | 370,000 | 435 |
Republic of Turkey, | 435 | ||||
4.875%, 4/16/43 (USD) | 1,500,000 | 1,115 | |||
Republic of Turkey, | Government Bonds 0.2% | ||||
5.125%, 3/25/22 (USD) | 2,990,000 | 2,890 | Emirates NBD Tier 1, VR, | ||
Republic of Turkey, | 5.75% (USD)(2)(3) | 700,000 | 700 | ||
6.00%, 3/25/27 (USD) | 2,325,000 | 2,131 | |||
Republic of Turkey, | 700 | ||||
6.25%, 9/26/22 (USD) | 1,800,000 | 1,780 | Total United Arab Emirates | ||
Republic of Turkey, | (Cost $1,128) | 1,135 | |||
6.875%, 3/17/36 (USD) | 2,400,000 | 2,192 | |||
Republic of Turkey, | UNITED KINGDOM 0.0% | ||||
7.25%, 12/23/23 (USD) | 1,440,000 | 1,453 | |||
Republic of Turkey, | Common Stocks 0.0% | ||||
7.375%, 2/5/25 (USD) | 3,300,000 | 3,321 | |||
Republic of Turkey, | Mriya Farming (6) | 5,890 | | ||
11.875%, 1/15/30 (USD) | 750,000 | 969 | Mriya Farming, Recovery | ||
Certificates, (EUR)(6) | 488,383 | 6 | |||
24,206 | |||||
6 | |||||
Total Turkey | |||||
(Cost $33,387) | 33,087 | Corporate Bonds 0.0% | |||
Mriya Farming, EC, | |||||
UKRAINE 4.0% | 0.00%, 12/31/25 (USD)(1)(6) | 1,239,500 | 72 | ||
72 | |||||
Government Bonds 4.0% | Total United Kingdom | ||||
Government of Ukraine, | (Cost $) | 78 | |||
7.75%, 9/1/21 (USD)(1) | 2,000,000 | 1,990 | |||
Government of Ukraine, | |||||
7.75%, 9/1/21 (USD) | 3,300,000 | 3,284 | UNITED STATES 0.2% | ||
Government of Ukraine, | |||||
7.75%, 9/1/22 (USD) | 6,200,000 | 6,151 | Corporate Bonds 0.1% | ||
Government of Ukraine, | Kosmos Energy, | ||||
7.75%, 9/1/23 (USD)(1) | 1,471,000 | 1,435 | 7.125%, 4/4/26 (1) | 530,000 | 525 |
Government of Ukraine, | |||||
7.75%, 9/1/25 (USD) | 2,400,000 | 2,293 | 525 | ||
Government of Ukraine, | Municipal Securities 0.1% | ||||
9.75%, 11/1/28 (USD) | 2,650,000 | 2,738 | Commonwealth of Puerto Rico, | ||
Government of Ukraine, | Series A, GO, | ||||
9.75%, 11/1/28 (USD)(1) | 800,000 | 827 | 8.00%, 7/1/35 (5)(7) | 1,000,000 | 519 |
Government of Ukraine, VR, | |||||
0.00%, 5/31/40 (USD)(1)(4)(5) | 560,000 | 359 | 519 | ||
Total Ukraine | Total United States | ||||
(Cost $19,101) | 19,077 | (Cost $1,438) | 1,044 |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | |||||
Par/Shares | $ Value | Par/Shares | $ | ||
(Cost and value in $000s) | (Cost and value in $000s) | ||||
UZBEKISTAN 0.6% | VIETNAM 1.2% | ||||
Government Bonds 0.6% | Government Bonds 1.2% | ||||
Republic of Uzbekistan Bond, | Socialist Republic of Vietnam, | ||||
5.375%, 2/20/29 (1) | 485,000 | 482 | 4.80%, 11/19/24 (USD)(1) | 600,000 | |
Republic of Uzbekistan Bond, | Socialist Republic of Vietnam, | ||||
4.75%, 2/20/24 (1) | 2,145,000 | 2,139 | 4.80%, 11/19/24 (USD) | 4,700,000 | |
Total Uzbekistan | Total Vietnam | ||||
(Cost $2,626) | 2,621 | (Cost $5,422) | |||
VENEZUELA 3.7% | SHORT-TERM INVESTMENTS 3.7% | ||||
Corporate Bonds 0.0% | MONEY MARKET FUNDS 3.5% | ||||
Electricidad de Caracas, | T. Rowe Price Government Reserve | ||||
8.50%, 4/10/18 (USD)(5)(7) | 800,000 | 128 | Fund, | ||
2.49% (8)(9) | 16,686,818 | 16,687 | |||
128 | |||||
Total Money Market Funds | |||||
Government Bonds 3.7% | (Cost $16,687) | 16,687 | |||
Petroleos de Venezuela, | |||||
5.375%, 4/12/27 (USD)(5)(7) | 3,600,000 | 851 | U.S. GOVERNMENT OBLIGATIONS 0.2% | ||
Petroleos de Venezuela, | |||||
6.00%, 5/16/24 (USD)(5)(7) | 10,960,000 | 2,559 | U.S. Treasury Notes, | ||
Petroleos de Venezuela, | 1.625%, 7/31/19 (10) | 955,000 | |||
6.00%, 11/15/26 (USD)(5)(7) | 2,950,000 | 686 | |||
Petroleos de Venezuela, | Total U.S. Government Obligations | ||||
8.50%, 10/27/20 (USD)(5)(7) | 2,355,500 | 2,108 | (Cost $952) | ||
Petroleos de Venezuela, | |||||
9.00%, 11/17/21 (USD)(5)(7) | 24,590,000 | 6,757 | Total Short-Term Investments | ||
Petroleos de Venezuela, | (Cost $17,639) | 17,639 | |||
9.75%, 5/17/35 (USD)(5)(7) | 985,000 | 283 | |||
Petroleos de Venezuela, | |||||
12.75%, 2/17/22 (USD)(5)(7) | 3,430,000 | 964 | |||
Republic of Venezuela, | |||||
6.00%, 12/9/20 (USD)(5)(7) | 3,350,000 | 993 | |||
Republic of Venezuela, | |||||
7.75%, 10/13/19 (USD)(5)(7) | 3,600,000 | 1,049 | |||
Republic of Venezuela, | |||||
9.25%, 9/15/27 (USD)(5)(7) | 1,000,000 | 320 | |||
Republic of Venezuela, | |||||
11.75%, 10/21/26 (USD)(5)(7) | 1,500,000 | 476 | |||
Republic of Venezuela, | |||||
11.95%, 8/5/31 (USD)(5)(7) | 800,000 | 248 | |||
Republic of Venezuela, | |||||
12.75%, 8/23/22 (USD)(5)(7) | 550,000 | 166 | |||
17,460 | |||||
Total Venezuela | |||||
(Cost $25,116) | 17,588 |
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 | ||
Bank of America | USD Call/CNH Put, 11/15/19 @ 6.975 (CNH) (5) | 1 | 4,200 | $ | 26 |
Barclays Bank | EUR Call/USD Put, 6/19/19 @ 1.15 (USD) (5) | 1 | 9,100 | 37 | |
Barclays Bank | USD Call/CNH Put, 11/27/19 @ 6.966 (CNH) (5) | 1 | 4,200 | 28 | |
Morgan Stanley | USD Call/MXN Put, 4/11/19 @ 19.43 (MXN) (5) | 1 | 4,200 | 38 | |
Morgan Stanley | USD Call/MXN Put, 6/10/19 @ 20.053 (MXN) (5) | 1 | 4,500 | 50 | |
Total OTC Options Purchased (Cost $476) | 179 | ||||
Total Options Purchased (Cost $476) | 179 | ||||
Total Investments in Securities 99.1% | |||||
(Cost $477,521) | $ | 467,242 | |||
Other Assets Less Liabilities 0.9% | 4,215 | ||||
Net Assets 100.0% | $ | 471,457 |
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 $89,774 and
represents 19.0% of net assets.
(2) 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.
(3) Perpetual security with no stated maturity date.
(4) 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.
(5) Non-income producing
(6) Level 3 in fair value hierarchy.
(7) In default with respect to payment of interest.
(8) Seven-day yield
(9) Affiliated Companies
(10) At March 31, 2019, all or a portion of this security is pledged as collateral and/or margin deposit to cover future funding
obligations.
3M USD LIBOR Three month USD LIBOR (London interbank offered rate)
ABPP Argentina Blended Policy Rate
ARS Argentine Peso
BDLRPP Argentina deposit rates (Badlar) at private banks
BRL Brazilian Real
CAD Canadian Dollar
CLP Chilean Peso
CNH Offshore China Renminbi
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
INR Indian Rupee
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
MXN Mexican Peso
OTC Over-the-counter
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.
ZAR South African Rand
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | ||||||
(Amounts in 000s, except for contracts) | ||||||
OPTIONS WRITTEN 0.0% | ||||||
OTC Options Written 0.0% | ||||||
Counterparty | Description | Contracts Notional Amount | Value | |||
Barclays Bank | USD Call/MXN Put, 4/11/19 @ 19.43 (MXN) | 1 | 4,200 | $ | (37) | |
Total OTC Options Written (Premiums $(77)) | (37) | |||||
Total Options Written (Premiums $(77)) | $ | (37) |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | ||||||||||
(Amounts in 000s, except market price) | ||||||||||
SWAPS 0.0% | ||||||||||
Upfront | ||||||||||
Notional | Payments/ | Unrealized | ||||||||
Description | Amount | Value | (Receipts)** | Gain/(Loss) | ||||||
BILATERAL SWAPS 0.0% | ||||||||||
Credit Default Swaps, Protection Bought 0.0% | ||||||||||
South Korea 0.0% | ||||||||||
Citibank, Protection Bought (Relevant Credit: Republic of Korea, 2.75% | ||||||||||
1/19/27), Pay 1.00% Quarterly, Receive upon credit default, 6/20/24 | ||||||||||
(USD) | 1,700 | $ | (56 | ) $ | (57 | ) | $ | 1 | ||
Total South Korea | (57 | ) | 1 | |||||||
United States 0.0% | ||||||||||
Deutsche Bank, Protection Bought (Relevant Credit: Assured Guaranty | ||||||||||
U.S. Holdings, 7.00% 6/1/34), Pay 5.00% Quarterly, Receive upon credit | ||||||||||
default, 9/20/19 | 500 | (12 | ) | (3 | ) | (9 | ) | |||
Total United States | (3 | ) | (9 | ) | ||||||
Total Bilateral Credit Default Swaps, Protection Bought | (60 | ) | (8 | ) | ||||||
Credit Default Swaps, Protection Sold 0.0% | ||||||||||
Argentina 0.0% | ||||||||||
Barclays Bank, Protection Sold (Relevant Credit: Republic of Argentina, | ||||||||||
7.50% 4/22/26, $85.11*), Receive 5.00% Quarterly, Pay upon credit | ||||||||||
default, 6/20/24(USD) | 1,150 | (122 | ) | (94 | ) | (28 | ) | |||
Citibank, Protection Sold (Relevant Credit: Republic of Argentina, 7.50% | ||||||||||
4/22/26, $85.11*), Receive 5.00% Quarterly, Pay upon credit default, | ||||||||||
6/20/24(USD) | 5,350 | (574 | ) | (466 | ) | (108 | ) | |||
Total Argentina | (560 | ) | (136 | ) | ||||||
Brazil 0.0% | ||||||||||
Citibank, Protection Sold (Relevant Credit: Republic of Brazil, 4.25% | ||||||||||
1/7/25, $101.93*), Receive 1.00% Quarterly, Pay upon credit default, | ||||||||||
6/20/24(USD) | 1,700 | (61 | ) | (52 | ) | (9 | ) |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
(Amounts in 000s, except market price) | |||||||||
Upfront | |||||||||
Notional | Payments/ | Unrealized | |||||||
Description | Amount | Value | (Receipts)** | Gain/(Loss) | |||||
Goldman Sachs, Protection Sold (Relevant Credit: Republic of Brazil, | |||||||||
4.25% 1/7/25, $101.93*), Receive 1.00% Quarterly, Pay upon credit | |||||||||
default, 6/20/24(USD) | 1,785 | $ | (64 | ) | $ | (54) $ | (10) | ||
Total Brazil | (106) | (19) | |||||||
Total Bilateral Credit Default Swaps, Protection Sold | (666) | (155) | |||||||
Total Bilateral Swaps | $ | (726) $ | (163) |
* Market price at March 31, 2019
** Includes interest purchased or sold but not yet collected of $--.
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 | 5/24/19 | USD | 23MXN | 455 | — | |||
Bank of America | 6/14/19 | ZAR | 16,434USD | 1,135 | (6) | |||
Barclays Bank | 5/24/19 | USD | 249EUR | 219 | 2 | |||
Barclays Bank | 7/12/19 | IDR | 16,511,539USD | 1,147 | (6) | |||
BNP Paribas | 4/15/19 | ARS | 10,893USD | 245 | 1 | |||
BNP Paribas | 4/15/19 | USD | 525ARS | 22,369 | 20 | |||
BNP Paribas | 5/24/19 | USD | 682EUR | 600 | 6 | |||
BNP Paribas | 5/24/19 | USD | 23MXN | 452 | — | |||
BNP Paribas | 6/7/19 | CLP | 781,892USD | 1,151 | (2) | |||
BNP Paribas | 7/10/19 | ARS | 46,697USD | 1,034 | (93) | |||
BNP Paribas | 7/12/19 | USD | 2,300PEN | 7,638 | 8 | |||
Citibank | 5/24/19 | USD | 684EUR | 600 | 8 | |||
Deutsche Bank | 4/2/19 | BRL | 2,218USD | 599 | (32) | |||
Deutsche Bank | 4/2/19 | USD | 569BRL | 2,218 | 3 | |||
Deutsche Bank | 4/5/19 | USD | 249INR | 17,853 | (8) | |||
Deutsche Bank | 6/14/19 | USD | 1,119ZAR | 16,204 | 6 | |||
Goldman Sachs | 4/5/19 | INR | 29,756USD | 430 | (1) | |||
Goldman Sachs | 7/10/19 | USD | 757ARS | 33,735 | 77 | |||
HSBC Bank | 5/24/19 | USD | 1,686EUR | 1,487 | 10 | |||
JPMorgan Chase | 4/2/19 | BRL | 37USD | 9 | — | |||
JPMorgan Chase | 4/2/19 | USD | 10BRL | 37 | — | |||
JPMorgan Chase | 4/26/19 | CAD | 3USD | 2 | — | |||
JPMorgan Chase | 5/24/19 | USD | 47MXN | 910 | — | |||
RBC Dominion Securities | 7/12/19 | USD | 1,127IDR | 16,210,680 | 7 | |||
Standard Chartered | 4/2/19 | BRL | 2,255USD | 579 | (3) | |||
Standard Chartered | 4/2/19 | USD | 582BRL | 2,255 | 7 | |||
Standard Chartered | 4/5/19 | USD | 166INR | 11,903 | (6) | |||
Standard Chartered | 5/24/19 | USD | 23MXN | 455 | — | |||
Standard Chartered | 6/4/19 | BRL | 2,932USD | 754 | (9) | |||
State Street | 5/24/19 | USD | 1,816EUR | 1,597 | 16 | |||
UBS Investment Bank | 4/26/19 | USD | 115CAD | 152 | 1 | |||
UBS Investment Bank | 5/24/19 | USD | 685EUR | 600 | 8 | |||
Net unrealized gain (loss) on open forward | ||||||||
currency exchange contracts | 14 |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | ||||||||
Futures Contracts | ||||||||
($000 s) | ||||||||
Value and | ||||||||
Expiration | Notional | Unrealized Gain | ||||||
Date | Amount | (Loss) | ||||||
Long, 47 U.S. Treasury Notes five year contracts | 6/19 | 5,444$ | 46 | |||||
Long, 114 U.S. Treasury Notes ten year contracts | 6/19 | 14,161 | 195 | |||||
Long, 14 Ultra U.S. Treasury Bonds contracts | 6/19 | 2,352 | 96 | |||||
Net payments (receipts) of variation margin to date | (385) | |||||||
Variation margin receivable (payable) on open futures contracts | $ | (48) |
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, 2019. 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 | $ | —# | $ | — | $ | 130+ | ||
Supplementary Investment Schedule | ||||||||
Value | Purchase | Sales | Value | |||||
Affiliate | 12/31/18 | Cost | Cost | 3/31/19 | ||||
T. Rowe Price Government Reserve Fund | $ | 16,727 | ¤ | ¤ $ | 16,687^ |
# Capital gain distributions from mutual funds represented $0 of the net realized gain (loss).
+ Investment income comprised $130 of dividend income and $0 of interest income.
¤ Purchase and sale information not shown for cash management funds.
^ The cost basis of investments in affiliated companies was $16,687.
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 funds significant accounting policies and investment related disclosures,
please refer to the funds most recent semiannual or annual shareholder report and its prospectus.
VALUATION
The funds 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 funds 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 funds 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 funds treasurer.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP
establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 - quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at
the reporting date
Level 2 - inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not
limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or
similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and
credit spreads)
Level 3 - unobservable inputs
Observable inputs are developed using market data, such as publicly available information about actual events or
transactions, and reflect the assumptions that market participants would use to price the financial instrument.
Unobservable inputs are those for which market data are not available and are developed using the best information
available about the assumptions that market participants would use to price the financial instrument. GAAP requires
valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value
hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are
not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the
degree of judgment used in determining those values.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
Valuation Techniques
Debt securities generally are traded in the over-the-counter (OTC) market and are valued at prices furnished by dealers
who make markets in such securities or by an independent pricing service, which considers the yield or price of bonds
of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such
securities. 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 days 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 funds 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.
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
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 issuers 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 arms 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 funds financial instruments, based on the inputs used to determine their fair values
on March 31, 2019 (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 | $ | $ | 98$ | 6$ | 104 | |||
Fixed Income Securities1 | | 310,836 | | 310,836 | ||||
Corporate Bonds | | 138,412 | 72 | 138,484 | ||||
Short-Term Investments | 16,687 | 952 | | 17,639 | ||||
Options Purchased | | 179 | | 179 | ||||
Total Securities | 16,687 | 450,477 | 78 | 467,242 | ||||
Forward Currency Exchange Contracts | | 180 | | 180 | ||||
Total | $ | 16,687$ | 450,657$ | 78$ | 467,422 | |||
Liabilities | ||||||||
Options Written | $ | $ | 37$ | $ | 37 | |||
Swaps | | 889 | | 889 | ||||
Forward Currency Exchange Contracts | | 166 | | 166 | ||||
Futures Contracts | 48 | | | 48 | ||||
Total | $ | 48$ | 1,092$ | $ | 1,140 | |||
1 Includes Convertible Bonds, Government Bonds, Municipal Securities. |
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
Following is a reconciliation of the fund’s Level 3 holdings for the period ended March 31, 2019. 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, 2019, totaled $0 for the period ended March 31, 2019.
($000 s) | Beginning | Ending | ||||||
Balance | Gain (Loss) | Balance | ||||||
1/1/19 | During Period | 3/31/19 | ||||||
Investment in Securities | ||||||||
Common Stocks | $ | 6 | $ | – | $ | 6 | ||
Corporate Bonds | 72 | – | 72 | |||||
Total | $ | 78 | $ | – | $ | 78 |