| T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | |||||||
|
| |||||||
| September 30, 2019 | (Unaudited) | ||||||
| Portfolio of Investments‡ | Par/Shares | $ Value | Par/Shares | $ Value | |||
| (Cost and value in $000s) | (Cost and value in $000s) | ||||||
| ARGENTINA 3.6% | ARMENIA 0.1% | ||||||
| Corporate Bonds 0.4% | Government Bonds 0.1% | ||||||
| Banco Macro, | Republic of Armenia, | ||||||
| 17.50%, 5/8/22 (1) | 1,955,000 | 13 | 3.95%, 9/26/29 (USD) (1) | 435,000 | 427 | ||
| Banco Macro, VR, | Total Armenia | ||||||
| 6.75%, 11/4/26 (USD) (1)(2) | 1,000,000 | 693 | (Cost $426) | 427 | |||
| IRSA Propiedades Comerciales, | |||||||
| 8.75%, 3/23/23 (USD) (1) | 1,180,000 | 923 | |||||
| Tarjeta Naranja, FRN, | BAHAMAS 2.2% | ||||||
| BDLRPP + 3.50%, 13.334%, | |||||||
| 4/11/22 (USD) (1) | 1,278,000 | 232 | Government Bonds 2.2% | ||||
| YPF Sociedad Anonima, FRN, | Commonwealth of Bahamas, | ||||||
| BDLRPP + 4.00%, 13.01%, 7/7/20 | 6.00%, 11/21/28 (USD) (1) | 8,745,000 | 9,292 | ||||
| (USD) | (1) | 260,000 | 56 | Commonwealth of Bahamas, | |||
| 1,917 | 6.00%, 11/21/28 (USD) | 600,000 | 637 | ||||
| Total Bahamas | |||||||
| Government Bonds 3.2% | (Cost $9,497) | 9,929 | |||||
| Province of Buenos Aires, | |||||||
| 9.125%, 3/16/24 (USD) | 750,000 | 281 | BERMUDA 0.4% | ||||
| Province of Buenos Aires, | |||||||
| 9.125%, 3/16/24 (USD) (1) | 365,000 | 137 | |||||
| Province of Buenos Aires, FRN, | Government Bonds 0.4% | ||||||
| BDLRPP + 3.83%, 54.806%, | Government of Bermuda, | ||||||
| 5/31/22 | 9,679,000 | 59 | 4.75%, 2/15/29 (USD) (1) | 1,630,000 | 1,854 | ||
| Republic of Argentina, | Total Bermuda | ||||||
| 5.625%, 1/26/22 (USD) | 2,370,000 | 1,031 | (Cost $1,630) | 1,854 | |||
| Republic of Argentina, | |||||||
| 5.875%, 1/11/28 (USD) | 4,310,000 | 1,762 | |||||
| Republic of Argentina, | BRAZIL 10.9% | ||||||
| 6.875%, 1/26/27 (USD) | 300,000 | 127 | |||||
| Republic of Argentina, | Corporate Bonds 3.5% | ||||||
| 7.50%, 4/22/26 (USD) | 12,400,000 | 5,533 | Azul Investments, | ||||
| Republic of Argentina, | 5.875%, 10/26/24 (USD) (1) | 1,705,000 | 1,707 | ||||
| 8.28%, 12/31/33 (USD) | 7,318,638 | 3,604 | Azul Investments, | ||||
| Republic of Argentina, | 5.875%, 10/26/24 (USD) | 400,000 | 401 | ||||
| 8.75%, 5/7/24 (USD) | 2,500,000 | 881 | Banco do Brasil, VR, | ||||
| Republic of Argentina, STEP, | 9.00% (USD) (2)(4) | 4,100,000 | 4,606 | ||||
| 3.75%, 12/31/38 (USD) | 2,650,000 | 1,063 | Cosan Overseas, | ||||
| Republic of Argentina, VR, | 8.25% (USD) (4) | 430,000 | 446 | ||||
| 0.00%, 12/15/35 (USD) (3) | 3,870,000 | 92 | CSN Resources, | ||||
| 7.625%, 2/13/23 (USD) | 1,350,000 | 1,412 | |||||
| 14,570 | CSN Resources, | ||||||
| Total Argentina | 7.625%, 2/13/23 (USD) (1) | 450,000 | 471 | ||||
| (Cost $33,916) | 16,487 | Globo Comunicacao e | |||||
| Participacoes, | |||||||
| 5.125%, 3/31/27 (USD) | 500,000 | 514 | |||||
| Itau Unibanco Holding, VR, | |||||||
| 6.125% (USD) (1)(2)(4) | 490,000 | 495 | |||||
| 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) | ||||
| Itau Unibanco Holding, VR, | CHILE 0.7% | ||||
| 6.50% (USD) (1)(2)(4) | 550,000 | 568 | |||
| Klabin Austria, | Corporate Bonds 0.7% | ||||
| 5.75%, 4/3/29 (USD) (1) | 920,000 | 966 | |||
| Minerva, | Empresa Nacional Del Petroleo, | ||||
| 6.50%, 9/20/26 (USD) (1) | 1,600,000 | 1,670 | 4.50%, 9/14/47 (USD) | 1,700,000 | 1,836 |
| Codelco, | |||||
| Oi, | 3.70%, 1/30/50 (USD) (1) | 1,430,000 | 1,435 | ||
| 10.00%, 7/27/25 (USD) (5) | 425,000 | 391 | |||
| Rumo, | Total Chile | ||||
| 5.875%, 1/18/25 (USD) (1) | 500,000 | 528 | (Cost $3,073) | 3,271 | |
| Rumo, | |||||
| 7.375%, 2/9/24 (USD) (1) | 400,000 | 432 | CHINA 2.0% | ||
| St Marys Cement, | |||||
| 5.75%, 1/28/27 (USD) | 200,000 | 223 | Corporate Bonds 2.0% | ||
| Suzano Austria | |||||
| 6.00%, 1/15/29 (USD) | 1,100,000 | 1,199 | CNAC HK Finbridge, | ||
| 4.625%, 3/14/23 (USD) | 2,300,000 | 2,414 | |||
| 16,029 | CNOOC Curtis Funding No 1, | ||||
| 4.50%, 10/3/23 (USD) | 1,400,000 | 1,504 | |||
| Government Bonds 7.4% | CNRC Capitale, VR, | ||||
| Brazil Notas do Tesouro Nacional, | 3.90% (USD) (2)(4) | 400,000 | 405 | ||
| Series F, | Country Garden Holdings, | ||||
| 10.00%, 1/1/23 | 11,700,000 | 3,130 | 4.75%, 1/17/23 (USD) | 750,000 | 746 |
| Petrobras Global Finance, | Country Garden Holdings, | ||||
| 6.85%, 6/5/2115 (USD) | 800,000 | 916 | 8.00%, 1/27/24 (USD) | 400,000 | 435 |
| Petrobras Global Finance, | Easy Tactic, | ||||
| 7.375%, 1/17/27 (USD) | 5,060,000 | 6,122 | 9.125%, 7/28/22 (USD) | 450,000 | 461 |
| Petrobras Global Finance, | Shimao Property Holdings, | ||||
| 8.75%, 5/23/26 (USD) | 11,945,000 | 15,320 | 5.60%, 7/15/26 (USD) | 210,000 | 215 |
| Republic of Brazil, | State Grid Overseas Investment | ||||
| 4.625%, 1/13/28 (USD) | 1,500,000 | 1,596 | 2013, | ||
| Republic of Brazil, | 4.375%, 5/22/43 (USD) | 485,000 | 585 | ||
| 5.00%, 1/27/45 (USD) | 5,408,000 | 5,623 | State Grid Overseas Investment | ||
| Republic of Brazil, | 2014, | ||||
| 5.625%, 1/7/41 (USD) | 600,000 | 673 | 4.85%, 5/7/44 (USD) | 200,000 | 259 |
| Republic of Brazil, | State Grid Overseas Investment | ||||
| 8.25%, 1/20/34 (USD) | 380,000 | 521 | 2016, | ||
| 4.00%, 5/4/47 (USD) | 800,000 | 927 | |||
| 33,901 | Times China Holdings, | ||||
| Total Brazil | 6.75%, 7/16/23 (USD) | 615,000 | 603 | ||
| (Cost $45,485) | 49,930 | Yanlord Land, | |||
| 6.75%, 4/23/23 (USD) | 730,000 | 756 | |||
| CANADA 0.0% | Total China | ||||
| (Cost $8,795) | 9,310 | ||||
| Common Stocks 0.0% | |||||
| Frontera Energy | COLOMBIA 1.7% | ||||
| 3,873 | 38 | ||||
| Total Canada | Government Bonds 1.7% | ||||
| (Cost $319) | 38 | Republic of Colombia, | |||
| 4.00%, 2/26/24 (USD) | 800,000 | 844 | |||
| 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 Colombia, | Dominican Republic, | ||||
| 4.50%, 3/15/29 (USD) | 285,000 | 317 | 6.875%, 1/29/26 (USD) (1) | 1,400,000 | 1,584 |
| Republic of Colombia, | Dominican Republic, | ||||
| 5.625%, 2/26/44 (USD) | 1,000,000 | 1,254 | 7.45%, 4/30/44 (USD) | 850,000 | 1,011 |
| Republic of Colombia, | Total Dominican Republic | ||||
| 6.125%, 1/18/41 (USD) | 4,250,000 | 5,552 | (Cost $11,119) | 12,015 | |
| Total Colombia | |||||
| (Cost $7,005) | 7,967 | ECUADOR 3.5% | |||
| CONGO 0.1% | Government Bonds 3.5% | ||||
| Republic of Ecuador, | |||||
| Corporate Bonds 0.1% | 7.875%, 1/23/28 (USD) | 3,300,000 | 3,139 | ||
| HTA Group, | Republic of Ecuador, | ||||
| 9.125%, 3/8/22 (USD) | 500,000 | 523 | 7.95%, 6/20/24 (USD) | 8,700,000 | 8,907 |
| Total Congo | Republic of Ecuador, | ||||
| (Cost $523) | 523 | 9.625%, 6/2/27 (USD) | 1,000,000 | 1,042 | |
| Republic of Ecuador, | |||||
| 10.75%, 3/28/22 (USD) (1) | 2,000,000 | 2,185 | |||
| COSTA RICA 1.3% | Republic of Ecuador, | ||||
| 10.75%, 1/31/29 (USD) | 500,000 | 542 | |||
| Corporate Bonds 0.2% | Total Ecuador | ||||
| Banco Nacional de Costa Rica, | (Cost $15,212) | 15,815 | |||
| 5.875%, 4/25/21 (USD) | 840,000 | 856 | |||
| 856 | EGYPT 2.6% | ||||
| Government Bonds 1.1% | Government Bonds 2.6% | ||||
| Republic of Costa Rica, | |||||
| 4.375%, 4/30/25 (USD) | 1,600,000 | 1,534 | Arab Republic of Egypt, | ||
| Republic of Costa Rica, | 7.50%, 1/31/27 (USD) | 4,500,000 | 4,846 | ||
| 4.25%, 1/26/23 (USD) | 200,000 | 196 | Arab Republic of Egypt, | ||
| Republic of Costa Rica, | 7.903%, 2/21/48 (USD) (1) | 300,000 | 303 | ||
| 7.00%, 4/4/44 (USD) | 1,235,000 | 1,229 | Arab Republic of Egypt, | ||
| Republic of Costa Rica, | 7.903%, 2/21/48 (USD) | 645,000 | 651 | ||
| 7.158%, 3/12/45 (USD) | 1,165,000 | 1,170 | Arab Republic of Egypt, | ||
| Instituto Costarricense de | 8.50%, 1/31/47 (USD) (1) | 3,450,000 | 3,664 | ||
| Electricidad, | Arab Republic of Egypt, | ||||
| 6.375%, 5/15/43 (USD) | 900,000 | 748 | 8.50%, 1/31/47 (USD) | 2,380,000 | 2,527 |
| Total Egypt | |||||
| 4,877 | (Cost $11,783) | 11,991 | |||
| Total Costa Rica | |||||
| (Cost $5,485) | 5,733 | EL SALVADOR 1.6% | |||
| DOMINICAN REPUBLIC 2.6% | Government Bonds 1.6% | ||||
| Republic of El Salvador, | |||||
| Government Bonds 2.6% | 5.875%, 1/30/25 (USD) | 965,000 | 996 | ||
| Dominican Republic, | Republic of El Salvador, | ||||
| 5.50%, 1/27/25 (USD) | 5,500,000 | 5,816 | 6.375%, 1/18/27 (USD) (1) | 1,930,000 | 2,010 |
| Dominican Republic, | Republic of El Salvador, | ||||
| 6.85%, 1/27/45 (USD) | 3,225,000 | 3,604 | 7.65%, 6/15/35 (USD) | 350,000 | 377 |
| 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 El Salvador, | INDIA 0.1% | ||||
| 8.25%, 4/10/32 (USD) | 400,000 | 457 | |||
| Republic of El Salvador, | Corporate Bonds 0.1% | ||||
| 8.625%, 2/28/29 (USD) (1) | 2,535,000 | 2,960 | |||
| Republic of El Salvador, | HPCL-Mittal Energy, | ||||
| 8.625%, 2/28/29 (USD) | 600,000 | 701 | 5.25%, 4/28/27 (USD) | 310,000 | 310 |
| Total India | |||||
| Total El Salvador | (Cost $310) | 310 | |||
| (Cost $7,070) | 7,501 | ||||
| GHANA 1.7% | INDONESIA 4.4% | ||||
| Government Bonds 1.7% | Corporate Bonds 2.6% | ||||
| Pertamina Persero, | |||||
| Republic of Ghana, | 5.625%, 5/20/43 (USD) | 6,020,000 | 7,029 | ||
| 8.125%, 1/18/26 (USD) | 7,210,000 | 7,649 | Pertamina Persero, | ||
| Total Ghana | 6.00%, 5/3/42 (USD) | 1,500,000 | 1,828 | ||
| (Cost $7,552) | 7,649 | Perusahaan Listrik Negara, | |||
| 3.875%, 7/17/29 (USD) (1) | 865,000 | 897 | |||
| GRENADA 0.0% | Perusahaan Listrik Negara, | ||||
| 4.125%, 5/15/27 (USD) | 1,000,000 | 1,058 | |||
| Government Bonds 0.0% | Perusahaan Listrik Negara, | ||||
| 4.875%, 7/17/49 (USD) (1) | 355,000 | 387 | |||
| Government of Grenada, | Perusahaan Listrik Negara, | ||||
| 7.00%, 5/12/30 (USD) | 210,341 | 203 | 6.25%, 1/25/49 (USD) (1) | 500,000 | 651 |
| Total Grenada | |||||
| (Cost $189) | 203 | 11,850 | |||
| Government Bonds 1.8% | |||||
| GUATEMALA 0.4% | Perusahaan Penerbit, | ||||
| 4.55%, 3/29/26 (USD) | 5,400,000 | 5,905 | |||
| Government Bonds 0.4% | Republic of Indonesia, | ||||
| Republic of Guatemala, | 9.00%, 3/15/29 | 29,900,000,000 | 2,337 | ||
| 4.90%, 6/1/30 (USD) (1) | 1,630,000 | 1,726 | 8,242 | ||
| Total Guatemala | Total Indonesia | ||||
| (Cost $1,609) | 1,726 | (Cost $18,391) | 20,092 | ||
| HONG KONG 0.3% | ISRAEL 2.1% | ||||
| Corporate Bonds 0.3% | Corporate Bonds 2.1% | ||||
| Metropolitan Light, | Israel Chemicals, | ||||
| 5.50%, 11/21/22 (USD) | 360,000 | 370 | 6.375%, 5/31/38 (USD) (1) | 1,550,000 | 1,899 |
| Metropolitan Light, | Israel Electric, | ||||
| 5.50%, 11/21/22 (USD) (1) | 356,000 | 365 | 4.25%, 8/14/28 (USD) (1) | 6,370,000 | 6,888 |
| SmarTone Finance, | Israel Electric, | ||||
| 3.875%, 4/8/23 (USD) | 600,000 | 617 | 7.75%, 12/15/27 (USD) | 600,000 | 790 |
| Total Hong Kong | Total Israel | ||||
| (Cost $1,296) | 1,352 | (Cost $8,817) | 9,577 | ||
| 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) | ||||
| IVORY COAST 1.8% | MEXICO 8.5% | ||||
| Government Bonds 1.8% | Corporate Bonds 4.9% | ||||
| Republic of Ivory Coast, | Axtel, | ||||
| 6.375%, 3/3/28 (USD) | 2,100,000 | 2,156 | 6.375%, 11/14/24 (USD) (1) | 1,600,000 | 1,652 |
| Republic of Ivory Coast, | Banco Santander Mexico, VR, | ||||
| 6.625%, 3/22/48 (EUR) (1) | 400,000 | 442 | 8.50% (USD) (2)(4) | 800,000 | 844 |
| Republic of Ivory Coast, | BBVA Bancomer, VR, | ||||
| 6.625%, 3/22/48 (EUR) | 800,000 | 885 | 5.125%, 1/18/33 (USD) (2) | 1,100,000 | 1,052 |
| Republic of Ivory Coast, STEP, | BBVA Bancomer, VR, | ||||
| 5.75%, 12/31/32 (USD) | 4,752,000 | 4,678 | 5.35%, 11/12/29 (USD) (2) | 300,000 | 299 |
| Total Ivory Coast | Cemex, | ||||
| (Cost $8,000) | 8,161 | 7.75%, 4/16/26 (USD) | 1,400,000 | 1,521 | |
| Cometa Energia, | |||||
| 6.375%, 4/24/35 (USD) (1) | 1,462,500 | 1,561 | |||
| JAMAICA 1.4% | Controladora Mabe, | ||||
| 5.60%, 10/23/28 (USD) (1) | 480,000 | 518 | |||
| Government Bonds 1.4% | Controladora Mabe, | ||||
| Government of Jamaica, | 5.60%, 10/23/28 (USD) | 300,000 | 324 | ||
| 7.875%, 7/28/45 (USD) | 3,110,000 | 4,074 | Industrias Penoles, | ||
| Government of Jamaica, | 4.15%, 9/12/29 (USD) (1) | 930,000 | 936 | ||
| 8.00%, 3/15/39 (USD) | 1,665,000 | 2,188 | Mexico City Airport Trust, | ||
| 5.50%, 7/31/47 (USD) (1) | 1,200,000 | 1,196 | |||
| Total Jamaica | Mexico City Airport Trust, | ||||
| (Cost $5,620) | 6,262 | 5.50%, 7/31/47 (USD) | 6,600,000 | 6,580 | |
| Petroleos Mexicanos, | |||||
| KAZAKHSTAN 0.9% | 5.35%, 2/12/28 (USD) | 5,000,000 | 4,791 | ||
| Poinsettia Finance, | |||||
| Corporate Bonds 0.9% | 6.625%, 6/17/31 (USD) (1) | 200,000 | 192 | ||
| Development Bank of Kazakhstan, | Sixsigma Networks Mexico, | ||||
| 4.125%, 12/10/22 (USD) | 1,100,000 | 1,143 | 7.50%, 5/2/25 (USD) (1) | 1,200,000 | 1,187 |
| KazMunayGas National, | 22,653 | ||||
| 6.375%, 10/24/48 (USD) (1) | 2,250,000 | 2,802 | |||
| Total Kazakhstan | Government Bonds 3.6% | ||||
| (Cost $3,343) | 3,945 | Petroleos Mexicanos, | |||
| 5.50%, 6/27/44 (USD) | 1,860,000 | 1,595 | |||
| KENYA 0.6% | Petroleos Mexicanos, | ||||
| 5.625%, 1/23/46 (USD) | 2,640,000 | 2,272 | |||
| Petroleos Mexicanos, | |||||
| Government Bonds 0.6% | 6.50%, 6/2/41 (USD) | 5,830,000 | 5,585 | ||
| Republic of Kenya, | Petroleos Mexicanos, | ||||
| 7.25%, 2/28/28 (USD) | 2,500,000 | 2,599 | 6.75%, 9/21/47 (USD) | 600,000 | 577 |
| Total Kenya | Petroleos Mexicanos, | ||||
| (Cost $2,437) | 2,599 | 7.19%, 9/12/24 | 2,700,000 | 120 | |
| Petroleos Mexicanos, | |||||
| 7.69%, 1/23/50 (USD) (1) | 1,130,000 | 1,181 | |||
| United Mexican States, | |||||
| 6.50%, 6/10/21 | 43,900,000 | 2,219 | |||
| United Mexican States, | |||||
| 8.00%, 11/7/47 | 35,000,000 | 1,910 | |||
| 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) | ||||
| United Mexican States, | OMAN 0.6% | ||||
| 10.00%, 11/20/36 | 15,000,000 | 968 | |||
| 16,427 | Government Bonds 0.6% | ||||
| Sultanate of Oman, | |||||
| Total Mexico | 5.375%, 3/8/27 (USD) | 1,505,000 | 1,483 | ||
| (Cost $37,384) | 39,080 | Sultanate of Oman, | |||
| 6.75%, 1/17/48 (USD) (1) | 1,450,000 | 1,372 | |||
| MONGOLIA 1.5% | Total Oman | ||||
| (Cost $2,994) | 2,855 | ||||
| Corporate Bonds 0.2% | |||||
| Development Bank of Mongolia, | PAKISTAN 1.0% | ||||
| 7.25%, 10/23/23 (USD) (1) | 1,035,000 | 1,074 | |||
| 1,074 | Government Bonds 1.0% | ||||
| Government Bonds 1.3% | Islamic Republic of Pakistan, | ||||
| 6.875%, 12/5/27 (USD) | 3,800,000 | 3,756 | |||
| Government of Mongolia, | Islamic Republic of Pakistan, | ||||
| 5.125%, 12/5/22 (USD) | 3,260,000 | 3,257 | 8.25%, 4/15/24 (USD) | 700,000 | 757 |
| Government of Mongolia, | |||||
| 5.625%, 5/1/23 (USD) | 900,000 | 910 | Total Pakistan | ||
| Government of Mongolia, | (Cost $4,495) | 4,513 | |||
| 10.875%, 4/6/21 (USD) | 1,840,000 | 2,010 | |||
| 6,177 | PANAMA 1.1% | ||||
| Total Mongolia | Corporate Bonds 0.3% | ||||
| (Cost $7,090) | 7,251 | ||||
| Aeropuerto Internacional de | |||||
| Tocumen, | |||||
| MOROCCO 0.4% | 5.625%, 5/18/36 (USD) | 300,000 | 354 | ||
| C&W Senior Financing, | |||||
| Government Bonds 0.4% | 6.875%, 9/15/27 (USD) (1) | 310,000 | 323 | ||
| Kingdom of Morocco, | C&W Senior Financing, | ||||
| 5.50%, 12/11/42 (USD) | 1,500,000 | 1,797 | 7.50%, 10/15/26 (USD) (1) | 650,000 | 687 |
| Total Morocco | 1,364 | ||||
| (Cost $1,680) | 1,797 | ||||
| Government Bonds 0.8% | |||||
| NIGERIA 2.3% | Republic of Panama, | ||||
| 3.87%, 7/23/60 (USD) | 830,000 | 898 | |||
| Republic of Panama, | |||||
| Government Bonds 2.3% | 4.50%, 4/16/50 (USD) | 1,125,000 | 1,336 | ||
| Republic of Nigeria, | Republic of Panama, | ||||
| 6.50%, 11/28/27 (USD) | 3,300,000 | 3,345 | 7.125%, 1/29/26 (USD) | 1,200,000 | 1,504 |
| Republic of Nigeria, | |||||
| 7.143%, 2/23/30 (USD) | 4,900,000 | 5,025 | 3,738 | ||
| Republic of Nigeria, | Total Panama | ||||
| 8.747%, 1/21/31 (USD) | 1,800,000 | 2,024 | (Cost $4,491) | 5,102 | |
| Total Nigeria | |||||
| (Cost $10,034) | 10,394 | ||||
| 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) | ||||
| PARAGUAY 0.8% | SAUDI ARABIA 0.8% | ||||
| Corporate Bonds 0.1% | Government Bonds 0.8% | ||||
| Telefonica Celular del Paraguay, | Kingdom of Saudi Arabia, | ||||
| 5.875%, 4/15/27 (USD) (1) | 600,000 | 644 | 3.25%, 10/26/26 (USD) | 1,900,000 | 1,966 |
| Kingdom of Saudi Arabia, | |||||
| 644 | 5.00%, 4/17/49 (USD) | 1,000,000 | 1,206 | ||
| Government Bonds 0.7% | Saudi Arabian Oil, | ||||
| Republic of Paraguay, | 4.25%, 4/16/39 (USD) | 300,000 | 324 | ||
| 5.40%, 3/30/50 (USD) | 1,955,000 | 2,223 | Total Saudi Arabia | ||
| Republic of Paraguay, | (Cost $3,249) | 3,496 | |||
| 5.60%, 3/13/48 (USD) | 245,000 | 284 | |||
| Republic of Paraguay, | SENEGAL 1.2% | ||||
| 6.10%, 8/11/44 (USD) | 570,000 | 695 | |||
| 3,202 | Government Bonds 1.2% | ||||
| Total Paraguay | Republic of Senegal, | ||||
| (Cost $3,677) | 3,846 | 4.75%, 3/13/28 (EUR) | 1,500,000 | 1,702 | |
| Republic of Senegal, | |||||
| 6.25%, 5/23/33 (USD) (1) | 900,000 | 909 | |||
| PERU 0.9% | Republic of Senegal, | ||||
| 6.25%, 5/23/33 (USD) | 2,700,000 | 2,727 | |||
| Corporate Bonds 0.5% | |||||
| Total Senegal | |||||
| Consorcio Transmantaro, | (Cost $5,194) | 5,338 | |||
| 4.70%, 4/16/34 (USD) (1) | 280,000 | 305 | |||
| Lima Metro Line 2 Finance, | |||||
| 5.875%, 7/5/34 (USD) | 650,000 | 720 | SERBIA 1.1% | ||
| Peru LNG, | |||||
| 5.375%, 3/22/30 (USD) (1) | 1,260,000 | 1,314 | Government Bonds 1.1% | ||
| Republic of Serbia, | |||||
| 2,339 | 1.50%, 6/26/29 (EUR) (1) | 1,020,000 | 1,160 | ||
| Government Bonds 0.4% | Republic of Serbia, | ||||
| Republic of Peru, | 4.50%, 1/11/26 | 110,000,000 | 1,088 | ||
| 2.844%, 6/20/30 (USD) | 620,000 | 635 | Republic of Serbia, | ||
| Republic of Peru, | 7.25%, 9/28/21 (USD) | 2,428,000 | 2,657 | ||
| 5.40%, 8/12/34 (1) | 3,800,000 | 1,199 | Total Serbia | ||
| 1,834 | (Cost $4,764) | 4,905 | |||
| Total Peru | SOUTH AFRICA 7.9% | ||||
| (Cost $4,033) | 4,173 | ||||
| Corporate Bonds 5.1% | |||||
| ROMANIA 0.4% | Eskom Holdings SOC, | ||||
| 5.75%, 1/26/21 (USD) | 1,050,000 | 1,060 | |||
| Government Bonds 0.4% | Eskom Holdings SOC, | ||||
| Republic of Romania, | 6.35%, 8/10/28 (USD) (1) | 1,200,000 | 1,287 | ||
| 4.625%, 4/3/49 (EUR) (1) | 1,365,000 | 1,935 | Eskom Holdings SOC, | ||
| Total Romania | 6.75%, 8/6/23 (USD) | 1,100,000 | 1,133 | ||
| (Cost $1,627) | 1,935 | Eskom Holdings SOC, | |||
| 7.125%, 2/11/25 (USD) | 13,275,000 | 13,700 | |||
| 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) | ||||
| Eskom Holdings SOC, | Republic of Sri Lanka, | ||||
| 8.45%, 8/10/28 (USD) (1) | 4,000,000 | 4,408 | 6.825%, 7/18/26 (USD) | 900,000 | 891 |
| FirstRand Bank, VR, | Republic of Sri Lanka, | ||||
| 6.25%, 4/23/28 (USD) (2) | 700,000 | 744 | 6.85%, 3/14/24 (USD) (1) | 1,175,000 | 1,203 |
| Gold Fields Orogen Holdings, | |||||
| 5.125%, 5/15/24 (USD) (1) | 295,000 | 312 | 18,214 | ||
| MTN Mauritius Investments, | Total Sri Lanka | ||||
| 6.50%, 10/13/26 (USD) | 800,000 | 879 | (Cost $19,166) | 19,058 | |
| 23,523 | |||||
| THAILAND 0.1% | |||||
| Government Bonds 2.8% | |||||
| Republic of South Africa, | Corporate Bonds 0.1% | ||||
| 4.665%, 1/17/24 (USD) | 2,347,000 | 2,463 | Bangkok Bank, VR, | ||
| Republic of South Africa, | 3.733%, 9/25/34 (USD) (1)(2) | 605,000 | 615 | ||
| 4.85%, 9/27/27 (USD) | 1,200,000 | 1,230 | |||
| Republic of South Africa, | Total Thailand | ||||
| 4.85%, 9/30/29 (USD) | 650,000 | 649 | (Cost $605) | 615 | |
| Republic of South Africa, | |||||
| 5.65%, 9/27/47 (USD) | 3,400,000 | 3,401 | TRINIDAD AND TOBAGO 0.2% | ||
| Republic of South Africa, | |||||
| 5.875%, 9/16/25 (USD) | 2,390,000 | 2,608 | Corporate Bonds 0.2% | ||
| Republic of South Africa, | Trinidad Petroleum Holdings, | ||||
| 6.25%, 3/8/41 (USD) | 450,000 | 495 | 9.75%, 6/15/26 (USD) (1) | 700,000 | 795 |
| Republic of South Africa, | |||||
| 10.50%, 12/21/26 | 28,200,000 | 2,079 | Total Trinidad and Tobago | ||
| (Cost $770) | 795 | ||||
| 12,925 | |||||
| Total South Africa | TURKEY 5.2% | ||||
| (Cost $35,329) | 36,448 | ||||
| Corporate Bonds 1.4% | |||||
| SRI LANKA 4.2% | Akbank, VR, | ||||
| 7.20%, 3/16/27 (USD) (2) | 2,250,000 | 2,111 | |||
| Corporate Bonds 0.2% | Turk Telekomunikasyon, | ||||
| SriLankan Airlines, | 4.875%, 6/19/24 (USD) | 1,000,000 | 975 | ||
| 7.00%, 6/25/24 (USD) | 845,000 | 844 | Turk Telekomunikasyon, | ||
| 6.875%, 2/28/25 (USD) (1) | 670,000 | 707 | |||
| 844 | Turkiye Garanti Bankasi, VR, | ||||
| Government Bonds 4.0% | 6.125%, 5/24/27 (USD) (2) | 1,790,000 | 1,613 | ||
| Turkiye Sise ve Cam Fabrikalari, | |||||
| Republic of Sri Lanka, | 6.95%, 3/14/26 (USD) (1) | 1,180,000 | 1,216 | ||
| 5.75%, 1/18/22 (USD) | 2,000,000 | 2,009 | |||
| Republic of Sri Lanka, | 6,622 | ||||
| 5.875%, 7/25/22 (USD) | 2,750,000 | 2,768 | |||
| Republic of Sri Lanka, | Government Bonds 3.8% | ||||
| 6.125%, 6/3/25 (USD) | 6,200,000 | 6,026 | Export Credit Bank of Turkey, | ||
| Republic of Sri Lanka, | 4.25%, 9/18/22 (USD) | 900,000 | 857 | ||
| 6.20%, 5/11/27 (USD) | 2,805,000 | 2,623 | Hazine Mustesarligi Varlik Kiralama, | ||
| Republic of Sri Lanka, | 4.489%, 11/25/24 (USD) | 350,000 | 337 | ||
| 6.25%, 7/27/21 (USD) | 2,650,000 | 2,694 | Republic of Turkey, | ||
| 4.25%, 4/14/26 (USD) | 2,900,000 | 2,622 | |||
| 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, | |||||||
| 4.875%, 10/9/26 (USD) | 5,475,000 | 5,078 | UNITED ARAB EMIRATES 0.1% | ||||
| Republic of Turkey, | |||||||
| 4.875%, 4/16/43 (USD) | 1,600,000 | 1,287 | |||||
| Republic of Turkey, | Corporate Bonds 0.1% | ||||||
| 5.125%, 3/25/22 (USD) | 2,000,000 | 2,019 | Ruwais Power, | ||||
| Republic of Turkey, | 6.00%, 8/31/36 (USD) | 370,000 | 467 | ||||
| 6.00%, 3/25/27 (USD) | 2,325,000 | 2,289 | Total United Arab Emirates | ||||
| Republic of Turkey, | (Cost $416) | 467 | |||||
| 6.00%, 1/14/41 (USD) | 500,000 | 449 | |||||
| Republic of Turkey, | |||||||
| 6.875%, 3/17/36 (USD) | 2,400,000 | 2,396 | UNITED KINGDOM 0.0% | ||||
| 17,334 | Common Stocks 0.0% | ||||||
| Total Turkey | Mriya Farming (7) | 5,890 | — | ||||
| (Cost $22,586) | 23,956 | Mriya Farming, Recovery | |||||
| Certificates, | |||||||
| UKRAINE 6.2% | (EUR) | (7) | 488,383 | 5 | |||
| 5 | |||||||
| Corporate Bonds 0.4% | |||||||
| Corporate Bonds 0.0% | |||||||
| MHP Lux, | |||||||
| 6.25%, 9/19/29 (USD) (1) | 1,015,000 | 981 | Mriya Farming, EC, | ||||
| Ukraine Railways Via Rail Capital | 0.50%, 12/31/25 (USD) (1)(7) | 1,239,500 | 72 | ||||
| Markets, | 72 | ||||||
| 8.25%, 7/9/24 (USD) | 1,000,000 | 1,046 | |||||
| Total United Kingdom | |||||||
| 2,027 | (Cost $—) | 77 | |||||
| Government Bonds 5.8% | |||||||
| Government of Ukraine, | UNITED STATES 0.2% | ||||||
| 6.75%, 6/20/26 (EUR) (1) | 410,000 | 483 | |||||
| Government of Ukraine, | Corporate Bonds 0.1% | ||||||
| 7.75%, 9/1/21 (USD) (1) | 2,000,000 | 2,086 | Citgo Holding, | ||||
| Government of Ukraine, | 9.25%, 8/1/24 (1) | 350,000 | 369 | ||||
| 7.75%, 9/1/21 (USD) | 1,200,000 | 1,251 | |||||
| Government of Ukraine, | 369 | ||||||
| 7.75%, 9/1/22 (USD) | 6,200,000 | 6,541 | Municipal Securities 0.1% | ||||
| Government of Ukraine, | Commonwealth of Puerto Rico, | ||||||
| 7.75%, 9/1/25 (USD) | 4,735,000 | 4,981 | Series A, GO, | ||||
| Government of Ukraine, | 8.00%, 7/1/35 (3)(8) | 1,000,000 | 601 | ||||
| 7.75%, 9/1/27 (USD) | 4,965,000 | 5,179 | |||||
| Government of Ukraine, | 601 | ||||||
| 9.75%, 11/1/28 (USD) (1) | 2,300,000 | 2,641 | Total United States | ||||
| Government of Ukraine, | (Cost $1,258) | 970 | |||||
| 9.75%, 11/1/28 (USD) | 2,650,000 | 3,042 | |||||
| Government of Ukraine, VR, | |||||||
| 0.00%, 5/31/40 (USD) (1)(3)(6) | 560,000 | 525 | |||||
| 26,729 | |||||||
| Total Ukraine | |||||||
| (Cost $26,999) | 28,756 | ||||||
| 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) | ||||
| URUGUAY 1.0% | Republic of Venezuela, | ||||
| 11.75%, 10/21/26 (USD) (3)(8) | 1,500,000 | 169 | |||
| Government Bonds 1.0% | Republic of Venezuela, | ||||
| 11.95%, 8/5/31 (USD) (3)(8) | 800,000 | 90 | |||
| Republic of Uruguay, | Republic of Venezuela, | ||||
| 5.10%, 6/18/50 (USD) | 3,950,000 | 4,706 | 12.75%, 8/23/22 (USD) (3)(8) | 550,000 | 62 |
| Total Uruguay | |||||
| (Cost $4,492) | 4,706 | 6,121 | |||
| Total Venezuela | |||||
| UZBEKISTAN 1.0% | (Cost $25,116) | 6,249 | |||
| Government Bonds 1.0% | VIETNAM 1.4% | ||||
| Republic of Uzbekistan, | |||||
| 4.75%, 2/20/24 (USD) (1) | 2,145,000 | 2,255 | Corporate Bonds 0.1% | ||
| Republic of Uzbekistan, | Mong Duong Finance Holdings, | ||||
| 5.375%, 2/20/29 (USD) (1) | 485,000 | 534 | 5.125%, 5/7/29 (USD) (1) | 565,000 | 578 |
| Republic of Uzbekistan, | |||||
| 5.375%, 2/20/29 (USD) | 1,640,000 | 1,806 | 578 | ||
| Total Uzbekistan | Government Bonds 1.3% | ||||
| (Cost $4,415) | 4,595 | Socialist Republic of Vietnam, | |||
| 4.80%, 11/19/24 (USD) (1) | 600,000 | 658 | |||
| VENEZUELA 1.3% | Socialist Republic of Vietnam, | ||||
| 4.80%, 11/19/24 (USD) | 4,700,000 | 5,152 | |||
| Corporate Bonds 0.0% | 5,810 | ||||
| Electricidad de Caracas, | Total Vietnam | ||||
| 8.50%, 4/10/20 (USD) (3)(8) | 800,000 | 128 | (Cost $5,977) | 6,388 | |
| 128 | |||||
| Government Bonds 1.3% | SHORT-TERM INVESTMENTS 1.8% | ||||
| Petroleos de Venezuela, | MONEY MARKET FUNDS 1.8% | ||||
| 5.375%, 4/12/27 (USD) (3)(8) | 3,600,000 | 315 | |||
| Petroleos de Venezuela, | T. Rowe Price Government Reserve | ||||
| Fund, | |||||
| 6.00%, 5/16/24 (USD) (3)(8) | 10,960,000 | 959 | 2.00% (9)(10) | 8,184,219 | 8,184 |
| Petroleos de Venezuela, | |||||
| 6.00%, 11/15/26 (USD) (3)(8) | 2,950,000 | 258 | Total Short-Term Investments | ||
| Petroleos de Venezuela, | (Cost $8,184) | 8,184 | |||
| 8.50%, 10/27/20 (USD) (3)(8) | 2,355,500 | 836 | |||
| Petroleos de Venezuela, | |||||
| 9.00%, 11/17/21 (USD) (3)(8) | 24,590,000 | 2,152 | |||
| Petroleos de Venezuela, | |||||
| 9.75%, 5/17/35 (USD) (3)(8) | 985,000 | 86 | |||
| Petroleos de Venezuela, | |||||
| 12.75%, 2/17/22 (USD) (3)(8) | 3,430,000 | 300 | |||
| Republic of Venezuela, | |||||
| 6.00%, 12/9/20 (USD) (3)(8) | 3,350,000 | 377 | |||
| Republic of Venezuela, | |||||
| 7.75%, 10/13/19 (USD) (3)(8) | 3,600,000 | 405 | |||
| Republic of Venezuela, | |||||
| 9.25%, 9/15/27 (USD) (3)(8) | 1,000,000 | 112 | |||
| The accompanying notes are an integral part of this Portfolio of Investments. | |||||
| T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | ||||||
| (Amounts in 000s, except for contracts) | ||||||
| OPTIONS PURCHASED 0.1% | ||||||
| OTC Options Purchased 0.1% | ||||||
| Counterparty | Description | Contracts Notional Amount | Value | |||
| Bank of America | ||||||
| N.A. | USD Call/CNH Put, 11/15/19 @ 6.975 (CNH ) (3) | 1 | 4,200 | $ | 108 | |
| Barclays Bank | USD Call/CNH Put, 11/27/19 @ 6.966 (CNH ) (3) | 1 | 4,200 | 115 | ||
| Citibank | EUR Call/USD Put, 12/5/19 @ 1.143 (USD) (3) | 1 | 9,000 | 6 | ||
| Total Options Purchased (Cost $387) | 229 | |||||
| Total Investments in Securities 98.3% | ||||||
| (Cost $465,314) | $ | 450,845 | ||||
| Other Assets Less Liabilities 1.7% | 7,738 | |||||
| Net Assets 100.0% | $ | 458,583 | ||||
| ‡ | 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 $91,732 and | ||||||
| represents 20.0% 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 | ) | Non-income producing | ||||
| (4 | ) | Perpetual security with no stated maturity date. | ||||
| (5 | ) | Security has the ability to pay in-kind or pay in cash. When applicable, separate rates of such payments are disclosed. | ||||
| (6 | ) | 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 | ) | Security is in default or has failed to make a scheduled interest and/or principal payment. | ||||
| (9 | ) | Seven-day yield | ||||
| (10 | ) | Affiliated Companies | ||||
| ARS | Argentine Peso | |||||
| BDLRPP | Argentina deposit rates (Badlar) at private banks | |||||
| BRL | Brazilian Real | |||||
| 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 | |||||
| KRW | South Korean Won | |||||
| 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. | ||||||
| TWD | Taiwan Dollar | |||||
| USD | U.S. Dollar | |||||
| The accompanying notes are an integral part of this Portfolio of Investments. | ||||||
| T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | |
| 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 |
| The accompanying notes are an integral part of this Portfolio of Investments. | |
| T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | |||||||
| (Amounts In 000s) | |||||||
| SWAPS (0.0)% | |||||||
| Upfront | |||||||
| Notional | Payments/ | Unrealized | |||||
| Description | Amount | $ Value | $ (Receipts) | $ Gain/(Loss) | |||
| BILATERAL SWAPS (0.0)% | |||||||
| Credit Default Swaps, Protection Bought (0.0)% | |||||||
| China (0.0)% | |||||||
| Citibank, Protection Bought (Relevant Credit: Bank of China/Hong Kong, | |||||||
| 3.00% 2/14/22), Pay 1.00% Quarterly, Receive upon credit default, | |||||||
| 6/20/24 (USD) | 2,300 | (52 | ) | (46) | (6) | ||
| Total China | (46) | (6) | |||||
| 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 | (54 | ) | (51) | (3) | ||
| Total South Korea | (51) | (3) | |||||
| Total Bilateral Credit Default Swaps, Protection Bought | (97) | (9) | |||||
| Total Bilateral Swaps | (97) | (9) | |||||
| The accompanying notes are an integral part of this Portfolio of Investments. | |||||||
| T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND | |||||||||
| (Amounts In 000s) | |||||||||
| FORWARD CURRENCY EXCHANGE CONTRACTS | |||||||||
| Unrealized | |||||||||
| Counterparty | Settlement | Receive | Deliver | Gain/(Loss) | |||||
| Bank of America, N.A. | 12/13/19 | USD | 416 | ZAR | 6,396$ | (2) | |||
| Bank of America, N.A. | 1/10/20 | USD | 414 | ZAR | 6,396 | (3) | |||
| Barclays Bank | 10/4/19 | IDR | 6,675,504 | USD | 471 | — | |||
| Barclays Bank | 10/11/19 | USD | 1,177 | PEN | 3,904 | 19 | |||
| Barclays Bank | 11/22/19 | EUR | 729 | USD | 806 | (9) | |||
| Barclays Bank | 12/6/19 | USD | 1,240 | CLP | 893,389 | 13 | |||
| Barclays Bank | 1/10/20 | USD | 205 | ZAR | 3,202 | (4) | |||
| Barclays Bank | 1/16/20 | USD | 463 | IDR | 6,675,504 | (1) | |||
| BNP Paribas | 10/2/19 | BRL | 4,055 | USD | 972 | 4 | |||
| BNP Paribas | 10/2/19 | USD | 974 | BRL | 4,055 | (2) | |||
| BNP Paribas | 11/8/19 | ARS | 13,399 | USD | 217 | (15) | |||
| BNP Paribas | 11/22/19 | EUR | 219 | USD | 243 | (3) | |||
| BNP Paribas | 11/22/19 | USD | 3,006 | EUR | 2,690 | 63 | |||
| BNP Paribas | 11/22/19 | USD | 444 | MXN | 8,817 | 1 | |||
| BNP Paribas | 11/22/19 | USD | 441 | MXN | 8,817 | (2) | |||
| BNP Paribas | 12/3/19 | USD | 968 | BRL | 4,055 | (4) | |||
| BNP Paribas | 12/6/19 | USD | 1,101 | CLP | 791,688 | 13 | |||
| BNP Paribas | 12/13/19 | USD | 207 | ZAR | 3,198 | (2) | |||
| Citibank | 10/2/19 | BRL | 1,487 | USD | 365 | (7) | |||
| Citibank | 10/2/19 | USD | 357 | BRL | 1,487 | (1) | |||
| Citibank | 10/4/19 | IDR | 3,337,751 | USD | 236 | (1) | |||
| Citibank | 11/22/19 | USD | 2,470 | MXN | 48,573 | 30 | |||
| Citibank | 12/13/19 | USD | 413 | ZAR | 6,396 | (5) | |||
| Citibank | 1/16/20 | USD | 233 | IDR | 3,337,751 | — | |||
| Credit Suisse | 10/4/19 | IDR | 6,675,502 | USD | 472 | (2) | |||
| Credit Suisse | 1/16/20 | USD | 233 | IDR | 3,337,751 | 1 | |||
| Credit Suisse | 1/16/20 | USD | 232 | IDR | 3,337,751 | — | |||
| Goldman Sachs | 11/8/19 | USD | 268 | ARS | 13,399 | 66 | |||
| Goldman Sachs | 11/22/19 | USD | 2,983 | EUR | 2,670 | 62 | |||
| Goldman Sachs | 11/22/19 | USD | 441 | MXN | 8,817 | (2) | |||
| HSBC Bank | 10/4/19 | USD | 1,144 | TWD | 36,213 | (24) | |||
| HSBC Bank | 10/11/19 | KRW | 2,783,996 | USD | 2,357 | (31) | |||
| HSBC Bank | 10/11/19 | USD | 2,289 | KRW | 2,783,996 | (37) | |||
| HSBC Bank | 11/22/19 | MXN | 20,388 | USD | 1,009 | 15 | |||
| HSBC Bank | 11/22/19 | USD | 444 | MXN | 8,817 | 1 | |||
| HSBC Bank | 12/6/19 | USD | 368 | CLP | 263,896 | 6 | |||
| HSBC Bank | 1/10/20 | USD | 205 | ZAR | 3,198 | (3) | |||
| JPMorgan Chase | 10/2/19 | BRL | 4,056 | USD | 972 | 3 | |||
| JPMorgan Chase | 10/2/19 | USD | 974 | BRL | 4,056 | (2) | |||
| JPMorgan Chase | 10/4/19 | TWD | 36,213 | USD | 1,175 | (7) | |||
| JPMorgan Chase | 11/22/19 | USD | 446 | MXN | 8,817 | 4 | |||
| JPMorgan Chase | 11/22/19 | USD | 441 | MXN | 8,817 | (2) | |||
| JPMorgan Chase | 12/3/19 | USD | 969 | BRL | 4,056 | (3) | |||
| JPMorgan Chase | 12/6/19 | USD | 735 | CLP | 527,790 | 10 | |||
| Morgan Stanley | 10/2/19 | BRL | 7,129 | USD | 1,712 | 4 | |||
| Morgan Stanley | 10/2/19 | BRL | 2,115 | USD | 524 | (15) | |||
| Morgan Stanley | 10/2/19 | USD | 1,829 | BRL | 7,129 | 113 | |||
| Morgan Stanley | 10/2/19 | USD | 508 | BRL | 2,115 | (1) | |||
| Standard Chartered | 10/2/19 | BRL | 4,584 | USD | 1,101 | 2 | |||
| Standard Chartered | 10/2/19 | USD | 1,177 | BRL | 4,584 | 74 | |||
| 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 (CONTINUED) | ||||||||
| Unrealized | ||||||||
| Counterparty | Settlement | Receive | Deliver | Gain/(Loss) | ||||
| Standard Chartered | 10/4/19 | USD | 1,166 | IDR | 16,688,757$ | (10) | ||
| State Street | 11/22/19 | USD | 2,984 | EUR | 2,670 | 62 | ||
| State Street | 1/10/20 | USD | 206 | ZAR | 3,198 | (2) | ||
| Net unrealized gain (loss) on open forward currency | ||||||||
| exchange contracts | $ | 364 | ||||||
| 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, 181 U.S. Treasury Notes five year contracts | 12/19 | 21,566 | $ | (146) | ||||
| Long, 137 U.S. Treasury Notes ten year contracts | 12/19 | 17,853 | (179) | |||||
| Long, 25 Ultra U.S. Treasury Bonds contracts | 12/19 | 4,797 | (98) | |||||
| Net payments (receipts) of variation margin to date | 405 | |||||||
| Variation margin receivable (payable) on open futures contracts | $ | (18) | ||||||
| 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, 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 | $ | —# | $ | — | $ | 248+ | ||
| Supplementary Investment Schedule | ||||||||
| Value | Purchase | Sales | Value | |||||
| Affiliate | 12/31/18 | Cost | Cost | 9/30/19 | ||||
| T. Rowe Price Government Reserve Fund | $ | 16,727 | ¤ | ¤ $ | 8,184^ | |||
# Capital gain distributions from mutual funds represented $0 of the net realized gain (loss).
+ Investment income comprised $248 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 $8,184.
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 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
T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND
securities. Generally, debt securities are categorized in Level 2 of the fair value hierarchy; however, to the extent the
valuations include significant unobservable inputs, the securities would be categorized in Level 3.
Equity securities listed or regularly traded on a securities exchange or in the OTC market are valued at the last quoted
sale price or, for certain markets, the official closing price at the time the valuations are made. OTC Bulletin Board
securities are valued at the mean of the closing bid and asked prices. A security that is listed or traded on more than one
exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed
securities not traded on a particular day are valued at the mean of the closing bid and asked prices for domestic
securities and the last quoted sale or closing price for international securities.
For valuation purposes, the last quoted prices of non-U.S. equity securities may be adjusted to reflect the fair value of
such securities at the close of the NYSE. If the fund determines that developments between the close of a foreign market
and the close of the NYSE will affect the value of some or all of its portfolio securities, the fund will adjust the previous
quoted prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding
whether it is necessary to adjust quoted prices to reflect fair value, the fund reviews a variety of factors, including
developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments
trading in U.S. markets that represent foreign securities and baskets of foreign securities. The fund may also fair value
securities in other situations, such as when a particular foreign market is closed but the fund is open. The fund uses
outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The fund
cannot predict how often it will use quoted prices and how often it will determine it necessary to adjust those prices to
reflect fair value. As a means of evaluating its security valuation process, the fund routinely compares quoted prices, the
next day’s opening prices in the same markets, and adjusted prices.
Actively traded equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value
hierarchy. Non-U.S. equity securities generally are categorized in Level 2 of the fair value hierarchy despite the
availability of quoted prices because, as described above, the fund evaluates and determines whether those quoted prices
reflect fair value at the close of the NYSE or require adjustment. OTC Bulletin Board securities, certain preferred
securities, and equity securities traded in inactive markets generally are categorized in Level 2 of the fair value
hierarchy.
Investments denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange
rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as quoted by a major bank.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are
categorized in Level 1 of the fair value hierarchy. Listed options, and OTC options with a listed equivalent, are valued at
the mean of the closing bid and asked prices and generally are categorized in Level 2 of the fair value hierarchy.
Financial futures contracts are valued at closing settlement prices and are categorized in Level 1 of the fair value
hierarchy. Forward currency exchange contracts are valued using the prevailing forward exchange rate and are
categorized in Level 2 of the fair value hierarchy. Swaps are valued at prices furnished by an independent pricing service
or independent swap dealers and generally are categorized in Level 2 of the fair value hierarchy; however, if
unobservable inputs are significant to the valuation, the swap would be categorized in Level 3.
Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The
objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current
sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted
securities, warrants, rights, and other securities that are not publicly traded.
Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of troubled or thinly traded debt instruments, the Valuation Committee considers a variety of factors,
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, 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 | $ | — $ | 38$ | 5$ | 43 | |||
| Corporate Bonds | — | 122,982 | 72 | 123,054 | ||||
| Fixed Income Securities1 | — | 319,335 | — | 319,335 | ||||
| Short-Term Investments | 8,184 | — | — | 8,184 | ||||
| Options Purchased | — | 229 | — | 229 | ||||
| Total Securities | 8,184 | 442,584 | 77 | 450,845 | ||||
| Forward Currency Exchange Contracts | — | 566 | — | 566 | ||||
| Total | $ | 8,184$ | 443,150$ | 77$ | 451,411 | |||
| Liabilities | ||||||||
| Swaps | $ | — $ | 106$ | — $ | 106 | |||
| Forward Currency Exchange Contracts | — | 202 | — | 202 | ||||
| Futures Contracts | 18 | — | — | 18 | ||||
| Total | $ | 18$ | 308$ | — $ | 326 | |||
1 Includes Government Bonds, Municipal Securities.
Following is a reconciliation of the fund’s Level 3 holdings for the period ended September 30, 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 September 30, 2019, totaled $(1) for the period ended September 30, 2019.
| ($ | 000 s) | ||||||||
| Beginning | Ending | ||||||||
| Balance | Gain (Loss) | Balance | |||||||
| 1/1/19 | During Period | 9/30/19 | |||||||
| Investment in Securities | |||||||||
| Common Stocks | $ | 6 | $ | (1) | $ | 5 | |||
| Corporate Bonds | 72 | – | 72 | ||||||
| Total | $ | 78 | $ | (1) | $ | 77 | |||