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T. Rowe Price Institutional Income Funds NPORT-PT. Rowe Price Institutional Long Duration Credit Fund (Aug 2023 report)

Filed: 27 Oct 23, 10:12am

T.

ROWE

PRICE

Institutional

Long

Duration

Credit

Fund

August

31,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

CORPORATE

BONDS

65.8%

Banking

10.3%

Australia

&

New

Zealand

Banking

Group,

6.742%,

12/8/32 (1)

200‌

206‌

Banco

Santander,

6.921%,

8/8/33

200‌

200‌

Bank

of

America,

5.00%,

1/21/44

250‌

238‌

Bank

of

America,

VR,

2.676%,

6/19/41 (2)

200‌

138‌

Bank

of

America,

VR,

3.824%,

1/20/28 (2)

100‌

94‌

Bank

of

America,

VR,

4.33%,

3/15/50 (2)(3)

455‌

385‌

Barclays,

VR,

7.437%,

11/2/33 (2)

200‌

213‌

BNP

Paribas,

VR,

2.871%,

4/19/32 (1)

(2)

200‌

163‌

Capital

One

Financial,

VR,

3.273%,

3/1/30 (2)

250‌

214‌

Capital

One

Financial,

VR,

6.377%,

6/8/34 (2)

100‌

99‌

Citigroup,

4.65%,

7/30/45

530‌

457‌

Citigroup,

VR,

6.174%,

5/25/34 (2)

115‌

115‌

Goldman

Sachs

Group,

2.60%,

2/7/30

100‌

84‌

Goldman

Sachs

Group,

4.75%,

10/21/45

315‌

283‌

Goldman

Sachs

Group,

5.15%,

5/22/45

200‌

184‌

HSBC

Holdings,

7.625%,

5/17/32

155‌

165‌

HSBC

Holdings,

VR,

6.332%,

3/9/44 (2)

200‌

201‌

Intesa

Sanpaolo,

6.625%,

6/20/33 (1)

330‌

326‌

JPMorgan

Chase,

5.625%,

8/16/43

405‌

401‌

JPMorgan

Chase,

VR,

3.882%,

7/24/38 (2)

430‌

361‌

Lloyds

Banking

Group,

4.344%,

1/9/48

200‌

149‌

Morgan

Stanley,

4.30%,

1/27/45

150‌

127‌

Morgan

Stanley,

VR,

3.217%,

4/22/42 (2)

200‌

147‌

NatWest

Group,

VR,

6.016%,

3/2/34 (2)(3)

250‌

249‌

Standard

Chartered,

VR,

6.301%,

1/9/29 (1)(2)

200‌

201‌

State

Street,

VR,

5.159%,

5/18/34 (2)

305‌

295‌

Sumitomo

Mitsui

Financial

Group,

5.766%,

1/13/33

200‌

203‌

UBS

Group,

VR,

3.179%,

2/11/43 (1)

(2)

200‌

138‌

Wells

Fargo,

VR,

2.393%,

6/2/28 (2)

150‌

133‌

Wells

Fargo,

VR,

3.068%,

4/30/41 (2)

500‌

357‌

Wells

Fargo,

VR,

5.557%,

7/25/34 (2)

200‌

198‌

Wells

Fargo

Bank,

6.60%,

1/15/38

250‌

264‌

6,988‌

Basic

Industry

2.3%

Celanese

U.S.

Holdings,

6.70%,

11/15/33

60‌

60‌

Dow

Chemical,

4.80%,

5/15/49

190‌

161‌

Ecolab,

2.70%,

12/15/51

300‌

189‌

Ecolab,

3.70%,

11/1/46

30‌

22‌

International

Paper,

4.35%,

8/15/48 (3)

139‌

114‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

LYB

International

Finance

III,

5.625%,

5/15/33 (3)

250‌

247‌

Newmont,

5.45%,

6/9/44

195‌

185‌

Nucor,

4.40%,

5/1/48

75‌

62‌

Southern

Copper,

5.25%,

11/8/42

200‌

185‌

Westlake,

3.125%,

8/15/51

500‌

305‌

1,530‌

Brokerage

Assetmanagers

Exchanges

0.3%

Nasdaq,

3.95%,

3/7/52

220‌

164‌

Nasdaq,

5.95%,

8/15/53

40‌

40‌

204‌

Capital

Goods

2.9%

L3Harris

Technologies,

4.854%,

4/27/35

280‌

264‌

Martin

Marietta

Materials,

4.25%,

12/15/47

305‌

247‌

Masco,

4.50%,

5/15/47

360‌

284‌

Republic

Services,

5.00%,

4/1/34

25‌

24‌

RTX,

4.45%,

11/16/38

145‌

128‌

RTX,

5.375%,

2/27/53

300‌

293‌

Stanley

Black

&

Decker,

2.75%,

11/15/50

300‌

174‌

Vulcan

Materials,

4.50%,

6/15/47

130‌

110‌

Waste

Connections,

2.95%,

1/15/52

175‌

115‌

Waste

Management,

4.875%,

2/15/34

350‌

342‌

1,981‌

Communications

10.1%

AT&T,

3.50%,

6/1/41

450‌

329‌

AT&T,

3.80%,

12/1/57

1,378‌

930‌

Bell

Canada,

5.10%,

5/11/33

250‌

241‌

Charter

Communications

Operating,

3.70%,

4/1/51

600‌

372‌

Charter

Communications

Operating,

5.75%,

4/1/48

425‌

358‌

Comcast,

2.45%,

8/15/52

350‌

204‌

Comcast,

3.90%,

3/1/38

150‌

127‌

Comcast,

4.049%,

11/1/52

755‌

604‌

Cox

Communications,

2.95%,

10/1/50 (1)

230‌

137‌

Crown

Castle,

4.75%,

5/15/47

185‌

153‌

Interpublic

Group

of

Companies,

5.375%,

6/15/33

340‌

329‌

Meta

Platforms,

5.60%,

5/15/53

180‌

181‌

NBCUniversal

Media,

4.45%,

1/15/43

200‌

174‌

Rogers

Communications,

4.35%,

5/1/49

175‌

132‌

Rogers

Communications,

4.50%,

3/15/42

160‌

129‌

Rogers

Communications,

5.00%,

3/15/44

150‌

127‌

T-Mobile

USA,

5.05%,

7/15/33

250‌

241‌

T-Mobile

USA,

5.75%,

1/15/54

380‌

375‌

Time

Warner

Cable,

5.875%,

11/15/40

200‌

174‌

Verizon

Communications,

2.987%,

10/30/56

1,536‌

914‌

Videotron,

5.125%,

4/15/27 (1)

70‌

67‌

Vodafone

Group,

4.875%,

6/19/49

230‌

194‌

T.

ROWE

PRICE

Institutional

Long

Duration

Credit

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

‡

Warnermedia

Holdings,

5.05%,

3/15/42

485‌

398‌

6,890‌

Consumer

Cyclical

4.6%

Amazon.com,

4.95%,

12/5/44

250‌

246‌

AutoZone,

4.75%,

2/1/33

250‌

236‌

AutoZone,

5.20%,

8/1/33

200‌

195‌

Best

Buy,

1.95%,

10/1/30

200‌

160‌

CBRE

Services,

5.95%,

8/15/34

245‌

242‌

Dollar

General,

5.45%,

7/5/33 (3)

250‌

243‌

Home

Depot,

4.20%,

4/1/43

250‌

218‌

Home

Depot,

4.40%,

3/15/45

200‌

175‌

Lowe's,

5.85%,

4/1/63

300‌

292‌

Magna

International,

5.50%,

3/21/33

270‌

272‌

McDonald's,

4.20%,

4/1/50

90‌

74‌

McDonald's,

5.45%,

8/14/53

250‌

251‌

Mercedes-Benz

Finance

North

America,

5.05%,

8/3/33 (1)(3)

300‌

295‌

Tractor

Supply,

5.25%,

5/15/33

250‌

244‌

3,143‌

Consumer

Non-Cyclical

10.6%

AbbVie,

4.25%,

11/21/49

735‌

620‌

AbbVie,

4.50%,

5/14/35

200‌

188‌

Altria

Group,

5.80%,

2/14/39

140‌

136‌

Amgen,

5.65%,

3/2/53

525‌

518‌

Anheuser-Busch,

4.90%,

2/1/46

580‌

539‌

Anheuser-Busch

InBev

Worldwide,

5.45%,

1/23/39

305‌

309‌

Anheuser-Busch

InBev

Worldwide,

5.55%,

1/23/49

200‌

204‌

Astrazeneca

Finance,

4.875%,

3/3/33

200‌

200‌

Banner

Health,

2.913%,

1/1/51

115‌

74‌

BAT

Capital,

7.079%,

8/2/43

180‌

178‌

Becton

Dickinson

&

Company,

4.669%,

6/6/47

200‌

177‌

Biogen,

3.15%,

5/1/50

270‌

175‌

Centra

Health,

4.70%,

1/1/48

190‌

153‌

Cigna

Group,

3.875%,

10/15/47

370‌

283‌

CommonSpirit

Health,

3.91%,

10/1/50

170‌

128‌

CommonSpirit

Health,

4.187%,

10/1/49

135‌

107‌

CVS

Health,

4.125%,

4/1/40

130‌

106‌

CVS

Health,

5.05%,

3/25/48

465‌

409‌

CVS

Health,

6.00%,

6/1/63

250‌

245‌

Hackensack

Meridian

Health,

4.211%,

7/1/48

170‌

144‌

HCA,

4.375%,

3/15/42

80‌

63‌

HCA,

5.90%,

6/1/53

250‌

240‌

Mars,

4.75%,

4/20/33 (1)

225‌

221‌

Merck,

5.00%,

5/17/53

340‌

332‌

Nestle

Holdings,

4.85%,

3/14/33 (1)

300‌

300‌

Pfizer

Investment

Enterprises,

5.30%,

5/19/53

190‌

189‌

Reynolds

American,

5.70%,

8/15/35

150‌

139‌

Reynolds

American,

5.85%,

8/15/45

200‌

173‌

Sutter

Health,

5.547%,

8/15/53

95‌

96‌

Thermo

Fisher

Scientific,

5.404%,

8/10/43

350‌

353‌

Tyson

Foods,

5.10%,

9/28/48

195‌

169‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

West

Virginia

United

Health

System

Obligated

Group,

Series 2018,

4.924%,

6/1/48

95‌

79‌

7,247‌

Electric

6.4%

AEP

Texas,

5.40%,

6/1/33

220‌

217‌

American

Electric

Power,

5.625%,

3/1/33

250‌

250‌

Appalachian

Power,

6.375%,

4/1/36

145‌

151‌

Appalachian

Power,

7.00%,

4/1/38

200‌

221‌

Baltimore

Gas

&

Electric,

5.40%,

6/1/53

95‌

94‌

Berkshire

Hathaway

Energy,

6.125%,

4/1/36

300‌

314‌

Commonwealth

Edison,

5.30%,

2/1/53

40‌

39‌

Duke

Energy,

3.75%,

9/1/46

130‌

95‌

Duke

Energy

Indiana,

5.40%,

4/1/53

70‌

68‌

Duke

Energy

Progress,

5.35%,

3/15/53

200‌

194‌

El

Paso

Electric,

5.00%,

12/1/44

110‌

95‌

Exelon,

4.10%,

3/15/52

170‌

131‌

Florida

Power

&

Light,

2.875%,

12/4/51

130‌

84‌

Georgia

Power,

4.95%,

5/17/33

140‌

135‌

Kentucky

Utilities,

4.375%,

10/1/45

200‌

163‌

Louisville

Gas

&

Electric,

4.375%,

10/1/45

100‌

81‌

New

York

State

Electric

&

Gas,

5.85%,

8/15/33 (1)

90‌

91‌

NextEra

Energy

Capital

Holdings,

3.00%,

1/15/52

45‌

28‌

NextEra

Energy

Capital

Holdings,

5.25%,

2/28/53

85‌

79‌

Pacific

Gas

&

Electric,

6.15%,

1/15/33

150‌

146‌

PECO

Energy,

4.90%,

6/15/33

300‌

294‌

Pennsylvania

Electric,

6.15%,

10/1/38

165‌

160‌

Public

Service

Company

of

Colorado,

5.25%,

4/1/53

100‌

92‌

San

Diego

Gas

&

Electric,

Series TTT,

4.10%,

6/15/49

55‌

43‌

Southern,

4.25%,

7/1/36

430‌

374‌

Southern,

4.40%,

7/1/46

200‌

163‌

Southern

California

Edison,

5.875%,

12/1/53

250‌

248‌

Southern

California

Edison,

Series C,

4.125%,

3/1/48

150‌

118‌

Vistra

Operations,

4.30%,

7/15/29 (1)

225‌

199‌

4,367‌

Energy

5.0%

ConocoPhillips,

5.55%,

3/15/54

350‌

349‌

Diamondback

Energy,

4.25%,

3/15/52

170‌

128‌

Enbridge

Energy

Partners,

7.375%,

10/15/45

120‌

134‌

Energy

Transfer,

6.50%,

2/1/42

195‌

193‌

Enterprise

Products

Operating,

3.30%,

2/15/53

300‌

203‌

Kinder

Morgan

Energy

Partners,

6.95%,

1/15/38

195‌

208‌

MPLX,

5.65%,

3/1/53

300‌

271‌

Occidental

Petroleum,

4.40%,

4/15/46

350‌

268‌

T.

ROWE

PRICE

Institutional

Long

Duration

Credit

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

‡

ONEOK,

6.625%,

9/1/53

295‌

297‌

Ovintiv,

6.25%,

7/15/33

75‌

75‌

Southern

Natural

Gas,

4.80%,

3/15/47 (1)

205‌

166‌

Spectra

Energy

Partners,

5.95%,

9/25/43

115‌

110‌

Suncor

Energy,

4.00%,

11/15/47

310‌

231‌

Targa

Resources,

4.95%,

4/15/52 (3)

80‌

65‌

Targa

Resources,

6.50%,

2/15/53

100‌

99‌

TransCanada

PipeLines,

6.10%,

6/1/40 (3)

200‌

199‌

Transcanada

Trust,

VR,

5.30%,

3/15/77 (2)

120‌

104‌

Transcontinental

Gas

Pipe

Line,

4.60%,

3/15/48

275‌

227‌

Williams,

4.85%,

3/1/48

100‌

85‌

3,412‌

Finance

Companies

0.7%

AerCap

Ireland

Capital,

3.40%,

10/29/33

300‌

237‌

GATX,

5.45%,

9/15/33

250‌

245‌

482‌

Insurance

4.0%

American

International

Group,

5.125%,

3/27/33

75‌

72‌

Chubb

INA

Holdings,

2.85%,

12/15/51 (3)

100‌

66‌

Elevance

Health,

4.375%,

12/1/47

355‌

299‌

Elevance

Health,

5.125%,

2/15/53

100‌

94‌

Equitable

Holdings,

5.594%,

1/11/33

100‌

98‌

Humana,

5.50%,

3/15/53

75‌

73‌

Jackson

Financial,

4.00%,

11/23/51

300‌

200‌

Liberty

Mutual

Group,

4.85%,

8/1/44 (1)

180‌

146‌

Marsh

&

McLennan,

5.45%,

3/15/53

200‌

197‌

Principal

Financial

Group,

6.05%,

10/15/36

235‌

241‌

Reinsurance

Group

of

America,

6.00%,

9/15/33

250‌

251‌

Teachers

Insurance

&

Annuity

Assn.

of

America,

4.90%,

9/15/44 (1)

200‌

176‌

UnitedHealth

Group,

3.50%,

8/15/39

300‌

244‌

UnitedHealth

Group,

5.875%,

2/15/53

550‌

589‌

2,746‌

Miscellaneous

0.3%

Ally

Financial,

8.00%,

11/1/31

200‌

207‌

207‌

Natural

Gas

1.6%

Boston

Gas,

6.119%,

7/20/53 (1)

215‌

213‌

NiSource,

3.95%,

3/30/48

260‌

198‌

NiSource,

5.40%,

6/30/33

75‌

74‌

Piedmont

Natural

Gas,

5.40%,

6/15/33

250‌

246‌

Sempra,

4.00%,

2/1/48

120‌

91‌

Sempra,

5.50%,

8/1/33

250‌

247‌

1,069‌

Real

Estate

Investment

Trusts

0.9%

Alexandria

Real

Estate

Equities,

4.75%,

4/15/35

70‌

64‌

Essex

Portfolio,

4.50%,

3/15/48

130‌

103‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

NNN

REIT,

4.80%,

10/15/48

235‌

192‌

Public

Storage

Operating,

5.35%,

8/1/53

55‌

54‌

Simon

Property

Group,

5.85%,

3/8/53

200‌

195‌

608‌

Technology

3.4%

Apple,

2.95%,

9/11/49

400‌

283‌

Apple,

4.85%,

5/10/53 (3)

200‌

198‌

Fiserv,

4.40%,

7/1/49

185‌

151‌

Fiserv,

5.60%,

3/2/33

85‌

85‌

Microsoft,

2.921%,

3/17/52

250‌

176‌

Oracle,

3.95%,

3/25/51

350‌

256‌

Oracle,

5.55%,

2/6/53

630‌

586‌

Texas

Instruments,

5.00%,

3/14/53

250‌

242‌

Texas

Instruments,

5.05%,

5/18/63 (3)

180‌

172‌

Workday,

3.80%,

4/1/32 (3)

200‌

177‌

2,326‌

Transportation

2.4%

Burlington

Northern

Santa

Fe,

5.05%,

3/1/41

75‌

72‌

Burlington

Northern

Santa

Fe,

5.20%,

4/15/54

300‌

295‌

Canadian

Pacific

Railway,

3.10%,

12/2/51 (3)

125‌

85‌

CSX,

4.30%,

3/1/48

140‌

118‌

CSX,

4.50%,

11/15/52

400‌

348‌

ERAC

USA

Finance,

5.40%,

5/1/53 (1)

250‌

244‌

Norfolk

Southern,

4.837%,

10/1/41

250‌

227‌

Norfolk

Southern,

5.35%,

8/1/54

250‌

242‌

1,631‌

Total

Corporate

Bonds

(Cost

$50,415)

44,831‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

1.6%

Owned

No

Guarantee

0.4%

Petroleos

Mexicanos,

5.50%,

6/27/44

175‌

101‌

Petroleos

Mexicanos,

7.69%,

1/23/50 (3)

200‌

134‌

235‌

Sovereign

1.2%

Republic

of

Panama,

4.50%,

1/19/63

200‌

144‌

State

of

Qatar,

4.40%,

4/16/50 (1)

200‌

176‌

United

Mexican

States,

4.40%,

2/12/52

400‌

309‌

United

Mexican

States,

6.338%,

5/4/53

200‌

200‌

829‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$1,295)

1,064‌

MUNICIPAL

SECURITIES

7.3%

California

1.3%

Bay

Area

Toll

Auth.,

Series S-10,

3.276%,

4/1/50

400‌

289‌

California,

Various

Purpose,

GO,

5.20%,

3/1/43

350‌

337‌

T.

ROWE

PRICE

Institutional

Long

Duration

Credit

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

‡

Los

Angeles

Dept.

of

Water

&

Power,

Build

America,

6.574%,

7/1/45

200‌

233‌

859‌

District

of

Columbia

0.4%

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road

Revenue,

Build

America,

7.462%,

10/1/46

200‌

249‌

249‌

Florida

1.1%

Florida

Dev.

Finance,

Nova

Southeastern

Univ.,

Series B,

4.109%,

4/1/50

375‌

301‌

Miami-Dade

County

Transit

System,

Series B,

Build

America,

5.624%,

7/1/40

200‌

207‌

Miami-Dade

County

Water

&

Sewer

System,

Series C,

3.49%,

10/1/42

275‌

216‌

724‌

Georgia

0.6%

Municipal

Electric

Auth.

of

Georgia,

Build

America,

Vogtle

Units,

6.655%,

4/1/57

391‌

437‌

437‌

Illinois

0.3%

Illinois

Municipal

Electric

Agency,

Build

America,

6.832%,

2/1/35

205‌

219‌

219‌

Louisiana

0.1%

Louisiana

Local

Government

Environmental

Fac.,

CDA,

Series A,

4.475%,

8/1/39

90‌

84‌

84‌

Maryland

0.2%

Maryland

Economic

Development,

Seagirt

Marine

Terminal,

Series B,

4.75%,

6/1/42

150‌

119‌

119‌

Massachusetts

0.4%

Massachusetts

Bay

Transportation

Auth.,

Build

America,

5.869%,

7/1/40

115‌

120‌

Massachusetts

Water

Resources

Auth.,

Series C,

2.823%,

8/1/41

200‌

152‌

272‌

Michigan

0.3%

Gerald

R

Ford

Int'l.

Airport

Auth.,

Series A,

5.435%,

1/1/43

220‌

223‌

223‌

Minnesota

0.2%

Western

Minnesota

Municipal

Power

Agency,

Series A,

3.156%,

1/1/39

150‌

122‌

122‌

Tennessee

0.1%

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Ed.

Facs,

Vanderbilt

Univ.

Medical,

Series B,

3.235%,

7/1/52

85‌

53‌

53‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Texas

1.9%

Board

of

Regents

of

the

Univ.

of

Texas

System,

Series D,

Build

America,

5.134%,

8/15/42

200‌

200‌

Central

Texas

Regional

Mobility

Auth.,

Series E,

3.167%,

1/1/41

150‌

113‌

Central

Texas

Turnpike

System,

Series C,

3.029%,

8/15/41

305‌

217‌

Dallas/Fort

Worth

Int'l.

Airport,

Series A,

2.994%,

11/1/38

280‌

228‌

Dallas/Fort

Worth

Int'l.

Airport,

Series A,

4.507%,

11/1/51

150‌

134‌

Dallas/Fort

Worth

Int'l.

Airport,

Series A,

5.045%,

11/1/47

250‌

245‌

Texas

Natural

Gas

Securitization

Fin.,

Series 2023-1,

Class

A2,

5.169%,

4/1/41

45‌

45‌

Texas

Private

Activity

Bond

Surface

Transportation,

North

Tarrant

Express,

Series B,

3.922%,

12/31/49

125‌

101‌

1,283‌

Virginia

0.4%

Univ.

of

Virginia,

Series B,

2.584%,

11/1/51

300‌

196‌

Virginia

Commonwealth

Univ.

Health

System

Auth.,

Series A,

4.956%,

1/1/44

105‌

97‌

293‌

Total

Municipal

Securities

(Cost

$5,416)

4,937‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

0.9%

Commercial

Mortgage-Backed

Securities

0.9%

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC

Series K137,

Class

A2,

ARM

2.347%,

11/25/31

460‌

383‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC

Series K150,

Class

A2,

ARM

3.71%,

9/25/32

265‌

244‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$657)

627‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

21.9%

U.S.

Treasury

Obligations

21.9%

U.S.

Treasury

Bonds,

1.75%,

8/15/41

620‌

417‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51

90‌

57‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52

540‌

364‌

U.S.

Treasury

Bonds,

2.375%,

2/15/42

75‌

56‌

U.S.

Treasury

Bonds,

2.50%,

2/15/45

85‌

62‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52

480‌

383‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42

5,605‌

4,863‌

T.

ROWE

PRICE

Institutional

Long

Duration

Credit

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

‡

U.S.

Treasury

Bonds,

3.625%,

2/15/53

2,755‌

2,482‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53

320‌

289‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43

4,000‌

3,721‌

U.S.

Treasury

Bonds,

3.875%,

5/15/43

1,410‌

1,311‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52

975‌

941‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-

Backed)

(Cost

$15,696)

14,946‌

SHORT-TERM

INVESTMENTS

1.0%

Money

Market

Funds

1.0%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (4)(5)

714‌

714‌

Total

Short-Term

Investments

(Cost

$714)

714‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

SECURITIES

LENDING

COLLATERAL

2.8%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

2.8%

Money

Market

Funds

2.8%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (4)(5)

1,914‌

1,914‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

1,914‌

Total

Securities

Lending

Collateral

(Cost

$1,914)

1,914‌

Total

Investments

in

Securities

101.3%

(Cost

$76,107)

$

69,033‌

Other

Assets

Less

Liabilities

(1.3)%

(

903‌

)

Net

Assets

100.0%

$

68,130‌

‡

Par/Shares

and

Notional

Amount

are

denominated

in

U.S.

dollars

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

$3,465

and

represents

5.1%

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

are

provided

if

the

rate

is

currently

floating.

(3)

All

or

a

portion

of

this

security

is

on

loan

at

August

31,

2023.

(4)

Seven-day

yield

(5)

Affiliated

Companies

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans.

CDA

Community

Development

Administration/Authority

GO

General

Obligation

PTC

Pass-Through

Certificate

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.

T.

ROWE

PRICE

Institutional

Long

Duration

Credit

Fund

6

(Amounts

in

000s)

SWAPS

0.6%

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.6%

Credit

Default

Swaps,

Protection

Sold

0.6%

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S39,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

2,970

124

(85)

209‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S40,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

4,500

173

35

138‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S39,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

3,200

54

14

40‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S40,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

2,750

49

22

27‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

414‌

Total

Centrally

Cleared

Swaps

414‌

Net

payments

(receipts)

of

variation

margin

to

date

(

428‌

)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(

14‌

)

T.

ROWE

PRICE

Institutional

Long

Duration

Credit

Fund

7

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

27

U.S.

Treasury

Long

Bond

contracts

12/23

3,285

$

47‌

Short,

8

U.S.

Treasury

Notes

ten

year

contracts

12/23

(888)

(

9‌

)

Long,

6

Ultra

U.S.

Treasury

Bonds

contracts

12/23

777

12‌

Short,

7

Ultra

U.S.

Treasury

Notes

ten

year

contracts

12/23

(813)

(

10‌

)

Net

payments

(receipts)

of

variation

margin

to

date

(

28‌

)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

12‌

T.

ROWE

PRICE

Institutional

Long

Duration

Credit

Fund

8

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

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

August

31,

2023.

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.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

—‌

$

—‌

$

9‌

++

Totals

$

—‌

#

$

—‌

$

9‌

+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/23

Purchase

Cost

Sales

Cost

Value

08/31/23

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

1,278‌

¤

¤

$

2,628‌

Total

$

2,628‌

^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$9

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

$2,628.

T.

ROWE

PRICE

Institutional

Long

Duration

Credit

Fund

Unaudited

9

Notes

to

Portfolio

of

Investments

T.

Rowe

Price

Institutional

Long

Duration

Credit

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

Fair

Value

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,

and

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 fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

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

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

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.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee 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

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

T.

ROWE

PRICE

Institutional

Long

Duration

Credit

Fund

10

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

August

31,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

E151-054Q1

08/23

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

66,405‌

$

—‌

$

66,405‌

Short-Term

Investments

714‌

—‌

—‌

714‌

Securities

Lending

Collateral

1,914‌

—‌

—‌

1,914‌

Total

Securities

2,628‌

66,405‌

—‌

69,033‌

Swaps*

—‌

414‌

—‌

414‌

Futures

Contracts*

59‌

—‌

—‌

59‌

Total

$

2,687‌

$

66,819‌

$

—‌

$

69,506‌

Liabilities

Futures

Contracts*

$

19‌

$

—‌

$

—‌

$

19‌

1

Includes

Corporate

Bonds,

Foreign

Government

Obligations

&

Municipalities,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

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