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T. Rowe Price Institutional Income Funds NPORT-PT. Rowe Price Institutional Floating Rate Fund (Feb 2024 report)

Filed: 25 Apr 24, 2:37pm

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

February

29,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

BANK

LOANS

86.6%

(1)

Aerospace

&

Defense

2.3%

Apple

Bidco,

FRN,

1M

TSFR

+

2.75%,

8.191%,

9/22/28

2,336‌

2,325‌

Apple

Bidco,

FRN,

1M

TSFR

+

3.50%,

8.826%,

9/22/28

3,905‌

3,907‌

Bleriot

U.S.

Bidco,

FRN,

3M

TSFR

+

4.00%,

9.61%,

10/31/28

5,657‌

5,666‌

Brown

Group

Holding,

FRN,

1M

TSFR

+

3.00%,

8.324%,

7/2/29

3,737‌

3,730‌

Dynasty

Acquisition,

FRN,

1M

TSFR

+

4.00%,

9.326%,

8/24/28

33,940‌

34,006‌

Peraton,

FRN,

1M

TSFR

+

3.75%,

9.176%,

2/1/28

5,536‌

5,536‌

Peraton,

FRN,

3M

TSFR

+

7.75%,

13.176%,

2/1/29 (2)

4,891‌

4,884‌

TransDigm,

FRN,

1M

TSFR

+

3.25%,

8.598%,

2/22/27

5,883‌

5,896‌

TransDigm,

FRN,

1M

TSFR

+

3.25%,

8.598%,

8/24/28

15,901‌

15,927‌

TransDigm,

FRN,

1M

TSFR

+

3.25%,

8.598%,

2/28/31 (2)

12,040‌

12,081‌

93,958‌

Airlines

2.4%

AAdvantage

Loyalty

IP,

FRN,

3M

TSFR

+

4.75%,

10.329%,

4/20/28

46,202‌

47,711‌

Mileage

Plus

Holdings,

FRN,

3M

TSFR

+

5.25%,

10.77%,

6/21/27

38,089‌

39,193‌

SkyMiles

IP,

FRN,

3M

TSFR

+

3.75%,

9.068%,

10/20/27

8,679‌

8,915‌

95,819‌

Automotive

3.3%

Adient

U.S.,

FRN,

1M

TSFR

+

2.75%,

8.076%,

1/31/31

2,654‌

2,656‌

Autokiniton

U.S.

Holdings,

FRN,

1M

TSFR

+

4.00%,

9.441%,

4/6/28

14,994‌

14,994‌

Belron

Finance

U.S.,

FRN,

1M

TSFR

+

2.25%,

7.664%,

4/18/29

6,179‌

6,174‌

Clarios

Global,

FRN,

1M

TSFR

+

3.00%,

8.326%,

5/6/30

8,355‌

8,353‌

Dexko

Global,

FRN,

3M

TSFR

+

3.75%,

9.098%,

10/4/28

3,436‌

3,421‌

Fastlane

Parent,

FRN,

1M

TSFR

+

4.50%,

9.826%,

9/29/28

3,519‌

3,516‌

Mavis

Tire

Express

Services

Topco,

FRN,

1M

TSFR

+

3.75%,

9.076%,

5/4/28

27,747‌

27,743‌

Tenneco,

FRN,

1M

TSFR

+

5.00%,

10.419%,

11/17/28

18,072‌

17,007‌

Wand

NewCo

3,

FRN,

1M

TSFR

+

3.75%,

9.076%,

1/30/31

49,123‌

49,184‌

133,048‌

Broadcasting

2.6%

Clear

Channel

Outdoor

Holdings,

FRN,

3M

TSFR

+

3.50%,

9.074%,

8/21/26

18,489‌

18,376‌

CMG

Media,

FRN,

3M

TSFR

+

3.50%,

8.948%,

12/17/26

25,965‌

21,714‌

iHeartCommunications,

FRN,

1M

TSFR

+

3.25%,

8.691%,

5/1/26

7,721‌

6,551‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

NEP

Group,

FRN,

1M

TSFR

+

7.00%,

12.441%,

10/19/26

3,845‌

3,090‌

Neptune

Bidco

U.S.,

FRN,

1M

TSFR

+

5.00%,

10.423%,

4/11/29

22,803‌

20,910‌

Nielsen

Holdings,

FRN,

3M

TSFR

+

9.75%,

15.257%,

10/11/29 (3)

9,435‌

9,246‌

Univision

Communications,

FRN,

1M

TSFR

+

3.25%,

8.691%,

3/15/26

13,647‌

13,625‌

Univision

Communications,

FRN,

1M

TSFR

+

3.25%,

8.691%,

1/31/29

6,398‌

6,370‌

Univision

Communications,

FRN,

3M

TSFR

+

4.25%,

9.598%,

6/24/29

6,099‌

6,099‌

105,981‌

Building

Products

0.5%

Chariot

Buyer,

FRN,

1M

TSFR

+

3.75%,

9.076%,

11/3/28

6,420‌

6,412‌

Hunter

Douglas,

FRN,

3M

TSFR

+

3.50%,

8.824%,

2/26/29

6,637‌

6,549‌

Summit

Materials,

FRN,

1M

TSFR

+

2.50%,

7.826%,

1/12/29

2,310‌

2,315‌

Touchdown

Acquirer,

FRN,

1M

USD

LIBOR

+

4.00%,

2/7/31 (2)(4)

6,725‌

6,725‌

22,001‌

Cable

Operators

1.7%

Altice

Financing,

FRN,

1M

TSFR

+

5.00%,

10.314%,

10/31/27

6,651‌

6,623‌

Altice

Financing,

FRN,

3M

EURIBOR

+

5.00%,

8.942%,

10/31/27

(EUR)

4,005‌

4,251‌

Altice

France,

FRN,

1M

TSFR

+

5.50%,

10.814%,

8/15/28

29,075‌

26,822‌

CSC

Holdings,

FRN,

1M

TSFR

+

4.50%,

9.818%,

1/18/28

10,412‌

10,110‌

CSC

Holdings,

FRN,

1M

USD

LIBOR

+

2.50%,

7.932%,

4/15/27

6,168‌

5,760‌

Directv

Financing,

FRN,

1M

TSFR

+

5.00%,

10.441%,

8/2/27

4,856‌

4,849‌

Radiate

Holdco,

FRN,

1M

TSFR

+

3.25%,

8.691%,

9/25/26

12,016‌

9,843‌

68,258‌

Chemicals

1.9%

Aruba

Investments

Holdings,

FRN,

1M

TSFR

+

4.00%,

9.426%,

11/24/27

7,072‌

7,019‌

Aruba

Investments

Holdings,

FRN,

1M

TSFR

+

7.75%,

13.176%,

11/24/28

4,525‌

4,284‌

Avient,

FRN,

1M

TSFR

+

2.50%,

7.826%,

8/29/29

4,005‌

4,013‌

Axalta

Coating

Systems

U.S.

Holdings,

FRN,

1M

TSFR

+

2.50%,

7.848%,

12/20/29

5,497‌

5,499‌

Nouryon

USA,

FRN,

1M

TSFR

+

4.00%,

9.419%,

4/3/28

23,738‌

23,713‌

Nouryon

USA,

FRN,

1M

TSFR

+

4.00%,

9.423%,

4/3/28

5,786‌

5,782‌

Windsor

Holdings

III,

FRN,

1M

TSFR

+

4.50%,

9.823%,

8/1/30 (2)

12,940‌

12,950‌

WR

Grace

Holdings,

FRN,

3M

TSFR

+

3.75%,

9.36%,

9/22/28 (2)

15,506‌

15,482‌

78,742‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

‡

Consumer

Products

0.5%

ABG

Intermediate

Holdings

2,

FRN,

1M

TSFR

+

3.50%,

8.926%,

1/31/29

6,901‌

6,914‌

Life

Time,

FRN,

1M

TSFR

+

4.25%,

9.824%,

1/15/26

11,292‌

11,340‌

18,254‌

Container

1.4%

Albea

Beauty

Holdings,

FRN,

3M

EURIBOR

+

5.00%,

8.925%,

12/31/27

(EUR)

3,880‌

4,181‌

Charter

Next

Generation,

FRN,

1M

TSFR

+

3.50%,

8.826%,

12/1/27

47,402‌

47,369‌

Proampac

PG

Borrower,

FRN,

1M

TSFR

+

4.50%,

9.806%,

9/15/28

3,829‌

3,829‌

55,379‌

Energy

2.4%

Brazos

Delaware

II,

FRN,

1M

TSFR

+

3.75%,

9.07%,

2/11/30

7,511‌

7,499‌

CQP

Holdco,

FRN,

3M

TSFR

+

3.00%,

8.348%,

12/31/30

7,612‌

7,605‌

EPIC

Crude

Services,

FRN,

6M

TSFR

+

5.00%,

10.771%,

3/2/26

7,954‌

7,963‌

M6

ETX

Holdings

II

Midco,

FRN,

1M

TSFR

+

4.50%,

9.926%,

9/19/29

12,498‌

12,482‌

Medallion

Midland

Acquisition,

FRN,

1M

TSFR

+

3.50%,

8.864%,

10/18/28

22,896‌

22,889‌

NGL

Energy

Operating,

FRN,

1M

TSFR

+

4.50%,

9.826%,

2/3/31 (2)

13,264‌

13,297‌

Northriver

Midstream

Finance,

FRN,

3M

TSFR

+

3.00%,

8.33%,

8/16/30

11,283‌

11,280‌

Prairie

ECI

Acquiror,

FRN,

1M

TSFR

+

4.75%,

10.176%,

3/11/26

12,935‌

12,858‌

Whitewater

Whistler

Holdings,

FRN,

1M

TSFR

+

2.75%,

8.08%,

2/15/30

2,251‌

2,249‌

98,122‌

Entertainment

&

Leisure

4.9%

Cinemark

USA,

FRN,

1M

TSFR

+

3.75%,

9.083%,

5/24/30

5,691‌

5,692‌

Delta

2,

FRN,

1M

TSFR

+

2.25%,

7.598%,

1/15/30

34,583‌

34,531‌

Motion

Finco,

FRN,

3M

TSFR

+

3.25

%,

8.86%,

11/12/29 (2)

22,689‌

22,604‌

Pug,

FRN,

1M

TSFR

+

3.50%,

8.941%,

2/12/27 (2)

13,848‌

13,581‌

Pug,

FRN,

1M

TSFR

+

4.25%,

9.691%,

2/12/27

16,538‌

16,456‌

SeaWorld

Parks

&

Entertainment,

FRN,

1M

TSFR

+

2.50%,

7.826%,

8/25/28

20,846‌

20,815‌

UFC

Holdings,

FRN,

1M

TSFR

+

2.75%,

8.336%,

4/29/26

68,257‌

68,289‌

William

Morris

Endeavor

Entertainment,

FRN,

1M

TSFR

+

2.75%,

8.191%,

5/18/25

17,718‌

17,690‌

199,658‌

Financial

12.7%

Acrisure,

FRN,

1M

USD

LIBOR

+

3.50%,

8.941%,

2/15/27

6,837‌

6,818‌

Acrisure,

FRN,

1M

USD

LIBOR

+

3.75%,

9.191%,

2/15/27

4,170‌

4,161‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Acrisure,

FRN,

1M

USD

LIBOR

+

4.25%,

9.691%,

2/15/27

18,666‌

18,673‌

Alliant

Holdings

Intermediate,

FRN,

1M

TSFR

+

3.50%,

8.821%,

11/6/30

31,241‌

31,247‌

Aretec

Group,

FRN,

1M

TSFR

+

4.50%,

9.926%,

8/9/30

4,154‌

4,168‌

Armor

Holdco,

FRN,

6M

TSFR

+

4.50%,

9.934%,

12/11/28

4,073‌

4,079‌

AssuredPartners,

FRN,

1M

TSFR

+

3.50%,

2/14/31 (2)

15,714‌

15,704‌

AssuredPartners,

FRN,

1M

TSFR

+

3.50%,

8.826%,

2/12/27 (2)

12,167‌

12,167‌

AssuredPartners,

FRN,

1M

TSFR

+

3.50%,

8.941%,

2/12/27

18,114‌

18,114‌

AssuredPartners,

FRN,

1M

TSFR

+

3.50%,

8.941%,

2/12/27

6,876‌

6,878‌

AssuredPartners,

FRN,

1M

TSFR

+

3.75%,

9.076%,

2/12/27

32,114‌

32,130‌

Citadel

Securities,

FRN,

1M

TSFR

+

2.25%,

7.576%,

7/29/30

7,170‌

7,161‌

Citco

Funding,

FRN,

1M

TSFR

+

3.50%,

8.672%,

4/27/28

4,273‌

4,277‌

Citco

Group,

FRN,

1M

TSFR

+

3.25%,

8.422%,

4/27/28

6,628‌

6,631‌

Claros

Mortgage

Trust,

FRN,

1M

TSFR

+

4.50%,

9.921%,

8/9/26 (4)

4,441‌

4,086‌

Edelman

Financial

Engines

Center,

FRN,

1M

TSFR

+

3.50%,

8.941%,

4/7/28

11,177‌

11,137‌

Edelman

Financial

Engines

Center,

FRN,

1M

TSFR

+

6.75%,

12.191%,

7/20/26

20,157‌

20,186‌

EIG

Management,

FRN,

1M

TSFR

+

3.75%,

9.176%,

2/24/25 (4)

7,346‌

7,336‌

Focus

Financial

Partners,

FRN,

1M

TSFR

+

2.75%,

8.076%,

6/30/28

17,898‌

17,764‌

Hightower

Holding,

FRN,

3M

TSFR

+

4.00%,

9.586%,

4/21/28 (2)

19,192‌

19,168‌

HUB

International,

FRN,

1M

TSFR

+

3.25%,

8.574%,

6/20/30

104,794‌

104,663‌

Jane

Street

Group,

FRN,

1M

TSFR

+

2.50%,

7.941%,

1/26/28

16,840‌

16,795‌

Jones

Deslauriers

Insurance

Management,

FRN,

1M

TSFR

+

3.50%,

8.801%,

3/15/30 (2)

21,148‌

21,157‌

OneDigital

Borrower,

FRN,

3M

TSFR

+

4.25%,

9.676%,

11/16/27

5,960‌

5,956‌

Osaic

Holdings,

FRN,

1M

TSFR

+

4.50%,

9.826%,

8/17/28

5,844‌

5,840‌

Osaic

Holdings,

FRN,

1M

USD

LIBOR

+

4.00%,

8/16/28 (2)

6,350‌

6,346‌

Ryan

Specialty,

FRN,

1M

TSFR

+

2.75%,

8.076%,

9/1/27

4,033‌

4,033‌

Sedgwick

Claims

Management

Services,

FRN,

1M

TSFR

+

3.75%,

9.076%,

2/24/28

31,417‌

31,442‌

Tegra118

Wealth

Solutions,

FRN,

3M

TSFR

+

4.00%,

9.319%,

2/18/27

4,988‌

4,738‌

USI,

FRN,

1M

TSFR

+

3.00%,

8.348%,

11/22/29 (2)

32,892‌

32,851‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

‡

USI,

FRN,

1M

TSFR

+

3.25%,

8.598%,

9/27/30 (2)

29,485‌

29,467‌

515,173‌

Food

1.0%

Chobani,

FRN,

1M

TSFR

+

3.75%,

9.068%,

10/25/27

7,133‌

7,140‌

Naked

Juice,

FRN,

3M

TSFR

+

6.00%,

11.448%,

1/24/30

6,679‌

5,366‌

Primary

Products

Finance,

FRN,

1M

TSFR

+

3.50%,

8.94%,

4/1/29

8,083‌

8,075‌

Simply

Good

Foods

USA,

FRN,

1M

TSFR

+

2.50%,

7.929%,

3/17/27

6,437‌

6,429‌

Triton

Water

Holdings,

FRN,

1M

TSFR

+

3.25%,

8.86%,

3/31/28

8,303‌

8,150‌

Triton

Water

Holdings,

FRN,

1M

USD

LIBOR

+

4.00%,

3/31/28 (2)

3,290‌

3,232‌

Woof

Holdings,

FRN,

1M

TSFR

+

3.75%,

9.36%,

12/21/27

3,769‌

3,048‌

41,440‌

Gaming

2.2%

Caesars

Entertainment,

FRN,

1M

TSFR

+

2.75%,

8.04%,

2/6/31

15,655‌

15,622‌

Caesars

Entertainment,

FRN,

1M

TSFR

+

3.25%,

8.663%,

2/6/30

10,898‌

10,899‌

Great

Canadian

Gaming,

FRN,

3M

TSFR

+

4.00%,

9.633%,

11/1/26

15,388‌

15,377‌

HRNI

Holdings,

FRN,

3M

TSFR

+

4.25%,

9.748%,

12/11/28

17,635‌

17,260‌

Light

&

Wonder

International,

FRN,

1M

TSFR

+

2.75%,

8.07%,

4/14/29

8,298‌

8,295‌

Ontario

Gaming

GTA,

FRN,

1M

TSFR

+

4.25%,

9.598%,

8/1/30 (2)

12,565‌

12,548‌

Playtika

Holding,

FRN,

1M

TSFR

+

2.75%,

8.191%,

3/13/28

4,107‌

4,094‌

Scientific

Games

Holdings,

FRN,

3M

TSFR

+

3.25%,

8.58%,

4/4/29

4,021‌

4,011‌

88,106‌

Health

Care

8.6%

AthenaHealth

Group,

FRN,

1M

TSFR

+

3.25%,

8.576%,

2/15/29

36,403‌

36,056‌

Auris

Luxembourg

III,

FRN,

6M

TSFR

+

3.75%,

9.619%,

2/27/26

15,893‌

15,734‌

Azalea

Topco,

FRN,

1M

TSFR

+

3.75%,

9.176%,

7/24/26

4,258‌

4,227‌

Azalea

Topco,

FRN,

1M

TSFR

+

3.75%,

9.191%,

7/24/26

8,093‌

8,032‌

Bausch

+

Lomb,

FRN,

1M

TSFR

+

3.25%,

8.671%,

5/10/27

6,707‌

6,637‌

Financiere

Mendel,

FRN,

1M

TSFR

+

4.25%,

9.564%,

11/12/30

4,400‌

4,402‌

Gainwell

Acquisition,

FRN,

3M

TSFR

+

4.00%,

9.448%,

10/1/27

21,538‌

20,461‌

Heartland

Dental,

FRN,

1M

TSFR

+

5.00%,

10.32%,

4/28/28

17,950‌

17,950‌

ICON

Luxembourg,

FRN,

3M

TSFR

+

2.25%,

7.86%,

7/3/28

4,833‌

4,839‌

LifePoint

Health,

FRN,

1M

TSFR

+

5.50%,

11.087%,

11/16/28

16,125‌

16,130‌

MED

ParentCo,

FRN,

1M

TSFR

+

4.25%,

9.691%,

8/31/26

7,552‌

7,476‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

MED

ParentCo,

FRN,

1M

TSFR

+

8.25%,

13.691%,

8/30/27

2,000‌

1,970‌

Medline

Borrower,

FRN,

1M

TSFR

+

3.00%,

8.441%,

10/23/28

57,238‌

57,241‌

PetVet

Care

Centers,

FRN,

1M

TSFR

+

6.00%,

9.186%,

10/24/30 (4)

5,435‌

5,421‌

Phoenix

Newco,

FRN,

1M

TSFR

+

3.25%,

8.691%,

11/15/28

19,970‌

19,946‌

Project

Ruby

Ultimate

Parent,

FRN,

1M

TSFR

+

3.25%,

8.691%,

3/10/28

6,015‌

5,974‌

Sebia,

FRN,

1M

TSFR

+

4.75%,

10.098%,

12/13/27

13,993‌

13,993‌

Select

Medical,

FRN,

1M

TSFR

+

3.00%,

8.326%,

3/6/27

3,812‌

3,804‌

Southern

Veterinary

Partners,

FRN,

1M

TSFR

+

7.75%,

13.176%,

10/5/28

2,311‌

2,305‌

Star

Parent,

FRN,

3M

TSFR

+

4.00%,

9.348%,

9/27/30

17,930‌

17,695‌

Summit

Behavioral

Healthcare,

FRN,

3M

TSFR

+

4.75%,

11/24/28 (2)

895‌

893‌

Sunshine

Luxembourg

VII,

FRN,

3M

TSFR

+

3.50%,

8.948%,

10/1/26

22,220‌

22,242‌

Surgery

Center

Holdings,

FRN,

1M

TSFR

+

3.50%,

8.82%,

12/5/30

26,303‌

26,332‌

VetStrategy

Canada

Holdings,

FRN,

1M

TSFR

+

5.50%,

10.866%,

12/12/28

5,305‌

5,308‌

Waystar

Technologies,

FRN,

1M

TSFR

+

4.00%,

9.326%,

10/22/29

21,292‌

21,292‌

346,360‌

Information

Technology

14.4%

Applied

Systems,

FRN,

1M

TSFR

+

3.50%,

8.821%,

2/24/31

55,809‌

56,007‌

Applied

Systems,

FRN,

1M

TSFR

+

5.25%,

2/23/32 (2)

47,869‌

48,946‌

AppLovin,

FRN,

1M

TSFR

+

3.10%,

8.426%,

10/25/28

10,829‌

10,832‌

Boxer

Parent,

FRN,

1M

TSFR

+

4.25%,

9.576%,

12/29/28 (2)

60,080‌

60,244‌

Capstone

Borrower,

FRN,

1M

TSFR

+

3.75%,

9.098%,

6/17/30

12,626‌

12,567‌

Central

Parent,

FRN,

3M

TSFR

+

4.00%,

9.348%,

7/6/29

42,642‌

42,723‌

Cloud

Software

Group,

FRN,

1M

TSFR

+

4.50%,

9.948%,

3/30/29

54,330‌

53,809‌

ConnectWise,

FRN,

1M

TSFR

+

3.50%,

9.11%,

9/29/28

6,623‌

6,608‌

Conservice

Midco,

FRN,

1M

TSFR

+

4.00%,

9.326%,

5/13/27 (2)

3,296‌

3,304‌

Delta

Topco,

FRN,

3M

TSFR

+

7.25%,

12.621%,

12/1/28

16,065‌

16,025‌

Delta

Topco,

FRN,

6M

TSFR

+

3.75%,

9.121%,

12/1/27

5,881‌

5,870‌

ECI

Macola,

FRN,

3M

TSFR

+

3.75%,

9.36%,

11/9/27

13,295‌

13,282‌

Ellucian

Holdings,

FRN,

1M

TSFR

+

3.50%,

8.926%,

10/7/27

31,932‌

31,892‌

Ellucian

Holdings,

FRN,

1M

TSFR

+

4.25%,

9.576%,

10/7/27

10,648‌

10,628‌

Ellucian

Holdings,

FRN,

1M

USD

LIBOR

+

3.50%,

10/26/29 (2)

13,400‌

13,383‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

‡

Epicor

Software,

FRN,

1M

TSFR

+

3.25%,

8.691%,

7/30/27 (2)

61,526‌

61,661‌

Epicor

Software,

FRN,

1M

TSFR

+

3.75%,

9.076%,

7/30/27

5,100‌

5,122‌

Fleet

U.S.

Bidco,

FRN,

1M

TSFR

+

3.25%,

2/21/31 (2)(4)

6,835‌

6,826‌

Gen

Digital,

FRN,

1M

TSFR

+

1.75%,

7.176%,

9/10/27

8,151‌

8,100‌

Go

Daddy

Operating,

FRN,

1M

TSFR

+

2.00%,

7.326%,

11/9/29

5,811‌

5,801‌

Infinite

Bidco,

FRN,

3M

TSFR

+

7.00%,

12.574%,

3/2/29

7,387‌

6,144‌

McAfee,

FRN,

1M

TSFR

+

3.75%,

9.176%,

3/1/29

28,198‌

28,021‌

MH

Sub

I,

FRN,

1M

TSFR

+

4.25%,

9.576%,

5/3/28

5,215‌

5,125‌

MH

Sub

I,

FRN,

1M

TSFR

+

6.25%,

11.576%,

2/23/29

3,679‌

3,534‌

Mosel

Bidco,

FRN,

1M

TSFR

+

4.75%,

10.098%,

9/16/30 (4)

3,150‌

3,154‌

Proofpoint,

FRN,

1M

TSFR

+

6.25%,

11.691%,

8/31/29 (2)

8,110‌

8,090‌

RealPage,

FRN,

1M

TSFR

+

3.00%,

8.441%,

4/24/28

22,436‌

21,817‌

RealPage,

FRN,

1M

TSFR

+

6.50%,

11.941%,

4/23/29 (2)

20,200‌

20,028‌

Uber

Technologies,

FRN,

3M

TSFR

+

2.75%,

8.135%,

3/3/30

14,125‌

14,155‌

583,698‌

Lodging

0.8%

Aimbridge

Acquisition,

FRN,

1M

TSFR

+

3.75%,

9.191%,

2/2/26

18,672‌

17,811‌

Aimbridge

Acquisition,

FRN,

1M

TSFR

+

4.75%,

10.191%,

2/2/26

11,429‌

11,008‌

Four

Seasons

Hotels,

FRN,

1M

TSFR

+

2.00%,

7.321%,

11/30/29

2,529‌

2,528‌

31,347‌

Manufacturing

3.8%

Engineered

Machinery

Holdings,

FRN,

1M

TSFR

+

3.75%,

9.36%,

5/19/28

21,625‌

21,350‌

Engineered

Machinery

Holdings,

FRN,

3M

TSFR

+

6.00%,

11.61%,

5/21/29 (4)

19,366‌

18,881‌

Engineered

Machinery

Holdings,

FRN,

3M

TSFR

+

6.50%,

12.11%,

5/21/29 (4)

9,917‌

9,669‌

Filtration

Group,

FRN,

1M

TSFR

+

3.50%,

8.941%,

10/21/28

9,825‌

9,820‌

Filtration

Group,

FRN,

1M

TSFR

+

4.25%,

9.691%,

10/21/28

43,435‌

43,443‌

LTI

Holdings,

FRN,

1M

TSFR

+

3.50%,

8.941%,

9/6/25 (2)

20,838‌

20,525‌

LTI

Holdings,

FRN,

1M

TSFR

+

4.75%,

10.191%,

7/24/26

6,440‌

6,335‌

LTI

Holdings,

FRN,

1M

TSFR

+

6.75%,

12.191%,

9/6/26

7,838‌

7,207‌

Pro

Mach

Group,

FRN,

1M

TSFR

+

3.75%,

9.076%,

8/31/28

11,471‌

11,480‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Watlow

Electric

Manufacturing,

FRN,

1M

TSFR

+

3.75%,

9.329%,

3/2/28

3,956‌

3,949‌

152,659‌

Metals

&

Mining

0.5%

Arsenal

AIC

Parent,

FRN,

1M

TSFR

+

3.75%,

9.07%,

8/18/30

18,820‌

18,812‌

18,812‌

Restaurants

1.7%

BCPE

Grill

Parent,

FRN,

1M

TSFR

+

4.75%,

10.076%,

9/30/30

6,175‌

6,105‌

Dave

&

Buster's,

FRN,

1M

TSFR

+

3.25%,

8.625%,

6/29/29

19,859‌

19,875‌

IRB

Holding,

FRN,

1M

TSFR

+

2.75%,

8.176%,

12/15/27 (2)

41,708‌

41,636‌

67,616‌

Retail

0.4%

CNT

Holdings

I,

FRN,

1M

TSFR

+

3.50%,

8.817%,

11/8/27

18,032‌

18,010‌

18,010‌

Satellites

1.0%

Iridium

Satellite,

FRN,

1M

TSFR

+

2.50%,

7.826%,

9/20/30

31,607‌

31,559‌

Viasat,

FRN,

1M

TSFR

+

4.50%,

9.938%,

5/30/30

7,945‌

7,802‌

39,361‌

Services

10.6%

Advantage

Sales

&

Marketing,

FRN,

1M

TSFR

+

4.50%,

10.092%,

10/28/27

3,942‌

3,931‌

AG

Group

Holdings,

FRN,

1M

TSFR

+

4.00%,

9.326%,

12/29/28

4,001‌

3,958‌

Albion

Financing

3,

FRN,

3M

TSFR

+

5.25%,

10.827%,

8/17/26

12,620‌

12,652‌

Allied

Universal

Holdco,

FRN,

1M

TSFR

+

3.75%,

9.176%,

5/12/28

10,081‌

10,034‌

Allied

Universal

Holdco,

FRN,

1M

TSFR

+

4.75%,

10.076%,

5/12/28

18,055‌

18,055‌

Anticimex

Global,

FRN,

3M

TSFR

+

3.15%,

8.461%,

11/16/28

9,849‌

9,812‌

Ascend

Learning,

FRN,

1M

TSFR

+

3.50%,

8.926%,

12/11/28

14,604‌

14,340‌

Ascend

Learning,

FRN,

1M

TSFR

+

5.75%,

11.176%,

12/10/29

33,006‌

31,686‌

CD&R

Firefly

Bidco,

FRN,

3M

EURIBOR

+

4.75%,

8.662%,

6/21/28

(EUR)

1,500‌

1,614‌

Crown

Subsea

Communications

Holding,

FRN,

1M

TSFR

+

4.75%,

10.067%,

1/30/31

8,480‌

8,512‌

Dayforce,

FRN,

1M

TSFR

+

2.50%,

2/16/31 (2)(4)

6,460‌

6,444‌

Dun

&

Bradstreet,

FRN,

1M

TSFR

+

2.75%,

8.074%,

1/18/29

6,203‌

6,185‌

EG

America,

FRN,

1M

TSFR

+

5.50%,

11.308%,

2/7/28

5,971‌

5,859‌

EG

Finco,

FRN,

3M

EURIBOR

+

7.00%,

10.925%,

4/30/27

(EUR)

8,040‌

8,070‌

Fugue

Finance,

FRN,

1M

TSFR

+

3.75%,

9.074%,

2/13/31

3,145‌

3,142‌

GFL

Environmental,

FRN,

1M

TSFR

+

2.50%,

7.816%,

5/31/27

11,311‌

11,318‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

‡

GTCR

W

Merger,

FRN,

1M

TSFR

+

3.00%,

8.326%,

1/31/31

41,825‌

41,947‌

HomeServe

USA,

FRN,

1M

TSFR

+

3.00%,

8.32%,

10/21/30

6,650‌

6,642‌

Mermaid

Bidco,

FRN,

1M

TSFR

+

4.25%,

9.581%,

12/22/27 (4)

10,112‌

10,125‌

Planet

U.S.

Buyer,

FRN,

1M

TSFR

+

3.50%,

8.814%,

1/31/31

7,445‌

7,436‌

Project

Boost

Purchaser,

FRN,

1M

TSFR

+

3.50%,

8.941%,

5/30/26 (2)

15,107‌

15,099‌

Project

Boost

Purchaser,

FRN,

1M

TSFR

+

3.50%,

8.941%,

6/1/26

2,737‌

2,735‌

Renaissance

Holdings,

FRN,

1M

TSFR

+

4.25%,

9.576%,

4/5/30

27,482‌

27,387‌

TK

Elevator

U.S.

Newco,

FRN,

6M

TSFR

+

3.50%,

9.081%,

7/30/27

13,680‌

13,689‌

UKG,

FRN,

1M

TSFR

+

3.50%,

8.814%,

2/10/31

58,517‌

58,544‌

UKG,

FRN,

3M

TSFR

+

5.25%,

10.68%,

5/3/27

79,163‌

79,855‌

USIC

Holdings,

FRN,

1M

TSFR

+

3.50%,

9.106%,

5/12/28

3,673‌

3,636‌

USIC

Holdings,

FRN,

1M

TSFR

+

6.50%,

12.11%,

5/14/29

6,785‌

6,661‌

429,368‌

Utilities

2.7%

Constellation

Renewables,

FRN,

3M

TSFR

+

2.50%,

8.105%,

12/15/27

14,375‌

14,299‌

Generation

Bridge

Northeast,

FRN,

1M

TSFR

+

4.25%,

9.576%,

8/22/29

7,401‌

7,415‌

Innio

North

America

Holding,

FRN,

1M

TSFR

+

4.25%,

9.564%,

11/2/28

3,630‌

3,634‌

PG&E,

FRN,

1M

TSFR

+

2.50%,

7.826%,

6/23/27

7,625‌

7,623‌

Pike,

FRN,

1M

TSFR

+

3.00%,

8.441%,

1/21/28

9,969‌

9,981‌

Talen

Energy

Supply,

FRN,

1M

TSFR

+

4.50%,

9.826%,

5/17/30

23,280‌

23,338‌

Talen

Energy

Supply,

FRN,

1M

TSFR

+

4.50%,

9.826%,

5/17/30

211‌

212‌

TerraForm

Power

Operating,

FRN,

1M

TSFR

+

2.50%,

7.948%,

5/21/29

21,264‌

21,105‌

Wec

U.S.

Holdings,

FRN,

1M

TSFR

+

2.75%,

8.076%,

1/20/31

20,184‌

20,105‌

107,712‌

Wireless

Communications

2.3%

Asurion,

FRN,

1M

TSFR

+

3.25%,

8.691%,

12/23/26

6,032‌

5,992‌

Asurion,

FRN,

1M

TSFR

+

4.25%,

9.676%,

8/19/28

5,224‌

5,190‌

Asurion,

FRN,

1M

TSFR

+

5.25%,

10.691%,

1/31/28

22,105‌

21,063‌

Asurion,

FRN,

1M

TSFR

+

5.25%,

10.691%,

1/20/29

61,590‌

57,991‌

Asurion,

FRN,

3M

TSFR

+

4.00%,

9.426%,

8/19/28

4,410‌

4,371‌

94,607‌

Total

Bank

Loans

(Cost

$3,488,946)

3,503,489‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

CORPORATE

BONDS

10.0%

Aerospace

&

Defense

0.1%

TransDigm,

6.75%,

8/15/28 (5)

5,980‌

6,040‌

6,040‌

Airlines

0.1%

Mileage

Plus

Holdings,

6.50%,

6/20/27 (5)

2,079‌

2,084‌

2,084‌

Automotive

2.0%

Adient

Global

Holdings,

4.875%,

8/15/26 (5)

7,805‌

7,551‌

Ford

Motor

Credit,

4.063%,

11/1/24

4,500‌

4,438‌

Ford

Motor

Credit,

5.584%,

3/18/24

5,635‌

5,628‌

Ford

Motor

Credit,

FRN,

SOFR

+

2.95%,

8.305%,

3/6/26

15,635‌

16,090‌

Rivian

Holdings,

FRN,

6M

USD

LIBOR

+

5.625%,

11.493%,

10/15/26 (5)

44,471‌

42,359‌

Wand

NewCo

3,

7.625%,

1/30/32 (5)

3,095‌

3,173‌

79,239‌

Banking

0.2%

Morgan

Stanley,

FRN,

SOFR

+

1.165%,

6.51%,

4/17/25

7,040‌

7,047‌

7,047‌

Broadcasting

0.3%

Neptune

Bidco

U.S.,

9.29%,

4/15/29 (5)

3,905‌

3,661‌

Townsquare

Media,

6.875%,

2/1/26 (5)

4,958‌

4,785‌

Univision

Communications,

8.00%,

8/15/28 (5)

5,692‌

5,713‌

14,159‌

Cable

Operators

1.0%

Altice

Financing,

5.00%,

1/15/28 (5)

4,825‌

4,258‌

Altice

Financing,

9.625%,

7/15/27 (5)

5,030‌

5,043‌

Altice

France

Holding,

10.50%,

5/15/27 (5)

17,255‌

10,957‌

CSC

Holdings,

11.25%,

5/15/28 (5)

9,945‌

10,243‌

CSC

Holdings,

11.75%,

1/31/29 (5)

10,070‌

10,523‌

41,024‌

Chemicals

0.2%

Avient,

5.75%,

5/15/25 (5)

4,400‌

4,361‌

Kobe

U.S.

Midco

2,

9.25%,

11/1/26,

(9.25%

Cash

or

10.00%

PIK) (5)(6)

5,168‌

4,374‌

8,735‌

Consumer

Products

0.2%

Life

Time,

8.00%,

4/15/26 (5)

6,385‌

6,433‌

6,433‌

Energy

0.5%

NGL

Energy

Operating,

8.125%,

2/15/29 (5)

2,655‌

2,672‌

Seadrill

Finance,

8.375%,

8/1/30 (5)

3,464‌

3,559‌

SilverBow

Resources,

FRN,

3M

TSFR

+

7.75%,

13.135%,

12/15/28 (5)

5,805‌

5,673‌

Tallgrass

Energy

Partners,

6.00%,

3/1/27 (5)

660‌

649‌

Transocean,

11.50%,

1/30/27 (5)

4,574‌

4,774‌

Venture

Global

LNG,

9.50%,

2/1/29 (5)

3,855‌

4,110‌

21,437‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

‡

Entertainment

&

Leisure

0.5%

Carnival,

7.00%,

8/15/29 (5)

1,995‌

2,065‌

Cinemark

USA,

5.875%,

3/15/26 (5)

8,390‌

8,264‌

Cinemark

USA,

8.75%,

5/1/25 (5)

1,860‌

1,869‌

NCL,

8.125%,

1/15/29 (5)

3,493‌

3,672‌

NCL,

8.375%,

2/1/28 (5)

3,095‌

3,242‌

19,112‌

Financial

1.7%

Acrisure,

10.125%,

8/1/26 (5)

10,995‌

11,435‌

AG

TTMT

Escrow

Issuer,

8.625%,

9/30/27 (5)

3,550‌

3,648‌

Alliant

Holdings

Intermediate,

6.75%,

10/15/27 (5)

3,790‌

3,667‌

Alliant

Holdings

Intermediate,

6.75%,

4/15/28 (5)

3,745‌

3,721‌

AssuredPartners,

5.625%,

1/15/29 (5)

4,990‌

4,578‌

GTCR

AP

Finance,

8.00%,

5/15/27 (5)

4,060‌

4,060‌

HUB

International,

7.25%,

6/15/30 (5)

13,710‌

13,950‌

HUB

International,

7.375%,

1/31/32 (5)

3,900‌

3,910‌

Jones

Deslauriers

Insurance

Management,

8.50%,

3/15/30 (5)

13,810‌

14,345‌

Jones

Deslauriers

Insurance

Management,

10.50%,

12/15/30 (5)

3,835‌

3,998‌

Ryan

Specialty,

4.375%,

2/1/30 (5)

895‌

828‌

68,140‌

Gaming

0.0%

International

Game

Technology,

6.50%,

2/15/25 (5)

1,366‌

1,368‌

1,368‌

Health

Care

0.5%

Bausch

+

Lomb,

8.375%,

10/1/28 (5)

4,050‌

4,222‌

CHS,

8.00%,

3/15/26 (5)

3,081‌

3,054‌

CHS,

8.00%,

12/15/27 (5)

4,205‌

4,027‌

LifePoint

Health,

11.00%,

10/15/30 (5)

7,514‌

7,927‌

RegionalCare

Hospital

Partners

Holdings,

9.75%,

12/1/26 (5)

1,194‌

1,188‌

20,418‌

Information

Technology

0.4%

Boxer

Parent,

9.125%,

3/1/26 (5)

4,500‌

4,500‌

Central

Parent,

8.00%,

6/15/29 (5)

2,220‌

2,275‌

Cloud

Software

Group,

9.00%,

9/30/29 (5)

10,745‌

9,980‌

16,755‌

Lodging

0.2%

Hilton

Domestic

Operating,

5.375%,

5/1/25 (5)

4,400‌

4,389‌

Park

Intermediate

Holdings,

7.50%,

6/1/25 (5)

4,300‌

4,316‌

8,705‌

Manufacturing

0.1%

Sensata

Technologies,

5.00%,

10/1/25 (5)

4,400‌

4,345‌

4,345‌

Real

Estate

Investment

Trust

Securities

0.1%

Service

Properties

Trust,

8.625%,

11/15/31 (5)

3,115‌

3,286‌

3,286‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Satellites

0.1%

Connect

Finco,

6.75%,

10/1/26 (5)

3,940‌

3,866‌

3,866‌

Services

1.0%

Allied

Universal

Holdco,

6.625%,

7/15/26 (5)

9,940‌

9,890‌

Allied

Universal

Holdco,

7.875%,

2/15/31 (5)

3,357‌

3,323‌

Allied

Universal

Holdco,

9.75%,

7/15/27 (5)

6,270‌

6,231‌

eG

Global

Finance,

12.00%,

11/30/28 (5)

4,000‌

4,185‌

GTCR

W-2

Merger,

7.50%,

1/15/31 (5)

2,780‌

2,898‌

Sabre

GLBL,

11.25%,

12/15/27 (5)

6,575‌

6,181‌

UKG,

6.875%,

2/1/31 (5)

9,155‌

9,258‌

41,966‌

Telephones

0.2%

Verizon

Communications,

FRN,

SOFRINDX

+

0.79%,

6.143%,

3/20/26

9,405‌

9,439‌

9,439‌

Utilities

0.6%

Talen

Energy

Supply,

8.625%,

6/1/30 (5)

5,165‌

5,436‌

Vistra,

VR,

8.00% (5)(7)(8)

2,341‌

2,341‌

Vistra,

Series C,

VR,

8.875% (5)(7)(8)

10,945‌

11,109‌

Vistra

Operations,

4.875%,

5/13/24 (5)

3,234‌

3,226‌

Vistra

Operations,

5.125%,

5/13/25 (5)

901‌

894‌

23,006‌

Total

Corporate

Bonds

(Cost

$409,865)

406,604‌

EQUITY

MUTUAL

FUNDS

0.1%

SPDR

Blackstone

/

GSO

Senior

Loan

ETF

95‌

3,994‌

Total

Equity

Mutual

Funds

(Cost

$3,991)

3,994‌

SHORT-TERM

INVESTMENTS

7.2%

Money

Market

Funds

7.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (9)(10)

292,074‌

292,074‌

Total

Short-Term

Investments

(Cost

$292,074)

292,074‌

Total

Investments

in

Securities

103.9%

(Cost

$4,194,876)

$

4,206,161‌

Other

Assets

Less

Liabilities

(3.9)%

(157,989‌)

Net

Assets

100.0%

$

4,048,172‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

7

‡

Par/Shares

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Bank

loan

positions

may

involve

multiple

underlying

tranches.

In

those

instances,

the

position

presented

reflects

the

aggregate

of

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

of

the

settled

positions.

(2)

All

or

a

portion

of

this

loan

is

unsettled

as

of

February

29,

2024.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3)

Non-income

producing

(4)

Level

3

in

fair

value

hierarchy.

(5)

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

$363,962

and

represents

9.0%

of

net

assets.

(6)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(7)

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.

(8)

Perpetual

security

with

no

stated

maturity

date.

(9)

Seven-day

yield

(10)

Affiliated

Companies

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

6M

TSFR

Six

month

Term

SOFR

(Secured

overnight

financing

rate)

6M

USD

LIBOR

Six

month

USD

LIBOR

(London

interbank

offered

rate)

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

PIK

Payment-in-kind

SOFR

Secured

overnight

financing

rate

SOFRINDX

SOFR

(Secured

overnight

financing

rate)

Index

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.

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

8

(Amounts

in

000s)

SWAPS

0.0%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.0%

Total

Return

Swaps

0.0%

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Quarterly,

Pay

Variable

5.322%

(SOFR)

at

Maturity,

6/20/24

8,500

167

—

167‌

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Quarterly,

Pay

Variable

5.322%

(SOFR)

at

Maturity,

9/20/24

8,500

180

—

180‌

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Quarterly,

Pay

Variable

5.350%

(SOFR)

at

Maturity,

3/20/24

34,000

1,257

—

1,257‌

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Quarterly,

Pay

Variable

5.350%

(SOFR)

at

Maturity,

6/20/24

5,750

258

—

258‌

Total

Bilateral

Total

Return

Swaps

—

1,862‌

Total

Bilateral

Swaps

—

1,862‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

9

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

State

Street

5/24/24

USD

20,689‌

EUR

19,129‌

$

(58‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(58‌)

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

10

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

nine

months

ended

February

29,

2024.

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,

5.39%

$

—‌#

$

—‌

$

8,974‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/23

Purchase

Cost

Sales

Cost

Value

02/29/24

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

183,271‌

¤

¤

$

292,074‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$8,974

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

$292,074.

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

Unaudited

11

Notes

to

Portfolio

of

Investments

T.

Rowe

Price

Institutional

Floating

Rate

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.

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(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.

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

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

12

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

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

February

29,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

February

29,

2024.

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

February

29,

2024,

totaled $2,824,000 for

the

period ended

February

29,

2024.

During

the

period,

transfers

into

Level

3

resulted

from

a

lack

of

observable

market

data

for

the

security

and

transfers

out

of

Level

3

were

because

observable

market

data

became

available

for

the

security.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Bank

Loans

$

—‌

$

3,424,822‌

$

78,667‌

$

3,503,489‌

Corporate

Bonds

—‌

406,604‌

—‌

406,604‌

Equity

Mutual

Funds

3,994‌

—‌

—‌

3,994‌

Short-Term

Investments

292,074‌

—‌

—‌

292,074‌

Total

Securities

296,068‌

3,831,426‌

78,667‌

4,206,161‌

Swaps

—‌

1,862‌

—‌

1,862‌

Total

$

296,068‌

$

3,833,288‌

$

78,667‌

$

4,208,023‌

Liabilities

Forward

Currency

Exchange

Contracts

$

—‌

$

58‌

$

—‌

$

58‌

($000s)

Beginning

Balance

5/31/23

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Ending

Balance

2/29/24

Investment

in

Securities

Bank

Loans

$

142,678‌

$

4,534‌

$

28,380‌

$

(68,769‌)

$

26,809‌

$

(54,965‌)

$

78,667‌

Convertible

Preferred

Stocks

2,600‌

300‌

—‌

(2,900‌)

—‌

—‌

—‌

Total

$

145,278‌

$

4,834‌

$

28,380‌

$

(71,669‌)

$

26,809‌

$

(54,965‌)

$

78,667‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

13

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics 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.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

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.

E170-054Q3

02/24

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