T. Rowe Price Institutional Income Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21055

T. Rowe Price Institutional Income Funds, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: May 31    

Date of reporting period: November 30, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

SemiAnnual

REPORT

November

30,

2023

Institutional

Floating

Rate

Fund

T.

ROWE

PRICE

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

Market

Commentary

Portfolio

Summary

Fund

Expense

Example

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

An

account

service

fee

will

be

charged

annually

for

each

T.

Rowe

Price

mutual

fund

account

unless

you

meet

criteria

for

a

fee

waiver.

Go

to

troweprice.

com/personal-investing/help/fees-and-minimums.html

to

learn

more

about

this

account

service

fee,

including

other

ways

to

waive

it.

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

Market

Commentary

1

Dear

Investor

Major

global

stock

and

bond

indexes

produced

mixed

returns

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-

month

period

ended

November

30,

2023.

Nearly

all

equity

benchmarks

finished

the

period

with

positive

results

after

a

strong

rally

in

November;

however,

rising

U.S.

Treasury

yields

left

some

fixed

income

sectors

in

negative

territory.

Within

the

S&P

500

Index,

the

financials

sector

recovered

from

the

failure

of

three

large

regional

banks

earlier

in

the

year and

recorded

the

best

results

for

the

period.

The

information

technology

sector

also

delivered

strong

gains

as

technology

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

developments.

Outside

the

U.S.,

stocks

in

developed

markets

generally

outpaced

their

counterparts

in

emerging

markets,

although

emerging

Europe

and

Latin

America

produced

very

strong

returns

at

the

regional

level.

The

U.S.

economy

was

the

strongest

among

the

major

markets

during

the

period,

with

gross

domestic

product

growth

coming

in

at

5.2%

in

the

third

quarter’s

revised

estimate,

the

highest

since

the

end

of

2021.

Corporate

fundamentals

were

also

broadly

supportive.

Although

year-over-year

earnings

growth

contracted

in

the

first

and

second

quarters

of

2023,

results

were

better

than

expected,

and

earnings

growth

turned

positive

again

in

the

third

quarter.

Inflation

remained

a

concern

for

both

investors

and

policymakers,

but

lower-than-expected

inflation

data

in

November

helped

spur

a

rally

late

in

the

period

as

many

investors

concluded

that

the

Federal

Reserve

had

reached

the

end

of

its

hiking

cycle.

The

Fed

raised

its

short-term

lending

benchmark

rate

to

a

target

range

of

5.25%

to

5.50%

in

July,

the

highest

level

since

March

2001,

and

then

held

rates

steady

for

the

remainder

of

the

period.

Despite

a

drop

in

yields

as

investor

sentiment

shifted

in

November,

intermediate-

and

longer-term

U.S.

Treasury

yields

finished

the

period

notably

higher.

After

starting

the

period

at

3.64%,

the

yield

on

the

benchmark

10-year

Treasury

note

briefly

reached

5.00%

in

October

for

the

first

time

since

late

2007

before

falling to

4.37%

by

the

end

of

November.

The

rise

in

yields

led

to

negative

returns

in

some

fixed

income

sectors,

but

both

investment-grade

and

high

yield

corporate

bonds

produced

solid

returns,

supported

by

the

higher

coupons

that

have

become

available

over

the

past

year

as

well

as

by increasing

hopes

that

the

economy

might

be

able

to

avoid

a

recession.

Global

economies

and

markets

showed

surprising

resilience

in

2023,

but

considerable

uncertainty

remains

as

we

look

ahead.

Geopolitical

events,

the

path

of

monetary

policy,

and

the

impact

of

the

Fed’s

rate

hikes

on

the

economy

all

raise

the

potential

for

additional

volatility.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

help

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

You

may

notice

that

this

report

no

longer

contains

the

commentary

on

your

fund’s

performance

and

positioning

that

we

previously

included

in

the

semiannual

shareholder

letters.

The

Securities

and

Exchange

Commission

adopted

new

rules

recently

that

will

require

fund

reports

to

transition

to

a

new

format

known

as

a

Tailored

Shareholder

Report.

This

change

will

require

a

much

more

concise

summary

of

performance

rather

than

the

level

of

detail

we

have

provided

historically

while

also

aiming

to

be

more

visually

engaging.

As

we

prepare

to

make

changes

to

the

annual

reports

to

meet

the

new regulatory

requirements

by

mid-2024,

we

felt

the

time

was

right

to

discontinue

the

optional

six-month

semiannual

fund

letter

to

focus

on

the

changes

to

come.

Although

semiannual

fund

letters

will

no

longer

be

produced,

you

may

continue

to

access

current

fund

information

as

well

as

insights

and

perspectives

from

our

investment

team

on

our

personal

investing

website.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

Portfolio

Summary

2

Note:

©

2023,

Moody’s

Corporation,

Moody’s

Investors

Service,

Inc.,

Moody’s

Analytics,

Inc.

and/or

their

licensors

and

affiliates

(collectively,

“Moody’s”).

All

rights

reserved.

Moody’s

ratings

and

other

information

(“Moody’s

Information”)

are

proprietary

to

Moody’s

and/or

its

licensors

and

are

protected

by

copyright

and

other

intellectual

property

laws.

Moody’s

Information

is

licensed

to

Client

by

Moody’s.

MOODY’S

INFORMATION

MAY

NOT

BE

COPIED

OR

OTHERWISE

REPRODUCED,

REPACKAGED,

FURTHER

TRANSMITTED,

TRANSFERRED,

DISSEMINATED,

REDISTRIBUTED

OR

RESOLD,

OR

STORED

FOR

SUBSEQUENT

USE

FOR

ANY

SUCH

PURPOSE,

IN

WHOLE

OR

IN

PART,

IN

ANY

FORM

OR

MANNER

OR

BY

ANY

MEANS

WHATSOEVER,

BY

ANY

PERSON

WITHOUT

MOODY’S

PRIOR

WRITTEN

CONSENT.

Moody's

®

is

a

registered

trademark.

Note:

Copyright

©

2023,

S&P

Global

Market

Intelligence

(and

its

affiliates,

as

applicable).

Reproduction

of

any

information,

data

or

material,

including

ratings

(“Content”)

in

any

form

is

prohibited

except

with

the

prior

written

permission

of

the

relevant

party. Such

party,

its

affiliates

and

suppliers

(“Content

Providers”)

do

not

guarantee

the

accuracy,

adequacy,

completeness,

timeliness

or

availability

of

any

Content

and

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

or

for

the

results

obtained

from

the

use

of

such

Content.

In

no

event

shall

Content

Providers

be

liable

for

any

damages,

costs,

expenses,

legal

fees,

or

losses

(including

lost

income

or

lost

profit

and

opportunity

costs)

in

connection

with

any

use

of

the

Content.

A

reference

to

a

particular

investment

or

security,

a

rating

or

any

observation

concerning

an

investment

that

is

part

of

the

Content

is

not

a

recommendation

to

buy,

sell

or

hold

such

investment

or

security,

does

not

address

the

appropriateness

of

an

investment

or

security

and

should

not

be

relied

on

as

investment

advice.

Credit

ratings

are

statements

of

opinions

and

are

not

statements

of

fact.

CREDIT

QUALITY

DIVERSIFICATION

...

Percent

of

Net

Assets

5/31/23

11/30/23

BBB/BB

Rated

and

Above

2.6‌%

3.2‌%

BB

Rated

11.7‌ 

14.0‌ 

BB/B

Rated

7.5‌ 

7.1‌ 

B

Rated

54.6‌ 

56.2‌ 

B/CCC

Rated

1.2‌ 

2.0‌ 

CCC

Rated

and

Below

12.0‌ 

9.5‌ 

Credit

Default

Swaps

—‌

—‌

Equities

0.2‌ 

0.1‌ 

Not

Rated

3.8‌ 

3.4‌ 

Short-Term

Holdings

6.4‌ 

4.5‌ 

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s

and

Standard

&

Poor’s

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

Split

ratings

(e.g.,

BB/B

and

B/CCC)

are

assigned

when

Moody’s

and

S&P

differ.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

The

rating

of

the

underlying

investment

vehicle

is

used

to

determine

the

creditworthiness

of

credit

default

swaps

and

sovereign

securities.

The

fund

is

not

rated

by

any

agency.

Short-term

holdings

are

not

rated.

Historical

weightings

reflect

current

ratings.

TWENTY-FIVE

LARGEST

ISSUERS

Percent

of

Net

Assets

11/30/23

UKG

4.3‌%

Hub

International

3.3‌ 

Applied

Systems

2.5‌ 

Asurion

2.5‌ 

AssuredPartners

2.0‌ 

United

Airlines

1.8‌ 

UFC

1.8‌ 

Epicor

Software

1.7‌ 

USI

Advantage

1.5‌ 

Filtration

Group

1.4‌ 

Cloud

Software

1.4‌ 

BMC

Software

1.3‌ 

American

Airlines

1.3‌ 

Alliant

Holdings

1.2‌ 

Charter

Next

Generation

1.2‌ 

Duravant

1.2‌ 

CDK

Global

1.2‌ 

GTCR

W-2

Merger

Sub

1.1‌ 

Medline

Industries

1.1‌ 

Ascend

Learning

1.1‌ 

Acrisure

1.1‌ 

Rivian

Automotive

1.1‌ 

Gainwell

1.0‌ 

Ellucian

1.0‌ 

AthenaHealth

Group

0.9‌ 

Total

40.0‌%

Note:

The

information

shown

does

not

reflect

any

exchange-traded

funds

(ETFs),

cash

reserves,

or

collateral

for

securities

lending

that

may

be

held

in

the

portfolio.

Holdings

of

the

issuers

are

combined

and

may

be

shown

in

the

Portfolio

of

Investments

under

their

subsidiaries.

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

3

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

three

share

classes:

The

original

share

class

(Institutional

Class)

charges

no

distribution

and

service

(12b-1)

fee,

F

Class

shares

must

be

purchased

through

a

financial

intermediary

and

impose

no

12b-1

fee

but

may

make

administrative

fee

payments

at

an

annual

rate

of

up

to

0.15%

of

the

class’s

average

daily

net

assets,

and

Z

Class

shares

are

offered

only

to

funds

advised

by

T.

Rowe

Price

and

other

advisory

clients

of

T.

Rowe

Price

or

its

affiliates

that

are

subject

to

a

contractual

fee

for

investment

management

services

and

impose

no

12b-1

fee

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

INSTITUTIONAL

FLOATNG

RATE

FUND

Beginning

Account

Value

6/1/23

Ending

Account

Value

11/30/23

Expenses

Paid

During

Period*

6/1/23

to

11/30/23

Institutional

Class

Actual

$1,000.00

$1,067.40

$2.95

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.15

  2.88

F

Class

Actual

  1,000.00

  1,066.80

  3.62

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.50

  3.54

Z

Class

Actual

  1,000.00

  1,071.50

  0.10

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,024.90

  0.10

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(183),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Institutional

Class

was

0.57%,

the

2

F

Class

was

0.70%,

and

the

3

Z Class

was

0.02%.

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

(Unaudited)

Financial

Highlights

4

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

t

Institutional

Class

.

6

Months

.

Ended

11/30/23

..

Year

..

..

Ended

.

5/31/23

5/31/22

5/31/21

5/31/20

5/31/19

NET

ASSET

VALUE

Beginning

of

period

$

9.19‌

$

9.34‌

$

9.77‌

$

9.30‌

$

9.84‌

$

9.98‌

Investment

activities

Net

investment

income

(1)(2)

0.43‌

0.66‌

0.39‌

0.40‌

0.47‌

0.52‌

Net

realized

and

unrealized

gain/

loss

0.18‌

(0.14‌)

(0.43‌)

0.47‌

(0.55‌)

(0.14‌)

Total

from

investment

activities

0.61‌

0.52‌

(0.04‌)

0.87‌

(0.08‌)

0.38‌

Distributions

Net

investment

income

(0.42‌)

(0.67‌)

(0.39‌)

(0.40‌)

(0.46‌)

(0.52‌)

NET

ASSET

VALUE

End

of

period

$

9.38‌

$

9.19‌

$

9.34‌

$

9.77‌

$

9.30‌

$

9.84‌

Ratios/Supplemental

Data

Total

return

(2)(3)

6.74‌%

5.80‌%

(0.52‌)%

9.46‌%

(0.83‌)%

3.97‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.57‌%

(4)

0.57‌%

0.57‌%

0.58‌%

0.58‌%

0.57‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.57‌%

(4)

0.57‌%

0.57‌%

0.58‌%

0.58‌%

0.57‌%

Net

investment

income

9.10‌%

(4)

7.17‌%

3.98‌%

4.12‌%

4.87‌%

5.25‌%

Portfolio

turnover

rate

27.2‌%

34.3‌%

45.5‌%

62.6‌%

72.6‌%

58.8‌%

Net

assets,

end

of

period

(in

millions)

$

3,642‌

$

3,674‌

$

5,990‌

$

3,505‌

$

1,704‌

$

3,376‌

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

(Unaudited)

Financial

Highlights

5

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

F

Class

.

6

Months

.

Ended

11/30/23

..

Year

..

..

Ended

.

5/31/23

5/31/22

5/31/21

5/31/20

5/31/19

NET

ASSET

VALUE

Beginning

of

period

$

9.18‌

$

9.34‌

$

9.76‌

$

9.29‌

$

9.83‌

$

9.98‌

Investment

activities

Net

investment

income

(1)(2)

0.42‌

0.64‌

0.38‌

0.39‌

0.46‌

0.51‌

Net

realized

and

unrealized

gain/

loss

0.18‌

(0.14‌)

(0.43‌)

0.46‌

(0.55‌)

(0.15‌)

Total

from

investment

activities

0.60‌

0.50‌

(0.05‌)

0.85‌

(0.09‌)

0.36‌

Distributions

Net

investment

income

(0.41‌)

(0.66‌)

(0.37‌)

(0.38‌)

(0.45‌)

(0.51‌)

NET

ASSET

VALUE

End

of

period

$

9.37‌

$

9.18‌

$

9.34‌

$

9.76‌

$

9.29‌

$

9.83‌

Ratios/Supplemental

Data

Total

return

(2)(3)

6.68‌%

5.55‌%

(0.54‌)%

9.33‌%

(0.95‌)%

3.74‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.70‌%

(4)

0.70‌%

0.68‌%

0.72‌%

0.70‌%

0.69‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.70‌%

(4)

0.70‌%

0.68‌%

0.72‌%

0.70‌%

0.69‌%

Net

investment

income

8.97‌%

(4)

6.91‌%

3.88‌%

4.01‌%

4.73‌%

5.14‌%

Portfolio

turnover

rate

27.2‌%

34.3‌%

45.5‌%

62.6‌%

72.6‌%

58.8‌%

Net

assets,

end

of

period

(in

millions)

$

300‌

$

355‌

$

739‌

$

622‌

$

372‌

$

488‌

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

(Unaudited)

Financial

Highlights

6

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Z

Class

(1)

.

6

Months

.

Ended

11/30/23

..

Year

..

..

Ended

.

3/10/20

(1)

Through

5/31/20

5/31/23

5/31/22

5/31/21

NET

ASSET

VALUE

Beginning

of

period

$

9.17‌

$

9.34‌

$

9.77‌

$

9.30‌

$

9.45‌

Investment

activities

Net

investment

income

(2)(3)

0.45‌

0.65‌

0.44‌

0.45‌

0.10‌

Net

realized

and

unrealized

gain/loss

0.20‌

(0.10‌)

(0.43‌)

0.47‌

(0.15‌)

Total

from

investment

activities

0.65‌

0.55‌

0.01‌

0.92‌

(0.05‌)

Distributions

Net

investment

income

(0.45‌)

(0.72‌)

(0.44‌)

(0.45‌)

(0.10‌)

NET

ASSET

VALUE

End

of

period

$

9.37‌

$

9.17‌

$

9.34‌

$

9.77‌

$

9.30‌

Ratios/Supplemental

Data

Total

return

(3)(4)

7.15‌%

6.12‌%

0.02‌%

10.06‌%

(0.46‌)%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.57‌%

(5)

0.57‌%

0.57‌%

0.59‌%

0.57‌%

(5)

Net

expenses

after

waivers/payments

by

Price

Associates

0.02‌%

(5)

0.02‌%

0.02‌%

0.04‌%

0.02‌%

(5)

Net

investment

income

9.65‌%

(5)

7.04‌%

4.51‌%

4.68‌%

5.21‌%

(5)

Portfolio

turnover

rate

27.2‌%

34.3‌%

45.5‌%

62.6‌%

72.6‌%

Net

assets,

end

of

period

(in

thousands)

$

304‌

$

284‌

$

294,390‌

$

637,991‌

$

666,099‌

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

November

30,

2023

(Unaudited)

7

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

BANK

LOANS

85.3%

(1)

Aerospace

&

Defense

2.0%

Apple

Bidco,

FRN,

1M

TSFR

+

2.75%,

8.213%,

9/22/28 

3,935‌

3,907‌

Apple

Bidco,

FRN,

1M

TSFR

+

4.00%,

9.348%,

9/22/28 

3,915‌

3,912‌

Bleriot

U.S.

Bidco,

FRN,

3M

TSFR

+

4.00%,

9.652%,

10/30/28 

5,671‌

5,682‌

Brown

Group

Holding,

FRN,

1M

TSFR

+

3.75%,

9.127%,

7/2/29 

3,746‌

3,746‌

Dynasty

Acquisition,

FRN,

1M

TSFR

+

4.00%,

9.348%,

8/24/28 

34,026‌

33,970‌

Peraton,

FRN,

1M

TSFR

+

3.75%,

9.198%,

2/1/28 

5,551‌

5,512‌

Peraton,

FRN,

3M

TSFR

+

7.75%,

13.222%,

2/1/29 

3,887‌

3,792‌

TransDigm,

FRN,

1M

TSFR

+

3.25%,

2/28/31  (2)

5,565‌

5,559‌

TransDigm,

FRN,

1M

TSFR

+

3.25%,

8.64%,

2/22/27 

898‌

899‌

TransDigm,

FRN,

1M

TSFR

+

3.25%,

8.64%,

8/24/28 

11,841‌

11,844‌

78,823‌

Airlines

3.2%

AAdvantage

Loyalty

IP,

FRN,

3M

TSFR

+

4.75%,

10.427%,

4/20/28 

48,920‌

49,592‌

Mileage

Plus

Holdings,

FRN,

3M

TSFR

+

5.25%,

10.798%,

6/21/27 

40,810‌

42,019‌

SkyMiles

IP,

FRN,

1M

TSFR

+

3.75%,

9.166%,

10/20/27 

9,257‌

9,451‌

United

Airlines,

FRN,

3M

TSFR

+

3.75%,

9.207%,

4/21/28 

26,074‌

26,044‌

127,106‌

Automotive

2.7%

Adient

U.S.,

FRN,

1M

TSFR

+

3.25%,

8.713%,

4/10/28 

2,164‌

2,164‌

Autokiniton

U.S.

Holdings,

FRN,

1M

TSFR

+

4.50%,

9.963%,

4/6/28  (2)

14,270‌

14,273‌

Belron

Luxembourg,

FRN,

3M

TSFR

+

2.75%,

8.245%,

4/18/29 

6,194‌

6,201‌

Clarios

Global,

FRN,

1M

TSFR

+

3.75%,

9.098%,

5/6/30 

7,885‌

7,891‌

Dexko

Global,

FRN,

3M

TSFR

+

3.75%,

9.402%,

10/4/28 

3,445‌

3,375‌

Fastlane

Parent,

FRN,

1M

TSFR

+

4.50%,

9.848%,

9/29/28 

3,527‌

3,483‌

Mavis

Tire

Express

Services

Topco,

FRN,

1M

TSFR

+

4.00%,

9.463%,

5/4/28  (2)

23,808‌

23,734‌

Tenneco,

FRN,

1M

TSFR

+

5.00%,

10.469%,

11/17/28  (2)

15,950‌

13,234‌

Wand

NewCo

3,

FRN,

1M

TSFR

+

2.75%,

8.207%,

2/5/26 

34,071‌

34,073‌

108,428‌

Broadcasting

3.0%

Clear

Channel

Outdoor

Holdings,

FRN,

3M

TSFR

+

3.50%,

9.145%,

8/21/26 

19,569‌

19,178‌

CMG

Media,

FRN,

3M

TSFR

+

3.50%,

8.99%,

12/17/26 

32,826‌

30,111‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

iHeartCommunications,

FRN,

1M

TSFR

+

3.25%,

8.713%,

5/1/26 

21,541‌

17,825‌

NEP

Group,

FRN,

1M

TSFR

+

7.00%,

12.463%,

10/19/26 

3,845‌

2,945‌

Neptune

Bidco

U.S.,

FRN,

1M

TSFR

+

5.00%,

10.507%,

4/11/29 

22,860‌

20,470‌

Nielsen

Holdings,

FRN,

3M

TSFR

+

9.75%,

15.257%,

10/11/29  (3)(4)

9,435‌

9,246‌

Univision

Communications,

FRN,

1M

TSFR

+

3.25%,

8.713%,

3/15/26 

6,102‌

6,091‌

Univision

Communications,

FRN,

1M

TSFR

+

3.25%,

8.713%,

1/31/29 

6,414‌

6,347‌

Univision

Communications,

FRN,

3M

TSFR

+

4.25%,

9.64%,

6/24/29 

6,115‌

6,103‌

118,316‌

Building

Products

0.2%

Hunter

Douglas,

FRN,

3M

TSFR

+

3.50%,

8.88%,

2/26/29 

6,653‌

6,417‌

Summit

Materials,

FRN,

1M

TSFR

+

3.00%,

8.571%,

12/14/27 

1,102‌

1,102‌

Summit

Materials,

FRN,

1M

USD

LIBOR

+

2.50%,

11/30/28  (2)(3)

2,310‌

2,310‌

9,829‌

Cable

Operators

2.0%

Altice

Financing,

FRN,

1M

TSFR

+

5.00%,

10.394%,

10/31/27 

6,667‌

6,359‌

Altice

Financing,

FRN,

3M

EURIBOR

+

5.00%,

8.934%,

10/31/27

(EUR) 

4,015‌

4,152‌

Altice

France,

FRN,

1M

TSFR

+

5.50%,

10.894%,

8/15/28  (2)

29,155‌

24,836‌

CSC

Holdings,

FRN,

1M

TSFR

+

2.25%,

7.687%,

1/15/26 

6,129‌

5,941‌

CSC

Holdings,

FRN,

1M

TSFR

+

2.50%,

7.937%,

4/15/27 

6,184‌

5,779‌

CSC

Holdings,

FRN,

1M

TSFR

+

4.50%,

9.823%,

1/18/28 

4,155‌

3,997‌

CSC

Holdings,

FRN,

1M

USD

LIBOR

+

2.25%,

7.687%,

7/17/25 

7,339‌

7,161‌

Directv

Financing,

FRN,

1M

TSFR

+

5.00%,

10.645%,

8/2/27 

10,247‌

10,069‌

Radiate

Holdco,

FRN,

1M

TSFR

+

3.25%,

8.713%,

9/25/26 

12,047‌

9,218‌

77,512‌

Chemicals

2.0%

Aruba

Investments

Holdings,

FRN,

1M

TSFR

+

4.00%,

9.448%,

11/24/27 

7,090‌

6,975‌

Aruba

Investments

Holdings,

FRN,

1M

TSFR

+

7.75%,

13.198%,

11/24/28 

4,525‌

4,187‌

Avient,

FRN,

1M

TSFR

+

2.50%,

7.89%,

8/29/29 

5,215‌

5,220‌

Axalta

Coating

Systems

U.S.

Holdings,

FRN,

1M

TSFR

+

2.50%,

7.89%,

12/20/29 

8,295‌

8,308‌

Nouryon

USA,

FRN,

1M

TSFR

+

4.00%,

9.441%,

4/3/28 

5,800‌

5,755‌

Nouryon

USA,

FRN,

1M

TSFR

+

4.00%,

9.467%,

4/3/28  (2)

22,876‌

22,683‌

Windsor

Holdings

III,

FRN,

3M

TSFR

+

4.50%,

9.841%,

8/1/30 

11,565‌

11,581‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

‡

WR

Grace

Holdings,

FRN,

3M

TSFR

+

3.75%,

9.402%,

9/22/28 

13,602‌

13,541‌

78,250‌

Consumer

Products

0.6%

ABG

Intermediate

Holdings

2,

FRN,

1M

TSFR

+

4.00%,

9.448%,

12/21/28 

6,919‌

6,939‌

Hanesbrands,

FRN,

1M

TSFR

+

3.75%,

9.098%,

3/8/30 

4,856‌

4,722‌

Life

Time,

FRN,

1M

TSFR

+

4.75%,

10.623%,

1/15/26 

9,174‌

9,173‌

Topgolf

Callaway

Brands,

FRN,

1M

TSFR

+

3.50%,

8.948%,

3/15/30 

3,309‌

3,299‌

24,133‌

Container

1.4%

Albea

Beauty

Holdings,

FRN,

3M

EURIBOR

+

5.00%,

8.972%,

12/31/27

(EUR) 

3,880‌

4,191‌

Charter

Next

Generation,

FRN,

1M

TSFR

+

3.75%,

9.213%,

12/1/27 

47,524‌

47,307‌

Proampac

PG

Borrower,

FRN,

1M

TSFR

+

4.50%,

9.881%,

9/15/28 

3,829‌

3,799‌

55,297‌

Energy

2.1%

Brazos

Delaware

II,

FRN,

1M

TSFR

+

3.75%,

9.08%,

2/11/30 

7,950‌

7,947‌

CQP

Holdco,

FRN,

1M

TSFR

+

3.50%,

8.99%,

6/5/28 

8,393‌

8,407‌

EPIC

Crude

Services,

FRN,

6M

TSFR

+

5.00%,

10.929%,

3/2/26  (2)

7,975‌

7,889‌

M6

ETX

Holdings

II

Midco,

FRN,

1M

TSFR

+

4.50%,

9.943%,

9/19/29 

12,529‌

12,505‌

Medallion

Midland

Acquisition,

FRN,

3M

TSFR

+

3.75%,

9.402%,

10/18/28 

18,896‌

18,909‌

Northriver

Midstream

Finance,

FRN,

1M

TSFR

+

3.00%,

8.395%,

8/16/30 

11,312‌

11,307‌

Prairie

ECI

Acquiror,

FRN,

1M

TSFR

+

4.75%,

10.198%,

3/11/26 

12,970‌

12,947‌

Whitewater

Whistler

Holdings,

FRN,

1M

TSFR

+

2.75%,

8.146%,

2/15/30 

2,299‌

2,298‌

82,209‌

Entertainment

&

Leisure

5.4%

Cinemark

USA,

FRN,

1M

TSFR

+

3.75%,

9.111%,

5/24/30 

10,050‌

10,049‌

Crown

Finance

U.S.,

FRN,

1M

TSFR

+

8.50%,

7/31/28  (2)

5,810‌

5,915‌

Delta

2,

FRN,

1M

TSFR

+

2.25%,

7.598%,

1/15/30 

34,583‌

34,594‌

Motion

Finco,

FRN,

3M

TSFR

+

3.25%,

8.903%,

11/12/26  (2)

21,388‌

21,323‌

Pug,

FRN,

1M

TSFR

+

3.50%,

8.963%,

2/12/27  (2)

11,839‌

11,447‌

Pug,

FRN,

1M

TSFR

+

4.25%,

9.713%,

2/12/27  (3)

16,580‌

16,041‌

SeaWorld

Parks

&

Entertainment,

FRN,

1M

TSFR

+

3.00%,

8.463%,

8/25/28 

26,885‌

26,845‌

UFC

Holdings,

FRN,

1M

TSFR

+

2.75%,

8.399%,

4/29/26 

69,258‌

69,337‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

William

Morris

Endeavor

Entertainment,

FRN,

1M

TSFR

+

2.75%,

8.213%,

5/18/25 

17,822‌

17,798‌

213,349‌

Financial

11.3%

Acrisure,

FRN,

1M

USD

LIBOR

+

3.50%,

9.15%,

2/15/27 

855‌

846‌

Acrisure,

FRN,

1M

USD

LIBOR

+

3.75%,

9.40%,

2/15/27 

4,181‌

4,165‌

Acrisure,

FRN,

1M

USD

LIBOR

+

4.25%,

9.90%,

2/15/27 

18,713‌

18,659‌

Alliant

Holdings

Intermediate,

FRN,

1M

TSFR

+

3.50%,

8.831%,

11/5/27  (2)

8,010‌

8,015‌

Alliant

Holdings

Intermediate,

FRN,

1M

USD

LIBOR

+

3.50%,

8.963%,

11/5/27 

30,115‌

30,127‌

Aretec

Group,

FRN,

1M

TSFR

+

4.50%,

9.948%,

8/9/30 

4,165‌

4,096‌

Armor

Holdco,

FRN,

6M

TSFR

+

4.50%,

10.087%,

12/11/28 

4,083‌

4,086‌

AssuredPartners,

FRN,

1M

TSFR

+

3.50%,

8.848%,

2/12/27 

11,387‌

11,379‌

AssuredPartners,

FRN,

1M

TSFR

+

3.50%,

8.963%,

2/12/27 

18,160‌

18,145‌

AssuredPartners,

FRN,

1M

TSFR

+

3.50%,

8.963%,

2/12/27 

6,894‌

6,885‌

AssuredPartners,

FRN,

1M

TSFR

+

3.75%,

9.098%,

2/12/27  (2)

30,231‌

30,246‌

Citadel

Securities,

FRN,

1M

TSFR

+

2.50%,

7.963%,

7/29/30 

4,017‌

4,015‌

Citco

Funding,

FRN,

1M

TSFR

+

3.50%,

8.887%,

4/27/28 

4,283‌

4,285‌

Citco

Group,

FRN,

1M

TSFR

+

3.25%,

8.637%,

4/27/28 

6,645‌

6,653‌

Claros

Mortgage

Trust,

FRN,

1M

TSFR

+

4.50%,

9.941%,

8/9/26  (3)

4,453‌

4,197‌

Edelman

Financial

Engines

Center,

FRN,

1M

TSFR

+

3.50%,

8.963%,

4/7/28 

8,205‌

8,115‌

Edelman

Financial

Engines

Center,

FRN,

1M

TSFR

+

6.75%,

12.213%,

7/20/26 

18,194‌

18,103‌

EIG

Management,

FRN,

1M

TSFR

+

3.75%,

9.198%,

2/24/25  (3)

7,365‌

7,347‌

Focus

Financial

Partners,

FRN,

1M

TSFR

+

3.25%,

8.598%,

6/30/28  (2)

13,943‌

13,933‌

Hightower

Holding,

FRN,

3M

TSFR

+

4.00%,

9.38%,

4/21/28 

2,710‌

2,695‌

HUB

International,

FRN,

1M

TSFR

+

4.25%,

9.662%,

6/20/30 

101,512‌

101,889‌

HUB

International,

FRN,

3M

TSFR

+

4.00%,

9.369%,

11/10/29 

14,684‌

14,722‌

Jane

Street

Group,

FRN,

1M

TSFR

+

2.75%,

8.213%,

1/26/28 

12,081‌

12,083‌

Jones

Deslauriers

Insurance

Management,

FRN,

1M

TSFR

+

4.25%,

9.624%,

3/15/30  (2)

12,186‌

12,201‌

Osaic

Holdings,

FRN,

1M

TSFR

+

4.50%,

9.848%,

8/17/28 

5,844‌

5,846‌

Ryan

Specialty,

FRN,

1M

TSFR

+

3.00%,

8.448%,

9/1/27 

4,044‌

4,044‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

‡

Sedgwick

Claims

Management

Services,

FRN,

1M

TSFR

+

3.75%,

9.098%,

2/24/28 

27,756‌

27,777‌

Tegra118

Wealth

Solutions,

FRN,

3M

TSFR

+

4.00%,

9.372%,

2/18/27 

5,001‌

4,700‌

USI,

FRN,

1M

TSFR

+

3.25%,

8.64%,

9/13/30  (2)

21,340‌

21,288‌

USI,

FRN,

1M

TSFR

+

3.75%,

9.14%,

11/22/29 

35,671‌

35,634‌

446,176‌

Food

1.0%

Naked

Juice,

FRN,

3M

TSFR

+

6.00%,

11.49%,

1/24/30 

6,679‌

5,306‌

Primary

Products

Finance,

FRN,

3M

TSFR

+

4.00%,

9.546%,

4/1/29 

8,104‌

8,100‌

Simply

Good

Foods

USA,

FRN,

1M

TSFR

+

2.50%,

7.952%,

3/17/27 

6,705‌

6,693‌

Triton

Water

Holdings,

FRN,

1M

TSFR

+

3.25%,

8.902%,

3/31/28 

17,844‌

17,532‌

Woof

Holdings,

FRN,

1M

TSFR

+

3.75%,

9.397%,

12/21/27 

4,362‌

3,533‌

41,164‌

Gaming

1.8%

Caesars

Entertainment,

FRN,

1M

TSFR

+

3.25%,

8.698%,

2/6/30 

10,925‌

10,922‌

Great

Canadian

Gaming,

FRN,

3M

TSFR

+

4.00%,

9.658%,

11/1/26 

15,428‌

15,453‌

HRNI

Holdings,

FRN,

3M

TSFR

+

4.25%,

9.698%,

12/11/28  (2)

18,186‌

17,708‌

Light

&

Wonder

International,

FRN,

1M

TSFR

+

3.00%,

8.422%,

4/14/29 

8,310‌

8,311‌

Ontario

Gaming

GTA,

FRN,

1M

TSFR

+

4.25%,

9.64%,

8/1/30 

8,520‌

8,536‌

Playtika

Holding,

FRN,

1M

TSFR

+

2.75%,

8.213%,

3/13/28 

4,118‌

4,088‌

Scientific

Games

Holdings,

FRN,

3M

TSFR

+

3.25%,

8.664%,

4/4/29 

4,031‌

4,008‌

69,026‌

Health

Care

8.9%

AthenaHealth

Group,

FRN,

1M

TSFR

+

3.25%,

8.598%,

2/15/29 

36,495‌

35,786‌

Auris

Luxembourg

III,

FRN,

6M

TSFR

+

3.75%,

9.618%,

2/27/26 

15,935‌

15,592‌

Azalea

Topco,

FRN,

1M

TSFR

+

3.75%,

9.198%,

7/24/26 

4,269‌

4,139‌

Azalea

Topco,

FRN,

1M

TSFR

+

3.75%,

9.213%,

7/24/26 

8,114‌

7,850‌

Bausch

+

Lomb,

FRN,

1M

TSFR

+

3.25%,

8.755%,

5/10/27 

6,724‌

6,511‌

Financiere

Mendel,

FRN,

SOFR

+

4.25%,

9.616%,

11/30/30 

4,400‌

4,385‌

Gainwell

Acquisition,

FRN,

3M

TSFR

+

4.00%,

9.49%,

10/1/27 

42,036‌

40,459‌

Heartland

Dental,

FRN,

1M

TSFR

+

5.00%,

10.331%,

4/28/28 

18,898‌

18,591‌

ICON

Luxembourg,

FRN,

3M

TSFR

+

2.25%,

7.902%,

7/3/28 

5,205‌

5,212‌

LifePoint

Health,

FRN,

1M

TSFR

+

3.75%,

9.137%,

11/16/28 

10,335‌

9,873‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

MED

ParentCo,

FRN,

1M

TSFR

+

4.25%,

9.713%,

8/31/26 

7,572‌

7,358‌

MED

ParentCo,

FRN,

1M

TSFR

+

8.25%,

13.713%,

8/30/27 

2,000‌

1,787‌

Medline

Borrower,

FRN,

1M

TSFR

+

3.00%,

8.463%,

10/23/28  (2)

43,159‌

43,153‌

PetVet

Care

Centers,

FRN,

1M

TSFR

+

6.00%,

10/24/30  (2)

5,435‌

5,425‌

Phoenix

Newco,

FRN,

1M

TSFR

+

3.25%,

8.713%,

11/15/28 

15,961‌

15,939‌

Phoenix

Newco,

FRN,

3M

TSFR

+

6.50%,

11.963%,

11/15/29 

18,085‌

17,814‌

Project

Ruby

Ultimate

Parent,

FRN,

1M

TSFR

+

3.25%,

8.713%,

3/10/28 

6,031‌

5,977‌

SAM

Bidco,

FRN,

1M

TSFR

+

4.75%,

10.136%,

12/13/27  (3)

13,993‌

13,993‌

Select

Medical,

FRN,

1M

TSFR

+

3.00%,

8.348%,

3/6/27 

3,971‌

3,967‌

Southern

Veterinary

Partners,

FRN,

1M

TSFR

+

7.75%,

10/5/28  (2)

2,311‌

2,290‌

Star

Parent,

FRN,

1M

TSFR

+

4.00%,

9.386%,

9/27/30 

14,275‌

13,940‌

Sunshine

Luxembourg

VII,

FRN,

3M

TSFR

+

3.50%,

8.99%,

10/1/26 

22,278‌

22,343‌

Surgery

Center

Holdings,

FRN,

1M

TSFR

+

3.75%,

9.205%,

8/31/26  (2)

23,901‌

23,898‌

VetStrategy

Canada

Holdings,

FRN,

1M

USD

LIBOR

+

5.50%,

11/16/28  (2)

5,305‌

5,262‌

Waystar

Technologies,

FRN,

1M

TSFR

+

4.00%,

9.463%,

10/22/26 

17,710‌

17,737‌

349,281‌

Information

Technology

13.0%

Applied

Systems,

FRN,

3M

TSFR

+

4.50%,

9.89%,

9/18/26 

55,950‌

56,125‌

Applied

Systems,

FRN,

3M

TSFR

+

6.75%,

12.14%,

9/17/27 

41,948‌

42,105‌

AppLovin,

FRN,

1M

TSFR

+

3.10%,

8.448%,

10/25/28 

8,191‌

8,187‌

Boxer

Parent,

FRN,

1M

TSFR

+

3.75%,

9.213%,

10/2/25 

30,387‌

30,376‌

Boxer

Parent,

FRN,

1M

TSFR

+

5.50%,

10.963%,

2/27/26 

18,020‌

17,941‌

Capstone

Borrower,

FRN,

1M

TSFR

+

3.75%,

9.14%,

6/17/30 

10,030‌

9,961‌

Central

Parent,

FRN,

1M

TSFR

+

4.00%,

9.406%,

7/6/29 

42,642‌

42,649‌

Cloud

Software

Group,

FRN,

3M

TSFR

+

4.50%,

9.99%,

3/30/29  (2)

50,880‌

48,665‌

ConnectWise,

FRN,

1M

TSFR

+

3.50%,

8.963%,

9/29/28 

6,640‌

6,475‌

Conservice

Midco,

FRN,

3M

TSFR

+

4.25%,

9.698%,

5/13/27 

2,783‌

2,780‌

Delta

Topco,

FRN,

3M

TSFR

+

7.25%,

12.621%,

12/1/28 

15,365‌

15,320‌

Delta

Topco,

FRN,

6M

TSFR

+

3.75%,

12/1/27  (2)

5,896‌

5,855‌

ECI

Macola,

FRN,

3M

TSFR

+

3.75%,

9.402%,

11/9/27 

12,042‌

12,004‌

Epicor

Software,

FRN,

1M

TSFR

+

3.25%,

8.713%,

7/30/27  (2)

60,936‌

61,029‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

‡

Epicor

Software,

FRN,

1M

TSFR

+

3.75%,

9.098%,

7/30/27 

5,100‌

5,129‌

Gen

Digital,

FRN,

1M

TSFR

+

1.50%,

6.948%,

9/10/27 

8,258‌

8,225‌

Go

Daddy

Operating,

FRN,

1M

TSFR

+

2.50%,

7.848%,

11/9/29 

7,425‌

7,434‌

Infinite

Bidco,

FRN,

3M

TSFR

+

7.00%,

12.645%,

3/2/29 

7,387‌

6,316‌

McAfee,

FRN,

1M

TSFR

+

3.75%,

9.193%,

3/1/29 

26,149‌

25,771‌

MH

Sub

I,

FRN,

1M

TSFR

+

6.25%,

11.598%,

2/23/29 

3,679‌

3,302‌

Mosel

Bidco,

FRN,

1M

TSFR

+

4.75%,

10.136%,

9/16/30  (3)

3,150‌

3,146‌

Proofpoint,

FRN,

1M

TSFR

+

6.25%,

11.713%,

8/31/29 

4,115‌

4,132‌

RealPage,

FRN,

1M

TSFR

+

3.00%,

8.463%,

4/24/28 

18,394‌

17,923‌

RealPage,

FRN,

1M

TSFR

+

6.50%,

11.963%,

4/23/29 

17,500‌

17,361‌

Sophia,

FRN,

1M

TSFR

+

4.25%,

9.598%,

10/7/27 

10,675‌

10,642‌

Sophia,

FRN,

3M

TSFR

+

3.50%,

8.948%,

10/7/27  (2)

27,622‌

27,630‌

Uber

Technologies,

FRN,

1M

TSFR

+

2.75%,

8.159%,

3/3/30 

14,170‌

14,197‌

510,680‌

Lodging

0.8%

Aimbridge

Acquisition,

FRN,

1M

TSFR

+

3.75%,

9.213%,

2/2/26 

18,721‌

17,363‌

Aimbridge

Acquisition,

FRN,

1M

TSFR

+

4.75%,

10.213%,

2/2/26 

11,459‌

10,647‌

Four

Seasons

Hotels,

FRN,

1M

TSFR

+

2.50%,

7.948%,

11/30/29 

2,536‌

2,539‌

30,549‌

Manufacturing

3.9%

Emerald

Debt

Merger,

FRN,

1M

TSFR

+

3.00%,

8.348%,

5/31/30 

5,643‌

5,645‌

Engineered

Machinery

Holdings,

FRN,

1M

TSFR

+

3.50%,

9.152%,

5/19/28 

19,294‌

18,647‌

Engineered

Machinery

Holdings,

FRN,

3M

TSFR

+

6.00%,

11.652%,

5/21/29  (3)

19,366‌

18,010‌

Engineered

Machinery

Holdings,

FRN,

3M

TSFR

+

6.50%,

12.152%,

5/21/29 

9,917‌

9,223‌

Filtration

Group,

FRN,

1M

TSFR

+

3.50%,

8.963%,

10/21/28  (2)

11,850‌

11,827‌

Filtration

Group,

FRN,

1M

TSFR

+

4.25%,

9.713%,

10/21/28 

43,544‌

43,589‌

LTI

Holdings,

FRN,

1M

TSFR

+

3.50%,

8.963%,

9/6/25 

17,703‌

16,578‌

LTI

Holdings,

FRN,

1M

TSFR

+

4.75%,

10.213%,

7/24/26 

6,457‌

6,029‌

LTI

Holdings,

FRN,

1M

TSFR

+

6.75%,

12.213%,

9/6/26 

4,979‌

4,369‌

Pro

Mach

Group,

FRN,

1M

TSFR

+

4.00%,

9.463%,

8/31/28 

9,445‌

9,447‌

Pro

Mach

Group,

FRN,

1M

TSFR

+

5.00%,

10.448%,

8/31/28  (3)

2,055‌

2,060‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

SRAM,

FRN,

1M

TSFR

+

2.75%,

8.213%,

5/18/28 

4,012‌

3,987‌

Watlow

Electric

Manufacturing,

FRN,

1M

TSFR

+

3.75%,

9.402%,

3/2/28  (2)

4,043‌

3,998‌

153,409‌

Metals

&

Mining

0.4%

Arsenal

AIC

Parent,

FRN,

1M

TSFR

+

4.50%,

9.848%,

8/18/30  (2)

15,540‌

15,537‌

15,537‌

Restaurants

1.7%

BCPE

Grill

Parent,

FRN,

1M

TSFR

+

4.75%,

10.136%,

9/30/30 

6,175‌

5,916‌

Dave

&

Buster's,

FRN,

1M

TSFR

+

3.75%,

9.25%,

6/29/29 

19,859‌

19,856‌

IRB

Holding,

FRN,

1M

TSFR

+

3.00%,

8.448%,

12/15/27 

34,643‌

34,573‌

Tacala

Investment,

FRN,

1M

TSFR

+

4.00%,

9.463%,

2/5/27 

3,572‌

3,572‌

Tacala

Investment,

FRN,

1M

TSFR

+

8.00%,

13.463%,

2/4/28 

4,077‌

3,995‌

67,912‌

Retail

0.6%

CNT

Holdings

I,

FRN,

1M

TSFR

+

6.75%,

12.176%,

11/6/28 

3,975‌

3,968‌

CNT

Holdings

I,

FRN,

1M

USD

LIBOR

+

3.50%,

8.926%,

11/8/27  (2)

11,687‌

11,698‌

PetSmart,

FRN,

1M

TSFR

+

3.75%,

9.198%,

2/11/28 

6,958‌

6,845‌

22,511‌

Satellites

0.9%

Iridium

Satellite,

FRN,

1M

TSFR

+

2.50%,

7.848%,

9/20/30 

31,607‌

31,594‌

Viasat,

FRN,

1M

TSFR

+

4.50%,

9.96%,

5/30/30 

5,095‌

4,889‌

36,483‌

Services

10.5%

Advantage

Sales

&

Marketing,

FRN,

1M

TSFR

+

4.50%,

10.176%,

10/28/27 

3,953‌

3,864‌

AG

Group

Holdings,

FRN,

1M

TSFR

+

4.00%,

9.348%,

12/29/28 

4,012‌

3,873‌

Albion

Financing

3,

FRN,

3M

TSFR

+

5.25%,

10.924%,

8/17/26  (2)

12,652‌

12,631‌

Allied

Universal

Holdco,

FRN,

1M

TSFR

+

3.75%,

9.198%,

5/12/28  (2)

10,106‌

9,837‌

Allied

Universal

Holdco,

FRN,

1M

TSFR

+

4.75%,

10.098%,

5/12/28  (2)

9,990‌

9,853‌

Anticimex

Global,

FRN,

3M

TSFR

+

3.15%,

8.46%,

11/16/28  (2)

7,874‌

7,795‌

Ascend

Learning,

FRN,

1M

TSFR

+

3.50%,

8.948%,

12/11/28 

14,641‌

14,289‌

Ascend

Learning,

FRN,

1M

TSFR

+

5.75%,

11.198%,

12/10/29 

33,006‌

28,108‌

CD&R

Firefly

Bidco,

FRN,

3M

EURIBOR

+

4.75%,

8.698%,

6/21/28

(EUR) 

1,500‌

1,614‌

Ceridian

HCM

Holding,

FRN,

1M

TSFR

+

2.50%,

7.963%,

4/30/25 

3,519‌

3,519‌

DG

Investment

Intermediate

Holdings

2,

FRN,

1M

TSFR

+

6.75%,

12.213%,

3/30/29 

784‌

703‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

‡

Dun

&

Bradstreet,

FRN,

1M

TSFR

+

2.75%,

8.193%,

2/6/26 

6,219‌

6,220‌

EG

America,

FRN,

1M

TSFR

+

4.00%,

9.496%,

2/7/28 

2,380‌

2,276‌

EG

America,

FRN,

1M

TSFR

+

4.25%,

9.674%,

3/31/26 

3,606‌

3,425‌

EG

Finco,

FRN,

3M

EURIBOR

+

7.00%,

10.972%,

4/30/27

(EUR) 

12,935‌

12,499‌

GFL

Environmental,

FRN,

1M

TSFR

+

2.50%,

7.912%,

5/31/27 

11,339‌

11,364‌

GTCR

W

Merger,

FRN,

1M

USD

LIBOR

+

3.00%,

9/21/30  (2)

41,825‌

41,773‌

HomeServe

USA,

FRN,

1M

TSFR

+

3.00%,

8.331%,

10/21/30 

6,650‌

6,652‌

Mermaid

Bidco,

FRN,

1M

TSFR

+

4.50%,

9.875%,

12/22/27 

10,138‌

10,132‌

Project

Boost

Purchaser,

FRN,

1M

TSFR

+

3.50%,

8.963%,

5/30/26  (2)

7,758‌

7,729‌

Project

Boost

Purchaser,

FRN,

1M

TSFR

+

3.50%,

8.963%,

6/1/26 

2,744‌

2,738‌

Renaissance

Holdings,

FRN,

3M

TSFR

+

4.75%,

10.098%,

4/5/30  (2)

27,551‌

27,485‌

TK

Elevator

U.S.

Newco,

FRN,

6M

TSFR

+

3.50%,

9.381%,

7/30/27 

8,274‌

8,265‌

UKG,

FRN,

1M

TSFR

+

4.50%,

9.988%,

5/4/26 

3,107‌

3,115‌

UKG,

FRN,

3M

TSFR

+

3.25%,

8.764%,

5/4/26 

46,411‌

46,411‌

UKG,

FRN,

3M

TSFR

+

5.25%,

10.764%,

5/3/27 

118,465‌

118,392‌

USIC

Holdings,

FRN,

1M

TSFR

+

3.50%,

8.963%,

5/12/28 

3,683‌

3,577‌

USIC

Holdings,

FRN,

1M

TSFR

+

6.50%,

11.963%,

5/14/29 

6,785‌

6,134‌

414,273‌

Utilities

3.4%

Brookfield

WEC

Holdings,

FRN,

1M

TSFR

+

2.75%,

8.213%,

8/1/25 

7,915‌

7,919‌

Brookfield

WEC

Holdings,

FRN,

1M

TSFR

+

3.75%,

9.098%,

8/1/25 

12,320‌

12,336‌

Constellation

Renewables,

FRN,

3M

TSFR

+

2.50%,

8.15%,

12/15/27 

14,375‌

14,332‌

Generation

Bridge

Northeast,

FRN,

1M

TSFR

+

4.25%,

9.598%,

8/22/29 

7,537‌

7,556‌

PG&E,

FRN,

1M

TSFR

+

3.00%,

8.463%,

6/23/25 

34,034‌

34,018‌

Pike,

FRN,

1M

TSFR

+

3.00%,

8.463%,

1/21/28  (2)

9,969‌

9,959‌

Pike,

FRN,

1M

TSFR

+

3.50%,

8.848%,

1/21/28 

4,136‌

4,136‌

Talen

Energy

Supply,

FRN,

1M

TSFR

+

4.50%,

9.869%,

5/17/30  (2)

23,317‌

23,384‌

Talen

Energy

Supply,

FRN,

1M

TSFR

+

4.50%,

9.869%,

5/17/30  (2)

211‌

212‌

TerraForm

Power

Operating,

FRN,

1M

TSFR

+

2.50%,

7.99%,

5/21/29 

21,323‌

21,131‌

134,983‌

Wireless

Communications

2.5%

Asurion,

FRN,

1M

TSFR

+

3.25%,

8.713%,

12/23/26 

9,170‌

9,036‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Asurion,

FRN,

1M

TSFR

+

3.25%,

8.713%,

7/31/27 

5,270‌

5,149‌

Asurion,

FRN,

1M

TSFR

+

4.25%,

9.698%,

8/19/28 

5,237‌

5,145‌

Asurion,

FRN,

1M

TSFR

+

5.25%,

10.713%,

1/31/28 

22,105‌

19,792‌

Asurion,

FRN,

1M

TSFR

+

5.25%,

10.713%,

1/20/29 

61,590‌

54,384‌

Asurion,

FRN,

3M

TSFR

+

4.00%,

9.448%,

8/19/28 

4,421‌

4,331‌

97,837‌

Total

Bank

Loans

(Cost

$3,373,808)

3,363,073‌

CONVERTIBLE

PREFERRED

STOCKS

0.1%

Insurance

0.1%

Alliant

Services,

Series A,

Acquisition

Date:

11/6/20,

Cost $2,857  (3)(4)(5)

3‌

2,821‌

Total

Convertible

Preferred

Stocks

(Cost

$2,857)

2,821‌

CORPORATE

BONDS

10.0%

Aerospace

&

Defense

0.1%

TransDigm,

6.75%,

8/15/28  (6)

5,980‌

5,980‌

5,980‌

Airlines

0.1%

Mileage

Plus

Holdings,

6.50%,

6/20/27  (6)

2,228‌

2,216‌

2,216‌

Automotive

1.9%

Adient

Global

Holdings,

4.875%,

8/15/26  (6)

7,805‌

7,493‌

Ford

Motor

Credit,

4.063%,

11/1/24 

4,500‌

4,398‌

Ford

Motor

Credit,

5.584%,

3/18/24 

5,635‌

5,615‌

Ford

Motor

Credit,

FRN,

SOFR

+

2.95%,

8.298%,

3/6/26 

15,635‌

15,780‌

Rivian

Holdings,

FRN,

6M

USD

LIBOR

+

5.625%,

11.493%,

10/15/26  (6)

40,890‌

40,890‌

74,176‌

Banking

0.2%

Morgan

Stanley,

FRN,

SOFR

+

1.165%,

6.512%,

4/17/25 

7,040‌

7,048‌

7,048‌

Broadcasting

0.5%

Neptune

Bidco

U.S.,

9.29%,

4/15/29  (6)

3,905‌

3,641‌

Townsquare

Media,

6.875%,

2/1/26  (6)

10,340‌

9,952‌

Univision

Communications,

8.00%,

8/15/28  (6)

5,692‌

5,735‌

19,328‌

Cable

Operators

0.7%

Altice

Financing,

5.00%,

1/15/28  (6)

4,825‌

4,101‌

Altice

France

Holding,

10.50%,

5/15/27  (6)

17,255‌

9,167‌

CSC

Holdings,

11.25%,

5/15/28  (6)

8,355‌

8,324‌

Radiate

Holdco,

4.50%,

9/15/26  (6)

7,260‌

5,372‌

26,964‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

‡

Chemicals

0.2%

Avient,

5.75%,

5/15/25  (6)

4,400‌

4,367‌

Kobe

U.S.

Midco

2,

9.25%

(PIK),

11/1/26,

(9.25%

Cash

or

10.00%

PIK)  (6)(7)

5,168‌

3,773‌

8,140‌

Consumer

Products

0.2%

Life

Time,

8.00%,

4/15/26  (6)

6,385‌

6,377‌

6,377‌

Energy

0.7%

NGL

Energy

Operating,

7.50%,

2/1/26  (6)

10,440‌

10,453‌

Seadrill

Finance,

8.375%,

8/1/30  (6)

3,464‌

3,542‌

SilverBow

Resources,

FRN,

3M

TSFR

+

7.75%,

13.138%,

12/15/28  (6)

5,805‌

5,689‌

Tallgrass

Energy

Partners,

6.00%,

3/1/27  (6)

660‌

634‌

Transocean,

11.50%,

1/30/27  (6)

4,574‌

4,746‌

Venture

Global

LNG,

9.50%,

2/1/29  (6)

3,855‌

3,975‌

29,039‌

Entertainment

&

Leisure

0.7%

Carnival,

7.00%,

8/15/29  (6)

1,995‌

2,025‌

Carnival,

9.875%,

8/1/27  (6)

7,410‌

7,734‌

Cinemark

USA,

5.875%,

3/15/26  (6)

8,390‌

8,117‌

Cinemark

USA,

8.75%,

5/1/25  (6)

1,860‌

1,874‌

NCL,

8.125%,

1/15/29  (6)

3,396‌

3,451‌

NCL,

8.375%,

2/1/28  (6)

3,095‌

3,188‌

26,389‌

Financial

1.8%

Acrisure,

7.00%,

11/15/25  (6)

6,765‌

6,655‌

Acrisure,

10.125%,

8/1/26  (6)

10,995‌

11,325‌

AG

TTMT

Escrow

Issuer,

8.625%,

9/30/27  (6)

3,550‌

3,674‌

Alliant

Holdings

Intermediate,

6.75%,

10/15/27  (6)

3,790‌

3,624‌

Alliant

Holdings

Intermediate,

6.75%,

4/15/28  (6)

3,745‌

3,726‌

AssuredPartners,

5.625%,

1/15/29  (6)

4,990‌

4,447‌

AssuredPartners,

7.00%,

8/15/25  (6)

2,622‌

2,602‌

GTCR

AP

Finance,

8.00%,

5/15/27  (6)

4,060‌

4,040‌

HUB

International,

7.00%,

5/1/26  (6)

3,825‌

3,806‌

HUB

International,

7.25%,

6/15/30  (6)

9,985‌

10,210‌

Jones

Deslauriers

Insurance

Management,

8.50%,

3/15/30  (6)

13,810‌

14,294‌

Ryan

Specialty,

4.375%,

2/1/30  (6)

895‌

807‌

69,210‌

Gaming

0.0%

International

Game

Technology,

6.50%,

2/15/25  (6)

1,366‌

1,364‌

1,364‌

Health

Care

0.5%

Bausch

&

Lomb

Escrow,

8.375%,

10/1/28  (6)

4,050‌

4,141‌

CHS,

8.00%,

3/15/26  (6)

6,240‌

6,037‌

CHS,

8.00%,

12/15/27  (6)

4,205‌

3,974‌

LifePoint

Health,

11.00%,

10/15/30  (6)

5,600‌

5,628‌

RegionalCare

Hospital

Partners

Holdings,

9.75%,

12/1/26  (6)

1,194‌

1,152‌

20,932‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Information

Technology

0.3%

Boxer

Parent,

9.125%,

3/1/26  (6)

4,500‌

4,494‌

Central

Parent,

8.00%,

6/15/29  (6)

2,220‌

2,273‌

Cloud

Software

Group,

9.00%,

9/30/29  (6)

6,380‌

5,734‌

12,501‌

Lodging

0.2%

Hilton

Domestic

Operating,

5.375%,

5/1/25  (6)

4,400‌

4,367‌

Park

Intermediate

Holdings,

7.50%,

6/1/25  (6)

4,300‌

4,311‌

8,678‌

Manufacturing

0.2%

Sensata

Technologies,

5.00%,

10/1/25  (6)

4,400‌

4,317‌

Sensata

Technologies,

5.625%,

11/1/24  (6)

2,970‌

2,974‌

7,291‌

Real

Estate

Investment

Trust

Securities

0.1%

Service

Properties

Trust,

8.625%,

11/15/31  (6)

3,115‌

3,189‌

3,189‌

Satellites

0.2%

Connect

Finco,

6.75%,

10/1/26  (6)

6,240‌

5,990‌

5,990‌

Services

0.6%

Allied

Universal

Holdco,

6.625%,

7/15/26  (6)

9,021‌

8,751‌

Allied

Universal

Holdco,

9.75%,

7/15/27  (6)

4,270‌

3,923‌

eG

Global

Finance,

12.00%,

11/30/28  (6)

4,000‌

4,160‌

GTCR

W-2

Merger,

7.50%,

1/15/31  (6)

2,780‌

2,832‌

Sabre

GLBL,

11.25%,

12/15/27  (6)

6,575‌

5,942‌

25,608‌

Telephones

0.2%

Verizon

Communications,

FRN,

SOFRINDX

+

0.79%,

6.137%,

3/20/26 

9,405‌

9,405‌

9,405‌

Utilities

0.6%

Talen

Energy

Supply,

8.625%,

6/1/30  (6)

5,165‌

5,398‌

Vistra,

VR,

7.00%  (6)(8)(9)

13,780‌

13,022‌

Vistra

Operations,

4.875%,

5/13/24  (6)

3,234‌

3,212‌

Vistra

Operations,

5.125%,

5/13/25  (6)

901‌

885‌

22,517‌

Total

Corporate

Bonds

(Cost

$401,929)

392,342‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

‡

SHORT-TERM

INVESTMENTS

8.4%

Money

Market

Funds

8.4%

T.

Rowe

Price

Government

Reserve

Fund,

5.42%  (10)(11)

332,888‌

332,888‌

Total

Short-Term

Investments

(Cost

$332,888)

332,888‌

Total

Investments

in

Securities

103.8%

of

Net

Assets

(Cost

$4,111,482)

$

4,091,124‌

‡

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

November

30,

2023.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(4)

Non-income

producing

(5)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$2,821

and

represents

0.1%

of

net

assets.

(6)

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

$350,096

and

represents

8.9%

of

net

assets.

(7)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(8)

Perpetual

security

with

no

stated

maturity

date.

(9)

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.

(10)

Seven-day

yield

(11)

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)

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

14

(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

5.341%

(SOFR)

at

Maturity,

12/20/23

17,000

31

—

31‌

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Quarterly,

Pay

Variable

5.341%

(SOFR)

at

Maturity,

3/20/24

34,000

56

—

56‌

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Quarterly,

Pay

Variable

5.341%

(SOFR)

at

Maturity,

6/20/24

5,750

53

—

53‌

Total

Bilateral

Total

Return

Swaps

—

140‌

Total

Bilateral

Swaps

—

140‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

15

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

UBS

Investment

Bank

2/23/24

USD

22,585‌

EUR

20,697‌

$

(29‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(29‌)

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

16

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

six

months

ended

November

30,

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,

5.42%

$

—‌#

$

—‌

$

5,356‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/23

Purchase

Cost

Sales

Cost

Value

11/30/23

T.

Rowe

Price

Government

Reserve

Fund,

5.42%

$

183,271‌

 ¤

  ¤

$

332,888‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$5,356

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

$332,888.

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

November

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

17

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Assets

Investments

in

securities,

at

value

(cost

$4,111,482)

$

4,091,124‌

Interest

receivable

28,091‌

Receivable

for

investment

securities

sold

11,580‌

Receivable

for

shares

sold

2,332‌

Cash

2,114‌

Unrealized

gain

on

bilateral

swaps

140‌

Total

assets

4,135,381‌

Liabilities

Payable

for

investment

securities

purchased

178,608‌

Payable

for

shares

redeemed

8,165‌

Investment

management

and

administrative

fees

payable

2,040‌

Unrealized

loss

on

forward

currency

exchange

contracts

29‌

Other

liabilities

4,450‌

Total

liabilities

193,292‌

NET

ASSETS

$

3,942,089‌

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

(623,967‌)

Paid-in

capital

applicable

to

420,214,943

shares

of

$0.0001

par

value

capital

stock

outstanding;

4,000,000,000

shares

of

the

Corporation

authorized

4,566,056‌

NET

ASSETS

$

3,942,089‌

NET

ASSET

VALUE

PER

SHARE

Institutional

Class

(Net

assets:

$3,641,630;

Shares

outstanding:

388,164,241)

$

9.38‌

F

Class

(Net

assets:

$300,155;

Shares

outstanding:

32,018,207)

$

9.37‌

Z

Class

(Net

assets:

$304;

Shares

outstanding:

32,495)

$

9.37‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

(Unaudited)

Statement

of

Operations

18

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/23

Investment

Income

(Loss)

Income

    Interest

$

186,442‌

Dividend

5,452‌

Total

income

191,894‌

Expenses

Investment

management

and

administrative

expense

10,911‌

Administrative

fee

payment

program

fees

-

F

Class

200‌

Miscellaneous

580‌

Waived

/

paid

by

Price

Associates

(1‌)

Net

expenses

11,690‌

Net

investment

income

180,204‌

Realized

and

Unrealized

Gain

/

Loss  

–

Net

realized

gain

(loss)

Securities

(30,226‌)

Swaps

4,719‌

Forward

currency

exchange

contracts

234‌

Foreign

currency

transactions

43‌

Net

realized

loss

(25,230‌)

Change

in

net

unrealized

gain

/

loss

Securities

109,963‌

Swaps

(2,011‌)

Forward

currency

exchange

contracts

(679‌)

Other

assets

and

liabilities

denominated

in

foreign

currencies

89‌

Change

in

net

unrealized

gain

/

loss

107,362‌

Net

realized

and

unrealized

gain

/

loss

82,132‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

262,336‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

19

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/23

Year

Ended

5/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

180,204‌

$

374,060‌

Net

realized

loss

(25,230‌)

(233,595‌)

Change

in

net

unrealized

gain

/

loss

107,362‌

118,536‌

Increase

in

net

assets

from

operations

262,336‌

259,001‌

Distributions

to

shareholders

Net

earnings

Institutional

Class

(164,054‌)

(324,555‌)

F

Class

(14,143‌)

(38,544‌)

Z

Class

(14‌)

(7,186‌)

Decrease

in

net

assets

from

distributions

(178,211‌)

(370,285‌)

Capital

share

transactions

*

Shares

sold

Institutional

Class

350,513‌

1,085,575‌

F

Class

38,380‌

151,809‌

Z

Class

–‌

31,000‌

Distributions

reinvested

Institutional

Class

134,416‌

244,295‌

F

Class

14,080‌

38,338‌

Z

Class

14‌

7,013‌

Shares

redeemed

Institutional

Class

(594,270‌)

(3,548,724‌)

F

Class

(114,104‌)

(564,427‌)

Z

Class

–‌

(328,015‌)

Decrease

in

net

assets

from

capital

share

transactions

(170,971‌)

(2,883,136‌)

Net

Assets

Decrease

during

period

(86,846‌)

(2,994,420‌)

Beginning

of

period

4,028,935‌

7,023,355‌

End

of

period

$

3,942,089‌

$

4,028,935‌

*Share

information

(000s)

Shares

sold

Institutional

Class

37,502‌

117,413‌

F

Class

4,108‌

16,407‌

Z

Class

–‌

3,337‌

Distributions

reinvested

Institutional

Class

14,360‌

26,473‌

F

Class

1,506‌

4,160‌

Z

Class

1‌

762‌

Shares

redeemed

Institutional

Class

(63,657‌)

(385,016‌)

F

Class

(12,226‌)

(61,049‌)

Z

Class

–‌

(35,577‌)

Decrease

in

shares

outstanding

(18,406‌)

(313,090‌)

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

Unaudited

20

NOTES

TO

FINANCIAL

STATEMENTS

T.

Rowe

Price

Institutional

Income

Funds,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Institutional

Floating

Rate

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks

high

current

income

and,

secondarily,

capital

appreciation.

The

fund

has

three classes

of

shares:

the

Institutional

Floating

Rate

Fund

(Institutional

Class),

the

Institutional

Floating

Rate

Fund–F

Class

(F

Class)

and

the

Institutional

Floating

Rate

Fund–Z

Class

(Z

Class).

F

Class

shares

are

available

only

through

financial

advisors

and

certain

third-party

intermediaries

that

have

entered

into

an

administrative

fee

agreement

with

T.

Rowe

Price

Services,

Inc.

The

F

Class

participates

in

a

Board-approved

administrative

fee

payment

program

pursuant

to

which

the

fund

compensates

certain

financial

intermediaries

for

various

shareholder

and

administrative

services

they

provide

to

underlying

investors.

The

Z

Class

is

only

available

to

funds

advised

by

T.

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

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.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Investment

income

and

investment

management

and

administrative

expense

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

The

F

Class

pays

certain

shareholder

and

administrative

expenses

at

a

rate

of

up

to

0.15%

of

the

class’s

average

daily

net

assets.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

 In

June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

clarifies

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

amendments

under

this

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

21

2023;

however,

the

fund

opted

to

early

adopt,

as

permitted,

effective

December

1,

2022. Adoption

of

the

guidance

did not

have

a

material

impact

on

the fund's

financial  statements.

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December

2022,

FASB

issued

ASU

2022-06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

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

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

22

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

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.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

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

November

30,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Bank

Loans

$

—‌

$

3,286,723‌

$

76,350‌

$

3,363,073‌

Convertible

Preferred

Stocks

—‌

—‌

2,821‌

2,821‌

Corporate

Bonds

—‌

392,342‌

—‌

392,342‌

Short-Term

Investments

332,888‌

—‌

—‌

332,888‌

Total

Securities

332,888‌

3,679,065‌

79,171‌

4,091,124‌

Swaps

—‌

140‌

—‌

140‌

Total

$

332,888‌

$

3,679,205‌

$

79,171‌

$

4,091,264‌

Liabilities

Forward

Currency

Exchange

Contracts

$

—‌

$

29‌

$

—‌

$

29‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

23

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

six

months ended

November

30,

2023.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

November

30,

2023,

totaled $2,793,000 for

the

six

months ended

November

30,

2023.

During

the

six

months,

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. 

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

November

30,

2023,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

November

30,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($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

11/30/23

Investment

in

Securities

Bank

Loans

$

142,678‌

$

3,145‌

$

8,365‌

$

(39,119‌)

$

17,822‌

$

(56,541‌)

$

76,350‌

Convertible

Preferred

Stocks

2,600‌

221‌

—‌

—‌

—‌

—‌

2,821‌

Total

$

145,278‌

$

3,366‌

$

8,365‌

$

(39,119‌)

$

17,822‌

$

(56,541‌)

$

79,171‌

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value

Assets

Credit

derivatives

Bilateral

Swaps

$

140

Total

$

140

Liabilities

Foreign

exchange

derivatives

Forwards

$

29

Total

$

29

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

24

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

November

30,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives,

such

as

non-cleared

bilateral

swaps,

forward

currency

exchange

contracts,

and/or

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives),

and

thereby

may

expose

the

fund

to

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

govern

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

determined.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

each

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund’s

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

November

30,

2023,

no

collateral

was

pledged

by

either

the

fund

or

counterparties for

bilateral

derivatives.

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-denominated

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Foreign

exchange

derivatives

$

234‌

$

—‌

$

234‌

Credit

derivatives

—‌

4,719‌

4,719‌

Total

$

234‌

$

4,719‌

$

4,953‌

Change

in

Unrealized

Gain

(Loss)

Foreign

exchange

derivatives

$

(679‌)

$

—‌

$

(679‌)

Credit

derivatives

—‌

(2,011‌)

(2,011‌)

Total

$

(679‌)

$

(2,011‌)

$

(2,690‌)

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

25

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund’s

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund’s

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

November

30,

2023,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

Swaps

 The

fund

is

subject

to

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risk.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Total

return

swaps

are

agreements

in

which

one

party

makes

payments

based

on

a

set

rate,

either

fixed

or

variable,

while

the

other

party

makes

payments

based

on

the

return

of

an

underlying

asset

(reference

asset),

such

as

an

index,

equity

security,

fixed

income

security

or

commodity-based

exchange-traded

fund,

which

includes

both

the

income

it

generates

and

any

change

in

its

value.

Risks

related

to

the

use

of

total

return

swaps

include

the

potential

for

unfavorable

changes

in

the

reference

asset,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

During

the

six

months ended

November

30,

2023,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

1%

and

2%

of

net

assets.

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund's

prospectus

and

Statement

of

Additional

Information.

Noninvestment-Grade

Debt

 The

fund

invests,

either

directly

or

through

its

investment

in

other

T.

Rowe

Price

funds,

in

noninvestment-grade

debt,

including

“high

yield”

or

“junk”

bonds

or

leveraged

loans.

Noninvestment-grade

debt

issuers

are

more

likely

to

suffer

an

adverse

change

in

financial

condition

that

would

result

in

the

inability

to

meet

a

financial

obligation.

The

noninvestment-

grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

to

a

variety

of

factors

that

may

decrease

the

ability

of

issuers

to

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Accordingly,

securities

issued

by

such

companies

carry

a

higher

risk

of

default

and

should

be

considered

speculative. 

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

26

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Bank

Loans

 The

fund

invests

in

bank

loans,

which

represent

an

interest

in

amounts

owed

by

a

borrower

to

a

syndicate

of

lenders.

Bank

loans

are

generally

noninvestment

grade

and

often

involve

borrowers

whose

financial

condition

is

highly

leveraged.

The

fund

may

invest

in

fixed

and

floating

rate

loans,

which

may

include

senior

floating

rate

loans;

secured

and

unsecured

loans,

second

lien

or

more

junior

loans;

and

bridge

loans

or

bridge

facilities.

Certain

bank

loans

may

be

revolvers

which

are

a

form

of

senior

bank

debt,

where

the

borrower

can

draw

down

the

credit

of

the

revolver

when

it

needs

cash

and

repays

the

credit

when

the

borrower

has

excess

cash.

Certain

loans

may

be

“covenant-lite”

loans,

which

means

the

loans

contain

fewer

maintenance

covenants

than

other

loans

(in

some

cases,

none)

and

do

not

include

terms

which

allow

the

lender

to

monitor

the

performance

of

the

borrower

and

declare

a

default

if

certain

criteria

are

breached.

As

a

result

of

these

risks,

the

fund’s

exposure

to

losses

may

be

increased.

Bank

loans

may

be

in

the

form

of

either

assignments

or

participations.

A

loan

assignment

transfers

all

legal,

beneficial,

and

economic

rights

to

the

buyer,

and

transfer

typically

requires

consent

of

both

the

borrower

and

agent.

In

contrast,

a

loan

participation

generally

entitles

the

buyer

to

receive

the

cash

flows

from

principal,

interest,

and

any

fee

payments

on

a

portion

of

a

loan;

however,

the

seller

continues

to

hold

legal

title

to

that

portion

of

the

loan.

As

a

result,

the

buyer

of

a

loan

participation

generally

has

no

direct

recourse

against

the

borrower

and

is

exposed

to

credit

risk

of

both

the

borrower

and

seller

of

the

participation.

Bank

loans

often

have

extended

settlement

periods,

generally

may

be

repaid

at

any

time

at

the

option

of

the

borrower,

and

may

require

additional

principal

to

be

funded

at

the

borrowers’

discretion

at

a

later

date

(e.g.

unfunded

commitments

and

revolving

debt

instruments).

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

unfunded

loan

commitments.

The

fund

reflects

both

the

funded

portion

of

a

bank

loan

as

well

as

its

unfunded

commitment

in

the

Portfolio

of

Investments.

However,

if

a

credit

agreement

provides

no

initial

funding

of

a

tranche,

and

funding

of

the

full

commitment

at

a

future

date(s)

is

at

the

borrower’s

discretion

and

considered

uncertain,

a

loan

is

reflected

in

the

Portfolio

of

Investments

only

if,

and

only

to

the

extent

that,

the

fund

has

actually

settled

a

funding

commitment.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $1,030,185,000 and

$1,119,441,000,

respectively,

for

the

six

months ended

November

30,

2023.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report. 

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

May

31,

2023,

the

fund

had

$573,724,000

of

available

capital

loss

carryforwards.

At

November

30,

2023,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$4,116,822,000.

Net

unrealized

loss

aggregated

$25,321,000

at

period-end,

of

which

$33,502,000

related

to

appreciated

investments

and

$58,823,000

related

to

depreciated

investments.

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

27

NOTE

6

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). The

investment

management

and

administrative

agreement

between

the

fund

and

Price

Associates

provides

for

an

all-

inclusive

annual

fee

equal

to

0.55%

of

the

fund’s

average

daily

net

assets.

The

fee

is

computed

daily

and

paid

monthly. The

all-inclusive

fee

covers

investment

management

services

and

ordinary,

recurring

operating

expenses

but

does

not

cover

interest

expense;

expenses

related

to

borrowing,

taxes,

and

brokerage;

or

nonrecurring,

extraordinary

expenses.

The

Z

Class

is

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class’

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund’s

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

this

agreement,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the six

months

ended November

30,

2023 as

indicated

in

the

table

below.

At

November

30,

2023,

there

were

no

amounts

subject

to

repayment

by

the

fund.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

a

wholly

owned

subsidiary

of

Price

Associates,

each

an

affiliate

of

the

fund.

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

funds.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

Pursuant

to

the

all-inclusive

fee

arrangement

under

the

investment

management

and

administrative

agreement,

expenses

incurred

by

the

funds

pursuant

to

these

service

agreements

are

paid

by

Price

Associates.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-

approved

Rule

12b-1

plan).

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

November

30,

2023, approximately

26%

of

the

Institutional

Class's

and

100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

November

30,

2023,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

Z

Class

Expense

limitation/I

Class

Limit

0.00%

Expense

limitation

date

N/A

(Waived)/repaid

during

the

period

($000s)

$(1)

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

28

NOTE

7

-

BORROWING

The

fund,

together

with

certain

other

U.S.

registered

floating

rate

and

tax-free

high

yield

funds

(the

U.S.

borrowers)

and

foreign

investment

funds

managed

by

Price

Associates

or

an

affiliate

(collectively,

the

participating

funds),

is

party

to

a

$1.3

billion,

364-day,

syndicated

credit

facility

(the

facility).

Excluding

commitments

designated

for

the

foreign

investment

funds,

the U.S.

borrowers can

borrow

up

to

an

aggregate

commitment

amount

of

$1.15 billion,

of

which

$900

million

is

available

to

the

U.S.

floating

rate

borrowers

and

$250

million

is

available

to

the

U.S.

tax-free

high

yield

borrowers, on

a

first-come,

first-served

basis.

The

facility

provides

a

source

of

liquidity

to

the

participating

funds

for

temporary

and

emergency

purposes. The

participating

funds

are

charged

administrative

fees

and

an

annual

commitment

fee of

0.15% of

the

average

daily

undrawn

commitment.

All

fees

allocated

to

the

U.S.

borrowers

are

based

on

the

portion

of

the

aggregate

commitment

available

to

them

and

on

each

U.S.

borrower’s

relative

net

assets.

Such

allocated

fees

are

reflected

as either

miscellaneous

or interest

and

borrowing

related

expense

in

the Statement

of

Operations.

Loans

are

generally

unsecured;

however,

the

fund

must

collateralize

any

borrowings

under

the

facility

on

an

equivalent

basis

if

it

has

other

collateralized

borrowings.

Interest

is

charged

to

the

fund

based

on

its

borrowings

at

the

higher

of

(a)

Secured

Overnight

Financing

Rate

(SOFR)

plus

0.10%

per

annum,

(b)

Federal

Funds

Rate,

or

(c)

the

Overnight

Bank

Funding

Rate

plus

an

applicable

margin. At

November

30,

2023,

the

fund

had

no

borrowings

outstanding

under

the

facility,

and

the

undrawn

amount

of

the

facility

for

the

U.S.

borrowers

was

$1,150,000,000.

NOTE

8

-

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.

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

29

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

RESULTS

OF

PROXY

VOTING

A

Special

Meeting

of

Shareholders

was

held

on

July

24,

2023

for

shareholders

of

record

on

April

7,

2023,

to

elect

the

following

director-

nominees

to

serve

on

the

Board

of

all

Price

Funds.

The

newly

elected

Directors

took

office

effective

July

24,

2023.

The

results

of

the

voting

were

as

follows:

Teresa

Bryce

Bazemore,

Bruce

W.

Duncan,

Robert

J.

Gerrard,

Jr.,

Paul

F.

McBride

and

David

Oestreicher

continue

to

serve

as

Directors

on

the

Board

of

all

Price

Funds.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

TAILORED

SHAREHOLDER

REPORTS

FOR

MUTUAL

FUNDS

AND

EXCHANGE

TRADED

FUNDS

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

rule

and

form

amendments

requiring

Mutual

Funds

and

Exchange-Traded

Funds

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

highlight

key

information

to

shareholders.

Other

information,

including

financial

statements,

will

no

longer

appear

in

the

funds’

shareholder

reports

but

will

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

Votes

For

Votes

Withheld

Melody

Bianchetto

355,705,606

1,633,212

Mark

J.

Parrell

355,307,082

2,031,732

Kellye

L.

Walker

355,511,653

1,827,166

Eric

L.

Veiel

355,458,183

1,880,633

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

30

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-

functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

24,

2023,

the

Board

was

presented

with

an

annual

assessment

that

was

prepared

by

the

LRC

on

behalf

of

the

Adviser

and

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

For the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2022,

through

March

31,

2023.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

E170-051

1/24

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)    The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b)    The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Institutional Income Funds, Inc.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	January 19, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	January 19, 2024
By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	January 19, 2024