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, 2024

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Semi-Annual Shareholder Report

November 30, 2024

Institutional High Yield Fund

Institutional Class (TRHYX)

This semi-annual shareholder report contains important information about Institutional High Yield Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional High Yield Fund - Institutional Class	$26	0.50%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$1,791,929
Number of Portfolio Holdings	451

Portfolio Turnover Rate 19.9%

What did the fund invest in?

Credit Quality Allocation*(as a % of Net Assets)

BBB/BB Rated and Above	3.3%
BB Rated	29.3
BB/B Rated	18.5
B Rated	26.2
B/CCC Rated	5.2
CCC Rated and Below	10.4
Not Rated	2.7
Short-Term Holdings	4.4

*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.

Top Ten Holdings (as a % of Net Assets)

CCO Holdings	2.0%
TransDigm	2.0
Venture Global LNG	1.8
Navient	1.5
Cloud Software Group	1.5
Asurion	1.5
HUB International	1.4
Alliant Holdings Intermediate	1.4
Tenet Healthcare	1.4
Hilcorp Energy I	1.3

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202407-3695801

E137-053 1/25

Institutional High Yield Fund 

Institutional Class (TRHYX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

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 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

Financial

Statements

and

Other

Information

November

30,

2024

Institutional

High

Yield

Fund

T.

ROWE

PRICE

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

T.

ROWE

PRICE

Institutional

High

Yield

Fund

(Unaudited)

Financial

Highlights

2

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

.

6

Months

.

Ended

11/30/24

..

Year

..

..

Ended

.

5/31/24

5/31/23

5/31/22

5/31/21

5/31/20

NET

ASSET

VALUE

Beginning

of

period

$

7.71‌

$

7.42‌

$

7.94‌

$

8.83‌

$

8.23‌

$

8.62‌

Investment

activities

Net

investment

income

(1)(2)

0.26‌

0.51‌

0.48‌

0.45‌

0.45‌

0.49‌

Net

realized

and

unrealized

gain/

loss

0.20‌

0.30‌

(0.49‌)

(0.88‌)

0.61‌

(0.39‌)

Total

from

investment

activities

0.46‌

0.81‌

(0.01‌)

(0.43‌)

1.06‌

0.10‌

Distributions

Net

investment

income

(0.26‌)

(0.52‌)

(0.50‌)

(0.46‌)

(0.46‌)

(0.49‌)

Net

realized

gain

–‌

–‌

(0.01‌)

–‌

–‌

–‌

Total

distributions

(0.26‌)

(0.52‌)

(0.51‌)

(0.46‌)

(0.46‌)

(0.49‌)

NET

ASSET

VALUE

End

of

period

$

7.91‌

$

7.71‌

$

7.42‌

$

7.94‌

$

8.83‌

$

8.23‌

Ratios/Supplemental

Data

Total

return

(2)(3)

6.07‌%

11.19‌%

0.05‌%

(5.14‌)%

13.11‌%

1.05‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.50‌%

(4)

0.50‌%

0.50‌%

0.50‌%

0.50‌%

0.50‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.50‌%

(4)

0.50‌%

0.50‌%

0.50‌%

0.50‌%

0.50‌%

Net

investment

income

6.72‌%

(4)

6.75‌%

6.46‌%

5.27‌%

5.21‌%

5.72‌%

Portfolio

turnover

rate

19.9‌%

38.4‌%

30.4‌%

45.6‌%

49.2‌%

43.0‌%

Net

assets,

end

of

period

(in

millions)

$

1,792‌

$

1,715‌

$

1,612‌

$

1,724‌

$

1,962‌

$

1,517‌

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

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

High

Yield

Fund

November

30,

2024

(Unaudited)

3

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

ASSET-BACKED

SECURITIES

 0.1%

Other

Asset-Backed

Securities

 0.1%

Frontier

Issuer

Series 2023-1,

Class

C

11.50%,

8/20/53 (1)

1,923‌

2,051‌

Frontier

Issuer

Series 2024-1,

Class

C

11.16%,

6/20/54 (1)

149‌

167‌

Total

Asset-Backed

Securities

(Cost

$2,215)

2,218‌

BANK

LOANS

 4.7%

(2)

Airlines

 0.1%

AAdvantage

Loyalty

IP,

FRN,

3M

TSFR

+

4.75%,

9.629%,

4/20/28 (3)

2,063‌

2,128‌

2,128‌

Broadcasting

 0.1%

Nielsen

Holdings,

FRN,

3M

TSFR

+

9.75%,

14.508%,

10/11/29 (4)

1,550‌

1,550‌

1,550‌

Cable

Operators

 0.5%

CSC

Holdings,

FRN,

1M

TSFR

+

4.50%,

9.109%,

1/18/28 

5,486‌

5,382‌

Radiate

Holdco,

FRN,

1M

TSFR

+

3.25%,

7.937%,

9/25/26 

4,220‌

3,676‌

9,058‌

Chemicals

 0.2%

Vibrantz

Technologies,

FRN,

3M

TSFR

+

4.25%,

9.058%,

4/23/29 

3,992‌

3,990‌

3,990‌

Energy

 0.2%

Prairie

ECI

Acquiror,

FRN,

1M

TSFR

+

4.75%,

9.323%,

8/1/29 

2,899‌

2,917‌

2,917‌

Financial

 0.4%

Edelman

Financial

Engines

Center,

FRN,

1M

TSFR

+

5.25%,

10/6/28 (3)

155‌

156‌

TIH

Insurance

Holdings,

FRN,

3M

TSFR

+

4.75%,

9.354%,

5/6/32 

6,274‌

6,402‌

6,558‌

Information

Technology

 1.0%

Ellucian

Holdings,

FRN,

1M

TSFR

+

3.00%,

10/29/29 (3)

1,010‌

1,020‌

Ellucian

Holdings,

FRN,

1M

TSFR

+

4.75%,

11/14/32 (3)

4,315‌

4,336‌

Project

Alpha

Intermediate

Holding,

FRN,

1M

TSFR

+

3.25%,

10/28/30 (3)

1,630‌

1,639‌

Project

Alpha

Intermediate

Holding,

FRN,

1M

TSFR

+

5.00%,

11/21/32 (3)

2,839‌

2,850‌

RealPage,

FRN,

1M

TSFR

+

6.50%,

11.187%,

4/23/29 

7,782‌

7,677‌

17,522‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Services

 0.8%

Ascend

Learning,

FRN,

1M

TSFR

+

5.75%,

10.423%,

12/10/29 (3)

9,875‌

9,850‌

CoreLogic,

FRN,

1M

TSFR

+

6.50%,

11.187%,

6/4/29 

5,055‌

4,925‌

14,775‌

Wireless

Communications

 1.4%

Asurion,

FRN,

1M

TSFR

+

5.25%,

9.937%,

1/31/28 (3)

19,294‌

18,915‌

Asurion,

FRN,

1M

TSFR

+

5.25%,

9.937%,

1/20/29 

7,218‌

7,020‌

25,935‌

Total

Bank

Loans

(Cost

$84,583)

84,433‌

COMMON

STOCKS

 0.5%

Energy

 0.1%

South

Bow

(CAD) (4)

69‌

1,822‌

1,822‌

Gaming

 0.0%

New

Cotai

Participation,

Class

B (1)

(4)(5)

—‌

—‌

—‌

Health

Care

 0.1%

Becton

Dickinson

&

Company 

7‌

1,652‌

1,652‌

Metals

&

Mining

 0.2%

Constellium (4)

163‌

2,003‌

Freeport-McMoRan 

35‌

1,540‌

3,543‌

Other

Telecommunications

 0.1%

Ciena (4)

25‌

1,737‌

1,737‌

Total

Common

Stocks

(Cost

$9,024)

8,754‌

CONVERTIBLE

BONDS

 0.2%

Automotive

 0.2%

Rivian

Automotive,

4.625%,

3/15/29 (6)

4,635‌

4,569‌

Total

Convertible

Bonds

(Cost

$5,042)

4,569‌

CONVERTIBLE

PREFERRED

STOCKS

 0.4%

Aerospace

&

Defense

 0.2%

Boeing,

6.00%,

10/15/27 (6)

71‌

3,944‌

3,944‌

T.

ROWE

PRICE

Institutional

High

Yield

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

‡

Financial

 0.2%

Ares

Management,

Series B,

6.75%,

10/1/27 

52‌

2,910‌

2,910‌

Forest

Products

 0.0%

Smurfit-Stone

Container,

Series A,

EC,

7.00%,

2/15/27,

Cost $3 (4)(5)(7)

8‌

—‌

—‌

Total

Convertible

Preferred

Stocks

(Cost

$6,188)

6,854‌

CORPORATE

BONDS

 90.2%

Aerospace

&

Defense

 2.0%

TransDigm,

5.50%,

11/15/27 

1,506‌

1,491‌

TransDigm,

6.00%,

1/15/33 (1)

2,705‌

2,705‌

TransDigm,

6.375%,

3/1/29 (1)

3,075‌

3,117‌

TransDigm,

6.625%,

3/1/32 (1)

6,155‌

6,301‌

TransDigm,

6.75%,

8/15/28 (1)

4,455‌

4,544‌

TransDigm,

6.875%,

12/15/30 (1)

11,750‌

12,088‌

TransDigm,

7.125%,

12/1/31 (1)(6)

4,799‌

4,985‌

35,231‌

Airlines

 0.9%

American

Airlines,

5.75%,

4/20/29 (1)

6,600‌

6,575‌

American

Airlines

Group,

10.75%,

2/15/26,

(10.75%

Cash

or

11.5%

PIK) (1)(8)

2,100‌

2,190‌

American

Airlines

Group,

10.75%,

2/15/26,

(10.75%

Cash

or

12%

PIK) (1)(8)

400‌

417‌

United

Airlines,

4.625%,

4/15/29 (1)

6,730‌

6,453‌

15,635‌

Automotive

 3.0%

Adient

Global

Holdings,

8.25%,

4/15/31 (1)(6)

4,805‌

5,009‌

Belron

U.K.

Finance,

5.75%,

10/15/29 (1)

2,130‌

2,133‌

Benteler

International,

10.50%,

5/15/28 (1)(6)

1,665‌

1,747‌

Clarios

Global,

8.50%,

5/15/27 (1)

8,075‌

8,115‌

Dana

Financing

Luxembourg,

8.50%,

7/15/31

(EUR) (1)

3,379‌

3,865‌

Dana

Financing

Luxembourg,

8.50%,

7/15/31

(EUR) 

770‌

881‌

Global

Auto

Holdings,

8.75%,

1/15/32 (1)

3,175‌

2,826‌

Rivian

Holdings,

FRN,

6M

TSFR

+

6.053%,

10.502%,

10/15/26 (1)

14,155‌

14,173‌

Tenneco,

8.00%,

11/17/28 (1)

4,680‌

4,434‌

Velocity

Vehicle

Group,

8.00%,

6/1/29 (1)

1,805‌

1,877‌

Wand

NewCo

3,

7.625%,

1/30/32 (1)

5,400‌

5,589‌

ZF

North

America

Capital,

6.75%,

4/23/30 (1)

2,227‌

2,163‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

ZF

North

America

Capital,

7.125%,

4/14/30 (1)

1,141‌

1,131‌

53,943‌

Broadcasting

 3.9%

Clear

Channel

Outdoor

Holdings,

7.50%,

6/1/29 (1)(6)

3,540‌

3,115‌

Clear

Channel

Outdoor

Holdings,

7.75%,

4/15/28 (1)(6)

6,425‌

5,903‌

Clear

Channel

Outdoor

Holdings,

7.875%,

4/1/30 (1)

2,775‌

2,865‌

Clear

Channel

Outdoor

Holdings,

9.00%,

9/15/28 (1)(6)

5,785‌

6,132‌

CMG

Media,

8.875%,

6/18/29 (1)(6)

7,755‌

5,293‌

Gray

Television,

5.375%,

11/15/31 (1)

1,406‌

830‌

Lamar

Media,

4.00%,

2/15/30 

473‌

437‌

Lamar

Media,

4.875%,

1/15/29 

4,327‌

4,197‌

Neptune

Bidco

U.S.,

9.29%,

4/15/29 (1)(6)

6,014‌

5,593‌

Outfront

Media

Capital,

7.375%,

2/15/31 (1)

1,200‌

1,263‌

Sirius

XM

Radio,

4.00%,

7/15/28 (1)

(6)

7,600‌

7,125‌

Sirius

XM

Radio,

5.00%,

8/1/27 (1)

5,842‌

5,740‌

Stagwell

Global,

5.625%,

8/15/29 (1)

(6)

9,340‌

9,001‌

Townsquare

Media,

6.875%,

2/1/26 (1)(6)

1,695‌

1,689‌

Univision

Communications,

7.375%,

6/30/30 (1)

3,590‌

3,451‌

Univision

Communications,

8.00%,

8/15/28 (1)

4,725‌

4,825‌

Univision

Communications,

8.50%,

7/31/31 (1)

1,640‌

1,630‌

69,089‌

Building

&

Real

Estate

 0.9%

Cushman

&

Wakefield

U.S.

Borrower,

6.75%,

5/15/28 (1)

4,535‌

4,580‌

Howard

Hughes,

4.125%,

2/1/29 (1)

4,450‌

4,139‌

Howard

Hughes,

4.375%,

2/1/31 (1)

2,385‌

2,164‌

Howard

Hughes,

5.375%,

8/1/28 (1)

3,670‌

3,597‌

Miller

Homes

Group

Finco,

7.00%,

5/15/29

(GBP) (1)

1,135‌

1,394‌

Miller

Homes

Group

Finco,

7.00%,

5/15/29

(GBP) 

1,005‌

1,234‌

17,108‌

Building

Products

 1.7%

Advanced

Drainage

Systems,

6.375%,

6/15/30 (1)

3,865‌

3,894‌

Beacon

Roofing

Supply,

6.50%,

8/1/30 (1)

1,080‌

1,104‌

Builders

FirstSource,

6.375%,

6/15/32 (1)(6)

1,621‌

1,657‌

Builders

FirstSource,

6.375%,

3/1/34 (1)(6)

2,640‌

2,689‌

Miter

Brands

Acquisition

Holdco,

6.75%,

4/1/32 (1)

4,390‌

4,456‌

New

Enterprise

Stone

&

Lime,

5.25%,

7/15/28 (1)

3,890‌

3,759‌

T.

ROWE

PRICE

Institutional

High

Yield

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

‡

Summit

Materials,

5.25%,

1/15/29 (1)

6,425‌

6,449‌

Summit

Materials,

6.50%,

3/15/27 (1)

3,645‌

3,650‌

Summit

Materials,

7.25%,

1/15/31 (1)

2,090‌

2,221‌

29,879‌

Cable

Operators

 5.9%

Altice

Financing,

9.625%,

7/15/27 (1)

(6)

487‌

453‌

Altice

France

Holding,

6.00%,

2/15/28 (1)

7,600‌

1,976‌

Altice

France

Holding,

10.50%,

5/15/27 (1)

4,940‌

1,408‌

C&W

Senior

Finance,

6.875%,

9/15/27 (1)

2,600‌

2,583‌

CCO

Holdings,

4.50%,

6/1/33 (1)(6)

7,160‌

6,167‌

CCO

Holdings,

4.75%,

2/1/32 (1)

3,180‌

2,862‌

CCO

Holdings,

6.375%,

9/1/29 (1)(6)

15,683‌

15,722‌

CCO

Holdings,

7.375%,

3/1/31 (1)

10,315‌

10,676‌

Charter

Communications

Operating,

6.484%,

10/23/45 

4,660‌

4,568‌

CSC

Holdings,

6.50%,

2/1/29 (1)

3,810‌

3,258‌

CSC

Holdings,

7.50%,

4/1/28 (1)

4,930‌

3,525‌

CSC

Holdings,

11.25%,

5/15/28 (1)

2,450‌

2,419‌

CSC

Holdings,

11.75%,

1/31/29 (1)

6,270‌

6,215‌

Directv

Financing,

5.875%,

8/15/27 (1)

5,133‌

5,030‌

DISH

DBS,

5.25%,

12/1/26 (1)

5,395‌

4,963‌

DISH

DBS,

5.75%,

12/1/28 (1)

5,597‌

4,869‌

DISH

DBS,

7.75%,

7/1/26 

4,630‌

3,959‌

EchoStar,

10.75%,

11/30/29 

6,200‌

6,681‌

GCI,

4.75%,

10/15/28 (1)

1,101‌

1,041‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27 (1)(6)

602‌

548‌

Midcontinent

Communications,

8.00%,

8/15/32 (1)(6)

3,575‌

3,740‌

Sable

International

Finance,

7.125%,

10/15/32 (1)

5,400‌

5,414‌

Vmed

O2

U.K.

Financing

I,

4.75%,

7/15/31 (1)

8,055‌

7,045‌

105,122‌

Chemicals

 2.8%

Avient,

6.25%,

11/1/31 (1)

1,800‌

1,816‌

Avient,

7.125%,

8/1/30 (1)

6,358‌

6,573‌

Axalta

Coating

Systems

Dutch

Holding

B,

7.25%,

2/15/31 (1)

1,925‌

2,019‌

Celanese

U.S.

Holdings,

6.80%,

11/15/30 (6)

1,600‌

1,677‌

Celanese

U.S.

Holdings,

6.95%,

11/15/33 (6)

5,875‌

6,260‌

CVR

Partners,

6.125%,

6/15/28 (1)

7,002‌

6,783‌

GPD,

10.125%,

4/1/26 (1)

2,770‌

2,656‌

Methanex,

5.25%,

12/15/29 (6)

1,625‌

1,584‌

Methanex,

5.65%,

12/1/44 

1,345‌

1,187‌

Methanex

U.S.

Operations,

6.25%,

3/15/32 (1)

2,055‌

2,053‌

Vibrantz

Technologies,

9.00%,

2/15/30 (1)(6)

4,695‌

4,443‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Windsor

Holdings

III,

8.50%,

6/15/30 (1)

6,420‌

6,853‌

WR

Grace

Holdings,

5.625%,

8/15/29 (1)(6)

3,765‌

3,511‌

WR

Grace

Holdings,

7.375%,

3/1/31 (1)(6)

3,326‌

3,451‌

50,866‌

Consumer

Products

 0.1%

Kontoor

Brands,

4.125%,

11/15/29 (1)

2,235‌

2,051‌

2,051‌

Container

 1.1%

Ball,

6.00%,

6/15/29 

5,735‌

5,828‌

Ball,

6.875%,

3/15/28 (6)

3,370‌

3,467‌

Clydesdale

Acquisition

Holdings,

8.75%,

4/15/30 (1)(6)

2,690‌

2,694‌

Sealed

Air,

5.00%,

4/15/29 (1)

1,575‌

1,526‌

Sealed

Air,

6.125%,

2/1/28 (1)

1,785‌

1,796‌

Sealed

Air,

6.875%,

7/15/33 (1)

239‌

253‌

Sealed

Air,

7.25%,

2/15/31 (1)(6)

2,200‌

2,288‌

Trident

TPI

Holdings,

12.75%,

12/31/28 (1)

1,650‌

1,825‌

19,677‌

Energy

 13.0%

Aethon

United

BR,

7.50%,

10/1/29 (1)

4,178‌

4,319‌

AmeriGas

Partners,

9.375%,

6/1/28 (1)

4,127‌

4,230‌

Antero

Resources,

7.625%,

2/1/29 (1)

795‌

814‌

Civitas

Resources,

8.375%,

7/1/28 (1)

1,670‌

1,743‌

Civitas

Resources,

8.625%,

11/1/30 (1)

1,840‌

1,948‌

Civitas

Resources,

8.75%,

7/1/31 (1)

2,465‌

2,604‌

Comstock

Resources,

5.875%,

1/15/30 (1)(6)

3,490‌

3,294‌

Comstock

Resources,

6.75%,

3/1/29 (1)

6,070‌

5,964‌

Crescent

Energy

Finance,

7.375%,

1/15/33 (1)

8,998‌

8,931‌

Crescent

Energy

Finance,

7.625%,

4/1/32 (1)

3,810‌

3,843‌

Crescent

Energy

Finance,

9.25%,

2/15/28 (1)

6,670‌

7,003‌

DCP

Midstream

Operating,

6.75%,

9/15/37 (1)(6)

3,955‌

4,286‌

Diamond

Foreign

Asset,

8.50%,

10/1/30 (1)

3,230‌

3,371‌

Energy

Transfer,

7.375%,

2/1/31 (1)

(6)

3,165‌

3,337‌

Expand

Energy,

5.375%,

3/15/30 

2,860‌

2,844‌

Expand

Energy,

6.75%,

4/15/29 (1)

7,425‌

7,550‌

Ferrellgas,

5.875%,

4/1/29 (1)(6)

4,115‌

3,858‌

Gulfport

Energy

Operating,

6.75%,

9/1/29 (1)

3,035‌

3,096‌

Hilcorp

Energy

I,

5.75%,

2/1/29 (1)

2,110‌

2,047‌

Hilcorp

Energy

I,

6.00%,

4/15/30 (1)

1,395‌

1,344‌

T.

ROWE

PRICE

Institutional

High

Yield

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

‡

Hilcorp

Energy

I,

6.00%,

2/1/31 (1)

2,570‌

2,438‌

Hilcorp

Energy

I,

6.25%,

4/15/32 (1)

2,666‌

2,533‌

Hilcorp

Energy

I,

6.875%,

5/15/34 (1)

5,435‌

5,265‌

Hilcorp

Energy

I,

7.25%,

2/15/35 (1)

4,485‌

4,401‌

Hilcorp

Energy

I,

8.375%,

11/1/33 (1)

5,350‌

5,638‌

Kinetik

Holdings,

5.875%,

6/15/30 (1)

8,620‌

8,588‌

Kinetik

Holdings,

6.625%,

12/15/28 (1)

6,864‌

7,018‌

Magnolia

Oil

&

Gas

Operating,

6.875%,

12/1/32 (1)

3,600‌

3,616‌

Matador

Resources,

6.50%,

4/15/32 (1)

2,390‌

2,390‌

NGL

Energy

Operating,

8.125%,

2/15/29 (1)

1,945‌

1,981‌

NGL

Energy

Operating,

8.375%,

2/15/32 (1)

5,760‌

5,868‌

Occidental

Petroleum,

7.95%,

6/15/39 

3,925‌

4,607‌

Permian

Resources

Operating,

6.25%,

2/1/33 (1)

2,940‌

2,958‌

Permian

Resources

Operating,

7.00%,

1/15/32 (1)

3,165‌

3,244‌

Permian

Resources

Operating,

9.875%,

7/15/31 (1)

3,165‌

3,497‌

Prairie

Acquiror,

9.00%,

8/1/29 (1)

1,870‌

1,938‌

Range

Resources,

4.75%,

2/15/30 (1)(6)

1,755‌

1,665‌

Range

Resources,

8.25%,

1/15/29 

1,520‌

1,564‌

Seadrill

Finance,

8.375%,

8/1/30 (1)

5,317‌

5,417‌

Solaris

Midstream

Holdings,

7.625%,

4/1/26 (1)

2,080‌

2,090‌

South

Bow

Canadian

Infrastructure

Holdings,

VR,

7.50%,

3/1/55 (1)(9)

1,515‌

1,585‌

South

Bow

Canadian

Infrastructure

Holdings,

VR,

7.625%,

3/1/55 (1)(9)

430‌

445‌

Sunoco,

7.00%,

5/1/29 (1)

3,620‌

3,747‌

Sunoco,

7.25%,

5/1/32 (1)(6)

5,943‌

6,210‌

Tallgrass

Energy

Partners,

6.00%,

12/31/30 (1)

4,320‌

4,088‌

Tallgrass

Energy

Partners,

6.00%,

9/1/31 (1)

4,175‌

3,935‌

Tallgrass

Energy

Partners,

7.375%,

2/15/29 (1)

3,530‌

3,587‌

Transocean,

6.80%,

3/15/38 

4,550‌

3,799‌

Transocean,

8.25%,

5/15/29 (1)

1,460‌

1,471‌

Transocean,

8.50%,

5/15/31 (1)(6)

3,460‌

3,503‌

Transocean,

8.75%,

2/15/30 (1)

4,555‌

4,737‌

Transocean

Aquila,

8.00%,

9/30/28 (1)

1,570‌

1,610‌

Valaris,

8.375%,

4/30/30 (1)

2,475‌

2,518‌

Venture

Global

Calcasieu

Pass,

6.25%,

1/15/30 (1)

2,555‌

2,616‌

Venture

Global

LNG,

8.125%,

6/1/28 (1)

4,295‌

4,478‌

Venture

Global

LNG,

8.375%,

6/1/31 (1)

10,640‌

11,172‌

Venture

Global

LNG,

9.50%,

2/1/29 (1)

4,040‌

4,505‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Venture

Global

LNG,

VR,

9.00% (1)

(9)(10)

11,920‌

12,352‌

Vermilion

Energy,

6.875%,

5/1/30 (1)

(6)

3,645‌

3,654‌

233,154‌

Entertainment

&

Leisure

 4.7%

Carnival,

6.00%,

5/1/29 (1)(6)

300‌

301‌

Carnival,

7.00%,

8/15/29 (1)

2,240‌

2,344‌

Carnival,

10.50%,

6/1/30 (1)

8,030‌

8,622‌

Cedar

Fair,

5.25%,

7/15/29 (6)

3,706‌

3,590‌

Churchill

Downs,

5.75%,

4/1/30 (1)

4,960‌

4,904‌

Cinemark

USA,

5.25%,

7/15/28 (1)(6)

3,530‌

3,451‌

Cinemark

USA,

7.00%,

8/1/32 (1)(6)

5,300‌

5,446‌

Inter

Media

&

Communication,

6.75%,

2/9/27

(EUR) 

2,424‌

2,607‌

Merlin

Entertainments

Group

U.S.

Holdings,

7.375%,

2/15/31 (1)

4,800‌

4,692‌

Motion

Finco,

7.375%,

6/15/30

(EUR) (1)

2,245‌

2,424‌

Motion

Finco,

7.375%,

6/15/30

(EUR) 

1,575‌

1,701‌

NCL,

5.875%,

2/15/27 (1)

2,145‌

2,148‌

NCL,

7.75%,

2/15/29 (1)(6)

5,140‌

5,461‌

NCL,

8.125%,

1/15/29 (1)

1,514‌

1,607‌

NCL

Finance,

6.125%,

3/15/28 (1)(6)

1,390‌

1,406‌

Royal

Caribbean

Cruises,

5.50%,

4/1/28 (1)

2,975‌

2,971‌

Royal

Caribbean

Cruises,

5.625%,

9/30/31 (1)

2,590‌

2,587‌

Royal

Caribbean

Cruises,

6.00%,

2/1/33 (1)

5,325‌

5,391‌

Royal

Caribbean

Cruises,

6.25%,

3/15/32 (1)

2,330‌

2,379‌

SeaWorld

Parks

&

Entertainment,

5.25%,

8/15/29 (1)

6,445‌

6,219‌

Six

Flags

Entertainment,

5.50%,

4/15/27 (1)(6)

4,280‌

4,259‌

Six

Flags

Entertainment,

6.625%,

5/1/32 (1)(6)

2,500‌

2,556‌

Six

Flags

Entertainment,

7.25%,

5/15/31 (1)(6)

6,745‌

6,947‌

84,013‌

Financial

 10.8%

Acrisure,

7.50%,

11/6/30 (1)

5,970‌

6,074‌

Acrisure,

8.25%,

2/1/29 (1)

3,530‌

3,627‌

Acrisure,

8.50%,

6/15/29 (1)

4,305‌

4,477‌

Alliant

Holdings

Intermediate,

5.875%,

11/1/29 (1)

2,170‌

2,089‌

Alliant

Holdings

Intermediate,

6.75%,

10/15/27 (1)

7,750‌

7,721‌

Alliant

Holdings

Intermediate,

7.00%,

1/15/31 (1)

10,348‌

10,477‌

Alliant

Holdings

Intermediate,

7.375%,

10/1/32 (1)(6)

4,455‌

4,472‌

Apollo

Commercial

Real

Estate

Finance,

4.625%,

6/15/29 (1)(6)

3,950‌

3,506‌

AssuredPartners,

7.50%,

2/15/32 (1)

(6)

4,410‌

4,476‌

T.

ROWE

PRICE

Institutional

High

Yield

Fund

7

Par/Shares

$

Value

(Amounts

in

000s)

‡

Blackstone

Mortgage

Trust,

7.75%,

12/1/29 (1)

1,060‌

1,079‌

Cobra

AcquisitionCo,

6.375%,

11/1/29 (1)(6)

3,506‌

2,980‌

Focus

Financial

Partners,

6.75%,

9/15/31 (1)

2,628‌

2,651‌

HUB

International,

5.625%,

12/1/29 (1)(6)

5,525‌

5,373‌

HUB

International,

7.25%,

6/15/30 (1)

13,100‌

13,558‌

HUB

International,

7.375%,

1/31/32 (1)

6,290‌

6,424‌

Jane

Street

Group,

6.125%,

11/1/32 (1)

6,015‌

6,030‌

Jane

Street

Group,

7.125%,

4/30/31 (1)

5,886‌

6,114‌

Jerrold

Finco,

5.25%,

1/15/27

(GBP) 

1,445‌

1,808‌

Jones

Deslauriers

Insurance

Management,

8.50%,

3/15/30 (1)

4,725‌

5,003‌

Jones

Deslauriers

Insurance

Management,

10.50%,

12/15/30 (1)

(6)

2,125‌

2,298‌

Midcap

Financial

Issuer

Trust,

5.625%,

1/15/30 (1)

3,145‌

2,893‌

Midcap

Financial

Issuer

Trust,

6.50%,

5/1/28 (1)

6,000‌

5,865‌

Navient,

4.875%,

3/15/28 

4,740‌

4,539‌

Navient,

5.00%,

3/15/27 (6)

1,745‌

1,719‌

Navient,

5.50%,

3/15/29 (6)

4,350‌

4,154‌

Navient,

5.625%,

8/1/33 

3,797‌

3,379‌

Navient,

9.375%,

7/25/30 

7,725‌

8,478‌

Navient,

11.50%,

3/15/31 (6)

4,035‌

4,590‌

OneMain

Finance,

7.125%,

11/15/31 

2,650‌

2,713‌

OneMain

Finance,

7.50%,

5/15/31 (6)

2,470‌

2,572‌

OneMain

Finance,

7.875%,

3/15/30 

3,025‌

3,191‌

OneMain

Finance,

9.00%,

1/15/29 (6)

9,635‌

10,225‌

Panther

Escrow

Issuer,

7.125%,

6/1/31 (1)

8,595‌

8,778‌

PennyMac

Financial

Services,

4.25%,

2/15/29 (1)

5,340‌

4,993‌

PennyMac

Financial

Services,

7.125%,

11/15/30 (1)

4,345‌

4,432‌

PennyMac

Financial

Services,

7.875%,

12/15/29 (1)(6)

3,852‌

4,064‌

PROG

Holdings,

6.00%,

11/15/29 (1)

5,335‌

5,162‌

Rocket

Mortgage,

4.00%,

10/15/33 (1)(6)

2,450‌

2,124‌

Ryan

Specialty,

4.375%,

2/1/30 (1)

1,485‌

1,403‌

Ryan

Specialty,

5.875%,

8/1/32 (1)

1,660‌

1,656‌

United

Wholesale

Mortgage,

5.50%,

4/15/29 (1)

2,095‌

2,011‌

United

Wholesale

Mortgage,

5.75%,

6/15/27 (1)

4,390‌

4,341‌

193,519‌

Food

 1.1%

B&G

Foods,

8.00%,

9/15/28 (1)

1,610‌

1,648‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

BellRing

Brands,

7.00%,

3/15/30 (1)

3,825‌

3,968‌

Chobani,

7.625%,

7/1/29 (1)(6)

3,350‌

3,509‌

Chobani

Holdco

II,

8.75%,

10/1/29,

(8.75%

Cash

or

9.5%

PIK) (1)(8)

1,990‌

2,100‌

Darling

Ingredients,

6.00%,

6/15/30 (1)

4,180‌

4,159‌

Post

Holdings,

6.25%,

2/15/32 (1)

2,075‌

2,096‌

Triton

Water

Holdings,

6.25%,

4/1/29 (1)(6)

2,060‌

2,050‌

19,530‌

Forest

Products

 0.3%

Cascades,

5.375%,

1/15/28 (1)

2,715‌

2,664‌

Graphic

Packaging

International,

3.75%,

2/1/30 (1)

2,395‌

2,195‌

4,859‌

Gaming

 2.9%

Caesars

Entertainment,

6.50%,

2/15/32 (1)

2,345‌

2,392‌

Caesars

Entertainment,

7.00%,

2/15/30 (1)

3,270‌

3,368‌

Caesars

Entertainment,

8.125%,

7/1/27 (1)

2,899‌

2,953‌

Churchill

Downs,

6.75%,

5/1/31 (1)

4,405‌

4,493‌

Cirsa

Finance

International,

6.50%,

3/15/29

(EUR) (1)

775‌

862‌

Cirsa

Finance

International,

10.375%,

11/30/27

(EUR) (1)

545‌

605‌

Great

Canadian

Gaming,

8.75%,

11/15/29 (1)(6)

3,045‌

3,167‌

International

Game

Technology,

5.25%,

1/15/29 (1)

3,560‌

3,489‌

Light

&

Wonder

International,

7.00%,

5/15/28 (1)

2,820‌

2,830‌

Light

&

Wonder

International,

7.25%,

11/15/29 (1)

9,290‌

9,568‌

Light

&

Wonder

International,

7.50%,

9/1/31 (1)

1,595‌

1,659‌

Lottomatica

Group,

7.125%,

6/1/28

(EUR) (1)

780‌

867‌

MGM

Growth

Properties

Operating

Partnership,

3.875%,

2/15/29 (1)

3,700‌

3,506‌

MGM

Growth

Properties

Operating

Partnership,

5.75%,

2/1/27 

1,905‌

1,916‌

Midwest

Gaming

Borrower,

4.875%,

5/1/29 (1)

3,215‌

3,042‌

Ontario

Gaming

GTA,

8.00%,

8/1/30 (1)(6)

1,720‌

1,776‌

Playtika

Holding,

4.25%,

3/15/29 (1)

2,985‌

2,724‌

Scientific

Games

Holdings,

6.625%,

3/1/30 (1)(6)

3,605‌

3,488‌

52,705‌

Health

Care

 8.1%

AthenaHealth

Group,

6.50%,

2/15/30 (1)(6)

7,950‌

7,572‌

Avantor

Funding,

4.625%,

7/15/28 (1)

8,930‌

8,606‌

Bausch

+

Lomb,

8.375%,

10/1/28 (1)

5,910‌

6,191‌

CHS,

5.25%,

5/15/30 (1)

2,180‌

1,858‌

CHS,

6.00%,

1/15/29 (1)

3,015‌

2,774‌

T.

ROWE

PRICE

Institutional

High

Yield

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

‡

CHS,

6.125%,

4/1/30 (1)

2,835‌

2,112‌

CHS,

8.00%,

12/15/27 (1)(6)

3,834‌

3,815‌

CHS,

10.875%,

1/15/32 (1)

6,135‌

6,380‌

Concentra

Escrow

Issuer,

6.875%,

7/15/32 (1)

1,735‌

1,783‌

DaVita,

6.875%,

9/1/32 (1)

5,280‌

5,432‌

IQVIA,

6.50%,

5/15/30 (1)

1,700‌

1,745‌

LifePoint

Health,

5.375%,

1/15/29 (1)

(6)

1,591‌

1,420‌

LifePoint

Health,

9.875%,

8/15/30 (1)

557‌

604‌

LifePoint

Health,

10.00%,

6/1/32 (1)

(6)

6,364‌

6,626‌

LifePoint

Health,

11.00%,

10/15/30 (1)

9,395‌

10,334‌

Medline

Borrower,

5.25%,

10/1/29 (1)

(6)

11,285‌

10,989‌

Medline

Borrower,

6.25%,

4/1/29 (1)

10,755‌

10,957‌

Molina

Healthcare,

4.375%,

6/15/28 (1)

3,455‌

3,304‌

MPT

Operating

Partnership,

5.00%,

10/15/27 (6)

5,850‌

4,943‌

Organon,

5.125%,

4/30/31 (1)(6)

3,850‌

3,518‌

Star

Parent,

9.00%,

10/1/30 (1)

3,592‌

3,709‌

Tenet

Healthcare,

4.375%,

1/15/30 

4,600‌

4,301‌

Tenet

Healthcare,

6.125%,

10/1/28 (6)

9,635‌

9,647‌

Tenet

Healthcare,

6.125%,

6/15/30 

6,495‌

6,519‌

Tenet

Healthcare,

6.75%,

5/15/31 

2,580‌

2,632‌

Tenet

Healthcare,

6.875%,

11/15/31 (6)

1,225‌

1,292‌

Teva

Pharmaceutical

Finance,

6.15%,

2/1/36 (6)

967‌

977‌

Teva

Pharmaceutical

Finance

Netherlands

III,

5.125%,

5/9/29 

2,650‌

2,594‌

Teva

Pharmaceutical

Finance

Netherlands

III,

6.75%,

3/1/28 

5,690‌

5,854‌

Teva

Pharmaceutical

Finance

Netherlands

III,

7.875%,

9/15/29 

2,430‌

2,630‌

Teva

Pharmaceutical

Finance

Netherlands

III,

8.125%,

9/15/31 

3,085‌

3,463‌

144,581‌

Health

Care

Services

 0.1%

Perrigo

Finance

Unlimited,

6.125%,

9/30/32 (6)

1,650‌

1,651‌

1,651‌

Information

Technology

 5.8%

Capstone

Borrower,

8.00%,

6/15/30 (1)

4,970‌

5,175‌

Carvana,

13.00%,

6/1/30,

(11.00%

Cash

or

13.00%

PIK) (1)(8)

1,763‌

1,932‌

Carvana,

14.00%,

6/1/31,

(14.00%

PIK) (1)(8)

7,124‌

8,495‌

Central

Parent,

7.25%,

6/15/29 (1)

5,270‌

5,290‌

Central

Parent,

8.00%,

6/15/29 (1)

3,150‌

3,225‌

Cloud

Software

Group,

6.50%,

3/31/29 (1)

3,595‌

3,528‌

Cloud

Software

Group,

8.25%,

6/30/32 (1)

4,295‌

4,467‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Cloud

Software

Group,

9.00%,

9/30/29 (1)

17,970‌

18,150‌

Dye

&

Durham,

8.625%,

4/15/29 (1)

6,079‌

6,398‌

Entegris,

5.95%,

6/15/30 (1)

8,390‌

8,390‌

Gen

Digital,

7.125%,

9/30/30 (1)(6)

4,975‌

5,143‌

Go

Daddy

Operating,

5.25%,

12/1/27 (1)

1,690‌

1,673‌

Match

Group

Holdings

II,

3.625%,

10/1/31 (1)(6)

3,185‌

2,739‌

Match

Group

Holdings

II,

4.125%,

8/1/30 (1)

5,845‌

5,260‌

Match

Group

Holdings

II,

4.625%,

6/1/28 (1)

1,935‌

1,855‌

Match

Group

Holdings

II,

5.00%,

12/15/27 (1)

1,965‌

1,904‌

Match

Group

Holdings

II,

5.625%,

2/15/29 (1)(6)

995‌

975‌

McAfee,

7.375%,

2/15/30 (1)(6)

10,185‌

9,892‌

ROBLOX,

3.875%,

5/1/30 (1)

2,815‌

2,558‌

SS&C

Technologies,

6.50%,

6/1/32 (1)

2,325‌

2,371‌

Twilio,

3.625%,

3/15/29 

1,695‌

1,566‌

Twilio,

3.875%,

3/15/31 

3,025‌

2,730‌

103,716‌

Lodging

 1.0%

Hilton

Domestic

Operating,

4.00%,

5/1/31 (1)

3,995‌

3,650‌

Hilton

Domestic

Operating,

5.875%,

3/15/33 (1)(6)

2,410‌

2,410‌

Hilton

Domestic

Operating,

6.125%,

4/1/32 (1)(6)

1,905‌

1,926‌

Park

Intermediate

Holdings,

4.875%,

5/15/29 (1)

2,415‌

2,312‌

Park

Intermediate

Holdings,

5.875%,

10/1/28 (1)

1,900‌

1,879‌

Park

Intermediate

Holdings,

7.00%,

2/1/30 (1)

1,285‌

1,314‌

RHP

Hotel

Properties,

4.50%,

2/15/29 (1)

3,875‌

3,701‌

RHP

Hotel

Properties,

7.25%,

7/15/28 (1)

475‌

492‌

XHR,

6.625%,

5/15/30 (1)(6)

1,145‌

1,162‌

18,846‌

Manufacturing

 1.4%

Arcosa,

6.875%,

8/15/32 (1)

1,280‌

1,322‌

Hillenbrand,

3.75%,

3/1/31 (6)

2,270‌

2,015‌

Madison

IAQ,

4.125%,

6/30/28 (1)

4,840‌

4,622‌

Madison

IAQ,

5.875%,

6/30/29 (1)(6)

2,775‌

2,650‌

Mueller

Water

Products,

4.00%,

6/15/29 (1)

4,885‌

4,537‌

Sensata

Technologies,

4.00%,

4/15/29 (1)

4,685‌

4,353‌

Sensata

Technologies,

5.875%,

9/1/30 (1)(6)

3,655‌

3,602‌

Stevens

Holding,

6.125%,

10/1/26 (1)

1,670‌

1,649‌

24,750‌

T.

ROWE

PRICE

Institutional

High

Yield

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

‡

Metals

&

Mining

 2.2%

Arsenal

AIC

Parent,

8.00%,

10/1/30 (1)

5,185‌

5,457‌

Arsenal

AIC

Parent,

11.50%,

10/1/31 (1)

3,270‌

3,691‌

ATI,

5.125%,

10/1/31 

1,970‌

1,869‌

ATI,

7.25%,

8/15/30 (6)

1,490‌

1,555‌

Big

River

Steel,

6.625%,

1/31/29 (1)

4,464‌

4,503‌

Carpenter

Technology,

7.625%,

3/15/30 

767‌

792‌

Cleveland-Cliffs,

7.375%,

5/1/33 (1)

2,820‌

2,862‌

Constellium,

6.375%,

8/15/32 (1)(6)

1,765‌

1,754‌

ERO

Copper,

6.50%,

2/15/30 (1)(6)

2,500‌

2,464‌

Hecla

Mining,

7.25%,

2/15/28 

7,414‌

7,535‌

Hudbay

Minerals,

6.125%,

4/1/29 (1)

3,455‌

3,489‌

Novelis,

4.75%,

1/30/30 (1)

3,725‌

3,497‌

39,468‌

Other

Telecommunications

 1.5%

Frontier

Communications

Holdings,

6.00%,

1/15/30 (1)(6)

4,830‌

4,836‌

Frontier

Communications

Holdings,

8.75%,

5/15/30 (1)

3,350‌

3,564‌

Iliad

Holding,

8.50%,

4/15/31 (1)

795‌

846‌

Level

3

Financing,

4.00%,

4/15/31 (1)

(6)

2,920‌

2,314‌

Level

3

Financing,

4.625%,

9/15/27 (1)

597‌

554‌

Level

3

Financing,

10.00%,

10/15/32 (1)

3,856‌

3,851‌

Level

3

Financing,

10.75%,

12/15/30 (1)

3,158‌

3,552‌

Level

3

Financing,

11.00%,

11/15/29 (1)

7,011‌

7,957‌

27,474‌

Real

Estate

Investment

Trust

Securities

 0.9%

Necessity

Retail

REIT,

4.50%,

9/30/28 (1)

6,090‌

5,649‌

Service

Properties

Trust,

8.625%,

11/15/31 (1)

8,190‌

8,681‌

Service

Properties

Trust,

8.875%,

6/15/32 

1,663‌

1,592‌

15,922‌

Restaurants

 0.5%

Yum!

Brands,

5.35%,

11/1/43 

3,890‌

3,783‌

Yum!

Brands,

6.875%,

11/15/37 

4,325‌

4,779‌

8,562‌

Retail

 0.8%

Bath

&

Body

Works,

6.625%,

10/1/30 (1)(6)

7,580‌

7,731‌

Bath

&

Body

Works,

6.694%,

1/15/27 

350‌

358‌

Bath

&

Body

Works,

7.50%,

6/15/29 (6)

2,115‌

2,192‌

Bath

&

Body

Works,

9.375%,

7/1/25 (1)

795‌

813‌

Linens

'n

Things,

VR,

EC,

8.338%,

1/15/20 (4)(5)

1,050‌

—‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Victra

Holdings,

8.75%,

9/15/29 (1)

(6)

1,633‌

1,710‌

Wayfair,

7.25%,

10/31/29 (1)(6)

2,390‌

2,429‌

15,233‌

Satellites

 0.6%

Connect

Finco,

9.00%,

9/15/29 (1)(6)

3,620‌

3,346‌

Hughes

Satellite

Systems,

6.625%,

8/1/26 (6)

1,542‌

1,253‌

Intelsat

Jackson

Holdings,

6.50%,

3/15/30 (1)(6)

2,755‌

2,560‌

Viasat,

5.625%,

4/15/27 (1)(6)

4,170‌

3,941‌

11,100‌

Services

 6.1%

Albion

Financing

1,

6.125%,

10/15/26 (1)

3,725‌

3,707‌

Albion

Financing

2,

8.75%,

4/15/27 (1)(6)

1,845‌

1,873‌

Allied

Universal

Holdco,

7.875%,

2/15/31 (1)

3,674‌

3,747‌

Allied

Universal

Holdco,

9.75%,

7/15/27 (1)(6)

9,130‌

9,164‌

Avis

Budget

Car

Rental,

8.00%,

2/15/31 (1)(6)

6,765‌

7,019‌

Avis

Budget

Car

Rental,

8.25%,

1/15/30 (1)(6)

2,580‌

2,670‌

Boost

Newco

Borrower,

7.50%,

1/15/31 (1)

10,011‌

10,574‌

eG

Global

Finance,

12.00%,

11/30/28 (1)(6)

4,900‌

5,459‌

Fair

Isaac,

4.00%,

6/15/28 (1)

4,680‌

4,464‌

Fortress

Intermediate

3,

7.50%,

6/1/31 (1)

2,990‌

3,098‌

GFL

Environmental,

6.75%,

1/15/31 (1)

2,525‌

2,620‌

H&E

Equipment

Services,

3.875%,

12/15/28 (1)

8,265‌

7,655‌

Loxam,

6.375%,

5/31/29

(EUR) (1)

1,020‌

1,132‌

Ritchie

Bros

Holdings,

6.75%,

3/15/28 (1)

1,730‌

1,778‌

Ritchie

Bros

Holdings,

7.75%,

3/15/31 (1)

2,345‌

2,471‌

Staples,

10.75%,

9/1/29 (1)

1,910‌

1,877‌

TK

Elevator

Holdco,

6.625%,

7/15/28

(EUR) 

5,315‌

5,612‌

TK

Elevator

U.S.

Newco,

5.25%,

7/15/27 (1)

6,760‌

6,642‌

UKG,

6.875%,

2/1/31 (1)

16,695‌

17,154‌

United

Rentals

North

America,

3.75%,

1/15/32 

1,630‌

1,455‌

United

Rentals

North

America,

3.875%,

2/15/31 

3,405‌

3,107‌

United

Rentals

North

America,

6.125%,

3/15/34 (1)

1,730‌

1,756‌

Williams

Scotsman,

6.625%,

6/15/29 (1)

1,670‌

1,691‌

Williams

Scotsman,

7.375%,

10/1/31 (1)

2,172‌

2,253‌

108,978‌

T.

ROWE

PRICE

Institutional

High

Yield

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

‡

Supermarkets

 0.2%

Iceland

Bondco,

4.625%,

3/15/25

(GBP) 

102‌

130‌

Iceland

Bondco,

10.875%,

12/15/27

(GBP) (1)

545‌

733‌

Iceland

Bondco,

FRN,

3M

EURIBOR

+

5.50%,

8.523%,

12/15/27

(EUR) (1)

555‌

590‌

Performance

Food

Group,

6.125%,

9/15/32 (1)(6)

2,795‌

2,823‌

4,276‌

Transportation

 0.3%

Genesee

&

Wyoming,

6.25%,

4/15/32 (1)

2,865‌

2,883‌

Watco,

7.125%,

8/1/32 (1)

3,060‌

3,167‌

6,050‌

Utilities

 5.6%

Alpha

Generation,

6.75%,

10/15/32 (1)

3,015‌

3,045‌

California

Buyer,

6.375%,

2/15/32 (1)

3,440‌

3,474‌

Calpine,

4.50%,

2/15/28 (1)

2,020‌

1,944‌

Calpine,

5.00%,

2/1/31 (1)

4,370‌

4,135‌

Calpine,

5.125%,

3/15/28 (1)

7,425‌

7,249‌

HA

Sustainable

Infrastructure

Capital,

6.375%,

7/1/34 (1)

2,170‌

2,173‌

HAT

Holdings

I,

8.00%,

6/15/27 (1)(6)

3,436‌

3,586‌

NRG

Energy,

6.25%,

11/1/34 (1)

3,550‌

3,550‌

NRG

Energy,

VR,

10.25% (1)(9)(10)

3,175‌

3,516‌

PG&E,

5.00%,

7/1/28 

1,785‌

1,752‌

PG&E,

5.25%,

7/1/30 

4,075‌

3,999‌

PG&E,

VR,

7.375%,

3/15/55 (9)

8,208‌

8,454‌

Talen

Energy

Supply,

8.625%,

6/1/30 (1)

11,514‌

12,378‌

Terraform

Global

Operating,

6.125%,

3/1/26 (1)

3,955‌

3,950‌

TerraForm

Power

Operating,

5.00%,

1/31/28 (1)

5,091‌

4,932‌

TransAlta,

7.75%,

11/15/29 

1,215‌

1,277‌

Vistra,

VR,

7.00% (1)(9)(10)

1,797‌

1,810‌

Vistra,

VR,

8.00% (1)(9)(10)

10,575‌

10,853‌

Vistra,

Series C,

VR,

8.875% (1)(9)

(10)

8,175‌

8,809‌

Vistra

Operations,

7.75%,

10/15/31 (1)

8,370‌

8,883‌

99,769‌

Total

Corporate

Bonds

(Cost

$1,610,699)

1,616,757‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

MUNICIPAL

SECURITIES

 0.4%

Puerto

Rico

 0.4%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (11)

12,590‌

7,774‌

Total

Municipal

Securities

(Cost

$6,854)

7,774‌

PREFERRED

STOCKS

 0.6%

Financials

 0.6%

AH

Parent,

Series A,

Acquisition

Date:

9/27/24,

Cost $10,136 (4)(5)(7)

10‌

10,095‌

Total

Preferred

Stocks

(Cost

$10,136)

10,095‌

SHORT-TERM

INVESTMENTS

 2.1%

Money

Market

Funds

 2.1%

T.

Rowe

Price

Government

Reserve

Fund,

4.67% (12)(13)

37,373‌

37,373‌

Total

Short-Term

Investments

(Cost

$37,373)

37,373‌

SECURITIES

LENDING

COLLATERAL

 11.6%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 11.6%

Money

Market

Funds 11.6%

T.

Rowe

Price

Government

Reserve

Fund,

4.67% (12)(13)

207,118‌

207,118‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

207,118‌

Total

Securities

Lending

Collateral

(Cost

$207,118)

207,118‌

Total

Investments

in

Securities

110.8%

of

Net

Assets

(Cost

$1,979,232)

$

1,985,945‌

T.

ROWE

PRICE

Institutional

High

Yield

Fund

11

‡

Par/Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$1,401,220

and

represents

78.2%

of

net

assets.

(2)

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.

(3)

All

or

a

portion

of

this

loan

is

unsettled

as

of

November

30,

2024.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(4)

Non-income

producing

(5)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(6)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

November

30,

2024.

(7)

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

$10,095

and

represents

0.6%

of

net

assets.

(8)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(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)

Perpetual

security

with

no

stated

maturity

date.

(11)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

(12)

Seven-day

yield

(13)

Affiliated

Companies

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

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)

CAD

Canadian

Dollar

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GO

General

Obligation

PIK

Payment-in-kind

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

High

Yield

Fund

12

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

2/21/25

EUR

1,351‌

USD

1,433‌

$

—‌

Citibank

1/24/25

USD

125‌

GBP

99‌

(1‌)

Deutsche

Bank

2/21/25

USD

22,703‌

EUR

21,436‌

(36‌)

HSBC

Bank

1/24/25

USD

4,256‌

GBP

3,275‌

89‌

State

Street

1/24/25

CAD

256‌

USD

185‌

(2‌)

State

Street

1/24/25

USD

2,029‌

CAD

2,800‌

25‌

State

Street

1/24/25

USD

1,018‌

GBP

808‌

(11‌)

State

Street

2/21/25

EUR

447‌

USD

473‌

2‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

66‌

T.

ROWE

PRICE

Institutional

High

Yield

Fund

13

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,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

4.67%

$

—‌

$

—‌

$

845‌++

Totals

$

—‌#

$

—‌

$

845‌+

Supplementary

Investment

Schedule

Affiliate

Value

5/31/24

Purchase

Cost

Sales

Cost

Value

11/30/24

T.

Rowe

Price

Government

Reserve

Fund,

4.67%

$

44,665‌

 ¤

 ¤

$

244,491‌

Total

$

244,491‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4

.

+

Investment

income

comprised

$845

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

$244,491.

T.

ROWE

PRICE

Institutional

High

Yield

Fund

November

30,

2024

(Unaudited)

Statement

of

Assets

and

Liabilities

14

($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

$1,979,232)

$

1,985,945‌

Interest

receivable

30,723‌

Cash

414‌

Receivable

for

investment

securities

sold

241‌

Receivable

for

shares

sold

186‌

Unrealized

gain

on

forward

currency

exchange

contracts

116‌

Foreign

currency

(cost

$1)

1‌

Other

assets

1,824‌

Total

assets

2,019,450‌

Liabilities

Obligation

to

return

securities

lending

collateral

208,846‌

Payable

for

investment

securities

purchased

16,829‌

Payable

for

shares

redeemed

1,007‌

Investment

management

and

administrative

fees

payable

763‌

Unrealized

loss

on

forward

currency

exchange

contracts

50‌

Other

liabilities

26‌

Total

liabilities

227,521‌

NET

ASSETS

$

1,791,929‌

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

(310,246‌)

Paid-in

capital

applicable

to

226,631,637

shares

of

$0.0001

par

value

capital

stock

outstanding;

4,000,000,000

shares

of

the

Corporation

authorized

2,102,175‌

NET

ASSETS

$

1,791,929‌

NET

ASSET

VALUE

PER

SHARE

$

7.91‌

T.

ROWE

PRICE

Institutional

High

Yield

Fund

(Unaudited)

Statement

of

Operations

15

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/24

Investment

Income

(Loss)

Income

.

  Interest

$

62,616‌

Dividend

888‌

Securities

lending

222‌

Other

19‌

Total

income

63,745‌

Expenses

Investment

management

and

administrative

expense

4,415‌

Miscellaneous

3‌

Total

expenses

4,418‌

Net

investment

income

59,327‌

Realized

and

Unrealized

Gain

/

Loss  

–

Net

realized

gain

(loss)

Securities

(13,677‌)

Swaps

113‌

Forward

currency

exchange

contracts

781‌

Foreign

currency

transactions

1‌

Net

realized

loss

(12,782‌)

Change

in

net

unrealized

gain

/

loss

Securities

57,056‌

Swaps

64‌

Forward

currency

exchange

contracts

77‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

53‌

Change

in

net

unrealized

gain

/

loss

57,250‌

Net

realized

and

unrealized

gain

/

loss

44,468‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

103,795‌

T.

ROWE

PRICE

Institutional

High

Yield

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

16

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/24

Year

Ended

5/31/24

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

59,327‌

$

113,215‌

Net

realized

loss

(12,782‌)

(52,779‌)

Change

in

net

unrealized

gain

/

loss

57,250‌

116,881‌

Increase

in

net

assets

from

operations

103,795‌

177,317‌

Distributions

to

shareholders

Net

earnings

(59,391‌)

(113,406‌)

Capital

share

transactions

*

Shares

sold

76,504‌

233,983‌

Distributions

reinvested

56,987‌

109,596‌

Shares

redeemed

(100,790‌)

(304,698‌)

Increase

in

net

assets

from

capital

share

transactions

32,701‌

38,881‌

Net

Assets

Increase

during

period

77,105‌

102,792‌

Beginning

of

period

1,714,824‌

1,612,032‌

End

of

period

$

1,791,929‌

$

1,714,824‌

*Share

information

(000s)

Shares

sold

9,753‌

30,840‌

Distributions

reinvested

7,244‌

14,362‌

Shares

redeemed

(12,811‌)

(40,040‌)

Increase

in

shares

outstanding

4,186‌

5,162‌

T.

ROWE

PRICE

Institutional

High

Yield

Fund

Unaudited

17

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

High

Yield

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.

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. Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. 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. Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings. 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 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.

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.

Eastern

time,

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

November

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-

07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures,

which

improves

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

segment

expenses.

In

addition,

the

ASU

clarifies

that

a

public

entity

with

a

single

reportable

segment

provide

all

disclosures

required

by

the

ASU

and

all

existing

segment

disclosures

in

Topic

280.

The

amendments

under

this

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

2023.

Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund’s

financial

statements.

In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

T.

ROWE

PRICE

Institutional

High

Yield

Fund

18

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024.

Management

expects

that

adoption

of

the

guidance

will

not

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

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

T.

ROWE

PRICE

Institutional

High

Yield

Fund

19

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

the

fund’s portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

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.

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,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

98,994‌

$

—‌

$

98,994‌

Common

Stocks

6,932‌

1,822‌

—‌

8,754‌

Convertible

Preferred

Stocks

6,854‌

—‌

—‌

6,854‌

Corporate

Bonds

—‌

1,616,757‌

—‌

1,616,757‌

Preferred

Stocks

—‌

—‌

10,095‌

10,095‌

Short-Term

Investments

37,373‌

—‌

—‌

37,373‌

Securities

Lending

Collateral

207,118‌

—‌

—‌

207,118‌

Total

Securities

258,277‌

1,717,573‌

10,095‌

1,985,945‌

Forward

Currency

Exchange

Contracts

—‌

116‌

—‌

116‌

Total

$

258,277‌

$

1,717,689‌

$

10,095‌

$

1,986,061‌

Liabilities

Forward

Currency

Exchange

Contracts

$

—‌

$

50‌

$

—‌

$

50‌

T.

ROWE

PRICE

Institutional

High

Yield

Fund

20

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

November

30,

2024,

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

or

delivery

of

cash

or

other

assets.

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,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure: 

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

November

30,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

1

Includes

Asset-Backed

Securities,

Bank

Loans,

Convertible

Bonds

and

Municipal

Securities.

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value

Assets

Foreign

exchange

derivatives

Forwards

$

116‌

Total

$

116‌

Liabilities

Foreign

exchange

derivatives

Forwards

$

50‌

Total

$

50‌

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Foreign

exchange

derivatives

$

781‌

$

—‌

$

781‌

Credit

derivatives

—‌

113‌

113‌

Total

$

781‌

$

113‌

$

894‌

T.

ROWE

PRICE

Institutional

High

Yield

Fund

21

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,

2024,

no

collateral

had

been

posted

by

the

fund

to

counterparties

for

bilateral

derivatives.  As

of

November

30,

2024,

collateral

pledged

by

counterparties

to

the

fund

for

bilateral

derivatives

consisted

of

securities

valued

at

$164,000.

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

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

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Forward

Currency

Exchange

Contracts

Swaps

Total

Change

in

Unrealized

Gain

(Loss)

Foreign

exchange

derivatives

$

77‌

$

—‌

$

77‌

Credit

derivatives

—‌

64‌

64‌

Total

$

77‌

$

64‌

$

141‌

T.

ROWE

PRICE

Institutional

High

Yield

Fund

22

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,

2024,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

1%

and

2%

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.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

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,

2024,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

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

T.

ROWE

PRICE

Institutional

High

Yield

Fund

23

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. 

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.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

November

30,

2024,

the

value

of

loaned

securities

was

$200,900,000;

the

value

of

cash

collateral

and

related

investments

was

$208,846,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $369,479,000 and

$341,107,000,

respectively,

for

the

six

months ended

November

30,

2024. 

T.

ROWE

PRICE

Institutional

High

Yield

Fund

24

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,

2024,

the

fund

had

$309,607,000

of

available

capital

loss

carryforwards.

At

November

30,

2024,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$1,979,588,000.

Net

unrealized

gain

aggregated

$6,473,000

at

period-end,

of

which

$39,960,000

related

to

appreciated

investments

and

$33,487,000

related

to

depreciated

investments.

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

annual

all-inclusive

fee

equal

to

0.50%

of

the

fund’s

average

daily

net

assets.

The

fee

is

computed

daily

and

paid

monthly. The

annual

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.

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

annual

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,

2024, approximately

25%

of

the

fund'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

T.

ROWE

PRICE

Institutional

High

Yield

Fund

25

independent

current

market

price

of

the

security.

During

the

six

months

ended

November

30,

2024,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

7

-

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

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.

E137-051

1/25

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. 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) Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

    (3) 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.

(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 17, 2025

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 17, 2025

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	January 17, 2025