T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
August 31, 2020 (Unaudited)
| | | | | | |
| Portfolio of Investments‡ | Par/Shares | $ Value | | | Par/Shares | $ Value |
| (Amounts in 000s) | | | (Amounts in 000s) | | | |
| CORPORATE BONDS 7.6% | | | Realogy Group | | | |
| | | | 7.625%, 6/15/25 (1) | | 1,095 | 1,152 |
| Aerospace & Defense 0.1% | | | | | | 5,320 |
| TransDigm | | | | | | |
| 8.00%, 12/15/25 (1) | 2,985 | 3,250 | | | | |
| | | 3,250 | Cable Operators 0.5% | | | |
| | | | Altice France Holding | | | |
| | | | 10.50%, 5/15/27 (1) | | 7,480 | 8,527 |
| Airlines 0.2% | | | Charter Communications Operating, | | | |
| Delta Air Lines | | | FRN, | | | |
| 7.00%, 5/1/25 (1) | 3,155 | 3,455 | 3M USD LIBOR + 1.65%, 1.901%, | | | |
| Mileage Plus Holdings | | | 2/1/24 | | 5,540 | 5,677 |
| 6.50%, 6/20/27 (1) | 1,855 | 1,934 | | | | 14,204 |
| | | 5,389 | | | | |
| | | | Container 0.0% | | | |
| Automotive 0.8% | | | Trivium Packaging Finance, FRN, | | | |
| | | | 3M EURIBOR + 3.75%, 3.75%, | | | |
| Adient U.S. | | | 8/15/26 (EUR) (1) | 720 | 856 |
| 9.00%, 4/15/25 (1) | 1,015 | 1,133 | | | | |
| Clarios Global | | | | | | 856 |
| 6.25%, 5/15/26 (1) | 5,095 | 5,388 | | | | |
| Navistar International | | | | | | |
| 9.50%, 5/1/25 (1) | 8,725 | 9,925 | Drugs 0.3% | | | |
| Tenneco, FRN, | | | Bristol-Myers Squibb, FRN, | | | |
| 3M EURIBOR + 4.875%, 4.875%, | | | 3M USD LIBOR + 0.38%, 0.66%, | | | |
| 4/15/24 (EUR) | 1,250 | 1,361 | 5/16/22 | | 6,645 | 6,661 |
| Tesla | | | | | | 6,661 |
| 5.30%, 8/15/25 (1) | 4,095 | 4,254 | | | | |
| | | 22,061 | Energy 0.5% | | | |
| | | | Comstock Resources | | | |
| Banking 0.3% | | | 9.75%, 8/15/26 | | 4,265 | 4,542 |
| Citizens Bank, FRN, | | | NGL Energy Partners | | | |
| 3M USD LIBOR + 0.72%, 0.985%, | | | 7.50%, 11/1/23 | | 5,720 | 4,204 |
| 2/14/22 | 4,250 | 4,260 | NGL Energy Partners | | | |
| Goldman Sachs Group, FRN, | | | 7.50%, 4/15/26 | | 3,850 | 2,561 |
| 3M USD LIBOR + 0.78%, 1.041%, | | | Occidental Petroleum | | | |
| 10/31/22 | 4,170 | 4,190 | 2.70%, 2/15/23 | | 2,930 | 2,820 |
| | | 8,450 | | | | 14,127 |
| |
| Broadcasting 0.2% | | | Entertainment & Leisure 0.3% | | | |
| Univision Communications | | | Cedar Fair | | | |
| 9.50%, 5/1/25 (1) | 3,820 | 4,183 | 5.50%, 5/1/25 (1) | | 6,210 | 6,412 |
| | | 4,183 | Six Flags Theme Parks | | | |
| | | | 7.00%, 7/1/25 (1) | | 1,675 | 1,813 |
| | | | | | | 8,225 |
| Building & Real Estate 0.2% | | | | | | |
| Cushman & Wakefield U.S. Borrower | | | | | | |
| 6.75%, 5/15/28 (1) | 3,960 | 4,168 | | | | |
| The accompanying notes are an integral part of this Portfolio of Investments. | | | | |
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
| | | | | | |
| | | Par/Shares | $ Value | | Par/Shares | $ Value |
| (Amounts in 000s) | | | | (Amounts in 000s) | | |
| Financial 0.9% | | | | Veritas U. S. | | |
| | | | | 7.50%, 9/1/25 (1) | 2,855 | 2,962 |
| Acrisure | | | | | | |
| 7.00%, 11/15/25 (1) | | 2,815 | 2,857 | | | 31,335 |
| Acrisure | | | | | | |
| 8.125%, 2/15/24 (1) | | 6,288 | 6,650 | | | |
| Acrisure | | | | Lodging 0.1% | | |
| 10.125%, 8/1/26 (1) | | 3,220 | 3,623 | Hilton Domestic Operating | | |
| AssuredPartners | | | | 5.375%, 5/1/25 (1) | 2,005 | 2,100 |
| 7.00%, 8/15/25 (1) | | 2,272 | 2,317 | Marriott International | | |
| GTCR AP Finance | | | | 5.75%, 5/1/25 | 895 | 1,005 |
| 8.00%, 5/15/27 (1) | | 3,295 | 3,509 | | | 3,105 |
| HUB International | | | | | | |
| 7.00%, 5/1/26 (1) | | 5,080 | 5,271 | | | |
| NMI Holdings | | | | Metals & Mining 0.1% | | |
| 7.375%, 6/1/25 (1) | | 930 | 1,003 | Big River Steel | | |
| | | | 25,230 | 7.25%, 9/1/25 (1) | 2,335 | 2,426 |
| | | | | Hudbay Minerals | | |
| | | | | 7.25%, 1/15/23 (1) | 940 | 955 |
| Health Care 0.5% | | | | | | 3,381 |
| Becton Dickinson & Company, FRN, | | | | | | |
| 3M USD LIBOR + 1.03%, 1.348%, | | | | | | |
| 6/6/22 | | 2,670 | 2,690 | Restaurants 0.1% | | |
| LifePoint Health | | | | 1011778 BC ULC | | |
| 6.75%, 4/15/25 (1) | | 2,525 | 2,727 | 5.75%, 4/15/25 (1) | 840 | 894 |
| Ortho-Clinical Diagnostics | | | | Yum! Brands | | |
| 7.375%, 6/1/25 (1) | | 3,530 | 3,671 | 7.75%, 4/1/25 (1) | 1,025 | 1,143 |
| Synlab Bondco, FRN, | | | | | | |
| 3M EURIBOR + 4.75%, 4.75%, | | | | | | 2,037 |
| 7/1/25 (EUR) (1) | 1,590 | 1,919 | | | |
| Tenet Healthcare | | | | Retail 0.5% | | |
| 7.50%, 4/1/25 (1) | | 2,715 | 2,979 | CVS Health, FRN, | | |
| | | | 13,986 | 3M USD LIBOR + 0.72%, 1.033%, | | |
| | | | | 3/9/21 | 4,500 | 4,506 |
| | | | | L Brands | | |
| Information Technology 1.2% | | | | 6.875%, 7/1/25 (1) | 6,900 | 7,452 |
| Boxer Parent | | | | | | |
| 7.125%, 10/2/25 (1) | | 2,525 | 2,746 | | | 11,958 |
| Boxer Parent | | | | | | |
| 9.125%, 3/1/26 (1) | | 2,485 | 2,665 | Satellites 0.4% | | |
| Expedia Group | | | | Intelsat Jackson Holdings | | |
| 6.25%, 5/1/25 (1) | | 3,385 | 3,706 | 9.50%, 9/30/22 (1) | 8,575 | 9,325 |
| Expedia Group | | | | | | |
| 7.00%, 5/1/25 (1) | | 3,955 | 4,281 | | | 9,325 |
| Logan Merger Sub | | | | | | |
| 5.50%, 9/1/27 (1) | | 3,885 | 3,992 | | | |
| Refinitiv U.S. Holdings | | | | Services 0.4% | | |
| 8.25%, 11/15/26 (1) | | 2,475 | 2,735 | Allied Universal Holdco | | |
| Solera | | | | 6.625%, 7/15/26 (1) | 2,125 | 2,274 |
| 10.50%, 3/1/24 (1) | | 7,855 | 8,248 | eG Global Finance | | |
| | | | | 8.50%, 10/30/25 (1) | 790 | 847 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
| | | | | | | | |
| | | | Par/Shares | $ Value | | | Par/Shares | $ Value |
| | (Amounts in 000s) | | | | (Amounts in 000s) | | | |
| | GFL Environmental | | | | Navistar, FRN, | | | |
| | 4.25%, 6/1/25 (1) | | 540 | 551 | 3M USD LIBOR + 3.50%, 3.66%, | | | |
| | Sabre GLBL | | | | 11/6/24 | | 6,325 | 6,155 |
| | 9.25%, 4/15/25 (1) | | 3,760 | 4,169 | Tenneco, FRN, | | | |
| | Vertical U. S. Newco | | | | 3M USD LIBOR + 3.00%, 3.159%, | | | |
| | 5.25%, 7/15/27 (1) | | 3,500 | 3,640 | 10/1/25 (3) | 12,025 | 10,692 |
| | | | | | Wand NewCo 3, FRN, | | | |
| | | | | 11,481 | 1M USD LIBOR + 3.00%, 4.072%, | | | |
| | | | | | 2/5/26 | | 11,719 | 11,258 |
| | Total Corporate Bonds | | | | | | | 73,816 |
| | (Cost $197,364) | | | 204,564 | | | | |
| |
| | BANK LOANS 87.6% (2) | | | | Broadcasting 2.1% | | | |
| | | | | | Clear Channel Outdoor Holdings, | | | |
| | Aerospace & Defense 0.9% | | | | FRN, | | | |
| | | | | | 1M USD LIBOR + 3.50%, 3.761%, | | | |
| | Dynasty Acquisition, FRN, | | | | 8/21/26 | | 4,502 | 4,081 |
| | 1M USD LIBOR + 3.50%, 3.808%, | | | | iHeartcommunications, FRN, | | | |
| | 4/6/26 (3) | 11,037 | 9,749 | 1M USD LIBOR + 4.00%, 4.75%, | | | |
| | TransDigm, FRN, | | | | 5/1/26 | | 3,295 | 3,177 |
| | 1M USD LIBOR + 2.25%, 8/22/24 (3) | | 3,625 | 3,437 | Lions Gate Capital Holdings, FRN, | | | |
| | TransDigm, FRN, | | | | 3M USD LIBOR + 2.25%, 2.406%, | | | |
| | 1M USD LIBOR + 2.25%, 2.406%, | | | | 3/24/25 | | 2,496 | 2,417 |
| | 12/9/25 | | 12,620 | 11,948 | NEP Group, FRN, | | | |
| | | | | 25,134 | 3M USD LIBOR + 3.25%, 3.406%, | | | |
| | | | | | 10/20/25 | | 6,633 | 5,562 |
| | | | | | NEP Group, FRN, | | | |
| | Airlines 0.7% | | | | 3M USD LIBOR + 7.00%, 7.156%, | | | |
| | Mileage Plus Holdings, FRN, | | | | 10/19/26 | | 5,220 | 3,799 |
| | 1M USD LIBOR + 5.25%, 6.25%, | | | | Nexstar Broadcasting, FRN, | | | |
| | 6/21/27 (3) | 19,315 | 19,520 | 3M USD LIBOR + 2.25%, 2.406%, | | | |
| | | | | | 1/17/24 | | 5,095 | 4,972 |
| | | | | 19,520 | Nexstar Broadcasting, FRN, | | | |
| | | | | | 1M USD LIBOR + 2.75%, 2.906%, | | | |
| | Automotive 2.7% | | | | 9/18/26 | | 9,359 | 9,173 |
| | | | | | Terrier Media Buyer, FRN, | | | |
| | Adient U.S. , FRN, | | | | 1M USD LIBOR + 4.25%, 4.406%, | | | |
| | 3M USD LIBOR + 4.25%, 4.428%, | | | | 12/17/26 | | 11,125 | 10,892 |
| | 5/6/24 | | 4,509 | 4,469 | Townsquare Media, FRN | | | |
| | | | | | | | | | | | |
| | Clarios Global, FRN, | | | | 3M USD LIBOR , + 3.00%, 4.00%, | | | |
| | 3M USD LIBOR + 3.50%, 3.659%, | | | | 4/1/22 | | 6,184 | 5,847 |
| | 4/30/26 | | 28,450 | 27,855 | Univision Communications, FRN, | | | |
| | Fastlane Parent, FRN, | | | | 3M USD LIBOR + 2.75%, 3.75%, | | | |
| | 3M USD LIBOR + 4.50%, 2/4/26 | | | | 3/15/24 | | 5,997 | 5,787 |
| (3)(4) ) | 4,015 | 3,865 | | | | |
| | KAR Auction Services, FRN, | | | | | | | 55,707 |
| | 1M USD LIBOR + 2.25%, 2.438%, | | | | | | | |
| | 9/19/26 | | 3,041 | 2,942 | | | | |
| | Mavis Tire Express Services, FRN, | | | | Building Products 0.1% | | | |
| | 3M USD LIBOR + 3.25%, 3.558%, | | | | SRS Distribution, FRN, | | | |
| | 3/20/25 (3) | 6,865 | 6,580 | 3M USD LIBOR + 3.00%, 4.072%, | | | |
| | | | | | 5/23/25 | | 2,700 | 2,621 |
| |
| | | | | | | | | 2,621 |
| | The accompanying notes are an integral part of this Portfolio of Investments. | | | | |
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
| | | | | | |
| | Par/Shares | $ Value | | | Par/Shares | $ Value |
| (Amounts in 000s) | | | (Amounts in 000s) | | | |
| | | | Messer Industries USA, FRN, | | | |
| | | | 3M USD LIBOR + 2.50%, 2.808%, | | | |
| Cable Operators 3.1% | | | 3/2/26 | | 3,884 | 3,800 |
| Altice Financing, FRN, | | | PQ, FRN, | | | |
| 3M USD LIBOR + 2.75%, 2.912%, | | | 1M USD LIBOR + 2.25%, 2.511%, | | | |
| 7/15/25 | 5,053 | 4,810 | 2/7/27 | | 4,124 | 4,024 |
| Altice Financing, FRN, | | | Solenis International, FRN, | | | |
| 3M USD LIBOR + 2.75%, 2.92%, | | | 3M USD LIBOR + 4.00%, 4.256%, | | | |
| 1/31/26 | 2,559 | 2,431 | 6/26/25 | | 6,352 | 6,231 |
| Altice France, FRN, | | | Univar Solutions USA, FRN, | | | |
| 3M USD LIBOR + 2.75%, 2.906%, | | | 3M USD LIBOR + 2.25%, 2.406%, | | | |
| 7/31/25 | 6,466 | 6,182 | 7/1/24 | | 8,647 | 8,467 |
| |
| Altice France, FRN, | | | | | | 66,599 |
| 3M USD LIBOR + 4.00%, 4.75%, | | | | | | |
| 8/14/26 | 11,070 | 10,904 | | | | |
| CSC Holdings, FRN, | | | Consumer Products 1.7% | | | |
| 3M USD LIBOR + 2.25%, 2.408%, | | | ABG Intermediate Holdings 2, FRN, | | | |
| 7/17/25 | 17,652 | 17,012 | 3M USD LIBOR + 3.50%, 4.50%, | | | |
| CSC Holdings, FRN, | | | 9/27/24 | | 7,737 | 7,573 |
| 3M USD LIBOR + 2.25%, 2.408%, | | | ABG Intermediate Holdings 2, FRN, | | | |
| 1/15/26 | 3,604 | 3,473 | 1M USD LIBOR + 5.25%, 6.25%, | | | |
| CSC Holdings, FRN, | | | 9/27/24 | | 3,620 | 3,566 |
| 1M USD LIBOR + 2.50%, 2.658%, | | | Amer Sports Holding, FRN, | | | |
| 4/15/27 | 12,424 | 12,007 | 3M EURIBOR + 4.50%, 4.50%, | | | |
| Newco Financing Partnership, FRN, | | | 3/30/26 (EUR) | 8,415 | 8,858 |
| 1M USD LIBOR + 3.50%, 1/31/29 (3) | 9,845 | 9,749 | Kontoor Brands, FRN, | | | |
| Radiate Holdco, FRN, | | | 3M USD LIBOR + 4.25%, 4.42%, | | | |
| 3M USD LIBOR + 3.00%, 3.75%, | | | 5/15/26 (4) | 2,805 | 2,749 |
| 2/1/24 | 8,691 | 8,544 | Life Time, FRN, | | | |
| Xplornet Communications, FRN, | | | 3M USD LIBOR + 2.75%, 3.75%, | | | |
| 1M USD LIBOR + 4.75%, 4.906%, | | | 6/10/22 (3) | 22,982 | 21,488 |
| 6/10/27 | 8,650 | 8,523 | | | | |
| | | | | | | 44,234 |
| | | 83,635 | | | | |
| | | | Container 2.5% | | | |
| Chemicals 2.5% | | | | | | |
| | | | Berry Global, FRN, | | | |
| ASP Chromaflo Intermediate | | | 1M USD LIBOR + 2.00%, 2.155%, | | | |
| Holdings, FRN, | | | 7/1/26 | | 3,848 | 3,728 |
| 3M USD LIBOR + 3.50%, 4.50%, | | | Charter NEX U. S. , FRN, | | | |
| 11/20/23 | 3,082 | 2,927 | 3M USD LIBOR + 3.25%, 3.406%, | | | |
| Diamond BC, FRN, | | | 5/16/24 | | 16,690 | 16,401 |
| 3M USD LIBOR + 3.00%, 3.26%, | | | Charter NEX U. S. , FRN, | | | |
| 9/6/24 | 16,886 | 15,904 | 3M USD LIBOR + 2.75%, 3.75%, | | | |
| Diamond BC, FRN, | | | 5/16/24 | | 14,494 | 14,228 |
| 1M USD LIBOR + 5.00%, 6.00%, | | | Flex Acquisition, FRN, | | | |
| 9/6/24 | 3,970 | 3,901 | 3M USD LIBOR + 3.25%, 3.546%, | | | |
| Encapsys, FRN, | | | 6/29/25 | | 5,840 | 5,611 |
| 1M USD LIBOR + 3.25%, 4.25%, | | | Flex Acquisition, FRN, | | | |
| 11/7/24 | 18,321 | 17,955 | 3M USD LIBOR + 3.00%, 4.00%, | | | |
| Gemini HDPE, FRN, | | | 12/29/23 | | 10,219 | 9,858 |
| 3M USD LIBOR + 2.50%, 2.77%, | | | | | | |
| 8/7/24 | 3,467 | 3,390 | | | | |
| |
| The accompanying notes are an integral part of this Portfolio of Investments. | | | | |
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
| | | | | | | |
| | | Par/Shares | $ Value | | | Par/Shares | $ Value |
| (Amounts in 000s) | | | | (Amounts in 000s) | | | |
| Mauser Packaging Solutions | | | | Seaworld Parks & Entertainment, | | | |
| Holding, FRN, | | | | FRN, | | | |
| 3M USD LIBOR + 3.25%, 3.523%, | | | | 3M USD LIBOR + 3.00%, 4/1/24 (3) | | 7,065 | 6,589 |
| 4/3/24 | | 5,562 | 5,276 | UFC Holdings, FRN, | | | |
| Reynolds Group Holdings, FRN, | | | | 1M USD LIBOR + 3.25%, 4.25%, | | | |
| 3M USD LIBOR + 2.75%, 2.906%, | | | | 4/29/26 | | 58,575 | 57,741 |
| 2/5/23 | | 12,197 | 12,010 | UFC Holdings, FRN, | | | |
| | | | 67,112 | 1M USD LIBOR + 4.25%, 5.25%, | | | |
| | | | | 4/29/26 | | 4,450 | 4,389 |
| | | | | | | | 95,883 |
| Energy 2.4% | | | | | | | |
| BCP Raptor, FRN, | | | | | | | |
| 3M USD LIBOR + 4.25%, 5.25%, | | | | Financial 8.5% | | | |
| 6/24/24 | | 28,627 | 21,614 | Acrisure, FRN, | | | |
| BCP Raptor II, FRN, | | | | 1M USD LIBOR + 3.50%, 3.656%, | | | |
| 3M USD LIBOR + 4.75%, 4.906%, | | | | 2/15/27 | | 7,978 | 7,641 |
| 11/3/25 | | 18,549 | 12,725 | Alliant Holdings Intermediate, FRN, | | | |
| Citgo Holding, FRN, | | | | 3M USD LIBOR + 2.75%, 2.906%, | | | |
| 1M USD LIBOR + 7.00%, 8.00%, | | | | 5/9/25 | | 17,563 | 16,967 |
| 8/1/23 | | 2,970 | 2,815 | Alliant Holdings Intermediate, FRN, | | | |
| Medallion Midland Acquisition, FRN, | | | | 3M USD LIBOR + 3.25%, 3.433%, | | | |
| 3M USD LIBOR + 3.25%, 10/30/24 | | | | 5/9/25 | | 3,970 | 3,867 |
| (3) | 6,315 | 5,929 | AmWINS Group, FRN, | | | |
| Navitas Midstream Midland Basin, | | | | 3M USD LIBOR + 2.75%, 3.75%, | | | |
| FRN, | | | | 1/25/24 | | 6,693 | 6,634 |
| 3M USD LIBOR + 4.50%, 5.50%, | | | | Apollo Commercial Real Estate | | | |
| 12/13/24 | | 2,794 | 2,563 | Finance, FRN, | | | |
| Prairie ECI Acquiror, FRN, | | | | 3M USD LIBOR + 2.75%, 2.912%, | | | |
| 3M USD LIBOR + 4.75%, 4.906%, | | | | 5/15/26 (4) | 3,811 | 3,611 |
| 3/11/26 | | 13,915 | 12,471 | AssuredPartners, FRN, | | | |
| Stonepeak Lonestar Holdings, FRN, | | | | 1M USD LIBOR + 4.50%, 5.50%, | | | |
| 1M USD LIBOR + 4.50%, 4.773%, | | | | 2/12/27 (3) | 7,512 | 7,487 |
| 10/19/26 | | 7,111 | 7,009 | AssuredPartners, FRN, | | | |
| | | | 65,126 | 1M USD LIBOR + 3.50%, 3.656%, | | | |
| | | | | 2/12/27 | | 7,709 | 7,511 |
| | | | | Blackstone Mortgage Trust, FRN, | | | |
| Entertainment & Leisure 3.6% | | | | 1M USD LIBOR + 2.25%, 2.406%, | | | |
| Alchemy Copyrights, FRN, | | | | 4/23/26 | | 2,726 | 2,603 |
| 1M USD LIBOR + 3.25%, 5.50%, | | | | Citadel Securities, FRN, | | | |
| 8/16/27 | | 4,840 | 4,816 | 1M USD LIBOR + 2.75%, 2.906%, | | | |
| Aristocrat International, FRN, | | | | 2/27/26 | | 9,779 | 9,693 |
| 1M USD LIBOR + 3.75%, 4.75%, | | | | Deerfield Dakota Holding, FRN, | | | |
| 10/19/24 | | 3,965 | 3,975 | 1M USD LIBOR + 3.75%, 4.75%, | | | |
| ClubCorp Holdings, FRN, | | | | 4/9/27 | | 4,980 | 4,961 |
| 3M USD LIBOR + 2.75%, 3.058%, | | | | Edelman Financial Center, FRN, | | | |
| 9/18/24 | | 3,020 | 2,618 | 3M USD LIBOR + 6.75%, 6.92%, | | | |
| Delta 2, FRN, | | | | 7/20/26 (3) | 2,095 | 1,973 |
| 3M USD LIBOR + 2.50%, 3.50%, | | | | EIG Management, FRN, | | | |
| 2/1/24 | | 11,586 | 11,217 | 3M USD LIBOR + 3.75%, 4.50%, | | | |
| Nascar Holdings, FRN, | | | | 2/24/25 | | 4,589 | 4,566 |
| 3M USD LIBOR + 2.75%, 2.92%, | | | | Fiserv Investment Solutions, FRN, | | | |
| 10/19/26 | | 4,627 | 4,538 | 1M USD LIBOR + 4.75%, 5.02%, | | | |
| | | | | 2/18/27 (3) | 8,225 | 8,170 |
| The accompanying notes are an integral part of this Portfolio of Investments. | | | | |
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
| | | | | | | |
| | | Par/Shares | $ Value | | | Par/Shares | $ Value |
| (Amounts in 000s) | | | | (Amounts in 000s) | | | |
| GT Polaris, FRN, | | | | Upfield USA, FRN, | | | |
| 1M USD LIBOR + 4.00%, 8/4/27 (3) | | 1,375 | 1,363 | 3M USD LIBOR + 3.00%, 3.369%, | | | |
| HUB International, FRN, | | | | 7/2/25 | | 5,171 | 5,044 |
| 1M USD LIBOR + 3.00%, 3.263%, | | | | | | | 32,552 |
| 4/25/25 | | 35,725 | 34,762 | | | | |
| HUB International, FRN, | | | | | | | |
| 1M USD LIBOR + 4.00%, 5.00%, | | | | Gaming 3.6% | | | |
| 4/25/25 | | 27,681 | 27,651 | Boyd Gaming, FRN, | | | |
| Jane Street Group, FRN, | | | | 3M USD LIBOR + 2.25%, 2.363%, | | | |
| 1M USD LIBOR + 3.00%, 3.156%, | | | | 9/15/23 | | 3,637 | 3,529 |
| 1/31/25 | | 3,232 | 3,183 | Caesars Resort Collection, FRN, | | | |
| Nexus Buyer, FRN, | | | | 3M USD LIBOR + 2.75%, 2.906%, | | | |
| 1M USD LIBOR + 3.75%, 3.912%, | | | | 12/23/24 (3) | 24,497 | 22,982 |
| 11/9/26 | | 3,558 | 3,535 | Caesars Resort Collection, FRN, | | | |
| Ryan Specialty Group, FRN, | | | | 1M USD LIBOR + 4.50%, 4.726%, | | | |
| 1M USD LIBOR + 3.25%, 7/23/27 (3) | | 14,020 | 13,959 | 7/21/25 | | 14,935 | 14,459 |
| Sedgwick Claims Management | | | | CCM Merger, FRN, | | | |
| Services, FRN, | | | | 3M USD LIBOR + 2.25%, 3.00%, | | | |
| 3M USD LIBOR + 3.25%, 3.406%, | | | | 8/6/21 | | 2,830 | 2,789 |
| 12/31/25 | | 5,445 | 5,259 | CityCenter Holdings, FRN, | | | |
| Sedgwick Claims Management | | | | 3M USD LIBOR + 2.25%, 3.00%, | | | |
| Services, FRN, | | | | 4/18/24 | | 18,121 | 17,153 |
| 1M USD LIBOR + 4.25%, 5.25%, | | | | | | | |
| 9/3/26 | | 635 | 632 | Playtika Holding, FRN, | | | |
| | | | | 1M USD LIBOR + 6.00%, 7.072%, | | | |
| USI, FRN, | | | | 12/10/24 | | 5,713 | 5,754 |
| 3M USD LIBOR + 3.00%, 3.308%, | | | | | | | |
| 5/16/24 | | 34,858 | 33,863 | Scientific Games International, FRN, | | | |
| | | | | 1M USD LIBOR + 2.75%, 3.472%, | | | |
| USI, FRN, | | | | 8/14/24 (3) | 24,344 | 22,714 |
| 1M USD LIBOR + 4.00%, 4.308%, | | | | | | | |
| 12/2/26 | | 9,414 | 9,260 | Stars Group Holdings, FRN, | | | |
| | | | | 3M USD LIBOR + 3.50%, 3.808%, | | | |
| USI, FRN, | | | | 7/10/25 | | 7,813 | 7,818 |
| 1M USD LIBOR + 4.00%, 4.50%, | | | | | | | |
| 12/2/26 | | 4,645 | 4,569 | | | | 97,198 |
| VFH Parent, FRN, | | | | | | | |
| 3M USD LIBOR + 3.00%, 3.164%, | | | | | | | |
| 3/1/26 | | 4,896 | 4,834 | Health Care 12.3% | | | |
| | | | | Albany Molecular Research, FRN, | | | |
| | | | 228,554 | 3M USD LIBOR + 7.00%, 8/30/25 (3) | | 168 | 162 |
| | | | | Aldevron, FRN, | | | |
| Food 1.2% | | | | 1M USD LIBOR + 4.25%, 5.25%, | | | |
| | | | | 10/12/26 | | 23,318 | 23,304 |
| Atkins Nutritionals Holdings, FRN, | | | | ATI Holdings Acquisition, FRN, | | | |
| 1M USD LIBOR + 3.75%, 4.75%, | | | | | | | |
| 7/7/24 | | 14,147 | 14,173 | 3M USD LIBOR + 3.50%, 5/10/23 (3) | | 5,740 | 5,298 |
| Bellring Brands, FRN, | | | | Avantor Funding, FRN, | | | |
| 1M USD LIBOR + 5.00%, 6.00%, | | | | 3M USD LIBOR + 2.25%, 3.25%, | | | |
| 10/21/24 | | 10,889 | 10,872 | 11/21/24 | | 7,953 | 7,864 |
| Froneri U.S. , FRN, | | | | Bausch Health Americas , FRN, | | | |
| 1M USD LIBOR + 5.75%, 5.906%, | | | | 3M USD LIBOR + 2.75%, 2.933%, | | | |
| 1/31/28 (4) | 2,500 | 2,463 | 11/27/25 | | 12,391 | 12,128 |
| | | | | Bausch Health Americas , FRN, | | | |
| | | | | 3M USD LIBOR + 3.00%, 3.183%, | | | |
| | | | | 6/2/25 | | 20,471 | 20,121 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
| | | | | | | |
| | | Par/Shares | $ Value | | | Par/Shares | $ Value |
| (Amounts in 000s) | | | | (Amounts in 000s) | | | |
| Dino Grandparent, FRN, | | | | Phoenix Guarantor, FRN, | | | |
| 1M USD LIBOR + 2.25%, 2.438%, | | | | 1M USD LIBOR + 3.25%, 3.412%, | | | |
| 2/20/23 (4) | 8,630 | 8,457 | 3/5/26 | | 2,767 | 2,717 |
| Emerald TopCo, FRN, | | | | SAM Bidco, FRN, | | | |
| 1M USD LIBOR + 3.50%, 3.76%, | | | | 1M USD LIBOR + 3.50%, 4.572%, | | | |
| 7/24/26 | | 16,907 | 16,421 | 12/13/24 | | 4,405 | 4,163 |
| Gentiva Health Services, FRN, | | | | Select Medical, FRN, | | | |
| 1M USD LIBOR + 3.25%, 3.438%, | | | | 3M USD LIBOR + 2.50%, 2.68%, | | | |
| 7/2/25 (4) | 12,473 | 12,349 | 3/6/25 | | 6,131 | 5,952 |
| GoodRx, FRN, | | | | Sotera Health Holdings, FRN, | | | |
| 1M USD LIBOR + 2.75%, 2.906%, | | | | 1M USD LIBOR + 4.50%, 5.50%, | | | |
| 10/10/25 | | 11,558 | 11,421 | 12/11/26 | | 3,215 | 3,206 |
| Jaguar Holding II, FRN, | | | | Sunshine Luxembourg VII, FRN, | | | |
| 3M USD LIBOR + 2.50%, 3.50%, | | | | 1M USD LIBOR + 4.25%, 5.322%, | | | |
| 8/18/22 | | 7,412 | 7,394 | 10/1/26 | | 6,146 | 6,124 |
| LifePoint Health, FRN, | | | | Surgery Center Holdings, FRN, | | | |
| 1M USD LIBOR + 3.75%, 3.906%, | | | | 3M USD LIBOR + 3.25%, 4.25%, | | | |
| 11/16/25 | | 15,984 | 15,653 | 9/3/24 | | 6,651 | 6,269 |
| Loire Finco Luxembourg, FRN, | | | | Surgery Center Holdings, FRN, | | | |
| 1M USD LIBOR + 3.50%, 3.656%, | | | | 1M USD LIBOR + 8.00%, 9.00%, | | | |
| 1/24/27 | | 31,655 | 30,587 | 9/3/24 | | 2,668 | 2,692 |
| MED ParentCo, FRN, | | | | Versant Health Holdco, FRN, | | | |
| 1M USD LIBOR + 4.25%, 4.397%, | | | | 3M USD LIBOR + 3.00%, 4.00%, | | | |
| 8/31/26 (5) | 3,159 | 2,956 | 12/2/24 | | 31,928 | 31,180 |
| MED ParentCo, FRN, | | | | Versant Health Holdco, FRN, | | | |
| 1M USD LIBOR + 8.25%, 8.406%, | | | | 3M USD LIBOR + 6.75%, 7.75%, | | | |
| 8/30/27 | | 6,135 | 5,437 | 12/1/25 | | 18,022 | 17,361 |
| Milano Acquisition, FRN, | | | | VetCor Professional Practices, FRN, | | | |
| 1M USD LIBOR + 4.00%, 8/17/27 (3) | | 10,225 | 10,135 | 3M USD LIBOR + 3.00%, 4.072%, | | | |
| National Mentor Holdings , FRN, | | | | 7/2/25 (4) | 7,588 | 7,285 |
| 3M USD LIBOR + 4.25%, 4.41%, | | | | | | | 331,195 |
| 3/9/26 | | 3,535 | 3,498 | | | | |
| Ortho-Clinical Diagnostics, FRN, | | | | | | | |
| 3M USD LIBOR + 3.25%, 3.406%, | | | | Information Technology 13.5% | | | |
| 6/30/25 (3) | 13,074 | 12,588 | Airbnb, FRN, | | | |
| Pathway Vet Alliance, FRN, | | | | 1M USD LIBOR + 7.50%, 8.50%, | | | |
| 1M USD LIBOR + 4.00%, 4.156%, | | | | 4/17/25 | | 6,735 | 7,105 |
| 3/31/27 (5) | 1,264 | 1,239 | Applied Systems, FRN, | | | |
| Pathway Vet Alliance, FRN, | | | | 3M USD LIBOR + 3.25%, 4.25%, | | | |
| 1M USD LIBOR + 4.00%, 4.156%, | | | | 9/19/24 | | 15,555 | 15,474 |
| 3/31/27 | | 15,508 | 15,202 | Applied Systems, FRN, | | | |
| PetVet Care Centers, FRN, | | | | 3M USD LIBOR + 7.00%, 8.00%, | | | |
| 3M USD LIBOR + 2.75%, 2.906%, | | | | 9/19/25 | | 21,876 | 22,177 |
| 2/14/25 | | 8,230 | 7,930 | AppLovin, FRN, | | | |
| PetVet Care Centers, FRN, | | | | 3M USD LIBOR + 3.50%, 3.656%, | | | |
| 3M USD LIBOR + 3.25%, 3.406%, | | | | 8/15/25 | | 5,603 | 5,548 |
| 2/14/25 | | 3,258 | 3,171 | Boxer Parent, FRN, | | | |
| Petvet Care Centers, FRN, | | | | 3M USD LIBOR + 4.25%, 4.406%, | | | |
| 1M USD LIBOR + 4.25%, 5.25%, | | | | 10/2/25 (3) | 5,487 | 5,379 |
| 2/14/25 (4) | 4,655 | 4,643 | Buzz Merger Sub, FRN, | | | |
| PetVet Care Centers, FRN, | | | | 1M USD LIBOR + 2.75%, 2.906%, | | | |
| 3M USD LIBOR + 6.25%, 6.406%, | | | | 1/29/27 | | 2,739 | 2,671 |
| 2/13/26 | | 6,494 | 6,288 | | | | |
| |
| The accompanying notes are an integral part of this Portfolio of Investments. | | | | |
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
| | | | | | |
| | | Par/Shares | $ Value | | Par/Shares | $ Value |
| (Amounts in 000s) | | | | (Amounts in 000s) | | |
| CCC Information Services, FRN, | | | | Refinitiv U.S. Holdings, FRN, | | |
| 1M USD LIBOR + 3.00%, 4.00%, | | | | 1M USD LIBOR + 3.25%, 3.406%, | | |
| 4/29/24 | | 31,702 | 31,488 | 10/1/25 | 44,324 | 43,912 |
| Conservice Midco, FRN, | | | | S2P Acquisition Borrower, FRN, | | |
| 1M USD LIBOR + 4.25%, 4.558%, | | | | 3M USD LIBOR + 4.00%, 5.072%, | | |
| 5/13/27 (3) | 5,085 | 5,006 | 8/14/26 | 2,904 | 2,859 |
| Epicor Software, FRN, | | | | Solera, FRN, | | |
| 1M USD LIBOR + 4.25%, 5.25%, | | | | 3M USD LIBOR + 2.75%, 2.938%, | | |
| 7/30/27 | | 16,255 | 16,253 | 3/3/23 | 30,305 | 29,751 |
| Epicor Software, FRN, | | | | SS&C Technologies, Term B3, FRN, | | |
| 1M USD LIBOR + 7.75%, 8.75%, | | | | 1M USD LIBOR + 1.75%, 1.906%, | | |
| 7/31/28 (3) | 7,045 | 7,245 | 4/16/25 | 8,286 | 8,035 |
| Fleet U. S. Bidco, FRN, | | | | SS&C Technologies, Term B5, FRN, | | |
| 1M USD LIBOR + 3.25%, 4.322%, | | | | 1M USD LIBOR + 1.75%, 1.906%, | | |
| 10/7/26 (4) | 2,466 | 2,429 | 4/16/25 | 2,388 | 2,317 |
| Huskies Parent, FRN, | | | | TIBCO Software, FRN, | | |
| 3M USD LIBOR + 4.00%, 4.156%, | | | | 1M USD LIBOR + 3.75%, 3.91%, | | |
| 7/31/26 | | 2,850 | 2,807 | 6/30/26 | 3,900 | 3,762 |
| Hyland Software, FRN, | | | | TIBCO Software, FRN, | | |
| 3M USD LIBOR + 3.25%, 4.00%, | | | | 1M USD LIBOR + 7.25%, 7.41%, | | |
| 7/1/24 | | 9,922 | 9,783 | 3/3/28 | 6,835 | 6,630 |
| Hyland Software, FRN, | | | | Uber Technologies, FRN, | | |
| 3M USD LIBOR + 7.00%, 7.75%, | | | | 3M USD LIBOR + 3.50%, 3.656%, | | |
| 7/7/25 | | 15,985 | 15,965 | 7/13/23 | 19,575 | 19,206 |
| LogMeIn, FRN, | | | | Uber Technologies, FRN, | | |
| 1M USD LIBOR + 4.75%, 8/14/27 (3) | | 6,700 | 6,530 | 3M USD LIBOR + 4.00%, 5.00%, | | |
| McAfee, FRN, | | | | 4/4/25 | 7,957 | 7,862 |
| 3M USD LIBOR + 3.75%, 9/30/24 (3) | | 2,750 | 2,721 | Veritas U. S. , FRN, | | |
| McAfee, FRN, | | | | 1M USD LIBOR + 5.50%, 6.50%, | | |
| 3M USD LIBOR + 8.50%, 9.50%, | | | | 9/1/25 | 2,740 | 2,685 |
| 9/29/25 | | 6,910 | 6,957 | Vertafore, FRN, | | |
| MH Sub I, FRN, | | | | 3M USD LIBOR + 3.25%, 3.406%, | | |
| 3M USD LIBOR + 3.50%, 4.572%, | | | | 7/2/25 | 4,062 | 4,058 |
| 9/13/24 | | 7,077 | 6,887 | Vertafore, FRN, | | |
| MH Sub I, FRN, | | | | 3M USD LIBOR + 7.25%, 7.406%, | | |
| 1M USD LIBOR + 3.75%, 4.75%, | | | | 7/2/26 | 12,410 | 12,410 |
| 9/13/24 | | 1,550 | 1,532 | Vungle, FRN, | | |
| MH Sub I, FRN, | | | | 1M USD LIBOR + 5.50%, 5.656%, | | |
| 3M USD LIBOR + 7.50%, 8.572%, | | | | 9/30/26 | 4,700 | 4,677 |
| 9/15/25 | | 3,590 | 3,545 | | | 363,484 |
| Microchip Technology, FRN, | | | | | | |
| 3M USD LIBOR + 2.00%, 2.17%, | | | | | | |
| 5/29/25 | | 2,715 | 2,663 | Lodging 0.5% | | |
| Mitchell International, FRN, | | | | Four Seasons Hotels, FRN, | | |
| 3M USD LIBOR + 7.25%, 12/1/25 (3) | | 5,785 | 5,293 | 3M USD LIBOR + 2.00%, 2.156%, | | |
| Mitchell International, FRN, | | | | 11/30/23 | 5,412 | 5,252 |
| 1M USD LIBOR + 4.25%, 4.75%, | | | | Marriott Ownership Resorts, FRN, | | |
| 11/29/24 | | 5,135 | 5,007 | 1M USD LIBOR + 1.75%, 1.906%, | | |
| Redstone Buyer, FRN, | | | | 8/29/25 | 3,156 | 3,014 |
| 1M USD LIBOR + 5.00%, 6/29/27 (3) | | 7,250 | 7,232 | | | |
| Refinitiv U.S. Holdings, FRN, | | | | | | |
| 3M EURIBOR + 3.25%, 3.25%, | | | | | | |
| 10/1/25 (EUR) | 14,919 | 17,623 | | | |
| The accompanying notes are an integral part of this Portfolio of Investments. | | | |
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
| | | | | | | | | |
| | | | Par/Shares | $ Value | | | | Par/Shares | $ Value |
| | (Amounts in 000s) | | | | | (Amounts in 000s) | | | |
| | RHP Hotel Properties, FRN, | | | | | Zekelman Industries, FRN, | | | |
| | 1M USD LIBOR + 2.00%, 2.16%, | | | | | 1M USD LIBOR + 2.00%, 2.171%, | | | |
| | 5/11/24 | | 3,862 | 3,658 | | 1/24/27 | | 2,740 | 2,659 |
| | | | | 11,924 | | | | | 14,278 |
| | Manufacturing 2.9% | | | | | Other Telecommunications 0.5% | | | |
| | Apex Tool Group, FRN, | | | | | Cologix Holdings, FRN, | | | |
| | 3M USD LIBOR + 5.50%, 8/1/24 (3) | | 11,235 | 10,789 | | 3M USD LIBOR + 3.00%, 4.00%, | | | |
| | CPI Holdco, FRN, | | | | | 3/20/24 | | 4,395 | 4,286 |
| | 1M USD LIBOR + 4.25%, 4.406%, | | | | | GTT Communications, FRN, | | | |
| | 11/4/26 | | 16,938 | 16,726 | | 3M USD LIBOR + 2.75%, 2.91%, | | | |
| | Deliver Buyer, FRN, | | | | | 5/31/25 | | 5,054 | 3,977 |
| | 3M USD LIBOR + 5.00%, 5/1/24 | | | | | Zayo Group Holdings, FRN, | | | |
| (3)(4) | 910 | 892 | | 1M USD LIBOR + 3.00%, 3.156%, | | | |
| | Engineered Machinery Holdings, | | | | | 3/9/27 | | 3,945 | 3,826 |
| | FRN, | | | | | | | | 12,089 |
| | 1M USD LIBOR + 3.00%, 4.00%, | | | | | | | | |
| | 7/19/24 | | 1,003 | 973 | | | | | |
| | Engineered Machinery Holdings, | | | | | Publishing 0.1% | | | |
| | FRN, | | | | | | | | |
| | 3M USD LIBOR + 4.25%, 5.25%, | | | | | Nielsen Finance, FRN, | | | |
| | 7/19/24 | | 680 | 662 | | 1M USD LIBOR + 3.75%, 4.75%, | | | |
| | Engineered Machinery Holdings, | | | | | 6/4/25 | | 2,628 | 2,635 |
| | FRN, | | | | | | | | 2,635 |
| | 3M USD LIBOR + 7.25%, 8.25%, | | | | | | | | |
| | 7/18/25 (3) | 3,885 | 3,749 | | | | | |
| | Filtration Group, FRN, | | | | | Real Estate Investment Trust Securities 0.1% | |
| | 3M USD LIBOR + 3.00%, 3.156%, | | | | | KREF Holdings X, FRN, | | | |
| | 3/31/25 | | 22,797 | 22,391 | | 1M USD LIBOR + 4.75%, 8/5/27 | | | |
| | Pro Mach Group, FRN, | | | | (3) | (4) | 3,150 | 3,119 |
| | 1M USD LIBOR + 3.50%, 4.25%, | | | | | | | | 3,119 |
| | 3/7/25 (3)(5) | 10,320 | 9,959 | | | | | |
| | SRAM, FRN, | | | | | | | | |
| | 3M USD LIBOR + 2.75%, 3.75%, | | | | | Restaurants 0.8% | | | |
| | 3/15/24 (4) | 5,887 | 5,842 | | K-MAC Holdings, FRN, | | | |
| | Thermon Holding, FRN, | | | | | 3M USD LIBOR + 3.00%, 3.155%, | | | |
| | 3M USD LIBOR + 3.75%, 4.75%, | | | | | 3/14/25 | | 2,185 | 2,104 |
| | 10/30/24 (4) | 2,524 | 2,498 | | K-MAC Holdings, FRN, | | | |
| | Welbilt, FRN, | | | | | 3M USD LIBOR + 6.75%, 6.905%, | | | |
| | 3M USD LIBOR + 2.50%, 2.656%, | | | | | 3/16/26 | | 7,879 | 7,354 |
| | 10/23/25 | | 2,712 | 2,438 | | Tacala Investment, FRN, | | | |
| | | | | 76,919 | | 1M USD LIBOR + 3.25%, 3.405%, | | | |
| | | | | | | 2/5/27 | | 3,011 | 2,897 |
| | | | | | | Tacala Investment, FRN, | | | |
| | Metals & Mining 0.5% | | | | | 1M USD LIBOR + 7.50%, 7.655%, | | | |
| | Big River Steel, FRN, | | | | | 2/4/28 | | 10,047 | 9,478 |
| | 3M USD LIBOR + 5.00%, 6.00%, | | | | | | | | 21,833 |
| | 8/23/23 | | 11,701 | 11,619 | | | | | |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
| | | | | | | |
| | | Par/Shares | $ Value | | | Par/Shares | $ Value |
| (Amounts in 000s) | | | | (Amounts in 000s) | | | |
| Retail 0.5% | | | | EG America, FRN, | | | |
| | | | | 3M USD LIBOR + 4.00%, 5.072%, | | | |
| BJ's Wholesale Club, FRN, | | | | 4/20/26 (4) | 4,950 | 4,740 |
| 1M USD LIBOR + 2.00%, 2.164%, | | | | GFL Environmental, FRN, | | | |
| 2/3/24 | | 6,568 | 6,504 | 3M USD LIBOR + 3.00%, 4.00%, | | | |
| PetSmart, FRN, | | | | 5/30/25 | | 17,217 | 17,110 |
| 1M USD LIBOR + 4.00%, 5.00%, | | | | Intrado, FRN, | | | |
| 3/11/22 | | 7,705 | 7,684 | 3M USD LIBOR + 4.00%, 10/10/24 | | | |
| | | | 14,188 | (3) | 2,800 | 2,499 |
| | | | | Merrill Communications, FRN, | | | |
| | | | | 1M USD LIBOR + 5.00%, 6.195%, | | | |
| Satellites 2.3% | | | | 10/5/26 (4) | 2,415 | 2,355 |
| Intelsat Jackson Holdings | | | | Presidio Holdings, FRN, | | | |
| 8.625%, 1/2/24 | | 3,054 | 3,084 | 1M USD LIBOR + 3.50%, 3.77%, | | | |
| Intelsat Jackson Holdings, FRN, | | | | 1/22/27 (4) | 2,560 | 2,515 |
| 3M USD LIBOR + 5.50%, 1/2/24 (3) | | 700 | 705 | Prime Security Services Borrower, | | | |
| Intelsat Jackson Holdings, FRN, | | | | FRN, | | | |
| 1M USD LIBOR + 5.50%, 5.50%, | | | | 1M USD LIBOR + 3.25%, 4.25%, | | | |
| 7/13/22 (3)(5) | 5,113 | 5,198 | 9/23/26 | | 6,159 | 6,133 |
| Intelsat Jackson Holdings, FRN, | | | | Project Boost Purchaser, FRN, | | | |
| 1M USD LIBOR + 4.75%, 8.00%, | | | | 1M USD LIBOR + 3.50%, 3.656%, | | | |
| 11/27/23 (3) | 14,355 | 14,443 | 6/1/26 | | 2,878 | 2,770 |
| Iridium Satellite, FRN, | | | | Renaissance Holdings, FRN, | | | |
| 1M USD LIBOR + 3.75%, 4.75%, | | | | 3M USD LIBOR + 3.25%, 3.406%, | | | |
| 11/4/26 | | 28,219 | 28,272 | 5/30/25 | | 3,150 | 3,089 |
| Telesat, FRN, | | | | Renaissance Holdings, FRN, | | | |
| 1M USD LIBOR + 2.75%, 2.91%, | | | | 3M USD LIBOR + 7.00%, 7.156%, | | | |
| 12/7/26 | | 11,203 | 10,820 | 5/29/26 | | 6,230 | 5,869 |
| | | | | SCS Holdings I, FRN, | | | |
| | | | 62,522 | 1M USD LIBOR + 3.50%, 3.656%, | | | |
| | | | | 7/1/26 | | 3,720 | 3,634 |
| Services 10.9% | | | | Ultimate Software Group, FRN, | | | |
| | | | | 1M USD LIBOR + 4.00%, 4.75%, | | | |
| AlixPartners, FRN, | | | | 5/4/26 | | 51,010 | 50,914 |
| 1M USD LIBOR + 2.50%, 2.656%, | | | | Ultimate Software Group, FRN, | | | |
| 4/4/24 | | 2,453 | 2,396 | 1M USD LIBOR + 6.75%, 7.50%, | | | |
| Ascend Learning, FRN, | | | | 5/3/27 | | 64,595 | 65,806 |
| 3M USD LIBOR + 3.00%, 4.00%, | | | | USIC Holdings, FRN, | | | |
| 7/12/24 | | 35,673 | 35,405 | 3M USD LIBOR + 3.25%, 4.25%, | | | |
| Camelot Finance, FRN, | | | | 12/8/23 | | 3,413 | 3,313 |
| 1M USD LIBOR + 3.00%, 3.156%, | | | | VeriFone Systems, FRN, | | | |
| 10/30/26 | | 10,039 | 9,851 | 3M USD LIBOR + 4.00%, 4.253%, | | | |
| Ceridian HCM Holding, FRN, | | | | 8/20/25 | | 6,032 | 5,419 |
| 3M USD LIBOR + 2.50%, 2.613%, | | | | Vertical U. S. Newco, FRN, | | | |
| 4/30/25 | | 10,023 | 9,777 | 1M USD LIBOR + 4.25%, 4.57%, | | | |
| Dun & Bradstreet, FRN, | | | | 7/30/27 (3) | 30,775 | 30,487 |
| 1M USD LIBOR + 3.75%, 3.92%, | | | | WW International, FRN, | | | |
| 2/6/26 | | 9,403 | 9,375 | 3M USD LIBOR + 4.75%, 5.50%, | | | |
| EG America, FRN, | | | | 11/29/24 | | 10,713 | 10,646 |
| 3M USD LIBOR + 4.00%, 5.072%, | | | | | | | |
| 2/7/25 | | 10,789 | 10,442 | | | | 294,545 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
| | | | | | | |
| | | Par/Shares | $ Value | | | Par/Shares | $ Value |
| (Amounts in 000s) | | | | (Amounts in 000s) | | | |
| Utilities 2.8% | | | | | | | |
| Al Alpine U. S. Bidco, FRN, | | | | Total Asset-Backed Securities | | | |
| 1M USD LIBOR + 3.00%, 4.209%, | | | | (Cost $3,330) | | | 3,316 |
| 10/31/25 (4) | 6,947 | 6,252 | | | | |
| Brookfield WEC Holdings, FRN, | | | | CONVERTIBLE PREFERRED STOCKS 1.4% | |
| 1M USD LIBOR + 3.00%, 3.75%, | | | | | | | |
| 8/1/25 | | 11,110 | 10,912 | | | | |
| Eastern Power, FRN, | | | | Energy 0.6% | | | |
| 3M USD LIBOR + 3.75%, 4.75%, | | | | Targa Resources, Series A, 9.50%, | | | |
| 10/2/25 | | 22,043 | 21,831 | Acquisition Date: 10/30/17 - | | | |
| Exgen Renewables IV, FRN, | | | | 3/12/20, Cost $16,407 (6)(7) | 15 | 15,731 |
| 3M USD LIBOR + 3.00%, 4.00%, | | | | | | | 15,731 |
| 11/28/24 | | 3,653 | 3,621 | | | | |
| PG&E, FRN, | | | | | | | |
| 1M USD LIBOR + 4.50%, 5.50%, | | | | Energy Services 0.1% | | | |
| 6/23/25 | | 27,785 | 27,316 | NuStar Energy, VR, 9.75% (1)(4)(7) | | 140 | 3,718 |
| Pike, FRN, | | | | | | | |
| 1M USD LIBOR + 3.00%, 3.18%, | | | | | | | 3,718 |
| 7/24/26 | | 5,575 | 5,544 | | | | |
| | | | 75,476 | Health Care 0.4% | | | |
| | | | | Avantor, Series A, 6.25%, 5/15/22 | | 156 | 11,350 |
| Wireless Communications 4.3% | | | | | | | 11,350 |
| Asurion, FRN, | | | | | | | |
| 1M USD LIBOR + 3.00%, 3.156%, | | | | | | | |
| 8/4/22 | | 14,380 | 14,212 | Utilities 0.3% | | | |
| Asurion, FRN, | | | | American Electric Power, 6.125%, | | | |
| 1M USD LIBOR + 3.00%, 3.156%, | | | | 3/15/22 | | 80 | 3,895 |
| 11/3/23 | | 20,444 | 20,069 | American Electric Power, 6.125%, | | | |
| Asurion, FRN, | | | | 8/15/23 | | 68 | 3,317 |
| 1M USD LIBOR + 3.00%, 3.156%, | | | | | | | 7,212 |
| 11/3/24 | | 2,824 | 2,772 | | | | |
| Asurion, FRN, | | | | | | | |
| 3M USD LIBOR + 6.50%, 6.656%, | | | | Total Convertible Preferred Stocks | | | |
| 8/4/25 | | 67,810 | 67,912 | (Cost $35,584) | | | 38,011 |
| T-Mobile USA, FRN, | | | | | | | |
| 1M USD LIBOR + 3.00%, 3.156%, | | | | | | | |
| 4/1/27 | | 10,360 | 10,382 | SHORT-TERM INVESTMENTS 6.8% | |
| | | | 115,347 | Money Market Funds 6.7% | | | |
| | | | | T. Rowe Price Government Reserve | | | |
| Total Bank Loans | | | | Fund, | | | |
| (Cost $2,374,404) | | | 2,357,245 | 0.11% (8)(9) | | 179,457 | 179,457 |
| | | | | | | | 179,457 |
| ASSET-BACKED SECURITIES 0.1% | | | | | |
| |
| Wireless Communications 0.1% | | | | U. S. Treasury Obligations 0.1% | | | |
| | | | | U. S. Treasury Bills, | | | |
| InSite Issuer, Series 2016-1A, | | | | 0.112%, 9/24/20 | | 3,400 | 3,400 |
| Class C | | | | | | | |
| 6.414%, 11/15/46 (1) | | 3,330 | 3,316 | | | | 3,400 |
| | | | 3,316 | | | | |
| The accompanying notes are an integral part of this Portfolio of Investments. | | | | |
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
| | | |
| | | $ Value |
| (Amounts in 000s) | | |
| Total Short-Term Investments | | |
| (Cost $182,856) | | 182,857 |
| |
| Total Investments in Securities 103.5% | | |
| (Cost $2,793,538) | $ | 2,785,993 |
| Other Assets Less Liabilities (3.5)% | | (94,121) |
| Net Assets 100% | $ | 2,691,872 |
| | |
| ‡ | | Par/Shares and Notional Amount are denominated in U. S. dollars unless otherwise noted. |
| (1 | ) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt |
| | | from registration only to qualified institutional buyers. Total value of such securities at period-end amounts to $167,121 and |
| | | represents 6.2% 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 August 31, 2020. The interest rate for unsettled loans will be determined upon |
| | | settlement after period end. |
| (4 | ) | Level 3 in fair value hierarchy. |
| (5 | ) | A portion of the position represents an unfunded commitment; a liability to fund the commitment has been recognized. |
| | | The fund's total unfunded commitments at August 31, 2020, were $7,926 and were valued at $7,645 (0.3% of net assets) . |
| (6 | ) | 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 has registration rights for certain |
| | | restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted |
| securities (excluding 144A holdings) at period-end amounts to $15,731 and represents 0.6% of net assets. |
| (7 | ) | Perpetual security with no stated maturity date. |
| (8 | ) | Seven-day yield |
| (9 | ) | Affiliated Companies |
| 1M USD LIBOR | | One month USD LIBOR (London interbank offered rate) |
| 3M EURIBOR | | Three month EURIBOR (Euro interbank offered rate) |
| 3M USD LIBOR | | Three month USD LIBOR (London interbank offered rate) |
| EUR | | Euro |
| FRN | | Floating Rate Note |
| 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. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
| | | | | | | |
| (Amounts in 000s, except Market Price) | | | | | |
| SWAPS 0.0% | | | | | |
| | | | | Upfront | |
| | Notional | | | Payments/ | Unrealized |
| Description | Amount | $ Value | | $ (Receipts)** $ Gain/(Loss) |
| BILATERAL SWAPS 0.0% | | | | | |
| CREDIT DEFAULT SWAPS, PROTECTION SOLD 0.0% | | | | | |
| Barclays Bank, Protection Sold (Relevant Credit: Tesla, 5.30%, 8/15/25, | | | | | |
| $103.88*), Receive 1.00% Quarterly, Pay upon credit default, 6/20/21 | 2,800 | 6 | | (29) | 35 |
| Total Bilateral Credit Default Swaps, Protection Sold | | | | (29) | 35 |
| TOTAL RETURN SWAPS 0.0% | | | | | |
| JPMorgan Chase, Receive Underlying Reference: iBoxx USD Liquid | | | | | |
| Leveraged Loans Total Return Index At Maturity, Pay Variable 0.306% (3M | | | | | |
| USD LIBOR) Quarterly, 9/20/20 | 16,000 | 371 | | — | 371 |
| JPMorgan Chase, Receive Underlying Reference: iBoxx USD Liquid | | | | | |
| Leveraged Loans Total Return Index At Maturity, Pay Variable 0.306% (3M | | | | | |
| USD LIBOR) Quarterly, 12/20/20 | 9,400 | (14 | ) | (5) | (9) |
| Total Bilateral Total Return Swaps | | | | (5) | 362 |
| |
| Total Bilateral Swaps | | | | (34) | 397 |
*Market Price at August 31, 2020
**Includes interest purchased or sold but not yet collected of $(5).
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
| | | | | | | | |
| (Amounts In 000s) | | | | | | |
| FORWARD CURRENCY EXCHANGE CONTRACTS | | | | | |
| | | | | | | Unrealized |
| Counterparty | Settlement | | Receive | | Deliver Gain/(Loss) |
| Citibank | 11/20/20 | USD | 30,571 | EUR | 25,727 | $ (183) |
| Net unrealized gain (loss) on open forward currency | | | | | | |
| exchange contracts | | | | | | $ (183) |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
Affiliated Companies
($000s)
The fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in
which the fund owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following
securities were considered affiliated companies for all or some portion of the three months ended August 31, 2020. Net realized gain (loss),
investment income, change in net unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended.
| | | | | | | | |
| | | | | Change in Net | | |
| | | Net Realized Gain | | Unrealized | | Investment |
| Affiliate | | | (Loss) | | Gain/Loss | | Income |
| T. Rowe Price Government Reserve Fund | | $ | —# | $ | — | $ | 70+ |
| |
| Supplementary Investment Schedule | | | | | | | |
| | | Value | Purchase | Sales | | Value |
| Affiliate | | 5/31/20 | Cost | Cost | | 8/31/20 |
| T. Rowe Price Government Reserve Fund | $ | 186,722 | | ¤ | ¤ | $ | 179,457^ |
| |
| # | Capital gain distributions from mutual funds represented $0 of the net realized gain (loss) . |
| + | Investment income comprised $70 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 $179,457. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
T. Rowe Price Institutional Floating Rate Fund (the fund) is registered under the Investment Company Act of 1940 (the
1940 Act) as an open-end management investment company and follows accounting and reporting guidance of the
Financial Accounting Standards Board Accounting Standards Codification Topic 946. The accompanying Portfolio of
Investments was prepared in accordance with accounting principles generally accepted in the United States of America
(GAAP). For additional information on the fund’s significant accounting policies and investment related disclosures,
please refer to the fund’s most recent semiannual or annual shareholder report and its prospectus.
VALUATION
The fund’s financial instruments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET,
each day the NYSE is open for business.
Fair Value
The fund’s financial instruments are reported at fair value, which GAAP defines as the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been
delegated certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are
appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the
Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value
determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP
establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 - quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at
the reporting date
Level 2 - inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not
limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or
similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and
credit spreads)
Level 3 - unobservable inputs
Observable inputs are developed using market data, such as publicly available information about actual events or
transactions, and reflect the assumptions that market participants would use to price the financial instrument.
Unobservable inputs are those for which market data are not available and are developed using the best information
available about the assumptions that market participants would use to price the financial instrument. GAAP requires
valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value
hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are
not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the
degree of judgment used in determining those values.
Valuation Techniques
Debt securities generally are traded in the over-the-counter (OTC) market and are valued at prices furnished by
independent pricing services or by broker dealers who make markets in such securities. When valuing securities, the
independent pricing services consider the yield or price of bonds of comparable quality, coupon, maturity, and type, as
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
well as prices quoted by dealers who make markets in such securities. Generally, debt securities are categorized in Level
2 of the fair value hierarchy; however, to the extent the valuations include significant unobservable inputs, the securities
would be categorized in Level 3.
Equity securities listed or regularly traded on a securities exchange or in the OTC market are valued at the last quoted
sale price or, for certain markets, the official closing price at the time the valuations are made. OTC Bulletin Board
securities are valued at the mean of the closing bid and asked prices. A security that is listed or traded on more than one
exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed
securities not traded on a particular day are valued at the mean of the closing bid and asked prices. Actively traded
equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value hierarchy. OTC
Bulletin Board securities, certain preferred securities, and equity securities traded in inactive markets generally are
categorized in Level 2 of the fair value hierarchy.
Investments denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange
rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as quoted by a major bank.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are
categorized in Level 1 of the fair value hierarchy. Forward currency exchange contracts are valued using the prevailing
forward exchange rate and are categorized in Level 2 of the fair value hierarchy. Swaps are valued at prices furnished by
an independent pricing service or independent swap dealers and generally are categorized in Level 2 of the fair value
hierarchy; however, if unobservable inputs are significant to the valuation, the swap would be categorized in Level 3.
Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The
objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current
sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted
securities, warrants, rights, and other securities that are not publicly traded.
Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of troubled or thinly traded debt instruments, the Valuation Committee considers a variety of factors,
which may include, but are not limited to, the issuer’s business prospects, its financial standing and performance, recent
investment transactions in the issuer, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and
unobservable inputs. The Valuation Committee typically will afford greatest weight to actual prices in arm’s length
transactions, to the extent they represent orderly transactions between market participants, transaction information can
be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Committee may also
consider other valuation methods such as a discount or premium from market value of a similar, freely traded security
of the same issuer; discounted cash flows; yield to maturity; or some combination. Fair value determinations are
reviewed on a regular basis and updated as information becomes available, including actual purchase and sale
transactions of the issue. Because any fair value determination involves a significant amount of judgment, there is a
degree of subjectivity inherent in such pricing decisions, and fair value prices determined by the Valuation Committee
could differ from those of other market participants. Depending on the relative significance of unobservable inputs,
including the valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value
hierarchy.
T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND
Valuation Inputs
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values
on August 31, 2020 (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 Securities1 | $ | — | $ 207,880 | $ — | $ 207,880 |
| Bank Loans | | — | 2,281,181 | 76,064 | 2,357,245 |
| Convertible Preferred Stocks | | — | 34,293 | 3,718 | 38,011 |
| Short-Term Investments | | 179,457 | 3,400 | — | 182,857 |
| Total Securities | | 179,457 | 2,526,754 | 79,782 | 2,785,993 |
| Swaps | | — | 377 | — | 377 |
| Total | $ | 179,457 | $ 2,527,131 | $ 79,782 | $ 2,786,370 |
| Liabilities | | | | | |
| Swaps | $ | — | $ 14 | $ — | $ 14 |
| Forward Currency Exchange Contracts | | — | 183 | — | 183 |
| Total | $ | — | $ 197 | $ — | $ 197 |
1 Includes Corporate Bonds, Asset-Backed Securities.
Following is a reconciliation of the fund’s Level 3 holdings for the period ended August 31, 2020. Gain (loss) reflects
both realized and change in unrealized gain/loss on Level 3 holdings during the period, if any. The change in unrealized
gain/loss on Level 3 instruments held at August 31, 2020, totaled $2,054,000 for the period ended August 31, 2020.
During the period, transfers into Level 3 resulted from a lack of observable market data for the security and transfers out of
Level 3 were because observable market data became available for the security.
| | | | | | | | | | | | | | | | | | |
| ($000s) | | | | Gain | | | | | | | | | | |
| | | | Beginning | | (Loss) | | | | | | Transfers | | Transfers | | Ending |
| | | | | Balance | | During | | Total | | Total | | Into | | Out of | | Balance |
| | | | | 6/1/20 | | Period | | Purchases | | Sales | | Level 3 | | Level 3 | | 8/31/20 |
| | Investment in Securities | | | | | | | | | | | | |
| | Convertible | | | | | | | | | | | | | | | |
| | Preferred Stocks | | $ | – | $ | – | $ | 3,718 | $ | – | $ | – | $ | – | $ | 3,718 |
| | Bank Loans | | | 113,728 | | 1,934 | | 17,021 | | (9,926) | | 11,365 | | (58,058) | | 76,064 |
| | Total | | $ | 113,728 | $ | 1,934 | $ | 20,739 | $ | (9,926) | $ | 11,365 | $ | (58,058) | $ | 79,782 |
