T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
August 31, 2020 (Unaudited)
| | | | | |
| Portfolio of Investments‡ | Par/Shares | $ Value | | Par/Shares | $ Value |
| (Amounts in 000s) | | | (Amounts in 000s) | | |
| CORPORATE BONDS 83.0% | | | Ford Motor | | |
| | | | 8.50%, 4/21/23 | 1,995 | 2,212 |
| Aerospace & Defense 1.0% | | | Ford Motor | | |
| F-Brasile | | | 9.00%, 4/22/25 | 5,780 | 6,752 |
| 7.375%, 8/15/26 (1) | 2,325 | 1,854 | Ford Motor Credit | | |
| Moog | | | 5.125%, 6/16/25 | 2,045 | 2,145 |
| 4.25%, 12/15/27 (1) | 880 | 908 | Ford Motor Credit | | |
| TransDigm | | | 5.75%, 2/1/21 | 7,466 | 7,550 |
| 6.25%, 3/15/26 (1) | 10,800 | 11,394 | Goodyear Tire & Rubber | | |
| TransDigm | | | 9.50%, 5/31/25 | 1,420 | 1,590 |
| 7.50%, 3/15/27 | 280 | 293 | Group 1 Automotive | | |
| TransDigm | | | 4.00%, 8/15/28 (1) | 1,680 | 1,676 |
| 8.00%, 12/15/25 (1) | 3,885 | 4,230 | IAA | | |
| | | | 5.50%, 6/15/27 (1) | 1,215 | 1,279 |
| | | 18,679 | Meritor | | |
| | | | 6.25%, 6/1/25 (1) | 2,373 | 2,524 |
| Airlines 1.0% | | | Navistar International | | |
| | | | 9.50%, 5/1/25 (1) | 3,180 | 3,617 |
| Air Canada | | | Tenneco | | |
| 7.75%, 4/15/21 (1) | 3,685 | 3,703 | 5.375%, 12/15/24 | 310 | 239 |
| American Airlines PTT, | | | Tesla | | |
| Series 2013-1, Class B | | | 5.30%, 8/15/25 (1) | 9,920 | 10,304 |
| 5.625%, 1/15/21 (1) | 337 | 288 | | | |
| Delta Air Lines | | | | | 67,331 |
| 7.00%, 5/1/25 (1) | 2,925 | 3,203 | | | |
| Delta Air Lines | | | | | |
| 7.375%, 1/15/26 | 4,890 | 5,086 | Banking 0.5% | | |
| Mileage Plus Holdings | | | Banco do Brasil, VR, | | |
| 6.50%, 6/20/27 (1) | 2,100 | 2,189 | 9.00% (2)(3) | 5,550 | 6,035 |
| United Airlines Holdings | | | Itau Unibanco Holding, VR, | | |
| 4.875%, 1/15/25 | 1,915 | 1,656 | 6.125% (1)(2)(3) | 4,380 | 4,268 |
| United Airlines Holdings | | | | | 10,303 |
| 5.00%, 2/1/24 | 1,015 | 916 | | | |
| United Airlines Holdings | | | | | |
| 6.00%, 12/1/20 | 1,565 | 1,574 | Broadcasting 4.0% | | |
| |
| | | 18,615 | Clear Channel Worldwide Holdings | | |
| | | | 5.125%, 8/15/27 (1) | 3,225 | 3,225 |
| | | | Clear Channel Worldwide Holdings | | |
| Automotive 3.6% | | | 9.25%, 2/15/24 | 8,747 | 8,572 |
| Adient Global Holdings | | | Diamond Sports Group | | |
| 4.875%, 8/15/26 (1) | 4,290 | 4,022 | 5.375%, 8/15/26 (1) | 2,030 | 1,583 |
| Adient U.S. | | | Diamond Sports Group | | |
| 9.00%, 4/15/25 (1) | 3,910 | 4,365 | 6.625%, 8/15/27 (1) | 2,215 | 1,246 |
| Clarios Global | | | iHeartCommunications | | |
| 6.25%, 5/15/26 (1) | 425 | 450 | 5.25%, 8/15/27 (1) | 1,175 | 1,169 |
| Clarios Global | | | iHeartCommunications | | |
| 8.50%, 5/15/27 (1) | 14,840 | 15,693 | 6.375%, 5/1/26 | 970 | 1,011 |
| Dana | | | iHeartCommunications | | |
| 5.625%, 6/15/28 | 2,510 | 2,648 | 8.375%, 5/1/27 | 15,687 | 15,805 |
| Dana Financing Luxembourg | | | Lions Gate Capital Holdings | | |
| 5.75%, 4/15/25 (1) | 255 | 265 | 6.375%, 2/1/24 (1) | 3,400 | 3,477 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | |
| | Par/Shares | $ Value | | Par/Shares | $ Value |
| (Amounts in 000s) | | | (Amounts in 000s) | | |
| MDC Partners | | | Building Products 0.9% | | |
| 6.50%, 5/1/24 (1) | 8,803 | 8,462 | | | |
| Nexstar Broadcasting | | | American Builders & Contractors | | |
| 5.625%, 8/1/24 (1) | 2,915 | 2,993 | Supply | | |
| Nexstar Broadcasting | | | 5.875%, 5/15/26 (1) | 3,130 | 3,279 |
| 5.625%, 7/15/27 (1) | 2,570 | 2,715 | Forterra Finance | | |
| Outfront Media Capital | | | 6.50%, 7/15/25 (1) | 2,505 | 2,643 |
| 5.00%, 8/15/27 (1) | 315 | 309 | New Enterprise Stone & Lime | | |
| Outfront Media Capital | | | 6.25%, 3/15/26 (1) | 1,405 | 1,461 |
| 6.25%, 6/15/25 (1) | 1,200 | 1,251 | PGT Innovations | | |
| Sirius XM Radio | | | 6.75%, 8/1/26 (1) | 2,070 | 2,212 |
| 4.125%, 7/1/30 (1) | 2,360 | 2,478 | Summit Materials | | |
| Sirius XM Radio | | | 5.125%, 6/1/25 (1) | 1,555 | 1,575 |
| 4.625%, 7/15/24 (1) | 2,635 | 2,737 | Summit Materials | | |
| Sirius XM Radio | | | 5.25%, 1/15/29 (1) | 1,225 | 1,283 |
| 5.00%, 8/1/27 (1) | 3,130 | 3,310 | Summit Materials | | |
| Sirius XM Radio | | | 6.50%, 3/15/27 (1) | 3,645 | 3,918 |
| 5.375%, 7/15/26 (1) | 3,840 | 4,003 | | | 16,371 |
| Terrier Media Buyer | | | | | |
| 8.875%, 12/15/27 (1) | 3,800 | 3,923 | | | |
| Townsquare Media | | | Cable Operators 10.0% | | |
| 6.50%, 4/1/23 (1) | 3,800 | 3,515 | Altice Financing | | |
| Univision Communications | | | 5.00%, 1/15/28 (1) | 3,790 | 3,885 |
| 6.625%, 6/1/27 (1) | 3,135 | 3,147 | Altice Financing | | |
| Univision Communications | | | 7.50%, 5/15/26 (1) | 7,015 | 7,462 |
| 9.50%, 5/1/25 (1) | 1,540 | 1,686 | Altice France | | |
| | | | 5.50%, 1/15/28 (1) | 3,140 | 3,289 |
| | | 76,617 | Altice France | | |
| | | | 7.375%, 5/1/26 (1) | 5,870 | 6,215 |
| Building & Real Estate 1.5% | | | Altice France | | |
| Country Garden Holdings | | | 8.125%, 2/1/27 (1) | 2,675 | 2,983 |
| 8.00%, 1/27/24 | 2,735 | 3,003 | Altice France Holding | | |
| Cushman & Wakefield U.S. Borrower | | | 6.00%, 2/15/28 (1) | 10,670 | 10,643 |
| 6.75%, 5/15/28 (1) | 4,070 | 4,284 | Altice France Holding | | |
| Howard Hughes | | | 10.50%, 5/15/27 (1) | 5,580 | 6,361 |
| 5.375%, 3/15/25 (1) | 6,430 | 6,510 | C&W Senior Financing | | |
| Howard Hughes | | | 6.875%, 9/15/27 (1) | 4,400 | 4,619 |
| 5.375%, 8/1/28 | 2,830 | 2,872 | CCO Holdings | | |
| Realogy Group | | | 4.25%, 2/1/31 (1) | 6,375 | 6,654 |
| 7.625%, 6/15/25 (1) | 795 | 837 | CCO Holdings | | |
| Shimao Group Holdings | | | 4.50%, 8/15/30 (1) | 4,950 | 5,235 |
| 6.125%, 2/21/24 | 2,800 | 2,996 | CCO Holdings | | |
| Taylor Morrison Communities | | | 4.50%, 5/1/32 (1) | 4,905 | 5,193 |
| 5.125%, 8/1/30 (1) | 1,355 | 1,474 | CCO Holdings | | |
| Taylor Morrison Communities | | | 5.00%, 2/1/28 (1) | 10,935 | 11,591 |
| 5.875%, 4/15/23 (1) | 2,675 | 2,832 | CCO Holdings | | |
| Weekley Homes | | | 5.125%, 5/1/27 (1) | 5,558 | 5,892 |
| 6.625%, 8/15/25 | 2,670 | 2,774 | CCO Holdings | | |
| | | | 5.375%, 6/1/29 (1) | 3,030 | 3,325 |
| | | 27,582 | CCO Holdings | | |
| | | | 5.50%, 5/1/26 (1) | 4,785 | 5,000 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | |
| | Par/Shares | $ Value | | Par/Shares | $ Value |
| (Amounts in 000s) | | | (Amounts in 000s) | | |
| CCO Holdings | | | Ziggo Bond | | |
| 5.75%, 2/15/26 (1) | 750 | 782 | 6.00%, 1/15/27 (1) | 3,985 | 4,194 |
| CCO Holdings | | | | | 189,131 |
| 5.875%, 5/1/27 (1) | 710 | 746 | | | |
| CSC Holdings | | | | | |
| 3.375%, 2/15/31 (1) | 1,745 | 1,719 | Chemicals 1.7% | | |
| CSC Holdings | | | Compass Minerals International | | |
| 4.625%, 12/1/30 (1) | 3,675 | 3,758 | 6.75%, 12/1/27 (1) | 1,885 | 2,057 |
| CSC Holdings | | | Consolidated Energy Finance | | |
| 5.75%, 1/15/30 (1) | 5,945 | 6,473 | 6.50%, 5/15/26 (1) | 555 | 490 |
| CSC Holdings | | | CVR Partners | | |
| 6.50%, 2/1/29 (1) | 8,085 | 9,075 | 9.25%, 6/15/23 (1) | 6,335 | 6,256 |
| CSC Holdings | | | Diamond | | |
| 7.50%, 4/1/28 (1) | 5,770 | 6,462 | 5.625%, 8/15/25 (EUR) | 1,385 | 1,640 |
| DISH DBS | | | Element Solutions | | |
| 5.875%, 11/15/24 | 1,080 | 1,142 | 3.875%, 9/1/28 (1) | 2,010 | 2,048 |
| DISH DBS | | | Kraton Polymers | | |
| 7.375%, 7/1/28 (1) | 3,625 | 3,843 | 5.25%, 5/15/26 (EUR) (1) | 890 | 1,065 |
| DISH DBS | | | Kraton Polymers | | |
| 7.75%, 7/1/26 | 5,155 | 5,902 | 7.00%, 4/15/25 (1) | 2,745 | 2,841 |
| GCI | | | Methanex | | |
| 6.625%, 6/15/24 (1) | 2,595 | 2,731 | 5.25%, 12/15/29 | 1,385 | 1,397 |
| GCI | | | Methanex | | |
| 6.875%, 4/15/25 | 5,055 | 5,238 | 5.65%, 12/1/44 | 1,925 | 1,768 |
| LCPR Senior Secured Financing | | | Neon Holdings | | |
| 6.75%, 10/15/27 (1) | 1,185 | 1,265 | 10.125%, 4/1/26 (1) | 2,830 | 2,989 |
| Netflix | | | OCI | | |
| 3.625%, 6/15/25 (1) | 2,740 | 2,891 | 6.625%, 4/15/23 (1) | 3,450 | 3,553 |
| Netflix | | | Univar Solutions USA | | |
| 3.875%, 11/15/29 (EUR) (1) | 1,895 | 2,534 | 5.125%, 12/1/27 (1) | 4,070 | 4,253 |
| Netflix | | | WR Grace & Co-Conn | | |
| 5.375%, 11/15/29 (1) | 3,540 | 4,248 | 4.875%, 6/15/27 (1) | 2,095 | 2,195 |
| Netflix | | | | | |
| 5.875%, 11/15/28 | 6,765 | 8,321 | | | 32,552 |
| Netflix | | | | | |
| 6.375%, 5/15/29 | 12,735 | 16,142 | Conglomerates 0.4% | | |
| Radiate Holdco | | | | | |
| 6.875%, 2/15/23 (1) | 2,830 | 2,901 | General Electric, Series D, VR, | | |
| Videotron | | | 5.00% (2)(3) | 9,835 | 7,659 |
| 5.00%, 7/15/22 | 1,530 | 1,607 | | | 7,659 |
| Videotron | | | | | |
| 5.125%, 4/15/27 (1) | 1,540 | 1,632 | | | |
| Virgin Media Finance | | | Consumer Products 1.2% | | |
| 5.00%, 7/15/30 (1) | 1,065 | 1,094 | Avon International Operations | | |
| Virgin Media Secured Finance | | | 7.875%, 8/15/22 (1) | 3,625 | 3,680 |
| 5.50%, 8/15/26 (1) | 3,025 | 3,188 | CD&R Smokey Buyer | | |
| VTR Finance | | | 6.75%, 7/15/25 (1) | 550 | 589 |
| 6.375%, 7/15/28 (1) | 1,475 | 1,578 | Edgewell Personal Care | | |
| Ziggo Bond | | | 5.50%, 6/1/28 (1) | 1,600 | 1,700 |
| 5.125%, 2/28/30 (1) | 1,245 | 1,318 | Energizer Gamma Acquisition | | |
| | | | 4.625%, 7/15/26 (EUR) (1) | 2,045 | 2,526 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | |
| | Par/Shares | $ Value | | Par/Shares | $ Value |
| (Amounts in 000s) | | | (Amounts in 000s) | | |
| Energizer Holdings | | | Drugs 0.0% | | |
| 6.375%, 7/15/26 (1) | 440 | 467 | | | |
| Energizer Holdings | | | Teva Pharmaceutical Finance | | |
| 7.75%, 1/15/27 (1) | 1,035 | 1,132 | 6.15%, 2/1/36 | 410 | 426 |
| LTF Merger Sub | | | | | 426 |
| 8.50%, 6/15/23 (1) | 750 | 718 | | | |
| Mattel | | | | | |
| 5.875%, 12/15/27 (1) | 1,600 | 1,740 | Energy 8.8% | | |
| Prestige Brands | | | Antero Resources | | |
| 6.375%, 3/1/24 (1) | 4,180 | 4,326 | 5.125%, 12/1/22 | 122 | 105 |
| Tempur Sealy International | | | Archrock Partners | | |
| 5.50%, 6/15/26 | 2,980 | 3,114 | 6.875%, 4/1/27 (1) | 2,370 | 2,429 |
| Tempur Sealy International | | | Berry Petroleum | | |
| 5.625%, 10/15/23 | 3,411 | 3,462 | 7.00%, 2/15/26 (1) | 3,510 | 2,773 |
| | | 23,454 | Cheniere Corpus Christi Holdings | | |
| | | | 5.125%, 6/30/27 | 3,475 | 3,909 |
| | | | Cheniere Corpus Christi Holdings | | |
| Container 1.9% | | | 5.875%, 3/31/25 | 1,850 | 2,130 |
| Ardagh Packaging Finance | | | Cheniere Corpus Christi Holdings | | |
| 5.25%, 4/30/25 (1) | 1,475 | 1,564 | 7.00%, 6/30/24 | 3,865 | 4,492 |
| Ardagh Packaging Finance | | | Cheniere Energy Partners | | |
| 5.25%, 8/15/27 (1) | 4,295 | 4,467 | 4.50%, 10/1/29 | 5,490 | 5,696 |
| Ardagh Packaging Finance | | | Cheniere Energy Partners | | |
| 6.00%, 2/15/25 (1) | 2,200 | 2,294 | 5.625%, 10/1/26 | 1,210 | 1,269 |
| Berry Global | | | Citgo Holding | | |
| 5.625%, 7/15/27 (1) | 720 | 761 | 9.25%, 8/1/24 (1) | 4,365 | 4,310 |
| Crown Cork & Seal | | | Comstock Resources | | |
| 7.375%, 12/15/26 | 275 | 325 | 9.75%, 8/15/26 | 3,750 | 3,994 |
| Intelligent Packaging Finco | | | Continental Resources | | |
| 6.00%, 9/15/28 (1) | 840 | 857 | 4.375%, 1/15/28 | 3,135 | 3,010 |
| Kleopatra Holdings 1, | | | Continental Resources | | |
| 9.25% (PIK), 6/30/23 (EUR) (4) | 611 | 546 | 4.50%, 4/15/23 | 5,895 | 5,932 |
| Kleopatra Holdings 1, | | | Continental Resources | | |
| 9.25% (PIK), 6/30/23 (EUR) (1)(4) | 359 | 321 | 4.90%, 6/1/44 | 3,730 | 3,292 |
| Mauser Packaging Solutions Holding | | | Continental Resources | | |
| 7.25%, 4/15/25 (1) | 7,735 | 7,503 | 5.00%, 9/15/22 | 2,640 | 2,630 |
| Pactiv | | | CrownRock | | |
| 7.95%, 12/15/25 | 1,800 | 1,989 | 5.625%, 10/15/25 (1) | 1,140 | 1,129 |
| Pactiv | | | CSI Compressco | | |
| 8.375%, 4/15/27 | 650 | 718 | 7.50%, 4/1/25 (1) | 130 | 116 |
| Reynolds Group Issuer | | | CSI Compressco | | |
| 7.00%, 7/15/24 (1) | 6,859 | 6,979 | 10.00%, 4/1/26 (1)(4) | 404 | 295 |
| Trivium Packaging Finance | | | DCP Midstream, Series A, VR, | | |
| 3.75%, 8/15/26 (EUR) (1) | 300 | 368 | 7.375% (2)(3) | 2,735 | 2,024 |
| Trivium Packaging Finance | | | DCP Midstream Operating | | |
| 5.50%, 8/15/26 (1) | 1,415 | 1,486 | 5.625%, 7/15/27 | 1,395 | 1,507 |
| Trivium Packaging Finance | | | DCP Midstream Operating | | |
| 8.50%, 8/15/27 (1) | 4,505 | 4,933 | 6.75%, 9/15/37 (1) | 3,955 | 3,995 |
| | | | DCP Midstream Operating | | |
| | | 35,111 | 8.125%, 8/16/30 | 1,795 | 2,127 |
| | | | Endeavor Energy Resources | | |
| | | | 5.75%, 1/30/28 (1) | 2,798 | 2,861 |
| The accompanying notes are an integral part of this Portfolio of Investments. | | | |
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | |
| | Par/Shares | $ Value | | Par/Shares | $ Value |
| (Amounts in 000s) | | | (Amounts in 000s) | | |
| Endeavor Energy Resources | | | Range Resources | | |
| 6.625%, 7/15/25 (1) | 580 | 605 | 9.25%, 2/1/26 (1) | 4,415 | 4,647 |
| EQT | | | Seven Generations Energy | | |
| 8.75%, 2/1/30 | 5,070 | 6,109 | 5.375%, 9/30/25 (1) | 10,700 | 10,299 |
| Exterran Energy Solutions | | | Tallgrass Energy Partners | | |
| 8.125%, 5/1/25 | 4,610 | 3,988 | 5.50%, 9/15/24 (1) | 2,160 | 2,095 |
| Hess | | | Tallgrass Energy Partners | | |
| 5.60%, 2/15/41 | 220 | 251 | 6.00%, 3/1/27 (1) | 1,685 | 1,571 |
| Hess | | | Targa Resources Partners | | |
| 7.30%, 8/15/31 | 550 | 672 | 5.375%, 2/1/27 | 250 | 259 |
| Hess | | | Targa Resources Partners | | |
| 7.875%, 10/1/29 | 270 | 341 | 5.875%, 4/15/26 | 220 | 232 |
| Jagged Peak Energy | | | Targa Resources Partners | | |
| 5.875%, 5/1/26 | 5,140 | 5,243 | 6.50%, 7/15/27 | 1,360 | 1,465 |
| Kosmos Energy | | | Targa Resources Partners | | |
| 7.125%, 4/4/26 (1) | 1,130 | 1,023 | 6.875%, 1/15/29 | 4,730 | 5,227 |
| Magnolia Oil & Gas Operating | | | USA Compression Partners | | |
| 6.00%, 8/1/26 (1) | 6,355 | 6,260 | 6.875%, 4/1/26 | 2,085 | 2,158 |
| Matador Resources | | | USA Compression Partners | | |
| 5.875%, 9/15/26 | 8,070 | 7,061 | 6.875%, 9/1/27 | 1,640 | 1,697 |
| Nabors Industries | | | WPX Energy | | |
| 7.25%, 1/15/26 (1) | 1,105 | 514 | 5.875%, 6/15/28 | 1,330 | 1,350 |
| Nabors Industries | | | | | 167,239 |
| 7.50%, 1/15/28 (1) | 1,965 | 869 | | | |
| NGL Energy Partners | | | | | |
| 7.50%, 11/1/23 | 6,230 | 4,579 | Entertainment & Leisure 0.9% | | |
| NGL Energy Partners | | | Cedar Fair | | |
| 7.50%, 4/15/26 | 5,795 | 3,854 | 5.25%, 7/15/29 | 1,040 | 1,011 |
| NuStar Logistics | | | Cedar Fair | | |
| 6.00%, 6/1/26 | 3,260 | 3,390 | 5.375%, 4/15/27 | 3,005 | 2,990 |
| Occidental Petroleum | | | Cedar Fair | | |
| 3.125%, 2/15/22 | 150 | 148 | 5.50%, 5/1/25 (1) | 5,705 | 5,890 |
| Occidental Petroleum | | | Live Nation Entertainment | | |
| 5.875%, 9/1/25 | 1,910 | 1,910 | 4.75%, 10/15/27 (1) | 2,165 | 2,041 |
| Occidental Petroleum | | | Royal Caribbean Cruises | | |
| 6.375%, 9/1/28 | 1,860 | 1,876 | 11.50%, 6/1/25 (1) | 785 | 909 |
| Occidental Petroleum | | | SeaWorld Parks & Entertainment | | |
| 6.45%, 9/15/36 | 460 | 448 | 9.50%, 8/1/25 (1) | 2,270 | 2,395 |
| Occidental Petroleum | | | Six Flags Theme Parks | | |
| 6.95%, 7/1/24 | 190 | 196 | 7.00%, 7/1/25 (1) | 920 | 996 |
| Occidental Petroleum | | | Vail Resorts | | |
| 7.95%, 6/15/39 | 3,925 | 3,940 | 6.25%, 5/15/25 (1) | 1,650 | 1,763 |
| Occidental Petroleum | | | | | |
| 8.00%, 7/15/25 | 2,570 | 2,795 | | | 17,995 |
| Occidental Petroleum | | | | | |
| 8.50%, 7/15/27 | 5,180 | 5,730 | Exploration & Production 0.2% | | |
| Occidental Petroleum | | | | | |
| 8.875%, 7/15/30 | 8,300 | 9,420 | Apache | | |
| Petrobras Global Finance | | | 4.625%, 11/15/25 | 1,660 | 1,701 |
| 6.75%, 6/3/50 | 980 | 1,094 | Apache | | |
| Petrobras Global Finance | | | 4.875%, 11/15/27 | 2,645 | 2,698 |
| 7.375%, 1/17/27 | 3,285 | 3,898 | | | 4,399 |
| The accompanying notes are an integral part of this Portfolio of Investments. | | | |
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | |
| | Par/Shares | $ Value | | Par/Shares | $ Value |
| (Amounts in 000s) | | | (Amounts in 000s) | | |
| | | | Navient | | |
| | | | 6.75%, 6/15/26 | 945 | 986 |
| Financial 5.5% | | | Navient | | |
| Acrisure | | | 7.25%, 1/25/22 | 740 | 775 |
| 7.00%, 11/15/25 (1) | 3,125 | 3,172 | Navient | | |
| Acrisure | | | 7.25%, 9/25/23 | 3,320 | 3,498 |
| 8.125%, 2/15/24 (1) | 3,940 | 4,167 | OneMain Finance | | |
| Acrisure | | | 6.125%, 3/15/24 | 1,300 | 1,401 |
| 10.125%, 8/1/26 (1) | 1,870 | 2,104 | OneMain Finance | | |
| Alliant Holdings Intermediate | | | 6.625%, 1/15/28 | 3,085 | 3,517 |
| 6.75%, 10/15/27 (1) | 1,570 | 1,662 | OneMain Finance | | |
| AmWINS Group | | | 6.875%, 3/15/25 | 3,755 | 4,234 |
| 7.75%, 7/1/26 (1) | 3,585 | 3,854 | OneMain Finance | | |
| Avolon Holdings Funding | | | 7.125%, 3/15/26 | 1,300 | 1,490 |
| 5.125%, 10/1/23 (1) | 7,575 | 7,310 | OneMain Finance | | |
| Avolon Holdings Funding | | | 8.875%, 6/1/25 | 1,555 | 1,759 |
| 5.50%, 1/15/23 (1) | 3,880 | 3,783 | Quicken Loans | | |
| Cabot Financial Luxembourg | | | 5.25%, 1/15/28 (1) | 4,419 | 4,717 |
| 7.50%, 10/1/23 (GBP) (1) | 1,700 | 2,317 | | | 103,961 |
| Cabot Financial Luxembourg | | | | | |
| 7.50%, 10/1/23 (GBP) | 1,010 | 1,369 | | | |
| Cargo Aircraft Management | | | Food 1.9% | | |
| 4.75%, 2/1/28 (1) | 1,200 | 1,235 | B&G Foods | | |
| CIT Group | | | 5.25%, 4/1/25 | 6,370 | 6,593 |
| 5.25%, 3/7/25 | 1,535 | 1,673 | B&G Foods | | |
| CIT Group | | | 5.25%, 9/15/27 | 1,410 | 1,498 |
| 6.125%, 3/9/28 | 1,390 | 1,638 | Chobani | | |
| DAE Funding | | | 7.50%, 4/15/25 (1) | 7,265 | 7,556 |
| 4.50%, 8/1/22 (1) | 45 | 45 | Cosan Luxembourg | | |
| DAE Funding | | | 7.00%, 1/20/27 (1) | 3,790 | 4,088 |
| 5.00%, 8/1/24 (1) | 3,540 | 3,480 | Darling Ingredients | | |
| DAE Funding | | | 5.25%, 4/15/27 (1) | 1,090 | 1,157 |
| 5.25%, 11/15/21 (1) | 3,435 | 3,452 | FAGE International | | |
| Genworth Mortgage Holdings | | | 5.625%, 8/15/26 (1) | 2,470 | 2,458 |
| 6.50%, 8/15/25 (1) | 3,175 | 3,334 | Kraft Heinz Foods | | |
| GTCR AP Finance | | | 6.875%, 1/26/39 | 1,885 | 2,573 |
| 8.00%, 5/15/27 (1) | 2,715 | 2,891 | Kraft Heinz Foods | | |
| HUB International | | | 7.125%, 8/1/39 (1) | 1,450 | 1,986 |
| 7.00%, 5/1/26 (1) | 6,420 | 6,661 | Lamb Weston Holdings | | |
| Icahn Enterprises | | | 4.875%, 5/15/28 (1) | 645 | 709 |
| 6.25%, 5/15/26 | 5,665 | 6,054 | Post Holdings | | |
| LPL Holdings | | | 5.625%, 1/15/28 (1) | 2,485 | 2,659 |
| 5.75%, 9/15/25 (1) | 4,440 | 4,618 | Post Holdings | | |
| MGIC Investment | | | 5.75%, 3/1/27 (1) | 1,740 | 1,838 |
| 5.25%, 8/15/28 | 1,390 | 1,460 | Sigma Holdco | | |
| Navient | | | 7.875%, 5/15/26 (1) | 3,265 | 3,302 |
| 5.00%, 3/15/27 | 3,600 | 3,469 | | | |
| Navient | | | | | 36,417 |
| 6.125%, 3/25/24 | 7,480 | 7,798 | | | |
| Navient | | | | | |
| 6.75%, 6/25/25 | 3,855 | 4,038 | | | |
| |
| The accompanying notes are an integral part of this Portfolio of Investments. | | | |
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | |
| | Par/Shares | $ Value | | Par/Shares | $ Value |
| (Amounts in 000s) | | | (Amounts in 000s) | | |
| Forest Products 0.0% | | | Scientific Games International | | |
| | | | 8.25%, 3/15/26 (1) | 7,750 | 7,982 |
| Boise Cascade | | | Scientific Games International | | |
| 4.875%, 7/1/30 (1) | 615 | 662 | 8.625%, 7/1/25 (1) | 1,775 | 1,848 |
| | | 662 | Stars Group Holdings | | |
| | | | 7.00%, 7/15/26 (1) | 5,530 | 5,882 |
| | | | VICI Properties | | |
| Gaming 4.4% | | | 4.125%, 8/15/30 (1) | 1,045 | 1,048 |
| Boyd Gaming | | | VICI Properties | | |
| 6.00%, 8/15/26 | 2,570 | 2,695 | 4.625%, 12/1/29 (1) | 1,970 | 2,049 |
| Boyd Gaming | | | Wynn Las Vegas | | |
| 8.625%, 6/1/25 (1) | 1,050 | 1,155 | 5.25%, 5/15/27 (1) | 6,760 | 6,583 |
| Caesars Entertainment | | | Wynn Macau | | |
| 6.25%, 7/1/25 (1) | 1,000 | 1,059 | 5.50%, 1/15/26 (1) | 2,400 | 2,434 |
| Caesars Entertainment | | | Wynn Macau | | |
| 8.125%, 7/1/27 (1) | 1,180 | 1,251 | 5.50%, 10/1/27 (1) | 1,975 | 1,991 |
| Caesars Resort Collection | | | Wynn Macau | | |
| 5.25%, 10/15/25 (1) | 5,210 | 4,976 | 5.625%, 8/26/28 (1) | 4,900 | 4,937 |
| Caesars Resort Collection | | | Wynn Resorts Finance | | |
| 5.75%, 7/1/25 (1) | 1,990 | 2,084 | 5.125%, 10/1/29 (1) | 2,245 | 2,189 |
| Churchill Downs | | | | | 82,326 |
| 5.50%, 4/1/27 (1) | 1,870 | 1,963 | | | |
| Cirsa Finance International | | | | | |
| 6.25%, 12/20/23 (EUR) (1) | 1,200 | 1,288 | Health Care 6.5% | | |
| Cirsa Finance International | | | Avantor | | |
| 7.875%, 12/20/23 (1) | 4,463 | 4,061 | 6.00%, 10/1/24 (1) | 3,415 | 3,577 |
| International Game Technology | | | Avantor Funding | | |
| 5.25%, 1/15/29 (1) | 2,005 | 2,060 | 4.625%, 7/15/28 (1) | 6,215 | 6,572 |
| International Game Technology | | | Bausch Health | | |
| 6.25%, 2/15/22 (1) | 1,570 | 1,609 | 7.00%, 3/15/24 (1) | 10,085 | 10,476 |
| International Game Technology | | | Bausch Health | | |
| 6.25%, 1/15/27 (1) | 4,820 | 5,278 | 7.00%, 1/15/28 (1) | 225 | 240 |
| Las Vegas Sands | | | Bausch Health | | |
| 3.20%, 8/8/24 | 1,055 | 1,071 | 7.25%, 5/30/29 (1) | 5,190 | 5,696 |
| Melco Resorts Finance | | | Bausch Health | | |
| 5.375%, 12/4/29 (1) | 1,325 | 1,365 | 9.00%, 12/15/25 (1) | 7,475 | 8,185 |
| MGM China Holdings | | | Bausch Health Americas | | |
| 5.25%, 6/18/25 (1) | 1,635 | 1,717 | 8.50%, 1/31/27 (1) | 8,595 | 9,454 |
| MGM China Holdings | | | Bausch Health Americas | | |
| 5.375%, 5/15/24 (1) | 1,460 | 1,519 | 9.25%, 4/1/26 (1) | 7,040 | 7,788 |
| MGM China Holdings | | | Catalent Pharma Solutions | | |
| 5.875%, 5/15/26 (1) | 2,445 | 2,595 | 5.00%, 7/15/27 (1) | 720 | 758 |
| MGM Growth Properties Operating | | | Centene | | |
| Partnership | | | 4.25%, 12/15/27 | 2,600 | 2,736 |
| 5.75%, 2/1/27 | 1,905 | 2,095 | Centene | | |
| MGM Resorts International | | | 4.625%, 12/15/29 | 3,815 | 4,168 |
| 6.00%, 3/15/23 | 2,695 | 2,826 | Change Healthcare Holdings | | |
| Scientific Games International | | | 5.75%, 3/1/25 (1) | 3,725 | 3,795 |
| 7.00%, 5/15/28 (1) | 1,145 | 1,122 | DaVita | | |
| Scientific Games International | | | 3.75%, 2/15/31 (1) | 2,220 | 2,212 |
| 7.25%, 11/15/29 (1) | 1,610 | 1,594 | | | |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | |
| | Par/Shares | $ Value | | Par/Shares | $ Value |
| (Amounts in 000s) | | | (Amounts in 000s) | | |
| HCA | | | Teva Pharmaceutical Finance | | |
| 5.375%, 2/1/25 | 2,295 | 2,582 | Netherlands III | | |
| HCA | | | 7.125%, 1/31/25 (1) | 6,230 | 6,744 |
| 5.625%, 9/1/28 | 990 | 1,176 | | | 122,468 |
| HCA | | | | | |
| 5.875%, 2/15/26 | 2,550 | 2,920 | | | |
| HCA | | | Information Technology 4.0% | | |
| 5.875%, 2/1/29 | 1,970 | 2,389 | ANGI Group | | |
| Jaguar Holding II | | | 3.875%, 8/15/28 (1) | 1,150 | 1,160 |
| 4.625%, 6/15/25 (1) | 695 | 721 | Banff Merger Sub | | |
| Jaguar Holding II | | | 9.75%, 9/1/26 (1) | 1,300 | 1,383 |
| 5.00%, 6/15/28 (1) | 650 | 689 | Boxer Parent | | |
| LifePoint Health | | | 6.50%, 10/2/25 (EUR) (1) | 720 | 894 |
| 6.75%, 4/15/25 (1) | 2,170 | 2,344 | Boxer Parent | | |
| Molina Healthcare | | | 7.125%, 10/2/25 (1) | 800 | 870 |
| 4.375%, 6/15/28 (1) | 2,225 | 2,325 | Boxer Parent | | |
| Molina Healthcare | | | 9.125%, 3/1/26 (1) | 1,400 | 1,502 |
| 5.375%, 11/15/22 | 60 | 63 | CDK Global | | |
| MPT Operating Partnership | | | 5.875%, 6/15/26 | 135 | 142 |
| 6.375%, 3/1/24 | 2,375 | 2,452 | CommScope | | |
| Ortho-Clinical Diagnostics | | | 7.125%, 7/1/28 (1) | 2,310 | 2,457 |
| 7.25%, 2/1/28 (1) | 280 | 290 | CommScope | | |
| Ortho-Clinical Diagnostics | | | 8.25%, 3/1/27 (1) | 1,470 | 1,591 |
| 7.375%, 6/1/25 (1) | 785 | 816 | EIG Investors | | |
| Radiology Partners | | | 10.875%, 2/1/24 | 220 | 228 |
| 9.25%, 2/1/28 (1) | 680 | 724 | Expedia Group | | |
| RegionalCare Hospital Partners | | | 4.625%, 8/1/27 (1) | 890 | 926 |
| Holdings | | | Expedia Group | | |
| 9.75%, 12/1/26 (1) | 5,975 | 6,438 | 6.25%, 5/1/25 (1) | 2,615 | 2,863 |
| Select Medical | | | Expedia Group | | |
| 6.25%, 8/15/26 (1) | 2,095 | 2,242 | 7.00%, 5/1/25 (1) | 2,180 | 2,360 |
| Synlab Unsecured Bondco | | | Go Daddy Operating | | |
| 8.25%, 7/1/23 (EUR) | 2,100 | 2,556 | 5.25%, 12/1/27 (1) | 1,945 | 2,064 |
| Teleflex | | | Logan Merger Sub | | |
| 4.25%, 6/1/28 (1) | 885 | 931 | 5.50%, 9/1/27 (1) | 1,940 | 1,993 |
| Tenet Healthcare | | | Microchip Technology | | |
| 4.875%, 1/1/26 (1) | 5,500 | 5,720 | 4.25%, 9/1/25 (1) | 1,655 | 1,721 |
| Tenet Healthcare | | | Qorvo | | |
| 6.875%, 11/15/31 | 1,650 | 1,600 | 5.50%, 7/15/26 | 2,820 | 2,989 |
| Tenet Healthcare | | | Refinitiv U.S. Holdings | | |
| 7.50%, 4/1/25 (1) | 2,880 | 3,161 | 6.25%, 5/15/26 (1) | 7,455 | 8,005 |
| Tenet Healthcare | | | Refinitiv U.S. Holdings | | |
| 8.125%, 4/1/22 | 3,570 | 3,847 | 8.25%, 11/15/26 (1) | 10,525 | 11,630 |
| Teva Pharmaceutical Finance | | | Solera | | |
| Netherlands III | | | 10.50%, 3/1/24 (1) | 11,570 | 12,149 |
| 2.80%, 7/21/23 | 2,845 | 2,745 | SS&C Technologies | | |
| Teva Pharmaceutical Finance | | | 5.50%, 9/30/27 (1) | 3,715 | 3,975 |
| Netherlands III | | | | | |
| 6.00%, 4/15/24 | 1,275 | 1,336 | Uber Technologies | | |
| | | | 7.50%, 11/1/23 (1) | 1,725 | 1,798 |
| | | | Uber Technologies | | |
| | | | 7.50%, 5/15/25 (1) | 1,500 | 1,573 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | |
| | Par/Shares | $ Value | | Par/Shares | $ Value |
| (Amounts in 000s) | | | (Amounts in 000s) | | |
| Uber Technologies | | | Metals & Mining 4.4% | | |
| 7.50%, 9/15/27 (1) | 8,270 | 8,663 | | | |
| Veritas U. S. | | | Alcoa Nederland Holding | | |
| 7.50%, 9/1/25 (1) | 1,345 | 1,396 | 5.50%, 12/15/27 (1) | 4,015 | 4,301 |
| Veritas U. S. | | | Alcoa Nederland Holding | | |
| 10.50%, 2/1/24 (1) | 1,584 | 1,576 | 6.125%, 5/15/28 (1) | 2,480 | 2,678 |
| | | | Alcoa Nederland Holding | | |
| | | 75,908 | 6.75%, 9/30/24 (1) | 780 | 806 |
| | | | Alcoa Nederland Holding | | |
| | | | 7.00%, 9/30/26 (1) | 655 | 701 |
| Lodging 1.0% | | | ArcelorMittal, STEP, | | |
| Hilton Domestic Operating | | | 7.00%, 3/1/41 | 40 | 51 |
| 5.375%, 5/1/25 (1) | 785 | 822 | Arconic | | |
| Hilton Domestic Operating | | | 6.00%, 5/15/25 (1) | 1,500 | 1,605 |
| 5.75%, 5/1/28 (1) | 905 | 957 | Arconic | | |
| Hilton Worldwide Finance | | | 6.125%, 2/15/28 (1) | 4,155 | 4,378 |
| 4.875%, 4/1/27 | 2,550 | 2,614 | Big River Steel | | |
| Marriott International | | | 7.25%, 9/1/25 | 2,440 | 2,534 |
| 4.625%, 6/15/30 | 730 | 798 | Cleveland-Cliffs | | |
| Marriott International | | | 9.875%, 10/17/25 (1) | 1,850 | 2,035 |
| 5.75%, 5/1/25 | 1,365 | 1,532 | Constellium | | |
| Marriott Ownership Resorts | | | 5.75%, 5/15/24 (1) | 3,600 | 3,663 |
| 6.125%, 9/15/25 (1) | 2,200 | 2,324 | Constellium | | |
| Marriott Ownership Resorts | | | 6.625%, 3/1/25 (1) | 9,725 | 10,017 |
| 6.50%, 9/15/26 | 3,640 | 3,781 | FMG Resources | | |
| Park Intermediate Holdings | | | 5.125%, 3/15/23 (1) | 2,145 | 2,258 |
| 7.50%, 6/1/25 (1) | 1,515 | 1,625 | FMG Resources | | |
| RHP Hotel Properties | | | 5.125%, 5/15/24 (1) | 3,285 | 3,548 |
| 4.75%, 10/15/27 | 2,685 | 2,463 | Freeport-McMoRan | | |
| RHP Hotel Properties | | | 5.00%, 9/1/27 | 1,470 | 1,558 |
| 5.00%, 4/15/23 | 2,065 | 2,024 | Freeport-McMoRan | | |
| | | 18,940 | 5.25%, 9/1/29 | 1,515 | 1,663 |
| | | | Freeport-McMoRan | | |
| | | | 5.40%, 11/14/34 | 6,432 | 7,252 |
| Manufacturing 0.6% | | | Freeport-McMoRan | | |
| Colfax | | | 5.45%, 3/15/43 | 3,755 | 4,234 |
| 6.00%, 2/15/24 (1) | 1,120 | 1,165 | Hecla Mining | | |
| Colfax | | | 7.25%, 2/15/28 | 4,950 | 5,445 |
| 6.375%, 2/15/26 (1) | 1,505 | 1,618 | Hudbay Minerals | | |
| Hillenbrand | | | 7.25%, 1/15/23 (1) | 2,575 | 2,617 |
| 4.50%, 9/15/26 | 90 | 97 | Hudbay Minerals | | |
| Hillenbrand | | | 7.625%, 1/15/25 (1) | 6,369 | 6,620 |
| 5.75%, 6/15/25 | 505 | 541 | Joseph T. Ryerson & Son | | |
| Sensata Technologies | | | 8.50%, 8/1/28 (1) | 4,215 | 4,594 |
| 3.75%, 2/15/31 (1) | 1,545 | 1,547 | New Gold | | |
| Sensata Technologies UK Financing | | | 6.375%, 5/15/25 (1) | 2,810 | 2,922 |
| 6.25%, 2/15/26 (1) | 4,185 | 4,389 | New Gold | | |
| Welbilt | | | 7.50%, 7/15/27 (1) | 1,595 | 1,739 |
| 9.50%, 2/15/24 | 1,325 | 1,345 | Novelis | | |
| | | 10,702 | 4.75%, 1/30/30 (1) | 3,725 | 3,772 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | |
| | Par/Shares | $ Value | | Par/Shares | $ Value |
| (Amounts in 000s) | | | (Amounts in 000s) | | |
| Steel Dynamics | | | Satellites 1.8% | | |
| 5.00%, 12/15/26 | 1,444 | 1,541 | | | |
| | | | Connect Finco | | |
| | | 82,532 | 6.75%, 10/1/26 (1) | 4,000 | 4,125 |
| | | | Hughes Satellite Systems | | |
| | | | 6.625%, 8/1/26 | 7,670 | 8,686 |
| Other Telecommunications 0.5% | | | Hughes Satellite Systems | | |
| Level 3 Financing | | | 7.625%, 6/15/21 | 300 | 311 |
| 4.625%, 9/15/27 (1) | 3,200 | 3,340 | Intelsat Jackson Holdings | | |
| Level 3 Financing | | | 8.00%, 2/15/24 (1) | 1,455 | 1,484 |
| 5.375%, 5/1/25 | 2,790 | 2,870 | Intelsat Jackson Holdings | | |
| Zayo Group Holdings | | | 9.50%, 9/30/22 (1) | 11,415 | 12,414 |
| 4.00%, 3/1/27 (1) | 1,485 | 1,466 | Telesat Canada | | |
| Zayo Group Holdings | | | 6.50%, 10/15/27 (1) | 4,145 | 4,259 |
| 6.125%, 3/1/28 (1) | 2,015 | 2,081 | ViaSat | | |
| | | 9,757 | 5.625%, 4/15/27 (1) | 2,010 | 2,113 |
| | | | | | 33,392 |
| Restaurants 0.7% | | | | | |
| 1011778 BC ULC | | | Services 4.9% | | |
| 5.75%, 4/15/25 (1) | 865 | 921 | Allied Universal Holdco | | |
| Brinker International | | | 9.75%, 7/15/27 (1) | 3,025 | 3,350 |
| 3.875%, 5/15/23 | 500 | 486 | Ascend Learning | | |
| Yum! Brands | | | 6.875%, 8/1/25 (1) | 3,255 | 3,349 |
| 4.75%, 1/15/30 (1) | 835 | 921 | Avis Budget Car Rental | | |
| Yum! Brands | | | 5.75%, 7/15/27 (1) | 1,560 | 1,486 |
| 5.35%, 11/1/43 | 3,890 | 4,167 | Avis Budget Car Rental | | |
| Yum! Brands | | | 5.75%, 7/15/27 (1) | 1,285 | 1,230 |
| 6.875%, 11/15/37 | 3,515 | 4,218 | Black Knight InfoServ | | |
| Yum! Brands | | | 3.625%, 9/1/28 (1) | 3,500 | 3,570 |
| 7.75%, 4/1/25 (1) | 2,105 | 2,347 | CDW | | |
| | | 13,060 | 4.125%, 5/1/25 | 1,050 | 1,092 |
| | | | CDW | | |
| | | | 4.25%, 4/1/28 | 2,865 | 3,001 |
| Retail 0.5% | | | eG Global Finance | | |
| L Brands | | | 6.75%, 2/7/25 (1) | 3,935 | 4,068 |
| 6.694%, 1/15/27 | 350 | 353 | eG Global Finance | | |
| L Brands | | | 8.50%, 10/30/25 (1) | 2,205 | 2,365 |
| 6.875%, 7/1/25 (1) | 300 | 324 | Fair Isaac | | |
| L Brands | | | 5.25%, 5/15/26 (1) | 3,480 | 4,002 |
| 7.50%, 6/15/29 | 2,115 | 2,252 | Gartner | | |
| L Brands | | | 4.50%, 7/1/28 (1) | 1,160 | 1,209 |
| 9.375%, 7/1/25 (1) | 2,665 | 3,085 | GFL Environmental | | |
| Linens 'n Things, VR, EC, | | | 7.00%, 6/1/26 (1) | 1,833 | 1,920 |
| 8.338%, 1/15/14 (5)(6) | 1,050 | — | GFL Environmental | | |
| PetSmart | | | 8.50%, 5/1/27 (1) | 2,384 | 2,590 |
| 7.125%, 3/15/23 (1) | 3,550 | 3,577 | H&E Equipment Services | | |
| | | 9,591 | 5.625%, 9/1/25 | 6,295 | 6,515 |
| | | | HD Supply | | |
| | | | 5.375%, 10/15/26 (1) | 3,515 | 3,700 |
| | | | Laureate Education | | |
| | | | 8.25%, 5/1/25 (1) | 7,975 | 8,483 |
| The accompanying notes are an integral part of this Portfolio of Investments. | | | |
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | |
| | Par/Shares | $ Value | | Par/Shares | $ Value |
| (Amounts in 000s) | | | (Amounts in 000s) | | |
| MSCI | | | New Albertsons | | |
| 3.625%, 9/1/30 (1) | 680 | 714 | 7.45%, 8/1/29 | 2,035 | 2,310 |
| MSCI | | | New Albertsons | | |
| 4.00%, 11/15/29 (1) | 2,335 | 2,487 | 8.00%, 5/1/31 | 1,240 | 1,451 |
| |
| Performance Food Group | | | | | 27,498 |
| 5.50%, 10/15/27 (1) | 2,545 | 2,653 | | | |
| Picasso Finance Sub | | | | | |
| 6.125%, 6/15/25 (1) | 1,395 | 1,486 | Transportation 0.2% | | |
| Presidio Holdings | | | Watco Finance | | |
| 4.875%, 2/1/27 (1) | 1,125 | 1,156 | 6.50%, 6/15/27 (1) | 3,480 | 3,654 |
| Presidio Holdings | | | | | |
| 8.25%, 2/1/28 (1) | 2,850 | 2,992 | | | 3,654 |
| Prime Security Services Borrower | | | | | |
| 3.375%, 8/31/27 (1) | 1,070 | 1,066 | Utilities 4.9% | | |
| Prime Security Services Borrower | | | | | |
| 5.25%, 4/15/24 (1) | 2,930 | 3,117 | AES | | |
| Prime Security Services Borrower | | | 5.125%, 9/1/27 | 3,010 | 3,236 |
| 5.75%, 4/15/26 (1) | 1,380 | 1,525 | AES | | |
| Prime Security Services Borrower | | | 6.00%, 5/15/26 | 5,310 | 5,615 |
| 6.25%, 1/15/28 (1) | 2,485 | 2,606 | Calpine | | |
| Sabre GLBL | | | 5.125%, 3/15/28 (1) | 3,985 | 4,194 |
| 7.375%, 9/1/25 (1) | 1,890 | 1,932 | Clearway Energy Operating | | |
| Sabre GLBL | | | 5.75%, 10/15/25 | 3,075 | 3,260 |
| 9.25%, 4/15/25 (1) | 1,275 | 1,414 | NextEra Energy Operating Partners | | |
| ServiceMaster | | | 4.25%, 7/15/24 (1) | 2,715 | 2,891 |
| 5.125%, 11/15/24 (1) | 1,335 | 1,372 | NextEra Energy Operating Partners | | |
| United Rentals North America | | | 4.25%, 9/15/24 (1) | 3,565 | 3,797 |
| 3.875%, 2/15/31 | 3,405 | 3,520 | NextEra Energy Operating Partners | | |
| Vertical Holdco | | | 4.50%, 9/15/27 (1) | 2,960 | 3,234 |
| 7.625%, 7/15/28 (1) | 6,020 | 6,351 | NiSource, VR, | | |
| Vertical U. S. Newco | | | 5.65% (2)(3) | 2,725 | 2,722 |
| 5.25%, 7/15/27 (1) | 4,870 | 5,065 | NRG Energy | | |
| Williams Scotsman International | | | 5.25%, 6/15/29 (1) | 1,565 | 1,708 |
| 4.625%, 8/15/28 (1) | 1,605 | 1,625 | NRG Energy | | |
| | | | 5.75%, 1/15/28 | 2,480 | 2,697 |
| | | 93,011 | NRG Energy | | |
| | | | 6.625%, 1/15/27 | 5,235 | 5,601 |
| |
| Supermarkets 1.5% | | | NRG Energy | | |
| | | | 7.25%, 5/15/26 | 11,825 | 12,594 |
| Albertsons | | | Pacific Gas & Electric | | |
| 7.50%, 3/15/26 (1) | 4,150 | 4,638 | 4.55%, 7/1/30 | 7,733 | 8,461 |
| Albertsons | | | Pacific Gas & Electric | | |
| 3.50%, 2/15/23 (1) | 2,025 | 2,070 | 4.75%, 2/15/44 | 2,905 | 3,056 |
| Albertsons | | | Pacific Gas & Electric | | |
| 3.50%, 3/15/29 (1) | 7,500 | 7,556 | 4.95%, 7/1/50 | 3,988 | 4,381 |
| Albertsons | | | Pattern Energy Operations | | |
| 4.875%, 2/15/30 (1) | 2,690 | 2,892 | 4.50%, 8/15/28 (1) | 840 | 881 |
| Albertsons | | | PG&E | | |
| 5.875%, 2/15/28 (1) | 2,610 | 2,819 | 5.00%, 7/1/28 | 5,090 | 5,084 |
| Iceland Bondco | | | PG&E | | |
| 4.625%, 3/15/25 (GBP) | 3,000 | 3,762 | 5.25%, 7/1/30 | 2,630 | 2,617 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | | | |
| | Par/Shares | $ Value | | | | Par/Shares | $ Value |
| (Amounts in 000s) | | | | (Amounts in 000s) | | | |
| Pike | | | | Automotive 0.1% | | | |
| 5.50%, 9/1/28 (1) | 2,605 | 2,612 | | | | | |
| Terraform Global Operating | | | | Clarios Global, FRN, | | | |
| 6.125%, 3/1/26 (1) | 3,955 | 4,034 | | 3M USD LIBOR + 3.50%, 3.659%, | | | |
| Vistra Operations | | | | 4/30/26 | | 1,573 | 1,540 |
| 5.00%, 7/31/27 (1) | 4,055 | 4,298 | | | | | 1,540 |
| Vistra Operations | | | | | | | |
| 5.50%, 9/1/26 (1) | 5,305 | 5,570 | | | | | |
| | | | | Broadcasting 0.1% | | | |
| | | 92,543 | | iHeartCommunications, FRN, | | | |
| | | | | 1M USD LIBOR + 6.75%, 9/30/20 | | | |
| Wireless Communications 2.1% | | | | (5)(6)(8)(9) | | 2,000 | 1,460 |
| SBA Communications | | | | | | | 1,460 |
| 3.875%, 2/15/27 (1) | 3,300 | 3,407 | | | | | |
| Sprint | | | | | | | |
| 7.125%, 6/15/24 | 12,334 | 14,339 | | Cable Operators 0.2% | | | |
| Sprint Capital | | | | Altice France, FRN, | | | |
| 6.875%, 11/15/28 | 5,290 | 6,758 | | 3M USD LIBOR + 4.00%, 4.75%, | | | |
| Sprint Communications | | | | 8/14/26 | | 3,275 | 3,226 |
| 11.50%, 11/15/21 | 5,105 | 5,673 | | | | | 3,226 |
| T-Mobile USA | | | | | | | |
| 6.50%, 1/15/26 | 6,725 | 7,061 | | | | | |
| Virgin Media Vendor Financing | | | | Consumer Products 0.3% | | | |
| Notes IV Dac | | | | ABG Intermediate Holdings 2, FRN, | | | |
| 5.00%, 7/15/28 (1) | 2,750 | 2,850 | | 3M USD LIBOR + 3.50%, 4.50%, | | | |
| | | 40,088 | | 9/27/24 | | 1,156 | 1,131 |
| | | | | Life Time, FRN, | | | |
| | | | | 3M USD LIBOR + 2.75%, 3.75%, | | | |
| Total Corporate Bonds | | | | 6/10/22 (8) | 5,636 | 5,270 |
| (Cost $1,509,629) | | 1,569,974 | | | | | 6,401 |
| BANK LOANS 7.3% (7) | | | | | | | |
| | | | | Energy 0.4% | | | |
| Aerospace & Defense 0.2% | | | | BCP Raptor, FRN, | | | |
| Dynasty Acquisition, FRN, | | | | 3M USD LIBOR + 4.25%, 5.25%, | | | |
| 1M USD LIBOR + 3.50%, 3.808%, | | | | 6/24/24 | | 4,331 | 3,270 |
| 4/6/26 | 4,094 | 3,616 | | Prairie ECI Acquiror, FRN, | | | |
| | | | | 3M USD LIBOR + 4.75%, 4.906%, | | | |
| | | 3,616 | | 3/11/26 | | 3,374 | 3,024 |
| | | | | Stonepeak Lonestar Holdings, FRN, | | | |
| | | | | 1M USD LIBOR + 4.50%, 4.773%, | | | |
| Airlines 0.2% | | | | 10/19/26 | | 2,258 | 2,226 |
| Mileage Plus Holdings, FRN, | | | | | | | |
| 1M USD LIBOR + 5.25%, 6.25%, | | | | | | | 8,520 |
| 6/21/27 | 3,780 | 3,820 | | | | | |
| | | 3,820 | | Food 0.1% | | | |
| | | | | Bellring Brands, FRN, | | | |
| | | | | 1M USD LIBOR + 5.00%, 6.00%, | | | |
| | | | | 10/21/24 | | 2,462 | 2,458 |
| |
| | | | | | | | 2,458 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | | | |
| | | Par/Shares | $ Value | | | Par/Shares | $ Value |
| (Amounts in 000s) | | | | (Amounts in 000s) | | | |
| | | | | Intelsat Jackson Holdings, FRN, | | | |
| | | | | 3M USD LIBOR + 5.50%, 1/2/24 (8) | | 490 | 494 |
| Gaming 0.2% | | | | Intelsat Jackson Holdings, FRN, | | | |
| Scientific Games International, FRN, | | | | 1M USD LIBOR + 5.50%, 5.50%, | | | |
| 1M USD LIBOR + 2.75%, 3.472%, | | | | 7/13/22 (8)(10) | 4,372 | 4,445 |
| 8/14/24 | | 3,225 | 3,009 | Intelsat Jackson Holdings, FRN, | | | |
| | | | 3,009 | 1M USD LIBOR + 4.75%, 8.00%, | | | |
| | | | | 11/27/23 (8) | 9,235 | 9,291 |
| | | | | Iridium Satellite, FRN, | | | |
| Health Care 0.1% | | | | 1M USD LIBOR + 3.75%, 4.75%, | | | |
| LifePoint Health, FRN, | | | | 11/4/26 | | 7,549 | 7,563 |
| 1M USD LIBOR + 3.75%, 3.906%, | | | | | | | 24,461 |
| 11/16/25 | | 2,399 | 2,350 | | | | |
| | | | 2,350 | Services 1.2% | | | |
| | | | | Ascend Learning, FRN, | | | |
| Information Technology 0.6% | | | | 3M USD LIBOR + 3.00%, 4.00%, | | | |
| Epicor Software, FRN, | | | | 7/12/24 | | 2,392 | 2,374 |
| 1M USD LIBOR + 7.75%, 8.75%, | | | | GFL Environmental, FRN, | | | |
| 7/31/28 (8) | 840 | 864 | 3M USD LIBOR + 3.00%, 4.00%, | | | |
| Refinitiv U.S. Holdings, FRN, | | | | 5/30/25 | | 1,909 | 1,897 |
| 1M USD LIBOR + 3.25%, 3.406%, | | | | Renaissance Holdings, FRN, | | | |
| 10/1/25 | | 7,333 | 7,265 | 3M USD LIBOR + 7.00%, 7.156%, | | | |
| Solera, FRN, | | | | 5/29/26 | | 1,460 | 1,375 |
| 3M USD LIBOR + 2.75%, 2.938%, | | | | Ultimate Software Group, FRN, | | | |
| 3/3/23 | | 2,833 | 2,781 | 1M USD LIBOR + 4.00%, 4.75%, | | | |
| | | | | 5/4/26 | | 6,740 | 6,727 |
| | | | 10,910 | Ultimate Software Group, FRN, | | | |
| | | | | 1M USD LIBOR + 6.75%, 7.50%, | | | |
| | | | | 5/3/27 | | 8,640 | 8,802 |
| Manufacturing 0.3% | | | | WW International, FRN, | | | |
| Apex Tool Group, FRN, | | | | 3M USD LIBOR + 4.75%, 5.50%, | | | |
| 3M USD LIBOR + 5.50%, 8/1/24 (8) | | 4,000 | 3,841 | 11/29/24 | | 2,002 | 1,990 |
| Filtration Group, FRN, | | | | | | | |
| 3M USD LIBOR + 3.00%, 3.156%, | | | | | | | 23,165 |
| 3/31/25 | | 1,318 | 1,294 | | | | |
| Welbilt, FRN, | | | | Utilities 0.1% | | | |
| 3M USD LIBOR + 2.50%, 2.656%, | | | | | | | |
| 10/23/25 | | 531 | 477 | Brookfield WEC Holdings, FRN, | | | |
| | | | | 1M USD LIBOR + 3.00%, 3.75%, | | | |
| | | | 5,612 | 8/1/25 | | 2,083 | 2,046 |
| | | | | | | | 2,046 |
| Metals & Mining 0.0% | | | | | | | |
| Big River Steel, FRN, | | | | Wireless Communications 1.9% | | | |
| 3M USD LIBOR + 5.00%, 6.00%, | | | | | | | |
| 8/23/23 | | 698 | 693 | Asurion, FRN, | | | |
| | | | | 1M USD LIBOR + 3.00%, 3.156%, | | | |
| | | | 693 | 8/4/22 | | 4,820 | 4,764 |
| | | | | Asurion, FRN, | | | |
| | | | | 1M USD LIBOR + 3.00%, 3.156%, | | | |
| Satellites 1.3% | | | | 11/3/23 | | 2,077 | 2,039 |
| Intelsat Jackson Holdings | | | | | | | |
| 8.625%, 1/2/24 | | 2,643 | 2,668 | | | | |
| The accompanying notes are an integral part of this Portfolio of Investments. | | | | |
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | | | | | |
| | | | Par/Shares | $ Value | | | | Par/Shares | $ Value |
| | (Amounts in 000s) | | | | | (Amounts in 000s) | | | |
| | Asurion, FRN, | | | | | | | | |
| | 3M USD LIBOR + 6.50%, 6.656%, | | | | | | | | |
| | 8/4/25 (8) | 28,497 | 28,540 | | Media & Communications 0.1% | | | |
| | | | | 35,343 | | iHeartMedia, Class A (6) | | 171 | 1,581 |
| | | | | | | | | | 1,581 |
| | Total Bank Loans | | | | | | | | |
| | (Cost $140,139) | | | 138,630 | | Metals & Mining 0.1% | | | |
| ASSET-BACKED SECURITIES 0.1% | | | Constellium (6) | | 200 | 1,600 |
| | | | | | | | | | 1,600 |
| | Wireless Communications 0.1% | | | | | | | | |
| | InSite Issuer, Series 2016-1A, | | | | | Utilities 0.1% | | | |
| | Class C | | | | | | | | |
| | 6.414%, 11/15/46 (1) | | 1,285 | 1,280 | | Sempra Energy | | 12 | 1,496 |
| | Total Asset-Backed Securities | | | | | Vistra | | 44 | 850 |
| | (Cost $1,285) | | | 1,280 | | | | | 2,346 |
| | CONVERTIBLE BONDS 0.1% | | | | | | | | |
| | | | | | | Wireless Communications 0.2% | | | |
| | Cable Operators 0.1% | | | | | T-Mobile US (6) | | 31 | 3,673 |
| | DISH Network | | | | | | | | 3,673 |
| | 3.375%, 8/15/26 | | 1,775 | 1,756 | | | | | |
| | | | | 1,756 | | | | | |
| | | | | | | Total Common Stocks | | | |
| | | | | | | (Cost $12,812) | | | 10,979 |
| | Energy 0.0% | | | | | | | | |
| | Cheniere Energy | | | | | CONVERTIBLE PREFERRED STOCKS 2.9% | |
| | 4.25%, 3/15/45 | | 1,114 | 773 | | | | | |
| | | | | 773 | | Energy 1.1% | | | |
| | | | | | | Targa Resources, Series A, 9.50%, | | | |
| | | | | | | Acquisition Date: 10/30/17- | | | |
| | Total Convertible Bonds | | | | | 11/27/19, Cost $21,036 | | |
| | (Cost $2,295) | | | 2,529 | | (3)(11) | 19 | 20,303 |
| | | | | | | | | | 20,303 |
| | COMMON STOCKS 0.6% | | | | | | | | |
| | Cable Operators 0.1% | | | | | Energy Services 0.3% | | | |
| | Liberty Broadband, Class C (6) | | 13 | 1,779 | | NuStar Energy, VR, 9.75% (1)(3)(5) | | 229 | 6,086 |
| | | | | 1,779 | | | | | 6,086 |
| | Gaming 0.0% | | | | | Forest Products 0.0% | | | |
| | New Cotai Participation, Class B | | | | | Smurfit-Stone Container, Series A, | | | |
| (1)(5)(6) | — | — | | EC, 7.00%, 2/15/27 (5) | | 8 | — |
| | | | | — | | | | | — |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | |
| | Par/Shares | $ Value | | Par/Shares | $ Value |
| (Amounts in 000s) | | | (Amounts in 000s) | | |
| Healthcare 0.5% | | | Vaneck Vectors Fallen Angel High | | |
| | | | Yield Bond ETF | 305 | 9,281 |
| Avantor, Series A, 6.25%, 5/15/22 | 118 | 8,600 | | | |
| | | | Total Equity Mutual Funds | | |
| | | 8,600 | (Cost $17,701) | | 18,209 |
| Manufacturing 0.2% | | | SHORT-TERM INVESTMENTS 5.0% | |
| |
| Danaher, Series B, 5.00%, 4/15/23 | 4 | 4,498 | Money Market Funds 4.2% | | |
| | | 4,498 | T. Rowe Price Government Reserve | | |
| | | | Fund, 0.11% (12)(13) | 78,725 | 78,725 |
| Utilities 0.8% | | | | | 78,725 |
| American Electric Power, 6.125%, | | | | | |
| 3/15/22 | 119 | 5,800 | U. S. Treasury Obligations 0.8% | | |
| American Electric Power, 6.125%, | | | U. S. Treasury Bills, | | |
| 8/15/23 | 48 | 2,349 | 0.10%, 9/24/20 (14) | 15,400 | 15,399 |
| NextEra Energy, 5.279%, 3/1/23 | 141 | 6,915 | | | 15,399 |
| | | 15,064 | | | |
| | | | Total Short-Term Investments | | |
| Total Convertible Preferred Stocks | | | (Cost $94,124) | | 94,124 |
| (Cost $51,963) | | 54,551 | | | |
| | | | Total Investments in Securities 100.0% | | |
| EQUITY MUTUAL FUNDS 1.0% | | | | | |
| | | | (Cost $1,829,948) | $ | 1,890,276 |
| iShares iBoxx High Yield Corporate | | | | | |
| Bond ETF | 105 | 8,928 | Other Assets Less Liabilities 0.0% | | 812 |
| | | | Net Assets 100.0% | $ | 1,891,088 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | |
| ‡ | | 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 $1,036,840 |
| | | and represents 54.8% of net assets. |
| (2 | ) | Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. |
| | | Reference rate and spread is provided if the rate is currently floating. |
| (3 | ) | Perpetual security with no stated maturity date. |
| (4 | ) | Security has the ability to pay in kind or pay in cash. When applicable, separate rates of such payments are disclosed. |
| (5 | ) | Level 3 in fair value hierarchy. |
| (6 | ) | Non-income producing |
| (7 | ) | 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. |
| (8 | ) | 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. |
| (9 | ) | Issuer is currently in a bankruptcy reorganization proceeding; the amount and timing of future distributions is uncertain. |
| (10 | ) | A portion of the position represents an unfunded commitment; a liability to fund the commitment has been recognized. |
| | | The fund's total unfunded commitment at August 31, 2020, was $1,635 and was valued at $1,624 (0.1% of net assets) . |
| (11 | ) | 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 $20,303 and represents 1.1% of net assets. |
| (12 | ) | Seven-day yield |
| (13 | ) | Affiliated Companies |
| (14 | ) | At August 31, 2020, all or a portion of this security is pledged as collateral and/or margin deposit to cover future funding |
| | | obligations. |
| 1M USD LIBOR | | One month USD LIBOR (London interbank offered rate) |
| 3M USD LIBOR | | Three month USD LIBOR (London interbank offered rate) |
| 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. |
| ETF | | Exchange-Traded Fund |
| EUR | | Euro |
| FRN | | Floating Rate Note |
| GBP | | British Pound |
| PIK | | Payment-in-kind |
| PTT | | Pass-Through Trust |
| STEP | | Stepped coupon bond for which the coupon rate of interest adjusts on specified date(s); rate shown is effective rate at |
| | | period-end. |
| 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 HIGH YIELD FUND
| | | | | |
| (Amounts In 000s, except market price) | | | | |
| SWAPS 0.2% | | | | |
| | | | 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 | 2,300 | 5 | (24) | 29 |
| Total Bilateral Credit Default Swaps, Protection Sold | | | (24) | 29 |
| Total Bilateral Swaps | | | (24) | 29 |
| |
| * Market price at August 31, 2020 | | | | |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | |
| (Amounts In 000s) | | | | |
| SWAPS 0.2% | | | | |
| | Notional | | Initial | Unrealized |
| | Amount | $ Value | $ Value** | $ Gain/(Loss) |
| CENTRALLY CLEARED SWAPS 0.2% | | | | |
| CREDIT DEFAULT SWAPS, PROTECTION BOUGHT 0.2% | | | | |
| Protection Bought (Relevant Credit: Ice CDX.HY. CDSI-S34, 5 Year Index), | | | | |
| Pay 1.00% Quarterly, Receive upon credit default, 6/20/25 | 75,777 | 5,129 | 1,085 | 4,044 |
| Total Centrally Cleared Credit Default Swaps, Protection Bought | | | | 4,044 |
| Total Centrally Cleared Swaps | | | | 4,044 |
| Net payments (receipts) of variation margin to date | | | | (3,888) |
| Variation margin receivable (payable) on centrally cleared swaps | | | | 156 |
| |
| ** Includes interest purchased or sold but not collected of $271. | | | | |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
| | | | | | | | |
| (Amounts In 000s) | | | | | |
| FORWARD CURRENCY EXCHANGE CONTRACTS | | | | |
| | | | | | Unrealized |
| Counterparty | Settlement | | Receive | Deliver | Gain/(Loss) |
| Citibank | 10/23/20 | USD | 6,791 GBP | 5,344 | $ (355) |
| Citibank | 11/20/20 | USD | 13,523 EUR | 11,380 | (81) |
| JPMorgan Chase | 10/23/20 | USD | 375 GBP | 288 | (10) |
| Net unrealized gain (loss) on open forward currency | | | | | |
| exchange contracts | | | | | $ (446) |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL HIGH YIELD 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 | | $ | —# | $ | — | $ | 32+ |
| |
| |
| Supplementary Investment Schedule | | | | | | | |
| | | Value | Purchase | Sales | | Value |
| Affiliate | | 5/31/20 | Cost | Cost | | 8/31/20 |
| T. Rowe Price Government Reserve Fund | $ | 54,721 | | ¤ | ¤ | $ | 78,725^ |
# Capital gain distributions from mutual funds represented $0 of the net realized gain (loss).
+ Investment income comprised $32 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 $78,725.
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
T. Rowe Price Institutional High Yield 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.
T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND
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
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 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.
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 HIGH YIELD 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 | | | | | |
| Corporate Bonds | $ | — | $ 1,569,974 | $ — | $ 1,569,974 |
| Fixed Income Securities1 | | — | 3,809 | — | 3,809 |
| Bank Loans | | — | 137,170 | 1,460 | 138,630 |
| Common Stocks | | 10,979 | — | — | 10,979 |
| Convertible Preferred Stocks | | — | 48,465 | 6,086 | 54,551 |
| Equity Mutual Funds | | 18,209 | — | — | 18,209 |
| Short-Term Investments | | 78,725 | 15,399 | — | 94,124 |
| Total Securities | | 107,913 | 1,774,817 | 7,546 | 1,890,276 |
| Swaps | | — | 161 | — | 161 |
| Total | $ | 107,913 | $ 1,774,978 | $ 7,546 | $ 1,890,437 |
| Liabilities | | | | | |
| Forward Currency Exchange | | | | | |
| Contracts | $ | — | $ 446 | $ — | $ 446 |
| Total | $ | — | $ 446 | $ — | $ 446 |
1 Includes Asset-Backed Securities and Convertible Bonds.
