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T. Rowe Price Institutional Income Funds NPORT-PT. Rowe Price Institutional Floating Rate Fund (Aug 2021 report)

Filed: 26 Oct 21, 4:25pm

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

August

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

BANK

LOANS

90.1%

(1)

Aerospace

&

Defense

0.9%

Dynasty

Acquisition,

FRN,

1M

USD

LIBOR

+

3.50%,

3.647%,

4/6/26

15,420‌

14,993‌

Peraton,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

2/1/28

19,990‌

19,986‌

Peraton,

FRN,

1M

USD

LIBOR

+

7.75%,

8.50%,

2/1/29

6,470‌

6,470‌

TransDigm,

FRN,

1M

USD

LIBOR

+

2.25%,

2.335%,

12/9/25

8,612‌

8,470‌

49,919‌

Airlines

4.0%

AAdvantage

Loyalty

IP,

FRN,

1M

USD

LIBOR

+

4.75%,

5.50%,

4/20/28

38,190‌

39,300‌

Air

Canada,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

8/11/28 (2)

22,915‌

22,878‌

American

Airlines,

FRN,

3M

USD

LIBOR

+

1.75%,

1.838%,

6/27/25

3,979‌

3,727‌

American

Airlines,

FRN,

3M

USD

LIBOR

+

2.00%,

2.096%,

12/15/23

12,920‌

12,590‌

KKR

Apple

Bidco,

FRN,

1M

USD

LIBOR

+

3.00%,

7/13/28 (2)

21,265‌

21,185‌

KKR

Apple

Bidco,

FRN,

1M

USD

LIBOR

+

5.75%,

7/13/29 (2)

4,865‌

4,926‌

Mileage

Plus

Holdings,

FRN,

1M

USD

LIBOR

+

5.25%,

6.25%,

6/21/27

51,190‌

54,261‌

SkyMiles

IP,

FRN,

3M

USD

LIBOR

+

3.75%,

4.75%,

10/20/27

23,740‌

25,160‌

United

Airlines,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

4/21/28

32,035‌

32,067‌

216,094‌

Automotive

2.3%

Adient

U.S.,

FRN,

1M

USD

LIBOR

+

3.50%,

3.585%,

4/10/28

6,535‌

6,517‌

Autokiniton

U.S.

Holdings,

FRN,

1M

USD

LIBOR

+

4.50%,

5.00%,

4/6/28

6,330‌

6,340‌

Clarios

Global,

FRN,

1M

USD

LIBOR

+

3.25%,

3.335%,

4/30/26

26,204‌

25,899‌

Fastlane

Parent,

FRN,

1M

USD

LIBOR

+

4.50%,

4.585%,

2/4/26 (2)

6,974‌

6,963‌

LS

Group

OpCo

Acquistion,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

11/2/27

9,313‌

9,301‌

Mavis

Tire

Express

Services

TopCo,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

5/4/28

28,921‌

28,905‌

Tenneco,

FRN,

3M

USD

LIBOR

+

3.00%,

3.085%,

10/1/25

14,032‌

13,874‌

Truck

Hero,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

1/31/28

7,948‌

7,910‌

Wand

NewCo

3,

FRN,

1M

USD

LIBOR

+

3.00%,

3.085%,

2/5/26

5,008‌

4,947‌

Wheel

Pros,

FRN,

1M

USD

LIBOR

+

4.50%,

5.25%,

5/11/28

9,640‌

9,640‌

120,296‌

Broadcasting

2.7%

Clear

Channel

Outdoor

Holdings,

FRN,

1M

USD

LIBOR

+

3.50%,

3.628%,

8/21/26 (2)

24,233‌

23,644‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

EW

Scripps,

FRN,

1M

USD

LIBOR

+

3.00%,

3.75%,

1/7/28

11,987‌

11,965‌

iHeartCommunications,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

5/1/26

24,102‌

23,987‌

NEP

Group,

FRN,

3M

USD

LIBOR

+

3.25%,

3.342%,

10/20/25

8,916‌

8,473‌

NEP

Group,

FRN,

3M

USD

LIBOR

+

7.00%,

7.085%,

10/19/26

5,220‌

4,994‌

Nexstar

Media,

FRN,

1M

USD

LIBOR

+

2.50%,

2.596%,

9/18/26

3,398‌

3,379‌

Nexstar

Media,

FRN,

3M

USD

LIBOR

+

2.25%,

2.335%,

1/17/24

4,181‌

4,165‌

Terrier

Media

Buyer,

FRN,

1M

USD

LIBOR

+

3.50%,

3.585%,

12/17/26

16,183‌

16,079‌

Univision

Communications,

FRN,

1M

USD

LIBOR

+

3.25%,

5/6/28 (2)

30,805‌

30,677‌

Univision

Communications,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

3/15/26 (2)

8,880‌

8,851‌

Univision

Communications,

FRN,

3M

USD

LIBOR

+

2.75%,

3.75%,

3/15/24

6,989‌

6,959‌

143,173‌

Building

Products

0.8%

CP

Atlas

Buyer,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

11/23/27

5,985‌

5,957‌

LEB

Holdings

USA,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

11/2/27

3,940‌

3,937‌

Park

River

Holdings,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

12/28/27

6,768‌

6,722‌

SRS

Distribution,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

6/2/28

11,800‌

11,756‌

Tarkett

Participation,

FRN,

3M

EURIBOR

+

3.50%,

8/1/25

(EUR) (2)

10,485‌

12,241‌

40,613‌

Cable

Operators

1.5%

Altice

France,

FRN,

3M

USD

LIBOR

+

4.00%,

4.125%,

8/14/26

19,683‌

19,610‌

Cablevision

Lightpath,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

11/30/27

6,990‌

6,976‌

COGECO

Financing

2,

FRN,

1M

USD

LIBOR

+

2.50%,

7/28/28 (2)

15,470‌

15,397‌

CSC

Holdings,

FRN,

1M

USD

LIBOR

+

2.50%,

2.595%,

4/15/27

5,077‌

5,009‌

Directv

Financing,

FRN,

1M

USD

LIBOR

+

5.00%,

5.75%,

8/2/27

10,500‌

10,494‌

Eagle

Broadband

Investments,

FRN,

1M

USD

LIBOR

+

3.00%,

3.75%,

11/12/27

12,358‌

12,342‌

Radiate

Holdco,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

9/25/26

10,744‌

10,714‌

80,542‌

Chemicals

2.0%

Aruba

Investments

Holdings,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

11/24/27

10,369‌

10,376‌

Aruba

Investments

Holdings,

FRN,

1M

USD

LIBOR

+

7.75%,

8.50%,

11/24/28

7,240‌

7,258‌

ASP

Chromaflo

Intermediate

Holdings,

FRN,

3M

USD

LIBOR

+

3.50%,

4.50%,

11/20/23 (3)

3,780‌

3,771‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

‡

Cyanco

Intermediate,

FRN,

3M

USD

LIBOR

+

3.50%,

3.585%,

3/16/25

5,115‌

5,068‌

Diamond

BC,

FRN,

3M

USD

LIBOR

+

3.00%,

3.085%,

9/6/24

14,025‌

13,931‌

Eco

Services

Operations,

FRN,

1M

USD

LIBOR

+

2.75%,

3.25%,

6/9/28 (2)

10,000‌

9,980‌

Encapsys,

FRN,

1M

USD

LIBOR

+

3.25%,

4.25%,

11/7/24

15,626‌

15,601‌

Herens

U.S.

Holdco,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

7/3/28

9,700‌

9,700‌

New

Arclin

U.S.

Holding,

FRN,

1M

USD

LIBOR

+

4.00%,

5.00%,

2/28/26

4,653‌

4,656‌

Solenis

International,

FRN,

3M

USD

LIBOR

+

8.50%,

8.585%,

6/26/26

12,320‌

12,279‌

Sparta

U.S.

HoldCo,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

8/2/28

5,100‌

5,097‌

WR

Grace

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

8/12/28 (2)

9,010‌

9,025‌

106,742‌

Consumer

Products

1.8%

ABG

Intermediate

Holdings

2,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

9/27/24

19,148‌

19,058‌

ABG

Intermediate

Holdings

2,

FRN,

1M

USD

LIBOR

+

5.25%,

6.25%,

9/27/24

4,354‌

4,354‌

Amer

Sports

Holding,

FRN,

3M

EURIBOR

+

4.50%,

4.50%,

3/30/26

(EUR)

10,860‌

12,828‌

DEI

Sales,

FRN,

1M

USD

LIBOR

+

5.50%,

6.25%,

4/28/28 (3)

9,050‌

8,959‌

Kontoor

Brands,

FRN,

3M

USD

LIBOR

+

4.25%,

4.338%,

5/15/26 (3)

1,673‌

1,669‌

Life

Time,

FRN,

1M

USD

LIBOR

+

4.75%,

5.75%,

12/16/24

29,487‌

29,320‌

New

Trojan

Parent,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

1/6/28

5,960‌

5,919‌

PLNTF

Holdings,

FRN,

1M

USD

LIBOR

+

8.00%,

9.00%,

3/22/26 (3)

4,738‌

4,738‌

TGP

Holdings

III,

FRN,

1M

USD

LIBOR

+

4.50%,

5.25%,

6/29/28

3,614‌

3,611‌

United

PF

Holdings,

FRN,

1M

USD

LIBOR

+

8.50%,

9.50%,

12/30/26 (3)

6,265‌

6,265‌

96,721‌

Container

1.6%

Charter

Next

Generation,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

12/1/27 (2)

48,277‌

48,269‌

Flex

Acquisition,

FRN,

3M

USD

LIBOR

+

3.25%,

3.395%,

6/29/25

6,848‌

6,755‌

Kouti,

FRN,

3M

EURIBOR

+

3.75%,

7/1/28

(EUR) (2)

5,035‌

5,926‌

Mauser

Packaging

Solutions

Holding,

FRN,

3M

USD

LIBOR

+

3.25%,

3.342%,

4/3/24

6,556‌

6,380‌

Proampac

PG

Borrower,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

11/3/25

16,903‌

16,892‌

84,222‌

Energy

3.0%

BCP

Raptor,

FRN,

3M

USD

LIBOR

+

4.25%,

5.25%,

6/24/24

37,023‌

36,663‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

BCP

Raptor

II,

FRN,

3M

USD

LIBOR

+

4.75%,

4.835%,

11/3/25 (2)

39,865‌

39,292‌

Citgo

Holding,

FRN,

1M

USD

LIBOR

+

7.00%,

8.00%,

8/1/23

5,041‌

4,958‌

Lucid

Energy

Group

II

Borrower,

FRN,

3M

USD

LIBOR

+

3.00%,

4.00%,

2/17/25

20,612‌

20,277‌

Medallion

Midland

Acquisition,

FRN,

3M

USD

LIBOR

+

3.25%,

4.25%,

10/30/24

17,707‌

17,544‌

Navitas

Midstream

Midland

Basin,

FRN,

3M

USD

LIBOR

+

4.00%,

4.75%,

12/13/24

16,615‌

16,536‌

Prairie

ECI

Acquiror,

FRN,

3M

USD

LIBOR

+

4.75%,

4.835%,

3/11/26

16,800‌

16,212‌

Stonepeak

Lonestar

Holdings,

FRN,

1M

USD

LIBOR

+

4.50%,

4.634%,

10/19/26

8,046‌

8,065‌

159,547‌

Entertainment

&

Leisure

3.6%

Alchemy

Copyrights,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

3/10/28 (3)

7,812‌

7,793‌

AMC

Entertainment

Holdings,

FRN,

3M

USD

LIBOR

+

3.00%,

4/22/26 (2)

10,520‌

9,361‌

Aristocrat

International,

FRN,

1M

USD

LIBOR

+

3.75%,

4.75%,

10/19/24

3,925‌

3,927‌

ClubCorp

Holdings,

FRN,

3M

USD

LIBOR

+

2.75%,

2.897%,

9/18/24

8,053‌

7,543‌

Delta

2,

FRN,

3M

USD

LIBOR

+

2.50%,

3.50%,

2/1/24

19,156‌

19,075‌

Nascar

Holdings,

FRN,

3M

USD

LIBOR

+

2.75%,

2.835%,

10/19/26

4,692‌

4,668‌

SeaWorld

Parks

&

Entertainment,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

8/25/28 (2)

44,751‌

44,337‌

UFC

Holdings,

FRN,

1M

USD

LIBOR

+

2.75%,

3.50%,

4/29/26

72,258‌

71,767‌

William

Morris

Endeavor

Entertainment,

FRN,

3M

USD

LIBOR

+

2.75%,

2.84%,

5/18/25 (2)

24,856‌

24,154‌

192,625‌

Financial

7.0%

Acrisure,

FRN,

1M

USD

LIBOR

+

3.50%,

3.607%,

2/15/27

7,858‌

7,735‌

Acrisure,

FRN,

1M

USD

LIBOR

+

3.75%,

3.852%,

2/15/27

18,880‌

18,680‌

Alliant

Holdings

Intermediate,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

11/5/27 (2)

31,987‌

31,983‌

AmWINS

Group,

FRN,

1M

USD

LIBOR

+

2.25%,

3.00%,

2/19/28

9,453‌

9,357‌

Apollo

Commercial

Real

Estate

Finance,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

3/11/28 (3)

13,820‌

13,717‌

Apollo

Commercial

Real

Estate

Finance,

FRN,

3M

USD

LIBOR

+

2.75%,

2.839%,

5/15/26 (3)

4,509‌

4,430‌

Aretec

Group,

FRN,

3M

USD

LIBOR

+

4.25%,

4.335%,

10/1/25

24,735‌

24,550‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

‡

AssuredPartners,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

2/12/27 (2)

17,520‌

17,476‌

Deerfield

Dakota

Holding,

FRN,

1M

USD

LIBOR

+

3.75%,

4.75%,

4/9/27

11,403‌

11,408‌

Deerfield

Dakota

Holding,

FRN,

1M

USD

LIBOR

+

6.75%,

7.50%,

4/7/28

7,220‌

7,382‌

Edelman

Financial

Engines

Center,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

4/7/28

12,000‌

11,930‌

Edelman

Financial

Engines

Center,

FRN,

3M

USD

LIBOR

+

6.75%,

6.835%,

7/20/26

18,589‌

18,636‌

EIG

Management,

FRN,

3M

USD

LIBOR

+

3.75%,

4.50%,

2/24/25

4,542‌

4,511‌

Hightower

Holding,

FRN,

1M

USD

LIBOR

+

4.00%,

4.60%,

4/21/28 (2)

9,505‌

9,503‌

HUB

International,

FRN,

1M

USD

LIBOR

+

2.75%,

2.875%,

4/25/25

8,507‌

8,405‌

HUB

International,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

4/25/25

56,992‌

56,916‌

Hyperion

Refinance,

FRN,

1M

USD

LIBOR

+

3.75%,

4.75%,

11/12/27

8,355‌

8,334‌

Jane

Street

Group,

FRN,

1M

USD

LIBOR

+

2.75%,

2.835%,

1/26/28 (2)

4,438‌

4,371‌

Navacord,

FRN,

1M

CAD

CDOR

+

4.25%,

3/27/28

(CAD) (2)(3)

7,000‌

5,527‌

Navacord,

FRN,

1M

CAD

CDOR

+

4.25%,

5.00%,

3/27/28

(CAD) (3)

10,880‌

8,591‌

Navacord,

FRN,

1M

CAD

CDOR

+

7.50%,

8.00%,

3/26/29

(CAD) (3)

4,884‌

3,900‌

Nexus

Buyer,

FRN,

1M

USD

LIBOR

+

3.75%,

3.839%,

11/9/26

4,065‌

4,053‌

Ryan

Specialty

Group,

FRN,

1M

USD

LIBOR

+

3.00%,

3.75%,

9/1/27

11,666‌

11,637‌

Sedgwick

Claims

Management

Services,

FRN,

1M

USD

LIBOR

+

4.25%,

5.25%,

9/3/26

3,835‌

3,836‌

Sedgwick

Claims

Management

Services,

FRN,

3M

USD

LIBOR

+

3.25%,

3.335%,

12/31/25

6,419‌

6,336‌

Tegra118

Wealth

Solutions,

FRN,

1M

USD

LIBOR

+

4.00%,

4.125%,

2/18/27

12,139‌

12,124‌

USI,

FRN,

1M

USD

LIBOR

+

3.25%,

3.397%,

12/2/26

4,610‌

4,558‌

USI,

FRN,

3M

USD

LIBOR

+

3.00%,

3.147%,

5/16/24

31,967‌

31,672‌

VFH

Parent,

FRN,

1M

USD

LIBOR

+

3.00%,

3.088%,

3/1/26

3,147‌

3,127‌

Zebra

Buyer,

FRN,

1M

USD

LIBOR

+

3.25%,

4/22/28 (2)

11,670‌

11,685‌

376,370‌

Food

1.4%

Arterra

Wines

Canada,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

11/24/27

2,259‌

2,255‌

Atkins

Nutritionals

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.75%,

7/7/24

10,762‌

10,784‌

Bellring

Brands,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

10/21/24

9,082‌

9,106‌

Chobani,

FRN,

1M

USD

LIBOR

+

3.50%,

4.50%,

10/25/27

2,794‌

2,796‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

City

Brewing,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

4/5/28

6,410‌

6,394‌

Shearer's

Foods,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

9/23/27

4,000‌

3,990‌

Triton

Water

Holdings,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

3/31/28

15,910‌

15,792‌

Woof

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

12/21/27

14,925‌

14,925‌

Woof

Holdings,

FRN,

1M

USD

LIBOR

+

7.25%,

8.00%,

12/21/28

9,288‌

9,358‌

75,400‌

Gaming

2.7%

18

Fremont

Street

Acquisition,

FRN,

1M

USD

LIBOR

+

8.00%,

8/9/25 (2)

965‌

983‌

Caesars

Resort

Collection,

FRN,

1M

USD

LIBOR

+

4.50%,

4.585%,

7/21/25 (2)

28,087‌

28,125‌

Caesars

Resort

Collection,

FRN,

3M

USD

LIBOR

+

2.75%,

2.835%,

12/23/24

29,166‌

28,904‌

CCM

Merger,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

11/4/25

10,981‌

10,962‌

CityCenter

Holdings,

FRN,

3M

USD

LIBOR

+

2.25%,

3.00%,

4/18/24

20,185‌

20,133‌

Enterprise

Development

Authority,

FRN,

1M

USD

LIBOR

+

4.25%,

5.00%,

2/28/28 (3)

16,254‌

16,275‌

Playtika

Holding,

FRN,

1M

USD

LIBOR

+

2.75%,

2.835%,

3/13/28

6,544‌

6,516‌

Raptor

Acquisition,

FRN,

1M

USD

LIBOR

+

4.00%,

11/1/26 (2)

8,075‌

8,087‌

Scientific

Games

International,

FRN,

1M

USD

LIBOR

+

2.75%,

2.835%,

8/14/24

26,657‌

26,403‌

146,388‌

Health

Care

14.6%

ADMI,

FRN,

1M

USD

LIBOR

+

3.13%,

3.625%,

12/23/27

26,623‌

26,229‌

ADMI,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

12/23/27 (2)

16,670‌

16,607‌

athenahealth,

FRN,

1M

USD

LIBOR

+

4.25%,

4.377%,

2/11/26

21,310‌

21,363‌

Aveanna

Healthcare,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

7/17/28 (2)

11,315‌

11,289‌

Azalea

Topco,

FRN,

1M

USD

LIBOR

+

3.50%,

3.628%,

7/24/26

14,212‌

14,056‌

Azalea

Topco,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

7/24/26

21,035‌

21,035‌

Bausch

Health

Americas,

FRN,

3M

USD

LIBOR

+

2.75%,

2.835%,

11/27/25

12,427‌

12,349‌

Bausch

Health

Americas,

FRN,

3M

USD

LIBOR

+

3.00%,

3.085%,

6/2/25

18,429‌

18,357‌

CAB

SELAS,

FRN,

3M

EURIBOR

+

3.50%,

3.50%,

2/9/28

(EUR)

3,425‌

4,018‌

Cano

Health,

FRN,

1M

USD

LIBOR

+

4.50%,

5.25%,

11/23/27

8,033‌

8,013‌

Curia

Global,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

8/30/26

10,425‌

10,421‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

‡

Diacine

France,

FRN,

3M

EURIBOR

+

3.75%,

9/30/24

(EUR) (2)

2,470‌

2,924‌

Dino

Grandparent,

FRN,

1M

USD

LIBOR

+

2.25%,

2.375%,

2/20/23 (3)

8,630‌

8,544‌

Envision

Healthcare,

FRN,

3M

USD

LIBOR

+

3.75%,

3.835%,

10/10/25

8,223‌

7,211‌

Gainwell

Acquisition,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

10/1/27

46,134‌

46,249‌

Heartland

Dental,

FRN,

1M

USD

LIBOR

+

4.00%,

4.096%,

4/30/25

28,955‌

28,859‌

Heartland

Dental,

FRN,

3M

USD

LIBOR

+

3.50%,

3.585%,

4/30/25

24,585‌

24,298‌

ICON

Luxembourg,

FRN,

1M

USD

LIBOR

+

2.50%,

3.00%,

7/3/28

34,115‌

34,080‌

Insulet,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

5/4/28

9,750‌

9,738‌

LifePoint

Health,

FRN,

1M

USD

LIBOR

+

3.75%,

3.835%,

11/16/25

12,662‌

12,566‌

Loire

Finco

Luxembourg,

FRN,

1M

USD

LIBOR

+

3.00%,

3.085%,

4/21/27

26,041‌

25,509‌

Maravai

Intermediate

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.75%,

10/19/27

18,192‌

18,226‌

MED

ParentCo,

FRN,

1M

USD

LIBOR

+

4.25%,

4.335%,

8/31/26 (2)

20,966‌

20,877‌

MED

ParentCo,

FRN,

1M

USD

LIBOR

+

8.25%,

8.335%,

8/30/27 (2)

8,205‌

8,164‌

National

Mentor

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

3/2/28

18,380‌

18,322‌

National

Mentor

Holdings,

FRN,

1M

USD

LIBOR

+

7.25%,

8.00%,

3/2/29 (2)

12,486‌

12,689‌

Netsmart,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

10/1/27

7,566‌

7,575‌

One

Call,

FRN,

1M

USD

LIBOR

+

5.50%,

6.25%,

4/22/27

10,410‌

10,427‌

Option

Care

Health,

FRN,

1M

USD

LIBOR

+

3.75%,

3.835%,

8/6/26

10,477‌

10,454‌

Organon,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

6/2/28

19,410‌

19,467‌

Ortho-Clinical

Diagnostics,

FRN,

3M

USD

LIBOR

+

3.00%,

3.091%,

6/30/25

4,309‌

4,303‌

Pacific

Dental

Services,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

5/5/28

5,030‌

5,039‌

Padagis,

FRN,

1M

USD

LIBOR

+

4.75%,

5.25%,

7/6/28 (3)

10,910‌

10,896‌

Pathway

Vet

Alliance,

FRN,

1M

USD

LIBOR

+

3.75%,

3.835%,

3/31/27

26,892‌

26,712‌

PetVet

Care

Centers,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

2/14/25

35,629‌

35,569‌

PetVet

Care

Centers,

FRN,

3M

USD

LIBOR

+

2.75%,

2.835%,

2/14/25

3,240‌

3,194‌

PetVet

Care

Centers,

FRN,

3M

USD

LIBOR

+

3.25%,

3.335%,

2/14/25

3,654‌

3,614‌

PetVet

Care

Centers,

FRN,

3M

USD

LIBOR

+

6.25%,

6.335%,

2/13/26

10,333‌

10,333‌

Phoenix

Guarantor,

FRN,

1M

USD

LIBOR

+

3.25%,

3.339%,

3/5/26

2,739‌

2,709‌

Phoenix

Newco,

FRN,

1M

USD

LIBOR

+

3.50%,

8/11/28 (2)

13,895‌

13,888‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Phoenix

Newco,

FRN,

3M

USD

LIBOR

+

0.00%,

7/27/29 (2)(3)

26,130‌

25,607‌

Project

Ruby

Ultimate

Parent,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

3/10/28

7,197‌

7,161‌

Roar

BidCo,

FRN,

3M

EURIBOR

+

3.50%,

2/17/28

(EUR) (2)

6,350‌

7,482‌

SAM

Bidco,

FRN,

1M

USD

LIBOR

+

3.50%,

3.647%,

12/13/24 (3)

4,405‌

4,311‌

Select

Medical,

FRN,

3M

USD

LIBOR

+

2.25%,

2.34%,

3/6/25

7,216‌

7,162‌

Southern

Veterinary

Partners,

FRN,

1M

USD

LIBOR

+

4.00%,

4.88%,

10/5/27

8,012‌

8,022‌

Southern

Veterinary

Partners,

FRN,

1M

USD

LIBOR

+

7.75%,

8.75%,

10/5/28 (3)

1,870‌

1,875‌

Sunshine

Luxembourg

VII,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

10/1/26

15,506‌

15,514‌

Surgery

Center

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

8/31/26 (2)

38,070‌

38,076‌

Team

Health

Holdings,

FRN,

3M

USD

LIBOR

+

2.75%,

3.75%,

2/6/24

11,550‌

11,216‌

U.S.

Radiology

Specialists,

FRN,

1M

USD

LIBOR

+

5.50%,

6.25%,

12/15/27

7,851‌

7,878‌

U.S.

Renal

Care,

FRN,

3M

USD

LIBOR

+

5.00%,

5.125%,

6/26/26

6,419‌

6,415‌

Verscend

Holding,

FRN,

1M

USD

LIBOR

+

4.00%,

4.085%,

8/27/25

5,385‌

5,373‌

VetCor

Professional

Practices,

FRN,

3M

USD

LIBOR

+

3.00%,

3.158%,

7/2/25

5,754‌

5,665‌

Waystar

Technologies,

FRN,

1M

USD

LIBOR

+

4.00%,

4.085%,

10/22/26 (2)

10,121‌

10,090‌

Western

Dental

Services,

FRN,

1M

USD

LIBOR

+

5.75%,

6.50%,

8/18/28 (2)

13,155‌

13,133‌

781,153‌

Information

Technology

11.5%

Applied

Systems,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

9/19/24

30,931‌

30,879‌

Applied

Systems,

FRN,

1M

USD

LIBOR

+

5.50%,

6.25%,

9/19/25

31,113‌

31,440‌

Atlas

Purchaser,

FRN,

1M

USD

LIBOR

+

5.25%,

6.00%,

5/8/28

7,800‌

7,654‌

Barracuda

Networks,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

2/12/25

2,683‌

2,684‌

Barracuda

Networks,

FRN,

1M

USD

LIBOR

+

6.75%,

7.50%,

10/30/28

3,660‌

3,706‌

Boxer

Parent,

FRN,

1M

USD

LIBOR

+

3.75%,

3.835%,

10/2/25

5,802‌

5,762‌

CCC

Intelligent

Solutions,

FRN,

1M

USD

LIBOR

+

3.00%,

4.00%,

4/29/24

10,380‌

10,376‌

CommerceHub,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

12/29/27

6,428‌

6,430‌

CommerceHub,

FRN,

1M

USD

LIBOR

+

7.00%,

7.75%,

12/29/28

5,685‌

5,742‌

Concorde,

FRN,

3M

EURIBOR

+

4.00%,

4.00%,

3/1/28

(EUR)

1,740‌

2,058‌

Conservice

Midco,

FRN,

1M

USD

LIBOR

+

4.25%,

4.357%,

5/13/27

6,121‌

6,114‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

‡

Cvent,

FRN,

3M

USD

LIBOR

+

3.75%,

3.835%,

11/29/24

17,258‌

17,188‌

Delta

Topco,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

12/1/27

14,329‌

14,334‌

Delta

Topco,

FRN,

1M

USD

LIBOR

+

7.25%,

8.00%,

12/1/28

8,320‌

8,375‌

ECI

Macola,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

11/9/27 (2)

18,358‌

18,326‌

Epicor

Software,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

7/30/27 (2)

50,098‌

50,020‌

Epicor

Software,

FRN,

1M

USD

LIBOR

+

7.75%,

8.75%,

7/31/28

8,780‌

9,021‌

Genesys

Cloud

Services

Holdings

II,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

12/1/27

12,756‌

12,777‌

Hyland

Software,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

7/1/24

9,184‌

9,185‌

Hyland

Software,

FRN,

1M

USD

LIBOR

+

6.25%,

7.00%,

7/7/25

20,885‌

21,041‌

Infinite

Bidco,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

3/2/28

9,810‌

9,757‌

Infinite

Bidco,

FRN,

1M

USD

LIBOR

+

7.00%,

7.50%,

3/2/29

8,542‌

8,585‌

Knot

Worldwide,

FRN,

3M

USD

LIBOR

+

4.50%,

4.629%,

12/19/25

9,917‌

9,896‌

LogMeIn,

FRN,

1M

USD

LIBOR

+

4.75%,

4.847%,

8/31/27

7,487‌

7,458‌

Magnite,

FRN,

1M

USD

LIBOR

+

5.00%,

5.75%,

4/1/28

7,890‌

7,831‌

MH

Sub

I,

FRN,

1M

USD

LIBOR

+

3.75%,

4.75%,

9/13/24

12,581‌

12,595‌

MH

Sub

I,

FRN,

1M

USD

LIBOR

+

6.25%,

6.338%,

2/23/29

27,660‌

28,052‌

MH

Sub

I,

FRN,

3M

USD

LIBOR

+

3.50%,

3.585%,

9/13/24

19,230‌

19,108‌

Mitchell

International,

FRN,

1M

USD

LIBOR

+

4.25%,

4.75%,

11/29/24

6,166‌

6,166‌

Mitchell

International,

FRN,

3M

USD

LIBOR

+

3.25%,

3.335%,

11/29/24

11,780‌

11,646‌

Mitchell

International,

FRN,

3M

USD

LIBOR

+

7.25%,

7.335%,

12/1/25

6,321‌

6,311‌

Planview

Parent,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

12/17/27

7,761‌

7,771‌

Proofpoint,

FRN,

1M

USD

LIBOR

+

3.25%,

8/31/28 (2)

14,835‌

14,740‌

Proofpoint,

FRN,

3M

USD

LIBOR

+

6.25%,

8/31/29 (2)

7,175‌

7,274‌

RealPage,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

4/24/28

30,810‌

30,614‌

RealPage,

FRN,

3M

USD

LIBOR

+

6.50%,

7.25%,

4/23/29

18,060‌

18,399‌

Shutterfly,

FRN,

1M

USD

LIBOR

+

5.00%,

9/25/26 (2)

36,130‌

36,017‌

Solera,

FRN,

1M

USD

LIBOR

+

4.00%,

4.50%,

6/2/28

26,785‌

26,753‌

Sophia,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

10/7/27

16,990‌

17,028‌

Sovos

Compliance,

FRN,

1M

USD

LIBOR

+

4.50%,

5.00%,

8/11/28 (2)

8,205‌

8,230‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Storable,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

4/17/28

2,255‌

2,243‌

Tenable,

FRN,

1M

USD

LIBOR

+

2.75%,

3.25%,

7/7/28

4,195‌

4,174‌

TIBCO

Software,

FRN,

1M

USD

LIBOR

+

7.25%,

7.25%,

3/3/28

2,830‌

2,853‌

Uber

Technologies,

FRN,

1M

USD

LIBOR

+

3.50%,

3.585%,

4/4/25

13,152‌

13,117‌

Uber

Technologies,

FRN,

1M

USD

LIBOR

+

3.50%,

3.585%,

2/25/27

10,407‌

10,371‌

Veritas

U.S.,

FRN,

1M

USD

LIBOR

+

5.00%,

6.00%,

9/1/25 (2)

12,962‌

12,973‌

613,074‌

Lodging

0.3%

Aimbridge

Acquisition,

FRN,

1M

USD

LIBOR

+

4.75%,

5.50%,

2/2/26

2,776‌

2,745‌

Aimbridge

Acquisition,

FRN,

3M

USD

LIBOR

+

3.75%,

3.835%,

2/2/26

2,248‌

2,177‌

Awaze,

FRN,

3M

EURIBOR

+

4.00%,

4.00%,

5/9/25

(EUR)

2,500‌

2,956‌

Awaze,

FRN,

3M

EURIBOR

+

8.00%,

9.00%,

5/9/26

(EUR) (3)

450‌

535‌

Casper

Bidco

Sasu,

FRN,

3M

EURIBOR

+

3.88%,

3.88%,

7/31/26

(EUR)

985‌

1,108‌

RHP

Hotel

Properties,

FRN,

1M

USD

LIBOR

+

2.00%,

2.09%,

5/11/24

4,850‌

4,781‌

14,302‌

Manufacturing

5.4%

Apex

Tool

Group,

FRN,

3M

USD

LIBOR

+

5.25%,

6.50%,

8/1/24

23,347‌

23,374‌

CPI

Holdco,

FRN,

1M

USD

LIBOR

+

3.75%,

3.835%,

11/4/26 (2)

60,756‌

60,626‌

Deliver

Buyer,

FRN,

1M

USD

LIBOR

+

6.25%,

7.25%,

5/1/24 (3)

2,413‌

2,416‌

Deliver

Buyer,

FRN,

3M

USD

LIBOR

+

5.00%,

5.147%,

5/1/24 (3)

3,420‌

3,424‌

Engineered

Machinery

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

5/19/28

21,312‌

21,206‌

Engineered

Machinery

Holdings,

FRN,

1M

USD

LIBOR

+

6.00%,

6.75%,

5/21/29 (2)

18,206‌

18,274‌

Engineered

Machinery

Holdings,

FRN,

1M

USD

LIBOR

+

6.50%,

7.25%,

5/21/29 (2)

11,757‌

11,845‌

Engineered

Machinery

Holdings,

FRN,

3M

EURIBOR

+

3.75%,

3.75%,

5/21/28

(EUR) (2)

3,735‌

4,398‌

Filtration

Group,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

3/29/25

12,880‌

12,880‌

Filtration

Group,

FRN,

3M

USD

LIBOR

+

3.00%,

3.085%,

3/31/25

24,806‌

24,561‌

LTI

Holdings,

FRN,

1M

USD

LIBOR

+

4.75%,

4.835%,

7/24/26

2,269‌

2,257‌

LTI

Holdings,

FRN,

1M

USD

LIBOR

+

4.75%,

4.835%,

7/24/26

430‌

428‌

LTI

Holdings,

FRN,

3M

USD

LIBOR

+

3.50%,

3.585%,

9/6/25

955‌

936‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

‡

LTI

Holdings,

FRN,

3M

USD

LIBOR

+

6.75%,

6.835%,

9/6/26 (2)

7,031‌

6,978‌

Madison

IAQ,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

6/21/28

15,520‌

15,413‌

Pro

Mach

Group,

FRN,

1M

USD

LIBOR

+

4.00%,

8/13/28 (2)

4,114‌

4,117‌

Pro

Mach

Group,

FRN,

1M

USD

LIBOR

+

4.00%,

8/31/28 (2)

25,356‌

25,372‌

Robertshaw

U.S.

Holding,

FRN,

3M

USD

LIBOR

+

3.25%,

4.50%,

2/28/25 (2)

13,986‌

13,422‌

SRAM,

FRN,

1M

USD

LIBOR

+

2.75%,

3.25%,

5/18/28

14,444‌

14,366‌

Thermon

Holding,

FRN,

3M

USD

LIBOR

+

3.75%,

4.75%,

10/30/24 (3)

2,127‌

2,116‌

Watlow

Electric

Manufacturing,

FRN,

1M

USD

LIBOR

+

4.00%,

4.50%,

3/2/28

10,120‌

10,107‌

Welbilt,

FRN,

3M

USD

LIBOR

+

2.50%,

2.585%,

10/23/25

7,677‌

7,601‌

286,117‌

Metals

&

Mining

0.0%

TMS

International,

FRN,

1M

USD

LIBOR

+

2.75%,

3.75%,

8/14/24 (3)

1,423‌

1,416‌

1,416‌

Other

Telecommunications

0.4%

Cologix

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

5/1/28

10,895‌

10,881‌

Consolidated

Communications,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

10/2/27

5,041‌

5,040‌

Flexential

Intermediate,

FRN,

3M

USD

LIBOR

+

3.50%,

3.647%,

8/1/24

2,980‌

2,743‌

Flexential

Intermediate,

FRN,

3M

USD

LIBOR

+

7.25%,

7.379%,

8/1/25

100‌

90‌

18,754‌

Publishing

0.2%

Cengage

Learning,

FRN,

1M

USD

LIBOR

+

4.75%,

5.75%,

7/14/26

10,351‌

10,374‌

10,374‌

Real

Estate

Investment

Trust

Securities

0.2%

Claros

Mortgage

Trust,

FRN,

1M

USD

LIBOR

+

5.00%,

6.00%,

8/9/26 (3)

7,436‌

7,436‌

KREF

Holdings

X,

FRN,

1M

USD

LIBOR

+

4.75%,

5.75%,

9/1/27 (3)

3,438‌

3,429‌

10,865‌

Restaurants

1.4%

Flynn

Restaurant

Group,

FRN,

3M

USD

LIBOR

+

3.50%,

6/29/25 (2)

4,620‌

4,542‌

Flynn

Restaurant

Group,

FRN,

3M

USD

LIBOR

+

7.00%,

7.085%,

6/29/26

3,260‌

3,195‌

Golden

Nugget,

FRN,

1M

USD

LIBOR

+

2.50%,

3.25%,

10/4/23

7,276‌

7,224‌

IRB

Holding,

FRN,

1M

USD

LIBOR

+

3.25%,

4.25%,

12/15/27 (2)

26,726‌

26,692‌

MIC

Glen,

FRN,

1M

USD

LIBOR

+

3.50%,

6/18/28 (2)

5,355‌

5,320‌

MIC

Glen,

FRN,

1M

USD

LIBOR

+

6.75%,

7.25%,

6/18/29 (2)

4,925‌

4,942‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Tacala

Investment,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

2/5/27

11,026‌

10,974‌

Tacala

Investment,

FRN,

1M

USD

LIBOR

+

7.50%,

8.25%,

2/4/28

11,722‌

11,683‌

74,572‌

Retail

2.0%

At

Home

Group,

FRN,

1M

USD

LIBOR

+

4.25%,

4.75%,

7/24/28

7,350‌

7,328‌

CNT

Holdings

I,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

11/8/27

23,531‌

23,505‌

CNT

Holdings

I,

FRN,

1M

USD

LIBOR

+

6.75%,

7.50%,

11/6/28

8,845‌

8,978‌

Harbor

Freight

Tools

USA,

FRN,

1M

USD

LIBOR

+

2.75%,

3.25%,

10/19/27

17,092‌

17,022‌

Mattress

Firm,

FRN,

1M

USD

LIBOR

+

5.25%,

6.25%,

11/26/27

3,781‌

3,838‌

Petco

Health

&

Wellness,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

3/3/28

9,975‌

9,950‌

PetSmart,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

2/11/28

30,120‌

30,145‌

Rent-A-Center,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

2/17/28

5,387‌

5,405‌

Winterfell

Financing,

FRN,

3M

EURIBOR

+

3.50%,

3.50%,

5/4/28

(EUR)

2,350‌

2,753‌

108,924‌

Satellites

1.7%

Gogo

Intermediate

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

4/30/28

14,415‌

14,397‌

Intelsat

Jackson

Holdings,

8.625%,

1/2/24

4,160‌

4,225‌

Intelsat

Jackson

Holdings,

FRN,

1M

USD

LIBOR

+

5.50%,

6.50%,

7/13/22

5,778‌

5,801‌

Intelsat

Jackson

Holdings,

FRN,

1M

USD

PRIME

+

4.75%,

8.00%,

11/27/23 (2)

21,830‌

22,144‌

Intelsat

Jackson

Holdings,

FRN,

3M

USD

PRIME

+

5.50%,

8.75%,

1/2/24

1,520‌

1,545‌

Iridium

Satellite,

FRN,

1M

USD

LIBOR

+

2.50%,

3.25%,

11/4/26

34,102‌

34,027‌

Xplornet

Communications,

FRN,

1M

USD

LIBOR

+

4.75%,

4.835%,

6/10/27

10,290‌

10,268‌

92,407‌

Services

11.9%

Advantage

Sales

&

Marketing,

FRN,

1M

USD

LIBOR

+

5.25%,

6.00%,

10/28/27

10,766‌

10,823‌

AI

Aqua

Merger

Sub,

FRN,

1M

USD

LIBOR

+

4.00%,

6/17/28 (2)

11,325‌

11,319‌

AlixPartners

LLP,

FRN,

1M

USD

LIBOR

+

2.75%,

3.25%,

2/4/28

10,145‌

10,080‌

Allied

Universal

Holdco,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

5/12/28

4,425‌

4,423‌

All-Star

Bidco,

FRN,

1M

USD

LIBOR

+

3.50%,

7/21/28 (2)

12,385‌

12,313‌

APX

Group,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

7/10/28 (2)

14,910‌

14,854‌

Ascend

Learning,

FRN,

1M

USD

LIBOR

+

3.75%,

4.75%,

7/12/24

11,612‌

11,623‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

7

Par/Shares

$

Value

(Amounts

in

000s)

‡

Ascend

Learning,

FRN,

3M

USD

LIBOR

+

3.00%,

4.00%,

7/12/24 (2)

49,991‌

49,920‌

Broom

Holdings

Bidco,

FRN,

3M

EURIBOR

+

3.75%,

7/23/28

(EUR) (2)

5,565‌

6,577‌

Camelot

Finance,

FRN,

1M

USD

LIBOR

+

3.00%,

3.085%,

10/30/26

9,099‌

9,049‌

Camelot

U.S.

Acquisition,

FRN,

1M

USD

LIBOR

+

3.00%,

4.00%,

10/30/26

2,662‌

2,662‌

CoreLogic,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

6/2/28

33,400‌

33,243‌

CoreLogic,

FRN,

3M

USD

LIBOR

+

6.50%,

7.00%,

6/4/29

19,045‌

19,283‌

DG

Investment

Intermediate

Holdings

2,

FRN,

1M

USD

LIBOR

+

3.75%,

4.472%,

3/18/28

5,770‌

5,764‌

DG

Investment

Intermediate

Holdings

2,

FRN,

1M

USD

LIBOR

+

6.75%,

7.50%,

3/30/29

4,360‌

4,345‌

Dun

&

Bradstreet,

FRN,

1M

USD

LIBOR

+

3.25%,

3.338%,

2/6/26

12,144‌

12,046‌

EG

America,

FRN,

1M

USD

LIBOR

+

4.25%,

4.75%,

3/31/26

18,454‌

18,399‌

EG

America,

FRN,

3M

USD

LIBOR

+

4.00%,

4.147%,

2/7/25

16,509‌

16,387‌

EG

Finco,

FRN,

3M

EURIBOR

+

7.00%,

7.00%,

4/30/27

(EUR) (2)

16,965‌

20,152‌

GFL

Environmental,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

5/30/25

11,651‌

11,655‌

GI

Consilio

Parent,

FRN,

1M

USD

LIBOR

+

4.00%,

4.50%,

5/12/28

10,830‌

10,743‌

IG

Investments

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.75%,

5/23/25 (2)

13,942‌

13,941‌

Mermaid

Bidco,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

12/22/27

5,817‌

5,810‌

Presidio

Holdings,

FRN,

1M

USD

LIBOR

+

3.50%,

3.628%,

1/22/27

2,853‌

2,840‌

Prime

Security

Services

Borrower,

FRN,

1M

USD

LIBOR

+

2.75%,

3.50%,

9/23/26

6,918‌

6,903‌

Project

Boost

Purchaser,

FRN,

1M

USD

LIBOR

+

3.50%,

3.585%,

6/1/26

3,157‌

3,131‌

Project

Boost

Purchaser,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

5/30/26 (2)

13,980‌

13,928‌

Renaissance

Holdings,

FRN,

3M

USD

LIBOR

+

3.25%,

3.335%,

5/30/25

3,116‌

3,071‌

Renaissance

Holdings,

FRN,

3M

USD

LIBOR

+

7.00%,

7.085%,

5/29/26

9,920‌

9,922‌

Sabre

GLBL,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

12/17/27

22,875‌

22,698‌

SCS

Holdings

I,

FRN,

1M

USD

LIBOR

+

3.50%,

3.585%,

7/1/26

3,683‌

3,663‌

Staples,

FRN,

3M

USD

LIBOR

+

5.00%,

5.126%,

4/16/26

39,445‌

37,220‌

TK

Elevator

U.S.

Newco,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

7/30/27

31,074‌

31,031‌

Travel

Leaders

Group,

FRN,

3M

USD

LIBOR

+

4.00%,

1/25/24 (2)

10,275‌

9,504‌

TruGreen,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

11/2/27

1,716‌

1,718‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

TruGreen,

FRN,

1M

USD

LIBOR

+

8.50%,

9.25%,

11/2/28 (3)

6,734‌

6,869‌

UKG,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

5/4/26

52,582‌

52,582‌

UKG,

FRN,

1M

USD

LIBOR

+

6.75%,

7.50%,

5/3/27 (2)

73,047‌

74,097‌

USIC

Holdings,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

5/12/28

9,795‌

9,748‌

USIC

Holdings,

FRN,

1M

USD

LIBOR

+

6.50%,

7.25%,

5/14/29 (2)

8,270‌

8,322‌

VeriFone

Systems,

FRN,

3M

USD

LIBOR

+

4.00%,

4.129%,

8/20/25

7,385‌

7,113‌

Verisure

Holding,

FRN,

3M

EURIBOR

+

3.25%,

3.25%,

3/27/28

(EUR)

5,010‌

5,877‌

White

Cap

Buyer,

FRN,

1M

USD

LIBOR

+

4.00%,

4.50%,

10/19/27

12,158‌

12,160‌

637,808‌

Utilities

1.6%

Brookfield

WEC

Holdings,

FRN,

1M

USD

LIBOR

+

2.75%,

3.25%,

8/1/25

8,425‌

8,350‌

Eastern

Power,

FRN,

1M

USD

LIBOR

+

3.75%,

4.75%,

10/2/25

7,264‌

6,465‌

Exgen

Renewables

IV,

FRN,

1M

USD

LIBOR

+

2.50%,

3.50%,

12/15/27

18,597‌

18,534‌

Osmose

Utilities

Services,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

6/23/28

8,480‌

8,424‌

PG&E,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

6/23/25

35,019‌

33,502‌

Pike,

FRN,

1M

USD

LIBOR

+

3.00%,

3.09%,

1/21/28

8,884‌

8,841‌

84,116‌

Wireless

Communications

3.6%

Asurion,

FRN,

1M

USD

LIBOR

+

3.13%,

3.21%,

11/3/23

12,042‌

11,909‌

Asurion,

FRN,

1M

USD

LIBOR

+

3.25%,

3.335%,

12/23/26

24,449‌

23,964‌

Asurion,

FRN,

1M

USD

LIBOR

+

3.25%,

3.335%,

7/31/27

22,077‌

21,631‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

1/20/29 (2)

71,300‌

70,899‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

5.335%,

1/31/28

37,370‌

37,170‌

CCI

Buyer,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

12/17/27

21,351‌

21,392‌

CD&R

Firefly

Bidco,

FRN,

3M

GBP

LIBOR

+

8.25%,

8.334%,

6/1/26

(GBP)

4,505‌

6,143‌

193,108‌

Total

Bank

Loans

(Cost

$4,782,848)

4,815,642‌

CONVERTIBLE

PREFERRED

STOCKS

0.8%

Energy

0.3%

Targa

Resources,

Series A,

9.50%,

Acquisition

Date:

10/30/17

-

2/10/21,

Cost $17,159 (4)(5)

17‌

18,066‌

18,066‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

‡

Energy

Services

0.1%

NuStar

Energy,

VR,

10.75% (4)(6)

140‌

3,957‌

3,957‌

Health

Care

0.3%

Avantor,

Series A,

6.25%,

5/15/22

118‌

14,380‌

14,380‌

Insurance

0.0%

Alliant

Services,

Series A,

Acquisition

Date:

11/6/20,

Cost $2,856 (5)(7)

3‌

2,907‌

2,907‌

Utilities

0.1%

American

Electric

Power,

6.125%,

8/15/23

68‌

3,599‌

3,599‌

Total

Convertible

Preferred

Stocks

(Cost

$33,042)

42,909‌

CORPORATE

BONDS

5.5%

Aerospace

&

Defense

0.1%

TransDigm,

8.00%,

12/15/25 (6)

3,645‌

3,896‌

3,896‌

Airlines

0.9%

American

Airlines,

5.50%,

4/20/26 (6)

4,020‌

4,231‌

American

Airlines,

5.75%,

4/20/29 (6)

5,455‌

5,885‌

American

Airlines,

11.75%,

7/15/25 (6)

13,665‌

16,962‌

Delta

Air

Lines,

4.75%,

10/20/28 (6)

4,585‌

5,104‌

Delta

Air

Lines,

7.00%,

5/1/25 (6)

2,715‌

3,173‌

Hawaiian

Brand

Intellectual

Property,

5.75%,

1/20/26 (6)

2,670‌

2,807‌

Mileage

Plus

Holdings,

6.50%,

6/20/27 (6)

3,155‌

3,427‌

United

Airlines,

4.375%,

4/15/26 (6)

4,770‌

4,949‌

United

Airlines,

4.625%,

4/15/29 (6)

4,015‌

4,165‌

50,703‌

Automotive

0.2%

Adient

U.S.,

9.00%,

4/15/25 (6)

1,340‌

1,461‌

Clarios

Global,

6.25%,

5/15/26 (6)

5,769‌

6,086‌

Tenneco,

7.875%,

1/15/29 (6)

4,395‌

4,950‌

12,497‌

Banking

0.2%

Citizens

Bank,

FRN,

3M

USD

LIBOR

+

0.72%,

0.845%,

2/14/22

4,250‌

4,259‌

Goldman

Sachs

Group,

FRN,

3M

USD

LIBOR

+

0.78%,

0.909%,

10/31/22

4,170‌

4,175‌

8,434‌

Broadcasting

0.2%

Diamond

Sports

Group,

5.375%,

8/15/26 (6)

2,170‌

1,438‌

Townsquare

Media,

6.875%,

2/1/26 (6)

2,290‌

2,427‌

Univision

Communications,

9.50%,

5/1/25 (6)

3,820‌

4,154‌

Urban

One,

7.375%,

2/1/28 (6)

1,770‌

1,912‌

9,931‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Building

&

Real

Estate

0.1%

Cushman

&

Wakefield

U.S.

Borrower,

6.75%,

5/15/28 (6)

4,905‌

5,309‌

Realogy

Group,

7.625%,

6/15/25 (6)

1,425‌

1,532‌

6,841‌

Cable

Operators

0.3%

Altice

France

Holding,

10.50%,

5/15/27 (6)

6,960‌

7,621‌

Charter

Communications

Operating,

FRN,

3M

USD

LIBOR

+

1.65%,

1.776%,

2/1/24

5,540‌

5,688‌

13,309‌

Container

0.0%

Trivium

Packaging

Finance,

FRN,

3M

EURIBOR

+

3.75%,

3.75%,

8/15/26

(EUR) (6)

720‌

849‌

849‌

Drugs

0.1%

Bristol-Myers

Squibb,

FRN,

3M

USD

LIBOR

+

0.38%,

0.505%,

5/16/22

6,645‌

6,663‌

6,663‌

Energy

0.3%

CITGO

Petroleum,

7.00%,

6/15/25 (6)

3,990‌

4,080‌

NGL

Energy

Operating,

7.50%,

2/1/26 (6)

10,505‌

10,636‌

Tallgrass

Energy

Partners,

7.50%,

10/1/25 (6)

2,530‌

2,720‌

17,436‌

Entertainment

&

Leisure

0.2%

Carnival,

9.875%,

8/1/27 (6)

5,020‌

5,786‌

Deuce

Finco,

FRN,

3M

EURIBOR

+

4.75%,

4.75%,

6/15/27

(EUR) (6)

3,245‌

3,811‌

9,597‌

Financial

0.7%

Acrisure,

7.00%,

11/15/25 (6)

2,815‌

2,861‌

Acrisure,

10.125%,

8/1/26 (6)

8,475‌

9,534‌

Advisor

Group

Holdings,

10.75%,

8/1/27 (6)

3,585‌

3,957‌

Aretec

Escrow

Issuer,

7.50%,

4/1/29 (6)

6,455‌

6,778‌

AssuredPartners,

7.00%,

8/15/25 (6)

2,622‌

2,664‌

GTCR

AP

Finance,

8.00%,

5/15/27 (6)

3,965‌

4,193‌

HUB

International,

7.00%,

5/1/26 (6)

6,125‌

6,324‌

36,311‌

Health

Care

0.1%

Becton

Dickinson

&

Company,

FRN,

3M

USD

LIBOR

+

1.03%,

1.148%,

6/6/22

2,670‌

2,687‌

Surgery

Center

Holdings,

10.00%,

4/15/27 (6)

4,450‌

4,828‌

7,515‌

Information

Technology

0.5%

Boxer

Parent,

7.125%,

10/2/25 (6)

2,860‌

3,053‌

Boxer

Parent,

9.125%,

3/1/26 (6)

2,820‌

2,950‌

Expedia

Group,

6.25%,

5/1/25 (6)

1,761‌

2,034‌

Photo

Holdings

Merger

Sub,

8.50%,

10/1/26 (6)

13,650‌

14,776‌

Veritas

U.S.,

7.50%,

9/1/25 (6)

3,560‌

3,694‌

26,507‌

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

‡

Lodging

0.1%

Hilton

Domestic

Operating,

5.375%,

5/1/25 (6)

2,350‌

2,456‌

Marriott

International,

Series EE,

5.75%,

5/1/25

1,160‌

1,332‌

3,788‌

Metals

&

Mining

0.1%

Big

River

Steel,

6.625%,

1/31/29 (6)

4,802‌

5,222‌

5,222‌

Restaurants

0.0%

Yum!

Brands,

7.75%,

4/1/25 (6)

1,355‌

1,457‌

1,457‌

Satellites

0.1%

Intelsat

Jackson

Holdings,

9.50%,

9/30/22 (6)

4,625‌

5,492‌

5,492‌

Services

1.1%

Adtalem

Global

Education,

5.50%,

3/1/28 (6)

7,440‌

7,607‌

Allied

Universal

Holdco,

6.625%,

7/15/26 (6)

2,805‌

2,977‌

Allied

Universal

Holdco,

9.75%,

7/15/27 (6)

13,020‌

14,208‌

eG

Global

Finance,

8.50%,

10/30/25 (6)

790‌

828‌

Presidio

Holdings,

8.25%,

2/1/28 (6)

6,233‌

6,739‌

Prime

Security

Services

Borrower,

5.75%,

4/15/26 (6)

4,765‌

5,134‌

Sabre

GLBL,

9.25%,

4/15/25 (6)

7,600‌

8,750‌

Staples,

7.50%,

4/15/26 (6)

5,910‌

5,954‌

WASH

Multifamily

Acquisition,

5.75%,

4/15/26 (6)

4,440‌

4,640‌

56,837‌

Par/Shares

$

Value

(Amounts

in

000s)

‡

Telephones

0.2%

Verizon

Communications,

FRN,

SOFR

+

0.79%,

0.84%,

3/20/26

10,100‌

10,237‌

10,237‌

Total

Corporate

Bonds

(Cost

$283,195)

293,522‌

EQUITY

MUTUAL

FUNDS

0.1%

SPDR

Blackstone

/

GSO

Senior

Loan

ETF

150‌

6,873‌

Total

Equity

Mutual

Funds

(Cost

$6,776)

6,873‌

SHORT-TERM

INVESTMENTS

12.1%

Money

Market

Funds

12.0%

T.

Rowe

Price

Government

Reserve

Fund,

0.05% (8)(9)

643,460‌

643,460‌

643,460‌

U.S.

Treasury

Obligations

0.1%

U.S.

Treasury

Bills,

0.099%,

11/4/21

700‌

700‌

700‌

Total

Short-Term

Investments

(Cost

$644,160)

644,160‌

Total

Investments

in

Securities

108.6%

(Cost

$5,750,021)

$

5,803,106‌

Other

Assets

Less

Liabilities

(8.6)%

(460,959‌)

Net

Assets

100.0%

$

5,342,147‌

‡

Par/Shares

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Bank

loan

positions

may

involve

multiple

underlying

tranches.

In

those

instances,

the

position

presented

reflects

the

aggregate

of

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

of

the

settled

positions.

(2)

All

or

a

portion

of

this

loan

is

unsettled

as

of

August

31,

2021.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3)

Level

3

in

fair

value

hierarchy.

(4)

Perpetual

security

with

no

stated

maturity

date.

(5)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

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

$20,973

and

represents

0.4%

of

net

assets.

(6)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$262,438

and

represents

4.9%

of

net

assets.

(7)

Non-income

producing

(8)

Seven-day

yield

(9)

Affiliated

Companies

1M

CAD

CDOR

One

month

CAD

CDOR

(Canadian

Dollar

offered

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

10

.

3M

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

3M

GBP

LIBOR

Three

month

GBP

LIBOR

(London

interbank

offered

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

CAD

Canadian

Dollar

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

PRIME

Prime

rate

SOFR

Secured

overnight

financing

rate

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

11

(Amounts

in

000s)

SWAPS

0.0%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

American

Airlines

Group,

Caa1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/21

660

14

(16)

30‌

Citibank,

Protection

Sold

(Relevant

Credit:

American

Airlines

Group,

Caa1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/21

1,675

35

(5)

40‌

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

American

Airlines

Group,

Caa1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/21

1,390

29

(29)

58‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(50)

128‌

Total

Return

Swaps

0.0%

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Maturity,

Pay

Variable

0.135%

(3M

USD

LIBOR)

Quarterly,

9/20/21

*

22,270

128

—

128‌

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Maturity,

Pay

Variable

0.135%

(3M

USD

LIBOR)

Quarterly,

12/20/21

19,500

(79)

—

(79‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Maturity,

Pay

Variable

0.135%

(3M

USD

LIBOR)

Quarterly,

12/20/21

5,070

5

—

5‌

Total

Bilateral

Total

Return

Swaps

—

54‌

Total

Bilateral

Swaps

(50)

182‌

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.0)%

Credit

Default

Swaps,

Protection

Sold

(0.0)%

Protection

Sold

(Relevant

Credit:

American

Airlines

Group,

Caa1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/23

1,260

(7)

(58)

51‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

51‌

Total

Centrally

Cleared

Swaps

51‌

Net

payments

(receipts)

of

variation

margin

to

date

(50‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

1‌

*

Credit

ratings

as

of

August

31,

2021.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

12

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

10/22/21

USD

6,195‌

GBP

4,460‌

$

63‌

BNP

Paribas

11/19/21

USD

18,287‌

EUR

15,499‌

(42‌)

Citibank

11/19/21

USD

9,000‌

EUR

7,634‌

(28‌)

Morgan

Stanley

11/19/21

USD

27,320‌

EUR

23,133‌

(37‌)

State

Street

10/22/21

USD

12,116‌

CAD

15,475‌

(149‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(193‌)

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

13

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

August

31,

2021.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

$

—‌#

$

—‌

$

59‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/21

Purchase

Cost

Sales

Cost

Value

08/31/21

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

$

595,927‌

¤

¤

$

643,460‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$59

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

$643,460.

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

Unaudited

14

Notes

to

Portfolio

of

Investments

T.

Rowe

Price

Institutional

Floating

Rate

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus.

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

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

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the fund’s

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

15

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

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.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

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

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

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.

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

August

31,

2021

(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

$

—‌

$

293,522‌

$

—‌

$

293,522‌

Bank

Loans

—‌

4,651,133‌

164,509‌

4,815,642‌

Convertible

Preferred

Stocks

—‌

42,909‌

—‌

42,909‌

Equity

Mutual

Funds

6,873‌

—‌

—‌

6,873‌

Short-Term

Investments

643,460‌

700‌

—‌

644,160‌

Total

Securities

650,333‌

4,988,264‌

164,509‌

5,803,106‌

Swaps*

—‌

262‌

—‌

262‌

Forward

Currency

Exchange

Contracts

—‌

63‌

—‌

63‌

Total

$

650,333‌

$

4,988,589‌

$

164,509‌

$

5,803,431‌

Liabilities

Swaps

$

—‌

$

79‌

$

—‌

$

79‌

Forward

Currency

Exchange

Contracts

—‌

256‌

—‌

256‌

Total

$

—‌

$

335‌

$

—‌

$

335‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Institutional

Floating

Rate

Fund

16

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

August

31,

2021.

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,

2021,

totaled $(901,000) for

the

period ended

August

31,

2021.

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.

E170-054Q1

08/21

($000s)

Beginning

Balance

5/31/21

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Ending

Balance

8/31/21

Investment

in

Securities

Bank

Loans

$

193,996‌

$

(818‌)

$

48,972‌

$

(10,969‌)

$

4,371‌

$

(71,043‌)

$

164,509‌

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