T. Rowe Price Institutional Income Funds NPORTP T. Rowe Price Institutional Floating Rate Fund (Aug 2022 report)

ROWE

PRICE

Institutional

Floating

Rate

Fund

August

31,

2022

(Unaudited)

Portfolio

Investments

‡

Par/Shares

Value

(Amounts

000s)

‡

BANK

LOANS

86.4%

(1)

Aerospace

Defense

1.2%

Brown

Group

Holding,

FRN,

TSFR

3.75%,

6.272%,

6/9/22 (2)

8,620‌

8,489‌

Dynasty

Acquisition,

FRN,

USD

LIBOR

3.50%,

6.024%,

4/6/26

15,581‌

14,993‌

Peraton,

FRN,

USD

LIBOR

3.75%,

6.274%,

2/1/28

7,843‌

7,608‌

Peraton,

FRN,

USD

LIBOR

7.75%,

10.141%,

2/1/29

6,850‌

6,504‌

Spirit

AeroSystems,

FRN,

USD

LIBOR

3.75%,

6.274%,

1/15/25

24,084‌

23,873‌

TransDigm,

FRN,

USD

LIBOR

2.25%,

4.774%,

12/9/25

7,813‌

7,599‌

69,066‌

Airlines

3.8%

AAdvantage

Loyalty

IP,

FRN,

USD

LIBOR

4.75%,

7.46%,

4/20/28

57,780‌

56,793‌

Air

Canada,

FRN,

USD

LIBOR

3.50%,

6.421%,

8/11/28

4,310‌

4,160‌

American

Airlines,

FRN,

USD

LIBOR

1.75%,

4.243%,

6/27/25

10,480‌

9,695‌

American

Airlines,

FRN,

USD

LIBOR

2.00%,

4.391%,

12/15/23

12,786‌

12,619‌

KKR

Apple

Bidco,

FRN,

USD

LIBOR

2.75%,

5.274%,

9/22/28

25,983‌

25,350‌

KKR

Apple

Bidco,

FRN,

USD

LIBOR

5.75%,

8.274%,

9/21/29

4,865‌

4,709‌

Mileage

Plus

Holdings,

FRN,

USD

LIBOR

5.25%,

7.313%,

6/21/27

57,950‌

58,774‌

SkyMiles

IP,

FRN,

USD

LIBOR

3.75%,

6.46%,

10/20/27

15,000‌

15,180‌

United

Airlines,

FRN,

USD

LIBOR

3.75%,

6.533%,

4/21/28

35,738‌

34,686‌

221,966‌

Automotive

2.2%

Adient

U.S.,

FRN,

USD

LIBOR

3.25%,

5.774%,

4/10/28

4,702‌

4,599‌

American

Auto

Auction

Group,

FRN,

TSFR

5.00%,

7.054%,

12/30/27

9,287‌

8,579‌

Autokiniton

U.S.

Holdings,

FRN,

USD

LIBOR

4.50%,

6.873%,

4/6/28

11,033‌

10,681‌

Clarios

Global,

FRN,

USD

LIBOR

3.25%,

5.774%,

4/30/26

9,410‌

9,146‌

Dexko

Global,

FRN,

USD

LIBOR

3.75%,

5.801%,

10/4/28

4,834‌

4,616‌

Driven

Holdings,

FRN,

USD

LIBOR

3.00%,

3.517%,

12/17/28 (3)

15,413‌

14,950‌

Group

OpCo

Acquistion,

FRN,

USD

LIBOR

3.25%,

6.58%,

11/2/27

7,810‌

7,592‌

Mavis

Tire

Express

Services

Topco,

FRN,

TSFR

4.00%,

6.375%,

5/4/28 (2)

29,336‌

28,552‌

Tenneco,

FRN,

USD

LIBOR

3.00%,

5.524%,

10/1/25

13,187‌

13,008‌

Wand

NewCo

FRN,

USD

LIBOR

3.00%,

5.524%,

2/5/26 (2)

31,229‌

29,918‌

131,641‌

Par/Shares

Value

(Amounts

000s)

‡

Broadcasting

3.4%

Clear

Channel

Outdoor

Holdings,

FRN,

USD

LIBOR

3.50%,

6.305%,

8/21/26

29,304‌

27,078‌

CMG

Media,

FRN,

USD

LIBOR

3.50%,

6.024%,

12/17/26 (2)

34,260‌

33,190‌

Scripps,

FRN,

USD

LIBOR

2.75%,

5.274%,

1/7/28

29,775‌

29,313‌

Gray

Television,

FRN,

USD

LIBOR

3.00%,

5.373%,

12/1/28

11,224‌

11,040‌

iHeartCommunications,

FRN,

USD

LIBOR

3.25%,

5.774%,

5/1/26

36,799‌

35,530‌

NEP

Group,

FRN,

USD

LIBOR

3.25%,

5.774%,

10/20/25

5,969‌

5,703‌

NEP

Group,

FRN,

USD

LIBOR

7.00%,

9.524%,

10/19/26

3,845‌

3,473‌

Univision

Communications,

FRN,

TSFR

4.25%,

6.254%,

6/10/29

7,335‌

7,188‌

Univision

Communications,

FRN,

USD

LIBOR

3.25%,

5.774%,

3/15/26

15,087‌

14,715‌

Univision

Communications,

FRN,

USD

LIBOR

3.25%,

5.774%,

1/31/29

30,548‌

29,578‌

196,808‌

Building

Products

0.9%

Chariot

Buyer,

FRN,

USD

LIBOR

3.50%,

6.024%,

11/3/28

21,303‌

20,238‌

Atlas

Buyer,

FRN,

USD

LIBOR

3.75%,

6.274%,

11/23/27

2,880‌

2,661‌

Hunter

Douglas,

FRN,

TSFR

3.50%,

6.34%,

2/26/29

14,215‌

12,388‌

Specialty

Building

Products

Holdings,

FRN,

USD

LIBOR

3.75%,

6.118%,

10/15/28

6,082‌

5,777‌

SRS

Distribution,

FRN,

TSFR

3.60%,

6.177%,

6/4/28

2,862‌

2,747‌

SRS

Distribution,

FRN,

USD

LIBOR

3.50%,

6.306%,

6/2/28

7,709‌

7,439‌

51,250‌

Cable

Operators

1.1%

Altice

France,

FRN,

USD

LIBOR

3.69%,

6.20%,

1/31/26

7,241‌

6,990‌

Altice

France,

FRN,

USD

LIBOR

4.00%,

6.905%,

8/14/26

24,246‌

23,445‌

Cablevision

Lightpath,

FRN,

USD

LIBOR

3.25%,

5.641%,

11/30/27

4,024‌

3,951‌

Directv

Financing,

FRN,

USD

LIBOR

5.00%,

7.524%,

8/2/27

18,553‌

17,714‌

Eagle

Broadband

Investments,

FRN,

USD

LIBOR

3.00%,

5.313%,

11/12/27

6,866‌

6,700‌

Radiate

Holdco,

FRN,

USD

LIBOR

3.25%,

5.774%,

9/25/26

9,103‌

8,670‌

67,470‌

Chemicals

1.7%

Aruba

Investments

Holdings,

FRN,

USD

LIBOR

4.00%,

6.444%,

11/24/27

15,822‌

15,189‌

Aruba

Investments

Holdings,

FRN,

USD

LIBOR

7.75%,

10.194%,

11/24/28

6,540‌

6,123‌

ROWE

PRICE

Institutional

Floating

Rate

Fund

Par/Shares

Value

(Amounts

000s)

‡

Avient,

FRN,

TSFR

3.25%,

7/27/29 (2)(3)

8,000‌

7,960‌

Iris

Holdco

FRN,

USD

LIBOR

3.50%,

5.602%,

10/2/28 (4)

12,839‌

12,176‌

Iris

Holdco

FRN,

USD

LIBOR

7.00%,

9.524%,

10/1/29 (3)

1,480‌

1,391‌

Eco

Services

Operations,

FRN,

USD

LIBOR

2.50%,

5.306%,

6/9/28

4,722‌

4,618‌

LSF11

HoldCo,

FRN,

TSFR

5.63%,

6.07%,

10/15/28

14,520‌

14,180‌

Nouryon

USA,

FRN,

USD

LIBOR

3.00%,

5.25%,

10/1/25 (2)

12,134‌

11,809‌

Vibrantz

Technologies,

FRN,

TSFR

4.25%,

6.977%,

2/2/92

7,860‌

7,020‌

Grace

Holdings,

FRN,

USD

LIBOR

3.75%,

6.063%,

9/22/28

18,872‌

18,479‌

98,945‌

Consumer

Products

1.0%

ABG

Intermediate

Holdings

FRN,

USD

LIBOR

3.25%,

5.774%,

9/27/24

8,943‌

8,824‌

Amer

Sports

Holding,

FRN,

EURIBOR

4.50%,

5.131%,

3/30/26

(EUR)

6,760‌

6,512‌

Life

Time,

FRN,

USD

LIBOR

4.75%,

7.82%,

12/16/24

7,269‌

7,161‌

Olaplex,

FRN,

TSFR

3.75%,

6.391%,

2/16/29 (3)

24,903‌

24,093‌

Peloton

Interactive,

FRN,

TSFR

6.50%,

8.346%,

5/25/27

3,635‌

3,562‌

PLNTF

Holdings,

FRN,

USD

LIBOR

8.00%,

10.096%,

3/22/26 (3)

3,776‌

3,663‌

United

Holdings,

FRN,

USD

LIBOR

8.50%,

10.75%,

12/30/26 (3)

5,159‌

4,985‌

58,800‌

Container

1.1%

Charter

Generation,

FRN,

USD

LIBOR

3.75%,

6.556%,

12/1/27

54,518‌

52,862‌

Kouti,

FRN,

EURIBOR

3.17%,

3.757%,

8/31/28

(EUR)

3,380‌

3,193‌

Proampac

Borrower,

FRN,

USD

LIBOR

3.75%,

6.458%,

11/3/25

7,882‌

7,652‌

63,707‌

Energy

1.4%

Brazos

Delaware

II,

FRN,

USD

LIBOR

4.00%,

6.368%,

5/21/25

9,085‌

8,987‌

Citgo

Holding,

FRN,

USD

LIBOR

7.00%,

9.524%,

8/1/23

3,323‌

3,315‌

CQP

Holdco,

FRN,

USD

LIBOR

3.75%,

6.00%,

6/5/28

7,696‌

7,537‌

ETX

Holdings

Midco,

FRN,

TSFR

4.50%,

8/11/29 (2)

11,995‌

11,808‌

Medallion

Midland

Acquisition,

FRN,

USD

LIBOR

3.75%,

6.274%,

10/18/28

24,131‌

23,739‌

Prairie

ECI

Acquiror,

FRN,

USD

LIBOR

4.75%,

7.274%,

3/11/26

23,330‌

22,189‌

Southwestern

Energy,

FRN,

TSFR

2.50%,

4.704%,

6/22/27

3,183‌

3,151‌

80,726‌

Par/Shares

Value

(Amounts

000s)

‡

Entertainment

Leisure

4.3%

Alchemy

Copyrights,

FRN,

USD

LIBOR

3.00%,

5.373%,

3/10/28 (3)

24,768‌

24,397‌

AMC

Entertainment

Holdings,

FRN,

USD

LIBOR

3.00%,

5.38%,

4/22/26

10,386‌

8,892‌

Delta

FRN,

USD

LIBOR

2.50%,

5.024%,

2/1/24

24,376‌

24,142‌

Dorna

Sports,

FRN,

EURIBOR

3.75%,

2/3/29

(EUR)

4,585‌

4,432‌

Pug,

FRN,

USD

LIBOR

4.25%,

6.774%,

2/13/27 (3)

16,648‌

15,691‌

SeaWorld

Parks

Entertainment,

FRN,

USD

LIBOR

3.00%,

5.563%,

8/25/28

48,285‌

47,415‌

SMG

U.S.

Midco

FRN,

USD

LIBOR

2.50%,

5.024%,

1/23/25

10,974‌

10,572‌

UFC

Holdings,

FRN,

USD

LIBOR

2.75%,

5.52%,

4/29/26 (2)

85,839‌

83,264‌

William

Morris

Endeavor

Entertainment,

FRN,

USD

LIBOR

2.75%,

5.28%,

5/18/25 (2)

33,261‌

32,113‌

250,918‌

Financial

12.1%

Acrisure,

FRN,

USD

LIBOR

3.50%,

6.024%,

2/15/27

19,250‌

18,404‌

Acrisure,

FRN,

USD

LIBOR

3.75%,

6.274%,

2/15/27

21,049‌

20,207‌

Acrisure,

FRN,

USD

LIBOR

4.25%,

6.774%,

2/15/27

21,288‌

20,632‌

Advisor

Group

Holdings,

FRN,

USD

LIBOR

4.50%,

7.024%,

7/31/26

4,774‌

4,647‌

Alliant

Holdings

Intermediate,

FRN,

USD

LIBOR

3.25%,

5.774%,

5/9/25

23,102‌

22,619‌

Alliant

Holdings

Intermediate,

FRN,

USD

LIBOR

3.50%,

5.877%,

11/5/27

54,135‌

52,619‌

Allspring

Buyer,

FRN,

TSFR

4.00%,

6.054%,

11/1/28

2,855‌

2,830‌

Allspring

Buyer,

FRN,

USD

LIBOR

4.00%,

6.054%,

11/1/28

4,191‌

4,129‌

Apollo

Commercial

Real

Estate

Finance,

FRN,

USD

LIBOR

3.50%,

5.944%,

3/11/28 (3)

4,060‌

3,898‌

Apollo

Commercial

Real

Estate

Finance,

FRN,

USD

LIBOR

2.75%,

5.274%,

5/15/26 (3)

2,393‌

2,297‌

Aretec

Group,

FRN,

USD

LIBOR

4.25%,

6.705%,

10/1/25

50,541‌

49,340‌

Armor

Holdco,

FRN,

USD

LIBOR

4.50%,

6.75%,

12/11/28

4,321‌

4,234‌

AssuredPartners,

FRN,

TSFR

3.50%,

5.955%,

2/12/27

26,040‌

25,299‌

AssuredPartners,

FRN,

USD

LIBOR

3.50%,

6.024%,

2/12/27

24,253‌

23,533‌

AssuredPartners,

FRN,

USD

LIBOR

3.50%,

6.024%,

2/12/27

9,087‌

8,828‌

Blackstone

Mortgage

Trust,

FRN,

TSFR

3.50%,

5.955%,

5/9/29 (3)

6,165‌

6,011‌

Citadel

Securities,

FRN,

TSFR

3.00%,

2/2/28 (2)

6,705‌

6,576‌

ROWE

PRICE

Institutional

Floating

Rate

Fund

Par/Shares

Value

(Amounts

000s)

‡

Claros

Mortgage

Trust,

FRN,

TSFR

4.50%,

6.993%,

8/9/26 (3)

4,908‌

4,774‌

Deerfield

Dakota

Holding,

FRN,

TSFR

5.00%,

7.563%,

4/9/27

7,143‌

6,951‌

Edelman

Financial

Engines

Center,

FRN,

USD

LIBOR

3.50%,

6.024%,

4/7/28 (2)

6,299‌

6,033‌

Edelman

Financial

Engines

Center,

FRN,

USD

LIBOR

6.75%,

9.274%,

7/20/26

13,794‌

12,599‌

EIG

Management,

FRN,

USD

LIBOR

3.75%,

6.274%,

2/24/25

9,205‌

9,021‌

Focus

Financial

Partners,

FRN,

USD

LIBOR

2.50%,

5.024%,

6/30/28

8,187‌

8,030‌

Hightower

Holding,

FRN,

USD

LIBOR

4.00%,

6.732%,

4/21/28

6,784‌

6,572‌

Howden

Group

Holdings,

FRN,

USD

LIBOR

3.25%,

5.813%,

11/12/27

4,345‌

4,228‌

HUB

International,

FRN,

USD

LIBOR

3.00%,

5.766%,

4/25/25

9,858‌

9,640‌

HUB

International,

FRN,

USD

LIBOR

3.25%,

5.981%,

4/25/25

131,150‌

129,006‌

Jones

Deslauriers

Insurance

Management,

FRN,

CAD

CDOR

4.25%,

6.45%,

3/27/28

(CAD)

6,440‌

4,658‌

Jones

Deslauriers

Insurance

Management,

FRN,

CAD

CDOR

4.25%,

7.748%,

3/27/28

(CAD) (3)

19,709‌

14,256‌

Jones

Deslauriers

Insurance

Management,

FRN,

CAD

CDOR

7.50%,

10.998%,

3/26/29

(CAD) (3)

5,949‌

4,326‌

KREF

Holdings

FRN,

USD

LIBOR

3.50%,

5.938%,

9/1/27 (3)

5,604‌

5,463‌

Nexus

Buyer,

FRN,

USD

LIBOR

3.75%,

6.274%,

11/9/26

2,964‌

2,873‌

Nexus

Buyer,

FRN,

USD

LIBOR

6.25%,

8.63%,

11/5/29

10,100‌

9,536‌

Ryan

Specialty

Group,

FRN,

USD

LIBOR

3.00%,

5.555%,

9/1/27

6,917‌

6,814‌

Sedgwick

Claims

Management

Services,

FRN,

USD

LIBOR

3.75%,

6.274%,

9/3/26

17,072‌

16,767‌

Sedgwick

Claims

Management

Services,

FRN,

USD

LIBOR

4.25%,

6.774%,

9/3/26

9,497‌

9,350‌

Sedgwick

Claims

Management

Services,

FRN,

USD

LIBOR

3.25%,

5.774%,

12/31/25

38,644‌

37,755‌

Starwood

Property

Mortgage,

FRN,

USD

LIBOR

3.25%,

5.774%,

7/26/26 (3)

1,613‌

1,572‌

Superannuation

Investments

U.S.,

FRN,

USD

LIBOR

3.75%,

6.274%,

12/1/28

10,318‌

10,112‌

Tegra118

Wealth

Solutions,

FRN,

USD

LIBOR

4.00%,

6.961%,

2/18/27

6,988‌

6,726‌

USI,

FRN,

USD

LIBOR

3.25%,

5.50%,

12/2/26

29,953‌

29,485‌

USI,

FRN,

USD

LIBOR

3.00%,

5.25%,

5/16/24

64,473‌

63,654‌

Par/Shares

Value

(Amounts

000s)

‡

VFH

Parent,

FRN,

TSFR

3.00%,

5.397%,

1/7/29

11,882‌

11,550‌

707,854‌

Food

1.7%

Naked

Juice,

FRN,

TSFR

6.10%,

8.154%,

1/20/30

22,507‌

20,556‌

Naked

Juice,

FRN,

TSFR

3.25%,

5.405%,

1/20/29

9,355‌

8,954‌

Primary

Products

Finance,

FRN,

USD

LIBOR

4.15%,

4.50%,

10/22/28

11,370‌

11,075‌

Simply

Good

Foods

USA,

FRN,

TSFR

3.25%,

6.181%,

7/7/24

8,928‌

8,888‌

Triton

Water

Holdings,

FRN,

USD

LIBOR

3.50%,

5.75%,

3/31/28

10,870‌

10,145‌

Woof

Holdings,

FRN,

USD

LIBOR

3.75%,

5.813%,

12/21/27

18,543‌

17,987‌

Woof

Holdings,

FRN,

USD

LIBOR

7.25%,

9.313%,

12/21/28

24,491‌

23,511‌

101,116‌

Gaming

1.6%

Aristocrat

Technologies,

FRN,

TSFR

2.25%,

4.404%,

5/24/29

4,840‌

4,779‌

Caesars

Resort

Collection,

FRN,

USD

LIBOR

3.50%,

6.024%,

7/21/25

17,914‌

17,743‌

Caesars

Resort

Collection,

FRN,

USD

LIBOR

2.75%,

5.274%,

12/23/24

10,348‌

10,202‌

Great

Canadian

Gaming,

FRN,

USD

LIBOR

4.00%,

6.096%,

11/1/26

17,085‌

16,718‌

HRNI

Holdings,

FRN,

USD

LIBOR

4.25%,

6.743%,

12/11/28 (3)

10,625‌

10,200‌

Playtika

Holding,

FRN,

USD

LIBOR

2.75%,

5.274%,

3/13/28

5,772‌

5,638‌

Scientific

Games

Holdings,

FRN,

TSFR

3.20%,

4.175%,

2/4/29

10,985‌

10,565‌

Scientific

Games

International,

FRN,

TSFR

3.00%,

5.407%,

4/7/29

16,655‌

16,364‌

92,209‌

Health

Care

15.0%

ADMI,

FRN,

USD

LIBOR

3.75%,

6.274%,

12/23/27

633‌

591‌

AthenaHealth

Group,

FRN,

TSFR

3.50%,

5.80%,

2/15/29 (4)

66,385‌

63,398‌

Auris

Luxembourg

III,

FRN,

USD

LIBOR

3.75%,

5.576%,

2/27/26

13,066‌

12,216‌

Azalea

Topco,

FRN,

TSFR

3.75%,

6.227%,

7/25/26 (3)

10,828‌

10,422‌

Azalea

Topco,

FRN,

USD

LIBOR

3.50%,

6.024%,

7/24/26

25,656‌

24,540‌

Azalea

Topco,

FRN,

USD

LIBOR

3.75%,

6.274%,

7/24/26

25,392‌

24,218‌

CAB

SELAS,

FRN,

EURIBOR

2.75%,

3.027%,

2/9/28

(EUR)

3,425‌

3,208‌

CHG

Healthcare

Services,

FRN,

USD

LIBOR

3.25%,

4.75%,

9/29/28

4,620‌

4,497‌

Curia

Global,

FRN,

USD

LIBOR

3.75%,

6.555%,

8/30/26

6,439‌

6,198‌

Diacine

France,

FRN,

EURIBOR

3.50%,

12/13/24

(EUR)

2,470‌

2,371‌

ROWE

PRICE

Institutional

Floating

Rate

Fund

Par/Shares

Value

(Amounts

000s)

‡

Embecta,

FRN,

TSFR

3.00%,

5.054%,

3/30/29

13,442‌

13,118‌

Eyecare

Partners,

FRN,

USD

LIBOR

6.75%,

9.00%,

11/15/29

2,400‌

2,208‌

Gainwell

Acquisition,

FRN,

USD

LIBOR

4.00%,

6.25%,

10/1/27

90,366‌

88,164‌

Heartland

Dental,

FRN,

TSFR

5.00%,

7.296%,

9/29/28

7,500‌

7,237‌

Heartland

Dental,

FRN,

USD

LIBOR

4.00%,

6.444%,

4/30/25

15,120‌

14,462‌

Heartland

Dental,

FRN,

USD

LIBOR

3.50%,

6.024%,

4/30/25

33,342‌

31,827‌

ICON

Luxembourg,

FRN,

USD

LIBOR

2.25%,

4.563%,

7/3/28

15,509‌

15,249‌

ICU

Medical,

FRN,

TSFR

2.50%,

4.554%,

12/14/28

8,038‌

7,845‌

Insulet,

FRN,

USD

LIBOR

3.25%,

5.774%,

5/4/28

43,135‌

42,056‌

LifePoint

Health,

FRN,

USD

LIBOR

3.75%,

6.274%,

11/16/25

22,082‌

21,371‌

Maravai

Intermediate

Holdings,

FRN,

TSFR

3.00%,

5.553%,

10/29/27

51,501‌

50,696‌

MED

ParentCo,

FRN,

USD

LIBOR

4.25%,

6.774%,

8/31/26

27,811‌

24,596‌

MED

ParentCo,

FRN,

USD

LIBOR

8.25%,

10.774%,

8/30/27

9,640‌

8,531‌

Medline

Borrower,

FRN,

USD

LIBOR

3.25%,

5.774%,

10/23/28

54,858‌

52,243‌

National

Mentor

Holdings,

FRN,

USD

LIBOR

3.75%,

6.127%,

3/2/28

8,844‌

7,473‌

National

Mentor

Holdings,

FRN,

USD

LIBOR

7.25%,

9.51%,

3/2/29

13,020‌

11,034‌

Netsmart,

FRN,

USD

LIBOR

4.00%,

6.524%,

10/1/27

4,240‌

4,128‌

Organon,

FRN,

USD

LIBOR

3.00%,

4.625%,

6/2/28

8,609‌

8,501‌

Padagis,

FRN,

USD

LIBOR

4.75%,

7.043%,

7/6/28 (3)

5,043‌

4,615‌

Pathway

Vet

Alliance,

FRN,

USD

LIBOR

3.75%,

6.00%,

3/31/27

16,589‌

15,619‌

Perrigo

Investments,

FRN,

TSFR

2.50%,

4.907%,

4/20/29 (3)

8,010‌

7,930‌

PetVet

Care

Centers,

FRN,

TSFR

5.00%,

7.25%,

2/14/25 (2)

19,280‌

18,846‌

PetVet

Care

Centers,

FRN,

USD

LIBOR

3.50%,

6.024%,

2/14/25

70,582‌

68,230‌

PetVet

Care

Centers,

FRN,

USD

LIBOR

2.75%,

5.274%,

2/14/25

3,207‌

3,074‌

PetVet

Care

Centers,

FRN,

USD

LIBOR

3.25%,

5.774%,

2/14/25

3,616‌

3,478‌

PetVet

Care

Centers,

FRN,

USD

LIBOR

6.25%,

8.774%,

2/13/26

27,663‌

26,764‌

Phoenix

Newco,

FRN,

USD

LIBOR

3.25%,

5.774%,

11/15/28

24,405‌

23,734‌

Phoenix

Newco,

FRN,

USD

LIBOR

6.50%,

9.024%,

11/15/29

26,130‌

24,693‌

Project

Ruby

Ultimate

Parent,

FRN,

USD

LIBOR

3.25%,

5.774%,

3/10/28

14,155‌

13,711‌

Radiology

Partners,

FRN,

USD

LIBOR

4.25%,

6.659%,

7/9/25

7,320‌

6,814‌

Par/Shares

Value

(Amounts

000s)

‡

Roar

BidCo,

FRN,

EURIBOR

3.20%,

3.539%,

2/17/28

(EUR)

4,850‌

4,614‌

SAM

Bidco,

FRN,

USD

LIBOR

3.25%,

5.50%,

12/13/24 (3)

3,245‌

3,067‌

Select

Medical,

FRN,

USD

LIBOR

2.50%,

5.03%,

3/6/25

6,501‌

6,349‌

Southern

Veterinary

Partners,

FRN,

USD

LIBOR

4.00%,

6.524%,

10/5/27

14,929‌

14,369‌

Southern

Veterinary

Partners,

FRN,

USD

LIBOR

7.75%,

10.274%,

10/5/28

1,200‌

1,144‌

Sunshine

Luxembourg

VII,

FRN,

USD

LIBOR

3.00%,

6.00%,

10/1/26

9,844‌

9,469‌

Surgery

Center

Holdings,

FRN,

USD

LIBOR

3.75%,

6.14%,

8/31/26

35,602‌

34,496‌

U.S.

Radiology

Specialists,

FRN,

USD

LIBOR

5.25%,

7.563%,

12/15/27

7,194‌

6,864‌

Waystar

Technologies,

FRN,

USD

LIBOR

4.00%,

6.524%,

10/22/26

17,424‌

17,025‌

877,303‌

Information

Technology

11.5%

Applied

Systems,

FRN,

USD

LIBOR

3.00%,

5.25%,

9/19/24 (2)

42,661‌

42,256‌

Applied

Systems,

FRN,

USD

LIBOR

5.50%,

7.75%,

9/19/25

41,948‌

41,458‌

AppLovin,

FRN,

USD

LIBOR

3.00%,

5.25%,

10/25/28

11,504‌

11,166‌

Boxer

Parent,

FRN,

USD

LIBOR

3.75%,

6.274%,

10/2/25

8,029‌

7,733‌

Boxer

Parent,

FRN,

USD

LIBOR

5.50%,

8.024%,

2/27/26

5,600‌

5,348‌

CCC

Intelligent

Solutions,

FRN,

USD

LIBOR

2.25%,

4.50%,

9/21/28

5,117‌

5,006‌

Central

Parent,

FRN,

TSFR

4.50%,

6.61%,

6/9/29

60,400‌

58,798‌

ConnectWise,

FRN,

USD

LIBOR

3.50%,

5.75%,

9/29/28

9,311‌

9,035‌

Conservice

Midco,

FRN,

USD

LIBOR

4.25%,

6.774%,

5/13/27

3,948‌

3,830‌

Delta

Topco,

FRN,

USD

LIBOR

7.25%,

9.336%,

12/1/28

7,620‌

6,814‌

ECI

Macola,

FRN,

USD

LIBOR

3.75%,

6.00%,

11/9/27

16,776‌

16,381‌

Entegris,

FRN,

TSFR

3.00%,

5.597%,

3/2/29

26,065‌

25,981‌

Epicor

Software,

FRN,

USD

LIBOR

3.25%,

5.774%,

7/30/27

82,917‌

80,343‌

Epicor

Software,

FRN,

USD

LIBOR

7.75%,

10.274%,

7/31/28

16,791‌

16,700‌

Hyland

Software,

FRN,

USD

LIBOR

3.50%,

6.024%,

7/1/24

15,560‌

15,343‌

Hyland

Software,

FRN,

USD

LIBOR

6.25%,

8.774%,

7/7/25

27,501‌

27,020‌

Infinite

Bidco,

FRN,

USD

LIBOR

3.25%,

5.50%,

3/2/28

4,736‌

4,600‌

Infinite

Bidco,

FRN,

USD

LIBOR

7.00%,

9.25%,

3/2/29

7,387‌

6,907‌

Magnite,

FRN,

USD

LIBOR

5.00%,

7.741%,

4/28/28

5,497‌

5,277‌

ROWE

PRICE

Institutional

Floating

Rate

Fund

Par/Shares

Value

(Amounts

000s)

‡

McAfee,

FRN,

TSFR

4.00%,

6.407%,

3/1/29

14,805‌

14,009‌

Sub

FRN,

USD

LIBOR

3.75%,

6.274%,

9/13/24

36,063‌

35,132‌

Sub

FRN,

USD

LIBOR

6.25%,

8.705%,

2/23/29

26,410‌

25,274‌

Sub

FRN,

USD

LIBOR

3.75%,

6.274%,

9/13/24

25,981‌

25,302‌

Mitchell

International,

FRN,

USD

LIBOR

6.50%,

9.57%,

10/15/29

13,651‌

12,807‌

Planview

Parent,

FRN,

USD

LIBOR

4.00%,

6.524%,

12/17/27

8,027‌

7,777‌

Proofpoint,

FRN,

USD

LIBOR

3.25%,

6.32%,

8/31/28

4,757‌

4,570‌

Proofpoint,

FRN,

USD

LIBOR

6.25%,

9.32%,

8/31/29

6,480‌

6,318‌

RealPage,

FRN,

USD

LIBOR

3.00%,

5.524%,

4/24/28

30,445‌

29,248‌

RealPage,

FRN,

USD

LIBOR

6.50%,

9.024%,

4/23/29

26,415‌

25,656‌

Shutterfly,

FRN,

USD

LIBOR

5.00%,

7.25%,

9/25/26

16,549‌

12,460‌

Sophia,

FRN,

TSFR

4.00%,

6.459%,

10/7/27

18,695‌

18,228‌

Sophia,

FRN,

USD

LIBOR

3.50%,

5.75%,

10/7/27

32,605‌

31,444‌

Sovos

Compliance,

FRN,

USD

LIBOR

4.50%,

7.024%,

8/11/28

4,848‌

4,708‌

Storable,

FRN,

TSFR

3.50%,

5.995%,

4/17/28

5,863‌

5,657‌

Tenable,

FRN,

USD

LIBOR

2.75%,

5.556%,

7/7/28

2,424‌

2,339‌

TIBCO

Software,

FRN,

USD

LIBOR

3.75%,

6.28%,

6/30/26

9,253‌

9,198‌

TIBCO

Software,

FRN,

USD

LIBOR

7.25%,

9.78%,

3/3/28

4,657‌

4,628‌

Uber

Technologies,

FRN,

USD

LIBOR

3.50%,

6.57%,

4/4/25

6,999‌

6,942‌

671,693‌

Lodging

0.4%

Aimbridge

Acquisition,

FRN,

USD

LIBOR

4.75%,

7.127%,

2/2/26

8,886‌

8,264‌

Aimbridge

Acquisition,

FRN,

USD

LIBOR

3.75%,

6.274%,

2/2/26

13,792‌

12,688‌

RHP

Hotel

Properties,

FRN,

USD

LIBOR

2.00%,

4.53%,

5/11/24

3,211‌

3,174‌

24,126‌

Manufacturing

3.3%

Engineered

Machinery

Holdings,

FRN,

USD

LIBOR

3.75%,

6.00%,

5/19/28

22,481‌

21,710‌

Engineered

Machinery

Holdings,

FRN,

USD

LIBOR

6.00%,

8.25%,

5/21/29

21,811‌

20,795‌

Engineered

Machinery

Holdings,

FRN,

USD

LIBOR

6.50%,

8.75%,

5/21/29

15,007‌

14,300‌

Engineered

Machinery

Holdings,

FRN,

EURIBOR

3.75%,

5/21/28

(EUR)

3,707‌

3,533‌

Par/Shares

Value

(Amounts

000s)

‡

Filtration

Group,

FRN,

USD

LIBOR

3.50%,

6.024%,

10/21/28

36,519‌

35,496‌

Filtration

Group,

FRN,

USD

LIBOR

3.00%,

5.524%,

3/31/25 (2)

46,575‌

45,724‌

LTI

Holdings,

FRN,

USD

LIBOR

4.50%,

7.024%,

7/24/26

2,673‌

2,537‌

LTI

Holdings,

FRN,

USD

LIBOR

4.50%,

7.024%,

7/24/26

2,060‌

1,955‌

LTI

Holdings,

FRN,

USD

LIBOR

3.25%,

5.774%,

9/6/25

945‌

894‌

LTI

Holdings,

FRN,

USD

LIBOR

6.75%,

9.274%,

9/6/26

9,853‌

9,194‌

Madison

IAQ,

FRN,

USD

LIBOR

3.25%,

4.524%,

6/21/28

11,305‌

10,890‌

Pro

Mach

Group,

FRN,

USD

LIBOR

4.00%,

6.489%,

8/31/28

15,516‌

15,154‌

SRAM,

FRN,

USD

LIBOR

2.75%,

5.367%,

5/18/28

11,372‌

11,088‌

Watlow

Electric

Manufacturing,

FRN,

USD

LIBOR

3.75%,

6.274%,

3/2/28

10‌

193,280‌

Metals

Mining

0.1%

Grinding

Media,

FRN,

USD

LIBOR

4.00%,

4.796%,

10/12/28 (3)

7,214‌

6,925‌

Publishing

0.1%

Cengage

Learning,

FRN,

USD

LIBOR

4.75%,

7.814%,

7/14/26

7,036‌

6,636‌

Restaurants

1.6%

Dave

Buster's,

FRN,

TSFR

5.00%,

7.455%,

6/29/29

22,385‌

21,844‌

IRB

Holding,

FRN,

TSFR

3.00%,

5.437%,

12/15/27

17,444‌

16,852‌

IRB

Holding,

FRN,

USD

LIBOR

2.75%,

5.274%,

2/5/25

40,284‌

39,395‌

MIC

Glen,

FRN,

USD

LIBOR

6.75%,

9.274%,

7/20/29

3,945‌

3,777‌

Tacala

Investment,

FRN,

USD

LIBOR

7.50%,

10.024%,

2/4/28

10,032‌

9,405‌

Tacala

Investment,

FRN,

USD

LIBOR

7.50%,

6.024%,

2/5/27

5,009‌

4,794‌

96,067‌

Retail

1.1%

Home

Group,

FRN,

USD

LIBOR

4.00%,

6.277%,

7/24/28

5,952‌

4,726‌

CNT

Holdings

FRN,

USD

LIBOR

3.50%,

5.812%,

11/8/27

17,953‌

17,520‌

CNT

Holdings

FRN,

USD

LIBOR

6.75%,

9.062%,

11/6/28

5,985‌

5,781‌

Petco

Health

Wellness,

FRN,

USD

LIBOR

3.25%,

5.50%,

3/3/28

7,066‌

6,840‌

PetSmart,

FRN,

USD

LIBOR

3.75%,

6.27%,

2/11/28

29,321‌

28,587‌

63,454‌

Satellites

1.1%

Iridium

Satellite,

FRN,

USD

LIBOR

2.50%,

5.024%,

11/4/26

41,924‌

41,348‌

ROWE

PRICE

Institutional

Floating

Rate

Fund

Par/Shares

Value

(Amounts

000s)

‡

Maxar

Technologies,

FRN,

TSFR

4.25%,

6.805%,

6/9/29

9,650‌

9,249‌

Xplornet

Communications,

FRN,

USD

LIBOR

4.00%,

6.524%,

10/2/28

9,052‌

8,345‌

Xplornet

Communications,

FRN,

USD

LIBOR

7.00%,

9.524%,

10/1/29 (3)

6,965‌

6,408‌

65,350‌

Services

10.4%

Advantage

Sales

Marketing,

FRN,

USD

LIBOR

4.50%,

6.876%,

10/28/27

11,633‌

10,896‌

Group

Holdings,

FRN,

TSFR

4.00%,

6.56%,

12/29/28

19,013‌

18,585‌

Aqua

Merger

Sub,

FRN,

TSFR

4.00%,

7/30/28 (2)

7,110‌

6,829‌

Aqua

Merger

Sub,

FRN,

USD

LIBOR

3.75%,

6.037%,

7/31/28

8,325‌

7,984‌

Albion

Acquisitions,

FRN,

USD

LIBOR

5.25%,

8.009%,

8/17/26

18,751‌

17,860‌

Allied

Universal

Holdco,

FRN,

USD

LIBOR

3.75%,

6.274%,

5/12/28

4,392‌

4,184‌

Anticimex

Global,

FRN,

USD

LIBOR

3.50%,

6.57%,

11/16/28

6,217‌

6,009‌

Anticimex

Global,

FRN,

USD

LIBOR

4.00%,

5.598%,

11/16/28

6,164‌

5,989‌

Ascend

Learning,

FRN,

USD

LIBOR

3.50%,

6.024%,

12/11/28

29,054‌

27,654‌

Ascend

Learning,

FRN,

USD

LIBOR

5.75%,

8.274%,

12/10/29

59,551‌

53,358‌

Broom

Holdings

Bidco,

FRN,

EURIBOR

3.75%,

8/24/28

(EUR)

6,925‌

6,613‌

Camelot

Finance,

FRN,

USD

LIBOR

3.00%,

5.524%,

10/30/26

4,067‌

3,963‌

Ceridian

HCM

Holding,

FRN,

USD

LIBOR

2.50%,

5.024%,

4/30/25

2,985‌

2,906‌

CoreLogic,

FRN,

USD

LIBOR

6.50%,

9.063%,

6/4/29

16,720‌

13,223‌

Investment

Intermediate

Holdings

FRN,

USD

LIBOR

3.75%,

6.274%,

3/31/28

11,143‌

10,888‌

Investment

Intermediate

Holdings

FRN,

USD

LIBOR

6.75%,

9.274%,

3/30/29

4,360‌

4,029‌

Dun

Bradstreet,

FRN,

USD

LIBOR

3.25%,

5.743%,

2/6/26

8,331‌

8,085‌

America,

FRN,

USD

LIBOR

4.25%,

6.50%,

3/31/26

8,321‌

8,126‌

America,

FRN,

USD

LIBOR

4.00%,

6.25%,

2/7/25

17,074‌

16,647‌

Finco,

FRN,

EURIBOR

7.00%,

4/30/27

(EUR)

16,965‌

15,110‌

GFL

Environmental,

FRN,

USD

LIBOR

3.00%,

5.806%,

5/30/25

23,763‌

23,604‌

Loyalty

Ventures,

FRN,

USD

LIBOR

4.50%,

7.024%,

11/3/27

6,002‌

4,336‌

Mermaid

Bidco,

FRN,

USD

LIBOR

3.50%,

6.302%,

12/22/27 (3)

11,441‌

10,869‌

Par/Shares

Value

(Amounts

000s)

‡

Prime

Security

Services

Borrower,

FRN,

USD

LIBOR

2.75%,

5.107%,

9/23/26

2,189‌

2,136‌

Project

Boost

Purchaser,

FRN,

USD

LIBOR

3.50%,

6.024%,

5/30/26

6,736‌

6,522‌

Project

Boost

Purchaser,

FRN,

USD

LIBOR

3.50%,

6.024%,

6/1/26

3,854‌

3,732‌

Renaissance

Holdings,

FRN,

TSFR

4.50%,

6.186%,

3/30/29

11,995‌

11,689‌

Renaissance

Holdings,

FRN,

USD

LIBOR

3.25%,

5.774%,

5/30/25 (2)

12,379‌

12,025‌

Renaissance

Holdings,

FRN,

USD

LIBOR

7.00%,

9.524%,

5/29/26

5,060‌

4,858‌

Sabre

GLBL,

FRN,

TSFR

4.25%,

6.805%,

6/30/28

7,646‌

7,251‌

Sabre

GLBL,

FRN,

TSFR

5.00%,

7.555%,

6/30/28 (3)

8,235‌

7,926‌

Sabre

GLBL,

FRN,

USD

LIBOR

3.50%,

6.024%,

12/17/27

4,827‌

4,513‌

Skopima

Consilio

Parent,

FRN,

USD

LIBOR

4.00%,

6.524%,

5/12/28

12,102‌

11,640‌

Staples,

FRN,

USD

LIBOR

5.00%,

7.782%,

4/16/26

21,692‌

19,054‌

Elevator

U.S.

Newco,

FRN,

USD

LIBOR

3.50%,

6.871%,

7/30/27

18,808‌

18,232‌

TruGreen,

FRN,

USD

LIBOR

4.00%,

6.524%,

11/2/27

1,699‌

1,627‌

TruGreen,

FRN,

USD

LIBOR

8.50%,

10.75%,

11/2/28 (3)

13,577‌

12,627‌

UKG,

FRN,

USD

LIBOR

3.25%,

5.535%,

5/4/26

54,210‌

52,439‌

UKG,

FRN,

USD

LIBOR

5.25%,

7.535%,

5/3/27

119,805‌

116,417‌

USIC

Holdings,

FRN,

USD

LIBOR

3.50%,

6.024%,

5/12/28

5,180‌

5,004‌

USIC

Holdings,

FRN,

USD

LIBOR

6.50%,

9.024%,

5/14/29

8,270‌

7,588‌

VeriFone

Systems,

FRN,

USD

LIBOR

4.00%,

6.997%,

8/20/25

9,490‌

8,743‌

White

Cap

Buyer,

FRN,

TSFR

3.75%,

6.272%,

10/19/27

4,357‌

4,201‌

605,971‌

Utilities

2.5%

Brookfield

WEC

Holdings,

FRN,

TSFR

3.75%,

6.19%,

8/1/25

21,915‌

21,542‌

Brookfield

WEC

Holdings,

FRN,

USD

LIBOR

2.75%,

5.274%,

8/1/25

10,691‌

10,422‌

Covanta

Holding,

FRN,

USD

LIBOR

2.50%,

5.024%,

11/30/28

7,320‌

7,158‌

Exgen

Renewables

IV,

FRN,

USD

LIBOR

2.50%,

5.57%,

12/15/27

16,233‌

15,996‌

PG&E,

FRN,

USD

LIBOR

3.00%,

5.563%,

6/23/25 (2)

49,406‌

48,387‌

Pike,

FRN,

TSFR

3.50%,

6.022%,

1/21/28

5,210‌

5,119‌

Pike,

FRN,

USD

LIBOR

3.00%,

5.53%,

1/21/28

14,444‌

14,104‌

TerraForm

Power

Operating,

FRN,

TSFR

2.75%,

5.115%,

5/30/29

25,025‌

24,775‌

147,503‌

ROWE

PRICE

Institutional

Floating

Rate

Fund

Par/Shares

Value

(Amounts

000s)

‡

Wireless

Communications

1.8%

Asurion,

FRN,

TSFR

4.00%,

6.401%,

8/19/28

9,360‌

8,721‌

Asurion,

FRN,

USD

LIBOR

3.25%,

5.774%,

12/23/26

12,127‌

11,088‌

Asurion,

FRN,

USD

LIBOR

3.25%,

5.774%,

7/31/27

12,632‌

11,538‌

Asurion,

FRN,

USD

LIBOR

5.25%,

7.774%,

1/31/28

16,785‌

14,351‌

Asurion,

FRN,

USD

LIBOR

5.25%,

7.774%,

1/20/29

55,160‌

46,817‌

CCI

Buyer,

FRN,

TSFR

4.00%,

6.054%,

12/17/27

8,153‌

7,827‌

CD&R

Firefly

Bidco,

FRN,

GBP

LIBOR

8.36%,

9.546%,

6/1/26

(GBP) (3)

3,300‌

3,469‌

103,811‌

Total

Bank

Loans

(Cost

$5,212,562)

5,054,595‌

CONVERTIBLE

PREFERRED

STOCKS

0.2%

Energy

0.1%

NuStar

Energy,

VR,

10.75% (5)(6)

140‌

4,238‌

Insurance

0.0%

Alliant

Services,

Series A,

Acquisition

Date:

11/6/20,

Cost $2,856 (7)(8)

3‌

2,791‌

Utilities

0.1%

American

Electric

Power,

6.125%,

8/15/23

68‌

3,748‌

Total

Convertible

Preferred

Stocks

(Cost

$9,961)

10,777‌

CORPORATE

BONDS

7.1%

Aerospace

Defense

0.2%

TransDigm,

8.00%,

12/15/25 (5)

11,850‌

12,117‌

Airlines

0.5%

American

Airlines,

5.75%,

4/20/29 (5)

5,455‌

4,916‌

American

Airlines,

11.75%,

7/15/25 (5)

15,825‌

17,408‌

Mileage

Plus

Holdings,

6.50%,

6/20/27 (5)

3,155‌

3,163‌

United

Airlines,

4.625%,

4/15/29 (5)

4,015‌

3,523‌

29,010‌

Automotive

0.9%

Ford

Motor

Credit,

4.063%,

11/1/24

6,300‌

6,118‌

Ford

Motor

Credit,

5.584%,

3/18/24

6,000‌

5,983‌

Rivian

Holdings,

FRN,

USD

LIBOR

5.625%,

7.177%,

10/15/26 (5)

39,265‌

36,320‌

Tenneco,

7.875%,

1/15/29 (5)

6,195‌

6,242‌

54,663‌

Par/Shares

Value

(Amounts

000s)

‡

Banking

0.1%

Morgan

Stanley,

FRN,

SOFR

1.165%,

3.374%,

4/17/25

7,500‌

7,446‌

Broadcasting

0.2%

Clear

Channel

Outdoor

Holdings,

5.125%,

8/15/27 (5)

7,000‌

6,265‌

iHeartCommunications,

5.25%,

8/15/27 (5)

1,270‌

1,146‌

Townsquare

Media,

6.875%,

2/1/26 (5)

3,235‌

3,009‌

Urban

One,

7.375%,

2/1/28 (5)

1,770‌

1,593‌

12,013‌

Cable

Operators

0.5%

Altice

France

Holding,

10.50%,

5/15/27 (5)

16,455‌

14,295‌

Radiate

Holdco,

4.50%,

9/15/26 (5)

15,245‌

13,111‌

27,406‌

Chemicals

0.2%

Avient,

5.75%,

5/15/25 (5)

6,000‌

5,903‌

Kobe

U.S.

Midco

9.25%,

11/1/26,

(9.25%

Cash

10.00%

PIK) (5)(9)

5,510‌

4,463‌

10,366‌

Energy

0.1%

NGL

Energy

Operating,

7.50%,

2/1/26 (5)

7,500‌

6,825‌

Entertainment

Leisure

0.2%

Carnival,

9.875%,

8/1/27 (5)

3,315‌

3,340‌

Cedar

Fair,

5.50%,

5/1/25 (5)

6,000‌

5,880‌

Deuce

Finco,

FRN,

EURIBOR

4.75%,

6/15/27

(EUR) (5)

3,245‌

2,906‌

12,126‌

Financial

1.2%

Acrisure,

7.00%,

11/15/25 (5)

2,815‌

2,650‌

Acrisure,

10.125%,

8/1/26 (5)

13,020‌

13,085‌

Advisor

Group

Holdings,

10.75%,

8/1/27 (5)

5,150‌

5,163‌

Issuer,

6.25%,

3/1/28 (5)

6,280‌

5,778‌

TTMT

Escrow

Issuer,

8.625%,

9/30/27 (5)

4,250‌

4,245‌

Alliant

Holdings

Intermediate,

6.75%,

10/15/27 (5)

3,230‌

2,935‌

Aretec

Escrow

Issuer,

7.50%,

4/1/29 (5)

8,930‌

7,680‌

AssuredPartners,

7.00%,

8/15/25 (5)

2,622‌

2,514‌

GTCR

Finance,

8.00%,

5/15/27 (5)

7,025‌

6,840‌

HUB

International,

7.00%,

5/1/26 (5)

10,620‌

10,394‌

Ryan

Specialty

Group,

4.375%,

2/1/30 (5)

1,060‌

946‌

USI,

6.875%,

5/1/25 (5)

10,620‌

10,275‌

72,505‌

Gaming

0.1%

International

Game

Technology,

6.50%,

2/15/25 (5)

6,655‌

6,605‌

Health

Care

0.3%

CHS,

8.00%,

12/15/27 (5)

6,785‌

5,971‌

HCA,

5.375%,

2/1/25

6,100‌

6,161‌

ROWE

PRICE

Institutional

Floating

Rate

Fund

Par/Shares

Value

(Amounts

000s)

‡

Mozart

Debt

Merger

Sub,

3.875%,

4/1/29 (5)

7,650‌

6,464‌

18,596‌

Information

Technology

0.2%

Photo

Holdings

Merger

Sub,

8.50%,

10/1/26 (5)

11,100‌

8,380‌

Lodging

0.1%

Hilton

Domestic

Operating,

5.375%,

5/1/25 (5)

6,000‌

5,940‌

Manufacturing

0.2%

Sensata

Technologies,

5.00%,

10/1/25 (5)

8,700‌

8,515‌

Sensata

Technologies,

5.625%,

11/1/24 (5)

3,165‌

3,181‌

11,696‌

Metals

Mining

0.1%

Big

River

Steel,

6.625%,

1/31/29 (5)

4,268‌

4,236‌

Satellites

0.4%

Connect

Finco,

6.75%,

10/1/26 (5)

10,715‌

9,777‌

Intelsat

Jackson

Holdings,

6.50%,

3/15/30 (5)

8,415‌

7,605‌

Maxar

Technologies,

7.75%,

6/15/27 (5)

6,845‌

6,794‌

24,176‌

Services

0.7%

Allied

Universal

Holdco,

6.625%,

7/15/26 (5)

2,805‌

2,615‌

Allied

Universal

Holdco,

9.75%,

7/15/27 (5)

15,840‌

14,335‌

Global

Finance,

8.50%,

10/30/25 (5)

790‌

735‌

Presidio

Holdings,

8.25%,

2/1/28 (5)

5,553‌

5,039‌

Sabre

GLBL,

7.375%,

9/1/25 (5)

10,910‌

10,392‌

Par/Shares

Value

(Amounts

000s)

‡

Sabre

GLBL,

9.25%,

4/15/25 (5)

6,975‌

6,923‌

40,039‌

Telephones

0.2%

Verizon

Communications,

FRN,

SOFRINDX

0.79%,

2.724%,

3/20/26

9,405‌

9,236‌

Utilities

0.6%

NextEra

Energy

Operating

Partners,

4.25%,

7/15/24 (5)

6,000‌

5,805‌

Vistra,

VR,

7.00% (5)(6)(10)

25,300‌

23,529‌

Vistra

Operations,

5.125%,

5/13/25 (5)

7,400‌

7,363‌

36,697‌

Wireless

Communications

0.1%

Sprint,

7.125%,

6/15/24

6,000‌

6,195‌

Total

Corporate

Bonds

(Cost

$448,639)

416,273‌

SHORT-TERM

INVESTMENTS

4.7%

Money

Market

Funds

4.6%

Rowe

Price

Government

Reserve

Fund,

2.36% (11)(12)

267,491‌

U.S.

Treasury

Obligations

0.1%

U.S.

Treasury

Bills,

1.186%,

10/6/22

4,500‌

4,490‌

Total

Short-Term

Investments

(Cost

$271,986)

271,981‌

Total

Investments

Securities

98.4%

(Cost

$5,943,148)

5,753,626‌

Other

Assets

Less

Liabilities

1.6%

95,603‌

Net

Assets

100.0%

5,849,229‌

‡

Par/Shares

and

Notional

Amount

are

denominated

U.S.

dollars

unless

otherwise

noted.

(1)

Bank

loan

positions

may

involve

multiple

underlying

tranches.

those

instances,

the

position

presented

reflects

the

aggregate

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

the

settled

positions.

(2)

All

portion

this

loan

unsettled

August

31,

2022.

The

interest

rate

for

unsettled

loans

will

determined

upon

settlement

after

period

end.

(3)

Level

fair

value

hierarchy.

(4)

All

portion

the

position

represents

unfunded

commitment;

liability

fund

the

commitment

has

been

recognized.

The

fund's

total

unfunded

commitments

August

31,

2022,

were

$13,719

and

were

valued

$13,666

(0.2%

net

assets).

(5)

Security

was

purchased

pursuant

Rule

144A

under

the

Securities

Act

1933

and

may

resold

transactions

exempt

from

registration

only

qualified

institutional

buyers.

Total

value

such

securities

period-end

amounts

$379,372

and

represents

6.5%

net

assets.

(6)

Perpetual

security

with

stated

maturity

date.

(7)

Non-income

producing

(8)

Security

cannot

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

1933

and

rules

("restricted

security").

Acquisition

date

represents

the

day

which

enforceable

right

acquire

such

security

obtained

and

presented

along

with

cost

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

such

registration

are

generally

borne

the

issuer.

The

aggregate

value

restricted

securities

(excluding

144A

holdings)

period

end

amounts

$2,791

and

represents

0.0%

net

assets.

ROWE

PRICE

Institutional

Floating

Rate

Fund

(9)

Security

has

the

ability

pay

in-kind

pay

cash.

When

applicable,

separate

rates

such

payments

are

disclosed.

(10)

Security

fix-to-float

security,

which

carries

fixed

coupon

until

certain

date,

upon

which

switches

floating

rate.

Reference

rate

and

spread

are

provided

the

rate

currently

floating.

(11)

Seven-day

yield

(12)

Affiliated

Companies

EURIBOR

One

month

EURIBOR

(Euro

interbank

offered

rate)

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

CAD

CDOR

Three

month

CAD

CDOR

(Canadian

Dollar

offered

rate)

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

GBP

LIBOR

Three

month

GBP

LIBOR

(London

interbank

offered

rate)

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

USD

LIBOR

Six

month

USD

LIBOR

(London

interbank

offered

rate)

CAD

Canadian

Dollar

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

PIK

Payment-in-kind

SOFR

Secured

overnight

financing

rate

SOFRINDX

(Secured

overnight

financing

rate)

Index

USD

U.S.

Dollar

Variable

Rate;

rate

shown

effective

rate

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

based

current

market

conditions.

ROWE

PRICE

Institutional

Floating

Rate

Fund

(Amounts

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)%

Goldman

Sachs,

Protection

Sold

(Relevant

Credit:

American

Airlines

Group,

Caa1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/23

392

(3)

(16)

13‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(16)

13‌

Total

Return

Swaps

0.0%

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Quarterly,

Pay

Variable

1.844%

(SOFR)

Maturity,

9/20/22

11,000

(310)

—

(310‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Quarterly,

Pay

Variable

2.290%

(SOFR)

Maturity,

9/20/22

22,270

(236)

—

(236‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Quarterly,

Pay

Variable

2.290%

(SOFR)

Maturity,

3/20/23

24,570

823

—

823‌

Morgan

Stanley,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Quarterly,

Pay

Variable

2.290%

(SOFR)

Maturity,

3/20/23

16,315

493

—

493‌

Total

Bilateral

Total

Return

Swaps

—

770‌

Total

Bilateral

Swaps

(16)

783‌

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

(11)

(58)

47‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

47‌

Total

Centrally

Cleared

Swaps

47‌

Net

payments

(receipts)

variation

margin

date

(48‌)

Variation

margin

receivable

(payable)

centrally

cleared

swaps

(1‌)

Credit

ratings

August

31,

2022.

Ratings

shown

are

from

Moody’s

Investors

Service

and

Moody’s

does

not

rate

security,

then

Standard

Poor’s

(S&P)

used.

Fitch

used

for

securities

that

are

not

rated

either

Moody’s

S&P.

Includes

interest

purchased

sold

but

not

yet

collected

$1.

ROWE

PRICE

Institutional

Floating

Rate

Fund

(Amounts

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

HSBC

Bank

10/21/22

USD

4,965‌

GBP

4,137‌

154‌

HSBC

Bank

11/25/22

USD

19,092‌

EUR

18,475‌

418‌

JPMorgan

Chase

10/21/22

USD

290‌

GBP

242‌

9‌

Morgan

Stanley

10/21/22

GBP

356‌

USD

420‌

(6‌)

State

Street

10/21/22

USD

7,778‌

CAD

10,262‌

(34‌)

State

Street

11/25/22

USD

18,800‌

EUR

18,199‌

405‌

UBS

Investment

Bank

10/21/22

USD

15,946‌

CAD

20,835‌

87‌

UBS

Investment

Bank

11/25/22

USD

38,104‌

EUR

36,858‌

849‌

Net

unrealized

gain

(loss)

open

forward

currency

exchange

contracts

1,882‌

ROWE

PRICE

Institutional

Floating

Rate

Fund

The

accompanying

notes

are

integral

part

this

Portfolio

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

1940

Act,

affiliated

company

one

which

the

fund

owns

the

outstanding

voting

securities,

company

that

under

common

ownership

control.

The

following

securities

were

considered

affiliated

companies

for

all

some

portion

the

three

months

ended

August

31,

2022.

Net

realized

gain

(loss),

investment

income,

change

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

Net

Unrealized

Gain/Loss

Investment

Income

Rowe

Price

Government

Reserve

Fund,

2.36%

—‌#

—‌

1,262‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/22

Purchase

Cost

Sales

Cost

Value

08/31/22

Rowe

Price

Government

Reserve

Fund,

2.36%

524,043‌

267,491‌^

Capital

gain

distributions

from

mutual

funds

represented

the

net

realized

gain

(loss).

Investment

income

comprised

$1,262

dividend

income

and

interest

income.

Purchase

and

sale

information

not

shown

for

cash

management

funds.

The

cost

basis

investments

affiliated

companies

was

$267,491.

ROWE

PRICE

Institutional

Floating

Rate

Fund

Unaudited

Notes

Portfolio

Investments

Rowe

Price

Institutional

Floating

Rate

Fund (the

fund) is

registered

under

the

Investment

Company

Act

1940

(the

1940

Act)

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

Investments

was

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(GAAP).

For

additional

information

the

fund’s

significant

accounting

policies

and

investment

disclosures,

please

refer

the

fund’s most

recent

semiannual

annual

shareholder

report

and

its

prospectus.

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

ET,

each

day

the

NYSE

open

for

business,

and

are

reported

fair

value,

which

GAAP

defines

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date. The

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

internal

committee

that

has

been

delegated

certain

responsibilities

the

fund’s

Board

Directors

(the

Board)

ensure

that

financial

instruments

are

appropriately

priced

fair

value

accordance

with

GAAP

and

the

1940

Act.

Subject

oversight

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

valuing

financial

instruments,

including

those

which

cannot

valued

accordance

with

normal

procedures

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

the

pricing

vendors;

oversees

the

pricing

process

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

the

Board

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

determine

the

fair

value

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

active

markets

for

identical

financial

instruments

that

the

fund

can

access

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

active

markets,

quoted

prices

for

identical

similar

financial

instruments

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the fund’s

own

assumptions

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

publicly

available

information

about

actual

events

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

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

price

the

financial

instrument.

GAAP

requires

valuation

techniques

maximize

the

use

relevant

observable

inputs

and

minimize

the

use

unobservable

inputs.

When

multiple

inputs

are

used

derive

fair

value,

the

financial

instrument

assigned

the

level

within

the

fair

value

hierarchy

based

the

lowest-level

input

that

significant

the

fair

value

the

financial

instrument.

Input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level

but

rather

the

degree

judgment

used

determining

those

values.

Valuation

Techniques

Debt

securities

generally

are

traded

the over-the-counter

(OTC)

market

and

are

valued

prices

furnished

independent

pricing

services

broker

dealers

who

make

markets

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

the

yield

price

bonds

comparable

quality,

coupon,

maturity,

and

type,

well

prices

quoted

dealers

who

make

markets

such

securities.

Equity

securities,

including

exchange-traded

funds, listed

regularly

traded

securities

exchange

the

over-the-counter

(OTC)

market

are

valued

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

the

mean

the

closing

bid

and

asked

prices.

security

that

listed

traded

than

one

exchange

valued

the

quotation

the

exchange

determined

the

primary

market

for

such

security.

Listed

securities

not

traded

particular

day

are

valued

the

mean

the

closing

bid

and

asked

prices

for

domestic

securities.

Investments

denominated

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

the

prevailing

exchange

rate,

using

the

mean

the

bid

and

asked

prices

such

currencies

against

U.S.

dollars

provided

outside

pricing

service.

ROWE

PRICE

Institutional

Floating

Rate

Fund

Investments

mutual

funds

are

valued

the

mutual

fund’s

closing

NAV

per

the

day

valuation.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

prices

furnished

independent

pricing

service

independent

swap

dealers.

Investments

for

which

market

quotations

market-based

valuations

are

not

readily

available

deemed

unreliable

are

valued

fair

value

determined

good

faith

the

Valuation

Committee,

accordance

with

fair

valuation

policies

and

procedures.

The

objective

any

fair

value

pricing

determination

arrive

price

that

could

reasonably

expected

from

current

sale.

Financial

instruments

fair

valued

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

determining

fair

value

vary

type

investment

and

may

include

market

investment

specific

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

actual

prices

arm’s

length

transactions,

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

reliably

obtained,

and

prices

are

deemed

representative

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

market-based

valuation

multiples;

discount

premium

from

market

value

similar,

freely

traded

security

the

same

issuer;

discounted

cash

flows;

yield

maturity;

some

combination.

Fair

value

determinations

are

reviewed

regular

basis

and

updated

information

becomes

available,

including

actual

purchase

and

sale

transactions

the

investment.

Because

any

fair

value

determination

involves

significant

amount

judgment,

there

degree

subjectivity

inherent

such

pricing

decisions,

and

fair

value

prices

determined

the

Valuation

Committee

could

differ

from

those

other

market

participants.

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

the

inputs

used

determine

their

fair

values

August

31,

2022

(for

further

detail

category,

please

refer

the

accompanying

Portfolio

Investments):

($000s)

Level

Total

Value

Assets

Corporate

Bonds

—‌

416,273‌

—‌

416,273‌

Bank

Loans

—‌

4,830,410‌

224,185‌

5,054,595‌

Convertible

Preferred

Stocks

—‌

10,777‌

—‌

10,777‌

Short-Term

Investments

267,491‌

4,490‌

—‌

271,981‌

Total

Securities

267,491‌

5,261,950‌

224,185‌

5,753,626‌

Swaps*

—‌

1,363‌

—‌

1,363‌

Forward

Currency

Exchange

Contracts

—‌

1,922‌

—‌

1,922‌

Total

267,491‌

5,265,235‌

224,185‌

5,756,911‌

Liabilities

Swaps

—‌

549‌

—‌

549‌

Forward

Currency

Exchange

Contracts

—‌

40‌

—‌

40‌

Total

—‌

589‌

—‌

589‌

The

fair

value

presented

includes

cumulative

gain

(loss)

centrally

cleared

swaps;

however,

the

net

value

reflected

the

accompanying

Portfolio

Investments

only

the

unsettled

variation

margin

receivable

(payable)

that

date.

ROWE

PRICE

Institutional

Floating

Rate

Fund

Following

reconciliation

the

fund’s

Level

holdings

for

the

period ended

August

31,

2022.

Gain

(loss)

reflects

both

realized

and

change

unrealized

gain/loss

Level

holdings

during

the

period,

any.

The

change

unrealized

gain/loss

Level

instruments

held

August

31,

2022,

totaled $523,000 for

the

period ended

August

31,

2022.

During

the

period,

transfers

into

Level

resulted

from

lack

observable

market

data

for

the

security

and

transfers

out

Level

were

because

observable

market

data

became

available

for

the

security.

The

fund’s

Level

investments

have

been

valued

using

unadjusted

inputs

that

have

not

been

internally

developed

the

fund,

including

third-party

transactions

and

indicative

broker

quotations.

result,

there

were

unobservable

inputs

that

have

been

internally

developed

the

fund

determining

the

fair

value

investments

August

31,

2022.

OTHER

MATTERS

Unpredictable

events

such

environmental

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

which

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

novel

strain

coronavirus

(COVID-19)

has

resulted

disruptions

global

business

activity

and

caused

significant

volatility

and

declines

global

financial

markets.

February

2022,

Russian

forces

entered

Ukraine

and

commenced

armed

conflict

leading

economic

sanctions

being

imposed

Russia

and

certain

its

citizens,

creating

impacts

Russian-related

stocks

and

debt

and

greater

volatility

global

markets.

These

are

recent

examples

global

events

which

may

have

impact

the

fund’s

performance,

which

could

negatively

impacted

the

value

portfolio

holding

were

harmed

these

and

such

other

events.

Management

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

E170-054Q1

08/22

($000s)

Beginning

Balance

5/31/22

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Transfer

Into

Level

Transfer

Out

Level

Ending

Balance

8/31/22

Investment

Securities

Bank

Loans

288,785‌

(2,797‌)

26,759‌

(65,914‌)

89,346‌

(111,994‌)

224,185‌

T. Rowe Price Institutional Income Funds NPORT-PT. Rowe Price Institutional Floating Rate Fund (Aug 2022 report)