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Form N-CEN T. Rowe Price Institutio For: May 31

August 8, 2022 2:47 PM EDT

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  X0404
  
    N-CEN
    
      LIVE
      
        
          0001169187
          XXXXXXXX
        
        811-21055
      
      
        false
        false
        false
      
      N-1A
    
    
      
        
          S000040861
          true
        
        
          S000020717
          true
        
        
          S000002134
          true
        
      
    
  
  
    
    
      T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
      811-21055
      0001169187
      5493006XJS7NAJMTOL28
      100 East Pratt Street
      Baltimore
      21202
      US-MD
      US
      410-345-2000
      
        
      
      
        
          T. Rowe Price Institutional Income Funds, Inc.
          100 East Pratt Street
          Baltimore
          
          21202
          410-345-2000
          All accounts, books, and other documents required to be maintained by the Registrant under Section 31(a) of the Investment Company Act of 1940 and the rules thereunder.
        
        
          State Street Corporation
          1776 Heritage Drive
          Quincy
          
          02171
          617-786-3000
          Custodian records for the Registrant.
        
        
          JPMorgan Chase Bank, London
          Woolgate House, Coleman Street
          London
          GB
          EC2P 2HD
          0 44 20 7742 4000
          Records related to the custody of Registrant's portfolio securities which are purchased outside the United States.
        
        
          The Bank of New York Mellon
          103 Bellevue Parkway
          Wilmington
          
          19809
          800-441-9800
          Fund accounting records.
        
        
          T. Rowe Price Services, Inc.
          100 East Pratt Street
          Baltimore
          
          21202
          410-345-2000
          Transfer, dividend disbursing, and shareholder service records.
        
      
      N
      N
      
      N-1A
      3
      Y
      
        
          Bruce W. Duncan
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Teresa Bryce Bazemore
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Paul F. McBride
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Kellye L. Walker
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Robert J. Gerrard, Jr.
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Eric L. Veiel
          003269676
          Y
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          David Oestreicher
          004594569
          Y
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
      
      
        
          Armando Capasso
          007152939
          100 East Pratt Street
          Baltimore
          
          21202
          XXXXXX
          Y
          
            
          
        
      
      N
      N
      N
      N
      
      N
      
        
        
      
      
        
          T. Rowe Price Investment Services, Inc.
          008-25130
          000008348
          N/A
          
          Y
        
      
      N
      
        
          PricewaterhouseCoopers LLP
          238
          5493002GVO7EO8RNNS37
          
        
      
      N
      N
      N
      N
      N
      N
      N
    
    
      
        T. Rowe Price Institutional Long Duration Credit Fund
        S000040861
        549300JVGLLNCSMFFB91
        N
        1
        0
        0
        
          
        
        N/A
        N
        N
        Y
        
          N
          N
        
        
          
            State Street Bank and Trust Company
            571474TGEMMWANRLN572
            N
            
              
                
              
              N
            
          
          
            JPMorgan Chase Bank
            7H6GLXDRUGQFU57RNE97
            N
            
              
                
              
              N
            
          
        
        
          
        
        
          Other
          Revenue sharing split
          Rebate
        
        345002.00000000
        1110.00000000
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
          Rule 32a-4 (17 CFR 270.32a-4)
        
        N
        N
        N
        N
        
          
            T. Rowe Price Associates, Inc.
            801-00856
            000105496
            7HTL8AEQSEDX602FBU63
            
            N
          
        
        
          
            T. Rowe Price Retirement Plan Services, Inc.
            084-01917
            N/A
            
            Y
            Y
          
          
            T. Rowe Price Services, Inc.
            084-01079
            N/A
            
            Y
            N
          
        
        N
        
          
            Bloomberg Finance L.P.
            5493001KJTIIGC8Y1R12
            
            N
          
          
            ICE Data Services
            13-3668779
            Tax ID
            
            N
          
          
            Refinitiv US Holdings Inc.
            549300NF240HXJO7N016
            
            N
          
          
            Markit North America, Inc.
            N/A
            
            N
          
        
        N
        
          
            Banco Nacional De Mexico S.A.
            2SFFM4FUIE05S37WFU55
            MX
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Skandinaviska Enskilda Banken AB, Helsinki Branch
            F3JS33DEI6XQ4ZBPTN86
            FI
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            FirstRand Bank Limited
            ZAYQDKTCATIXF9OQY690
            ZA
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Standard Chartered Bank (Thai) Public Company Limited
            549300O1LQYCQ7G1IM57
            TH
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Royal Bank of Canada
            ES7IP3U3RHIGC71XBU11
            CA
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            BNP Paribas Securities Services S.C.A. - Milan Branch
            549300WCGB70D06XZS54
            IT
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            UBS Switzerland AG
            549300WOIFUSNYH0FL22
            CH
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            UniCredit Bank Czech Republic and Slovakia, a.s.
            KR6LSKV3BTSJRD41IF75
            CZ
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            State Street Bank and Trust Company
            571474TGEMMWANRLN572
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            Deutsche Bank Aktiengesellschaft
            7LTWFZYICNSX8D621K86
            DE
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            JPMorgan Chase Bank, N.A. - Sydney Branch
            7H6GLXDRUGQFU57RNE97
            AU
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Mizuho Bank, Ltd.
            RB0PEZSDGCO3JS6CEU02
            JP
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            DBS Bank Ltd.
            ATUEL7OJR5057F2PV266
            SG
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            J.P. Morgan Bank Luxembourg S.A.
            7W1GMC6J4KGLBBUSYP52
            LU
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Santander Securities Services, S.A.
            95980020140005970915
            ES
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            UniCredit Bank Austria AG
            D1HEB8VEU6D9M8ZUXG17
            AT
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            JPMorgan Chase Bank, London
            7H6GLXDRUGQFU57RNE97
            GB
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Skandinaviska Enskilda Banken AB, Copenhagen Branch
            F3JS33DEI6XQ4ZBPTN86
            DK
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            JPMorgan Chase Bank, N.A.
            7H6GLXDRUGQFU57RNE97
            
            N
            Y
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            JPMorgan Chase Bank, N.A. - Hong Kong Branch
            7H6GLXDRUGQFU57RNE97
            HK
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            BNP Paribas Securities Services S.C.A. - Lisbon Branch
            549300WCGB70D06XZS54
            PT
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            EUROCLEAR BANK SA/NV
            549300OZ46BRLZ8Y6F65
            BE
            N
            Y
            Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)
          
          
            JPMorgan Chase Bank, N.A. - New Zealand Branch
            7H6GLXDRUGQFU57RNE97
            NZ
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            The Hongkong and Shanghai Banking Corporation Limited - Manila Branch
            2HI3YI5320L3RW6NJ957
            PH
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
        
        N
        
          
            T. Rowe Price Services, Inc.
            N/A
            
            Y
            N
          
          
            T. Rowe Price Retirement Plan Services, Inc.
            N/A
            
            Y
            Y
          
        
        N
        
          
            T. Rowe Price Associates, Inc.
            7HTL8AEQSEDX602FBU63
            
            Y
            N
          
        
        N
        
          
            T. Rowe Price Investment Services, Inc.
            008-25130
            000008348
            N/A
            
            0.00000000
          
        
        
          
            JP MORGAN CHASE & CO.
            N/A
            N/A
            8I5DZWZKVSZI1NUHU748
            
            185.00000000
          
          
            Morgan Stanley
            N/A
            N/A
            IGJSJL3JD5P30I6NJZ34
            
            289.00000000
          
          
            The Goldman Sachs Group, Inc.
            N/A
            N/A
            784F5XWPLTWKTBV3E584
            
            24.00000000
          
          
            Citigroup, Inc.
            N/A
            N/A
            6SHGI4ZSSLCXXQSBB395
            
            110.00000000
          
        
        608.00000000
        
          
            The Bank of Nova Scotia
            N/A
            N/A
            L3I9ZG2KFGXZ61BMYR72
            CA
            1899968.00000000
          
          
            Deutsche Bank Aktiengesellschaft
            N/A
            N/A
            7LTWFZYICNSX8D621K86
            DE
            1575319.00000000
          
          
            Citigroup Inc.
            N/A
            N/A
            6SHGI4ZSSLCXXQSBB395
            
            2910848.00000000
          
          
            Morgan Stanley
            N/A
            N/A
            IGJSJL3JD5P30I6NJZ34
            
            3103932.00000000
          
          
            JP MORGAN CHASE & CO.
            N/A
            N/A
            8I5DZWZKVSZI1NUHU748
            
            3283232.00000000
          
          
            HSBC HOLDINGS PLC
            N/A
            N/A
            MLU0ZO3ML4LN2LL2TL39
            GB
            2390886.00000000
          
          
            BARCLAYS PLC
            N/A
            N/A
            213800LBQA1Y9L22JB70
            GB
            2465558.00000000
          
          
            BNP PARIBAS
            N/A
            N/A
            R0MUWSFPU8MPRO8K5P83
            FR
            1930735.00000000
          
          
            Bank of America Corporation
            N/A
            N/A
            9DJT3UXIJIZJI4WXO774
            
            2669998.00000000
          
          
            Jane Street Execution Services, LLC
            008-69254
            000167280
            549300HXJLXCPDWAH070
            
            17076530.00000000
          
        
        43027444.00000000
        N
        26818871.00000000
        0.00000000
        N
        N
        N
        N
      
      
        T. Rowe Price Institutional Floating Rate Fund
        S000020717
        863VOPTBPYYVTH00FU88
        N
        3
        0
        0
        
          
          
          
        
        N/A
        N
        N
        Y
        N
        N/A
        N/A
        N/A
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
          Rule 12d1-4 (17 CFR 270.12d1-4)
          Rule 32a-4 (17 CFR 270.32a-4)
        
        Y
        Y
        N
        N
        
          
            T. Rowe Price Associates, Inc.
            801-00856
            000105496
            7HTL8AEQSEDX602FBU63
            
            N
          
        
        
          
            T. Rowe Price Retirement Plan Services, Inc.
            084-01917
            N/A
            
            Y
            Y
          
          
            T. Rowe Price Services, Inc.
            084-01079
            N/A
            
            Y
            N
          
        
        N
        
          
            Refinitiv US Holdings Inc.
            549300NF240HXJO7N016
            
            N
          
          
            ICE Data Services
            13-3668779
            Tax ID
            
            N
          
          
            Bloomberg Finance L.P.
            5493001KJTIIGC8Y1R12
            
            N
          
          
            Markit North America, Inc.
            N/A
            
            N
          
        
        N
        
          
            UniCredit Bank Austria AG
            D1HEB8VEU6D9M8ZUXG17
            AT
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            BNP Paribas Securities Services S.C.A. - Milan Branch
            549300WCGB70D06XZS54
            IT
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            JPMorgan Chase Bank, N.A.
            7H6GLXDRUGQFU57RNE97
            
            N
            Y
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            Royal Bank of Canada
            ES7IP3U3RHIGC71XBU11
            CA
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            State Street Bank and Trust Company
            571474TGEMMWANRLN572
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            Mizuho Bank, Ltd.
            RB0PEZSDGCO3JS6CEU02
            JP
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            J.P. Morgan Bank Luxembourg S.A.
            7W1GMC6J4KGLBBUSYP52
            LU
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            JPMorgan Chase Bank, London
            7H6GLXDRUGQFU57RNE97
            GB
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Deutsche Bank Aktiengesellschaft
            7LTWFZYICNSX8D621K86
            DE
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            EUROCLEAR BANK SA/NV
            549300OZ46BRLZ8Y6F65
            BE
            N
            Y
            Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)
          
          
            Skandinaviska Enskilda Banken AB, Helsinki Branch
            F3JS33DEI6XQ4ZBPTN86
            FI
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            UBS Switzerland AG
            549300WOIFUSNYH0FL22
            CH
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
        
        N
        
          
            T. Rowe Price Services, Inc.
            N/A
            
            Y
            N
          
          
            T. Rowe Price Retirement Plan Services, Inc.
            N/A
            
            Y
            Y
          
        
        N
        
          
            T. Rowe Price Associates, Inc.
            7HTL8AEQSEDX602FBU63
            
            Y
            N
          
        
        N
        
          
            T. Rowe Price Investment Services, Inc.
            008-25130
            000008348
            N/A
            
            0.00000000
          
        
        0.00000000
        
          
            Jefferies Financial Group Inc.
            N/A
            N/A
            549300HOF34RGOJ5YL07
            
            601056322.00000000
          
          
            Citigroup Inc.
            N/A
            N/A
            6SHGI4ZSSLCXXQSBB395
            
            275300700.00000000
          
          
            JP MORGAN CHASE & CO.
            N/A
            N/A
            8I5DZWZKVSZI1NUHU748
            
            839940840.00000000
          
          
            The Goldman Sachs Group, Inc.
            N/A
            N/A
            784F5XWPLTWKTBV3E584
            
            500769398.00000000
          
          
            Credit Suisse Group AG
            N/A
            N/A
            549300506SI9CRFV9Z86
            CH
            551147778.00000000
          
          
            Deutsche Bank Aktiengesellschaft
            N/A
            N/A
            7LTWFZYICNSX8D621K86
            DE
            308209961.00000000
          
          
            Bank of America Corporation
            N/A
            N/A
            9DJT3UXIJIZJI4WXO774
            
            756022845.00000000
          
          
            Royal Bank of Canada
            N/A
            N/A
            ES7IP3U3RHIGC71XBU11
            CA
            270126744.00000000
          
          
            Morgan Stanley
            N/A
            N/A
            IGJSJL3JD5P30I6NJZ34
            
            631608587.00000000
          
          
            BARCLAYS PLC
            N/A
            N/A
            213800LBQA1Y9L22JB70
            GB
            554017104.00000000
          
        
        6405246786.00000000
        N
        6106673577.00000000
        0.00000000
        
          
            
              Committed
              850000000.00000000
              
                
                
                
                
                
                
                
                
                
                
                
                
                
              
              
                
                
              
              N
            
          
        
        N
        N
        N
      
      
        T. Rowe Price Institutional High Yield Fund
        S000002134
        E81VH37I6Q4XM5FXIK06
        N
        2
        0
        0
        
          
          
        
        N/A
        N
        N
        Y
        N
        
          
            JPMorgan Chase Bank
            7H6GLXDRUGQFU57RNE97
            N
            
              
                
              
              N
            
          
          
            State Street Bank and Trust Company
            571474TGEMMWANRLN572
            N
            
              
                
              
              N
            
          
        
        
          Other
          Revenue sharing split
          Rebate
        
        2650657.00000000
        81392.00000000
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
          Rule 12d1-4 (17 CFR 270.12d1-4)
          Rule 32a-4 (17 CFR 270.32a-4)
        
        Y
        Y
        N
        N
        
          
            T. Rowe Price Associates, Inc.
            801-00856
            000105496
            7HTL8AEQSEDX602FBU63
            
            N
          
        
        
          
            T. Rowe Price Retirement Plan Services, Inc.
            084-01917
            N/A
            
            Y
            Y
          
          
            T. Rowe Price Services, Inc.
            084-01079
            N/A
            
            Y
            N
          
        
        N
        
          
            Refinitiv US Holdings Inc.
            549300NF240HXJO7N016
            
            N
          
          
            Bloomberg Finance L.P.
            5493001KJTIIGC8Y1R12
            
            N
          
          
            Markit North America, Inc.
            N/A
            
            N
          
          
            ICE Data Services
            13-3668779
            Tax ID
            
            N
          
        
        N
        
          
            Skandinaviska Enskilda Banken AB, Oslo Branch
            F3JS33DEI6XQ4ZBPTN86
            NO
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            JPMorgan Chase Bank, London
            7H6GLXDRUGQFU57RNE97
            GB
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            J.P. Morgan Bank Luxembourg S.A.
            7W1GMC6J4KGLBBUSYP52
            LU
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Bank Handlowy w Warszawie Spolka Akcyjna
            XLEZHWWOI4HFQDGL4793
            PL
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            JPMorgan Chase Bank, N.A. - New Zealand Branch
            7H6GLXDRUGQFU57RNE97
            NZ
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            JPMorgan Chase Bank, N.A.
            7H6GLXDRUGQFU57RNE97
            
            N
            Y
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            Mizuho Bank, Ltd.
            RB0PEZSDGCO3JS6CEU02
            JP
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            State Street Bank and Trust Company
            571474TGEMMWANRLN572
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            The Hongkong and Shanghai Banking Corporation Limited - Manila Branch
            2HI3YI5320L3RW6NJ957
            PH
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            EUROCLEAR BANK SA/NV
            549300OZ46BRLZ8Y6F65
            BE
            N
            Y
            Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)
          
          
            UBS Switzerland AG
            549300WOIFUSNYH0FL22
            CH
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            BNP Paribas Securities Services S.C.A. - Milan Branch
            549300WCGB70D06XZS54
            IT
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            JPMorgan Chase Bank, N.A. - Sydney Branch
            7H6GLXDRUGQFU57RNE97
            AU
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Royal Bank of Canada
            ES7IP3U3RHIGC71XBU11
            CA
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Deutsche Bank Aktiengesellschaft
            7LTWFZYICNSX8D621K86
            DE
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
        
        N
        
          
            T. Rowe Price Services, Inc.
            N/A
            
            Y
            N
          
          
            T. Rowe Price Retirement Plan Services, Inc.
            N/A
            
            Y
            Y
          
        
        N
        
          
            T. Rowe Price Associates, Inc.
            7HTL8AEQSEDX602FBU63
            
            Y
            N
          
        
        N
        
          
            T. Rowe Price Investment Services, Inc.
            008-25130
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            N/A
            
            0.00000000
          
        
        
          
            Raymond James Financial, Inc.
            N/A
            N/A
            RGUZHJ05YTITL6D76949
            
            1.00000000
          
          
            Virtu Financial Capital Markets LLC
            N/A
            N/A
            5493001OPW2K42CH3884
            
            165.00000000
          
          
            The Goldman Sachs Group, Inc.
            N/A
            N/A
            784F5XWPLTWKTBV3E584
            
            6317.00000000
          
          
            EVERCORE GROUP L.L.C.
            008-49830
            000042405
            5493008F0LRLS5N8LZ81
            
            38.00000000
          
          
            STIFEL NICOLAUS EUROPE LIMITED
            N/A
            N/A
            213800BVEFNZ8UYPKL03
            GB
            10.00000000
          
        
        6533.00000000
        
          
            Jefferies Financial Group Inc.
            N/A
            N/A
            549300HOF34RGOJ5YL07
            
            51668806.00000000
          
          
            Citigroup Inc.
            N/A
            N/A
            6SHGI4ZSSLCXXQSBB395
            
            95206525.00000000
          
          
            BARCLAYS PLC
            N/A
            N/A
            213800LBQA1Y9L22JB70
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            168633411.00000000
          
          
            Morgan Stanley
            N/A
            N/A
            IGJSJL3JD5P30I6NJZ34
            
            123720225.00000000
          
          
            Wells Fargo & Company
            N/A
            N/A
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            70670936.00000000
          
          
            Deutsche Bank Aktiengesellschaft
            N/A
            N/A
            7LTWFZYICNSX8D621K86
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            64872509.00000000
          
          
            Credit Suisse Group AG
            N/A
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            549300506SI9CRFV9Z86
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            129552251.00000000
          
          
            The Goldman Sachs Group, Inc.
            N/A
            N/A
            784F5XWPLTWKTBV3E584
            
            151465397.00000000
          
          
            Bank of America Corporation
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            180872601.00000000
          
          
            JP MORGAN CHASE & CO.
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            N/A
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            180443660.00000000
          
        
        1668477879.00000000
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Report of Independent Registered Public Accounting Firm

To the Board of Directors of T. Rowe Price Institutional Income Funds, Inc. and Shareholders of T. Rowe Price Institutional Floating Rate Fund, T. Rowe Price Institutional High Yield Fund, and T. Rowe Price Institutional Long Duration Credit Fund

In planning and performing our audit of the financial statements of T. Rowe Price Institutional Floating Rate Fund, T. Rowe Price Institutional High Yield Fund, and T. Rowe Price Institutional Long Duration Credit Fund (constituting T. Rowe Price Institutional Income Funds, Inc., hereafter collectively referred to as the "Funds") as of and for the year ended May 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds' internal control over financial reporting.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of May 31, 2022.

This report is intended solely for the information and use of the Board of Directors of T. Rowe Price Institutional Income Funds, Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

July 20, 2022

PricewaterhouseCoopers LLP, 100 East Pratt Street, Suite 2600, Baltimore, Maryland 21202-1096 T: 410 783 7600, www.pwc.com/us




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