Form N-CEN T. Rowe Price Institutio For: May 31
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E-mailX0404 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 000008348 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 GB 168633411.00000000 Morgan Stanley N/A N/A IGJSJL3JD5P30I6NJZ34 123720225.00000000 Wells Fargo & Company N/A N/A PBLD0EJDB5FWOLXP3B76 70670936.00000000 Deutsche Bank Aktiengesellschaft N/A N/A 7LTWFZYICNSX8D621K86 DE 64872509.00000000 Credit Suisse Group AG N/A N/A 549300506SI9CRFV9Z86 CH 129552251.00000000 The Goldman Sachs Group, Inc. N/A N/A 784F5XWPLTWKTBV3E584 151465397.00000000 Bank of America Corporation N/A N/A 9DJT3UXIJIZJI4WXO774 180872601.00000000 JP MORGAN CHASE & CO. N/A N/A 8I5DZWZKVSZI1NUHU748 180443660.00000000 1668477879.00000000 N 2001705782.00000000 0.00000000 N N N false false true false false false
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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