Results
T.Rowe Price Institutional Income Funds Inc.
01/22/2026 | Press release | Distributed by Public on 01/22/2026 08:33
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21055
T. Rowe Price Institutional Income Funds, Inc.
(Exact name of registrant as specified in charter)
1307 Point Street, Baltimore, MD 21231
(Address of principal executive offices)
David Oestreicher
1307 Point Street, Baltimore, MD 21231
(Name and address of agent for service)
Registrant's telephone number, including area code: (410) 345-2000
Date of fiscal year end: May 31
Date of reporting period: November 30, 2025
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
November 30, 2025
Institutional Long Duration Credit Fund
(RPLCX)
This semi-annual shareholder report contains important information about Institutional Long Duration Credit Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Institutional Long Duration Credit Fund
|
$23
|
0.45%
|
What are some fund statistics?
Fund Statistics
|
Total Net Assets (000s)
|
$209,298
|
|
Number of Portfolio Holdings
|
438
|
|
Portfolio Turnover Rate
|
19.3%
|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
|
Corporate Bonds
|
78.2%
|
|
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
|
8.8
|
|
Municipal Securities
|
6.1
|
|
Foreign Government Obligations & Municipalities
|
5.4
|
|
Securities Lending Collateral
|
1.2
|
|
U.S. Government & Agency Mortgage-Backed Securities
|
0.3
|
|
Short-Term and Other
|
-
|
Top Ten Holdings(as a % of Net Assets)
|
U.S. Treasury Bonds
|
6.4%
|
|
U.S. Treasury Notes
|
2.4
|
|
AT&T
|
2.2
|
|
UnitedHealth Group
|
2.2
|
|
Oracle
|
1.7
|
|
Goldman Sachs Group
|
1.5
|
|
JPMorgan Chase
|
1.4
|
|
CVS Health
|
1.4
|
|
Verizon Communications
|
1.3
|
|
United Mexican States
|
1.3
|
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202505-4461501
E151-053 1/26
Institutional Long Duration Credit Fund
(RPLCX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR,applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR.No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies.
(a - b) Report pursuant to Regulation S-X.
Financial
Statements
and
Other
Information
November
30,
2025
Institutional
Long
Duration
Credit
Fund
T.
ROWE
PRICE
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
T.
Rowe
Price
Institutional
Long
Duration
Credit
Fund
Unaudited
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
7
.30
$
7
.52
$
7
.77
$
8
.59
$
10
.70
$
11
.00
Investment
activities
Net
investment
income
(1)(2)
0
.19
0
.38
0
.37
0
.34
0
.33
0
.36
Net
realized
and
unrealized
gain/
loss
0
.40
(
0
.18
)
(
0
.21
)
(
0
.79
)
(
1
.76
)
0
.15
Total
from
investment
activities
0
.59
0
.20
0
.16
(
0
.45
)
(
1
.43
)
0
.51
Distributions
Net
investment
income
(
0
.20
)
(
0
.42
)
(
0
.41
)
(
0
.37
)
(
0
.38
)
(
0
.41
)
Net
realized
gain
-
-
-
-
(
0
.27
)
(
0
.40
)
Tax
return
of
capital
-
-
-
-
(
0
.03
)
-
Total
distributions
(
0
.20
)
(
0
.42
)
(
0
.41
)
(
0
.37
)
(
0
.68
)
(
0
.81
)
NET
ASSET
VALUE
End
of
period
$
7
.69
$
7
.30
$
7
.52
$
7
.77
$
8
.59
$
10
.70
Ratios/Supplemental
Data
Total
return
(2)(3)
8
.13
%
2
.50
%
2
.14
%
(
5
.14
)
%
(
14
.69
)
%
4
.39
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.45
%
(4)
0
.45
%
0
.45
%
0
.45
%
0
.45
%
0
.45
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.45
%
(4)
0
.45
%
0
.45
%
0
.45
%
0
.45
%
0
.45
%
Net
investment
income
5
.07
%
(4)
5
.03
%
4
.87
%
4
.26
%
3
.21
%
3
.19
%
Portfolio
turnover
rate
19
.3
%
68
.3
%
59
.3
%
46
.7
%
59
.9
%
50
.9
%
Net
assets,
end
of
period
(in
thousands)
$
209,298
$
203,511
$
156,733
$
55,544
$
24,849
$
19,168
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Institutional
Long
Duration
Credit
Fund
November
30,
2025
Unaudited
3
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
CORPORATE
BONDS
78.2%
Banking
9.4%
American
Express,
VR,
4.918%,
7/20/33 (1)
175
179
Australia
&
New
Zealand
Banking
Group,
6.742%,
12/8/32 (2)
200
222
Bank
of
America,
VR,
2.676%,
6/19/41 (1)
200
151
Bank
of
America,
VR,
4.078%,
4/23/40 (1)
300
271
Bank
of
America,
VR,
4.33%,
3/15/50 (1)
1,205
1,029
Bank
of
America,
VR,
5.468%,
1/23/35 (1)
210
221
Barclays,
5.25%,
8/17/45 (3)
250
242
Barclays,
VR,
5.86%,
8/11/46 (1)
200
207
Barclays,
VR,
6.036%,
3/12/55 (1)(3)
200
212
Barclays,
VR,
7.437%,
11/2/33 (1)
200
230
CaixaBank,
VR,
6.84%,
9/13/34 (1)
(2)
230
258
Citigroup,
4.65%,
7/30/45
530
483
Citigroup,
5.875%,
1/30/42
300
318
Citigroup,
VR,
4.281%,
4/24/48 (1)
600
508
Fifth
Third
Bancorp,
8.25%,
3/1/38
300
371
Goldman
Sachs
Group,
4.75%,
10/21/45
515
472
Goldman
Sachs
Group,
5.15%,
5/22/45
950
898
Goldman
Sachs
Group,
6.25%,
2/1/41
700
770
Goldman
Sachs
Group,
VR,
5.016%,
10/23/35 (1)
900
910
HSBC
Holdings,
VR,
5.874%,
11/18/35 (1)
1,000
1,049
HSBC
Holdings,
VR,
6.332%,
3/9/44 (1)
400
441
ING
Groep,
VR,
5.55%,
3/19/35 (1)
500
523
ING
Groep,
VR,
6.114%,
9/11/34 (1)
200
217
Intesa
Sanpaolo,
6.625%,
6/20/33 (2)
330
365
JPMorgan
Chase,
4.95%,
6/1/45
400
384
JPMorgan
Chase,
5.625%,
8/16/43 (3)
1,005
1,043
JPMorgan
Chase,
VR,
3.882%,
7/24/38 (1)
730
664
JPMorgan
Chase,
VR,
4.26%,
2/22/48 (1)
750
647
JPMorgan
Chase,
VR,
5.336%,
1/23/35 (1)
185
193
Lloyds
Banking
Group,
4.344%,
1/9/48
200
165
Morgan
Stanley,
VR,
3.217%,
4/22/42 (1)
750
590
PNC
Financial
Services
Group,
VR,
4.626%,
6/6/33 (1)
250
248
PNC
Financial
Services
Group,
VR,
5.373%,
7/21/36 (1)
110
114
Par/Shares
$
Value
(Amounts
in
000s)
‡
Santander
Holdings
USA,
VR,
6.342%,
5/31/35 (1)(3)
560
599
Societe
Generale,
VR,
6.066%,
1/19/35 (1)(2)(3)
365
385
Standard
Chartered,
VR,
6.301%,
1/9/29 (1)(2)
200
208
U.S.
Bancorp,
VR,
5.678%,
1/23/35 (1)
325
346
UBS
Group,
VR,
3.179%,
2/11/43 (1)
(2)
200
152
UBS
Group,
VR,
5.379%,
9/6/45 (1)
(2)
235
235
UBS
Group,
VR,
5.699%,
2/8/35 (1)
(2)
200
212
UBS
Group,
VR,
6.301%,
9/22/34 (1)
(2)
200
219
Wells
Fargo,
3.90%,
5/1/45
350
288
Wells
Fargo,
VR,
2.393%,
6/2/28 (1)
150
146
Wells
Fargo,
VR,
3.068%,
4/30/41 (1)
2,000
1,580
Wells
Fargo,
VR,
5.499%,
1/23/35 (1)
250
262
Wells
Fargo,
VR,
5.557%,
7/25/34 (1)
200
211
Wells
Fargo
Bank,
6.60%,
1/15/38
250
283
19,721
Basic
Industry
1.4%
Antofagasta,
5.625%,
9/9/35
200
205
BHP
Billiton
Finance
USA,
5.50%,
9/8/53
35
36
Ecolab,
3.70%,
11/1/46
30
23
Freeport-McMoRan,
5.45%,
3/15/43
395
385
International
Paper,
4.35%,
8/15/48
139
114
Newmont,
5.45%,
6/9/44
195
195
Nucor,
4.40%,
5/1/48
75
65
Southern
Copper,
5.25%,
11/8/42
200
193
Southern
Copper,
5.875%,
4/23/45
500
519
Southern
Copper,
7.50%,
7/27/35
200
238
Suzano
Netherlands,
5.50%,
1/15/36
470
467
Vale
Overseas,
6.40%,
6/28/54
550
568
3,008
Brokerage
Asset
Managers
Exchanges
0.8%
Charles
Schwab,
VR,
4.914%,
11/14/36 (1)
645
644
Intercontinental
Exchange,
4.95%,
6/15/52
300
279
LPL
Holdings,
5.75%,
6/15/35
350
360
Nasdaq,
3.95%,
3/7/52
113
87
Nasdaq,
5.95%,
8/15/53
340
353
1,723
Capital
Goods
4.4%
Amphenol,
5.375%,
11/15/54
1,200
1,189
Boeing,
5.705%,
5/1/40
300
309
Boeing,
5.805%,
5/1/50
800
797
Boeing,
5.93%,
5/1/60
350
348
Boeing,
7.008%,
5/1/64
600
688
Carrier
Global,
6.20%,
3/15/54
198
217
Ingersoll
Rand,
5.70%,
6/15/54
170
173
T.
ROWE
PRICE
Institutional
Long
Duration
Credit
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
Johnson
Controls
International,
4.50%,
2/15/47
250
219
Martin
Marietta
Materials,
4.25%,
12/15/47
305
256
Martin
Marietta
Materials,
5.50%,
12/1/54
1,200
1,192
Masco,
4.50%,
5/15/47 (3)
360
309
Owens
Corning,
5.95%,
6/15/54 (3)
550
562
Republic
Services,
5.00%,
4/1/34
25
26
RTX,
4.50%,
6/1/42
1,100
1,001
RTX,
6.40%,
3/15/54
400
449
Vulcan
Materials,
5.70%,
12/1/54
1,250
1,267
Waste
Connections,
2.95%,
1/15/52
175
116
9,118
Communications
10.6%
AT&T,
3.50%,
6/1/41
1,250
992
AT&T,
3.55%,
9/15/55
1,000
682
AT&T,
3.80%,
12/1/57
2,228
1,578
AT&T,
4.65%,
6/1/44
750
657
AT&T,
4.75%,
5/15/46
800
706
Charter
Communications
Operating,
3.50%,
3/1/42
600
421
Charter
Communications
Operating,
3.70%,
4/1/51
600
384
Charter
Communications
Operating,
5.75%,
4/1/48
425
371
Charter
Communications
Operating,
6.484%,
10/23/45
1,050
1,001
Comcast,
2.45%,
8/15/52 (3)
350
189
Comcast,
2.887%,
11/1/51
1,250
753
Comcast,
3.90%,
3/1/38
150
131
Comcast,
4.00%,
3/1/48
500
382
Comcast,
4.049%,
11/1/52
755
562
Cox
Communications,
5.45%,
9/1/34 (2)
270
266
Crown
Castle,
2.90%,
4/1/41
250
183
Crown
Castle,
4.75%,
5/15/47
185
159
Grupo
Televisa,
5.00%,
5/13/45
1,000
704
Meta
Platforms,
5.50%,
11/15/45
1,730
1,723
NBCUniversal
Media,
4.45%,
1/15/43
1,700
1,462
Rogers
Communications,
4.50%,
3/15/42
760
660
Rogers
Communications,
4.55%,
3/15/52
250
203
Rogers
Communications,
5.30%,
2/15/34
225
228
T-Mobile
USA,
3.40%,
10/15/52
1,100
752
T-Mobile
USA,
5.25%,
6/15/55
925
858
T-Mobile
USA,
5.75%,
1/15/54
680
680
Telefonica
Emisiones,
5.213%,
3/8/47
1,150
1,022
Telefonica
Emisiones,
5.52%,
3/1/49
500
461
Time
Warner
Cable,
6.75%,
6/15/39
470
475
Verizon
Communications,
2.987%,
10/30/56
786
478
Verizon
Communications,
3.55%,
3/22/51
1,250
908
Par/Shares
$
Value
(Amounts
in
000s)
‡
Verizon
Communications,
4.862%,
8/21/46
650
584
Verizon
Communications,
5.75%,
11/30/45
750
753
Vodafone
Group,
5.75%,
6/28/54
800
785
22,153
Consumer
Cyclical
4.0%
Amazon.com,
5.45%,
11/20/55
1,000
1,006
Aptiv
Swiss
Holdings,
5.75%,
9/13/54
350
339
AutoZone,
5.20%,
8/1/33
200
206
Cummins,
5.45%,
2/20/54
1,000
995
eBay,
4.00%,
7/15/42
500
414
Ford
Motor,
4.75%,
1/15/43
200
160
Ford
Motor,
5.291%,
12/8/46
500
418
Ford
Motor
Credit,
7.122%,
11/7/33
215
231
General
Motors,
6.60%,
4/1/36
600
653
General
Motors,
6.75%,
4/1/46
375
405
Home
Depot,
4.40%,
3/15/45
200
176
Home
Depot,
5.40%,
6/25/64
850
830
Lowe's,
4.65%,
4/15/42
250
228
Lowe's,
5.625%,
4/15/53 (3)
400
394
Lowe's,
5.85%,
4/1/63
300
300
Magna
International,
5.50%,
3/21/33 (3)
270
282
McDonald's,
4.20%,
4/1/50
90
74
McDonald's,
5.45%,
8/14/53
250
246
O'Reilly
Automotive,
5.00%,
8/19/34
500
506
Uber
Technologies,
5.35%,
9/15/54
290
281
Volkswagen
Group
of
America
Finance,
5.90%,
9/12/33 (2)
250
262
8,406
Consumer
Non-Cyclical
12.0%
AbbVie,
4.05%,
11/21/39
500
450
AbbVie,
4.25%,
11/21/49
735
620
AbbVie,
4.50%,
5/14/35
400
397
AbbVie,
5.50%,
3/15/64
335
333
Altria
Group,
5.80%,
2/14/39
140
146
Amgen,
3.375%,
2/21/50
1,000
724
Amgen,
4.95%,
10/1/41
600
573
Anheuser-Busch,
4.90%,
2/1/46
1,833
1,719
Anheuser-Busch
InBev
Worldwide,
5.55%,
1/23/49
1,400
1,420
BAT
Capital,
4.39%,
8/15/37
610
564
BAT
Capital,
6.00%,
2/20/34
110
118
BAT
Capital,
7.079%,
8/2/43
180
203
BAT
Capital,
7.081%,
8/2/53
350
400
Baxter
International,
5.65%,
12/15/35
1,000
1,013
Bayer
U.S.
Finance,
6.875%,
11/21/53 (2)
200
216
Becton
Dickinson
&
Company,
4.669%,
6/6/47
200
177
Biogen,
3.15%,
5/1/50
270
178
Bristol-Myers
Squibb,
4.125%,
6/15/39
800
735
Centra
Health,
4.70%,
1/1/48
190
157
Cigna
Group,
4.90%,
12/15/48
2,115
1,919
T.
ROWE
PRICE
Institutional
Long
Duration
Credit
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
CommonSpirit
Health,
3.91%,
10/1/50
170
129
CommonSpirit
Health,
4.187%,
10/1/49
135
108
CVS
Health,
4.125%,
4/1/40
141
122
CVS
Health,
5.05%,
3/25/48
1,765
1,584
CVS
Health,
5.25%,
2/21/33
170
175
CVS
Health,
6.00%,
6/1/44
750
761
CVS
Health,
6.00%,
6/1/63
250
245
Hackensack
Meridian
Health,
4.211%,
7/1/48
170
143
HCA,
4.375%,
3/15/42
580
503
HCA,
4.625%,
3/15/52
400
331
HCA,
5.90%,
6/1/53
250
250
Kraft
Heinz
Foods,
6.875%,
1/26/39
800
894
Kroger,
5.50%,
9/15/54
525
508
Mars,
4.75%,
4/20/33 (2)
225
228
Mead
Johnson
Nutrition,
4.60%,
6/1/44
550
491
Merck,
4.15%,
5/18/43
700
613
Pfizer
Investment
Enterprises,
5.11%,
5/19/43
1,300
1,266
Reynolds
American,
5.70%,
8/15/35
150
158
Reynolds
American,
5.85%,
8/15/45
600
596
Solventum,
5.90%,
4/30/54
732
749
Sutter
Health,
5.547%,
8/15/53
95
97
Takeda
Pharmaceutical,
5.65%,
7/5/44
1,000
1,023
Tyson
Foods,
5.10%,
9/28/48
195
180
Tyson
Foods,
5.15%,
8/15/44
550
517
Utah
Acquisition
Sub,
5.25%,
6/15/46
250
206
West
Virginia
United
Health
System
Obligated
Group,
Series 2018,
4.924%,
6/1/48
95
83
Zoetis,
4.70%,
2/1/43
300
278
Zoetis,
5.00%,
8/17/35
700
710
25,010
Electric
9.8%
Ameren
Illinois,
4.50%,
3/15/49
500
431
Appalachian
Power,
6.375%,
4/1/36
145
158
Appalachian
Power,
7.00%,
4/1/38
200
229
Appalachian
Power,
Series Y,
4.50%,
3/1/49
1,200
1,001
Baltimore
Gas
&
Electric,
5.40%,
6/1/53
95
93
Berkshire
Hathaway
Energy,
3.80%,
7/15/48
1,000
766
Berkshire
Hathaway
Energy,
6.125%,
4/1/36
300
327
Chile
Electricity
Mpc
II,
5.58%,
10/20/35 (2)
420
434
Commonwealth
Edison,
5.30%,
2/1/53
40
39
Commonwealth
Edison,
5.65%,
6/1/54
500
507
Consolidated
Edison
of
New
York,
6.15%,
11/15/52
400
428
Par/Shares
$
Value
(Amounts
in
000s)
‡
Constellation
Energy
Generation,
5.75%,
3/15/54
500
501
Constellation
Energy
Generation,
6.25%,
10/1/39
300
327
Duke
Energy,
3.75%,
9/1/46
130
100
Duke
Energy,
6.10%,
9/15/53
250
262
Duke
Energy
Indiana,
5.40%,
4/1/53
70
68
Duke
Energy
Ohio,
5.55%,
3/15/54
750
746
El
Paso
Electric,
5.00%,
12/1/44
110
98
Exelon,
4.10%,
3/15/52
170
133
Exelon,
5.60%,
3/15/53
285
280
FirstEnergy,
Series C,
4.85%,
7/15/47
550
486
FirstEnergy
Pennsylvania
Electric,
6.15%,
10/1/38
165
179
Florida
Power
&
Light,
5.60%,
6/15/54
500
510
Indianapolis
Power
&
Light,
5.70%,
4/1/54 (2)
740
733
IPALCO
Enterprises,
5.75%,
4/1/34
825
840
ITC
Holdings,
5.65%,
5/9/34 (2)
1,000
1,045
Jersey
Central
Power
&
Light,
5.15%,
1/15/36 (2)
165
168
Kentucky
Utilities,
4.375%,
10/1/45
200
172
Kentucky
Utilities,
5.85%,
8/15/55
40
41
Louisville
Gas
&
Electric,
4.375%,
10/1/45
100
87
Louisville
Gas
&
Electric,
5.85%,
8/15/55
40
41
Nevada
Power,
6.00%,
3/15/54
300
310
Nevada
Power,
Series GG,
5.90%,
5/1/53
750
763
New
York
State
Electric
&
Gas,
5.85%,
8/15/33 (2)
90
95
NextEra
Energy
Capital
Holdings,
3.00%,
1/15/52
45
29
NextEra
Energy
Capital
Holdings,
5.25%,
2/28/53
585
550
NextEra
Energy
Capital
Holdings,
5.55%,
3/15/54
500
489
Niagara
Mohawk
Power,
5.29%,
1/17/34 (2)
500
510
Niagara
Mohawk
Power,
5.996%,
7/3/55 (2)
390
401
Pacific
Gas
&
Electric,
4.95%,
7/1/50
250
215
PECO
Energy,
5.25%,
9/15/54
1,000
963
PPL
Capital
Funding,
5.25%,
9/1/34
1,000
1,027
Public
Service
Company
of
Colorado,
5.25%,
4/1/53
100
94
San
Diego
Gas
&
Electric,
Series TTT,
4.10%,
6/15/49
55
44
Southern,
4.25%,
7/1/36
430
402
Southern,
4.40%,
7/1/46
600
512
Southern
California
Edison,
5.75%,
4/15/54
500
478
Southern
California
Edison,
5.875%,
12/1/53
250
243
T.
ROWE
PRICE
Institutional
Long
Duration
Credit
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
‡
Southern
California
Edison,
5.90%,
3/1/55
700
687
Southern
California
Edison,
Series C,
4.125%,
3/1/48
150
115
Southwestern
Public
Service,
6.00%,
6/1/54
160
165
Vistra
Operations,
5.70%,
12/30/34 (2)
1,025
1,058
Vistra
Operations,
6.95%,
10/15/33 (2)
90
100
20,480
Energy
10.1%
Canadian
Natural
Resources,
6.25%,
3/15/38
300
321
Cheniere
Energy,
5.65%,
4/15/34
250
259
Cheniere
Energy
Partners,
5.75%,
8/15/34
820
845
Columbia
Pipelines
Holding,
4.999%,
11/17/32 (2)
695
697
ConocoPhillips,
5.55%,
3/15/54
350
343
Continental
Resources,
4.90%,
6/1/44
600
480
Devon
Energy,
5.20%,
9/15/34 (3)
700
701
Diamondback
Energy,
4.25%,
3/15/52
170
134
Enbridge,
5.95%,
4/5/54
500
513
Enbridge,
6.70%,
11/15/53
120
134
Enbridge
Energy
Partners,
7.375%,
10/15/45
120
142
Energy
Transfer,
5.15%,
2/1/43
850
762
Energy
Transfer,
6.50%,
2/1/42
595
630
Eni,
5.95%,
5/15/54 (2)
295
295
Enterprise
Products
Operating,
3.30%,
2/15/53
1,400
954
Enterprise
Products
Operating,
3.95%,
1/31/60
500
371
EOG
Resources,
5.65%,
12/1/54
1,250
1,250
HF
Sinclair,
6.25%,
1/15/35
805
848
Kinder
Morgan
Energy
Partners,
6.95%,
1/15/38
195
220
Marathon
Petroleum,
6.50%,
3/1/41
300
320
MPLX,
5.65%,
3/1/53
300
280
MPLX,
6.20%,
9/15/55
335
337
Occidental
Petroleum,
4.40%,
4/15/46
350
278
Occidental
Petroleum,
6.05%,
10/1/54
390
377
Occidental
Petroleum,
6.60%,
3/15/46
375
390
ONEOK,
5.70%,
11/1/54
1,000
939
ONEOK,
6.625%,
9/1/53
295
311
ONEOK,
7.15%,
1/15/51
500
541
ONEOK
Partners,
6.85%,
10/15/37
250
278
Patterson-UTI
Energy,
7.15%,
10/1/33
85
91
Raizen
Fuels
Finance,
5.70%,
1/17/35 (2)
540
445
Par/Shares
$
Value
(Amounts
in
000s)
‡
Raizen
Fuels
Finance,
6.45%,
3/5/34 (2)
200
173
Shell
Finance
U.S.,
4.375%,
5/11/45
1,000
875
South
Bow
USA
Infrastructure
Holdings,
6.176%,
10/1/54
1,000
965
Southern
Natural
Gas,
4.80%,
3/15/47 (2)
205
182
Spectra
Energy
Partners,
5.95%,
9/25/43
115
117
Targa
Resources,
4.95%,
4/15/52
80
68
Targa
Resources,
6.50%,
2/15/53
100
105
TotalEnergies
Capital,
5.275%,
9/10/54
500
480
TotalEnergies
Capital,
5.488%,
4/5/54
800
787
TransCanada
PipeLines,
6.10%,
6/1/40
450
476
Transcanada
Trust,
VR,
5.30%,
3/15/77 (1)
120
119
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48
575
502
Valero
Energy,
6.625%,
6/15/37
300
335
Western
Midstream
Operating,
5.50%,
8/15/48
650
573
Williams,
4.85%,
3/1/48
100
89
Williams,
5.80%,
11/15/54
750
756
21,088
Finance
Companies
0.5%
AerCap
Ireland
Capital,
3.40%,
10/29/33
300
272
GATX,
6.05%,
6/5/54
700
716
988
Insurance
6.3%
Aetna,
4.75%,
3/15/44
450
394
Aflac,
4.75%,
1/15/49
550
493
American
International
Group,
4.75%,
4/1/48
700
625
Arch
Capital
Group,
7.35%,
5/1/34
200
234
Arthur
J
Gallagher,
5.75%,
7/15/54
750
744
Chubb,
Series 1,
6.50%,
5/15/38
200
227
Corebridge
Financial,
4.40%,
4/5/52
800
648
Elevance
Health,
4.375%,
12/1/47
355
297
Elevance
Health,
5.125%,
2/15/53
100
91
Elevance
Health,
5.70%,
2/15/55
1,500
1,485
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.875%,
6/15/54 (2)
845
823
Jackson
Financial,
4.00%,
11/23/51
300
211
Liberty
Mutual
Group,
4.85%,
8/1/44 (2)
180
161
Marsh
&
McLennan,
5.45%,
3/15/53
200
194
Marsh
&
McLennan,
5.70%,
9/15/53
155
158
Principal
Financial
Group,
6.05%,
10/15/36
235
256
Reinsurance
Group
of
America,
6.00%,
9/15/33
250
268
Teachers
Insurance
&
Annuity
Assn.
of
America,
4.90%,
9/15/44 (2)
200
183
T.
ROWE
PRICE
Institutional
Long
Duration
Credit
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
‡
UnitedHealth
Group,
3.25%,
5/15/51
500
345
UnitedHealth
Group,
3.50%,
8/15/39
300
253
UnitedHealth
Group,
4.20%,
1/15/47
1,000
832
UnitedHealth
Group,
4.25%,
6/15/48
750
621
UnitedHealth
Group,
4.75%,
7/15/45
600
548
UnitedHealth
Group,
5.375%,
4/15/54
315
303
UnitedHealth
Group,
5.50%,
7/15/44
750
756
UnitedHealth
Group,
5.875%,
2/15/53
900
927
Voya
Financial,
5.70%,
7/15/43
500
504
Willis
North
America,
5.90%,
3/5/54
600
605
13,186
Natural
Gas
1.4%
APA
Infrastructure,
5.75%,
9/16/44 (2)
495
501
Boston
Gas,
5.843%,
1/10/35 (2)
90
95
Boston
Gas,
6.119%,
7/20/53 (2)
215
220
Engie,
5.875%,
4/10/54 (2)(3)
750
768
NiSource,
3.95%,
3/30/48
260
206
Piedmont
Natural
Gas,
5.40%,
6/15/33
250
260
Southern
Company
Gas
Capital,
3.95%,
10/1/46
500
396
Southern
Gas
Capital,
4.95%,
9/15/34
500
503
2,949
Real
Estate
Investment
Trusts
1.5%
Alexandria
Real
Estate
Equities,
5.25%,
5/15/36
110
109
Alexandria
Real
Estate
Equities,
5.625%,
5/15/54
250
234
Brixmor
Operating
Partnership,
4.85%,
2/15/33
90
90
Essex
Portfolio,
4.50%,
3/15/48
130
112
Goodman
U.S.
Finance
Six,
5.125%,
10/7/34 (2)
215
219
Invitation
Homes
Operating
Partnership,
4.95%,
1/15/33
255
257
Kilroy
Realty,
2.65%,
11/15/33
350
288
NNN
REIT,
4.80%,
10/15/48
235
210
Public
Storage
Operating,
5.35%,
8/1/53
55
54
Regency
Centers,
4.40%,
2/1/47
500
430
Simon
Property
Group,
5.85%,
3/8/53 (3)
200
206
Simon
Property
Group,
6.65%,
1/15/54
250
283
Welltower
OP,
5.125%,
7/1/35
555
569
3,061
Technology
4.4%
Broadcom,
4.926%,
5/15/37 (2)
400
401
Cadence
Design
Systems,
4.70%,
9/10/34
135
136
Corning,
5.85%,
11/15/68
750
741
Fiserv,
4.40%,
7/1/49
185
147
Fiserv,
5.25%,
8/11/35 (3)
500
501
Intel,
4.60%,
3/25/40
500
453
Par/Shares
$
Value
(Amounts
in
000s)
‡
Intuit,
5.50%,
9/15/53
115
115
Keysight
Technologies,
4.95%,
10/15/34
1,500
1,517
Micron
Technology,
3.366%,
11/1/41
400
308
Motorola
Solutions,
5.40%,
4/15/34
140
145
Motorola
Solutions,
5.50%,
9/1/44
400
394
NXP,
3.25%,
5/11/41
400
303
Oracle,
3.60%,
4/1/40
1,000
768
Oracle,
3.95%,
3/25/51
350
242
Oracle,
4.00%,
11/15/47
1,000
724
Oracle,
5.55%,
2/6/53
630
549
Oracle,
6.90%,
11/9/52
1,250
1,296
TR
Finance,
5.85%,
4/15/40
500
524
9,264
Transportation
1.6%
Burlington
Northern
Santa
Fe,
5.05%,
3/1/41
75
74
Burlington
Northern
Santa
Fe,
5.20%,
4/15/54
300
288
Burlington
Northern
Santa
Fe,
5.50%,
3/15/55
345
346
Canadian
Pacific
Railway,
3.10%,
12/2/51
875
592
Canadian
Pacific
Railway,
4.70%,
5/1/48
500
450
CSX,
4.30%,
3/1/48
140
119
FedEx,
4.40%,
1/15/47
500
407
FedEx,
4.55%,
4/1/46
800
670
Norfolk
Southern,
4.837%,
10/1/41
250
239
Norfolk
Southern,
5.35%,
8/1/54 (3)
250
244
3,429
Total
Corporate
Bonds
(Cost
$165,988)
163,584
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
5.4%
Owned
No
Guarantee
1.3%
Corp.
Nacional
del
Cobre
de
Chile,
6.33%,
1/13/35 (2)
250
267
Corp.
Nacional
del
Cobre
de
Chile,
6.44%,
1/26/36 (2)
790
858
Petroleos
Mexicanos,
5.50%,
6/27/44
1,175
892
Petroleos
Mexicanos,
7.69%,
1/23/50
200
179
Saudi
Arabian
Oil,
5.75%,
7/17/54
530
525
2,721
Sovereign
4.1%
Kingdom
of
Saudi
Arabia,
5.625%,
1/13/35 (2)
1,000
1,069
Kingdom
of
Saudi
Arabia,
5.75%,
1/16/54 (2)
370
378
Republic
of
Chile,
5.33%,
1/5/54
1,000
988
Republic
of
Chile,
5.65%,
1/13/37
610
647
Republic
of
Colombia,
4.125%,
5/15/51 (3)
200
126
Republic
of
Colombia,
8.75%,
11/14/53
200
223
T.
ROWE
PRICE
Institutional
Long
Duration
Credit
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
‡
Republic
of
Panama,
4.50%,
4/16/50
900
688
Republic
of
Peru,
3.00%,
1/15/34
800
699
Republic
of
Peru,
5.375%,
2/8/35
90
93
Republic
of
Poland,
Series 30Y,
5.50%,
3/18/54
750
735
State
of
Qatar,
4.40%,
4/16/50 (2)
200
182
United
Mexican
States,
4.40%,
2/12/52
400
296
United
Mexican
States,
4.75%,
3/8/44
600
498
United
Mexican
States,
6.00%,
5/7/36
1,110
1,133
United
Mexican
States,
6.338%,
5/4/53
200
194
United
Mexican
States,
7.375%,
5/13/55
540
593
8,542
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$10,801)
11,263
MUNICIPAL
SECURITIES
6.1%
California
0.6%
Bay
Area
Toll
Auth.,
Series S-10,
3.276%,
4/1/50
400
296
Bay
Area
Toll
Auth.,
Series S-3,
Build
America,
6.907%,
10/1/50
350
405
California,
Build
America,
GO,
7.50%,
4/1/34
500
589
1,290
District
of
Columbia
0.2%
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road
Revenue,
Build
America,
7.462%,
10/1/46
415
501
501
Florida
0.8%
Florida
Dev.
Finance,
Nova
Southeastern
Univ.,
Series B,
4.109%,
4/1/50
375
309
Miami-Dade
County
Aviation
Revenue,
Series B,
3.856%,
10/1/41
1,200
1,039
Miami-Dade
County
Transit
System,
Series B,
Build
America,
5.624%,
7/1/40
200
211
1,559
Georgia
1.1%
Fulton
County,
Build
America,
GO,
5.148%,
7/1/39
505
518
Municipal
Electric
Auth.
of
Georgia,
Build
America,
Vogtle
Units,
6.655%,
4/1/57
1,611
1,777
2,295
Illinois
0.0%
Illinois
Municipal
Electric
Agency,
Build
America,
6.832%,
2/1/35
80
85
85
Par/Shares
$
Value
(Amounts
in
000s)
‡
Louisiana
0.0%
Louisiana
Local
Government
Environmental
Fac.,
CDA,
Series A,
4.475%,
8/1/39
90
89
89
Maryland
0.1%
Maryland
Economic
Development,
Seagirt
Marine
Terminal,
Series B,
4.75%,
6/1/42
150
129
129
Michigan
0.3%
Gerald
R
Ford
Int'l.
Airport
Auth.,
Series A,
5.435%,
1/1/43
220
225
Michigan
Fin.
Auth.,
Trinity
Health
Credit
Group,
3.084%,
12/1/34
500
460
685
Minnesota
0.1%
Western
Minnesota
Municipal
Power
Agency,
Series A,
3.156%,
1/1/39
150
130
130
New
York
0.1%
New
York
City
Transitional
Fin.
Auth.,
Series I-2,
5.658%,
5/1/40
150
156
156
Ohio
0.3%
American
Municipal
Power,
Series C,
Build
America,
6.053%,
2/15/43
500
524
524
Tennessee
0.0%
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Ed.
Facs,
Vanderbilt
Univ.
Medical
Center,
Series B,
3.235%,
7/1/52
85
58
58
Texas
1.8%
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series D,
Build
America,
5.134%,
8/15/42
200
204
Central
Texas
Regional
Mobility
Auth.,
Series E,
3.167%,
1/1/41
150
123
Central
Texas
Turnpike
System,
Series C,
3.029%,
8/15/41
305
240
Dallas/Fort
Worth
Int'l.
Airport,
Series A,
2.994%,
11/1/38
630
553
Dallas/Fort
Worth
Int'l.
Airport,
Series A,
4.507%,
11/1/51
650
575
Dallas/Fort
Worth
Int'l.
Airport,
Series A,
5.045%,
11/1/47
250
245
Grand
Parkway
Transportation,
Grand
Parkway
System,
3.306%,
10/1/49
1,500
1,116
Texas
Natural
Gas
Securitization
Fin.,
Series 2023-1,
Class
A2,
5.169%,
4/1/41
545
562
Texas
Private
Activity
Bond
Surface
Transportation,
North
Tarrant
Express,
Series B,
3.922%,
12/31/49
125
101
3,719
T.
ROWE
PRICE
Institutional
Long
Duration
Credit
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
‡
Utah
0.6%
Intermountain
Power
Agency,
Series B,
5.621%,
7/1/45
1,250
1,261
1,261
Virginia
0.1%
Univ.
of
Virginia,
Series B,
2.584%,
11/1/51
300
189
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series A,
4.956%,
1/1/44
105
102
291
Total
Municipal
Securities
(Cost
$13,166)
12,772
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
0.3%
U.S.
Government
Agency
Obligations
0.3%
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
ARM
2.347%,
11/25/31
460
419
3.71%,
9/25/32
265
258
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$687)
677
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
8.8%
U.S.
Treasury
Obligations
8.8%
U.S.
Treasury
Bonds,
3.625%,
2/15/53
55
46
U.S.
Treasury
Bonds,
4.125%,
8/15/44
600
563
U.S.
Treasury
Bonds,
4.25%,
8/15/54
200
186
U.S.
Treasury
Bonds,
4.625%,
11/15/44
2,475
2,477
U.S.
Treasury
Bonds,
4.625%,
2/15/55
2,360
2,340
U.S.
Treasury
Bonds,
4.75%,
2/15/45
1,275
1,295
U.S.
Treasury
Bonds,
4.75%,
5/15/55
1,450
1,468
U.S.
Treasury
Bonds,
5.00%,
5/15/45
4,875
5,111
U.S.
Treasury
Notes,
4.00%,
3/31/30 (4)
560
569
U.S.
Treasury
Notes,
4.25%,
5/15/35
2,530
2,583
U.S.
Treasury
Notes,
4.625%,
2/15/35 (4)
1,670
1,754
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-
Backed)
(Cost
$17,973)
18,392
Par/Shares
$
Value
(Amounts
in
000s)
‡
SHORT-TERM
INVESTMENTS
0.7%
Money
Market
Funds
0.7%
T.
Rowe
Price
Government
Reserve
Fund,
4.02% (5)(6)
1,513
1,513
Total
Short-Term
Investments
(Cost
$1,513)
1,513
SECURITIES
LENDING
COLLATERAL
1.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 1.2%
Money
Market
Funds 1.2%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99% (5)(6)
2,553
2,553
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
2,553
Total
Securities
Lending
Collateral
(Cost
$2,553)
2,553
Total
Investments
in
Securities
100.7%
of
Net
Assets
(Cost
$212,681)
$
210,754
T.
ROWE
PRICE
Institutional
Long
Duration
Credit
Fund
10
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(2)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$15,689
and
represents
7.5%
of
net
assets.
(3)
See
Note
4.
All
or
a
portion
of
this
security
is
on
loan
at
November
30,
2025.
(4)
At
November
30,
2025,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
CDA
Community
Development
Administration/Authority
GO
General
Obligation
PTC
Pass-Through
Certificate
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Institutional
Long
Duration
Credit
Fund
11
(Amounts
in
000s)
SWAPS
0.5%
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.5%
Credit
Default
Swaps,
Protection
Sold
0.5%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S45,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
7,750
652
582
70
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S44,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/30
7,750
189
138
51
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S45,
10
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/35
10,000
97
74
23
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S45,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
7,100
173
157
16
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
160
Total
Centrally
Cleared
Swaps
160
Net
payments
(receipts)
of
variation
margin
to
date
(
141
)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
19
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$42.
T.
ROWE
PRICE
Institutional
Long
Duration
Credit
Fund
12
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
125
U.S.
Treasury
Long
Bond
contracts
3/26
14,680
$
73
Short,
19
U.S.
Treasury
Notes
five
year
contracts
3/26
(2,086)
(
1
)
Short,
80
U.S.
Treasury
Notes
ten
year
contracts
3/26
(9,067)
(
2
)
Long,
96
Ultra
U.S.
Treasury
Bonds
contracts
3/26
11,610
74
Short,
94
Ultra
U.S.
Treasury
Notes
ten
year
contracts
3/26
(10,923)
(
37
)
Net
payments
(receipts)
of
variation
margin
to
date
(
170
)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(
63
)
T.
ROWE
PRICE
Institutional
Long
Duration
Credit
Fund
13
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
November
30,
2025.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
4.02%
$
-
$
-
$
25
++
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99%
-
-
-
++
Totals
$
-
#
$
-
$
25
+
Supplementary
Investment
Schedule
Affiliate
Value
5/31/25
Purchase
Cost
Sales
Cost
Value
11/30/25
T.
Rowe
Price
Government
Reserve
Fund,
4.02%
$
3,703
¤
¤
$
1,513
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99%
-
¤
¤
2,553
Total
$
4,066
^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4.
+
Investment
income
comprised
$25
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$4,066.
T.
ROWE
PRICE
Institutional
Long
Duration
Credit
Fund
November
30,
2025
Unaudited
Statement
of
Assets
and
Liabilities
14
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$212,681)
$
210,754
Interest
receivable
2,711
Receivable
for
shares
sold
143
Receivable
for
investment
securities
sold
90
Cash
30
Variation
margin
receivable
on
centrally
cleared
swaps
19
Other
assets
1
Total
assets
213,748
Liabilities
Obligation
to
return
securities
lending
collateral
2,553
Payable
for
investment
securities
purchased
1,444
Payable
for
shares
redeemed
199
Investment
management
and
administrative
fees
payable
101
Variation
margin
payable
on
futures
contracts
63
Other
liabilities
90
Total
liabilities
4,450
NET
ASSETS
$
209,298
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
12,016
)
Paid-in
capital
applicable
to
27,231,693
shares
of
$0.0001
par
value
capital
stock
outstanding;
4,000,000,000
shares
of
the
Corporation
authorized
221,314
NET
ASSETS
$
209,298
NET
ASSET
VALUE
PER
SHARE
$
7.69
T.
Rowe
Price
Institutional
Long
Duration
Credit
Fund
Unaudited
Statement
of
Operations
15
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/25
Investment
Income
(Loss)
Income
.
Interest
$
5,619
Dividend
25
Securities
lending
4
Total
income
5,648
Investment
management
and
administrative
expense
461
Net
investment
income
5,187
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
gain
(loss)
Securities
(
709
)
Futures
704
Swaps
413
Net
realized
gain
408
Change
in
net
unrealized
gain
/
loss
Securities
10,342
Futures
(
173
)
Swaps
25
Change
in
net
unrealized
gain
/
loss
10,194
Net
realized
and
unrealized
gain
/
loss
10,602
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
15,789
T.
Rowe
Price
Institutional
Long
Duration
Credit
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
16
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/25
Year
Ended
5/31/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
5,187
$
10,965
Net
realized
gain
(loss)
408
(
4,854
)
Change
in
net
unrealized
gain
/
loss
10,194
(
5,269
)
Increase
in
net
assets
from
operations
15,789
842
Distributions
to
shareholders
Net
earnings
(
5,394
)
(
11,944
)
Capital
share
transactions
*
Shares
sold
24,471
152,765
Distributions
reinvested
4,768
10,764
Shares
redeemed
(
33,847
)
(
105,649
)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(
4,608
)
57,880
Net
Assets
Increase
during
period
5,787
46,778
Beginning
of
period
203,511
156,733
End
of
period
$
209,298
$
203,511
*Share
information
(000s)
Shares
sold
3,228
19,632
Distributions
reinvested
629
1,414
Shares
redeemed
(
4,504
)
(
14,008
)
Increase
(decrease)
in
shares
outstanding
(
647
)
7,038
T.
Rowe
Price
Institutional
Long
Duration
Credit
Fund
Unaudited
17
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Institutional
Income
Funds,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Institutional
Long
Duration
Credit
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks to
provide
high
income.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Earnings
on
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
earnings. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Capital
Transactions
Each
investor's
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund's
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
-
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund's
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund's
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund's
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund's
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
T.
Rowe
Price
Institutional
Long
Duration
Credit
Fund
18
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
-
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
-
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
-
unobservable
inputs
(including
the Valuation
Designee's assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
are
generally traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund's
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
greatest
weight
to
actual
prices
in
arm's
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
Rowe
Price
Institutional
Long
Duration
Credit
Fund
19
Valuation
Inputs
The
following
table
summarizes
the
fund's
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2025
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
November
30,
2025,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund's
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund's
derivative
instruments
held
as
of
November
30,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
-
$
206,688
$
-
$
206,688
Short-Term
Investments
1,513
-
-
1,513
Securities
Lending
Collateral
2,553
-
-
2,553
Total
Securities
4,066
206,688
-
210,754
Swaps*
-
160
-
160
Futures
Contracts*
147
-
-
147
Total
$
4,213
$
206,848
$
-
$
211,061
Liabilities
Futures
Contracts*
$
40
$
-
$
-
$
40
1
Includes
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities,
U.S.
Government
&
Agency
Mortgage-
Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
Rowe
Price
Institutional
Long
Duration
Credit
Fund
20
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
November
30,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
Counterparty
Risk
and
Collateral
The
fund
invests
in
exchange-traded
and/or
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps.
Counterparty
risk
on
such
derivatives
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Collateral may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund's
assets.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-
traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
November
30,
2025,
securities
valued
at $1,956,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Futures
$
147
Credit
derivatives
Centrally
Cleared
Swaps
160
*
Total
$
307
*
Liabilities
Interest
rate
derivatives
Futures
$
40
Total
$
40
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Swaps
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
704
$
-
$
704
Credit
derivatives
-
413
413
Total
$
704
$
413
$
1,117
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
(
173
)
$
-
$
(
173
)
Credit
derivatives
-
25
25
Total
$
(
173
)
$
25
$
(
148
)
T.
Rowe
Price
Institutional
Long
Duration
Credit
Fund
21
Futures
Contracts
The
fund
is
subject
to
interest
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk
.
The fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rate
and
yield
curve
movements,
security
prices,
foreign
currencies,
credit
quality,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
During
the
six
months
ended
November
30,
2025
,
the
volume
of
the
fund's
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
19%
and
26%
of
net
assets.
Swaps
The
fund
is
subject
to
credit
risk
in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risk.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets'
valuation
of
credit
quality.
As
of
November
30,
2025,
the
notional
amount
of
protection
sold
by
the
fund
totaled $32,600,000
(15.6%
of
net
assets),
which
reflects
the
maximum
potential
amount
the
fund
could
be
required
to
pay
under
such
contracts.
Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
issuers,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
T.
Rowe
Price
Institutional
Long
Duration
Credit
Fund
22
potential
government
regulation
that
could
adversely
affect
the
fund's
swap
investments,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
During
the
six
months ended
November
30,
2025,
the
volume
of
the
fund's
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
14%
and
22%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund's prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Mortgage-Backed
Securities
The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
MBS are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
November
30,
2025
,
the
value
of
loaned
securities
was
$5,603,000;
the
aggregate
value
of
collateral
was
$5,655,000
and
consisted
of
cash
collateral
and
related
investments
of
$2,553,000
and
U.S.
government
securities
of
$3,102,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term
and
U.S.
government securities
aggregated $16,249,000 and
$13,086,000,
respectively,
for
the
six
months
ended
November
30,
2025
. Purchases
and
sales
of
U.S.
government
securities
aggregated $22,770,000 and
$29,547,000,
respectively,
for
the
six
months
ended
November
30,
2025
.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
T.
Rowe
Price
Institutional
Long
Duration
Credit
Fund
23
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
May
31,
2025,
the
fund
had
$9,958,000
of
available
capital
loss
carryforwards.
At
November
30,
2025,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$213,838,000.
Net
unrealized
loss
aggregated
$1,866,000
at
period-end,
of
which
$4,145,000
related
to
appreciated
investments
and
$6,011,000
related
to
depreciated
investments.
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). The
investment
management
and
administrative
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
all-inclusive
fee
equal
to
0.45%
of
the
fund's
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly. The
annual
all-inclusive
fee
covers
investment
management
services
and
ordinary,
recurring
operating
expenses
but
does
not
cover
interest
expense;
expenses
related
to
borrowing,
taxes,
and
brokerage;
or
nonrecurring,
extraordinary
expenses.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund.
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
funds.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund's
transfer
and
dividend-disbursing
agent.
Pursuant
to
the
annual
all-inclusive
fee
arrangement
under
the
investment
management
and
administrative
agreement,
expenses
incurred
by
the
funds
pursuant
to
these
service
agreements
are
paid
by
Price
Associates.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Effective
November
12,
2025, cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund.
Prior
to
November
12,
2025,
cash
collateral
from
securities
lending,
if
any,
was
invested
in
the
T.
Rowe
Price
Government
Reserve
Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund's
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
November
30,
2025,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
7
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
T.
Rowe
Price
Institutional
Long
Duration
Credit
Fund
24
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund's
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
E151-051
1/26
Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSRwas recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (a)(1) |
The registrant's code of ethics pursuant to Item 2 of Form N-CSRis filed with the registrant's annual Form N-CSR. |
|
| (2) |
Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
|
| (3) |
30a-2(a) |
|
| (b) |
30a-2(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| T. Rowe Price Institutional Income Funds, Inc. | ||||
| By |
/s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date | January 16, 2026 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By |
/s/ David Oestreicher |
|||
|
David Oestreicher |
||||
|
Principal Executive Officer |
||||
|
Date |
January 16, 2026 |
|||
|
By |
/s/ Alan S. Dupski |
|||
|
Alan S. Dupski |
||||
|
Principal Financial Officer |
||||
|
Date |
January 16, 2026 |
|||
T.Rowe Price Institutional Income Funds Inc. published this content on January 22, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 22, 2026 at 14:34 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]