# EDGAR Filing Document

**Accession Number:** 0001169187
**File Stem:** 0001193125-23-014020
**Filing Date:** 2023-1
**Character Count:** 122208
**Document Hash:** 22d0cba0d5c3a25a34d23305f02e90bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-014020.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-014020

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**EFFECTIVENESS DATE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Institutional Income Funds, Inc.
- **CENTRAL INDEX KEY:** 0001169187
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21055
- **FILM NUMBER:** 23546896

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T ROWE PRICE INSTITUTIONAL INCOME FUNDS INC
- **DATE OF NAME CHANGE:** 20020314

## Series and Classes Contracts Data

### T. Rowe Price Institutional Long Duration Credit Fund (Series ID: S000040861)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000126665 | T. Rowe Price Institutional Long Duration Credit Fund | RPLCX           |

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)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(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, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

SEMIANNUAL REPORT

November 30, 2022

T. ROWE PRICE

# Institutional Long Duration Credit Fund

For more insights from T. Rowe Price investment professionals,
go to troweprice.com.

INVEST WITH CONFIDENCE

- The Institutional Long Duration Credit Fund underperformed its benchmark in the six-month period ended November 30, 2022.

- The fund's underweight in investment-grade corporate bonds and security selection within the sector both detracted from relative returns.

- From a sector perspective, we added meaningfully to the fund's U.S. Treasury allocation as long-term Treasury yields looked more compelling.

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T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

Market Commentary

# **HIGHLIGHTS**

Volatility in Treasury rates may soon subside as the Fed moves closer to the end of its hiking cycle. However, spread volatility for risk assets may begin to ramp up as the economy and corporations begin to feel the impact of the Fed's rapid policy tightening.

Global stock markets generally produced negative returns during the first half of your fund's fiscal year, the six-month period ended November 30, 2022, while rising bond yields weighed on returns for fixed income investors. Investors contended with tightening financial conditions and slowing

On a positive note, the U.S. jobs market remained resilient during the period, and overall economic growth turned positive in the third quarter after two slightly negative quarters. However, recession fears also grew as corporate earnings slowed and manufacturing gauges drifted toward

Log in to your account at troweprice.com for more information.

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

Management's Discussion of Fund Performance

# Dear Shareholder

economic and corporate earnings growth, but hopes that persistently high inflation might be easing helped spark a rally. The fund seeks to provide high income, late in the period that partially offset earlier losses.

In the U.S., equity results were mixed. The Dow Jones

**FUND COMMENTARY**
In addition, the fund recorded positive results and mid-cap growth stocks also performed well while most other benchmarks finished in negative territory. The S&P 500

contraction levels. In addition, the housing market began to work on the average rates of 10% to the highest level of interest. The long duration benchmark, tightened slightly.

Interest rate volatility and recession concerns led credit spreads. The past year has been a trying time for investors to few significantly wider through late September. But risk appetite, sectors remained untouched by the broad headwinds that and demand for full credit, returned later in the period as markets faced and volatility may continue in the near term as inflation showed signs of slowing and the market began to central banks tighten policy amid slowing economic growth. Expect a slowdown in Fed rate hikes. (Credit spreads measure

| Six-Month Period Ended 11/30/22 | Total Return |
| --- | --- |
| Institutional Long Duration Credit Fund | -7.16% |
| Bloomberg U.S. Long Credit Bond Index | -6.67 |

![img-0.jpeg](img-0.jpeg)

1

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

# **INVESTMENT OBJECTIVE**

The Institutional Long Duration Credit Fund returned -7.16% index was modestly negative for the period, but results varied in the US market. The investment fund was a 2008 underperforming widely at the sector level, with industrials and energy shares at the end of the period. The investment fund was a 2008 underperforming widely at the sector level, with industrials and energy shares at the end of the period. The investment fund was a 2008 underperforming widely at the sector level, with industrials and energy shares at the end of the period. The investment fund was a 2008 underperforming widely at the sector level, with industrials and energy shares at the end of the period. The investment fund was a 2008 underperforming widely at the sector level, with industrials and energy shares at the end of the period.

The fund's underweight in investment-grade (IG) corporate

The investment fund was a 2008 underperforming widely at the sector level, with industrials and energy shares at the end of the period. The investment fund was a 2008 underperforming widely at the sector level, with industrials and energy shares at the end of the period. The investment fund was a 2008 underperforming widely at the sector level, with industrials and energy shares at the end of the period. The investment fund was a 2008 underperforming widely at the sector level, with industrials and energy shares at the end of the period.

![img-1.jpeg](img-1.jpeg)

![img-2.jpeg](img-2.jpeg)

Sources: Credit ratings for the securities held in the fund are provided

2

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

While we trimmed our position in taxable municipal bonds

From an interest rate management perspective, the fund's
the period, which weighed on returns for U.S. investors in
duration, was generally slightly longer than the benchmark
international securities over income securities, are subject to price
over the past six months, but we moved to a more neutral
decline due to rising interest rates, with long-term securities
shown in the final, measured of the long-term price, over longer
than the 2018-2019 period. The fund's performance
in the past three years, which was not yet
involved credit rating, downrights, and despite well scheduled
time, we had the results of the long-term and
the 2018-2019 period. The fund's long-term and
the 2018-2019 period was not yet
involved credit rating, downrights, and despite well scheduled
time, we had the results of the long-term and
the 2018-2019 period was not yet
involved credit rating, downrights, and despite well scheduled
time, we had the results of the long-term and
the 2018-2019 period was not yet
involved credit rating, downrights, and despite well scheduled
time, we had the results of the long-term and

Volatility in Treasury rates may soon subside as the Fed moves

Investments to the period, which is longer than the financial rate of search to
valuations, and we will look to take advantage of any
increased security, which is a result of the period, which is
the dislocations that arise. The period is a result of the period
and the period is a result of the period. The period is a result of the period
and the period is a result of the period. The period is a result of the period
and the period is a result of the period. The period is a result of the period
and the period is a result of the period. The period is a result of the period
and the period is a result of the period. The period is a result of the period
and the period is a result of the period. The period is a result of

MOODY'S INFORMATION MAY NOT BE COPIED OR

by Moody's, Standard & Poor's, and Fitch and are converted to the
Standard & Poor's nomenclature. A rating of AAA represents the
highest-rated securities, and a rating of D represents the lowest-rated
securities. If the rating agencies differ, the highest rating is applied
to the security. If a rating is not available, the security is classified as
Not Rated. T. Rowe Price uses the rating of the underlying investment
vehicle to determine the creditworthiness of credit default swaps. The
fund is not rated by any agency.

3

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

# RISKS OF INVESTING IN FIXED INCOME SECURITIES

This report is a report of the Department of Finance and the Department of Finance. The report is based on the data presented in this report. The report is based on the data presented in this report. The report is based on the data presented in this report.

Note: © 2022, Moody's Corporation, Moody's Investors

market more fully prices in recession risk or inflation calms
As a result, the report is based on the data presented in this report. The report is based on the data presented in this report. The report is based on the data presented in this report.

![img-3.jpeg](img-3.jpeg)

As of 11/30/22

U.S. Treasury securities are issued by the U.S. Treasury and are issued by the U.S. Treasury and are issued by the U.S. Treasury and are issued by the U.S. Treasury and are issued by the U.S. Treasury and are issued by the U.S. Treasury and are issued by the U.S. Treasury and are issued by the U.S. Treasury and are issued by the U.S. Treasury and are issued by the U.S. Treasury and are issued by the U.S. Treasury and are issued by the U.S. Treasury and are issued by the U.S. Treasury and are issued by the U.S. Treasury and are issued by the U.S. Treasury

![img-4.jpeg](img-4.jpeg)

![img-5.jpeg](img-5.jpeg)

![img-6.jpeg](img-6.jpeg)

![img-7.jpeg](img-7.jpeg)

4

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

# GROWTH OF $1 MILLION

mutual fund for more economic data have remained strong rates would have to go. The Federal Reserve delivered four enough to keep the Fed on a tightening path, leaving yields historically large 75-basis-point (0.75 percentage point) rate vulnerable to more further. However, we believe that the funds during the period, which lifted its short-term lending. BENCHMARK INFORMATION: The nearing completion, with 6/3/13 Period Ended 9/30/23, was 1.5% of 2003. It is a economy. The financials in the second half of 2003, it is a economy. Investment in the second half of 2003, it is a economy. Investment in the second half of 2003, it is a economy. Investment in the second half of 2003, it is a economy. Investment in the second half of 2003, it is a economy. Investment in the second half of 2003, it is a economy. Investment in the second half of 2003, it is a economy. Investment in the second half of 2

# FUND EXPENSE EXAMPLE

However, curve positioning detracted as a steepening bias in the end of the year, and the trade which is built on a foundation of the belly of the curve (between two years and 10 years). Actual Exports portfolio construction elements augmented with the first year performance. The global growth is based on the first year of the first year. The first year of the first year is a result of the actual growth. The first year of the first year is a result of the actual growth. The first year of the first year is a result of the actual growth. The first year of the first year is a result of the actual growth. The first year of the first year is a result of the actual growth. The first year of the first year is a result of the actual growth. The first year of the first year is a result of the actual growth. The first year of the first year is a result of

$2,500,000

5

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

(Unaudited)

# QUARTER-END RETURNS

The fund's performance information represents only past performance and PRIC's performance information of the investment. The investment is based on the investment objectives of the investment. The investment is based on the investment objectives of the investment. The investment is based on the investment objectives of the investment. The investment is based on the investment objectives of the investment. The investment is based on the investment objectives of the investment. The investment is based on the investment objectives of the investment. The investment is based on the investment objectives of the investment. The investment is based on the investment objectives of the investment. The investment is based on the investment objectives of the investment.

"Expenses" and "Dating" are the following: "For a share outstanding throughout each period, the investment is based on the investment objectives of the investment. The investment is based on the investment objectives of the investment. The investment is based on the investment objectives of the investment. The investment is based on the investment objectives of the investment. The investment is based on the investment objectives of the investment. The investment is based on the investment objectives of the investment. The investment is based on the investment objectives of the investment. The investment is based on the investment objectives of the investment. The investment is based on the investment objectives of

NET ASSET VALUE

| Beginning of period | $8.59 | $10.70 | $11.00 | $10.68 | $10.06 | $10.52 |
| --- | --- | --- | --- | --- | --- | --- |
| Investment activities |  |  |  |  |  |  |
| Net investment income (1)(2) | 0.17 | 0.33 | 0.36 | 0.40 | 0.40 | 0.38 |

6

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

November 30, 2022 (Unaudited)

The Company is a member of the board, as shorter maturity Treasuries, which have performed each year if its actual
The Company's results are the periods shown in the following figures:
(Amounts in 000s)
**VARI SHARES** $ Value
The Company's results are the periods shown in the following figures:
(Dollars in millions)
**CORPORATE BONDS** $1.76
Distributions or the redemption of fund shares. When assessing
less performance investors should consider both short- and long-term
retourable investment activities (0.79) (1.43)
**BALANCE** (1.43)
Australia & New Zealand Banking
Distributions
Group: 6.742% 12/8/32 (1) 200 202
Net investment income (0.18) (0.38)
Net realized gain - (0.27)
Tax return of capital - (0.03)
Total distributions (0.18) (0.68)

example, the Company's results are the periods shown in the following figures:
U.S. Treasury Allocation with the funds allocated to
the Company's results are the periods shown in the following figures:
(Dollars in millions)
**VARI SHARES** $ Value
The Company's results are the periods shown in the following figures:
(Dollars in millions)
**CORPORATE BONDS** $1.76
Distributions or the redemption of fund shares. When assessing
less performance investors should consider both short- and long-term
retourable investment activities (0.79) (1.43)
**BALANCE** (1.43)
Australia & New Zealand Banking
Distributions
Group: 6.742% 12/8/32 (1) 200 202
Net investment income (0.18) (0.38)
Net realized gain - (0.27)
Tax return of capital - (0.03)
Total distributions (0.18) (0.68)

The accompanying notes are an integral part of these financial statements.

7

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

Part 1: 2014-2015

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| Total return (RDI) | (7.16)% | (14.69)% |
| --- | --- | --- |

Ratios to average net assets: (1)

relative total costs of existing different funds. To the extent a fund charges transferable from the first four of the following:

| 5/1/4thum, we reduced the fund's exposure to the corporate credit spreads |  |  |  |
| --- | --- | --- | --- |
| Part 3: 2014-2015 |  |  |  |
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| Part 98: 2014-2015 |  |  |  |
| Part 99: 2014-2015 |  |  |  |
| Part 100: 2014-2015 |  |  |  |

| 4.39% | 17.12% | 10.94% | (0.28)% |
| --- | --- | --- | --- |

8

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

| Valuforce Group, 4.75%, 6/19/48 | 100 | 84 |
| --- | --- | --- |
| Valuforce Group, 4.75%, 6/19/48 | 100 | 84 |
| Valuforce Group, 5.00%, 5/30/48 | 100 | 84 |
| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |

| Valuforce Group, 4.75%, 6/19/48 | 100 | 84 |
| --- | --- | --- |
| Valuforce Group, 4.75%, 6/19/48 | 100 | 84 |
| Valuforce Group, 5.00%, 5/30/48 | 100 | 84 |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |
| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |

| Valuforce Group, 4.75%, 6/19/48 | 100 | 84 |
| --- | --- | --- |
| Valuforce Group, 4.75%, 6/19/48 | 100 | 84 |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

| Warnermedia Holdings, 5.05%, 5/30/48 | 100 | 84 |
| --- | --- | --- |

9

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

| cannot guarantee future results. | 140 | 132 | Consumer Non-Critical (1): 12.5% applied by the average account value over U.S. Treasury. Rents 2.375% 8/15/12 of days in the past recent quarter. |
| --- | --- | --- | --- |
| MAT Bank, Series F, VR 5.125% (2)(3) | 140 | 132 | Current and current market conditions. |
| Series F 2.875% 8/1(4) | 140 | 132 | Current and current market conditions. |
| Foreign currency, 8.5% of the effect the opinions of T. Rowe Price as close | 140 | 132 | Current and current market conditions. |
| 7/2/2016 (1) | 140 | 132 | Current and current market conditions. |
| Market share of foreign currency subject to change based on changes in | 140 | 132 | Current and current market conditions. |
| US$(1) and US$(2) and US$(3) and US$(4) and US$(5) and US$(6) and US$(7) and US$(8) and US$(9) and US$(10) and US$(11) and US$(12) and US$(13) and US$(14) and US$(15) and US$(16) and US$(17) and US$(18) and US$(19) and US$(20) and US$(21) and US$(22) and US$(23) and US$(24) and US$(25) and US$(26) and US$(27) and US$(28) and US$(29) and US$(30) and US$(31) and US$(32) and US$(33) and US$(34) and US$(35) and US$(36) and US$(37) and US$(38) and US$(39) and US$(40) and US$(41) and US$(42) and US$(43) and US$(44) and US$(45) and US$(46) and US$(47) and US$(48) and US$(49) and US$(50) and US$(51) and US$(52) and US$(53) and US$(54) and US$(55) and US$(56) and US$(57) and US$(58) and US$(59) and US$(60) and US$(61) and US$(62) and US$(63) and US$(64) and US$(65) and US$(66) and US$(67) and US$(68) and US$(69) and US$(70) and US$(71) and US$(72) and US$(73) and US$(74) and US$(75) and US$(76) and US$(77) and US$(78) and US$(79) and US$(80) and US$(81) and US$(82) and US$(83) and US$(84) and US$(85) and US$(86) and US$(87) and US$(88) and US$(89) and US$(90) and US$(91) and US$(92) and US$(93) and US$(94) and US$(95) and US$(96) and US$(97) and US$(98) and US$(99) and US$(100) | 140 | 132 | Current and current market conditions. |
| Market share of foreign currency subject to change based on changes in | 140 | 132 | Current and current market conditions. |
| US$(1) and US$(2) and US$(3) and US$(4) and US$(5) and US$(6) and US$(7) and US$(8) and US$(9) and US$(10) and US$(11) and US$(12) and US$(13) and US$(14) and US$(15) and US$(16) and US$(17) and US$(18) and US$(19) and US$(20) and US$(21) and US$(22) and US$(23) and US$(24) and US$(25) and US$(26) and US$(27) and US$(28) and US$(29) and US$(30) and US$(31) and US$(32) and US$(33) and US$(34) and US$(35) and US$(36) and US$(37) and US$(38) and US$(39) and US$(40) and US$(41) and US$(42) and US$(43) and US$(44) and US$(45) and US$(46) and US$(47) and US$(48) and US$(49) and US$(50) and US$(51) and US$(52) and US$(53) and US$(54) and US$(55) and US$(56) and US$(57) and US$(58) and US$(59) and US$(60) and US$(61) and US$(62) and US$(63) and US$(64) and US$(65) and US$(66) and US$(67) and US$(68) and US$(69) and US$(70) and US$(71) and US$(72) and US$(73) and US$(74) and US$(75) and US$(76) and US$(77) and US$(78) and US$(79) and US$(80) and US$(81) and US$(82) and US$(83) and US$(84) and US$(85) and US$(86) and US$(87) and US$(88) and US$(89) and US$(90) and US$(91) and US$(92) and US$(93) and US$(94) and US$(95) and US$(96) and US$(97) and US$(98) and US$(99) and US$(100) | 140 | 132 | Current and current market conditions. |
| Market share of foreign currency subject to change based on changes in | 140 | 132 | Current and current market conditions. |
| US$(1) and US$(2) and US$(3) and US$(4) and US$(5) and US$(6) and US$(7) and US$(8) and US$(9) and US$(10) and US$(11) and US$(12) and US$(13) and US$(14) and US$(15) and US$(16) and US$(17) and US$(18) and US$(19) and US$(20) and US$(21) and US$(22) and US$(23) and US$(24) and US$(25) and US$(26) and US$(27) and US$(28) and US$(29) and US$(30) and US$(31) and US$(32) and US$(33) and US$(34) and US$(35) and US$(36) and US$(37) and US$(38) and US$(39) and US$(40) and US$(41) and US$(42) and US$(43) and US$(44) and US$(45) and US$(46) and US$(47) and US$(48) and US$(49) and US$(50) and US$(51) and US$(52) and US$(53) and US$(54) and US$(55) and US$(56) and US$(57) and US$(58) and US$(59) and US$(60) and US$(61) and US$(62) and US$(63) and US$(64) and US$(65) and US$(66) and US$(67) and US$(68) and US$(69) and US$(70) and US$(71) and US$(72) and US$(73) and US$(74) and US$(75) and US$(76) and US$(77) and US$(78) and US$(79) and US$(80) and US$(81) and US$(82) and US$(83) and US$(84) and US$(85) and US$(86) and US$(87) and US$(88) and US$(89) and US$(90) and US$(91) and US$(92) and US$(93) and US$(94) and US$(95) and US$(96) and US$(97) and US$(98) and US$(99) and US$(100) | 140 | 132 | Current and current market conditions. |

10

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

because it is based on a different time period and, if applicable, includes
Support Charges, 4.50%, 1/1/2017
Discount, 4.50%, 1/1/2017

| Support Charges, 4.50%, 1/1/2017 | 40 | 43 |
| --- | --- | --- |
| Support Charges, 4.50%, 1/1/2017 | 40 | 43 |
| Support Charges, 4.50%, 1/1/2017 | 40 | 43 |

| Support Charges, 4.50%, 1/1/2017 | 195 | 188 |
| --- | --- | --- |
| Support Charges, 4.50%, 1/1/2017 | 275 | 238 |

| Central Texas Regional Mobility Auth., | 275 | 238 |
| --- | --- | --- |

| Description |  |  |
| --- | --- | --- |
| CENTRALLY CLEARED SWAPS 0.4% |  | 1,080 |

| Credit Default Swaps, Protection Sold 0.4% | 105 | 73 |
| --- | --- | --- |

| SHORT-TERM | 200 | 188 |
| --- | --- | --- |
| Weighted Credit Commitment | 270 | 185 |
| (Cost | 190 | 162 |
| Money Market Funds 4.7% | 370 | 242 |
| Common Stock (Health 3.91%, 10/1/50) | 170 | 124 |
| T. Rowe Price Investment Reserve | Initial | Unrealized |
| MUNICIPAL SECURITIES 0.4% | $ Value | $ Gain(Loss) |
| 10/1/49 | $ Value | 135 |
| Total Short-Term Investments (Cost | 130 | 104 |
| Credit Deficit Swaps, Protection |  | 109 |

11

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND[{"box_2d": [68, 105, 948, 212], "label": "table", "caption": "

| Enclosure 0.00% | 1.45% | Market CDX-NA-HX-539 | 6 Year Index | Receive | 1.00% | 1.00% | 465 | 90 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cashflow 3.00% | 1.45% | default, 12/20/27 | 200 | 278 | Reconciliation | Median/Yearly | 4.10% | 86 |
|  |  |  |  |  | SECURITIES | LENDING |  | 125 |
|  |  |  |  |  | RECONCILIATION | 1.00% |  | 125 |
| Reconciliation 0.00% | 1.45% | default, 12/20/27 |  |  | RECONCILIATION | 1.00% | 15 | 80 |
| Cashflow 3.00% | 1.45% | default, 12/20/27 | 200 | 318 | RECONCILIATION | 1.00% | 1.00% | 195 |
| Total Centrally Cleared Credit | 1.45% | Default Swaps, Protection Sold | 280 | 267 | RECONCILIATION | 1.00% | 1.00% | 200 |
| Debt 1.00% | 1.45% | Default Swaps, Protection Sold | 100 | 68 | RECONCILIATION | 1.00% | 1.00% | 200 |
| Total Centrally Cleared | 1.45% | Debt 1.00% | 305 | 251 | RECONCILIATION | 1.00% | 1.00% | 200 |
| Debt 1.00% | 1.45% | Debt 1.00% |  |  | RECONCILIATION | 1.00% | 1.00% | 200 |
| Debt 1.00% | 1.45% | Debt 1.00% |  |  | RECONCILIATION | 1.00% | 1.00% | 200 |
| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Debt 1.00% | 1.45% | Debt 1.00% |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

<table><tr><td>Debt 1.00%</td><td>1.45%</td><td>Debt 1.00%</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

| Net income (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) | 200 | STREET BANK 1.6% | 3/23 | 889 | $ | (1,000) |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Valuation Margin Receivable (payable) on centrally cleared swaps | 99 | Money Market Funds 1.6% | 3/23 | 434 | $ | 32 |  |
| 3/16/18 U.S. Treasury Notes ten year contracts | 235 | 24% | Monopoly (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) (C) | (908) | 145 |  | 370 |
| Net Income (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) | 100 | --- | 3.86% (5)(6) | 3/7 | 628 | 372 |  |
| Net Income (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) | 1,700 | 4/1/18 | 3/8 | 300 |  | 300 |  |
| Valuation Margin Receivable (payable) on open futures contracts | 1,000 | Total Investments in a Pooled |  |  |  | 206 |  |
| Depreciation (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) | 100 | Accounts Through Securities Lending |  | 195 |  | 102 |  |
| Depreciation (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) | 150 | Proceeds with State Street Bank |  | 494 |  | 494 |  |
| Depreciation (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) | 1,600 | Depreciation (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) |  |  |  |  |  |

13

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

November 30, 2022 (Unaudited)

| Net Realized Gain/Loss |  | Net Realized Gain/Loss |  | Net Realized Gain/Loss |  |
| --- | --- | --- | --- | --- | --- |
| Net Realized |  | Net Realized |  | Net Realized |  |
| 1.5% | 120 | 92 | 1.5% | 120 | 92 |
| 2.5% | 125 | 207 | 2.5% | 125 | 207 |
| 3.5% | 125 | 207 | 3.5% | 125 | 207 |
| 4.5% | 150 | 130 | 4.5% | 150 | 130 |
| 5.5% | 130 | 107 | 5.5% | 130 | 107 |
| 6.5% | 135 | 199 | 6.5% | 135 | 199 |
| Cash deposits on centrally cleared swaps |  | 306 | 6.5% | 135 | 199 |
| Receivable for shares sold |  |  |  |  | 32 |
| Variation margin receivable on centrally cleared swaps |  |  |  |  | 30 |
| Cash deposits on futures contracts |  |  |  |  | 28,602 |
| Total assets |  |  |  |  |  |

14

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

(Unaudited)

| Securities |  | Maryland Economic Development |  | Securities |  | Maryland Economic Development |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Securities |  | Securities |  | Securities |  | Securities |  |
| Securities |  | Securities |  | Securities |  | Securities |  |
| (Note: except shares and per share amounts) |  | 100 | 103 | 100 | 103 | 100 | 103 |
| Affiliate |  | 103 | 103 | 103 | 103 | 103 | 103 |
| T. Rowe Price Governments Reserve Fund 1.40% |  | 103 | 103 | 103 | 103 | 103 | 103 |
| T. Rowe Price Governments Reserve Fund 1.40% |  | 103 | 103 | 103 | 103 | 103 | 103 |
| Liabilities |  | 7.1% of net assets. |  | 7.1% of net assets. |  | 7.1% of net assets. |  |
| Payable for investment securities purchased |  | 100 |  | 100 |  | 100 |  |
| Dividend from the financial and non-financial securities purchased |  | 100 |  | 100 |  | 100 |  |
| Investment income |  | 100 |  | 100 |  | 100 |  |
| Payable for shares redeemed |  | 100 |  | 100 |  | 100 |  |
| Investments earnings |  | 100 |  | 100 |  | 100 |  |
| Investment management and administrative fees payable |  | 100 |  | 100 |  | 100 |  |
| Other liabilities |  | 100 |  | 100 |  | 100 |  |
| Total liabilities |  | 100 |  | 100 |  | 100 |  |
| Securities lending |  | 100 |  | 100 |  | 100 |  |
| Total income |  | 100 |  | 100 |  | 100 |  |

The accompanying notes are an integral part of these financial statements.

15

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

(Unaudited)

STATEMENT OF CHANGES IN CASH MANAGEMENT AND $0.10 interest income

| (000s) | (5) Seven-day yield |  |  |
| --- | --- | --- | --- |
| Purchase and sale information not shown for cash management funds. |  |  |  |
| (6) Affiliated Companies |  |  |  |
| The cost basis of investments in affiliated companies was $1,427. |  |  |  |
| Net investment income |  | 6 Months Ended | $26,683 Ended |
| Net Assets Consist of: |  | 11/30/22 | 5/31/22 |
| Realized and Unrealized Gain / Loss |  |  | $(8,145 ) |
| Realized and Unrealized gain / loss |  |  |  |
| Realized and Unrealized gain / loss to 3,427,941 shares of $0.0001 par value capital stock outstanding; 4,000,000,000 shares of the |  |  |  |
| Commodity authorized |  |  |  |
| Net investment income | $501 | $34,682 (98) |  |
| Figures |  |  |  |
| Net realized loss | (391 ) | (1,365 ) |  |
| Net assets |  |  |  |
| Net assets | (1,825 ) | (5,327 ) |  |
| Decrease in net unrealized gain / loss |  |  |  |
| Net realized loss | (1,715 ) | (6,231 ) |  |
| Decrease in net assets from operations |  |  |  |

The accompanying notes are an integral part of these financial statements.

16

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

Unaudited

# INVOICE TO FINANCIAL STATEMENTS
($000s)

NET ASSET VALUE PER SHARE

$7.79

| Change in net unrealized gain / loss |  |  |
| --- | --- | --- |
| Net earnings |  |  |
| Net earnings |  |  |
| Futurely the corporation. The fund seeks to provide high income. | (550 ) | (1,767 ) |
| Six return of capital |  | 41 |
| Swaps |  | (66 ) |
| Decrease in net assets from distributions |  | 247 |
| Change in net unrealized gain / loss | (550 ) | (1,858 ) |
| Net realized and unrealized gain / loss |  | (1,825 ) |
| Change in share |  | (2,216 ) |

# NOTE 1 SIGNIFICANT ACCOUNTING POLICIES

| Shares sold |  |  |
| --- | --- | --- |
| Basis of Preparation |  |  |
| The fund is an investment company and follows accounting and reporting guidance in the Financial Accounting | 4,840 | 20,983 |

The accompanying notes are an integral part of these financial statements.

17

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

**DECREASE IN NET ASSETS FROM OPERATIONS** Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1941/15)
Distributions, estimated when the Level 1 owned prices that are observable either directly or indirectly (including 301 net limited to 300
Shares redeemed to be limited to 300 net) or (including 300 net) (including 300 net) (including 300 net) (including 300 net) (including 300 net) (including 300 net) (including 300 net) (including 300 net) (including 300 net) (including 300 net) (including 300 net)
Increase in net assets from capital share transactions
limited to, 300 net of 300 net of 300 net of 300 net of 300 net of 300 net of 300 net of 300 net of 300 net of 300 net of 300 net of 300 net of 300 net of 300 net of 300 net of 300 net of 300 net of 1,000
**Net Assets** are appropriate; however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial
estimate may differ from the value ultimately realized upon sale or maturity.
Increased during periods
Obtainable inputs are developed using market data, such as publicly available information about actual events or transactions, and
**Investment Transactions, Investment Income, and Distributions** Investment transactions are accounted for on the trade date basis.
**End of period** $26,693 $24,849
Income and expenses are recorded on the accrual basis. Realized gains and losses are reported on the identified cost basis. Premiums

18

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

Level 1 - quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date 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 to the assumptions that market participants

*Share of the financial instrument is a GARP financial reporting package

Share of the financial instrument is a GARP financial reporting package. The level of the financial instrument is a GARP financial reporting package. The level of the financial instrument is a GARP financial reporting package. The level of the financial instrument is a GARP financial reporting package. The level of the financial instrument is a GARP financial reporting package. The level of the financial instrument is a GARP financial reporting package. The level of the financial instrument is a GARP financial reporting package. The level of the financial instrument is a GARP financial reporting package. The level of the financial instrument is a

19

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

**Valuation Inputs** The following table summarizes the fund's financial instruments, based on the inputs used to determine their fair

**Valuation** - Investigator's debt securities generally are traded in the over-the-counter

**Location on Statement of**

**Assets and Liabilities**

**Fair Value***

The accounting of the fund's financial instruments is based on the inputs used to determine their fair value.

The accounting of the fund's financial instruments is based on the inputs used to determine their fair value.

The accounting of the fund's financial instruments is based on the inputs used to determine their fair value.

The accounting of the fund's financial instruments is based on the inputs used to determine their fair value.

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T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

Assets and liabilities other than financial instruments, including short-term receivables and payables, are carried at cost, or estimated at cost. Changes or changes in the provisions of the Fund's current financial statements were cleared. This ability is subject to the liquidity of underlying positions. As of 2022, the Fund's financial statements were prepared by the Fund's management and management. The Fund's financial statements were prepared by the Fund's management and management. The Fund's financial statements were prepared by the Fund's management and management. The Fund's financial statements were prepared by the Fund's management and management. The Fund's financial statements were prepared by the Fund's management and management. The Fund's financial statements were prepared by the Fund's management and management. The Fund's financial statements were prepared by the Fund's management and management. The Fund's financial statements were prepared by the Fund's management and management. The Fund's financial statements were prepared

21

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

sold in the same manner as equity or fixed income securities, exchange-traded or centrally cleared derivatives may be closed out only
* The fair value presented includes cumulative gain (loss) on open futures contracts and centrally cleared rights, however, the value reflected on
interest contracts is subject to the future sale in one year and is subject to the interest of a security entity. In a specific underlying
transferable market, the market is subject to the interest of a security entity. In a specific underlying
transferable market, the market is subject to the interest of a security entity. In a specific underlying
transferable market, the market is subject to the interest of a security entity. In a specific underlying
transferable market, the market is subject to the interest of a security entity. In a specific underlying
transferable market, the market is subject to the interest of a security entity.

NOTE: DERIVATIVE INSTRUMENTS (date, functions) in the value of the contract (variation, margin) which reflect changes in the
rate of the market, and the value of the contract (variation, margin) which reflect changes in the
rate of the market, and the value of the contract (variation, margin) which reflect changes in the
rate of the market, and the value of the contract (variation, margin) which reflect changes in the
rate of the market, and the value of the contract (variation, margin) which reflect changes in the
rate of the market, and the value of the contract (variation, margin) which reflect changes in the

at the measurement date. The fund's Board of Directors (the Board) has designated T. Rowe Price Associates, Inc. as the fund's

22

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

# NOTE 4 - OTHER INVESTMENT TRANSACTIONS

LIBOR (Transition of the fund) may invest in the investments, liabilities and other related activities, including, but not limited to, the high value of the expected risks and rewards are consistent with its investment objectives, policies, and overall risk profile, as described in the following Chapter 1: The Investment and Investment of the Fund: The Investment and Investment of the Fund: The Investment and Investment of the Fund: The Investment and Investment of the Fund: The Investment and Investment of the Fund: The Investment and Investment of the Fund: The Investment and Investment of the Fund: The Investment and Investment of the Fund: The Investment and Investment of the Fund: The Investment and Investment of the Fund: The Investment and Investment of the Fund: The Investment and Investment of the Fund: The Investment and Investment of the Fund: The Investment and Investment of

23

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

# NOTE 6 - RELATED PARTY TRANSACTIONS

The value of certain instruments and liabilities and receivables, including the fair value of the funds and liabilities of the funds, are not to be paid. Any
transfers to the funds or to the fund to the T. Rowe Price Institute for Research and Development, T. Rowe Price Institute for Research and Development
and the funds or to the fund to the T. Rowe Price Institute for Research and Development, T. Rowe Price Institute for Research and Development
and the funds or to the fund to the T. Rowe Price Institute for Research and Development, T. Rowe Price Institute for Research and Development
and the funds or to the fund to the T. Rowe Price Institute for Research and Development, T. Rowe Price Institute for Research and Development
and the funds or to the fund to the T. Rowe Price Institute for Research and Development, T. Rowe Price Institute for Research and Development
and

24

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND RECORDS

NOTE: The following information is provided in the following table:

25

T. ROWE PRICE INSTITUTIONAL LONG DURATION CREDIT FUND

# LIQUIDITY RISK MANAGEMENT PROGRAM

HOW TO OBTAIN QUARTERLY PORTFOLIO ROLLINGS

The following table provides the information in a specific format: a report of the company's performance, and a report of the company's performance. The report is based on the company's performance, and a report of the company's performance. The report is based on the company's performance, and a report of the company's performance.

# T.RowePrice®

100 East Pratt Street

Baltimore, MD 21202

Call 1-800-225-5132 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.

202301-2568408

E151-051 1/23

26

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.

NOTE TO THE FEDERAL RECORDS OFFICE

Item 4. Principal Accountant and Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant's Accountant

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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.

T. Rowe Price Investment Services, Inc.

## Item 11. 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-CSR was 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

liquidity of portfolio investments during normal and reasonably foreseeable stressed conditions, including whether the investment strategy is generally between 13% and 23% of net assets.

(a) The registrant's share of other investments during normal and reasonably foreseeable stressed conditions, including whether the investment strategy is generally between 13% and 23% of net assets.

(1) Issuance for the use of borrowings of the investment purposes is a general agreement between the 2010 and 2011, and the 2010 and 2011 respectively.

(2) Separate contributions by the registrant's principal executive officer and principal financial officer, pursuant to Section 905 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

At November 30, 2022, the cost of investments (including derivatives, if any) for federal income tax purposes was $32,983,000. Net

(3) Written and applicable legal advice to the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

(b) A central audit by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

## 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 19, 2023

through March 31, 2022. The report described the methodology for classifying a fund's investments (including any derivative transactions) into one of four liquidity categories, as well as the percentage of a fund's investments assigned to each category. It also explained the methodology for establishing a fund's HLIM and noted that the LRC reviews the HLIM assigned to each fund no less frequently than annually.

During the period covered by the annual assessment, the LRC has concluded, and reported to the Board, that the Liquidity Program continues to operate adequately and effectively and is reasonably designed to assess and manage the fund's liquidity risk.

Date January 19, 2023

By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date January 19, 2023

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Institutional Long Duration Credit Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 19, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Institutional Long Duration Credit Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: January 19, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

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## Exhibit 99.906

**Item 13. (b)** 

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| | |
|:---|:---|
| **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** | **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** |
| Name of Issuer: T. Rowe Price Institutional Long Duration Credit Fund  | Name of Issuer: T. Rowe Price Institutional Long Duration Credit Fund  |
| In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that: | In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that: |
| 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; | 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; |
| 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. | 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. |
| Date: January 19, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: January 19, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

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