T. Rowe Price Institutional High Yield Fund
Data updated: 2026-08-12
C000219331 — T. Rowe Price Institutional High Yield Fund. Intermediate Corporate Bond · $1.67B AUM. Holdings, fees, performance and SEC filings.
C000219331 Fund Overview
T. Rowe Price Institutional High Yield Fund is a US mutual fund managed by T. Rowe Price Institutional Income Funds, Inc., categorised as Intermediate Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: T. Rowe Price Institutional Income Funds, Inc.
- Category: Intermediate Corporate Bond
- Assets under management: $1.67B
- 1-year return: -9.8%
- SEC CIK: 0001169187
- SEC series ID: S000002134
- Share class ID: C000219331
C000219331 Investment Objective and Strategy
T. Rowe Price Institutional High Yield Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by T. Rowe Price Institutional Income Funds, Inc..
Investment objective
The fund seeks high current income and,
Principal investment strategy
The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in a widely diversified portfolio of high yield corporate bonds, often called junk bonds, as well as income-producing convertible securities and preferred stocks that are rated below investment grade or not rated by any major credit rating agency but deemed to be below investment grade by T. Rowe Price. If a holding is split rated (i.e., rated investment grade by at least one rating agency and below investment grade by another rating agency), the lower rating will be used for purposes of the funds 80% investment policy. High yield bonds are rated below investment grade (BB and lower, or an equivalent rating), and tend to provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments.
High yield bond issuers include small or relatively new companies lacking the history or capital to merit investment grade status, former blue chip companies downgraded because of financial problems, companies electing to borrow heavily to finance or avoid a takeover or buyout, and firms with heavy debt loads. While high yield corporate bonds are typically issued with a fixed interest rate, bank loans have floating interest rates that reset periodically (typically quarterly or monthly). Bank loans represent amounts borrowed by companies or other entities from banks and other lenders. In many cases, the borrowing companies have significantly more debt than equity and the loans have been issued in connection with recapitalizations, acquisitions, leveraged buyouts, or refinancings. The loans held by the fund may be senior or subordinate obligations of the borrower.
The fund may invest up to 15% of its total assets in bank loans. The fund may purchase securities of any maturity and its weighted average maturity will vary with market conditions. In selecting investments, the fund relies extensively on T. Rowe Price credit research analysts. The fund intends to focus primarily on the higher-quality range (BB and B, or an equivalent rating) of the high yield market. While most assets will typically be invested in U.S. dollar-denominated bonds, the fund may also invest in bonds of foreign issuers (including securities of issuers in emerging markets). The fund may invest up to 20% of its total assets in non-U.S. dollar-denominated securities and may invest without limitation in U.S. dollar-denominated bonds of foreign issuers. The fund may also use forward currency exchange contracts and credit default swaps in keeping with the funds objective.
Forward currency exchange contracts would typically be used to protect the funds foreign bond holdings from adverse currency movements relative to the U.S. dollar and credit default swaps would typically be used to protect the value of certain portfolio holdings or to manage the funds overall exposure to changes in credit quality. The fund may sell holdings for a variety of reasons, such as to adjust the portfolios average maturity, duration, or overall credit quality, to shift assets into and out of higher-yielding instruments, or to reduce its exposure to certain instruments.
C000219331 Holdings
Top 10 holdings of T. Rowe Price Institutional High Yield Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Grs - Security Lending Collateral | 2.67% |
| T. Rowe Price Government Reserve Fund | 1.50% |
| Cloud Software Grp, Inc. 144a | 1.03% |
| Echostar Corp. | 0.90% |
| Rivian Hld/auto LLC 144a | 0.82% |
| 1261229 Bc Ltd. 144a | 0.76% |
| Lifepoint Health, Inc. 144a | 0.75% |
| Carvana Co. 144a | 0.74% |
| Transdigm, Inc. 144a | 0.71% |
| Hologic Tl 2l Bankdebt | 0.67% |
C000219331 Portfolio Allocation
Asset-class allocation of T. Rowe Price Institutional High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 92.8% |
| Cash & Equivalents | 4.2% |
| Loans | 3.2% |
| Equity | 1.8% |
C000219331 Performance
Total returns for C000219331 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -9.8% |
| 3 years (annualised) | 2.1% |
C000219331 Risk Information
Risk metrics for C000219331, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 11.1%
C000219331 Costs and Fees
C000219331 costs about $0 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.00%
- Gross expense ratio: 0.50%
- Portfolio turnover: 41%
- Brokerage commissions: 0.02 bps of average net assets (SEC N-CEN)
C000219331 Cashflows
Over the 12 months to 2026-05, T. Rowe Price Institutional High Yield Fund had net inflows of $23.51M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | −$10.51M |
| 2026-04 | −$9.06M |
| 2026-03 | $6.76M |
| 2026-02 | $1.20M |
| 2026-01 | $1.35M |
| 2025-12 | $1.13M |
C000219331 Debt Constituents
Largest debt holdings of T. Rowe Price Institutional High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Cloud Software Grp, Inc. 144a | 1.03% |
| Echostar Corp. | 0.90% |
| Rivian Hld/auto LLC 144a | 0.82% |
| 1261229 Bc Ltd. 144a | 0.76% |
| Lifepoint Health, Inc. 144a | 0.75% |
| Carvana Co. 144a | 0.74% |
| Transdigm, Inc. 144a | 0.71% |
| Level 3 Financing, Inc. 144a | 0.63% |
| Edged Compute LLC 144a | 0.62% |
| Vistra Corp. 144a | 0.62% |
C000219331 Prospectus and SEC Filings
Official T. Rowe Price Institutional High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-07-27
- Prospectus (485BPOS) — filed 2025-07-25
- Prospectus (485BPOS) — filed 2024-07-25
- Portfolio holdings (N-PORT) — filed 2026-07-28
- Portfolio holdings (N-PORT) — filed 2026-04-27
- Portfolio holdings (N-PORT) — filed 2026-01-27
- Annual census (N-CEN) — filed 2026-08-12
- Annual census (N-CEN) — filed 2025-08-13
Related Funds
Other Intermediate Corporate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.