U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 24F-2
                        Annual Notice of Securities Sold
                             Pursuant to Rule 24f-2



         1.       Name and address of issuer:

                  T. Rowe Price Institutional Income Funds, Inc
                  100 East Pratt Street
                  Baltimore, MD 21202

         2.       The name of each series or class of securities 
                  for which this Form is filed (If the Form is
                  being filed for all series and classes of
                  securities of the issuer, check the box but
                  do not list series or classes): / /
  
                  T. Rowe Price Institutional Cash Reserve
                   
         3.       Investment Company Act File Number:  811-21055

                  Securities Act File Number:  333-84634

         4a.      Last day of fiscal year for which this Form is
                  filed:

                  May 14, 2021

         4b.      / /  Check box if this Form is being filed late
                  (i.e., more than 90 calendar days after the end
                  of the issuer's fiscal year).  (See
                  Instruction A.2.)

                  Note:  If the Form is being filed late, interest
                  must be paid on the registration fee due.

         4c.      / /  Check box if this is the last time the issuer
                  will be filing the Form.

         5.       Calculation of registration fee:

         (i)      Aggregate sale price of securities
                  sold during the fiscal year pursuant
                  to section 24(f):          $22,649.78

         (ii)     Aggregate price of securities redeemed
                  or repurchased during the fiscal year:  $20,603,657.81

         (iii)    Aggregate price of securities redeemed
                  or repurchased during any prior fiscal year
                  ending no earlier than October 11, 1995
                  that were not previously used to reduce
                  registration fees payable to the Commission:   $399,965,315.44

         (iv)     Total available redemption credits
                  [add items 5(ii) and 5(iii)]:      $420,568,973.25

         (v)      Net sales - if Item 5(i) is greater
                  than Item 5(iv) [subtract Item 5(iv) from        
                  Item 5(i):                       $-0-

         (vi)     Redemption credits available for use in future
                  years - if Item 5(I)is less than Item 5(iv)
                  [subtract Item 5(iv) from Item 5(I)]:              
		     $(420,546,323.47)


         (vii)    Multiplier for determining registration fee (See
                  Instruction C.9):                            x 0.0001091


         (viii)   Registration fee due [multiply Item 5(v)
                  by Item 5(vii)]  (enter "0" if no fee is due):   $-0-

         6.       Prepaid Shares

                  If the response to Item 5(I) was determined by
                  deducting an amount of securities that were
                  registered under the Securities Act of 1933
                  pursuant to Rule 24e-2 as in effect before
                  October 11, 1997, then report the amount o
                  securities (number of shares or other units)
                  deducted here: -0- shares. If there is a number 
                  of shares or other units that were registered
                  pursuant to Rule 24e-2 remaining unsold at the
                  end of the fiscal year for which this form i
                  filed that are available for use by the issuer 
                  in future fiscal years, then state that
                  number here: -0- shares.

         7.       Interest due - if this Form is being
                  filed more than 90 days after the end
                  of the issuer's fiscal year (see
                  Instruction D):                                    +$0.00

         8.       Total of the amount of the registration
                  fee due plus any interest due [line 5(viii)
                  plus line 7]:                                $-0-


         9.       Date the registration fee and any interest
                  payment was sent to the Commission's lockbox
                  depository: on or about July 26, 2021.

                  Method of delivery: Wire Transfer   

         SIGNATURES

         This report has been signed below by the following persons
         on behalf of the issuer and in the capacities and on the 
         dates indicated.


         Alan Dupski, Treasurer
         By (Signature and Title)*

         July 26, 2021