<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0101</schemaVersion>

    <submissionType>EFFECT</submissionType>

    <act>33</act>

    <testOrLive>LIVE</testOrLive>

    <effectiveData>
        <finalEffectivenessDispDate>2020-09-24</finalEffectivenessDispDate>
        <finalEffectivenessDispTime>09:30:00</finalEffectivenessDispTime>
        <form>N-14</form>
        <filer>
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            <entityName>T. Rowe Price Total Return Fund, Inc.</entityName>
            <fileNumber>333-241755</fileNumber>
            <seriesClassContractData>
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                    <acquiringEntityName>T. Rowe Price Total Return Fund, Inc.</acquiringEntityName>
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                    <acquiringSeriesName>T. Rowe Price Total Return Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000174966</acquiringClassContractId>
                    <acquiringClassContractName>T. Rowe Price Total Return Fund--I Class</acquiringClassContractName>
                    <targetCik>0001169187</targetCik>
                    <targetEntityName>T. Rowe Price Institutional Income Funds, Inc.</targetEntityName>
                    <targetSeriesId>S000002135</targetSeriesId>
                    <targetSeriesName>T. Rowe Price Institutional Core Plus Fund</targetSeriesName>
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                    <targetClassContractName>T. Rowe Price Institutional Core Plus Fund</targetClassContractName>
                </merger>
            </seriesClassContractData>
        </filer>
    </effectiveData>
</edgarSubmission>
