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: 811-22557
T. Rowe Price Floating Rate Fund, 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, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
November 30, 2024
This semi-annual shareholder report contains important information about Floating Rate Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Floating Rate Fund - Investor Class | $39 | 0.77% |
|---|
What are some fund statistics?
| Total Net Assets (000s) | $3,771,261 |
|---|
| Number of Portfolio Holdings | 325 |
|---|
| |
|---|
| Portfolio Turnover Rate | 61.3% |
|---|
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| BBB/BB Rated and Above | 1.5% |
| BB Rated | 13.6 |
| BB/B Rated | 6.4 |
| B Rated | 57.0 |
| B/CCC Rated | 2.4 |
| CCC Rated and Below | 10.6 |
| Not Rated | 3.3 |
| Short-Term Holdings | 5.2 |
*Credit ratings for the securities held in the Fund are provided by Moody’s and Standard & Poor’s 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. Split ratings (e.g., BB/B and B/CCC) are assigned when Moody's and S&P differ. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings (as a % of Net Assets)
| HUB International | 2.3% |
| AssuredPartners | 2.3 |
| Cloud Software Group | 2.2 |
| Applied Systems | 2.2 |
| UKG | 1.9 |
| Asurion | 1.8 |
| Ellucian Holdings | 1.7 |
| Medline Borrower | 1.6 |
| Epicor Software | 1.6 |
| LifePoint Health | 1.6 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Floating Rate Fund
Investor Class (PRFRX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
November 30, 2024
This semi-annual shareholder report contains important information about Floating Rate Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Floating Rate Fund - Advisor Class | $50 | 0.97% |
|---|
What are some fund statistics?
| Total Net Assets (000s) | $3,771,261 |
|---|
| Number of Portfolio Holdings | 325 |
|---|
| |
|---|
| Portfolio Turnover Rate | 61.3% |
|---|
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| BBB/BB Rated and Above | 1.5% |
| BB Rated | 13.6 |
| BB/B Rated | 6.4 |
| B Rated | 57.0 |
| B/CCC Rated | 2.4 |
| CCC Rated and Below | 10.6 |
| Not Rated | 3.3 |
| Short-Term Holdings | 5.2 |
*Credit ratings for the securities held in the Fund are provided by Moody’s and Standard & Poor’s 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. Split ratings (e.g., BB/B and B/CCC) are assigned when Moody's and S&P differ. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings (as a % of Net Assets)
| HUB International | 2.3% |
| AssuredPartners | 2.3 |
| Cloud Software Group | 2.2 |
| Applied Systems | 2.2 |
| UKG | 1.9 |
| Asurion | 1.8 |
| Ellucian Holdings | 1.7 |
| Medline Borrower | 1.6 |
| Epicor Software | 1.6 |
| LifePoint Health | 1.6 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Floating Rate Fund
Advisor Class (PAFRX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
November 30, 2024
This semi-annual shareholder report contains important information about Floating Rate Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Floating Rate Fund - I Class | $33 | 0.64% |
|---|
What are some fund statistics?
| Total Net Assets (000s) | $3,771,261 |
|---|
| Number of Portfolio Holdings | 325 |
|---|
| |
|---|
| Portfolio Turnover Rate | 61.3% |
|---|
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| BBB/BB Rated and Above | 1.5% |
| BB Rated | 13.6 |
| BB/B Rated | 6.4 |
| B Rated | 57.0 |
| B/CCC Rated | 2.4 |
| CCC Rated and Below | 10.6 |
| Not Rated | 3.3 |
| Short-Term Holdings | 5.2 |
*Credit ratings for the securities held in the Fund are provided by Moody’s and Standard & Poor’s 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. Split ratings (e.g., BB/B and B/CCC) are assigned when Moody's and S&P differ. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings (as a % of Net Assets)
| HUB International | 2.3% |
| AssuredPartners | 2.3 |
| Cloud Software Group | 2.2 |
| Applied Systems | 2.2 |
| UKG | 1.9 |
| Asurion | 1.8 |
| Ellucian Holdings | 1.7 |
| Medline Borrower | 1.6 |
| Epicor Software | 1.6 |
| LifePoint Health | 1.6 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Floating Rate Fund
I Class (TFAIX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
November 30, 2024
This semi-annual shareholder report contains important information about Floating Rate Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Floating Rate Fund - Z Class | $1 | 0.02% |
|---|
What are some fund statistics?
| Total Net Assets (000s) | $3,771,261 |
|---|
| Number of Portfolio Holdings | 325 |
|---|
| |
|---|
| Portfolio Turnover Rate | 61.3% |
|---|
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| BBB/BB Rated and Above | 1.5% |
| BB Rated | 13.6 |
| BB/B Rated | 6.4 |
| B Rated | 57.0 |
| B/CCC Rated | 2.4 |
| CCC Rated and Below | 10.6 |
| Not Rated | 3.3 |
| Short-Term Holdings | 5.2 |
*Credit ratings for the securities held in the Fund are provided by Moody’s and Standard & Poor’s 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. Split ratings (e.g., BB/B and B/CCC) are assigned when Moody's and S&P differ. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings (as a % of Net Assets)
| HUB International | 2.3% |
| AssuredPartners | 2.3 |
| Cloud Software Group | 2.2 |
| Applied Systems | 2.2 |
| UKG | 1.9 |
| Asurion | 1.8 |
| Ellucian Holdings | 1.7 |
| Medline Borrower | 1.6 |
| Epicor Software | 1.6 |
| LifePoint Health | 1.6 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Floating Rate Fund
Z Class (TRIZX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRFRX
Floating
Rate
Fund
PAFRX
Floating
Rate
Fund–
.
Advisor Class
TFAIX
Floating
Rate
Fund–
.
I Class
TRIZX
Floating
Rate
Fund–
.
Z Class
T.
ROWE
PRICE
Floating
Rate
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
9
.30
$
9
.02
$
9
.16
$
9
.57
$
9
.11
$
9
.68
Investment
activities
Net
investment
income
(1)(2)
0
.38
0
.80
0
.62
0
.36
0
.37
0
.43
Net
realized
and
unrealized
gain/
loss
0
.02
0
.28
(
0
.12
)
(
0
.41
)
0
.46
(
0
.57
)
Total
from
investment
activities
0
.40
1
.08
0
.50
(
0
.05
)
0
.83
(
0
.14
)
Distributions
Net
investment
income
(
0
.37
)
(
0
.80
)
(
0
.63
)
(
0
.36
)
(
0
.37
)
(
0
.43
)
Net
realized
gain
—
—
(
0
.01
)
—
—
—
Total
distributions
(
0
.37
)
(
0
.80
)
(
0
.64
)
(
0
.36
)
(
0
.37
)
(
0
.43
)
NET
ASSET
VALUE
End
of
period
$
9
.33
$
9
.30
$
9
.02
$
9
.16
$
9
.57
$
9
.11
T.
ROWE
PRICE
Floating
Rate
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
4
.40
%
12
.38
%
5
.64
%
(
0
.54
)
%
9
.26
%
(
1
.56
)
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.77
%
(4)
0
.77
%
0
.78
%
0
.75
%
0
.76
%
0
.76
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.77
%
(4)
0
.77
%
0
.78
%
0
.75
%
0
.76
%
0
.76
%
Net
investment
income
8
.10
%
(4)
8
.69
%
6
.87
%
3
.79
%
3
.88
%
4
.54
%
Portfolio
turnover
rate
61
.3
%
77
.9
%
27
.6
%
37
.2
%
62
.0
%
75
.9
%
Net
assets,
end
of
period
(in
millions)
$1,705
$1,550
$1,369
$1,949
$1,038
$865
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Floating
Rate
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
9
.32
$
9
.04
$
9
.18
$
9
.59
$
9
.13
$
9
.69
Investment
activities
Net
investment
income
(1)(2)
0
.37
0
.79
0
.61
0
.34
0
.35
0
.42
Net
realized
and
unrealized
gain/
loss
0
.02
0
.27
(
0
.13
)
(
0
.40
)
0
.46
(
0
.57
)
Total
from
investment
activities
0
.39
1
.06
0
.48
(
0
.06
)
0
.81
(
0
.15
)
Distributions
Net
investment
income
(
0
.36
)
(
0
.78
)
(
0
.61
)
(
0
.35
)
(
0
.35
)
(
0
.41
)
Net
realized
gain
—
—
(
0
.01
)
—
—
—
Total
distributions
(
0
.36
)
(
0
.78
)
(
0
.62
)
(
0
.35
)
(
0
.35
)
(
0
.41
)
NET
ASSET
VALUE
End
of
period
$
9
.35
$
9
.32
$
9
.04
$
9
.18
$
9
.59
$
9
.13
T.
ROWE
PRICE
Floating
Rate
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
4
.30
%
12
.15
%
5
.44
%
(
0
.74
)
%
9
.00
%
(
1
.66
)
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1
.04
%
(4)
1
.07
%
1
.03
%
1
.02
%
1
.04
%
1
.07
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.97
%
(4)
0
.97
%
0
.97
%
0
.97
%
0
.98
%
0
.98
%
Net
investment
income
7
.89
%
(4)
8
.49
%
6
.68
%
3
.62
%
3
.67
%
4
.37
%
Portfolio
turnover
rate
61
.3
%
77
.9
%
27
.6
%
37
.2
%
62
.0
%
75
.9
%
Net
assets,
end
of
period
(in
thousands)
$10,981
$9,368
$14,621
$21,783
$23,329
$12,506
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Floating
Rate
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
9
.31
$
9
.02
$
9
.16
$
9
.57
$
9
.12
$
9
.68
Investment
activities
Net
investment
income
(1)(2)
0
.38
0
.81
0
.63
0
.37
0
.37
0
.44
Net
realized
and
unrealized
gain/
loss
0
.02
0
.29
(
0
.12
)
(
0
.40
)
0
.46
(
0
.56
)
Total
from
investment
activities
0
.40
1
.10
0
.51
(
0
.03
)
0
.83
(
0
.12
)
Distributions
Net
investment
income
(
0
.38
)
(
0
.81
)
(
0
.64
)
(
0
.38
)
(
0
.38
)
(
0
.44
)
Net
realized
gain
—
—
(
0
.01
)
—
—
—
Total
distributions
(
0
.38
)
(
0
.81
)
(
0
.65
)
(
0
.38
)
(
0
.38
)
(
0
.44
)
NET
ASSET
VALUE
End
of
period
$
9
.33
$
9
.31
$
9
.02
$
9
.16
$
9
.57
$
9
.12
T.
ROWE
PRICE
Floating
Rate
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
4
.36
%
12
.64
%
5
.79
%
(
0
.41
)
%
9
.26
%
(
1
.33
)
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.64
%
(4)
0
.65
%
0
.63
%
0
.62
%
0
.65
%
0
.64
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.64
%
(4)
0
.65
%
0
.63
%
0
.62
%
0
.65
%
0
.64
%
Net
investment
income
8
.22
%
(4)
8
.81
%
6
.96
%
3
.95
%
3
.95
%
4
.65
%
Portfolio
turnover
rate
61
.3
%
77
.9
%
27
.6
%
37
.2
%
62
.0
%
75
.9
%
Net
assets,
end
of
period
(in
thousands)
$900,415
$820,734
$729,069
$1,097,697
$254,834
$116,787
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Floating
Rate
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Z
Class
(1)
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
3/16/20
(1)
Through
5/31/20
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
9
.30
$
9
.02
$
9
.16
$
9
.57
$
9
.11
$
8
.65
Investment
activities
Net
investment
income
(2)(3)
0
.41
0
.87
0
.69
0
.44
0
.45
0
.09
Net
realized
and
unrealized
gain/
loss
0
.03
0
.28
(
0
.12
)
(
0
.42
)
0
.45
0
.46
(4)
Total
from
investment
activities
0
.44
1
.15
0
.57
0
.02
0
.90
0
.55
Distributions
Net
investment
income
(
0
.41
)
(
0
.87
)
(
0
.70
)
(
0
.43
)
(
0
.44
)
(
0
.09
)
Net
realized
gain
—
—
(
0
.01
)
—
—
—
Total
distributions
(
0
.41
)
(
0
.87
)
(
0
.71
)
(
0
.43
)
(
0
.44
)
(
0
.09
)
NET
ASSET
VALUE
End
of
period
$
9
.33
$
9
.30
$
9
.02
$
9
.16
$
9
.57
$
9
.11
T.
ROWE
PRICE
Floating
Rate
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
(1)
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
3/16/20
(1)
Through
5/31/20
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(3)(5)
4
.79
%
13
.22
%
6
.44
%
0
.19
%
10
.05
%
6
.38
%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.62
%
(6)
0
.62
%
0
.62
%
0
.62
%
0
.64
%
0
.64
%
(6)
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.02
%
(6)
0
.02
%
0
.02
%
0
.02
%
0
.03
%
0
.02
%
(6)
Net
investment
income
8
.86
%
(6)
9
.44
%
7
.58
%
4
.63
%
4
.77
%
4
.77
%
(6)
Portfolio
turnover
rate
61
.3
%
77
.9
%
27
.6
%
37
.2
%
62
.0
%
75
.9
%
Net
assets,
end
of
period
(in
millions)
$1,155
$1,252
$1,464
$2,285
$2,119
$1,029
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(4)
The
amount
presented
is
inconsistent
with
the
fund's
aggregate
gains
and
losses
because
of
the
timing
of
sales
and
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(5)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(6)
Annualized
T.
ROWE
PRICE
Floating
Rate
Fund
November
30,
2024
(Unaudited)
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
0.0%
Miscellaneous
0.0%
Frontier
Issuer
Series 2023-1,
Class
C
11.50%,
8/20/53 (1)
504
537
Frontier
Issuer
Series 2024-1,
Class
C
11.16%,
6/20/54 (1)
303
339
Total
Asset-Backed
Securities
(Cost
$867)
876
BANK
LOANS
85.9%
(2)
Aerospace
&
Defense
1.9%
Apple
Bidco,
FRN,
1M
TSFR
+
3.50%,
8.073%,
9/22/28
1,787
1,797
Bleriot
U.S.
Bidco,
FRN,
3M
TSFR
+
3.25%,
7.854%,
10/31/30
7,073
7,110
Brown
Group
Holding,
FRN,
3M
TSFR
+
2.75%,
7.315%,
7/1/31 (3)
11,138
11,189
Dynasty
Acquisition,
FRN,
1M
TSFR
+
2.25%,
6.823%,
10/31/31
16,880
16,986
Peraton,
FRN,
3M
TSFR
+
8.00%,
12.614%,
2/1/29
5,717
4,607
TransDigm,
FRN,
3M
TSFR
+
2.50%,
7.104%,
2/28/31
16,534
16,528
TransDigm,
FRN,
3M
TSFR
+
2.75%,
7.354%,
8/24/28
10,211
10,223
TransDigm,
FRN,
3M
TSFR
+
2.75%,
7.354%,
3/22/30
4,768
4,770
73,210
Airlines
1.5%
AAdvantage
Loyalty
IP,
FRN,
3M
TSFR
+
4.75%,
9.629%,
4/20/28 (3)
49,792
51,362
SkyMiles
IP,
FRN,
3M
TSFR
+
3.75%,
8.367%,
10/20/27
4,194
4,276
55,638
Automotive
2.3%
Autokiniton
U.S.
Holdings,
FRN,
1M
TSFR
+
4.00%,
8.687%,
4/6/28
1,754
1,741
Belron
Finance,
FRN,
1M
TSFR
+
2.75%,
7.273%,
10/16/31
24,070
24,323
Clarios
Global,
FRN,
1M
TSFR
+
2.50%,
7.073%,
5/6/30
8,123
8,169
Mavis
Tire
Express
Services
Topco,
FRN,
1M
TSFR
+
3.50%,
8.073%,
5/4/28
14,279
14,386
Tenneco,
FRN,
3M
TSFR
+
4.75%,
9.371%,
11/17/28
5,696
5,547
Tenneco,
FRN,
3M
TSFR
+
5.00%,
9.621%,
11/17/28
7,613
7,432
Wand
NewCo
3,
FRN,
1M
TSFR
+
3.25%,
7.834%,
1/30/31
24,020
24,173
85,771
Broadcasting
1.6%
Clear
Channel
Outdoor
Holdings,
FRN,
1M
TSFR
+
4.00%,
8.687%,
8/21/28
8,946
8,952
CMG
Media,
FRN,
1M
TSFR
+
3.50%,
8.171%,
6/18/29
12,707
11,144
T.
ROWE
PRICE
Floating
Rate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
‡
Neptune
Bidco
U.S.,
FRN,
3M
TSFR
+
5.00%,
9.758%,
4/11/29 (3)
20,142
18,317
Nielsen
Holdings,
FRN,
3M
TSFR
+
9.75%,
14.508%,
10/11/29 (4)
7,250
7,250
Univision
Communications,
FRN,
1M
TSFR
+
3.25%,
7.937%,
1/31/29
3,394
3,388
Univision
Communications,
FRN,
1M
TSFR
+
3.50%,
8.187%,
1/31/29
2,058
2,063
Univision
Communications,
FRN,
3M
TSFR
+
4.25%,
8.854%,
6/24/29
7,143
7,173
58,287
Building
Products
0.5%
Chariot
Buyer,
FRN,
1M
TSFR
+
3.75%,
8.323%,
11/3/28
5,353
5,372
Hunter
Douglas,
FRN,
3M
TSFR
+
3.50%,
8.021%,
2/26/29
5,446
5,460
MITER
Brands
Acquisition
Holdco,
FRN,
1M
TSFR
+
3.00%,
7.573%,
3/28/31
7,292
7,351
18,183
Cable
Operators
1.0%
Altice
France,
FRN,
3M
TSFR
+
5.50%,
10.156%,
8/15/28
13,676
11,175
CSC
Holdings,
FRN,
1M
TSFR
+
2.50%,
7.173%,
4/15/27
5,974
5,496
CSC
Holdings,
FRN,
1M
TSFR
+
4.50%,
9.109%,
1/18/28
10,401
10,202
Directv
Financing,
FRN,
1M
TSFR
+
5.00%,
9.847%,
8/2/27
3,714
3,744
Radiate
Holdco,
FRN,
1M
TSFR
+
3.25%,
7.937%,
9/25/26
10,039
8,744
39,361
Chemicals
1.8%
Avient,
FRN,
3M
TSFR
+
2.00%,
6.637%,
8/29/29
1,856
1,864
Nouryon
Finance
B-1,
FRN,
3M
TSFR
+
3.25%,
7.657%,
4/3/28
6,712
6,779
Nouryon
Finance
B-2,
FRN,
3M
TSFR
+
3.25%,
7.657%,
4/3/28
17,674
17,843
Vibrantz
Technologies,
FRN,
3M
TSFR
+
4.25%,
9.058%,
4/23/29
18,494
18,483
Windsor
Holdings
III,
FRN,
1M
TSFR
+
3.50%,
8.099%,
8/1/30
13,417
13,564
WR
Grace
Holdings,
FRN,
3M
TSFR
+
3.25%,
7.854%,
9/22/28
10,064
10,130
68,663
Consumer
Products
0.5%
ABG
Intermediate
Holdings
2,
FRN,
1M
TSFR
+
2.75%,
7.323%,
12/21/28
6,442
6,497
Life
Time,
FRN,
1M
TSFR
+
2.50%,
7.152%,
10/22/31
8,050
8,077
Peloton
Interactive,
FRN,
1M
TSFR
+
6.00%,
5/30/29 (3)
3,625
3,700
18,274
Container
1.3%
Albea
Beauty
Holdings,
FRN,
3M
EURIBOR
+
5.00%,
8.345%,
12/31/27
(EUR)
3,400
3,613
Charter
Next
Generation,
FRN,
1M
TSFR
+
3.00%,
7.685%,
12/2/30
40,498
40,799
T.
ROWE
PRICE
Floating
Rate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
‡
Proampac
PG
Borrower,
FRN,
3M
TSFR
+
4.00%,
8.603%,
9/15/28
5,203
5,215
49,627
Energy
2.8%
Brazos
Delaware
II,
FRN,
6M
TSFR
+
3.50%,
8.255%,
2/11/30
8,939
8,997
CPPIB
OVM
Member
U.S.,
FRN,
3M
TSFR
+
3.25%,
7.854%,
8/20/31
8,050
8,080
EPIC
Crude
Services,
FRN,
3M
TSFR
+
3.00%,
7.656%,
10/15/31
18,170
18,288
Goodnight
Water
Solutions
Holdings,
FRN,
1M
TSFR
+
5.25%,
9.935%,
6/4/29
7,481
7,495
M6
ETX
Holdings
II
Midco,
FRN,
1M
TSFR
+
4.50%,
9.173%,
9/19/29
9,695
9,739
NGL
Energy
Operating,
FRN,
1M
TSFR
+
3.75%,
8.323%,
2/3/31 (3)
20,374
20,433
Northriver
Midstream
Finance,
FRN,
3M
TSFR
+
2.50%,
6.86%,
8/16/30
10,862
10,894
Prairie
ECI
Acquiror,
FRN,
1M
TSFR
+
4.75%,
9.323%,
8/1/29
15,875
15,974
WaterBridge
NDB
Operating,
FRN,
3M
TSFR
+
3.75%,
8.272%,
5/10/29
5,416
5,460
105,360
Entertainment
&
Leisure
3.1%
AMC
Entertainment
Holdings,
FRN,
1M
TSFR
+
7.00%,
11.595%,
1/4/29
3,635
3,688
Cinemark
USA,
FRN,
1M
TSFR
+
2.75%,
7.323%,
5/24/30
3,633
3,641
Crown
Finance
U.S.,
FRN,
1M
TSFR
+
5.25%,
10/30/31 (3)
14,900
14,819
Delta
2,
FRN,
3M
TSFR
+
2.00%,
6.604%,
9/10/31 (3)
22,315
22,399
Motion
Finco,
FRN,
3M
TSFR
+
3.50%,
8.104%,
11/12/29
5,642
5,590
SeaWorld
Parks
&
Entertainment,
FRN,
1M
TSFR
+
2.50%,
7.073%,
8/25/28
7,239
7,232
StubHub
Holdco
Sub,
FRN,
1M
TSFR
+
4.75%,
9.323%,
3/15/30
7,960
7,959
UFC
Holdings,
FRN,
1M
TSFR
+
2.25%,
6.77%,
11/14/31
43,163
43,452
United
Talent
Agency,
FRN,
1M
TSFR
+
3.75%,
8.372%,
7/7/28 (5)
1,836
1,845
William
Morris
Endeavor
Entertainment,
FRN,
1M
TSFR
+
2.75%,
7.437%,
5/18/25
6,965
6,966
117,591
Financial
15.6%
Acrisure,
FRN,
1M
TSFR
+
3.00%,
7.599%,
2/16/27
3,572
3,578
Acrisure,
FRN,
1M
TSFR
+
3.25%,
7.849%,
11/6/30
27,660
27,689
Alliant
Holdings
Intermediate,
FRN,
1M
TSFR
+
2.75%,
7.349%,
9/19/31
42,773
43,014
Apollo
Commercial
Real
Estate
Finance,
FRN,
1M
TSFR
+
3.50%,
8.187%,
3/11/28 (5)
3,598
3,562
T.
ROWE
PRICE
Floating
Rate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
‡
Armor
Holdco,
FRN,
6M
TSFR
+
4.50%,
10.014%,
12/11/28
3,252
3,289
AssuredPartners,
FRN,
1M
TSFR
+
3.50%,
8.073%,
2/14/31
80,668
81,177
BCPE
Pequod
Buyer,
FRN,
1M
TSFR
+
3.50%,
9/19/31 (3)
18,430
18,552
Blackstone
Mortgage
Trust,
FRN,
1M
TSFR
+
3.75%,
11/25/28 (3)(5)
2,755
2,758
Citco
Funding,
FRN,
1M
TSFR
+
2.75%,
7.308%,
4/27/28
7,860
7,919
Claros
Mortgage
Trust,
FRN,
1M
TSFR
+
4.50%,
9.173%,
8/9/26
5,127
4,973
Edelman
Financial
Engines
Center,
FRN,
1M
TSFR
+
3.25%,
7.823%,
4/7/28
13,274
13,350
Edelman
Financial
Engines
Center,
FRN,
1M
TSFR
+
5.25%,
9.823%,
10/6/28 (3)
23,710
23,814
Focus
Financial
Partners,
FRN,
1M
TSFR
+
3.25%,
7.161%,
9/15/31 (3)(6)
43,650
44,028
GTCR
Everest
Borrower,
FRN,
3M
TSFR
+
3.00%,
7.604%,
9/5/31
10,980
11,042
Hightower
Holding,
FRN,
3M
TSFR
+
3.50%,
8.071%,
4/21/28
29,584
29,843
HUB
International,
FRN,
3M
TSFR
+
2.75%,
7.367%,
6/20/30
76,415
76,952
Jane
Street
Group,
FRN,
1M
TSFR
+
2.00%,
6.514%,
1/26/28
13,698
13,751
Jones
Deslauriers
Insurance
Management,
FRN,
3M
TSFR
+
3.25%,
7.821%,
3/15/30
19,814
19,872
OneDigital
Borrower,
FRN,
1M
TSFR
+
3.25%,
7.823%,
7/2/31
10,915
11,001
OneDigital
Borrower,
FRN,
1M
TSFR
+
5.25%,
9.823%,
7/2/32 (3)
17,865
17,720
PEX
Holdings,
FRN,
1M
TSFR
+
2.75%,
11/19/31 (3)(5)
6,530
6,555
RFS
OPCO,
FRN,
1M
TSFR
+
4.75%,
11/25/31 (3)(5)
2,095
2,079
RFS
OPCO,
FRN,
1M
TSFR
+
4.75%,
9.354%,
4/4/31 (5)
4,205
4,163
Ryan
Specialty,
FRN,
1M
TSFR
+
2.25%,
6.823%,
9/15/31
3,240
3,251
Sedgwick
Claims
Management
Services,
FRN,
3M
TSFR
+
3.00%,
7.585%,
2/24/28
36,671
36,916
Tegra118
Wealth
Solutions,
FRN,
3M
TSFR
+
4.00%,
8.521%,
2/18/27
5,775
5,525
TIH
Insurance
Holdings,
FRN,
3M
TSFR
+
3.25%,
7.854%,
5/6/31
10,807
10,831
TIH
Insurance
Holdings,
FRN,
3M
TSFR
+
4.75%,
9.354%,
5/6/32
45,575
46,509
USI,
FRN,
3M
TSFR
+
2.75%,
7.354%,
11/22/29
10,635
10,695
USI,
FRN,
3M
TSFR
+
2.75%,
7.354%,
9/27/30
3,593
3,612
588,020
Food
1.1%
1440
Foods
Topco,
FRN,
1M
TSFR
+
5.00%,
11/26/31 (3)(5)
4,825
4,572
Chobani,
FRN,
1M
TSFR
+
3.25%,
7.937%,
10/25/27
3,989
4,013
Chobani,
FRN,
1M
TSFR
+
3.75%,
8.323%,
10/25/27
7,455
7,496
Primary
Products
Finance,
FRN,
3M
TSFR
+
3.50%,
8.248%,
4/1/29
8,671
8,694
T.
ROWE
PRICE
Floating
Rate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
‡
Simply
Good
Foods
USA,
FRN,
1M
TSFR
+
2.50%,
7.173%,
3/17/27
6,671
6,708
Triton
Water
Holdings,
FRN,
3M
TSFR
+
3.25%,
8.115%,
3/31/28
5,410
5,447
Triton
Water
Holdings,
FRN,
3M
TSFR
+
4.00%,
8.604%,
3/31/28
2,829
2,848
39,778
Gaming
2.1%
Caesars
Entertainment,
FRN,
1M
TSFR
+
2.25%,
6.823%,
2/6/30
14,420
14,487
Caesars
Entertainment,
FRN,
1M
TSFR
+
2.25%,
6.823%,
2/6/31
11,447
11,491
Great
Canadian
Gaming,
FRN,
1M
TSFR
+
4.00%,
8.522%,
11/1/29
11,055
11,030
HRNI
Holdings,
FRN,
1M
TSFR
+
4.25%,
8.923%,
12/11/28
17,161
17,090
Light
&
Wonder
International,
FRN,
1M
TSFR
+
2.25%,
6.86%,
4/14/29
5,449
5,490
Ontario
Gaming
GTA,
FRN,
3M
TSFR
+
4.25%,
8.893%,
8/1/30
14,053
14,093
Playtika
Holding,
FRN,
1M
TSFR
+
2.75%,
7.437%,
3/13/28
2,316
2,324
Scientific
Games
Holdings,
FRN,
3M
TSFR
+
3.00%,
7.59%,
4/4/29
3,622
3,633
79,638
Health
Care
8.0%
AthenaHealth
Group,
FRN,
1M
TSFR
+
3.25%,
7.823%,
2/15/29
23,588
23,647
Auris
Luxembourg
III,
FRN,
1M
TSFR
+
3.75%,
8.177%,
2/28/29
10,627
10,725
Bausch
+
Lomb,
FRN,
1M
TSFR
+
3.25%,
7.938%,
5/10/27
5,804
5,821
Concentra
Health
Services,
FRN,
1M
TSFR
+
2.25%,
6.823%,
7/26/31 (5)
9,092
9,160
eResearchTechnology,
FRN,
1M
TSFR
+
4.00%,
8.573%,
2/4/27
9,062
9,118
Financiere
Mendel,
FRN,
3M
TSFR
+
3.25%,
7.772%,
11/12/30
3,841
3,862
Hanger,
FRN,
1M
TSFR
+
3.50%,
7.266%,
10/16/31 (6)
4,640
4,684
Heartland
Dental,
FRN,
1M
TSFR
+
4.50%,
9.073%,
4/28/28
15,533
15,557
Inception
Finco,
FRN,
3M
TSFR
+
4.50%,
9.104%,
3/10/31
7,580
7,635
Insulet,
FRN,
1M
TSFR
+
2.50%,
7.073%,
8/4/31
4,470
4,496
LifePoint
Health,
FRN,
1M
TSFR
+
3.75%,
8.406%,
5/17/31
21,515
21,569
LifePoint
Health,
FRN,
1M
TSFR
+
4.00%,
8.632%,
5/17/31
19,137
19,167
MED
ParentCo,
FRN,
1M
TSFR
+
3.50%,
8.073%,
4/15/31
5,593
5,633
Medline
Borrower,
FRN,
1M
TSFR
+
2.25%,
6.823%,
10/23/28
60,864
61,214
PetVet
Care
Centers,
FRN,
1M
TSFR
+
6.00%,
8.528%,
10/24/30 (6)
4,699
4,693
Phoenix
Newco,
FRN,
1M
TSFR
+
3.00%,
7.573%,
11/15/28
9,116
9,175
Radiology
Partners,
FRN,
3M
TSFR
+
3.50%,
1/31/29 (3)
770
763
Sebia,
FRN,
3M
TSFR
+
4.00%,
8.604%,
12/13/27
12,524
12,532
Star
Parent,
FRN,
3M
TSFR
+
3.75%,
8.354%,
9/27/30
17,278
16,947
T.
ROWE
PRICE
Floating
Rate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
‡
Summit
Behavioral
Healthcare,
FRN,
3M
TSFR
+
4.25%,
8.764%,
11/24/28
5,558
5,007
Surgery
Center
Holdings,
FRN,
1M
TSFR
+
2.75%,
7.338%,
12/19/30
25,112
25,289
TTF
Lower
Intermediate,
FRN,
1M
TSFR
+
3.75%,
8.323%,
7/18/31
5,880
5,931
VetStrategy
Canada
Holdings,
FRN,
3M
TSFR
+
4.75%,
9.393%,
12/12/28
4,610
4,645
Vizient,
FRN,
1M
TSFR
+
2.00%,
6.573%,
8/1/31
3,610
3,624
Waystar
Technologies,
FRN,
1M
TSFR
+
2.50%,
7.323%,
10/22/29
10,988
11,043
301,937
Information
Technology
16.1%
Applied
Systems,
FRN,
3M
TSFR
+
3.00%,
7.604%,
2/24/31
48,502
48,891
Applied
Systems,
FRN,
3M
TSFR
+
5.25%,
9.854%,
2/23/32
32,638
33,547
AppLovin,
FRN,
1M
TSFR
+
1.50%,
9.25%,
10/25/28
8,974
8,971
AppLovin,
FRN,
1M
TSFR
+
1.50%,
9.25%,
8/16/30
5,476
5,477
Arches
Buyer,
FRN,
1M
TSFR
+
3.25%,
12/6/27 (3)
11,540
11,315
Barracuda
Networks,
FRN,
6M
TSFR
+
4.50%,
8/15/29 (3)
3,915
3,646
Boxer
Parent,
FRN,
3M
TSFR
+
3.75%,
8.335%,
7/30/31
8,990
9,047
Boxer
Parent,
FRN,
3M
TSFR
+
5.75%,
10.335%,
7/30/32
13,690
13,462
Capstone
Borrower,
FRN,
3M
TSFR
+
3.25%,
7.854%,
6/17/30
2,987
2,998
Central
Parent,
FRN,
3M
TSFR
+
3.25%,
7.854%,
7/6/29
15,250
15,259
Cloud
Software
Group,
FRN,
1M
TSFR
+
3.75%,
8.309%,
3/24/31 (3)
18,652
18,732
Cloud
Software
Group,
FRN,
3M
TSFR
+
3.50%,
8.021%,
3/30/29
39,494
39,607
Cloudera,
FRN,
1M
TSFR
+
3.75%,
8.423%,
10/8/28
7,475
7,452
Cloudera,
FRN,
1M
TSFR
+
6.00%,
10/8/29 (3)(5)
2,640
2,587
ConnectWise,
FRN,
3M
TSFR
+
3.50%,
8.365%,
9/29/28
7,269
7,300
Conservice
Midco,
FRN,
1M
TSFR
+
3.50%,
8.073%,
5/13/27
3,626
3,644
Delivery
Hero
Finco,
FRN,
3M
TSFR
+
5.00%,
9.522%,
12/12/29
7,155
7,182
Delta
Topco,
FRN,
3M
TSFR
+
3.50%,
8.198%,
11/30/29
16,191
16,290
Delta
Topco,
FRN,
3M
TSFR
+
5.25%,
9.948%,
11/29/30
23,420
23,752
Dye
&
Durham,
FRN,
3M
TSFR
+
4.25%,
8.954%,
4/11/31
13,913
13,953
ECI
Macola,
FRN,
3M
TSFR
+
3.25%,
7.842%,
5/9/30
11,083
11,170
Ellucian
Holdings,
FRN,
1M
TSFR
+
3.00%,
7.595%,
10/29/29
31,647
31,973
Ellucian
Holdings,
FRN,
1M
TSFR
+
4.75%,
11/14/32 (3)
32,985
33,150
Epicor
Software,
FRN,
1M
TSFR
+
3.25%,
7.823%,
5/30/31 (3)
60,499
60,933
Fleet
U.S.
Bidco,
FRN,
6M
TSFR
+
2.75%,
7.578%,
2/21/31 (5)
6,400
6,416
Infinite
Bidco,
FRN,
3M
TSFR
+
7.00%,
11.847%,
3/2/29
5,600
4,753
Jaggaer,
FRN,
1M
TSFR
+
3.25%,
10/7/31 (3)
7,605
7,646
Jaggaer,
FRN,
1M
TSFR
+
5.25%,
10/7/32 (3)
9,015
8,970
T.
ROWE
PRICE
Floating
Rate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
‡
McAfee,
FRN,
1M
TSFR
+
3.25%,
7.803%,
3/1/29
28,917
28,997
MH
Sub
I,
FRN,
1M
TSFR
+
4.25%,
8.823%,
5/3/28 (3)
22,764
22,786
MH
Sub
I,
FRN,
3M
TSFR
+
6.25%,
10.823%,
2/23/29
10,930
10,684
Mitchell
International,
FRN,
1M
TSFR
+
5.25%,
9.823%,
6/17/32
6,878
6,805
Mosel
Bidco,
FRN,
3M
TSFR
+
4.50%,
9.104%,
9/16/30 (5)
2,695
2,725
Polaris
Newco,
FRN,
3M
EURIBOR
+
4.00%,
7.345%,
6/2/28
(EUR)
4,790
4,886
Polaris
Newco,
FRN,
3M
TSFR
+
4.00%,
8.847%,
6/2/28 (3)
5,868
5,889
Project
Alpha
Intermediate
Holding,
FRN,
1M
TSFR
+
3.25%,
10/28/30 (3)
9,345
9,396
Project
Alpha
Intermediate
Holding,
FRN,
1M
TSFR
+
5.00%,
11/21/32 (3)
21,277
21,357
RealPage,
FRN,
1M
TSFR
+
3.00%,
7.687%,
4/24/28
5,767
5,726
RealPage,
FRN,
1M
TSFR
+
6.50%,
11.187%,
4/23/29
26,543
26,183
SS&C
Technologies,
FRN,
1M
TSFR
+
2.00%,
6.573%,
5/9/31
3,451
3,465
607,022
Manufacturing
4.8%
Alliance
Laundry
Systems,
FRN,
1M
TSFR
+
3.50%,
8.073%,
8/19/31
9,035
9,111
Engineered
Machinery
Holdings,
FRN,
3M
TSFR
+
3.75%,
8.615%,
5/19/28
21,952
22,124
Engineered
Machinery
Holdings,
FRN,
3M
TSFR
+
6.00%,
10.865%,
5/21/29
17,724
17,741
Engineered
Machinery
Holdings,
FRN,
3M
TSFR
+
6.50%,
11.365%,
5/21/29
8,620
8,620
Filtration
Group,
FRN,
1M
TSFR
+
3.50%,
8.187%,
10/21/28
39,363
39,658
John
Bean
Technologies,
FRN,
1M
TSFR
+
2.25%,
10/9/31 (3)
6,140
6,171
LTI
Holdings,
FRN,
1M
TSFR
+
4.75%,
9.323%,
7/29/29 (3)
34,210
34,270
Madison
IAQ,
FRN,
6M
TSFR
+
2.75%,
7.889%,
6/21/28
10,666
10,719
Madison
Safety
&
Flow,
FRN,
1M
TSFR
+
3.25%,
7.823%,
9/26/31
7,515
7,595
Pro
Mach
Group,
FRN,
1M
TSFR
+
3.50%,
8.073%,
8/31/28 (3)
20,248
20,463
Watlow
Electric
Manufacturing,
FRN,
1M
TSFR
+
3.50%,
8.085%,
3/2/28
5,520
5,561
182,033
Metals
&
Mining
0.4%
Arsenal
AIC
Parent,
FRN,
1M
TSFR
+
3.25%,
7.823%,
8/18/30
16,431
16,571
16,571
Miscellaneous
0.1%
Citadel
Securities,
FRN,
1M
TSFR
+
2.00%,
6.573%,
10/31/31
3,431
3,444
3,444
Other
Telecommunications
1.9%
Frontier
Communications
Holdings,
FRN,
6M
TSFR
+
3.50%,
8.763%,
7/1/31 (3)
17,960
18,110
T.
ROWE
PRICE
Floating
Rate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
‡
Level
3
Financing,
FRN,
1M
TSFR
+
6.56%,
4/15/30 (3)
2,820
2,880
Level
3
Financing,
FRN,
1M
TSFR
+
6.56%,
11.133%,
4/15/29 (3)
22,260
22,719
Lumen
Technologies,
FRN,
1M
TSFR
+
2.35%,
7.037%,
4/15/29 (3)
6,035
5,639
Lumen
Technologies,
Class
A,
FRN,
3M
TSFR
+
6.00%,
10.573%,
6/1/28
5,554
5,550
Quality
Tech,
FRN,
1M
TSFR
+
3.50%,
8.024%,
10/30/31 (5)
7,580
7,523
Zayo
Group
Holdings,
FRN,
1M
TSFR
+
3.00%,
3/9/27 (3)
7,545
7,210
69,631
Restaurants
1.0%
BCPE
Grill
Parent,
FRN,
3M
TSFR
+
4.75%,
9.323%,
9/30/30
5,594
5,469
Dave
&
Buster's,
FRN,
1M
TSFR
+
3.25%,
7.813%,
6/29/29
2,813
2,820
Fertitta
Entertainment,
FRN,
1M
TSFR
+
3.50%,
8.073%,
1/27/29
7,454
7,493
IRB
Holding,
FRN,
1M
TSFR
+
2.75%,
7.423%,
12/15/27
23,335
23,431
39,213
Retail
0.6%
CNT
Holdings
I,
FRN,
1M
TSFR
+
3.50%,
8.085%,
11/8/27
15,298
15,402
Victra
Holdings,
FRN,
3M
TSFR
+
5.25%,
9.854%,
3/31/29 (3)
7,262
7,333
22,735
Satellites
0.7%
Connect
Finco,
FRN,
1M
TSFR
+
4.50%,
9.073%,
9/27/29
11,118
9,598
Iridium
Satellite,
FRN,
1M
TSFR
+
2.25%,
6.823%,
9/20/30
10,885
10,851
Viasat,
FRN,
1M
TSFR
+
4.50%,
9.237%,
5/30/30
4,864
4,230
24,679
Services
9.7%
AAL
Delaware
Holdco,
FRN,
1M
TSFR
+
3.50%,
8.073%,
7/30/31
4,690
4,725
AG
Group
Holdings,
FRN,
1M
TSFR
+
4.00%,
8.594%,
12/29/28
4,259
4,263
Albion
Financing
3,
FRN,
3M
TSFR
+
4.25%,
9.096%,
8/16/29
15,528
15,677
Allied
Universal
Holdco,
FRN,
1M
TSFR
+
3.75%,
8.423%,
5/12/28
32,739
32,944
Anticimex
Global,
FRN,
1M
TSFR
+
3.40%,
7.97%,
11/16/28
2,234
2,247
Anticimex
Global,
FRN,
3M
TSFR
+
3.15%,
7.72%,
11/16/28
5,051
5,064
Ascend
Learning,
FRN,
1M
TSFR
+
3.50%,
8.173%,
12/11/28
7,529
7,560
Ascend
Learning,
FRN,
1M
TSFR
+
5.75%,
10.423%,
12/10/29
25,040
24,977
Boost
Newco
Borrower,
FRN,
3M
TSFR
+
2.50%,
7.104%,
1/31/31
31,240
31,496
CD&R
Firefly
Bidco,
FRN,
3M
EURIBOR
+
3.75%,
6.802%,
4/29/29
(EUR)
5,220
5,549
CD&R
Firefly
Bidco,
FRN,
3M
EURIBOR
+
4.00%,
7.056%,
6/21/28
(EUR)
1,265
1,345
CoreLogic,
FRN,
1M
TSFR
+
6.50%,
11.187%,
6/4/29
8,595
8,374
T.
ROWE
PRICE
Floating
Rate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
‡
Crown
Subsea
Communications
Holding,
FRN,
3M
TSFR
+
4.00%,
8.573%,
1/30/31
7,147
7,232
Dayforce,
FRN,
1M
TSFR
+
2.50%,
7.085%,
3/3/31 (3)(5)
7,369
7,415
Dun
&
Bradstreet,
FRN,
1M
TSFR
+
2.25%,
6.836%,
1/18/29
3,582
3,591
EG
America,
FRN,
1M
TSFR
+
5.50%,
10.331%,
2/7/28 (3)
7,726
7,742
EG
Finco,
FRN,
3M
EURIBOR
+
7.00%,
9.912%,
4/30/27
(EUR)
6,745
7,052
Fortress
Intermediate
3,
FRN,
1M
TSFR
+
3.50%,
8.073%,
6/27/31
9,360
9,372
Fugue
Finance,
FRN,
3M
TSFR
+
3.75%,
8.249%,
2/26/31
1,353
1,363
Fugue
Finance,
FRN,
3M
TSFR
+
4.00%,
8.514%,
1/31/28
3,468
3,490
HireRight
Holdings,
FRN,
3M
TSFR
+
4.00%,
8.573%,
9/27/30
12,858
12,929
HomeServe
USA
Holding,
FRN,
1M
TSFR
+
2.00%,
6.606%,
10/21/30
5,746
5,770
Icon
Parent,
FRN,
1M
TSFR
+
3.00%,
7.516%,
9/11/31
12,670
12,753
Icon
Parent,
FRN,
1M
TSFR
+
5.00%,
9.516%,
9/11/32 (3)
12,845
13,078
Mermaid
Bidco,
FRN,
3M
TSFR
+
3.25%,
7.804%,
7/3/31 (5)
12,770
12,882
PODS,
FRN,
3M
TSFR
+
3.00%,
7.847%,
3/31/28
9,570
8,880
Project
Boost
Purchaser,
FRN,
3M
TSFR
+
3.50%,
8.147%,
7/2/31
15,027
15,154
Project
Boost
Purchaser,
FRN,
3M
TSFR
+
5.25%,
9.897%,
7/16/32
5,520
5,617
Renaissance
Holdings,
FRN,
1M
TSFR
+
4.25%,
8.823%,
4/5/30
9,134
9,146
Staples,
FRN,
3M
TSFR
+
5.75%,
10.689%,
9/4/29 (3)
3,900
3,708
TK
Elevator
U.S.
Newco,
FRN,
6M
TSFR
+
3.50%,
8.588%,
4/30/30
5,456
5,496
UKG,
FRN,
3M
TSFR
+
3.00%,
7.617%,
2/10/31
69,778
70,226
367,117
Utilities
3.7%
Alpha
Generation,
FRN,
1M
TSFR
+
2.75%,
7.323%,
9/30/31 (3)
20,195
20,332
Compass
Power
Generation,
FRN,
1M
TSFR
+
3.75%,
8.323%,
4/14/29 (5)
3,711
3,752
Constellation
Renewables,
FRN,
3M
TSFR
+
2.25%,
6.764%,
12/15/27
11,080
11,119
Cornerstone
Generation,
FRN,
1M
TSFR
+
3.25%,
10/28/31 (3)
20,305
20,449
Eastern
Power,
FRN,
1M
TSFR
+
5.25%,
9.823%,
10/2/25
5,386
5,399
Edgewater
Generation,
FRN,
1M
TSFR
+
4.25%,
8.823%,
8/1/30
14,706
14,893
Hamilton
Projects
Acquiror,
FRN,
1M
TSFR
+
3.75%,
8.323%,
5/31/31
5,726
5,769
Innio
North
America
Holding,
FRN,
3M
TSFR
+
3.25%,
7.897%,
11/2/28
3,129
3,147
Pike,
FRN,
1M
TSFR
+
3.00%,
7.687%,
1/21/28
5,018
5,053
Talen
Energy
Supply,
FRN,
1M
TSFR
+
3.50%,
8.023%,
5/17/30
17,443
17,535
T.
ROWE
PRICE
Floating
Rate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
‡
TerraForm
Power
Operating,
FRN,
3M
TSFR
+
2.50%,
7.204%,
5/21/29
15,201
15,182
Vistra
Zero
Operating,
FRN,
1M
TSFR
+
2.75%,
7.323%,
4/30/31
10,905
10,985
Wec
U.S.
Holdings,
FRN,
1M
TSFR
+
2.25%,
6.803%,
1/27/31
7,217
7,241
140,856
Wireless
Communications
1.8%
Asurion,
FRN,
1M
TSFR
+
3.25%,
7.937%,
12/23/26
4,264
4,265
Asurion,
FRN,
1M
TSFR
+
3.25%,
7.937%,
7/31/27
4,144
4,140
Asurion,
FRN,
1M
TSFR
+
4.25%,
8.923%,
8/19/28 (3)
11,057
11,096
Asurion,
FRN,
1M
TSFR
+
5.25%,
9.937%,
1/31/28
24,455
23,975
Asurion,
FRN,
1M
TSFR
+
5.25%,
9.937%,
1/20/29
23,196
22,562
66,038
Total
Bank
Loans
(Cost
$3,219,636)
3,238,677
CORPORATE
BONDS
8.9%
Aerospace
&
Defense
0.1%
TransDigm,
6.75%,
8/15/28 (1)
5,320
5,426
5,426
Airlines
0.2%
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
3,463
3,489
United
Airlines,
4.375%,
4/15/26 (1)
2,580
2,541
6,030
Automotive
1.2%
Adient
Global
Holdings,
4.875%,
8/15/26 (1)
1,805
1,780
Clarios
Global,
6.25%,
5/15/26 (1)
3,010
3,010
Ford
Motor
Credit,
FRN,
SOFR
+
2.95%,
7.828%,
3/6/26
8,165
8,344
Rivian
Holdings,
FRN,
6M
TSFR
+
6.053%,
10.502%,
10/15/26 (1)
34,217
34,260
47,394
Broadcasting
0.4%
Clear
Channel
Outdoor
Holdings,
7.875%,
4/1/30 (1)
2,535
2,617
Neptune
Bidco
U.S.,
9.29%,
4/15/29 (1)
3,640
3,385
Townsquare
Media,
6.875%,
2/1/26 (1)
3,329
3,317
Univision
Communications,
8.00%,
8/15/28 (1)
5,879
6,004
15,323
Cable
Operators
0.4%
Altice
Financing,
9.625%,
7/15/27 (1)
1,129
1,050
CSC
Holdings,
11.25%,
5/15/28 (1)
8,950
8,838
CSC
Holdings,
11.75%,
1/31/29 (1)
7,345
7,281
17,169
T.
ROWE
PRICE
Floating
Rate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
‡
Chemicals
0.1%
Kobe
U.S.
Midco
2,
9.25%,
11/1/26,
(9.25%
Cash
or
10.00%
PIK) (1)(7)
99
84
Vibrantz
Technologies,
9.00%,
2/15/30 (1)
3,830
3,624
3,708
Energy
0.4%
NGL
Energy
Operating,
8.125%,
2/15/29 (1)
2,260
2,302
Seadrill
Finance,
8.375%,
8/1/30 (1)
3,292
3,354
Venture
Global
LNG,
9.50%,
2/1/29 (1)
3,440
3,836
Venture
Global
LNG,
VR,
9.00% (1)(8)(9)
5,355
5,549
15,041
Entertainment
&
Leisure
0.2%
NCL,
8.125%,
1/15/29 (1)
3,043
3,230
NCL,
8.375%,
2/1/28 (1)
2,605
2,722
5,952
Financial
1.5%
Acrisure,
8.50%,
6/15/29 (1)
7,415
7,712
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (1)
3,550
3,537
Alliant
Holdings
Intermediate,
6.75%,
4/15/28 (1)
1,740
1,755
AssuredPartners,
5.625%,
1/15/29 (1)
4,375
4,156
Hightower
Holding,
9.125%,
1/31/30 (1)
7,770
8,197
HUB
International,
7.25%,
6/15/30 (1)
6,860
7,100
HUB
International,
7.375%,
1/31/32 (1)
3,355
3,426
Jones
Deslauriers
Insurance
Management,
8.50%,
3/15/30 (1)
11,935
12,636
Jones
Deslauriers
Insurance
Management,
10.50%,
12/15/30 (1)
3,260
3,525
Navient,
9.375%,
7/25/30
3,270
3,589
Ryan
Specialty,
4.375%,
2/1/30 (1)
585
553
56,186
Health
Care
1.2%
Bausch
+
Lomb,
8.375%,
10/1/28 (1)
5,205
5,452
CHS,
8.00%,
12/15/27 (1)
3,495
3,478
CHS,
10.875%,
1/15/32 (1)
11,495
11,955
HCA,
5.375%,
2/1/25
3,320
3,322
LifePoint
Health,
10.00%,
6/1/32 (1)
3,378
3,517
LifePoint
Health,
11.00%,
10/15/30 (1)
14,755
16,230
43,954
Information
Technology
0.8%
Cloud
Software
Group,
8.25%,
6/30/32 (1)
5,820
6,053
Cloud
Software
Group,
9.00%,
9/30/29 (1)
18,250
18,433
Dye
&
Durham,
8.625%,
4/15/29 (1)
3,395
3,573
Expedia
Group,
6.25%,
5/1/25 (1)
1,019
1,020
29,079
T.
ROWE
PRICE
Floating
Rate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
‡
Lodging
0.0%
Hilton
Domestic
Operating,
5.375%,
5/1/25 (1)
1,580
1,578
1,578
Metals
&
Mining
0.1%
Arsenal
AIC
Parent,
11.50%,
10/1/31 (1)
3,305
3,730
3,730
Other
Telecommunications
0.6%
Level
3
Financing,
4.625%,
9/15/27 (1)
254
236
Level
3
Financing,
10.00%,
10/15/32 (1)
5,466
5,459
Level
3
Financing,
10.75%,
12/15/30 (1)
6,282
7,067
Level
3
Financing,
11.00%,
11/15/29 (1)
7,317
8,304
21,066
Real
Estate
Investment
Trust
Securities
0.1%
Service
Properties
Trust,
8.625%,
11/15/31 (1)
2,755
2,920
2,920
Services
0.7%
Allied
Universal
Holdco,
7.875%,
2/15/31 (1)
3,556
3,627
Allied
Universal
Holdco,
9.75%,
7/15/27 (1)
6,950
6,976
Boost
Newco
Borrower,
7.50%,
1/15/31 (1)
2,630
2,778
eG
Global
Finance,
12.00%,
11/30/28 (1)
6,355
7,081
Sabre
GLBL,
10.75%,
11/15/29 (1)
6,224
6,277
UKG,
6.875%,
2/1/31 (1)
1,725
1,772
28,511
Telephones
0.1%
Verizon
Communications,
FRN,
SOFRINDX
+
0.79%,
5.548%,
3/20/26
2,690
2,719
2,719
Utilities
0.8%
NRG
Energy,
VR,
10.25% (1)(8)(9)
4,950
5,482
Talen
Energy
Supply,
8.625%,
6/1/30 (1)
4,903
5,271
Vistra,
VR,
8.00% (1)(8)(9)
2,218
2,276
Vistra,
Series C,
VR,
8.875% (1)(8)(9)
12,060
12,995
Vistra
Operations,
5.125%,
5/13/25 (1)
3,615
3,616
29,640
Total
Corporate
Bonds
(Cost
$327,784)
335,426
PREFERRED
STOCKS
0.2%
Financial
0.2%
AH
Parent,
Series A,
Acquisition
Date:
9/27/24,
Cost $7,407 (4)
(5)(10)
8
7,378
Total
Preferred
Stocks
(Cost
$7,407)
7,378
T.
ROWE
PRICE
Floating
Rate
Fund
Par/Shares
$
Value
(Amounts
in
000s)
‡
SHORT-TERM
INVESTMENTS
11.0%
Money
Market
Funds
11.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.67% (11)(12)
414,778
414,778
Total
Short-Term
Investments
(Cost
$414,778)
414,778
Total
Investments
in
Securities
106.0%
of
Net
Assets
(Cost
$3,970,472)
$
3,997,135
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$318,328
and
represents
8.4%
of
net
assets.
(2)
Bank
loan
positions
may
involve
multiple
underlying
tranches.
In
those
instances,
the
position
presented
reflects
the
aggregate
of
those
respective
underlying
tranches
and
the
rate
presented
reflects
the
weighted
average
rate
of
the
settled
positions.
(3)
All
or
a
portion
of
this
loan
is
unsettled
as
of
November
30,
2024.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(4)
Non-income
producing
(5)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(6)
All
or
a
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitments
at
November
30,
2024,
were
$5,517
and
were
valued
at
$5,555
(0.1%
of
net
assets).
(7)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(8)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(9)
Perpetual
security
with
no
stated
maturity
date.
T.
ROWE
PRICE
Floating
Rate
Fund
.
.
.
.
.
.
.
.
.
.
(10)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$7,378
and
represents
0.2%
of
net
assets.
(11)
Seven-day
yield
(12)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
EURIBOR
Three
month
EURIBOR
(Euro
interbank
offered
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
6M
TSFR
Six
month
Term
SOFR
(Secured
overnight
financing
rate)
EUR
Euro
FRN
Floating
Rate
Note
PIK
Payment-in-kind
SOFR
Secured
overnight
financing
rate
SOFRINDX
SOFR
(Secured
overnight
financing
rate)
Index
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Floating
Rate
Fund
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Total
Return
Swaps
0.0%
JPMorgan
Chase,
Receive
Underlying
Reference:
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
Quarterly,
Pay
Variable
4.801%
(SOFR
+
0.00%)
at
Maturity,
12/20/24
12,150
640
—
640
JPMorgan
Chase,
Receive
Underlying
Reference:
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
Quarterly,
Pay
Variable
4.823%
(SOFR
+
0.00%)
at
Maturity,
12/20/24
6,620
217
—
217
JPMorgan
Chase,
Receive
Underlying
Reference:
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
Quarterly,
Pay
Variable
4.823%
(SOFR
+
0.00%)
at
Maturity,
3/20/25
17,265
381
—
381
JPMorgan
Chase,
Receive
Underlying
Reference:
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
Quarterly,
Pay
Variable
4.823%
(SOFR
+
0.00%)
at
Maturity,
6/20/25
10,645
180
—
180
Total
Bilateral
Total
Return
Swaps
—
1,418
Total
Bilateral
Swaps
—
1,418
T.
ROWE
PRICE
Floating
Rate
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Deutsche
Bank
2/21/25
USD
21,363
EUR
20,171
$
(34)
State
Street
2/21/25
USD
4,337
EUR
4,118
(32)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(66)
T.
ROWE
PRICE
Floating
Rate
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
November
30,
2024.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
4.67%
$
—#
$
—
$
7,236+
Supplementary
Investment
Schedule
Affiliate
Value
5/31/24
Purchase
Cost
Sales
Cost
Value
11/30/24
T.
Rowe
Price
Government
Reserve
Fund,
4.67%
$
255,321
¤
¤
$
414,778^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$7,236
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$414,778.
T.
ROWE
PRICE
Floating
Rate
Fund
November
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$3,970,472)
$
3,997,135
Receivable
for
investment
securities
sold
38,173
Interest
receivable
23,688
Cash
9,740
Receivable
for
shares
sold
3,022
Unrealized
gain
on
bilateral
swaps
1,418
Due
from
affiliates
512
Foreign
currency
(cost
$59)
59
Other
assets
99
Total
assets
4,073,846
Liabilities
Payable
for
investment
securities
purchased
289,542
Payable
for
shares
redeemed
4,747
Investment
management
fees
payable
1,780
Unrealized
loss
on
forward
currency
exchange
contracts
66
Payable
to
directors
2
Other
liabilities
6,448
Total
liabilities
302,585
Commitments
and
Contingent
Liabilities
(note
6
)
NET
ASSETS
$
3,771,261
T.
ROWE
PRICE
Floating
Rate
Fund
November
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
290,663
)
Paid-in
capital
applicable
to
404,214,314
shares
of
$0.0001
par
value
capital
stock
outstanding;
2,000,000,000
shares
authorized
4,061,924
NET
ASSETS
$
3,771,261
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,704,720;
Shares
outstanding:
182,736,099)
$
9.33
Advisor
Class
(Net
assets:
$10,981;
Shares
outstanding:
1,174,217)
$
9.35
I
Class
(Net
assets:
$900,415;
Shares
outstanding:
96,475,739)
$
9.33
Z
Class
(Net
assets:
$1,155,145;
Shares
outstanding:
123,828,259)
$
9.33
T.
ROWE
PRICE
Floating
Rate
Fund
(Unaudited)
6
Months
Ended
11/30/24
Investment
Income
(Loss)
Income
.
Interest
$
155,432
Dividend
7,236
Other
1
Total
income
162,669
Expenses
Investment
management
10,706
Shareholder
servicing
Investor
Class
$
1,157
Advisor
Class
9
I
Class
78
1,244
Rule
12b-1
fees
Advisor
Class
12
Prospectus
and
shareholder
reports
Investor
Class
48
I
Class
10
Z
Class
1
59
Interest
and
borrowing-related
313
Custody
and
accounting
126
Registration
66
Legal
and
audit
42
Directors
6
Miscellaneous
202
Waived
/
paid
by
Price
Associates
(
3,536
)
Total
expenses
9,240
Net
investment
income
153,429
T.
ROWE
PRICE
Floating
Rate
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/24
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(
5,689
)
Swaps
707
Forward
currency
exchange
contracts
783
Foreign
currency
transactions
204
Net
realized
loss
(
3,995
)
Change
in
net
unrealized
gain
/
loss
Securities
12,946
Swaps
202
Forward
currency
exchange
contracts
(
94
)
Other
assets
and
liabilities
denominated
in
foreign
currencies
(
2
)
Change
in
net
unrealized
gain
/
loss
13,052
Net
realized
and
unrealized
gain
/
loss
9,057
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
162,486
T.
ROWE
PRICE
Floating
Rate
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
11/30/24
Year
Ended
5/31/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
153,429
$
309,743
Net
realized
loss
(
3,995
)
(
28,737
)
Change
in
net
unrealized
gain
/
loss
13,052
133,281
Increase
in
net
assets
from
operations
162,486
414,287
Distributions
to
shareholders
Net
earnings
Investor
Class
(
64,926
)
(
122,926
)
Advisor
Class
(
401
)
(
845
)
I
Class
(
34,905
)
(
62,113
)
Z
Class
(
51,970
)
(
121,056
)
Decrease
in
net
assets
from
distributions
(
152,202
)
(
306,940
)
Capital
share
transactions
*
Shares
sold
Investor
Class
513,041
793,629
Advisor
Class
3,028
4,960
I
Class
186,264
349,618
Z
Class
14,035
56,056
Distributions
reinvested
Investor
Class
60,133
115,679
Advisor
Class
374
791
I
Class
31,263
57,115
Z
Class
51,644
121,626
Shares
redeemed
Investor
Class
(
423,717
)
(
770,817
)
Advisor
Class
(
1,822
)
(
11,351
)
I
Class
(
140,442
)
(
337,427
)
Z
Class
(
165,374
)
(
431,336
)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
128,427
(
51,457
)
T.
ROWE
PRICE
Floating
Rate
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/24
Year
Ended
5/31/24
Net
Assets
Increase
during
period
138,711
55,890
Beginning
of
period
3,632,550
3,576,660
End
of
period
$
3,771,261
$
3,632,550
*Share
information
(000s)
Shares
sold
Investor
Class
55,224
85,904
Advisor
Class
325
536
I
Class
20,040
37,821
Z
Class
1,511
6,068
Distributions
reinvested
Investor
Class
6,469
12,523
Advisor
Class
40
86
I
Class
3,363
6,180
Z
Class
5,556
13,173
Shares
redeemed
Investor
Class
(
45,627
)
(
83,555
)
Advisor
Class
(
196
)
(
1,235
)
I
Class
(
15,115
)
(
36,626
)
Z
Class
(
17,832
)
(
47,026
)
Increase
(decrease)
in
shares
outstanding
13,758
(
6,151
)
T.
ROWE
PRICE
Floating
Rate
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Floating
Rate
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as a
diversified, open-end
management
investment
company. The
fund
seeks high
current
income
and,
secondarily,
capital
appreciation.
The
fund
has four classes
of
shares:
the
Floating
Rate
Fund
(Investor
Class),
the
Floating
Rate
Fund–Advisor
Class
(Advisor
Class),
the
Floating
Rate
Fund–I
Class
(I
Class)
and
the
Floating
Rate
Fund–Z
Class
(Z
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Z
Class
is
only
available
to
funds
advised
by
T.
Rowe
Price
Associates,
Inc.
and
its
affiliates
and
other
clients
that
are
subject
to
a
contractual
fee
for
investment
management
services.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/
or
certain
administrative
services;
the
Investor,
I
and
Z
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
T.
ROWE
PRICE
Floating
Rate
Fund
recorded
as
an
adjustment
to
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
T.
ROWE
PRICE
Floating
Rate
Fund
New
Accounting
Guidance
In
November
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures,
which
improves
reportable
segment
disclosure
requirements,
primarily
through
enhanced
disclosures
about
segment
expenses.
In
addition,
the
ASU
clarifies
that
a
public
entity
with
a
single
reportable
segment
provide
all
disclosures
required
by
the
ASU
and
all
existing
segment
disclosures
in
Topic
280.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
–
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
T.
ROWE
PRICE
Floating
Rate
Fund
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-
counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
T.
ROWE
PRICE
Floating
Rate
Fund
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Floating
Rate
Fund
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
six
months ended
November
30,
2024.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any,
and
is
included
on
the
accompanying
Statement
of
Operations.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
November
30,
2024,
totaled $457,000 for
the
six
months ended
November
30,
2024.
During
the
six
months,
transfers
out
of
Level
3
were
because
observable
market
data
became
available
for
the
security.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
336,302
$
—
$
336,302
Bank
Loans
—
3,160,683
77,994
3,238,677
Preferred
Stocks
—
—
7,378
7,378
Short-Term
Investments
414,778
—
—
414,778
Total
Securities
414,778
3,496,985
85,372
3,997,135
Swaps
—
1,418
—
1,418
Total
$
414,778
$
3,498,403
$
85,372
$
3,998,553
Liabilities
Forward
Currency
Exchange
Contracts
$
—
$
66
$
—
$
66
1
Includes
Asset-Backed
Securities
and
Corporate
Bonds.
T.
ROWE
PRICE
Floating
Rate
Fund
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
November
30,
2024,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
November
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
($000s)
Beginning
Balance
5/31/24
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Out
of
Level
3
Ending
Balance
11/30/24
Investment
in
Securities
Bank
Loans
$
70,359
$
439
$
63,298
$
(16,020)
$
(40,082)
$
77,994
Preferred
Stocks
—
(29)
7,407
—
—
7,378
Total
$
70,359
$
410
$
70,705
$
(16,020)
$
(40,082)
$
85,372
T.
ROWE
PRICE
Floating
Rate
Fund
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
November
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives,
such
as
non-cleared
bilateral
swaps,
forward
currency
exchange
contracts,
and/or
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value
Assets
Credit
derivatives
Bilateral
Swaps
$
1,418
Total
$
1,418
Liabilities
Foreign
exchange
derivatives
Forwards
$
66
Total
$
66
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Foreign
exchange
derivatives
$
783
$
—
$
783
Credit
derivatives
—
707
707
Total
$
783
$
707
$
1,490
Change
in
Unrealized
Gain
(Loss)
Foreign
exchange
derivatives
$
(94)
$
—
$
(94)
Credit
derivatives
—
202
202
Total
$
(94)
$
202
$
108
T.
ROWE
PRICE
Floating
Rate
Fund
derivatives),
and
thereby
may
expose
the
fund
to
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
govern
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’s
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
determined.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
each
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund’s
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
or
received
by
the
fund
is
held
in
a
segregated
account
at
the
fund’s
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
November
30,
2024,
no
collateral
had
been
posted
T.
ROWE
PRICE
Floating
Rate
Fund
by
the
fund
to
counterparties
for
bilateral
derivatives. As
of
November
30,
2024,
collateral
pledged
by
counterparties
to
the
fund
for
bilateral
derivatives
consisted
of $800,000 cash
and
securities
valued
at
$521,000.
Forward
Currency
Exchange
Contracts
The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund’s
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund’s
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund’s
total
return;
and
the
potential
for
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
November
30,
2024,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
Swaps
The
fund
is
subject
to
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risk.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
T.
ROWE
PRICE
Floating
Rate
Fund
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Total
return
swaps
are
agreements
in
which
one
party
makes
payments
based
on
a
set
rate,
either
fixed
or
variable,
while
the
other
party
makes
payments
based
on
the
return
of
an
underlying
asset
(reference
asset),
such
as
an
index,
equity
security,
fixed
income
security
or
commodity-based
exchange-
traded
fund,
which
includes
both
the
income
it
generates
and
any
change
in
its
value.
Risks
related
to
the
use
of
total
return
swaps
include
the
potential
for
unfavorable
changes
in
the
reference
asset,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
November
30,
2024,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
1%
and
2%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
T.
ROWE
PRICE
Floating
Rate
Fund
Noninvestment-Grade
Debt
The
fund
invests,
either
directly
or
through
its
investment
in
other
T.
Rowe
Price
funds,
in
noninvestment-grade
debt,
including
“high
yield”
or
“junk”
bonds
or
leveraged
loans.
Noninvestment-grade
debt
issuers
are
more
likely
to
suffer
an
adverse
change
in
financial
condition
that
would
result
in
the
inability
to
meet
a
financial
obligation.
The
noninvestment-
grade
debt
market
may
experience
sudden
and
sharp
price
swings
due
to
a
variety
of
factors
that
may
decrease
the
ability
of
issuers
to
make
principal
and
interest
payments
and
adversely
affect
the
liquidity
or
value,
or
both,
of
such
securities.
Accordingly,
securities
issued
by
such
companies
carry
a
higher
risk
of
default
and
should
be
considered
speculative.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Bank
Loans
The
fund
invests
in
bank
loans,
which
represent
an
interest
in
amounts
owed
by
a
borrower
to
a
syndicate
of
lenders.
Bank
loans
are
generally
noninvestment
grade
and
often
involve
borrowers
whose
financial
condition
is
highly
leveraged.
The
fund
may
invest
in
fixed
and
floating
rate
loans,
which
may
include
senior
floating
rate
loans;
secured
and
unsecured
loans,
second
lien
or
more
junior
loans;
and
bridge
loans
or
bridge
facilities.
Certain
bank
loans
may
be
revolvers
which
are
a
form
of
senior
bank
debt,
where
the
borrower
can
draw
down
the
credit
of
the
revolver
when
it
needs
cash
and
repays
the
credit
when
the
borrower
has
excess
cash.
Certain
loans
may
be
“covenant-lite”
loans,
which
means
the
loans
contain
fewer
maintenance
covenants
than
other
loans
(in
some
cases,
none)
and
do
not
include
terms
which
allow
the
lender
to
monitor
the
performance
of
the
borrower
and
declare
a
default
if
certain
criteria
are
breached.
As
a
result
of
these
risks,
the
fund’s
exposure
to
losses
may
be
increased.
Bank
loans
may
be
in
the
form
of
either
assignments
or
participations.
A
loan
assignment
transfers
all
legal,
beneficial,
and
economic
rights
to
the
buyer,
and
transfer
typically
requires
consent
of
both
the
borrower
and
agent.
In
contrast,
a
loan
participation
generally
entitles
the
buyer
to
receive
the
cash
flows
from
principal,
interest,
and
any
fee
payments
on
a
portion
of
a
loan;
however,
the
seller
continues
to
hold
legal
title
to
that
portion
of
the
loan.
As
a
result,
the
buyer
of
a
loan
participation
generally
has
no
direct
recourse
against
the
borrower
and
is
exposed
to
credit
risk
of
both
the
borrower
and
seller
of
the
participation.
T.
ROWE
PRICE
Floating
Rate
Fund
Bank
loans
often
have
extended
settlement
periods,
generally
may
be
repaid
at
any
time
at
the
option
of
the
borrower,
and
may
require
additional
principal
to
be
funded
at
the
borrowers’
discretion
at
a
later
date
(e.g.
unfunded
commitments
and
revolving
debt
instruments).
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
unfunded
loan
commitments.
The
fund
reflects
both
the
funded
portion
of
a
bank
loan
as
well
as
its
unfunded
commitment
in
the
Portfolio
of
Investments.
However,
if
a
credit
agreement
provides
no
initial
funding
of
a
tranche,
and
funding
of
the
full
commitment
at
a
future
date(s)
is
at
the
borrower’s
discretion
and
considered
uncertain,
a
loan
is
reflected
in
the
Portfolio
of
Investments
only
if,
and
only
to
the
extent
that,
the
fund
has
actually
settled
a
funding
commitment.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $2,218,521,000 and
$2,153,201,000,
respectively,
for
the
six
months ended
November
30,
2024.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
May
31,
2024,
the
fund
had
$314,305,000
of
available
capital
loss
carryforwards.
At
November
30,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$3,971,435,000.
Net
unrealized
gain
aggregated
$27,222,000
at
period-end,
of
which
$40,819,000
related
to
appreciated
investments
and
$13,597,000
related
to
depreciated
investments.
T.
ROWE
PRICE
Floating
Rate
Fund
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.30%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
November
30,
2024,
the
effective
annual
group
fee
rate
was
0.28%.
The Investor
Class and Advisor
Class are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class’s ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class’s net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
T.
ROWE
PRICE
Floating
Rate
Fund
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class’
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
only
be
amended
or
terminated
with
approval
by
the
fund’s
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended November
30,
2024 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $31,000 remain
subject
to
repayment
by
the
fund
at
November
30,
2024. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
Investor
Class
Advisor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.94%
0.95%
0.05%
0.00%
Expense
limitation
date
09/30/25
09/30/25
09/30/25
N/A
(Waived)/repaid
during
the
period
($000s)
$—
$(4)
$—
$(3,532)
T.
ROWE
PRICE
Floating
Rate
Fund
accounts
invested
in
the
Investor
Class
and
Advisor
Class.
For
the
six
months
ended
November
30,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$64,000
for
Price
Associates;
$249,000
for
T.
Rowe
Price
Services,
Inc.;
and
$2,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
Mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
(collectively,
Price
Funds
and
accounts)
may
invest
in
the
fund.
No
Price
fund
or
account
may
invest
for
the
purpose
of
exercising
management
or
control
over
the
fund.
At
November
30,
2024, 100%
of
the
Z
Class's
outstanding
shares
were
held
by
Price
Funds
and
accounts.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
November
30,
2024,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
T.
ROWE
PRICE
Floating
Rate
Fund
NOTE
7
-
BORROWING
The
fund,
together
with
certain
other
U.S.
registered
floating
rate
and
tax-
free
high
yield
funds
(the
U.S.
borrowers)
and
foreign
investment
funds
managed
by
Price
Associates
or
an
affiliate
(collectively,
the
participating
funds),
is
party
to
a
$1.3
billion,
364-day,
syndicated
credit
facility
(the
facility).
Excluding
commitments
designated
for
the
foreign
investment
funds,
the U.S.
borrowers can
borrow
up
to
an
aggregate
commitment
amount
of
$1.15 billion,
of
which
$900
million
is
available
to
the
U.S.
floating
rate
borrowers
and
$250
million
is
available
to
the
U.S.
tax-free
high
yield
borrowers, on
a
first-
come,
first-served
basis.
The
facility
provides
a
source
of
liquidity
to
the
participating
funds
for
temporary
and
emergency
purposes. The
participating
funds
are
charged
administrative
fees
and
an
annual
commitment
fee, of
0.15% of
the
average
daily
undrawn
commitment.
All
fees
allocated
to
the
U.S.
borrowers
are
based
on
the
portion
of
the
aggregate
commitment
available
to
them
and
on
each
U.S.
borrower’s
relative
net
assets.
Such
allocated
fees
are
reflected
as either
miscellaneous
or interest
and
borrowing
related
expense
in
the accompanying
Statement
of
Operations.
Loans
are
generally
unsecured;
however,
the
fund
must
collateralize
any
borrowings
under
the
facility
on
an
equivalent
basis
if
it
has
other
collateralized
borrowings.
Interest
is
charged
to
the
fund
based
on
its
borrowings
at
the
higher
of
(a)
Daily
Secured
Overnight
Financing
Rate
(SOFR)
plus
0.10%
per
annum,
(b)
Federal
Funds
Effective
Rate,
or
(c)
the
Overnight
Bank
Funding
Rate
plus
an
applicable
margin. At
November
30,
2024,
the
fund
had
no
borrowings
outstanding
under
the
facility,
and
the
undrawn
amount
of
the
facility
for
the
U.S.
borrowers
was
$1,150,000,000.
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
T.
ROWE
PRICE
Floating
Rate
Fund
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
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.
F194-051
1/25
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
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 Floating Rate Fund, Inc.
| | |
| By | | /s/ David Oestreicher |
| | David Oestreicher |
| | Principal Executive Officer |
| |
| Date | | January 17, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| |
| By | | /s/ David Oestreicher |
| | David Oestreicher |
| | Principal Executive Officer |
| |
| Date | | January 17, 2025 |
| | |
| |
| By | | /s/ Alan S. Dupski |
| | Alan S. Dupski |
| | Principal Financial Officer |
| |
| Date | | January 17, 2025 |
