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T. Rowe Price Floating Rate Fund (PRFRX) NPORT-PT. Rowe Price Floating Rate Fund, Inc. (Feb 2022 report)

Filed: 25 Apr 22, 5:04pm

T.

ROWE

PRICE

Floating

Rate

Fund

February

28,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

BANK

LOANS

87.8%

(1)

Aerospace

&

Defense

1.0%

Dynasty

Acquisition,

FRN,

1M

USD

LIBOR

+

3.50%,

3.724%,

4/6/26

19,882‌

19,247‌

Peraton,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

2/1/28

15,059‌

14,965‌

Peraton,

FRN,

1M

USD

LIBOR

+

7.75%,

8.50%,

2/1/29

4,990‌

5,027‌

Spirit

AeroSystems,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

1/15/25 (2)

4,191‌

4,170‌

TransDigm,

FRN,

1M

USD

LIBOR

+

2.25%,

2.459%,

12/9/25

8,275‌

8,127‌

51,536‌

Airlines

3.7%

AAdvantage

Loyalty

IP,

FRN,

1M

USD

LIBOR

+

4.75%,

5.50%,

4/20/28 (2)

45,100‌

45,852‌

Air

Canada,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

8/11/28

16,685‌

16,566‌

American

Airlines,

FRN,

3M

USD

LIBOR

+

1.75%,

1.959%,

6/27/25 (2)

4,658‌

4,457‌

American

Airlines,

FRN,

3M

USD

LIBOR

+

2.00%,

2.84%,

12/15/23 (2)

11,126‌

10,929‌

KKR

Apple

Bidco,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

9/22/28 (2)

18,225‌

18,043‌

KKR

Apple

Bidco,

FRN,

1M

USD

LIBOR

+

5.75%,

6.25%,

9/21/29

3,370‌

3,375‌

Mileage

Plus

Holdings,

FRN,

1M

USD

LIBOR

+

5.25%,

6.25%,

6/21/27 (2)

43,015‌

44,881‌

SkyMiles

IP,

FRN,

3M

USD

LIBOR

+

3.75%,

4.75%,

10/20/27

20,130‌

21,021‌

United

Airlines,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

4/21/28

27,565‌

27,381‌

192,505‌

Automotive

2.2%

Adient

U.S.,

FRN,

1M

USD

LIBOR

+

3.25%,

3.459%,

4/10/28 (2)

11,052‌

10,989‌

American

Auto

Auction

Group,

FRN,

SOFR

+

5.00%,

5.90%,

12/30/27

8,655‌

8,504‌

Autokiniton

U.S.

Holdings,

FRN,

1M

USD

LIBOR

+

4.50%,

5.00%,

4/6/28

12,594‌

12,496‌

Clarios

Global,

FRN,

1M

USD

LIBOR

+

3.25%,

3.459%,

4/30/26

7,655‌

7,569‌

Dexko

Global,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

10/4/28

5,245‌

5,173‌

Driven

Holdings,

FRN,

1M

USD

LIBOR

+

3.00%,

3.517%,

12/17/28 (3)

5,415‌

5,361‌

Fastlane

Parent,

FRN,

1M

USD

LIBOR

+

4.50%,

4.709%,

2/4/26 (2)

5,482‌

5,445‌

LS

Group

OpCo

Acquistion,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

11/2/27

8,025‌

7,941‌

Mavis

Tire

Express

Services

Topco,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

5/4/28

25,624‌

25,480‌

Tenneco,

FRN,

3M

USD

LIBOR

+

3.00%,

3.209%,

10/1/25

11,508‌

11,422‌

Truck

Hero,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

1/31/28

5,149‌

5,048‌

Wheel

Pros,

FRN,

1M

USD

LIBOR

+

4.50%,

5.25%,

5/11/28 (2)

7,507‌

7,417‌

112,845‌

T.

ROWE

PRICE

Floating

Rate

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

‡

Broadcasting

2.6%

Clear

Channel

Outdoor

Holdings,

FRN,

1M

USD

LIBOR

+

3.50%,

3.799%,

8/21/26 (2)

33,036‌

32,379‌

EW

Scripps,

FRN,

1M

USD

LIBOR

+

3.00%,

3.75%,

1/7/28 (2)

13,008‌

12,919‌

iHeartCommunications,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

5/1/26 (2)

21,547‌

21,377‌

NEP

Group,

FRN,

3M

USD

LIBOR

+

3.25%,

3.459%,

10/20/25

7,231‌

6,993‌

NEP

Group,

FRN,

3M

USD

LIBOR

+

7.00%,

7.209%,

10/19/26

3,790‌

3,666‌

Terrier

Media

Buyer,

FRN,

1M

USD

LIBOR

+

3.50%,

3.709%,

12/17/26

17,159‌

16,926‌

Univision

Communications,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

3/15/26 (2)

14,642‌

14,526‌

Univision

Communications,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

5/6/28 (2)

25,395‌

25,129‌

133,915‌

Building

Products

1.7%

Chariot

Buyer,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

11/3/28 (2)

23,330‌

23,097‌

CP

Atlas

Buyer,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

11/23/27

5,636‌

5,524‌

Hunter

Douglas,

FRN,

SOFR

+

3.50%,

2/9/29 (2)

16,165‌

15,912‌

LEB

Holdings

USA,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

11/2/27

3,656‌

3,630‌

Park

River

Holdings,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

12/28/27 (2)

6,062‌

5,960‌

Specialty

Building

Products

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

10/15/28 (2)

13,890‌

13,751‌

SRS

Distribution,

FRN,

1M

USD

LIBOR

+

3.75%,

4.269%,

6/2/28

8,983‌

8,868‌

SRS

Distribution,

FRN,

SOFR

+

3.50%,

4.00%,

6/4/28

3,240‌

3,190‌

Tarkett

Participation,

FRN,

3M

EURIBOR

+

3.50%,

3.50%,

8/1/25

(EUR) (2)

7,461‌

7,958‌

87,890‌

Cable

Operators

1.9%

Altice

France,

FRN,

3M

USD

LIBOR

+

4.00%,

4.506%,

8/14/26

22,988‌

22,746‌

Cablevision

Lightpath,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

11/30/27 (2)

5,970‌

5,908‌

COGECO

Financing

2,

FRN,

1M

USD

LIBOR

+

2.50%,

3.00%,

9/1/28 (2)

5,725‌

5,665‌

Directv

Financing,

FRN,

1M

USD

LIBOR

+

5.00%,

5.75%,

8/2/27

23,883‌

23,802‌

Eagle

Broadband

Investments,

FRN,

1M

USD

LIBOR

+

3.00%,

3.75%,

11/12/27

17,462‌

17,305‌

Radiate

Holdco,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

9/25/26

20,590‌

20,348‌

95,774‌

Chemicals

1.7%

Aruba

Investments

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

11/24/27 (2)

11,476‌

11,390‌

Aruba

Investments

Holdings,

FRN,

1M

USD

LIBOR

+

7.75%,

8.50%,

11/24/28

4,620‌

4,597‌

T.

ROWE

PRICE

Floating

Rate

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

‡

ASP

Chromaflo

Intermediate

Holdings,

FRN,

3M

USD

LIBOR

+

3.50%,

4.50%,

11/20/23

2,753‌

2,739‌

CP

Iris

Holdco

I,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

10/2/28 (2)

17,630‌

17,388‌

CP

Iris

Holdco

I,

FRN,

1M

USD

LIBOR

+

7.00%,

7.50%,

10/1/29

3,700‌

3,675‌

Diamond,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

9/29/28

11,270‌

11,104‌

Eco

Services

Operations,

FRN,

1M

USD

LIBOR

+

2.75%,

3.25%,

6/9/28

275‌

272‌

LSF11

A5

HoldCo,

FRN,

SOFR

+

3.75%,

4.055%,

10/15/28 (2)

8,255‌

8,152‌

PMHC

II,

FRN,

SOFR

+

4.45%,

2/2/92 (2)

20,635‌

20,308‌

Sparta

U.S.

HoldCo,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

8/2/28

3,635‌

3,608‌

WR

Grace

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

9/22/28 (2)

6,455‌

6,420‌

89,653‌

Consumer

Products

1.2%

ABG

Intermediate

Holdings

2,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

9/27/24 (2)

16,362‌

16,264‌

ABG

Intermediate

Holdings

2,

FRN,

SOFR

+

6.00%,

6.50%,

1/31/30

2,090‌

2,093‌

Amer

Sports

Holding,

FRN,

3M

EURIBOR

+

4.50%,

4.50%,

3/30/26

(EUR) (2)

9,725‌

10,818‌

DEI

Sales,

FRN,

1M

USD

LIBOR

+

5.50%,

6.25%,

4/28/28 (2)

9,243‌

9,197‌

Life

Time,

FRN,

1M

USD

LIBOR

+

4.75%,

5.75%,

12/16/24

7,060‌

7,094‌

Olaplex,

FRN,

1M

SOFR

+

3.75%,

2/16/29 (2)(3)

10,050‌

10,012‌

PLNTF

Holdings,

FRN,

1M

USD

LIBOR

+

8.00%,

9.00%,

3/22/26 (3)

3,734‌

3,724‌

United

PF

Holdings,

FRN,

1M

USD

LIBOR

+

8.50%,

9.50%,

12/30/26 (3)

4,333‌

4,290‌

63,492‌

Container

1.4%

Charter

Next

Generation,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

12/1/27 (2)

48,182‌

47,924‌

Mauser

Packaging

Solutions

Holding,

FRN,

3M

USD

LIBOR

+

3.25%,

3.356%,

4/3/24

8,777‌

8,620‌

Proampac

PG

Borrower,

FRN,

1M

USD

LIBOR

+

3.75%,

4.504%,

11/3/25 (2)

16,577‌

16,440‌

72,984‌

Energy

2.6%

BCP

Raptor,

FRN,

3M

USD

LIBOR

+

4.25%,

5.25%,

6/24/24

25,895‌

25,821‌

BCP

Raptor

II,

FRN,

3M

USD

LIBOR

+

4.75%,

4.959%,

11/3/25 (2)

41,401‌

41,237‌

Citgo

Holding,

FRN,

1M

USD

LIBOR

+

7.00%,

8.00%,

8/1/23

3,411‌

3,357‌

CQP

Holdco,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

6/5/28

5,995‌

5,958‌

Lucid

Energy

Group

II

Borrower,

FRN,

1M

USD

LIBOR

+

4.25%,

5.00%,

11/24/28

22,459‌

22,309‌

Medallion

Midland

Acquisition,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

10/18/28

17,126‌

16,919‌

T.

ROWE

PRICE

Floating

Rate

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

‡

Prairie

ECI

Acquiror,

FRN,

3M

USD

LIBOR

+

4.75%,

4.959%,

3/11/26 (2)

15,458‌

14,963‌

Southwestern

Energy,

FRN,

SOFR

+

2.50%,

3.00%,

6/22/27

5,340‌

5,310‌

135,874‌

Entertainment

&

Leisure

3.2%

Alchemy

Copyrights,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

3/10/28 (3)

5,816‌

5,765‌

AMC

Entertainment

Holdings,

FRN,

3M

USD

LIBOR

+

3.00%,

3.125%,

4/22/26 (2)

7,275‌

6,582‌

ClubCorp

Holdings,

FRN,

3M

USD

LIBOR

+

2.75%,

2.974%,

9/18/24

6,246‌

5,964‌

Delta

2,

FRN,

3M

USD

LIBOR

+

2.50%,

3.50%,

2/1/24

9,233‌

9,141‌

Dorna

Sports,

FRN,

3M

EURIBOR

+

3.75%,

2/3/29

(EUR) (2)

5,230‌

5,788‌

Nascar

Holdings,

FRN,

3M

USD

LIBOR

+

2.50%,

2.709%,

10/19/26

405‌

402‌

SeaWorld

Parks

&

Entertainment,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

8/25/28 (2)

41,427‌

40,797‌

SMG

U.S.

Midco

2,

FRN,

1M

USD

LIBOR

+

2.50%,

2.743%,

1/23/25 (2)

5,976‌

5,759‌

UFC

Holdings,

FRN,

1M

USD

LIBOR

+

2.75%,

3.50%,

4/29/26 (2)

62,741‌

61,826‌

William

Morris

Endeavor

Entertainment,

FRN,

3M

USD

LIBOR

+

2.75%,

2.96%,

5/18/25 (2)

25,551‌

24,875‌

166,899‌

Financial

9.4%

Acrisure,

FRN,

1M

USD

LIBOR

+

3.50%,

3.724%,

2/15/27 (2)

18,566‌

18,249‌

Acrisure,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

2/15/27 (2)

13,883‌

13,701‌

Acrisure,

FRN,

1M

USD

LIBOR

+

4.25%,

4.75%,

2/15/27

7,255‌

7,178‌

Advisor

Group

Holdings,

FRN,

1M

USD

LIBOR

+

4.50%,

7/31/26 (2)

6,400‌

6,369‌

Alliant

Holdings

Intermediate,

FRN,

1M

USD

LIBOR

+

3.25%,

3.459%,

5/9/25 (2)

1,840‌

1,818‌

Alliant

Holdings

Intermediate,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

11/5/27

40,275‌

39,889‌

Apollo

Commercial

Real

Estate

Finance,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

3/11/28 (2)(3)

10,576‌

10,470‌

Aretec

Group,

FRN,

3M

USD

LIBOR

+

4.25%,

4.459%,

10/1/25

34,247‌

34,097‌

Armor

Holdco,

FRN,

1M

USD

LIBOR

+

4.50%,

5.00%,

12/11/28

8,480‌

8,431‌

AssuredPartners,

FRN,

1M

USD

LIBOR

+

3.50%,

3.709%,

2/12/27

2,180‌

2,146‌

AssuredPartners,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

2/12/27

18,603‌

18,301‌

AssuredPartners,

FRN,

SOFR

+

3.50%,

2/13/27 (2)

21,065‌

20,723‌

Claros

Mortgage

Trust,

FRN,

SOFR

+

4.50%,

5.00%,

8/9/26 (3)

6,845‌

6,811‌

Deerfield

Dakota

Holding,

FRN,

1M

USD

LIBOR

+

3.75%,

4.75%,

4/9/27 (2)

11,383‌

11,318‌

Deerfield

Dakota

Holding,

FRN,

1M

USD

LIBOR

+

6.75%,

7.50%,

4/7/28 (3)

5,240‌

5,266‌

Edelman

Financial

Engines

Center,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

4/7/28

8,671‌

8,592‌

T.

ROWE

PRICE

Floating

Rate

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

‡

Edelman

Financial

Engines

Center,

FRN,

3M

USD

LIBOR

+

6.75%,

6.959%,

7/20/26

13,884‌

13,855‌

EIG

Management,

FRN,

3M

USD

LIBOR

+

3.75%,

4.50%,

2/24/25

2,315‌

2,305‌

Hightower

Holding,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

4/21/28

12,525‌

12,427‌

Howden

Group

Holdings,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

11/12/27 (2)

8,570‌

8,468‌

HUB

International,

FRN,

1M

USD

LIBOR

+

2.75%,

3.017%,

4/25/25

2,756‌

2,721‌

HUB

International,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

4/25/25

84,176‌

83,504‌

Navacord,

FRN,

1M

CAD

CDOR

+

4.25%,

3/27/28

(CAD) (2)

4,435‌

3,403‌

Navacord,

FRN,

1M

CAD

CDOR

+

4.25%,

5.00%,

3/27/28

(CAD)

14,569‌

11,178‌

Navacord,

FRN,

1M

CAD

CDOR

+

7.50%,

8.235%,

3/26/29

(CAD)

4,240‌

3,328‌

Nexus

Buyer,

FRN,

1M

USD

LIBOR

+

3.75%,

3.959%,

11/9/26

3,393‌

3,356‌

Nexus

Buyer,

FRN,

1M

USD

LIBOR

+

6.25%,

6.75%,

11/5/29

7,130‌

7,056‌

Ryan

Specialty

Group,

FRN,

1M

USD

LIBOR

+

3.00%,

3.75%,

9/1/27

8,248‌

8,178‌

Sedgwick

Claims

Management

Services,

FRN,

1M

USD

LIBOR

+

3.75%,

3.959%,

9/3/26 (2)

13,622‌

13,501‌

Sedgwick

Claims

Management

Services,

FRN,

1M

USD

LIBOR

+

4.25%,

5.25%,

9/3/26 (2)

3,882‌

3,872‌

Sedgwick

Claims

Management

Services,

FRN,

3M

USD

LIBOR

+

3.25%,

3.459%,

12/31/25

27,063‌

26,691‌

Starwood

Property

Mortgage,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

7/26/26 (3)

1,442‌

1,434‌

Superannuation

&

Investments

U.S.,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

12/1/28

10,700‌

10,657‌

Tegra118

Wealth

Solutions,

FRN,

1M

USD

LIBOR

+

4.00%,

4.488%,

2/18/27

9,957‌

9,926‌

USI,

FRN,

1M

USD

LIBOR

+

3.25%,

3.474%,

12/2/26 (2)

13,976‌

13,816‌

USI,

FRN,

3M

USD

LIBOR

+

3.00%,

3.224%,

5/16/24

15,441‌

15,292‌

VFH

Parent,

FRN,

1M

SOFR

+

3.00%,

3.50%,

1/7/29

7,174‌

7,107‌

Zebra

Buyer,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

11/1/28

7,855‌

7,816‌

483,250‌

Food

2.0%

Atkins

Nutritionals

Holdings,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

7/7/24

7,056‌

7,050‌

Bellring

Brands,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

10/21/24 (2)

6,406‌

6,384‌

Chobani,

FRN,

1M

USD

LIBOR

+

3.50%,

4.50%,

10/25/27

2,341‌

2,329‌

Naked

Juice,

FRN,

SOFR

+

3.25%,

3.75%,

1/20/29 (2)

15,175‌

15,033‌

Naked

Juice,

FRN,

SOFR

+

6.00%,

6.50%,

1/20/30 (2)

16,945‌

16,998‌

Primary

Products

Finance,

FRN,

1M

USD

LIBOR

+

4.00%,

10/22/28 (2)

10,885‌

10,898‌

Shearer's

Foods,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

9/23/27

3,012‌

2,904‌

Triton

Water

Holdings,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

3/31/28

12,148‌

11,838‌

T.

ROWE

PRICE

Floating

Rate

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

‡

Woof

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

12/21/27 (3)

15,783‌

15,625‌

Woof

Holdings,

FRN,

1M

USD

LIBOR

+

7.25%,

8.00%,

12/21/28 (2)

15,425‌

15,464‌

104,523‌

Gaming

2.1%

Caesars

Resort

Collection,

FRN,

1M

USD

LIBOR

+

3.50%,

3.709%,

7/21/25 (2)

27,462‌

27,313‌

Caesars

Resort

Collection,

FRN,

3M

USD

LIBOR

+

2.75%,

2.959%,

12/23/24

5,714‌

5,650‌

Enterprise

Development

Authority,

FRN,

1M

USD

LIBOR

+

4.25%,

5.00%,

2/28/28

12,019‌

11,967‌

Great

Canadian

Gaming,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

11/1/26 (2)

6,050‌

6,027‌

HRNI

Holdings,

FRN,

1M

USD

LIBOR

+

4.25%,

5.00%,

12/11/28

9,215‌

9,138‌

Playtika

Holding,

FRN,

1M

USD

LIBOR

+

2.75%,

2.959%,

3/13/28

3,414‌

3,375‌

Scientific

Games

Holdings,

FRN,

SOFR

+

3.50%,

2/4/29 (2)

24,415‌

24,242‌

Scientific

Games

International,

FRN,

1M

USD

LIBOR

+

2.75%,

2.959%,

8/14/24 (2)

19,655‌

19,510‌

107,222‌

Health

Care

16.1%

ADMI,

FRN,

1M

USD

LIBOR

+

3.38%,

3.875%,

12/23/27 (2)

13,299‌

13,080‌

ADMI,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

12/23/27 (2)

11,272‌

11,178‌

athenahealth,

FRN,

SOFR

+

3.50%,

4.00%,

1/27/29 (2)

67,895‌

67,199‌

Auris

Luxembourg

III,

FRN,

3M

USD

LIBOR

+

3.75%,

3.959%,

2/27/26 (2)

15,446‌

15,157‌

Azalea

Topco,

FRN,

1M

USD

LIBOR

+

3.50%,

3.799%,

7/24/26 (2)

17,935‌

17,613‌

Azalea

Topco,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

7/24/26 (2)

14,762‌

14,651‌

Azalea

Topco,

FRN,

SOFR

+

3.75%,

7/25/26 (2)

16,360‌

16,258‌

Bausch

Health

Americas,

FRN,

3M

USD

LIBOR

+

2.75%,

2.959%,

11/27/25

11,609‌

11,435‌

Bausch

Health

Americas,

FRN,

3M

USD

LIBOR

+

3.00%,

3.209%,

6/2/25

9,670‌

9,567‌

CAB

SELAS,

FRN,

3M

EURIBOR

+

3.00%,

3.00%,

2/9/28

(EUR)

2,770‌

2,969‌

Cano

Health,

FRN,

SOFR

+

4.50%,

5.25%,

11/23/27

7,761‌

7,667‌

CHG

Healthcare

Services,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

9/29/28 (2)

9,702‌

9,621‌

Curia

Global,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

8/30/26 (2)

8,006‌

7,942‌

Diacine

France,

FRN,

3M

EURIBOR

+

3.75%,

3.75%,

12/13/24

(EUR) (2)

2,580‌

2,876‌

Embecta,

FRN,

SOFR

+

3.00%,

1/27/29 (2)

10,855‌

10,749‌

Eyecare

Partners,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

11/15/28

4,820‌

4,769‌

Eyecare

Partners,

FRN,

1M

USD

LIBOR

+

6.75%,

7.25%,

11/15/29

1,800‌

1,792‌

Gainwell

Acquisition,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

10/1/27 (2)

51,599‌

51,298‌

T.

ROWE

PRICE

Floating

Rate

Fund

7

Par/Shares

$

Value

(Amounts

in

000s)

‡

Heartland

Dental,

FRN,

1M

USD

LIBOR

+

4.00%,

4.162%,

4/30/25 (2)

25,224‌

25,014‌

Heartland

Dental,

FRN,

3M

USD

LIBOR

+

3.50%,

3.709%,

4/30/25 (2)

21,744‌

21,454‌

ICON

Luxembourg,

FRN,

1M

USD

LIBOR

+

2.25%,

2.75%,

7/3/28

19,016‌

18,785‌

ICU

Medical,

FRN,

SOFR

+

2.50%,

12/14/28 (2)

8,360‌

8,308‌

Insulet,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

5/4/28 (2)

10,140‌

10,071‌

LifePoint

Health,

FRN,

1M

USD

LIBOR

+

3.75%,

3.959%,

11/16/25

14,682‌

14,508‌

Loire

Finco

Luxembourg,

FRN,

1M

USD

LIBOR

+

3.25%,

3.459%,

4/21/27

7,398‌

7,274‌

Maravai

Intermediate

Holdings,

FRN,

SOFR

+

3.00%,

3.137%,

10/29/27 (2)

24,500‌

24,301‌

MED

ParentCo,

FRN,

1M

USD

LIBOR

+

4.25%,

4.459%,

8/31/26

24,431‌

24,221‌

MED

ParentCo,

FRN,

1M

USD

LIBOR

+

8.25%,

8.459%,

8/30/27

4,395‌

4,386‌

Mozart

Borrower,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

10/23/28 (2)

77,630‌

76,817‌

National

Mentor

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

3/2/28

14,282‌

13,977‌

National

Mentor

Holdings,

FRN,

1M

USD

LIBOR

+

7.25%,

8.00%,

3/2/29

8,765‌

8,732‌

Netsmart,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

10/1/27

5,682‌

5,651‌

One

Call,

FRN,

1M

USD

LIBOR

+

5.50%,

6.25%,

4/22/27

8,147‌

8,079‌

Option

Care

Health,

FRN,

1M

USD

LIBOR

+

2.75%,

3.25%,

10/27/28 (2)

5,530‌

5,482‌

Organon,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

6/2/28

14,523‌

14,446‌

Pacific

Dental

Services,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

5/5/28

3,642‌

3,623‌

Padagis,

FRN,

1M

USD

LIBOR

+

4.75%,

5.25%,

7/6/28

7,148‌

7,095‌

Pathway

Vet

Alliance,

FRN,

1M

USD

LIBOR

+

3.75%,

3.959%,

3/31/27 (2)

33,547‌

33,229‌

PetVet

Care

Centers,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

2/14/25

47,686‌

47,317‌

PetVet

Care

Centers,

FRN,

3M

USD

LIBOR

+

3.25%,

3.355%,

2/14/25 (2)

4,245‌

4,197‌

PetVet

Care

Centers,

FRN,

3M

USD

LIBOR

+

6.25%,

6.355%,

2/13/26 (2)

12,250‌

12,185‌

Phoenix

Newco,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

11/15/28 (2)

17,608‌

17,454‌

Phoenix

Newco,

FRN,

3M

USD

LIBOR

+

6.50%,

7.00%,

11/15/29 (3)

17,820‌

17,642‌

Project

Ruby

Ultimate

Parent,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

3/10/28

16,642‌

16,485‌

Radiology

Partners,

FRN,

1M

USD

LIBOR

+

4.50%,

7/9/25 (2)

5,170‌

5,076‌

Roar

BidCo,

FRN,

3M

EURIBOR

+

3.50%,

2/17/28

(EUR) (2)

4,475‌

4,909‌

SAM

Bidco,

FRN,

1M

USD

LIBOR

+

3.50%,

3.724%,

12/13/24 (3)

1,030‌

1,002‌

Select

Medical,

FRN,

3M

USD

LIBOR

+

2.25%,

2.46%,

3/6/25

4,838‌

4,764‌

T.

ROWE

PRICE

Floating

Rate

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

‡

Southern

Veterinary

Partners,

FRN,

1M

USD

LIBOR

+

4.00%,

5.00%,

10/5/27

9,572‌

9,530‌

Southern

Veterinary

Partners,

FRN,

1M

USD

LIBOR

+

7.75%,

8.75%,

10/5/28 (3)

1,410‌

1,412‌

Sunshine

Luxembourg

VII,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

10/1/26

11,468‌

11,398‌

Surgery

Center

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

8/31/26

27,695‌

27,418‌

Team

Health

Holdings,

FRN,

3M

USD

LIBOR

+

2.75%,

3.75%,

2/17/27

8,498‌

8,094‌

U.S.

Radiology

Specialists,

FRN,

1M

USD

LIBOR

+

5.25%,

5.75%,

12/15/27 (2)

8,805‌

8,743‌

U.S.

Renal

Care,

FRN,

3M

USD

LIBOR

+

5.00%,

5.125%,

6/26/26

4,825‌

4,626‌

Waystar

Technologies,

FRN,

1M

USD

LIBOR

+

4.00%,

4.209%,

10/22/26

6,230‌

6,199‌

Western

Dental

Services,

FRN,

1M

USD

LIBOR

+

4.50%,

5.281%,

8/18/28

8,940‌

8,868‌

828,593‌

Information

Technology

10.9%

Applied

Systems,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

9/19/24

34,099‌

33,869‌

Applied

Systems,

FRN,

1M

USD

LIBOR

+

5.50%,

6.25%,

9/19/25

20,604‌

20,561‌

AppLovin,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

10/25/28 (2)

8,824‌

8,736‌

Atlas

Purchaser,

FRN,

1M

USD

LIBOR

+

5.25%,

6.00%,

5/8/28

5,937‌

5,811‌

Barracuda

Networks,

FRN,

1M

USD

LIBOR

+

6.75%,

7.50%,

10/30/28

2,770‌

2,761‌

Boxer

Parent,

FRN,

1M

USD

LIBOR

+

3.75%,

3.974%,

10/2/25 (2)

6,478‌

6,398‌

Boxer

Parent,

FRN,

1M

USD

LIBOR

+

5.50%,

6.00%,

2/27/26

4,785‌

4,755‌

CCC

Intelligent

Solutions,

FRN,

3M

USD

LIBOR

+

2.50%,

3.00%,

9/21/28

11,750‌

11,603‌

Concorde,

FRN,

3M

EURIBOR

+

4.00%,

4.00%,

3/1/28

(EUR) (2)

660‌

732‌

Condor

Merger

Sub,

FRN,

SOFR

+

4.00%,

2/3/29 (2)

28,765‌

28,334‌

ConnectWise,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

9/29/28

9,035‌

8,950‌

Conservice

Midco,

FRN,

1M

USD

LIBOR

+

4.25%,

4.474%,

5/13/27

4,687‌

4,665‌

Cvent,

FRN,

3M

USD

LIBOR

+

3.75%,

3.959%,

11/29/24 (2)

4,515‌

4,512‌

Delta

Topco,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

12/1/27 (2)

11,603‌

11,508‌

Delta

Topco,

FRN,

1M

USD

LIBOR

+

7.25%,

8.00%,

12/1/28 (2)

5,445‌

5,413‌

ECI

Macola,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

11/9/27

14,366‌

14,222‌

Epicor

Software,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

7/30/27 (2)

60,966‌

60,329‌

Epicor

Software,

FRN,

1M

USD

LIBOR

+

7.75%,

8.75%,

7/31/28 (2)

8,880‌

9,040‌

Genesys

Cloud

Services

Holdings

II,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

12/1/27 (2)

9,045‌

9,026‌

Hyland

Software,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

7/1/24

6,666‌

6,631‌

Hyland

Software,

FRN,

1M

USD

LIBOR

+

6.25%,

7.00%,

7/7/25

20,753‌

20,805‌

T.

ROWE

PRICE

Floating

Rate

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

‡

Infinite

Bidco,

FRN,

1M

USD

LIBOR

+

3.75%,

4.258%,

3/2/28

7,570‌

7,494‌

Infinite

Bidco,

FRN,

1M

USD

LIBOR

+

7.00%,

7.508%,

3/2/29

6,160‌

6,129‌

Magnite,

FRN,

1M

USD

LIBOR

+

5.00%,

5.75%,

4/28/28 (2)

5,922‌

5,893‌

MeridianLink,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

11/10/28

5,520‌

5,453‌

MH

Sub

I,

FRN,

1M

USD

LIBOR

+

3.75%,

4.75%,

9/13/24

25,869‌

25,664‌

MH

Sub

I,

FRN,

1M

USD

LIBOR

+

6.25%,

6.459%,

2/23/29

21,381‌

21,240‌

MH

Sub

I,

FRN,

3M

USD

LIBOR

+

3.50%,

3.709%,

9/13/24

14,541‌

14,341‌

Mitchell

International,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

10/15/28 (2)

17,795‌

17,538‌

Mitchell

International,

FRN,

1M

USD

LIBOR

+

6.50%,

7.00%,

10/15/29 (2)

11,410‌

11,302‌

Planview

Parent,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

12/17/27 (2)

7,029‌

6,956‌

Polaris

Newco,

FRN,

1M

USD

LIBOR

+

4.00%,

4.50%,

6/2/28 (2)

27,892‌

27,698‌

Proofpoint,

FRN,

1M

USD

LIBOR

+

3.25%,

3.758%,

8/31/28 (2)

11,120‌

10,985‌

Proofpoint,

FRN,

3M

USD

LIBOR

+

6.25%,

6.758%,

8/31/29

5,100‌

5,100‌

RealPage,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

4/24/28

25,037‌

24,741‌

RealPage,

FRN,

3M

USD

LIBOR

+

6.50%,

7.25%,

4/23/29

12,965‌

13,070‌

Shutterfly,

FRN,

1M

USD

LIBOR

+

5.00%,

5.75%,

9/25/26

24,326‌

23,042‌

Sophia,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

10/7/27 (2)

20,783‌

20,566‌

Sovos

Compliance,

FRN,

1M

USD

LIBOR

+

4.50%,

5.00%,

8/11/28

6,065‌

6,055‌

Storable,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

4/17/28 (2)

6,855‌

6,778‌

Tenable,

FRN,

1M

USD

LIBOR

+

2.75%,

3.269%,

7/7/28

2,915‌

2,875‌

Uber

Technologies,

FRN,

1M

USD

LIBOR

+

3.50%,

4/4/25 (2)

4,269‌

4,225‌

Uber

Technologies,

FRN,

1M

USD

LIBOR

+

3.50%,

3.709%,

2/25/27

7,838‌

7,754‌

Veritas

U.S.,

FRN,

1M

USD

LIBOR

+

5.00%,

6.00%,

9/1/25 (2)

11,471‌

11,306‌

564,866‌

Lodging

0.2%

Aimbridge

Acquisition,

FRN,

1M

USD

LIBOR

+

4.75%,

5.50%,

2/2/26

2,090‌

2,068‌

Aimbridge

Acquisition,

FRN,

3M

USD

LIBOR

+

3.75%,

3.959%,

2/2/26 (2)

2,041‌

1,983‌

Casper

Bidco

Sasu,

FRN,

3M

EURIBOR

+

3.88%,

3.875%,

7/31/26

(EUR)

740‌

796‌

Sandy

BidCo,

FRN,

3M

EURIBOR

+

4.00%,

9/16/28

(EUR) (2)

3,365‌

3,746‌

8,593‌

Manufacturing

3.3%

Deliver

Buyer,

FRN,

1M

USD

LIBOR

+

5.00%,

5.224%,

5/1/24 (2)

4,818‌

4,779‌

Engineered

Machinery

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

5/19/28 (2)

20,181‌

20,080‌

Engineered

Machinery

Holdings,

FRN,

1M

USD

LIBOR

+

6.00%,

6.75%,

5/21/29

14,274‌

14,292‌

Engineered

Machinery

Holdings,

FRN,

1M

USD

LIBOR

+

6.50%,

7.25%,

5/21/29 (2)

10,645‌

10,636‌

T.

ROWE

PRICE

Floating

Rate

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

‡

Engineered

Machinery

Holdings,

FRN,

3M

EURIBOR

+

3.75%,

3.75%,

5/21/28

(EUR) (2)

2,828‌

3,122‌

Filtration

Group,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

10/21/28 (2)

22,696‌

22,503‌

Filtration

Group,

FRN,

3M

USD

LIBOR

+

3.00%,

3.209%,

3/31/25

18,261‌

18,036‌

LTI

Holdings,

FRN,

1M

USD

LIBOR

+

4.75%,

4.959%,

7/24/26 (2)

1,862‌

1,851‌

LTI

Holdings,

FRN,

1M

USD

LIBOR

+

4.75%,

4.959%,

7/24/26 (2)

1,612‌

1,602‌

LTI

Holdings,

FRN,

3M

USD

LIBOR

+

3.50%,

3.709%,

9/6/25 (2)

838‌

825‌

LTI

Holdings,

FRN,

3M

USD

LIBOR

+

6.75%,

6.959%,

9/6/26

5,430‌

5,326‌

Madison

IAQ,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

6/21/28

10,676‌

10,495‌

Pro

Mach

Group,

FRN,

1M

USD

LIBOR

+

4.00%,

4.408%,

8/31/28 (2)

3,020‌

3,013‌

Pro

Mach

Group,

FRN,

1M

USD

LIBOR

+

4.00%,

5.00%,

8/31/28 (2)

19,003‌

18,956‌

Robertshaw

U.S.

Holding,

FRN,

3M

USD

LIBOR

+

3.50%,

4.50%,

2/28/25 (2)

13,880‌

12,659‌

SRAM,

FRN,

1M

USD

LIBOR

+

2.75%,

3.251%,

5/18/28

10,561‌

10,477‌

Watlow

Electric

Manufacturing,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

3/2/28 (2)

7,746‌

7,655‌

Welbilt,

FRN,

3M

USD

LIBOR

+

2.50%,

2.709%,

10/23/25

5,604‌

5,580‌

171,887‌

Metals

&

Mining

0.2%

Grinding

Media,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

10/12/28 (2)

7,597‌

7,483‌

TMS

International,

FRN,

1M

USD

LIBOR

+

2.75%,

3.75%,

8/14/24 (2)(3)

1,298‌

1,285‌

8,768‌

Publishing

0.1%

Cengage

Learning,

FRN,

1M

USD

LIBOR

+

4.75%,

5.75%,

7/14/26 (2)

7,565‌

7,547‌

7,547‌

Real

Estate

Investment

Trust

Securities

0.1%

KREF

Holdings

X,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

9/1/27 (2)

(3)

3,439‌

3,405‌

3,405‌

Restaurants

1.5%

Fertitta

Entertainment,

FRN,

SOFR

+

4.00%,

4.50%,

1/12/29

15,540‌

15,457‌

IRB

Holding,

FRN,

1M

USD

LIBOR

+

2.75%,

3.75%,

2/5/25

13,565‌

13,432‌

IRB

Holding,

FRN,

1M

USD

LIBOR

+

3.25%,

4.25%,

12/15/27 (2)

22,651‌

22,413‌

IRB

Holding,

FRN,

SOFR

+

3.00%,

12/15/27 (2)

1,695‌

1,677‌

MIC

Glen,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

7/21/28

4,875‌

4,823‌

MIC

Glen,

FRN,

1M

USD

LIBOR

+

6.75%,

7.25%,

7/20/29 (2)

3,725‌

3,685‌

Tacala

Investment,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

2/5/27 (2)

8,552‌

8,458‌

Tacala

Investment,

FRN,

1M

USD

LIBOR

+

7.50%,

8.25%,

2/4/28

9,120‌

9,008‌

78,953‌

T.

ROWE

PRICE

Floating

Rate

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

‡

Retail

2.0%

At

Home

Group,

FRN,

1M

USD

LIBOR

+

4.25%,

4.75%,

7/24/28 (2)

6,510‌

6,312‌

CNT

Holdings

I,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

11/8/27

16,916‌

16,815‌

CNT

Holdings

I,

FRN,

1M

USD

LIBOR

+

6.75%,

7.50%,

11/6/28 (2)

7,280‌

7,235‌

Harbor

Freight

Tools

USA,

FRN,

1M

USD

LIBOR

+

2.75%,

3.25%,

10/19/27

12,798‌

12,580‌

Petco

Health

&

Wellness,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

3/3/28 (2)

10,567‌

10,484‌

PetSmart,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

2/11/28 (2)

38,603‌

38,386‌

Rent-A-Center,

FRN,

1M

USD

LIBOR

+

3.25%,

3.813%,

2/17/28

7,030‌

6,889‌

Winterfell

Financing,

FRN,

3M

EURIBOR

+

2.925%,

2.925%,

5/4/28

(EUR)

1,650‌

1,794‌

100,495‌

Satellites

1.2%

Gogo

Intermediate

Holdings,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

4/30/28 (2)

5,758‌

5,706‌

Intelsat

Jackson

Holdings,

FRN,

SOFR

+

4.25%,

1/25/29 (2)

6,950‌

6,844‌

Iridium

Satellite,

FRN,

1M

USD

LIBOR

+

2.50%,

3.25%,

11/4/26 (2)

30,302‌

30,047‌

Xplornet

Communications,

FRN,

1M

USD

LIBOR

+

4.00%,

4.50%,

10/2/28 (2)

14,066‌

13,916‌

Xplornet

Communications,

FRN,

1M

USD

LIBOR

+

7.00%,

7.50%,

10/1/29 (3)

4,670‌

4,682‌

61,195‌

Services

11.6%

Advantage

Sales

&

Marketing,

FRN,

1M

USD

LIBOR

+

4.50%,

5.25%,

10/28/27

9,442‌

9,330‌

AG

Group

Holdings,

FRN,

SOFR

+

4.00%,

4.50%,

12/29/28 (2)

6,105‌

6,057‌

AI

Aqua

Merger

Sub,

FRN,

1M

USD

LIBOR

+

4.00%,

4.50%,

6/17/28 (2)

7,955‌

7,903‌

AI

Aqua

Merger

Sub,

FRN,

SOFR

+

4.00%,

7/30/28 (2)

6,985‌

6,927‌

Albion

Acquisitions,

FRN,

1M

USD

LIBOR

+

5.25%,

5.75%,

7/31/26 (2)

15,535‌

15,389‌

AlixPartners

LLP,

FRN,

1M

USD

LIBOR

+

2.75%,

3.25%,

2/4/28 (2)

10,883‌

10,755‌

Allied

Universal

Holdco,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

5/12/28 (2)

3,407‌

3,358‌

Anticimex

Global,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

11/16/28 (2)

9,345‌

9,224‌

Anticimex

Global,

FRN,

1M

USD

LIBOR

+

4.00%,

11/16/28 (2)(3)

4,885‌

4,842‌

APX

Group,

FRN,

1M

USD

LIBOR

+

3.50%,

4.001%,

7/10/28

13,768‌

13,662‌

Ascend

Learning,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

12/11/28 (2)

35,950‌

35,450‌

Ascend

Learning,

FRN,

1M

USD

LIBOR

+

5.75%,

6.25%,

11/18/29 (2)

34,325‌

34,196‌

Broom

Holdings

Bidco,

FRN,

1M

EURIBOR

+

3.75%,

3.75%,

8/24/28

(EUR) (2)

4,080‌

4,523‌

T.

ROWE

PRICE

Floating

Rate

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

‡

Camelot

U.S.

Acquisition,

FRN,

1M

USD

LIBOR

+

3.00%,

4.00%,

10/30/26

1,703‌

1,692‌

CoreLogic,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

6/2/28

29,950‌

29,538‌

CoreLogic,

FRN,

3M

USD

LIBOR

+

6.50%,

7.00%,

6/4/29

13,585‌

13,449‌

DG

Investment

Intermediate

Holdings

2,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

3/31/28 (2)

11,097‌

10,991‌

DG

Investment

Intermediate

Holdings

2,

FRN,

1M

USD

LIBOR

+

6.75%,

7.50%,

3/30/29 (2)

3,350‌

3,342‌

Dun

&

Bradstreet,

FRN,

1M

USD

LIBOR

+

3.25%,

3.459%,

2/6/26 (2)

12,288‌

12,145‌

EG

America,

FRN,

1M

USD

LIBOR

+

4.25%,

4.75%,

3/31/26 (2)

14,080‌

13,992‌

EG

America,

FRN,

3M

USD

LIBOR

+

4.00%,

4.224%,

2/7/25 (2)

13,971‌

13,818‌

EG

Finco,

FRN,

3M

EURIBOR

+

7.00%,

7.00%,

4/30/27

(EUR) (2)

12,820‌

14,273‌

EP

Purchaser,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

11/6/28 (2)

4,405‌

4,376‌

GFL

Environmental,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

5/30/25 (2)

13,345‌

13,288‌

Instructure

Holdings,

FRN,

1M

USD

LIBOR

+

2.75%,

3.269%,

10/30/28 (3)

3,870‌

3,812‌

Loyalty

Ventures,

FRN,

1M

USD

LIBOR

+

4.50%,

5.00%,

11/3/27

10,815‌

10,666‌

Mermaid

Bidco,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

12/22/27 (2)(3)

4,900‌

4,814‌

Prime

Security

Services

Borrower,

FRN,

1M

USD

LIBOR

+

2.75%,

3.50%,

9/23/26

6,315‌

6,239‌

Project

Boost

Purchaser,

FRN,

1M

USD

LIBOR

+

3.50%,

3.709%,

6/1/26

4,294‌

4,236‌

Project

Boost

Purchaser,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

5/30/26

13,232‌

13,122‌

Renaissance

Holdings,

FRN,

3M

USD

LIBOR

+

7.00%,

7.209%,

5/29/26

6,560‌

6,512‌

Sabre

GLBL,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

12/17/27

7,187‌

7,081‌

Skopima

Consilio

Parent,

FRN,

1M

USD

LIBOR

+

4.00%,

4.50%,

5/12/28

12,835‌

12,656‌

Staples,

FRN,

3M

USD

LIBOR

+

5.00%,

5.317%,

4/16/26

23,486‌

22,246‌

TK

Elevator

U.S.

Newco,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

7/30/27 (2)

26,919‌

26,707‌

Travel

Leaders

Group,

FRN,

3M

USD

LIBOR

+

4.00%,

4.209%,

1/25/24

7,856‌

7,387‌

TruGreen,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

11/2/27 (2)

1,392‌

1,388‌

TruGreen,

FRN,

1M

USD

LIBOR

+

8.50%,

9.25%,

11/2/28 (3)

7,271‌

7,289‌

UKG,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

5/4/26 (2)

55,601‌

55,184‌

UKG,

FRN,

1M

USD

LIBOR

+

5.25%,

5.75%,

5/3/27 (2)

82,125‌

81,701‌

USIC

Holdings,

FRN,

1M

USD

LIBOR

+

3.50%,

4.25%,

5/12/28 (2)

7,228‌

7,113‌

USIC

Holdings,

FRN,

1M

USD

LIBOR

+

6.50%,

7.25%,

5/14/29

5,880‌

5,832‌

VeriFone

Systems,

FRN,

3M

USD

LIBOR

+

4.00%,

4.498%,

8/20/25

9,204‌

9,020‌

Verisure

Holding,

FRN,

3M

EURIBOR

+

3.25%,

3.25%,

3/27/28

(EUR) (2)

4,550‌

4,950‌

T.

ROWE

PRICE

Floating

Rate

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

‡

White

Cap

Buyer,

FRN,

1M

USD

LIBOR

+

3.75%,

4.25%,

10/19/27

9,295‌

9,197‌

599,672‌

Utilities

1.2%

Covanta

Holding,

FRN,

1M

USD

LIBOR

+

2.50%,

3.00%,

11/30/28 (2)

8,290‌

8,213‌

Exgen

Renewables

IV,

FRN,

3M

USD

LIBOR

+

2.50%,

3.50%,

12/15/27

13,009‌

12,951‌

Osmose

Utilities

Services,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

6/23/28 (2)

6,420‌

6,324‌

PG&E,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

6/23/25

25,265‌

24,754‌

Pike,

FRN,

1M

USD

LIBOR

+

3.00%,

3.21%,

1/21/28

7,408‌

7,331‌

59,573‌

Wireless

Communications

2.7%

Asurion,

FRN,

1M

USD

LIBOR

+

3.25%,

3.459%,

12/23/26 (2)

17,463‌

17,141‌

Asurion,

FRN,

1M

USD

LIBOR

+

3.25%,

3.459%,

7/31/27 (2)

20,727‌

20,326‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

5.459%,

1/31/28 (2)

25,151‌

24,830‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

5.459%,

1/20/29 (2)

51,200‌

50,560‌

CCI

Buyer,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

12/17/27 (2)

22,845‌

22,581‌

CD&R

Firefly

Bidco,

FRN,

3M

GBP

LIBOR

+

8.25%,

8.334%,

6/1/26

(GBP)

3,180‌

4,255‌

139,693‌

Total

Bank

Loans

(Cost

$4,551,715)

4,531,602‌

CONVERTIBLE

PREFERRED

STOCKS

0.6%

Energy

0.3%

Targa

Resources,

Series A,

9.50%,

Acquisition

Date:

10/30/17

-

2/10/21,

Cost $12,950 (4)(5)

13‌

13,791‌

13,791‌

Energy

Services

0.1%

NuStar

Energy,

VR,

10.75% (4)(6)

105‌

3,131‌

3,131‌

Health

Care

0.1%

Avantor,

Series A,

6.25%,

5/15/22

75‌

7,910‌

7,910‌

Insurance

0.0%

Alliant

Services,

Series A,

Acquisition

Date:

11/6/20,

Cost $2,093 (5)(7)

2‌

2,067‌

2,067‌

T.

ROWE

PRICE

Floating

Rate

Fund

14

Par/Shares

$

Value

(Amounts

in

000s)

‡

Utilities

0.1%

American

Electric

Power,

6.125%,

8/15/23

53‌

2,790‌

2,790‌

Total

Convertible

Preferred

Stocks

(Cost

$24,208)

29,689‌

CORPORATE

BONDS

5.3%

Aerospace

&

Defense

0.1%

TransDigm,

8.00%,

12/15/25 (6)

3,165‌

3,296‌

3,296‌

Airlines

0.7%

American

Airlines,

5.50%,

4/20/26 (6)

3,020‌

3,080‌

American

Airlines,

5.75%,

4/20/29 (6)

4,185‌

4,284‌

American

Airlines,

11.75%,

7/15/25 (6)

11,545‌

13,984‌

Delta

Air

Lines,

4.75%,

10/20/28 (6)

3,505‌

3,651‌

Delta

Air

Lines,

7.00%,

5/1/25 (6)

2,175‌

2,414‌

Hawaiian

Brand

Intellectual

Property,

5.75%,

1/20/26 (6)

2,250‌

2,273‌

Mileage

Plus

Holdings,

6.50%,

6/20/27 (6)

2,615‌

2,759‌

United

Airlines,

4.375%,

4/15/26 (6)

3,445‌

3,428‌

United

Airlines,

4.625%,

4/15/29 (6)

2,940‌

2,866‌

38,739‌

Automotive

0.7%

Adient

U.S.,

9.00%,

4/15/25 (6)

75‌

79‌

Clarios

Global,

6.25%,

5/15/26 (6)

2,655‌

2,741‌

Rivian

Holdings,

FRN,

6M

USD

LIBOR

+

5.625%,

6.625%,

10/15/26 (6)

29,970‌

30,345‌

Tenneco,

7.875%,

1/15/29 (6)

5,125‌

5,369‌

38,534‌

Beverages

0.1%

Anheuser-Busch

InBev

Worldwide,

FRN,

3M

USD

LIBOR

+

0.74%,

0.978%,

1/12/24

3,260‌

3,265‌

3,265‌

Broadcasting

0.1%

Diamond

Sports

Group,

5.375%,

8/15/26 (6)

1,625‌

666‌

iHeartCommunications,

6.375%,

5/1/26

45‌

47‌

Townsquare

Media,

6.875%,

2/1/26 (6)

2,010‌

2,060‌

Univision

Communications,

9.50%,

5/1/25 (6)

3,140‌

3,301‌

Urban

One,

7.375%,

2/1/28 (6)

1,675‌

1,681‌

7,755‌

Building

&

Real

Estate

0.1%

Cushman

&

Wakefield

U.S.

Borrower,

6.75%,

5/15/28 (6)

3,645‌

3,814‌

3,814‌

Cable

Operators

0.2%

Altice

France

Holding,

10.50%,

5/15/27 (6)

6,115‌

6,382‌

T.

ROWE

PRICE

Floating

Rate

Fund

15

Par/Shares

$

Value

(Amounts

in

000s)

‡

Charter

Communications

Operating,

FRN,

3M

USD

LIBOR

+

1.65%,

1.967%,

2/1/24

4,060‌

4,153‌

10,535‌

Chemicals

0.1%

Kobe

U.S.

Midco

2,

(9.25%

Cash

or

10.00%

PIK),

9.25%,

11/1/26 (6)(8)

3,880‌

3,909‌

3,909‌

Container

0.0%

Trivium

Packaging

Finance,

FRN,

3M

EURIBOR

+

3.75%,

3.75%,

8/15/26

(EUR) (6)

380‌

416‌

416‌

Drugs

0.1%

AbbVie,

FRN,

3M

USD

LIBOR

+

0.65%,

1.13%,

11/21/22

3,000‌

3,008‌

Bristol-Myers

Squibb,

FRN,

3M

USD

LIBOR

+

0.38%,

0.839%,

5/16/22

3,935‌

3,938‌

6,946‌

Energy

0.3%

CITGO

Petroleum,

7.00%,

6/15/25 (6)

3,725‌

3,725‌

NGL

Energy

Operating,

7.50%,

2/1/26 (6)

9,370‌

9,370‌

Tallgrass

Energy

Partners,

7.50%,

10/1/25 (6)

2,130‌

2,226‌

15,321‌

Entertainment

&

Leisure

0.2%

Carnival,

9.875%,

8/1/27 (6)

3,890‌

4,371‌

Deuce

Finco,

FRN,

3M

EURIBOR

+

4.75%,

4.75%,

6/15/27

(EUR) (6)

2,255‌

2,514‌

Merlin

Entertainments,

5.75%,

6/15/26 (6)

1,555‌

1,611‌

8,496‌

Financial

0.7%

Acrisure,

7.00%,

11/15/25 (6)

2,275‌

2,255‌

Acrisure,

10.125%,

8/1/26 (6)

6,495‌

6,885‌

Advisor

Group

Holdings,

10.75%,

8/1/27 (6)

2,710‌

2,950‌

AG

Issuer,

6.25%,

3/1/28 (6)

4,145‌

4,166‌

Aretec

Escrow

Issuer,

7.50%,

4/1/29 (6)

6,185‌

6,154‌

AssuredPartners,

7.00%,

8/15/25 (6)

2,200‌

2,186‌

GTCR

AP

Finance,

8.00%,

5/15/27 (6)

3,960‌

3,960‌

HUB

International,

7.00%,

5/1/26 (6)

4,750‌

4,786‌

Ryan

Specialty

Group,

4.375%,

2/1/30 (6)

720‌

690‌

34,032‌

Food

Processing

0.0%

General

Mills,

FRN,

3M

USD

LIBOR

+

1.01%,

1.249%,

10/17/23

2,105‌

2,130‌

2,130‌

Health

Care

0.2%

Becton

Dickinson

&

Company,

FRN,

3M

USD

LIBOR

+

1.03%,

1.21%,

6/6/22

2,130‌

2,134‌

Mozart

Debt

Merger

Sub,

3.875%,

4/1/29 (6)

5,605‌

5,297‌

T.

ROWE

PRICE

Floating

Rate

Fund

16

Par/Shares

$

Value

(Amounts

in

000s)

‡

Surgery

Center

Holdings,

10.00%,

4/15/27 (6)

3,150‌

3,299‌

10,730‌

Information

Technology

0.4%

Boxer

Parent,

7.125%,

10/2/25 (6)

2,020‌

2,070‌

Boxer

Parent,

9.125%,

3/1/26 (6)

2,505‌

2,580‌

Expedia

Group,

6.25%,

5/1/25 (6)

1,364‌

1,498‌

Photo

Holdings

Merger

Sub,

8.50%,

10/1/26 (6)

10,445‌

10,341‌

Veritas

U.S.,

7.50%,

9/1/25 (6)

3,150‌

3,095‌

19,584‌

Lodging

0.0%

Hilton

Domestic

Operating,

5.375%,

5/1/25 (6)

2,005‌

2,055‌

Marriott

International,

Series EE,

5.75%,

5/1/25

67‌

74‌

2,129‌

Metals

&

Mining

0.1%

Big

River

Steel,

6.625%,

1/31/29 (6)

3,164‌

3,306‌

3,306‌

Restaurants

0.0%

Yum!

Brands,

7.75%,

4/1/25 (6)

965‌

1,004‌

1,004‌

Satellites

0.2%

Connect

Finco,

6.75%,

10/1/26 (6)

8,090‌

8,191‌

8,191‌

Services

0.8%

Adtalem

Global

Education,

5.50%,

3/1/28 (6)

6,565‌

5,876‌

Allied

Universal

Holdco,

6.625%,

7/15/26 (6)

2,035‌

2,076‌

Allied

Universal

Holdco,

9.75%,

7/15/27 (6)

12,510‌

13,104‌

eG

Global

Finance,

8.50%,

10/30/25 (6)

568‌

575‌

Presidio

Holdings,

8.25%,

2/1/28 (6)

4,560‌

4,674‌

Prime

Security

Services

Borrower,

5.75%,

4/15/26 (6)

2,755‌

2,824‌

Sabre

GLBL,

9.25%,

4/15/25 (6)

5,710‌

6,402‌

WASH

Multifamily

Acquisition,

5.75%,

4/15/26 (6)

3,475‌

3,479‌

39,010‌

Telephones

0.0%

Verizon

Communications,

FRN,

SOFRINDX

+

0.79%,

0.839%,

3/20/26

2,900‌

2,860‌

2,860‌

Utilities

0.2%

Vistra,

VR,

7.00% (4)(6)(9)

11,080‌

10,969‌

10,969‌

Total

Corporate

Bonds

(Cost

$276,379)

274,971‌

T.

ROWE

PRICE

Floating

Rate

Fund

17

Par/Shares

$

Value

(Amounts

in

000s)

‡

EQUITY

MUTUAL

FUNDS

0.1%

SPDR

Blackstone

/

GSO

Senior

Loan

ETF

118‌

5,329‌

Total

Equity

Mutual

Funds

(Cost

$5,360)

5,329‌

SHORT-TERM

INVESTMENTS

14.8%

Money

Market

Funds

14.8%

T.

Rowe

Price

Government

Reserve

Fund,

0.12% (10)(11)

765,041‌

765,041‌

Total

Short-Term

Investments

(Cost

$765,041)

765,041‌

Total

Investments

in

Securities

108.6%

(Cost

$5,622,703)

$

5,606,632‌

Other

Assets

Less

Liabilities

(8.6)%

(

446,258‌

)

Net

Assets

100.0%

$

5,160,374‌

‡

Par/Shares

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

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.

(2)

All

or

a

portion

of

this

loan

is

unsettled

as

of

February

28,

2022.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3)

Level

3

in

fair

value

hierarchy.

(4)

Perpetual

security

with

no

stated

maturity

date.

(5)

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

has

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$15,858

and

represents

0.3%

of

net

assets.

(6)

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

$256,493

and

represents

5.0%

of

net

assets.

(7)

Non-income

producing

(8)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

T.

ROWE

PRICE

Floating

Rate

Fund

18

.

.

.

.

.

.

.

.

.

.

(9)

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.

(10)

Seven-day

yield

(11)

Affiliated

Companies

1M

CAD

CDOR

One

month

CAD

CDOR

(Canadian

Dollar

offered

rate)

1M

EURIBOR

One

month

EURIBOR

(Euro

interbank

offered

rate)

1M

SOFR

One

month

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

3M

GBP

LIBOR

Three

month

GBP

LIBOR

(London

interbank

offered

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

6M

USD

LIBOR

Six

month

USD

LIBOR

(London

interbank

offered

rate)

CAD

Canadian

Dollar

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

PIK

Payment-in-kind

SOFR

Secured

overnight

financing

rate

SOFRINDX

(Secured

overnight

financing

rate)

Compounded

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

19

(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

at

Maturity,

Pay

Variable

0.214%

(3M

USD

LIBOR)

Quarterly,

3/21/22

*

15,790

(156)

—

(

156‌

)

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

at

Maturity,

Pay

Variable

0.214%

(3M

USD

LIBOR)

Quarterly,

6/20/22

*

17,550

(103)

—

(

103‌

)

Morgan

Stanley,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

at

Maturity,

Pay

Variable

0.050%

(SOFR)

Quarterly,

6/21/22

*

10,750

(94)

(1)

(

93‌

)

Total

Bilateral

Total

Return

Swaps

(1)

(

352‌

)

Total

Bilateral

Swaps

(1)

(

352‌

)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.0)%

Credit

Default

Swaps,

Protection

Sold

(0.0)%

Protection

Sold

(Relevant

Credit:

American

Airlines

Group,

Caa1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/23

*

900

(3)

(41)

38‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

38‌

Total

Centrally

Cleared

Swaps

38‌

Net

payments

(receipts)

of

variation

margin

to

date

(

43‌

)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(

5‌

)

*

Credit

ratings

as

of

February

28,

2022.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

T.

ROWE

PRICE

Floating

Rate

Fund

20

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$(1).

T.

ROWE

PRICE

Floating

Rate

Fund

21

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

HSBC

Bank

4/22/22

USD

257‌

CAD

324‌

$

1‌

HSBC

Bank

4/22/22

USD

4,222‌

GBP

3,081‌

88‌

Morgan

Stanley

4/22/22

USD

217‌

GBP

161‌

1‌

State

Street

4/22/22

USD

14,259‌

CAD

17,860‌

167‌

State

Street

5/20/22

USD

24,775‌

EUR

21,745‌

317‌

UBS

Investment

Bank

5/20/22

USD

33,647‌

EUR

29,541‌

422‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

996‌

T.

ROWE

PRICE

Floating

Rate

Fund

22

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

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

nine

months

ended

February

28,

2022.

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,

0.12%

$

—‌

#

$

—‌

$

202‌

+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/21

Purchase

Cost

Sales

Cost

Value

02/28/22

T.

Rowe

Price

Government

Reserve

Fund,

0.12%

$

387,014‌

¤

¤

$

765,041‌

^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$202

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

$765,041.

T.

ROWE

PRICE

Floating

Rate

Fund

Unaudited

Notes

to

Portfolio

of

Investments

23

T.

Rowe

Price

Floating

Rate

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus.

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

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

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

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)

T.

ROWE

PRICE

Floating

Rate

Fund

24

Level

3

–

unobservable

inputs

(including

the fund’s

own

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

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.

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

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.

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.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

T.

ROWE

PRICE

Floating

Rate

Fund

25

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

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

Committee

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

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

February

28,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

T.

ROWE

PRICE

Floating

Rate

Fund

26

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

February

28,

2022.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

February

28,

2022,

totaled $(552,000) for

the

period ended

February

28,

2022.

During

the

period,

transfers

into

Level

3

resulted

from

a

lack

of

observable

market

data

for

the

security

and

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

Corporate

Bonds

$

—‌

$

274,971‌

$

—‌

$

274,971‌

Bank

Loans

—‌

4,412,659‌

118,943‌

4,531,602‌

Convertible

Preferred

Stocks

—‌

29,689‌

—‌

29,689‌

Equity

Mutual

Funds

5,329‌

—‌

—‌

5,329‌

Short-Term

Investments

765,041‌

—‌

—‌

765,041‌

Total

Securities

770,370‌

4,717,319‌

118,943‌

5,606,632‌

Swaps*

—‌

38‌

—‌

38‌

Forward

Currency

Exchange

Contracts

—‌

996‌

—‌

996‌

Total

$

770,370‌

$

4,718,353‌

$

118,943‌

$

5,607,666‌

Liabilities

Swaps

$

—‌

$

353‌

$

—‌

$

353‌

Total

$

—‌

$

353‌

$

—‌

$

353‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)

Beginning

Balance

5/31/21

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Ending

Balance

2/28/22

Investment

in

Securities

Bank

Loans

$

131,406‌

$

(837‌)

$

74,108‌

$

(43,197‌)

$

10,319‌

$

(52,856‌)

$

118,943‌

T.

ROWE

PRICE

Floating

Rate

Fund

27

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict.

Economic

sanctions

have

since

been

imposed

on

Russia

and

certain

of

its

citizens,

including

the

exclusion

of

Russia

from

the

SWIFT

global

payments

network.

As

a

result,

Russia’s

central

bank

closed

the

country’s

stock

market

on

February

28,

2022,

and

Russian-related

stocks

and

debt

have

since

suffered

significant

declines

in

value.

The

duration

of

the

coronavirus

outbreak

and

the

Russian-Ukraine

conflict,

and

their

effects

on

the

financial

markets,

cannot

be

determined

with

certainty.

The fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

these

events.

F194-054Q3

02/22

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