T. Rowe Price Floating Rate Fund
T. ROWE PRICE FLOATING RATE FUND, INC. · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
T. Rowe Price Floating Rate Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2025 Q3
The fund seeks high current income and,
The fund invests at least 80% of its net assets in floating rate loans and debt securities, predominantly below-investment-grade leveraged loans that typically rank senior in a borrower's capital structure. The fund may also hold fixed rate debt and up to 20% in non-U.S. dollar investments. Because the fund's returns depend on the credit quality and repayment capacity of borrowers in its portfolio, credit deterioration or defaults will reduce fund value.
Portfolio turnover 106.90% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Loans | 86.91% |
| Bonds | 9.20% |
| Cash & short-term | 7.67% |
| Stocks | 0.47% |
| Derivatives | 0.01% |
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 76.8% |
| Cash | 7.4% |
| International | 4.9% |
| Information Technology | 3.8% |
| 9 smaller | 7.1% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: HOLOGIC TL 2L BANKDEBT, ELECTRONIC ARTS TL B 1L BANKDEBT, EDELMAN TL 1L BANKDEBT, LEVEL 3 FINANCING INC TL B5 1L USD BANKDEBT, WARNER BROTHERS TL B 1L BANKDEBT, CLARIOS GLOBAL LP TL B 1L BANKDEBT, HOLOGIC TL B 1L USD BANKDEBT, SEALED AIR TL B 1L BANKDEBT
Largest exited: HOLOGIC TL 2L BANKDEBT, LTI HOLDINGS INC TL B 1L USD BANKDEBT, LEVEL 3 TL B4 1L BANKDEBT, X/TWITTER TL 1L BANKDEBT, MEDLINE TL B 1L BANKDEBT, X/TWITTER TL B1 1L BANKDEBT, HOPPER MERGER SUB INC TL B 1L USD BANKDEBT, CLARIOS GLOBAL TL B 1L BANKDEBT
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.81% | +26.26% | +33.58% | 2.21% | -1.01% | |
| +6.73% | +25.63% | +32.40% | 2.27% | -1.04% | |
| +7.09% | +26.73% | +34.58% | 2.32% | -0.99% | |
| +7.75% | +28.95% | +38.58% | 2.31% | -0.99% |
These classes hold the same portfolio, so the 6.18pp spread over 5 years is the cost difference between them — roughly 1.24pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 91.4% |
| Fixed rate | 8.0% |
| Zero-coupon or unclassified | 0.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.4% |
| 1-3y | 14.5% |
| 3-5y | 28.0% |
| 5-10y | 56.4% |
| Unknown | 0.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Interest-rate moves barely touch this fund — but its credit exposure is real: a 100bp widening in credit spreads costs roughly 4.0%. Duration alone would have told you none of that.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 94% |
| Interest rates | 6% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +3.88 yr |
| Investment grade | +0.05 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.00 yr | 2% |
| 1 yr | 0.06 yr | 24% |
| 5 yr | 0.15 yr | 62% |
| 10 yr | 0.01 yr | 5% |
| 30 yr | 0.02 yr | 8% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.28 yr | 7% |
| 5 yr | 2.88 yr | 73% |
| 10 yr | 0.75 yr | 19% |
| 30 yr | 0.02 yr | 0% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $0 | $1.4k |
| 1 yr | +0.06 | +0.00 | +0.28 | $0 | $112.1k |
| 5 yr | +0.15 | +0.03 | +2.85 | $11.9k | $1.15m |
| 10 yr | +0.01 | +0.02 | +0.73 | $8.6k | $294.9k |
| 30 yr | +0.02 | +0.00 | +0.02 | $0 | $7.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| TRPGRIA | T. Rowe Price Government Reserve FundTRPGRIA | 7.67% | $310.29M | — |
| — | HOLOGIC TL 2L BANKDEBT8.68% floating · due 2034-01-05 | 1.71% | $69.21M | — |
| — | TRUIST INSURANCE HOLDING TL 2L BANKDEBT8.45% floating · due 2032-05-06 | 1.43% | $57.89M | — |
| — | HUB INTERNATIONAL LTD TL B 1L BANKDEBT5.92% floating · due 2030-06-20 | 1.35% | $54.65M | — |
| — | ALERA TL B 2L BANKDEBT9.12% floating · due 2033-05-30 | 1.33% | $53.71M | — |
| — | ELECTRONIC ARTS TL B 1L BANKDEBT0.00% floating · due 2033-03-24 | 1.23% | $49.75M | — |
| — | SEDGWICK CMS INC TL B 1L USD BANKDEBT6.16% floating · due 2031-07-31 | 1.15% | $46.56M | — |
| — | UKG INC TL B 1L USD BANKDEBT5.91% floating · due 2031-02-10 | 1.11% | $44.84M | — |
| — | OPELLA TL B 1L BANKDEBT6.70% floating · due 2032-04-28 | 1.09% | $44.26M | — |
| — | NIELSEN TL B 1L BANKDEBT8.77% floating · due 2033-02-03 | 1.04% | $42.15M | — |
Top 10 positions are 19.12% of net assets, top 25 32.67%, across 317 issuers.
See more of this fund's book
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