T. Rowe Price Floating Rate Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, T. Rowe Price Floating Rate Fund held 338 positions with $4.05B in net assets. Its ten largest holdings made up 19.1% of the fund. Over the 12 months to May 2026, PRFRX returned 5.7%, with dividends reinvested. In 2026 Q2 it added 67 new positions and exited 51.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
TRPGRIAT. Rowe Price Government Reserve Fund | 7.67% | $310.29M | — |
HOLOGIC TL 2L BANKDEBT 8.68% floating · due 2034-01-05 | 1.71% | $69.21M | — |
TRUIST INSURANCE HOLDING TL 2L BANKDEBT 8.45% floating · due 2032-05-06 | 1.43% | $57.89M | — |
HUB INTERNATIONAL LTD TL B 1L BANKDEBT 5.92% floating · due 2030-06-20 | 1.35% | $54.65M | — |
ALERA TL B 2L BANKDEBT 9.12% floating · due 2033-05-30 | 1.33% | $53.71M | — |
ELECTRONIC ARTS TL B 1L BANKDEBT 0.00% floating · due 2033-03-24 | 1.23% | $49.75M | — |
SEDGWICK CMS INC TL B 1L USD BANKDEBT 6.16% floating · due 2031-07-31 | 1.15% | $46.56M | — |
UKG INC TL B 1L USD BANKDEBT 5.91% floating · due 2031-02-10 | 1.11% | $44.84M | — |
OPELLA TL B 1L BANKDEBT 6.70% floating · due 2032-04-28 | 1.09% | $44.26M | — |
NIELSEN TL B 1L BANKDEBT 8.77% floating · due 2033-02-03 | 1.04% | $42.15M | — |
The 200 largest of 338 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| 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.
By sector
- Other
- 76.8%
- Cash
- 7.4%
- International
- 4.9%
- Information Technology
- 3.8%
- 9 other sectors
- 7.1%
- Other
- 76.8%
- Cash
- 7.4%
- International
- 4.9%
- Information Technology
- 3.8%
- Communication Services
- 2.9%
- Utilities
- 1.3%
- Health Care
- 0.9%
- Industrials
- 0.5%
- Consumer Discretionary
- 0.4%
- Real Estate
- 0.3%
- Materials
- 0.3%
- Consumer Staples
- 0.3%
- Financials
- 0.2%
How it has done
PRFRX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.88%. Past returns are a record, not a forecast.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| — | +5.70% | +27.28% | +33.74% | -1.01% | |
| — | +5.51% | +26.51% | +32.42% | -1.04% | |
| — | +5.75% | +27.77% | +34.60% | -0.99% | |
| — | +6.51% | +30.15% | +38.77% | -0.99% |
These classes hold the same portfolio, so the 6.35pp spread over 5 years is the cost difference between them — roughly 1.27pp a year — not a difference in what they own.
Fees & fund details
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
- Portfolio turnover
- 106.90% a year · as of 2025 Q3
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
67 new· the largest 8
51 exited· the largest 8
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.
Understand how this fund fits with the rest.
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