# EDGAR Filing Document

**Accession Number:** 0001520245
**File Stem:** 0001193125-26-018841
**Filing Date:** 2026-1
**Character Count:** 133806
**Document Hash:** b5a94f83aed28636ec66377cea86f617
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-018841.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001193125-26-018841

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Floating Rate Fund, Inc.
- **CENTRAL INDEX KEY:** 0001520245

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22557
- **FILM NUMBER:** 26549954

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## Series and Classes Contracts Data

### T. Rowe Price Floating Rate Fund (Series ID: S000033565)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000103068 | T. Rowe Price Floating Rate Fund               | PRFRX           |
| C000103069 | T. Rowe Price Floating Rate Fund-Advisor Class | PAFRX           |
| C000177200 | T. Rowe Price Floating Rate Fund-I Class       | TFAIX           |
| C000219333 | T. Rowe Price Floating Rate Fund-Z Class       | TRIZX           |

?xml version='1.0' encoding='ASCII'? Floating Rate Fund_FRI_F194-051

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)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(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, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g89102g53w93.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

#### Floating Rate Fund

#### Investor Class (PRFRX)
This semi-annual shareholder report contains important information about Floating Rate Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. 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 at**www.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?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $4244492 |
| Number of Portfolio Holdings | 345 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 32.5% |

---

# **What did the fund invest in?** 

# **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Bank Loans | 86.4% |
| Corporate Bonds | 8.2 |
| Preferred Stocks | 0.2 |
| Convertible Preferred Stocks | 0.1 |
| Asset-Backed Securities | 0.0 |
| Short-Term and Other | 5.1 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Applied Systems | 2.3% |
| Alera Group | 2.1 |
| Cloud Software Group | 1.7 |
| Asurion | 1.7 |
| CRC Insurance Group | 1.7 |
| Ellucian Holdings | 1.6 |
| HUB International | 1.6 |
| TransDigm | 1.5 |
| Epicor Software | 1.5 |
| X | 1.4 |

---

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.

202505-4461501

F194-053 1/26

Floating Rate Fund

Investor Class (PRFRX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g89102g36g36.jpg)

![Image](g89102g53w93.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

#### Floating Rate Fund

#### Advisor Class (PAFRX)
This semi-annual shareholder report contains important information about Floating Rate Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. 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 at**www.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 | $49 | 0.97% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $4244492 |
| Number of Portfolio Holdings | 345 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 32.5% |

---

# **What did the fund invest in?** 

# **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Bank Loans | 86.4% |
| Corporate Bonds | 8.2 |
| Preferred Stocks | 0.2 |
| Convertible Preferred Stocks | 0.1 |
| Asset-Backed Securities | 0.0 |
| Short-Term and Other | 5.1 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Applied Systems | 2.3% |
| Alera Group | 2.1 |
| Cloud Software Group | 1.7 |
| Asurion | 1.7 |
| CRC Insurance Group | 1.7 |
| Ellucian Holdings | 1.6 |
| HUB International | 1.6 |
| TransDigm | 1.5 |
| Epicor Software | 1.5 |
| X | 1.4 |

---

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.

202505-4461501

F294-053 1/26

Floating Rate Fund

Advisor Class (PAFRX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g89102g36g36.jpg)

![Image](g89102g53w93.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

#### Floating Rate Fund

#### I Class (TFAIX)
This semi-annual shareholder report contains important information about Floating Rate Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. 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 at**www.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?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $4244492 |
| Number of Portfolio Holdings | 345 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 32.5% |

---

# **What did the fund invest in?** 

# **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Bank Loans | 86.4% |
| Corporate Bonds | 8.2 |
| Preferred Stocks | 0.2 |
| Convertible Preferred Stocks | 0.1 |
| Asset-Backed Securities | 0.0 |
| Short-Term and Other | 5.1 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Applied Systems | 2.3% |
| Alera Group | 2.1 |
| Cloud Software Group | 1.7 |
| Asurion | 1.7 |
| CRC Insurance Group | 1.7 |
| Ellucian Holdings | 1.6 |
| HUB International | 1.6 |
| TransDigm | 1.5 |
| Epicor Software | 1.5 |
| X | 1.4 |

---

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.

202505-4461501

F231-053 1/26

Floating Rate Fund

I Class (TFAIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g89102g36g36.jpg)

![Image](g89102g53w93.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

#### Floating Rate Fund

#### Z Class (TRIZX)
This semi-annual shareholder report contains important information about Floating Rate Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. 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 at**www.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?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $4244492 |
| Number of Portfolio Holdings | 345 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 32.5% |

---

# **What did the fund invest in?** 

# **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Bank Loans | 86.4% |
| Corporate Bonds | 8.2 |
| Preferred Stocks | 0.2 |
| Convertible Preferred Stocks | 0.1 |
| Asset-Backed Securities | 0.0 |
| Short-Term and Other | 5.1 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Applied Systems | 2.3% |
| Alera Group | 2.1 |
| Cloud Software Group | 1.7 |
| Asurion | 1.7 |
| CRC Insurance Group | 1.7 |
| Ellucian Holdings | 1.6 |
| HUB International | 1.6 |
| TransDigm | 1.5 |
| Epicor Software | 1.5 |
| X | 1.4 |

---

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.

202505-4461501

F1252-053 1/26

Floating Rate Fund

Z Class (TRIZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g89102g36g36.jpg)

------

#### 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

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

November

30,

2025

#### 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

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

9.24 $

9.30 $

9.02 $

9.16 $

9.57 $

9.11 Investment

activities

Net

investment

income

(1)(2)

0.33 0.70 0.80 0.62 0.36 0.37 Net

realized

and

unrealized

gain/

loss

(0.02)

(0.06)

0.28 (0.12)

(0.41)

0.46 Total

from

investment

activities

0.31 0.64 1.08 0.50 (0.05)

0.83 Distributions

Net

investment

income

(0.32)

(0.70)

(0.80)

(0.63)

(0.36)

(0.37)

Net

realized

gain

—

—

—

(0.01)

—

—

Total

distributions

(0.32)

(0.70)

(0.80)

(0.64)

(0.36)

(0.37)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 9.23

#### $

#### 9.24

#### $

#### 9.30

#### $

#### 9.02

#### $

#### 9.16

#### $

#### 9.57
T. ROWE

PRICE

Floating

Rate

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 3.45%

#### 7.13%

#### 12.38%

#### 5.64%

#### (0.54)%

#### 9.26%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.77%

(4) 0.77%

0.77%

0.78%

0.75%

0.76%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.77%

(4) 0.77%

0.77%

0.78%

0.75%

0.76%

Net

investment

income

7.09%

(4) 7.61%

8.69%

6.87%

3.79%

3.88%

Portfolio

turnover

rate

32.5%

106.9%

77.9%

27.6%

37.2%

62.0%

Net

assets,

end

of

period

(in

millions)

$1,929

$1,902

$1,550

$1,369

$1,949

$1,038

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

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

9.26 $

9.32 $

9.04 $

9.18 $

9.59 $

9.13 Investment

activities

Net

investment

income

(1)(2)

0.32 0.68 0.79 0.61 0.34 0.35 Net

realized

and

unrealized

gain/

loss

(0.01)

(0.06)

0.27 (0.13)

(0.40)

0.46 Total

from

investment

activities

0.31 0.62 1.06 0.48 (0.06)

0.81 Distributions

Net

investment

income

(0.32)

(0.68)

(0.78)

(0.61)

(0.35)

(0.35)

Net

realized

gain

—

—

—

(0.01)

—

—

Total

distributions

(0.32)

(0.68)

(0.78)

(0.62)

(0.35)

(0.35)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 9.25

#### $

#### 9.26

#### $

#### 9.32

#### $

#### 9.04

#### $

#### 9.18

#### $

#### 9.59
T. ROWE

PRICE

Floating

Rate

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 3.34%

#### 6.91%

#### 12.15%

#### 5.44%

#### (0.74)%

#### 9.00%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

1.04%

(4) 1.04%

1.07%

1.03%

1.02%

1.04%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.97%

(4) 0.97%

0.97%

0.97%

0.97%

0.98%

Net

investment

income

6.88%

(4) 7.37%

8.49%

6.68%

3.62%

3.67%

Portfolio

turnover

rate

32.5%

106.9%

77.9%

27.6%

37.2%

62.0%

Net

assets,

end

of

period

(in

thousands)

$15,108

$13,819

$9,368

$14,621

$21,783

$23,329

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

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### I

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

9.25 $

9.31 $

9.02 $

9.16 $

9.57 $

9.12 Investment

activities

Net

investment

income

(1)(2)

0.33 0.72 0.81 0.63 0.37 0.37 Net

realized

and

unrealized

gain/

loss

(0.02)

(0.07)

0.29 (0.12)

(0.40)

0.46 Total

from

investment

activities

0.31 0.65 1.10 0.51 (0.03)

0.83 Distributions

Net

investment

income

(0.33)

(0.71)

(0.81)

(0.64)

(0.38)

(0.38)

Net

realized

gain

—

—

—

(0.01)

—

—

Total

distributions

(0.33)

(0.71)

(0.81)

(0.65)

(0.38)

(0.38)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 9.23

#### $

#### 9.25

#### $

#### 9.31

#### $

#### 9.02

#### $

#### 9.16

#### $

#### 9.57
T. ROWE

PRICE

Floating

Rate

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 3.40%

#### 7.26%

#### 12.64%

#### 5.79%

#### (0.41)%

#### 9.26%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.64%

(4) 0.64%

0.65%

0.63%

0.62%

0.65%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.64%

(4) 0.64%

0.65%

0.63%

0.62%

0.65%

Net

investment

income

7.21%

(4) 7.73%

8.81%

6.96%

3.95%

3.95%

Portfolio

turnover

rate

32.5%

106.9%

77.9%

27.6%

37.2%

62.0%

Net

assets,

end

of

period

(in

thousands)

$1,004,316

$999,298

$820,734

$729,069

$1,097,697

$254,834

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

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Z

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

9.24 $

9.30 $

9.02 $

9.16 $

9.57 $

9.11 Investment

activities

Net

investment

income

(1)(2)

0.36 0.78 0.87 0.69 0.44 0.45 Net

realized

and

unrealized

gain/

loss

(0.01)

(0.07)

0.28 (0.12)

(0.42)

0.45 Total

from

investment

activities

0.35 0.71 1.15 0.57 0.02 0.90 Distributions

Net

investment

income

(0.36)

(0.77)

(0.87)

(0.70)

(0.43)

(0.44)

Net

realized

gain

—

—

—

(0.01)

—

—

Total

distributions

(0.36)

(0.77)

(0.87)

(0.71)

(0.43)

(0.44)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 9.23

#### $

#### 9.24

#### $

#### 9.30

#### $

#### 9.02

#### $

#### 9.16

#### $

#### 9.57
T. ROWE

PRICE

Floating

Rate

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 3.83%

#### 7.92%

#### 13.22%

#### 6.44%

#### 0.19%

#### 10.05%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.62%

(4) 0.62%

0.62%

0.62%

0.62%

0.64%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.02%

(4) 0.02%

0.02%

0.02%

0.02%

0.03%

Net

investment

income

7.83%

(4) 8.37%

9.44%

7.58%

4.63%

4.77%

Portfolio

turnover

rate

32.5%

106.9%

77.9%

27.6%

37.2%

62.0%

Net

assets,

end

of

period

(in

millions)

$1,296

$1,289

$1,252

$1,464

$2,285

$2,119

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

November

30,

2025

Unaudited

#### Portfolio

#### of

#### Investments

#### ‡

#### 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

521

Frontier

Issuer

Series 2024-1,

Class

C

11.16%,

6/20/54 (1)

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $866)

#### 860

#### BANK

#### LOANS

#### 86.4%
(2) #### Aerospace

#### &

#### Defense

#### 2.7%
Apple

Bidco,

FRN,

1M

TSFR

+

2.50%,

6.416%,

9/23/31

2,189

2,199

Bleriot

U.S.

Bidco,

FRN,

3M

TSFR

+

2.50%,

6.502%,

10/31/30

6,556

6,580

Brown

Group

Holding,

FRN,

3M

TSFR

+

2.75%,

6.602%,

7/1/31

21,502

21,596

Dynasty

Acquisition,

FRN,

1M

TSFR

+

2.00%,

5.916%,

10/31/31

23,060

23,114

Kaman,

FRN,

3M

TSFR

+

2.50%,

1.52%,

2/26/32 (3)

Kaman,

FRN,

6M

TSFR

+

2.50%,

6.378%,

2/26/32

2,015

2,020

TransDigm,

FRN,

3M

TSFR

+

2.25%,

6.252%,

3/22/30

14,428

14,442

TransDigm,

FRN,

3M

TSFR

+

2.50%,

6.502%,

2/28/31

21,605

21,635

TransDigm,

FRN,

3M

TSFR

+

2.50%,

6.502%,

1/19/32

4,114

4,120

TransDigm,

FRN,

3M

TSFR

+

2.50%,

6.502%,

8/19/32

19,255

19,293

115,190

#### Airlines

#### 0.4%
AAdvantage

Loyality

IP,

FRN,

3M

TSFR

+

2.25%,

6.134%,

4/20/28

16,780

16,765

16,765

#### Automotive

#### 2.9%
American

Axle

&

Manufacturing,

FRN,

1M

TSFR

+

3.25%,

9/20/32 (4)

5,310

5,310

Autokiniton

U.S.

Holdings,

FRN,

1M

TSFR

+

4.00%,

8.03%,

4/6/28 (4)

25,980

25,759

Belron

Finance,

FRN,

3M

TSFR

+

2.25%,

6.12%,

10/16/31

10,607

10,660

Clarios

Global,

FRN,

1M

TSFR

+

2.50%,

6.416%,

5/6/30

8,708

8,703

Clarios

Global,

FRN,

1M

TSFR

+

2.75%,

6.666%,

1/28/32

28,590

28,670

Mavis

Tire

Express

Services

Topco,

FRN,

1M

TSFR

+

3.00%,

6.916%,

5/4/28

27,434

27,498

Tenneco,

FRN,

3M

TSFR

+

5.00%,

8.989%,

11/17/28

4,240

4,145

Wand

NewCo

3,

FRN,

1M

TSFR

+

2.50%,

6.416%,

1/30/31

10,586

10,585

121,330

T. ROWE

PRICE

Floating

Rate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

#### Broadcasting

#### 3.1%
Clear

Channel

Outdoor

Holdings,

FRN,

1M

TSFR

+

4.00%,

8.03%,

8/21/28 (4)

14,701

14,712

CMG

Media,

FRN,

3M

TSFR

+

3.50%,

7.602%,

6/18/29 (4)

29,789

27,167

E.W.

Scripps,

FRN,

1M

TSFR

+

3.35%,

7.423%,

11/30/29

4,920

4,790

E.W.

Scripps,

FRN,

1M

TSFR

+

5.75%,

9.823%,

6/30/28

10,686

10,797

Gray

Media,

FRN,

1M

TSFR

+

5.25%,

9.123%,

6/4/29

iHeartCommunications,

FRN,

1M

TSFR

+

5.78%,

9.805%,

5/1/29 (4)

9,751

8,677

Neptune

Bidco

U.S.,

FRN,

3M

TSFR

+

5.00%,

9.012%,

4/11/29

26,756

26,078

Nexstar

Media,

FRN,

1M

TSFR

+

2.50%,

6.416%,

6/28/32

8,788

8,804

Nielsen

Holdings,

FRN,

3M

TSFR

+

9.75%,

13.762%,

10/11/29 (5)

2,097

2,095

Sinclair

Television

Group,

FRN,

3M

TSFR

+

3.30%,

7.402%,

12/31/29

4,788

4,366

Townsquare

Media,

FRN,

3M

TSFR

+

5.00%,

8.878%,

2/19/30

6,556

5,645

Univision

Communications,

FRN,

1M

TSFR

+

3.25%,

7.28%,

1/31/29

4,302

4,256

Univision

Communications,

FRN,

1M

TSFR

+

3.50%,

7.416%,

1/31/29

8,750

8,657

Univision

Communications,

FRN,

3M

TSFR

+

4.25%,

8.252%,

6/24/29

6,691

6,677

132,890

#### Building

#### Products

#### 1.2%
Chariot

Buyer,

FRN,

1M

TSFR

+

2.75%,

6.666%,

9/8/32

12,651

12,674

CP

Atlas

Buyer,

FRN,

1M

TSFR

+

5.25%,

9.166%,

7/8/30

9,750

9,294

MITER

Brands

Acquisition

Holdco,

FRN,

1M

TSFR

+

2.75%,

6.666%,

3/28/31

4,785

4,775

Quikrete

Holdings,

FRN,

1M

TSFR

+

2.25%,

6.166%,

1/30/32

25,838

25,861

52,604

#### Cable

#### Operators

#### 1.0%
Cable

One,

FRN,

1M

TSFR

+

2.00%,

6.03%,

5/3/28

3,904

3,721

CSC

Holdings,

FRN,

PRIME

+

1.50%,

8.50%,

4/15/27

18,023

16,007

Directv

Financing,

FRN,

3M

TSFR

+

5.25%,

9.352%,

8/2/29

5,957

5,960

Directv

Financing,

FRN,

3M

TSFR

+

5.50%,

9.34%,

2/17/31 (4)

6,598

6,529

Radiate

Holdco,

FRN,

9.03%,

9/25/29

(1.50%

PIK

and

1M

TSFR

+

3.50%

Cash) (6)

8,790

6,426

Radiate

Holdco,

FRN,

1M

TSFR

+

4.00%,

6/26/29 (4)

2,042

2,020

40,663

#### Chemicals

#### 1.2%
Nouryon

Finance,

FRN,

3M

TSFR

+

3.25%,

7.162%,

4/3/28

6,307

6,282

Nouryon

Finance,

FRN,

6M

TSFR

+

3.25%,

7.036%,

4/3/28

13,457

13,405

Qnity

Electronics,

FRN,

6M

TSFR

+

2.00%,

5.698%,

11/1/32

14,455

14,491

T. ROWE

PRICE

Floating

Rate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

W. R. Grace

Holdings,

FRN,

3M

TSFR

+

3.00%,

7.002%,

8/19/32

7,640

7,607

Windsor

Holdings

III,

FRN,

1M

TSFR

+

2.75%,

6.666%,

8/1/30

7,905

7,902

49,687

#### Consumer

#### Products

#### 0.8%
19th

Holdings

Golf,

FRN,

1M

TSFR

+

3.25%,

7.134%,

2/7/29 (4)

5,165

5,171

ABG

Intermediate

Holdings

2,

FRN,

1M

TSFR

+

2.25%,

6.166%,

12/21/28

4,138

4,144

Lavender

U.S.

HoldCo

1,

FRN,

1M

TSFR

+

3.25%,

9/26/32 (4)

8,385

8,401

Life

Time,

FRN,

1M

TSFR

+

2.00%,

5.784%,

11/5/31

8,630

8,644

Peloton

Interactive,

FRN,

1M

TSFR

+

5.50%,

9.416%,

5/30/29

8,477

8,544

34,904

#### Container

#### 1.4%
Albea

Beauty

Holdings,

FRN,

3M

EURIBOR

+

5.00%,

7.00%,

12/31/27

(EUR)

2,980

3,392

Charter

Next

Generation,

FRN,

1M

TSFR

+

2.75%,

6.709%,

11/29/30

37,923

38,070

Proampac

PG

Borrower,

FRN,

3M

TSFR

+

4.00%,

7.893%,

9/15/28

16,932

16,936

58,398

#### Energy

#### 2.6%
Brazos

Delaware

II,

FRN,

1M

TSFR

+

2.50%,

6.472%,

2/11/30

4,761

4,761

CPPIB

OVM

Member

U.S.,

FRN,

3M

TSFR

+

2.50%,

6.502%,

8/20/31

5,789

5,799

Deep

Blue

Operating

I,

FRN,

1M

TSFR

+

2.75%,

6.593%,

10/1/32 (4)

12,695

12,719

EPIC

Crude

Services,

FRN,

1M

TSFR

+

2.50%,

6.34%,

10/15/31

14,304

14,339

Goodnight

Water

Solutions

Holdings,

FRN,

1M

TSFR

+

4.00%,

7.916%,

6/4/29

6,657

6,574

Hilcorp

Energy

I,

FRN,

1M

TSFR

+

2.00%,

5.959%,

2/11/30

4,199

4,199

M6

ETX

Holdings

II

Midco,

FRN,

1M

TSFR

+

2.50%,

6.416%,

4/1/32

9,889

9,918

NGL

Energy

Operating,

FRN,

1M

TSFR

+

3.50%,

7.416%,

2/3/31

23,066

23,149

Northriver

Midstream

Finance,

FRN,

3M

TSFR

+

2.25%,

6.235%,

8/16/30

11,066

11,078

Prairie

Acquiror,

FRN,

1M

TSFR

+

3.75%,

7.666%,

8/1/29

17,571

17,669

110,205

#### Entertainment

#### &

#### Leisure

#### 3.6%
AMC

Entertainment

Holdings,

FRN,

1M

TSFR

+

7.00%,

10.96%,

1/4/29

30,651

30,714

Cinemark

USA,

FRN,

3M

TSFR

+

2.25%,

6.191%,

5/24/30

5,146

5,148

Crown

Finance

U.S.,

FRN,

1M

TSFR

+

4.50%,

8.343%,

12/2/31

30,293

30,252

Delta

2,

FRN,

3M

TSFR

+

2.00%,

6.002%,

9/10/31

15,350

15,350

T. ROWE

PRICE

Floating

Rate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

EOC

Borrower,

FRN,

1M

TSFR

+

3.00%,

6.916%,

3/24/32

25,082

25,175

TKO

Worldwide

Holdings,

FRN,

3M

TSFR

+

2.00%,

5.868%,

11/21/31

44,890

45,026

United

Talent

Agency,

FRN,

1M

TSFR

+

3.50%,

7.459%,

6/10/32 (7)

1,626

1,635

153,300

#### Financial

#### 16.6%
Acrisure,

FRN,

1M

TSFR

+

3.00%,

6.916%,

11/6/30

26,272

26,232

Acrisure,

FRN,

1M

TSFR

+

3.25%,

7.166%,

6/20/32

10,826

10,814

Alera

Group,

FRN,

1M

TSFR

+

3.25%,

7.166%,

5/30/32

33,345

33,470

Alera

Group,

FRN,

1M

TSFR

+

5.50%,

9.416%,

5/30/33

54,035

55,363

Alliant

Holdings

Intermediate,

FRN,

1M

TSFR

+

2.50%,

6.416%,

9/19/31

39,769

39,775

AmWINS

Group,

FRN,

3M

TSFR

+

2.25%,

6.252%,

1/30/32

4,364

4,374

Apollo

Commercial

Real

Estate

Finance,

FRN,

1M

TSFR

+

3.25%,

7.209%,

6/13/30

2,903

2,913

Aretec

Group,

FRN,

1M

TSFR

+

3.00%,

8/9/30 (4)

3,400

3,408

BCPE

Pequod

Buyer,

FRN,

1M

TSFR

+

3.00%,

6.916%,

11/25/31

14,776

14,813

Blackstone

Mortgage

Trust,

FRN,

1M

TSFR

+

3.00%,

6.916%,

12/10/30

6,040

6,055

Chicago

U.S.

Midco

III,

FRN,

1M

TSFR

+

2.50%,

5.715%,

10/9/32 (3)(7)

10,643

10,669

Chrysaor

Bidco,

FRN,

3M

TSFR

+

3.25%,

10/30/31 (4)

1,065

1,068

Citadel

Securities

Global

Holdings,

FRN,

1M

TSFR

+

2.00%,

5.916%,

10/31/31

3,678

3,690

Citco

Funding,

FRN,

3M

TSFR

+

2.75%,

6.806%,

4/27/28

3,739

3,757

Claros

Mortgage

Trust,

FRN,

1M

TSFR

+

4.50%,

8.516%,

8/9/26 (7)

3,716

3,623

CRC

Insurance

Group,

FRN,

3M

TSFR

+

2.75%,

6.752%,

5/6/31

10,747

10,744

CRC

Insurance

Group,

FRN,

3M

TSFR

+

4.75%,

8.752%,

5/6/32

58,650

59,292

Edelman

Financial

Engines

Center,

FRN,

1M

TSFR

+

3.00%,

6.916%,

4/7/28

15,164

15,233

Edelman

Financial

Engines

Center,

FRN,

1M

TSFR

+

5.25%,

9.166%,

10/6/28

30,291

30,283

EP

Wealth

Advisors,

FRN,

3M

TSFR

+

3.00%,

6.894%,

10/18/32

7,115

7,128

Focus

Financial

Partners,

FRN,

1M

TSFR

+

2.50%,

6.416%,

9/15/31

45,110

45,098

GTCR

Everest

Borrower,

FRN,

3M

TSFR

+

2.75%,

6.752%,

9/5/31

10,677

10,704

HighTower

Holding,

FRN,

3M

TSFR

+

2.75%,

6.651%,

2/3/32

37,669

37,622

HUB

International,

FRN,

3M

TSFR

+

2.25%,

6.12%,

6/20/30

61,324

61,535

T. ROWE

PRICE

Floating

Rate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

Insignia

Financial,

FRN,

1M

TSFR

+

4.50%,

11/24/32 (4)(7)

14,005

13,830

Jane

Street

Group,

FRN,

3M

TSFR

+

2.00%,

5.822%,

12/15/31

23,758

23,510

Jones

Deslauriers

Insurance

Management,

FRN,

3M

TSFR

+

2.75%,

6.59%,

3/15/30

6,328

6,328

KREF

Holdings

X,

FRN,

1M

TSFR

+

2.50%,

6.459%,

3/5/32

6,259

6,278

OneDigital

Borrower,

FRN,

1M

TSFR

+

3.00%,

6.916%,

7/2/31

27,779

27,757

OneDigital

Borrower,

FRN,

1M

TSFR

+

5.25%,

9.166%,

7/2/32 (4)

27,999

28,174

Orion

Advisor

Solutions,

FRN,

3M

TSFR

+

3.25%,

6.717%,

9/24/30

4,315

4,333

Osaic

Holdings,

FRN,

1M

TSFR

+

3.00%,

6.916%,

7/30/32

27,701

27,747

PEX

Holdings,

FRN,

3M

TSFR

+

2.75%,

6.752%,

11/26/31

6,149

6,146

RFS

OPCO,

FRN,

1M

TSFR

+

1.00%,

1.00%,

4/4/31 (3)(7)

1,530

1,526

RFS

OPCO,

FRN,

1M

TSFR

+

4.75%,

8.752%,

4/4/31 (7)

2,085

2,070

RFS

OPCO,

FRN,

1M

TSFR

+

5.00%,

8.752%,

4/4/31 (7)

4,163

4,135

Ryan

Specialty,

FRN,

1M

TSFR

+

2.00%,

5.916%,

9/15/31

3,270

3,271

Sedgwick

Claims

Management

Services,

FRN,

1M

TSFR

+

2.50%,

6.416%,

7/31/31

47,194

47,267

USI,

FRN,

3M

TSFR

+

2.25%,

6.252%,

11/21/29

4,145

4,152

704,187

#### Food

#### 1.0%
1440

Foods

Topco,

FRN,

1M

TSFR

+

5.00%,

8.916%,

10/31/31

4,542

4,216

Celsius

Holdings,

FRN,

3M

TSFR

+

2.50%,

6.476%,

4/1/32

8,635

8,678

Chobani,

FRN,

1M

TSFR

+

2.25%,

6.166%,

10/28/32

10,787

10,848

Primo

Brands,

FRN,

3M

TSFR

+

2.25%,

6.252%,

3/31/28

9,428

9,443

Sazerac,

FRN,

1M

TSFR

+

2.50%,

6.48%,

7/9/32

4,215

4,234

Snacking

Investments

U.S.,

FRN,

3M

TSFR

+

3.00%,

6.838%,

10/12/32

5,515

5,548

42,967

#### Gaming

#### 1.4%
Caesars

Entertainment,

FRN,

1M

TSFR

+

2.25%,

6.166%,

2/6/30

10,827

10,710

Caesars

Entertainment,

FRN,

1M

TSFR

+

2.25%,

6.166%,

2/6/31

11,974

11,829

HRNI

Holdings,

FRN,

3M

TSFR

+

4.25%,

8.402%,

12/11/28

15,432

14,944

Light

&

Wonder

International,

FRN,

1M

TSFR

+

2.25%,

6.209%,

4/16/29

7,325

7,331

Ontario

Gaming

GTA,

FRN,

3M

TSFR

+

4.25%,

8.24%,

8/1/30

6,454

6,012

Playtika

Holding,

FRN,

1M

TSFR

+

2.75%,

6.78%,

3/13/28

2,332

2,257

Voyager

Parent,

FRN,

3M

TSFR

+

4.75%,

8.752%,

7/1/32

6,330

6,329

59,412

#### Health

#### Care

#### 7.4%
1261229

B.C.,

FRN,

1M

TSFR

+

6.25%,

10.166%,

10/8/30

17,850

17,609

T. ROWE

PRICE

Floating

Rate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

Amneal

Pharmaceuticals,

FRN,

1M

TSFR

+

3.50%,

7.416%,

8/2/32

3,515

3,541

Argent

Finco,

FRN,

1M

TSFR

+

2.50%,

11/22/32 (4)(7)

7,445

7,464

AthenaHealth

Group,

FRN,

1M

TSFR

+

2.75%,

6.666%,

2/15/29

11,709

11,685

Bausch

+

Lomb,

FRN,

1M

TSFR

+

4.25%,

8.166%,

1/15/31

15,243

15,327

Concentra

Health

Services,

FRN,

1M

TSFR

+

2.00%,

5.916%,

7/26/31

4,317

4,333

Dechra

Finance

U.S.,

FRN,

6M

TSFR

+

3.25%,

7.447%,

1/27/32

4,284

4,304

Financiere

Mendel,

FRN,

3M

TSFR

+

2.75%,

6.593%,

11/8/30

3,784

3,806

Global

Medical

Response,

FRN,

3M

TSFR

+

3.50%,

7.384%,

10/1/32

6,330

6,362

Heartland

Dental,

FRN,

1M

TSFR

+

3.75%,

7.666%,

8/25/32

8,469

8,499

Insulet,

FRN,

1M

TSFR

+

2.00%,

5.916%,

8/1/31

3,459

3,478

IVI

America,

FRN,

3M

TSFR

+

3.25%,

7.252%,

4/18/31

9,847

9,866

LifePoint

Health,

FRN,

1M

TSFR

+

3.50%,

7.335%,

5/17/31

6,496

6,502

LifePoint

Health,

FRN,

3M

TSFR

+

3.75%,

7.655%,

5/17/31

15,119

15,156

Loire

Finco

Luxembourg,

FRN,

1M

TSFR

+

4.00%,

7.916%,

1/21/30

4,357

4,356

Medline

Borrower,

FRN,

1M

TSFR

+

2.00%,

5.916%,

10/23/28

23,931

23,962

Medline

Borrower,

FRN,

1M

TSFR

+

2.00%,

5.916%,

10/23/30

32,847

32,883

Opal

U.S.,

FRN,

3M

TSFR

+

3.00%,

6.902%,

4/28/32

44,470

44,755

Paradigm

Parent,

FRN,

3M

TSFR

+

4.50%,

8.382%,

4/16/32

4,455

3,836

PetVet

Care

Centers,

FRN,

1M

TSFR

+

6.00%,

8.922%,

10/24/30 (3)

4,662

4,650

Phoenix

Newco,

FRN,

1M

TSFR

+

2.25%,

6.166%,

11/15/28

4,335

4,351

QuidelOrtho,

FRN,

3M

TSFR

+

4.00%,

8.002%,

8/20/32

4,280

4,257

Sebia,

FRN,

3M

TSFR

+

4.00%,

8.002%,

12/13/27

10,979

10,988

Star

Parent,

FRN,

3M

TSFR

+

4.00%,

8.002%,

9/27/30

3,878

3,883

Surgery

Center

Holdings,

FRN,

1M

TSFR

+

2.50%,

6.416%,

12/19/30

28,313

28,364

Team

Health

Holdings,

FRN,

3M

TSFR

+

4.50%,

8.34%,

6/30/28 (4)

12,798

12,810

U.S.

Renal

Care,

FRN,

1M

TSFR

+

5.00%,

9.03%,

6/28/28

6,659

6,296

VetStrategy

Canada

Holdings,

FRN,

3M

TSFR

+

3.75%,

7.752%,

12/12/28

5,381

5,402

Waystar

Technologies,

FRN,

1M

TSFR

+

2.00%,

5.916%,

10/22/29

4,245

4,247

312,972

#### Information

#### Technology

#### 15.3%
Applied

Systems,

FRN,

3M

TSFR

+

2.50%,

6.502%,

2/24/31

62,628

62,839

Applied

Systems,

FRN,

3M

TSFR

+

4.50%,

8.502%,

2/23/32

32,865

33,440

Avalara,

FRN,

3M

TSFR

+

2.75%,

6.735%,

3/26/32

23,010

23,083

Boxer

Parent,

FRN,

1M

TSFR

+

5.75%,

9.666%,

7/30/32

5,362

5,153

T. ROWE

PRICE

Floating

Rate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

Boxer

Parent,

FRN,

3M

TSFR

+

3.00%,

7.199%,

7/30/31

1,241

1,235

Central

Parent,

FRN,

3M

TSFR

+

3.25%,

7.252%,

7/6/29

12,877

10,676

Cloud

Software

Group,

FRN,

3M

TSFR

+

3.25%,

7.252%,

3/21/31

9,960

9,930

Cloud

Software

Group,

FRN,

3M

TSFR

+

3.25%,

7.252%,

8/13/32

27,516

27,445

Cloudera,

FRN,

1M

TSFR

+

3.75%,

7.766%,

10/8/28

4,451

4,212

Cloudera,

FRN,

1M

TSFR

+

6.00%,

10.016%,

10/8/29

4,800

4,248

CommScope,

FRN,

1M

TSFR

+

4.75%,

8.666%,

12/17/29

9,100

9,143

ConnectWise,

FRN,

3M

TSFR

+

3.50%,

7.763%,

9/29/28

4,210

4,209

Delivery

Hero

Finco,

FRN,

3M

TSFR

+

5.00%,

8.843%,

12/12/29

12,810

12,832

Delta

Topco,

FRN,

1M

TSFR

+

2.75%,

6.617%,

11/30/29

4,214

4,188

Delta

Topco,

FRN,

1M

TSFR

+

5.25%,

9.154%,

11/29/30

6,405

6,314

Disco

Parent,

FRN,

3M

TSFR

+

3.25%,

7.072%,

8/6/32 (7)

9,315

9,350

Dye

&

Durham,

FRN,

3M

TSFR

+

4.25%,

8.352%,

4/11/31

7,085

6,376

ECI

Macola,

FRN,

3M

TSFR

+

2.75%,

6.752%,

5/9/30

7,649

7,671

Ellucian

Holdings,

FRN,

1M

TSFR

+

2.75%,

6.666%,

10/9/29

30,901

30,976

Ellucian

Holdings,

FRN,

1M

TSFR

+

4.75%,

8.666%,

11/22/32

35,411

35,588

Epicor

Software,

FRN,

1M

TSFR

+

2.50%,

6.416%,

5/30/31

61,386

61,550

Fleet

U.S.

Bidco,

FRN,

6M

TSFR

+

2.50%,

6.542%,

2/21/31 (7)

10,924

10,938

IGT

Holding

IV,

FRN,

3M

TSFR

+

3.00%,

6.951%,

9/1/31 (7)

1,545

1,547

Javelin

Buyer,

FRN,

3M

TSFR

+

5.00%,

8.822%,

12/6/32

8,530

8,498

Kaseya,

FRN,

1M

TSFR

+

3.00%,

6.916%,

3/20/32

6,364

6,370

Kaseya,

FRN,

1M

TSFR

+

5.00%,

8.916%,

3/20/33

26,120

25,630

McAfee,

FRN,

1M

TSFR

+

3.00%,

6.916%,

3/1/29

31,771

29,281

MH

Sub

I,

FRN,

1M

TSFR

+

4.25%,

8.166%,

12/31/31

10,903

8,863

MH

Sub

I,

FRN,

3M

TSFR

+

4.25%,

8.252%,

5/3/28

15,071

13,588

MH

Sub

I,

FRN,

3M

TSFR

+

6.25%,

10.09%,

2/23/29

15,124

11,707

Orion

U.S.

Finco,

FRN,

3M

TSFR

+

3.50%,

7.427%,

10/12/32

7,765

7,794

Orion

U.S.

Finco,

FRN,

3M

TSFR

+

5.50%,

9.427%,

5/20/33 (4)

6,570

6,603

Polaris

Newco,

FRN,

3M

EURIBOR

+

4.00%,

6.074%,

6/2/28

(EUR)

5,876

6,368

Project

Alpha

Intermediate

Holding,

FRN,

3M

TSFR

+

5.00%,

9.002%,

5/9/33

27,416

26,559

Proofpoint,

FRN,

1M

TSFR

+

3.00%,

6.916%,

8/31/28

19,399

19,473

RealPage,

FRN,

3M

TSFR

+

3.75%,

7.752%,

4/24/28

4,229

4,240

Red

Planet

Borrower,

FRN,

1M

TSFR

+

4.00%,

7.916%,

9/8/32 (4)

13,745

13,739

Sandisk,

FRN,

3M

TSFR

+

3.00%,

6.857%,

2/20/32

11,545

11,610

Starlight

Parent,

FRN,

3M

TSFR

+

4.00%,

8.026%,

4/16/32

4,385

4,346

X,

9.50%,

10/26/29 (4)

32,020

31,713

X,

FRN,

6M

TSFR

+

6.50%,

10.448%,

10/26/29 (4)

29,907

29,100

648,425

T. ROWE

PRICE

Floating

Rate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

#### Manufacturing

#### 5.5%
Alliance

Laundry

Systems,

FRN,

3M

TSFR

+

2.25%,

6.14%,

8/19/31

2,595

2,599

CPM

Holdings,

FRN,

1M

TSFR

+

4.50%,

8.343%,

9/28/28 (4)

14,929

14,845

Engineered

Machinery

Holdings,

FRN,

3M

TSFR

+

3.25%,

11/22/32 (4)

695

698

Engineered

Machinery

Holdings,

FRN,

3M

TSFR

+

3.25%,

7.085%,

11/22/32 (4)

25,642

25,738

Engineered

Machinery

Holdings,

FRN,

3M

TSFR

+

6.00%,

10.263%,

5/21/29

25,901

25,901

Filtration

Group,

FRN,

1M

TSFR

+

2.75%,

6.666%,

10/21/28

42,173

42,405

Husky

Injection

Molding

Systems,

FRN,

3M

TSFR

+

3.75%,

7.665%,

2/15/29 (4)

20,953

21,052

LTI

Holdings,

FRN,

1M

TSFR

+

3.75%,

7.666%,

7/29/29

44,257

44,497

Madison

IAQ,

FRN,

3M

TSFR

+

2.75%,

6.637%,

11/8/32

2,129

2,138

Madison

IAQ,

FRN,

6M

TSFR

+

2.50%,

6.702%,

6/21/28

12,240

12,277

Madison

Safety

&

Flow,

FRN,

1M

TSFR

+

2.50%,

6.416%,

9/26/31

4,360

4,377

Merlin

Buyer,

FRN,

3M

TSFR

+

4.00%,

12/14/28 (4)(7)

7,868

7,927

Pro

Mach

Group,

FRN,

1M

TSFR

+

2.75%,

6.666%,

10/16/32

21,144

21,243

Recess

Holdings,

FRN,

3M

TSFR

+

3.75%,

7.615%,

2/20/30

3,761

3,774

Watlow

Electric

Manufacturing,

FRN,

3M

TSFR

+

3.00%,

6.84%,

3/2/28

4,305

4,312

233,783

#### Metals

#### &

#### Mining

#### 0.2%
Arsenal

AIC

Parent,

FRN,

1M

TSFR

+

2.75%,

6.666%,

8/18/30

10,291

10,294

10,294

#### Other

#### Telecommunications

#### 2.2%
Frontier

Communications

Holdings,

FRN,

1M

TSFR

+

2.50%,

6.459%,

7/1/31

16,900

16,874

Level

Financing,

FRN,

1M

TSFR

+

3.25%,

7.166%,

3/29/32 (4)

37,980

38,027

Lumen

Technologies,

FRN,

1M

TSFR

+

2.35%,

6.38%,

4/16/29

6,388

6,346

Lumen

Technologies,

FRN,

1M

TSFR

+

2.35%,

6.38%,

4/15/30

4,345

4,315

Lumen

Technologies,

FRN,

1M

TSFR

+

6.00%,

9.916%,

6/1/28

5,682

5,750

QualityTech,

FRN,

1M

TSFR

+

3.50%,

7.506%,

11/4/31

8,005

7,968

Windstream

Services,

FRN,

1M

TSFR

+

4.00%,

7.916%,

10/6/32

8,765

8,716

Zayo

Group

Holdings,

FRN,

14.803%,

3/11/30

(7.77%

PIK

and

1M

TSFR

+

3.00%

Cash) (6)

6,253

5,922

93,918

#### Restaurants

#### 0.5%
Dave

&

Buster's,

FRN,

3M

TSFR

+

3.25%,

7.125%,

6/29/29

8,843

8,000

IRB

Holding,

FRN,

1M

TSFR

+

2.50%,

6.416%,

12/15/30

15,287

15,286

23,286

T. ROWE

PRICE

Floating

Rate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

#### Retail

#### 1.1%
Boots

Group

Finco,

FRN,

1M

TSFR

+

3.50%,

7.416%,

8/30/32

12,625

12,704

Evergreen

Acqco

1,

FRN,

3M

TSFR

+

3.00%,

7.026%,

9/17/32

5,161

5,174

Petco

Health

&

Wellness,

FRN,

3M

TSFR

+

3.25%,

7.513%,

3/3/28

4,340

4,264

PetSmart,

FRN,

1M

TSFR

+

4.00%,

7.96%,

8/18/32

13,283

13,161

Victra

Holdings,

FRN,

3M

TSFR

+

3.75%,

7.752%,

3/29/29

10,298

10,299

45,602

#### Satellites

#### 0.7%
Connect

Finco,

FRN,

1M

TSFR

+

4.50%,

8.416%,

9/27/29

17,564

17,444

Iridium

Satellite,

FRN,

1M

TSFR

+

2.25%,

6.166%,

9/20/30

4,326

4,131

Viasat,

FRN,

1M

TSFR

+

4.50%,

8.53%,

3/2/29 (4)

2,885

2,865

Viasat,

FRN,

1M

TSFR

+

4.50%,

8.574%,

5/30/30

4,819

4,764

29,204

#### Services

#### 7.8%
Acuren

Delaware

Holdco,

FRN,

1M

TSFR

+

2.75%,

6.666%,

7/30/31

5,806

5,833

Aggreko

Holdings,

FRN,

3M

TSFR

+

3.00%,

6.868%,

5/21/31

17,452

17,534

Allied

Universal

Holdco,

FRN,

1M

TSFR

+

3.25%,

7.166%,

8/20/32

42,170

42,323

Anticimex

Global,

FRN,

3M

TSFR

+

2.90%,

6.81%,

11/17/31

6,499

6,533

Ascend

Learning,

FRN,

1M

TSFR

+

3.00%,

6.916%,

12/11/28

10,906

10,904

Boost

Newco

Borrower,

FRN,

3M

TSFR

+

2.00%,

6.002%,

1/31/31

6,517

6,527

Clearwater

Analytics,

FRN,

6M

TSFR

+

2.25%,

6.46%,

4/21/32

6,235

6,235

Crown

Subsea

Communications

Holding,

FRN,

1M

TSFR

+

3.50%,

7.416%,

1/30/31

6,713

6,755

Dawn

Bidco,

FRN,

1M

TSFR

+

3.00%,

10/7/32 (4)

15,640

15,592

Dayforce,

FRN,

3M

TSFR

+

2.00%,

5.84%,

3/1/31 (7)

7,876

7,876

EG

America,

FRN,

3M

TSFR

+

3.50%,

7.322%,

2/7/28

8,780

8,807

Fortress

Intermediate

3,

FRN,

1M

TSFR

+

3.00%,

6.784%,

6/27/31

10,336

10,304

HireRight

Holdings,

FRN,

1M

TSFR

+

3.25%,

7.166%,

9/27/30

7,791

6,750

Icon

Parent,

FRN,

3M

TSFR

+

2.75%,

6.753%,

11/13/31

13,043

13,065

Icon

Parent,

FRN,

3M

TSFR

+

5.00%,

8.841%,

11/12/32

13,630

13,630

Mermaid

Bidco,

FRN,

3M

TSFR

+

3.25%,

7.151%,

7/3/31

13,064

13,081

Project

Boost

Purchaser,

FRN,

3M

TSFR

+

2.75%,

6.668%,

7/16/31

12,597

12,593

Renaissance

Holdings,

FRN,

1M

TSFR

+

4.00%,

7.916%,

4/5/30

15,064

13,016

Sabre

GLBL,

FRN,

1M

TSFR

+

5.00%,

9.016%,

6/30/28

3,760

3,546

Sabre

GLBL,

FRN,

1M

TSFR

+

6.00%,

10.016%,

11/15/29

7,383

6,694

Shift4

Payments,

FRN,

3M

TSFR

+

2.50%,

6.502%,

6/30/32

5,985

6,023

Speed

Midco

3,

FRN,

6M

TSFR

+

2.50%,

6.288%,

10/7/32 (7)

8,925

8,914

T. ROWE

PRICE

Floating

Rate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

Staples,

FRN,

3M

TSFR

+

5.75%,

9.604%,

9/4/29

3,901

3,656

TK

Elevator

U.S.

Newco,

FRN,

6M

TSFR

+

2.75%,

6.947%,

4/30/30

6,050

6,084

Trio

Bidco,

FRN,

3M

TSFR

+

1.00%,

1.00%,

10/29/32 (3)(4)

1,455

1,451

Trio

Bidco,

FRN,

3M

TSFR

+

4.00%,

7.84%,

10/8/32 (4)

13,820

13,786

UKG,

FRN,

3M

TSFR

+

2.50%,

6.338%,

2/10/31

58,411

58,361

Wash

Bidco,

FRN,

1M

TSFR

+

3.25%,

7.166%,

8/9/32

5,370

5,399

331,272

#### Utilities

#### 4.1%
Alpha

Generation,

FRN,

1M

TSFR

+

2.00%,

5.916%,

9/30/31

23,949

23,984

Cogentrix

Finance

Holdco

I,

FRN,

1M

TSFR

+

2.25%,

6.166%,

2/26/32

20,570

20,681

Compass

Power

Generation,

FRN,

1M

TSFR

+

3.25%,

7.166%,

4/14/29

3,359

3,379

Constellation

Renewables,

FRN,

3M

TSFR

+

2.00%,

5.822%,

12/15/27

12,902

12,934

Cornerstone

Generation,

FRN,

3M

TSFR

+

3.25%,

7.093%,

8/11/32

23,345

23,566

Hamilton

Projects

Acquiror,

FRN,

1M

TSFR

+

2.50%,

6.416%,

5/30/31 (4)

9,813

9,876

Innio

North

America

Holding,

FRN,

3M

TSFR

+

2.25%,

6.135%,

11/2/28

2,878

2,889

MRP

Buyer,

FRN,

3M

TSFR

+

3.25%,

5.662%,

6/4/32 (3)

561

554

MRP

Buyer,

FRN,

3M

TSFR

+

3.25%,

7.252%,

6/4/32

4,404

4,355

Pike,

FRN,

1M

TSFR

+

3.00%,

7.03%,

1/21/28

6,312

6,322

Talen

Energy

Supply,

FRN,

1M

TSFR

+

2.00%,

10/9/32 (4)

13,183

13,183

Talen

Energy

Supply,

FRN,

3M

TSFR

+

2.50%,

6.353%,

5/17/30

13,235

13,258

Talen

Energy

Supply,

FRN,

3M

TSFR

+

2.50%,

6.353%,

12/13/31

28,633

28,673

TerraForm

Power

Operating,

FRN,

3M

TSFR

+

2.00%,

6.002%,

5/21/29

8,784

8,762

172,416

#### Wireless

#### Communications

#### 1.7%
Asurion,

FRN,

1M

TSFR

+

3.25%,

7.28%,

7/31/27

4,429

4,422

Asurion,

FRN,

1M

TSFR

+

4.25%,

8.166%,

9/19/30

8,688

8,518

Asurion,

FRN,

1M

TSFR

+

4.25%,

8.266%,

8/19/28

10,913

10,888

Asurion,

FRN,

1M

TSFR

+

5.25%,

9.28%,

1/31/28

23,150

22,123

Asurion,

FRN,

1M

TSFR

+

5.25%,

9.28%,

1/20/29

26,532

24,796

70,747

#### Total

#### Bank

#### Loans

#### (Cost

#### $3,668,812)

#### 3,664,421
T. ROWE

PRICE

Floating

Rate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

#### CONVERTIBLE

#### PREFERRED

#### STOCKS

#### 0.1%

#### Insurance

#### 0.1%
Acrisure,

Series A-2,

Acquisition

Date:

5/20/25,

Cost $6,200 (5)

(7)(8)

6,200

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $6,200)

#### 6,200

#### CORPORATE

#### BONDS

#### 8.2%

#### Aerospace

#### &

#### Defense

#### 0.1%
TransDigm,

6.75%,

8/15/28 (1)

5,830

5,947

5,947

#### Automotive

#### 1.0%
Ford

Motor

Credit,

FRN,

SOFR

+

2.95%,

7.122%,

3/6/26

8,665

8,706

Rivian

Holdings,

10.00%,

1/15/31 (1)

35,550

33,773

42,479

#### Broadcasting

#### 1.0%
Gray

Media,

9.625%,

7/15/32 (1)

6,640

6,856

Gray

Media,

10.50%,

7/15/29 (1)

5,760

6,199

Neptune

Bidco

U.S.,

9.29%,

4/15/29 (1)

8,730

8,664

Neptune

Bidco

U.S.,

10.375%,

5/15/31 (1)

8,740

8,827

Univision

Communications,

8.00%,

8/15/28 (1)

4,254

4,382

Univision

Communications,

9.375%,

8/1/32 (1)

5,466

5,794

40,722

#### Building

#### Products

#### 0.0%
CP

Atlas

Buyer,

9.75%,

7/15/30 (1)

1,275

1,288

1,288

#### Cable

#### Operators

#### 0.3%
CSC

Holdings,

11.25%,

5/15/28 (1)

9,700

7,518

Directv

Financing,

10.00%,

2/15/31 (1)

4,510

4,476

11,994

#### Energy

#### 0.4%
Aethon

III,

10.077%,

1/10/27,

Acquisition

Date:

9/5/25,

Cost $3,657 (5)(7)(8)

3,680

3,652

Venture

Global

LNG,

9.50%,

2/1/29 (1)

3,255

3,430

Venture

Global

LNG,

VR,

9.00% (1)(9)(10)

5,070

4,316

Venture

Global

Plaquemines

LNG,

7.50%,

5/1/33 (1)

3,530

3,839

15,237

#### Financial

#### 1.1%
Acrisure,

8.50%,

6/15/29 (1)

7,415

7,712

Alliant

Holdings

Intermediate,

6.75%,

10/15/27 (1)

3,610

3,628

Alliant

Holdings

Intermediate,

6.75%,

4/15/28 (1)

4,225

4,299

Aretec

Group,

10.00%,

8/15/30 (1)

3,397

3,677

T. ROWE

PRICE

Floating

Rate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

Hightower

Holding,

9.125%,

1/31/30 (1)

4,165

4,384

HUB

International,

7.25%,

6/15/30 (1)

3,980

4,159

Jones

Deslauriers

Insurance

Management,

8.50%,

3/15/30 (1)

10,035

10,499

Navient,

9.375%,

7/25/30

3,325

3,657

Ryan

Specialty,

4.375%,

2/1/30 (1)

595

580

USI,

7.50%,

1/15/32 (1)

4,176

4,338

46,933

#### Health

#### Care

#### 0.7%
1261229

B.C.,

10.00%,

4/15/32 (1)

4,150

4,285

CHS,

10.875%,

1/15/32 (1)

10,290

11,075

LifePoint

Health,

11.00%,

10/15/30 (1)

11,520

12,643

28,003

#### Information

#### Technology

#### 1.0%
Cloud

Software

Group,

6.625%,

8/15/33 (1)

4,205

4,142

Cloud

Software

Group,

8.25%,

6/30/32 (1)

3,900

4,114

Cloud

Software

Group,

9.00%,

9/30/29 (1)

26,790

27,661

X.AI,

12.50%,

6/30/30

8,330

8,747

44,664

#### Metals

#### &

#### Mining

#### 0.1%
Arsenal

AIC

Parent,

11.50%,

10/1/31 (1)

3,360

3,688

3,688

#### Other

#### Telecommunications

#### 0.6%
Level

Financing,

4.875%,

6/15/29 (1)

4,950

4,715

Level

Financing,

6.875%,

6/30/33 (1)

3,250

3,315

Level

Financing,

7.00%,

3/31/34 (1)

10,755

11,024

WULF

Compute,

7.75%,

10/15/30 (1)

6,450

6,667

25,721

#### Printing

#### &

#### Publishing

#### 0.3%
Getty

Images,

10.50%,

11/15/30 (1)

4,530

4,564

Getty

Images,

11.25%,

2/21/30 (1)

6,435

6,177

10,741

#### Real

#### Estate

#### Investment

#### Trust

#### Securities

#### 0.1%
Service

Properties

Trust,

8.625%,

11/15/31 (1)

2,975

3,127

Service

Properties

Trust,

Zero

Coupon,

9/30/27 (1)

3,335

2,964

6,091

#### Services

#### 0.8%
Allied

Universal

Holdco,

7.875%,

2/15/31 (1)

3,616

3,797

Boost

Newco

Borrower,

7.50%,

1/15/31 (1)

2,630

2,791

EG

Global

Finance,

12.00%,

11/30/28 (1)

9,520

10,354

Sabre

Financial

Borrower,

11.125%,

6/15/29 (1)

6,515

6,645

Sabre

GLBL,

10.75%,

11/15/29 (1)

5,874

5,169

Sabre

GLBL,

11.125%,

7/15/30 (1)

4,844

4,172

T. ROWE

PRICE

Floating

Rate

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

UKG,

6.875%,

2/1/31 (1)

2,170

2,235

35,163

#### Telephones

#### 0.1%
Verizon

Communications,

FRN,

SOFRINDX

+

0.79%,

4.905%,

3/20/26

2,690

2,696

2,696

#### Utilities

#### 0.6%
NRG

Energy,

VR,

10.25% (1)(9)(10)

5,330

5,816

Talen

Energy

Supply,

8.625%,

6/1/30 (1)

5,293

5,604

Vistra,

VR,

8.00% (1)(9)(10)

2,258

2,298

Vistra,

Series C,

VR,

8.875% (1)(9)(10)

12,285

13,544

27,262

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $346,827)

#### 348,629

#### PREFERRED

#### STOCKS

#### 0.2%

#### Financial

#### 0.2%
AH

Parent,

Series A,

Acquisition

Date:

9/27/24,

Cost $7,407 (7)

(8) 8

7,553

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $7,407)

#### 7,553

#### SHORT-TERM

#### INVESTMENTS

#### 5.6%

#### Money

#### Market

#### Funds

#### 5.6%
T. Rowe

Price

Government

Reserve

Fund,

4.02% (11)(12)

236,461

236,461

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $236,461)

#### 236,461

#### Total

#### Investments

#### in

#### Securities

#### 100.5%

#### of

#### Net

#### Assets

#### (Cost

#### $4,266,573)

#### $

#### 4,264,124
‡

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

$322,031

and

represents

7.6%

of

net

assets.

T. ROWE

PRICE

Floating

Rate

Fund

.

.

.

.

.

.

.

.

.

.

(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

the

position

represents

an

unfunded

commitment;

a

liability

to

fund

the

commitment

has

been

recognized.

The

fund's

total

unfunded

commitments

at

November

30,

2025,

were

$5,076

and

were

valued

at

$5,069

(0.1%

of

net

assets).

(4) All

or

a

portion

of

this

loan

is

unsettled

as

of

November

30,

2025. The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(5) Non-income

producing

(6) Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(7) See

Note

2. Level

in

fair

value

hierarchy.

(8) 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

$17,405

and

represents

0.4%

of

net

assets.

(9) Perpetual

security

with

no

stated

maturity

date.

(10) 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.

(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

PRIME

Prime

rate

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%

#### Credit

#### Default

#### Swaps,

#### Protection

#### Sold

#### 0.0%
Goldman

Sachs,

Protection

Sold

(Relevant

Credit:

Carvana,

Caa1\*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/30

\*

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

Carvana,

Caa1\*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/30

\*

#### Total

#### Bilateral

#### Credit

#### Default

#### Swaps,

#### Protection

#### Sold

#### 50

#### 31

#### Total

#### Return

#### Swaps

#### 0.0%
JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Quarterly,

Pay

Variable

4.107%

(SOFR)

at

Maturity,

12/22/25

10,015

—

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Quarterly,

Pay

Variable

4.107%

(SOFR)

at

Maturity,

3/20/26

10,015

—

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Quarterly,

Pay

Variable

4.122%

(SOFR)

at

Maturity,

12/20/25

16,700

—

JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Quarterly,

Pay

Variable

4.122%

(SOFR)

at

Maturity,

12/22/25

5,755

—

T. ROWE

PRICE

Floating

Rate

Fund

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Upfront

#### Payments/

#### $

#### (Receipts)\*\*

#### Unrealized

#### $

#### Gain/(Loss)
JPMorgan

Chase,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Quarterly,

Pay

Variable

4.122%

(SOFR)

at

Maturity,

3/20/26

4,200

—

#### Total

#### Bilateral

#### Total

#### Return

#### Swaps

#### —

#### 858

#### Total

#### Bilateral

#### Swaps

#### 50

#### 889
\*

Credit

ratings

as

of

November

30,

2025. 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.

\*\*

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$3.

T. ROWE

PRICE

Floating

Rate

Fund

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
Morgan

Stanley

2/20/26

USD

1,669

EUR

1,432

$

—

Toronto-Dominion

Bank

2/20/26

USD

16,574

EUR

14,218

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

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,

2025. 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,

4.02%

$

—#

$

—

$

5,837+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 5/31/25

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 11/30/25
T. Rowe

Price

Government

Reserve

Fund,

4.02%

$

361,545

¤

¤

$

236,461^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$5,837

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

$236,461.

T. ROWE

PRICE

Floating

Rate

Fund

November

30,

2025

Unaudited

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$4,266,573)

$

4,264,124

Receivable

for

investment

securities

sold

83,397

Interest

receivable

25,753

Cash

18,217

Receivable

for

shares

sold

2,688

Unrealized

gain

on

bilateral

swaps

889

Due

from

affiliates

583

Bilateral

swap

premiums

paid

Unrealized

gain

on

forward

currency

exchange

contracts

Foreign

currency

(cost

$1)

Other

assets

Total

assets

4,395,812

#### Liabilities
Payable

for

investment

securities

purchased

137,093

Payable

for

shares

redeemed

5,053

Investment

management

fees

payable

2,041

Payable

to

directors

Other

liabilities

7,131

Total

liabilities

151,320

Commitments

and

Contingent

Liabilities

(note

6)

#### NET

#### ASSETS

#### $

#### 4,244,492
T. ROWE

PRICE

Floating

Rate

Fund

November

30,

2025

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)

$

(343,093)

Paid-in

capital

applicable

to

459,825,856

shares

of

$0.0001

par

value

capital

stock

outstanding;

2,000,000,000

shares

authorized

4,587,585

#### NET

#### ASSETS

#### $

#### 4,244,492

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $1,928,925;

#### Shares

#### outstanding:

#### 208,986,611)

#### $

#### 9.23

#### Advisor

#### Class

#### (Net

#### assets:

#### $15,108;

#### Shares

#### outstanding:

#### 1,632,744)

#### $

#### 9.25

#### I

#### Class

#### (Net

#### assets:

#### $1,004,316;

#### Shares

#### outstanding:

#### 108,761,923)

#### $

#### 9.23

#### Z

#### Class

#### (Net

#### assets:

#### $1,296,143;

#### Shares

#### outstanding:

#### 140,444,578)

#### $

#### 9.23
T. ROWE

PRICE

Floating

Rate

Fund

Unaudited

#### Statement

#### of

#### Operations

($000s)

Months

Ended

11/30/25

#### Investment

#### Income
(Loss)

Income

.

&nbsp;&nbsp;&nbsp;&nbsp;Interest

$

163,263

Dividend

6,230

Other

Total

income

169,494

Expenses

Investment

management

12,594

Shareholder

servicing

Investor

Class

$

1,470

Advisor

Class

I

Class

1,596

Rule

12b-1

fees

Advisor

Class

Prospectus

and

shareholder

reports

Investor

Class

Advisor

Class

I

Class

Z

Class

Interest

and

borrowing-related

Custody

and

accounting

Registration

Legal

and

audit

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(3,860)

Total

expenses

11,159

Net

investment

income

158,335

T. ROWE

PRICE

Floating

Rate

Fund

Unaudited

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

11/30/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

(4,362)

Swaps

Forward

currency

exchange

contracts

(578)

Foreign

currency

transactions

Net

realized

loss

(4,416)

Change

in

net

unrealized

gain

/

loss

Securities

(2,904)

Swaps

Forward

currency

exchange

contracts

Other

assets

and

liabilities

denominated

in

foreign

currencies

Change

in

net

unrealized

gain

/

loss

(2,275)

Net

realized

and

unrealized

gain

/

loss

(6,691)

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 151,644
T. ROWE

PRICE

Floating

Rate

Fund

Unaudited

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Months

Ended

11/30/25

Year

Ended

5/31/25

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

158,335

$

306,419

Net

realized

loss

(4,416)

(24,575)

Change

in

net

unrealized

gain

/

loss

(2,275)

(14,208)

Increase

in

net

assets

from

operations

151,644

267,636

Distributions

to

shareholders

Net

earnings

Investor

Class

(70,076)

(130,985)

Advisor

Class

(503) (848) I

Class

(36,435)

(70,446)

Z

Class

(50,248)

(101,885)

Decrease

in

net

assets

from

distributions

(157,262)

(304,164)

Capital

share

transactions

\*

Shares

sold

Investor

Class

451,890

1,169,904

Advisor

Class

3,963

8,554

I

Class

171,393

528,452

Z

Class

16,689

320,182

Distributions

reinvested

Investor

Class

65,211

121,746

Advisor

Class

797

I

Class

32,523

63,484

Z

Class

49,987

101,576

Shares

redeemed

Investor

Class

(486,990)

(925,478)

Advisor

Class

(3,128)

(4,812)

I

Class

(197,660)

(404,256)

Z

Class

(58,275)

(372,138)

Increase

in

net

assets

from

capital

share

transactions

46,077

608,011

T. ROWE

PRICE

Floating

Rate

Fund

Unaudited

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

11/30/25

Year

Ended

5/31/25

#### Net

#### Assets
Increase

during

period

40,459

571,483

Beginning

of

period

4,204,033

3,632,550

#### End

#### of

#### period

#### $

#### 4,244,492

#### $

#### 4,204,033
\*Share

information

(000s)

Shares

sold

Investor

Class

48,821

126,172

Advisor

Class

920

I

Class

18,511

56,909

Z

Class

1,804

34,472

Distributions

reinvested

Investor

Class

7,046

13,132

Advisor

Class

I

Class

3,512

6,844

Z

Class

5,402

10,958

Shares

redeemed

Investor

Class

(52,654)

(100,200)

Advisor

Class

(337) (519) I

Class

(21,350)

(43,852)

Z

Class

(6,298)

(40,486)

Increase

in

shares

outstanding

4,935

64,436

T. ROWE

PRICE

Floating

Rate

Fund

Unaudited

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

Floating

Rate

Fund,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Floating

Rate

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. 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

T. ROWE

PRICE

Floating

Rate

Fund

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

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

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 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
&nbsp;&nbsp;&nbsp;&nbsp;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

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

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T. ROWE

PRICE

Floating

Rate

Fund

Level

–

inputs

other

than

Level

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

–

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

are

generally 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.

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.

T. ROWE

PRICE

Floating

Rate

Fund

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

the

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.

#### Valuation

#### Inputs
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

November

30,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

T. ROWE

PRICE

Floating

Rate

Fund

Following

is

a

reconciliation

of

the

fund's

Level

holdings

for

the

six

months ended

November

30,

2025. Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

instruments

held

at

November

30,

2025,

totaled $339,000 for

the

six

months ended

November

30,

2025. During

the

six

months,

transfers

out

of

Level

were

because

observable

market

data

became

available

for

the

security.

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Asset-Backed

Securities

$

—

$

860

$

—

$

860

Bank

Loans

—

3,572,917

91,504

3,664,421

Convertible

Preferred

Stocks

—

—

6,200

6,200

Corporate

Bonds

—

344,977

3,652

348,629

Preferred

Stocks

—

—

7,553

7,553

Short-Term

Investments

236,461

—

—

236,461

Total

Securities

236,461

3,918,754

108,909

4,264,124

Swaps

—

939

—

939

Forward

Currency

Exchange

Contracts

—

—

Total

$

236,461

$

3,919,699

$

108,909

$

4,265,069

($000s)

#### Beginning

#### Balance

#### 5/31/25

#### Gain
(Loss)

#### During

#### Period

#### Total

#### Purchases

#### Total

#### Sales

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Ending

#### Balance

#### 11/30/25
Investment

in

Securities

Bank

Loans

$

184,441

$

$

76,091

$

(78,592)

$

(90,725)

$

91,504

Convertible

Preferred

Stocks

6,200

—

—

—

—

6,200

Corporate

Bonds

—

—

3,652

—

—

3,652

Preferred

Stocks

7,535

—

—

—

7,553

Total

$

198,176

$

$

79,743

$

(78,592)

$

(90,725)

$

108,909

T. ROWE

PRICE

Floating

Rate

Fund

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
During

the

six

months ended

November

30,

2025,

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,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($000s)

#### Location

#### on

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value

#### Assets
Foreign

exchange

derivatives

Forwards

$

Credit

derivatives

Bilateral

Swaps

and

Premiums

939

Total

$

945

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,

2025,

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

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),

with

a

Credit

Support

Annex

(CSA),

if

any,

that

governs

the

collateralization

process,

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

($000s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Forward

#### Currency

#### Exchange

#### Contracts

#### Swaps

#### Total

#### Realized

#### Gain
(Loss)

Foreign

exchange

derivatives

$

(578) $

—

$

(578) Credit

derivatives

—

Total

$

(578) $

$

(225) #### Change

#### in

#### Unrealized

#### Gain
(Loss)

Foreign

exchange

derivatives

$

$

—

$

Credit

derivatives

—

Total

$

$

$

568

T. ROWE

PRICE

Floating

Rate

Fund

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

such

as

Additional

Termination

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,

such

as

a

CSA,

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,

2025,

no

collateral

had

been

posted

by

the

fund

to

counterparties

for

bilateral

derivatives. As

of

November

30,

2025,

collateral

pledged

by

counterparties

to

the

fund

for

bilateral

derivatives

consisted

of

securities

valued

at

$833,000.

#### 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

T. ROWE

PRICE

Floating

Rate

Fund

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,

2025,

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

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

T. ROWE

PRICE

Floating

Rate

Fund

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.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets'

valuation

of

credit

quality.

As

of

November

30,

2025,

the

notional

amount

of

protection

sold

by

the

fund

totaled $648,000

(0.0%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

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.

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.

T. ROWE

PRICE

Floating

Rate

Fund

During

the

six

months ended

November

30,

2025,

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.

#### 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

T. ROWE

PRICE

Floating

Rate

Fund

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.

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 $1,341,175,000 and

$1,340,782,000,

respectively,

for

the

six

months ended

November

30,

2025. #### 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

T. ROWE

PRICE

Floating

Rate

Fund

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,

2025,

the

fund

had

$337,168,000

of

available

capital

loss

carryforwards.

At

November

30,

2025,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$4,267,855,000.

Net

unrealized

loss

aggregated

$2,582,000

at

period-end,

of

which

$30,697,000

related

to

appreciated

investments

and

$33,279,000

related

to

depreciated

investments.

#### 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

0.26%

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,

2025,

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

T. ROWE

PRICE

Floating

Rate

Fund

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

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,

2025 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $27,000 remain

subject

to

repayment

by

the

fund

at

November

30,

2025. 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.

T. ROWE

PRICE

Floating

Rate

Fund

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

accounts

invested

in

the

Investor

Class

and

Advisor

Class.

For

the

six

months

ended

November

30,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$61,000

for

Price

Associates;

$316,000

for

T. Rowe

Price

Services,

Inc.;

and

$3,000

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,

2025, 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

#### Investor

#### Class

#### Advisor

#### Class

#### I

#### Class

#### Z

#### Class
Expense

limitation/I

Class

Limit

0.94%

0.95%

0.05%

0.00%

Expense

limitation

date

07/31/27

07/31/27

07/31/27

N/A

(Waived)/repaid

during

the

period

($000s)

$—

$(6)

$—

$(3,854)

T. ROWE

PRICE

Floating

Rate

Fund

of

the

public.

Effective

November

12,

2025, cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Treasury Reserve Fund.

Prior

to

November

12,

2025,

cash

collateral

from

securities

lending,

if

any,

was

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,

2025,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

#### NOTE

#### 7

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

T. ROWE

PRICE

Floating

Rate

Fund

#### NOTE

#### 8

#### -

#### 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

$1.4

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

$1.25 billion,

of

which

$1

billion

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

Simple

Secured

Overnight

Financing

Rate

(SOFR),

(b) Federal

Funds

Effective

Rate,

or

(c) the

Overnight

Bank

Funding

Rate

plus

an

applicable

margin. At

November

30,

2025,

the

fund

had

no

borrowings

outstanding

under

the

facility,

and

the

undrawn

amount

of

the

facility

for

the

U.S.

borrowers

was

$1,250,000,000.

#### NOTE

#### 9

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

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

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-

T. ROWE

PRICE

Floating

Rate

Fund

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.

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-638-5660* 

*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

1/26

------

#### 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.
(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant's annual Form N-CSR.

(2) Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

(3) [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d89102dex99cert.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d89102dex99906ce.htm)

------

#### 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. | T. Rowe Price Floating Rate Fund, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | January 16, 2026 |

---

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 16, 2026 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | January 16, 2026 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Floating
Rate Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 16, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>** 

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Floating
Rate Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 16, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Floating Rate Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: January 16, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: January 16, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---