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US Fixed Income

Institutional Floating Rate Fund (RPIFX)

Inception
2008
Price As of 05/22/15
$10.18

Objective

The Strategy

The fund seeks to generate high current income and, secondarily, capital appreciation.

Investment Team

 
 

Paul M. Massaro, CFA

Lead Portfolio Manager

  • 14 yrs investment experience
  • 11 yrs with T. Rowe Price
  • M.B.A., The Wharton School, University of Pennsylvania
  • B.S., Cornell University

Michael Lesesne Jr.

Portfolio Specialist

  • 23 yrs investment experience
  • 2 yrs with T. Rowe Price
  • M.B.A., Columbia Business School
  • B.A., Brown University
For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

Portfolio

77.80%
US BondsAs of 04/30/15
The above percentages represent the largest asset allocation in the fund's portfolio.

Where is it available?

Institutional
Investor
Retail
Investor
Institutional Floating Rate Fund
RPIFX As of 05/31/14
NET 0.56%
GROSS 0.56%
F Class
PFFRX As of 05/31/14
NET 0.69%
GROSS 0.69%
Redemption Fee: 2.00% (90 days or less)

Who Is This For?

Investors seeking

high levels of current income. May be appropriate for an investor seeking the diversification benefits that high-yield securities offer equity and investment-grade bond portfolios. The securities held by the fund are usually considered speculative and involve a greater risk of default and price decline than higher-rated bonds. Diversification cannot assure a profit or protect against loss in a declining market.

Diversification cannot assure a profit or protect against loss in a declining market. Floating rate loans and debt securities are usually considered speculative and involve a greater risk of default and price decline than higher-rated bonds. As with all mutual funds, these funds are subject to market risk, including possible loss of principal.

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. The performance information shown does not reflect the deduction of a 2.00% redemption fee on shares held for 90 days or less. If it did, the performance would be lower. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

(1) Each F Class of a T. Rowe Price fund shares the portfolio of an existing fund (the original share class of the fund is referred to as the "Institutional Class"). The total return figures for the F Class shares show the performance data of the Institutional Class up to the inception date of the F Class (shown above) combined with the performance data of the F Class since its inception. (The inception date for the Institutional Class is shown in its Average Annual Returns table.) The performance results of the Institutional Class have not been adjusted to reflect the administrative fee payments (AFP) associated with the F Class (up to a maximum annual rate of 0.15%). Had the AFP been included, the performance would have been lower.

*The top ten holdings, attribution, and diversification data may be different for other share classes of this fund. Please contact us for more information

Numbers may not add to 100% due to rounding; all numbers are percentages.

Numbers may not add to 100% due to rounding; all numbers are percentages.

Numbers may not add to 100% due to rounding; all numbers are percentages.

Numbers may not add to 100% due to rounding; all numbers are percentages.

Need Help?

Contact the Advisor Services Group

(877) 561-7670

Send a message

Download Prospectus

Glossary

FAQs

Is this site for advisors? What do you mean by "Beta"?

This site is designed for advisors with their clients and is currently in Beta, which means that we're testing concepts and looking for your feedback. All of the information and data presented on the site are accurate. However, in order to add to it and improve on it over time, we need your help. Please rate your experience, and provide your honest feedback whenever possible.

Who is my wholesaler?

At T. Rowe Price, we don't have a typical wholesaler relationship. Instead, our investment consultants are here to assist you without the usual sales calls. They are available to answer your questions as you research our funds, communicate detailed color on our latest positioning, and offer guidance that can streamline your investment decisions.

How can I learn which funds are open, closed, or restricted?

By closing or restricting access to funds to new investors, we believe we preserve our ability to achieve the funds' objectives. To learn which funds are currently closed or restricted, please contact the Advisor Services Group directly at 1-877-561-7670.

What is the minimum investment for an institutional fund?

Institutional funds generally require a $1,000,000 minimum initial investment. There is no minimum for subsequent purchases. If you hold shares through a financial intermediary, the intermediary may impose different investment minimums.