T.
ROWE
PRICE
High
Yield
Fund
February
28,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
BANK
LOANS
5.9%
(1)
Airlines
0.5%
AAdvantage
Loyalty
IP,
FRN,
3M
USD
LIBOR
+
4.75%,
9.558%,
4/20/28
9,195
9,410
Mileage
Plus
Holdings,
FRN,
3M
USD
LIBOR
+
5.25%,
9.996%,
6/21/27
14,909
15,509
United
Airlines,
FRN,
3M
USD
LIBOR
+
3.75%,
8.568%,
4/21/28
9,403
9,373
34,292
Automotive
0.2%
Wand
NewCo
3,
FRN,
1M
USD
LIBOR
+
3.00%,
7.635%,
2/5/26
14,459
13,905
13,905
Broadcasting
0.2%
Diamond
Sports
Group,
FRN,
1M
TSFR
+
0.00%,
5/25/26 (2)
5,496
5,120
Nielsen
Holdings,
FRN,
3M
TSFR
+
9.75%,
14.485%,
10/11/29 (3)
(4)
6,400
6,272
11,392
Energy
0.2%
Prairie
ECI
Acquiror,
FRN,
1M
USD
LIBOR
+
4.75%,
9.385%,
3/11/26
10,070
9,914
9,914
Information
Technology
0.3%
Boxer
Parent,
FRN,
1M
USD
LIBOR
+
5.50%,
10.135%,
2/27/26
3,800
3,693
Proofpoint,
FRN,
3M
USD
LIBOR
+
6.25%,
10.885%,
8/31/29
3,290
3,159
RealPage,
FRN,
1M
USD
LIBOR
+
6.50%,
11.135%,
4/23/29
15,551
14,909
21,761
Services
2.1%
Ascend
Learning,
FRN,
1M
USD
LIBOR
+
3.50%,
8.118%,
12/11/28
20,518
19,232
Ascend
Learning,
FRN,
1M
USD
LIBOR
+
5.75%,
10.385%,
12/10/29
31,260
27,099
CoreLogic,
FRN,
1M
USD
LIBOR
+
6.50%,
11.188%,
6/4/29
7,980
5,922
UKG,
FRN,
3M
USD
LIBOR
+
3.25%,
8.032%,
5/4/26
28,343
27,748
UKG,
FRN,
3M
USD
LIBOR
+
5.25%,
10.032%,
5/3/27
66,960
65,007
145,008
Wireless
Communications
2.4%
Asurion,
FRN,
1M
USD
LIBOR
+
3.25%,
7.885%,
7/31/27
23,010
21,423
Asurion,
FRN,
1M
USD
LIBOR
+
5.25%,
9.885%,
1/31/28
69,714
59,327
Asurion,
FRN,
1M
USD
LIBOR
+
5.25%,
9.885%,
1/20/29
100,360
85,406
166,156
Total
Bank
Loans
(Cost
$436,980)
402,428
T.
ROWE
PRICE
High
Yield
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
‡
COMMON
STOCKS
0.5%
Gaming
0.0%
New
Cotai
Participation,
Class
B (3)(4)(5)
—
—
—
Health
Care
0.2%
Avantor (4)
626
15,245
15,245
Information
Technology
0.1%
TE
Connectivity
54
6,914
6,914
Metals
&
Mining
0.2%
Constellium (4)
928
14,846
14,846
Total
Common
Stocks
(Cost
$29,523)
37,005
CONVERTIBLE
BONDS
0.1%
Cable
Operators
0.1%
DISH
Network,
3.375%,
8/15/26
8,735
5,632
Total
Convertible
Bonds
(Cost
$7,823)
5,632
CONVERTIBLE
PREFERRED
STOCKS
1.3%
Energy
0.5%
NuStar
Energy,
VR,
10.75% (5)(6)
1,200
35,389
35,389
Forest
Products
0.0%
Smurfit-Stone
Container,
Series��A,
EC,
7.00%,
2/15/27 (3)(4)
47
—
—
Health
Care
0.2%
Becton
Dickinson
&
Company,
Series B,
6.00%,
6/1/23
289
14,018
14,018
Insurance
0.1%
Alliant
Services,
Series A,
Acquisition
Date:
11/6/20,
Cost $8,963 (4)(7)
9
8,504
8,504
Manufacturing
0.2%
Danaher,
Series B,
5.00%,
4/15/23
11
13,181
13,181
T.
ROWE
PRICE
High
Yield
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
‡
Utilities
0.3%
NextEra
Energy,
5.279%,
3/1/23
408
19,403
19,403
Total
Convertible
Preferred
Stocks
(Cost
$84,762)
90,495
CORPORATE
BONDS
89.6%
Aerospace
&
Defense
1.6%
Spirit
AeroSystems,
9.375%,
11/30/29 (5)
6,855
7,249
TransDigm,
5.50%,
11/15/27
14,435
13,262
TransDigm,
6.25%,
3/15/26 (5)
49,085
48,410
TransDigm,
6.375%,
6/15/26
18,145
17,601
TransDigm,
6.75%,
8/15/28 (5)
19,570
19,448
TransDigm,
7.50%,
3/15/27
3,100
3,061
109,031
Airlines
2.6%
American
Airlines,
5.50%,
4/20/26 (5)
32,695
31,878
American
Airlines,
5.75%,
4/20/29 (5)
27,295
25,930
American
Airlines,
11.75%,
7/15/25 (5)
39,467
43,216
Delta
Air
Lines,
7.375%,
1/15/26
19,150
19,677
Mileage
Plus
Holdings,
6.50%,
6/20/27 (5)
22,698
22,641
United
Airlines,
4.625%,
4/15/29 (5)
20,425
18,127
VistaJet
Malta
Finance,
6.375%,
2/1/30 (5)
7,855
6,893
VistaJet
Malta
Finance,
7.875%,
5/1/27 (5)
8,000
7,630
175,992
Automotive
6.6%
Adient
Global
Holdings,
8.25%,
4/15/31 (5)
10,880
10,880
Clarios
Global,
8.50%,
5/15/27 (5)
45,015
44,734
Dana,
4.25%,
9/1/30
1,980
1,594
Dana,
5.625%,
6/15/28
37,970
34,648
Dornoch
Debt
Merger
Sub,
6.625%,
10/15/29 (5)
8,920
6,735
Ford
Motor,
6.10%,
8/19/32
81,660
76,471
Ford
Motor,
7.45%,
7/16/31
1,725
1,788
Ford
Motor,
9.625%,
4/22/30
12,640
14,547
Ford
Motor
Credit,
4.95%,
5/28/27
17,635
16,461
Ford
Motor
Credit,
6.95%,
3/6/26
9,010
9,033
Ford
Motor
Credit,
7.35%,
11/4/27
22,265
22,561
Ford
Motor
Credit,
7.35%,
3/6/30
15,470
15,661
Goodyear
Tire
&
Rubber,
5.00%,
7/15/29
8,185
7,121
Goodyear
Tire
&
Rubber,
5.25%,
4/30/31
17,000
14,577
Goodyear
Tire
&
Rubber,
5.25%,
7/15/31
27,450
23,367
Goodyear
Tire
&
Rubber,
5.625%,
4/30/33
19,830
16,855
Jaguar
Land
Rover
Automotive,
5.875%,
1/15/28 (5)
8,600
7,396
Jaguar
Land
Rover
Automotive,
7.75%,
10/15/25 (5)
11,905
11,726
LCM
Investments
Holdings
II,
4.875%,
5/1/29 (5)
14,475
11,761
T.
ROWE
PRICE
High
Yield
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
Metis
Merger
Sub,
6.50%,
5/15/29 (5)
17,185
13,877
Rivian
Holdings,
FRN,
6M
USD
LIBOR
+
5.625%,
10.164%,
10/15/26 (5)
94,485
92,595
454,388
Broadcasting
5.6%
Clear
Channel
Outdoor
Holdings,
7.50%,
6/1/29 (5)
14,825
12,008
Clear
Channel
Outdoor
Holdings,
7.75%,
4/15/28 (5)
28,775
23,919
CMG
Media,
8.875%,
12/15/27 (5)
30,270
20,205
Gray
Escrow
II,
5.375%,
11/15/31 (5)
22,685
16,759
iHeartCommunications,
8.375%,
5/1/27
98,614
86,780
Lamar
Media,
4.00%,
2/15/30
1,966
1,686
Lamar
Media,
4.875%,
1/15/29
17,994
16,599
Neptune
Bidco
U.S.,
9.29%,
4/15/29 (5)
21,125
19,910
Outfront
Media
Capital,
4.25%,
1/15/29 (5)
3,940
3,241
Outfront
Media
Capital,
6.25%,
6/15/25 (5)
5,695
5,638
Scripps
Escrow,
5.875%,
7/15/27 (5)
23,615
18,892
Sirius
XM
Radio,
3.875%,
9/1/31 (5)
13,145
10,220
Sirius
XM
Radio,
4.00%,
7/15/28 (5)
32,360
27,668
Sirius
XM
Radio,
4.125%,
7/1/30 (5)
31,305
25,514
Sirius
XM
Radio,
5.00%,
8/1/27 (5)
10,570
9,698
Stagwell
Global,
5.625%,
8/15/29 (5)
42,175
36,060
Townsquare
Media,
6.875%,
2/1/26 (5)
17,445
15,984
Univision
Communications,
4.50%,
5/1/29 (5)
7,945
6,654
Univision
Communications,
6.625%,
6/1/27 (5)
15,540
14,802
Univision
Communications,
7.375%,
6/30/30 (5)
15,625
14,766
387,003
Building
&
Real
Estate
1.2%
Brookfield
Residential
Properties,
6.25%,
9/15/27 (5)
8,075
7,076
Castle
U.K.
Finco,
7.00%,
5/15/29
(GBP) (5)
4,675
4,410
Cushman
&
Wakefield
U.S.
Borrower,
6.75%,
5/15/28 (5)
36,100
33,934
Howard
Hughes,
4.125%,
2/1/29 (5)
17,145
14,316
Howard
Hughes,
4.375%,
2/1/31 (5)
9,185
7,428
Howard
Hughes,
5.375%,
8/1/28 (5)
19,485
17,658
84,822
Building
Products
1.5%
Advanced
Drainage
Systems,
6.375%,
6/15/30 (5)
5,590
5,338
New
Enterprise
Stone
&
Lime,
5.25%,
7/15/28 (5)
16,005
14,605
PGT
Innovations,
4.375%,
10/1/29 (5)
21,325
17,833
Specialty
Building
Products
Holdings,
6.375%,
9/30/26 (5)
15,155
13,886
SRS
Distribution,
6.00%,
12/1/29 (5)
12,995
10,818
Summit
Materials,
5.25%,
1/15/29 (5)
24,640
22,669
Summit
Materials,
6.50%,
3/15/27 (5)
17,880
17,478
102,627
Cable
Operators
7.8%
Altice
Financing,
5.00%,
1/15/28 (5)
34,150
28,387
Altice
Financing,
5.75%,
8/15/29 (5)
21,665
17,657
T.
ROWE
PRICE
High
Yield
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
Altice
France,
5.50%,
10/15/29 (5)
18,935
14,746
Altice
France
Holding,
6.00%,
2/15/28 (5)
62,220
42,776
Altice
France
Holding,
10.50%,
5/15/27 (5)
20,540
17,125
C&W
Senior
Financing,
6.875%,
9/15/27 (5)
21,285
19,305
CCO
Holdings,
4.50%,
8/15/30 (5)
21,590
17,758
CCO
Holdings,
4.50%,
6/1/33 (5)
29,195
22,626
CCO
Holdings,
5.375%,
6/1/29 (5)
7,733
6,882
CCO
Holdings,
6.375%,
9/1/29 (5)
74,500
69,378
CCO
Holdings,
7.375%,
3/1/31 (5)
36,835
35,730
CSC
Holdings,
5.75%,
1/15/30 (5)
20,960
12,000
CSC
Holdings,
6.50%,
2/1/29 (5)
34,835
29,436
CSC
Holdings,
7.50%,
4/1/28 (5)
24,805
16,557
DIRECTV
Financing,
5.875%,
8/15/27 (5)
12,670
11,340
DISH
DBS,
5.125%,
6/1/29
15,475
9,130
DISH
DBS,
5.25%,
12/1/26 (5)
11,695
9,736
DISH
DBS,
5.75%,
12/1/28 (5)
16,650
13,237
DISH
DBS,
7.375%,
7/1/28
12,155
8,265
DISH
DBS,
7.75%,
7/1/26
25,315
19,651
DISH
Network,
11.75%,
11/15/27 (5)
26,755
27,123
GCI,
4.75%,
10/15/28 (5)
16,575
14,192
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (5)
4,977
4,604
Netflix,
6.375%,
5/15/29
9,810
10,178
Radiate
Holdco,
6.50%,
9/15/28 (5)
15,550
7,386
Vmed
O2
U.K.
Financing
I,
4.75%,
7/15/31 (5)
59,140
48,790
533,995
Chemicals
1.8%
Avient,
7.125%,
8/1/30 (5)
16,805
16,847
Compass
Minerals
International,
6.75%,
12/1/27 (5)
2,765
2,620
CVR
Partners,
6.125%,
6/15/28 (5)
23,275
20,656
GPD,
10.125%,
4/1/26 (5)
21,890
19,619
Methanex,
5.125%,
10/15/27
8,088
7,582
Methanex,
5.25%,
12/15/29
7,440
6,808
Methanex,
5.65%,
12/1/44
6,149
4,981
Tronox,
4.625%,
3/15/29 (5)
12,575
10,249
Univar
Solutions
USA,
5.125%,
12/1/27 (5)
19,935
18,963
WR
Grace
Holdings,
5.625%,
8/15/29 (5)
19,050
15,288
123,613
Consumer
Products
0.3%
Kontoor
Brands,
4.125%,
11/15/29 (5)
8,920
7,582
Life
Time,
5.75%,
1/15/26 (5)
996
951
Wolverine
World
Wide,
4.00%,
8/15/29 (5)
17,155
13,789
22,322
Container
1.4%
Ardagh
Metal
Packaging
Finance
USA,
4.00%,
9/1/29 (5)
27,180
21,744
Ardagh
Metal
Packaging
Finance
USA,
6.00%,
6/15/27 (5)
14,395
13,891
T.
ROWE
PRICE
High
Yield
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
‡
Ball,
6.875%,
3/15/28
23,845
24,113
Sealed
Air,
5.00%,
4/15/29 (5)
6,720
6,166
Sealed
Air,
6.125%,
2/1/28 (5)
7,795
7,659
Sealed
Air,
6.875%,
7/15/33 (5)
7,000
7,122
Trivium
Packaging
Finance,
8.50%,
8/15/27 (5)
14,240
13,528
94,223
Energy
10.8%
Aethon
United
BR,
8.25%,
2/15/26 (5)
7,350
7,038
Antero
Resources,
7.625%,
2/1/29 (5)
3,402
3,428
Archrock
Partners,
6.875%,
4/1/27 (5)
11,435
11,035
Cheniere
Energy
Partners,
4.00%,
3/1/31
24,850
21,433
Chesapeake
Energy,
6.75%,
4/15/29 (5)
31,105
30,133
CITGO
Petroleum,
7.00%,
6/15/25 (5)
22,285
21,951
Comstock
Resources,
5.875%,
1/15/30 (5)
14,255
12,259
Comstock
Resources,
6.75%,
3/1/29 (5)
9,155
8,423
Crescent
Energy
Finance,
7.25%,
5/1/26 (5)
30,380
28,102
Crescent
Energy
Finance,
9.25%,
2/15/28 (5)
7,200
7,002
Crestwood
Midstream
Partners,
6.00%,
2/1/29 (5)
6,010
5,469
Crestwood
Midstream
Partners,
7.375%,
2/1/31 (5)
13,848
13,467
DCP
Midstream
Operating,
6.75%,
9/15/37 (5)
17,875
19,006
DCP
Midstream
Operating,
8.125%,
8/16/30
8,515
9,430
Endeavor
Energy
Resources,
5.75%,
1/30/28 (5)
14,198
13,630
Ferrellgas,
5.375%,
4/1/26 (5)
16,640
14,976
Ferrellgas,
5.875%,
4/1/29 (5)
17,310
14,108
Gulfport
Energy,
8.00%,
5/17/26 (5)
11,970
11,611
Hilcorp
Energy
I,
5.75%,
2/1/29 (5)
8,357
7,563
Hilcorp
Energy
I,
6.00%,
4/15/30 (5)
5,865
5,308
Hilcorp
Energy
I,
6.00%,
2/1/31 (5)
10,390
9,325
Hilcorp
Energy
I,
6.25%,
4/15/32 (5)
5,720
5,162
Kinetik
Holdings,
5.875%,
6/15/30 (5)
37,200
34,436
Magnolia
Oil
&
Gas
Operating,
6.00%,
8/1/26 (5)
41,585
39,818
NGL
Energy
Operating,
7.50%,
2/1/26 (5)
28,961
27,585
NuStar
Logistics,
5.625%,
4/28/27
11,880
11,048
NuStar
Logistics,
5.75%,
10/1/25
11,428
11,028
Occidental
Petroleum,
6.20%,
3/15/40
26,120
25,598
Occidental
Petroleum,
6.375%,
9/1/28
9,005
9,073
Occidental
Petroleum,
6.45%,
9/15/36
2,310
2,316
Occidental
Petroleum,
6.625%,
9/1/30
5,865
6,026
Occidental
Petroleum,
7.50%,
5/1/31
7,500
8,006
Occidental
Petroleum,
7.875%,
9/15/31
4,847
5,253
Occidental
Petroleum,
7.95%,
6/15/39
19,810
21,741
Occidental
Petroleum,
8.50%,
7/15/27
16,975
18,163
Occidental
Petroleum,
8.875%,
7/15/30
32,395
36,768
Petroleos
Mexicanos,
6.625%,
6/15/35
17,600
12,939
Petroleos
Mexicanos,
7.69%,
1/23/50
17,830
12,599
Range
Resources,
4.75%,
2/15/30 (5)
7,205
6,448
T.
ROWE
PRICE
High
Yield
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
‡
Range
Resources,
8.25%,
1/15/29
5,870
6,031
Rockcliff
Energy
II,
5.50%,
10/15/29 (5)
8,625
7,892
Solaris
Midstream
Holdings,
7.625%,
4/1/26 (5)
8,490
8,405
Southwestern
Energy,
4.75%,
2/1/32
11,155
9,538
Tallgrass
Energy
Partners,
5.50%,
1/15/28 (5)
7,230
6,507
Tallgrass
Energy
Partners,
6.00%,
3/1/27 (5)
9,025
8,371
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (5)
15,270
13,132
Tallgrass
Energy
Partners,
6.00%,
9/1/31 (5)
17,225
14,727
Tallgrass
Energy
Partners,
7.50%,
10/1/25 (5)
10,935
10,853
Targa
Resources
Partners,
6.875%,
1/15/29
10,878
11,014
Transocean,
8.75%,
2/15/30 (5)
9,800
9,972
Venture
Global
Calcasieu
Pass,
3.875%,
8/15/29 (5)
10,930
9,427
Venture
Global
Calcasieu
Pass,
4.125%,
8/15/31 (5)
13,950
11,997
Venture
Global
Calcasieu
Pass,
6.25%,
1/15/30 (5)
35,555
35,066
Vermilion
Energy,
6.875%,
5/1/30 (5)
15,500
13,679
745,315
Entertainment
&
Leisure
4.2%
Carnival,
6.00%,
5/1/29 (5)
1,210
938
Carnival,
7.625%,
3/1/26 (5)
30,000
26,925
Carnival,
10.50%,
6/1/30 (5)
18,255
17,662
CDI
Escrow
Issuer,
5.75%,
4/1/30 (5)
24,475
22,731
Cedar
Fair,
5.25%,
7/15/29
8,370
7,659
Cedar
Fair,
5.375%,
4/15/27
20,185
19,251
Cinemark
USA,
5.25%,
7/15/28 (5)
35,845
29,931
Live
Nation
Entertainment,
4.75%,
10/15/27 (5)
15,880
14,272
NCL,
5.875%,
3/15/26 (5)
19,710
17,049
NCL,
5.875%,
2/15/27 (5)
9,150
8,487
NCL,
7.75%,
2/15/29 (5)
8,615
7,473
NCL
Finance,
6.125%,
3/15/28 (5)
5,740
4,779
Royal
Caribbean
Cruises,
5.375%,
7/15/27 (5)
14,720
12,917
Royal
Caribbean
Cruises,
5.50%,
8/31/26 (5)
17,195
15,561
Royal
Caribbean
Cruises,
5.50%,
4/1/28 (5)
12,378
10,769
Royal
Caribbean
Cruises,
9.25%,
1/15/29 (5)
16,740
17,765
Royal
Caribbean
Cruises,
11.625%,
8/15/27 (5)
15,285
16,240
SeaWorld
Parks
&
Entertainment,
5.25%,
8/15/29 (5)
26,145
23,302
Six
Flags
Entertainment,
5.50%,
4/15/27 (5)
18,435
17,352
291,063
Financial
7.2%
Acrisure,
7.00%,
11/15/25 (5)
22,025
20,703
Acrisure,
10.125%,
8/1/26 (5)
24,970
24,908
Alliant
Holdings
Intermediate,
5.875%,
11/1/29 (5)
8,595
7,188
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (5)
32,027
29,145
AmWINS
Group,
4.875%,
6/30/29 (5)
7,895
6,691
Apollo
Commercial
Real
Estate
Finance,
4.625%,
6/15/29 (5)
25,800
20,221
Cobra
AcquisitionCo,
6.375%,
11/1/29 (5)
13,230
8,434
T.
ROWE
PRICE
High
Yield
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
‡
Drawbridge
Special
Opportunities
Fund,
3.875%,
2/15/26 (5)
5,705
5,180
Enact
Holdings,
6.50%,
8/15/25 (5)
44,260
43,375
GTCR
AP
Finance,
8.00%,
5/15/27 (5)
19,525
18,744
Home
Point
Capital,
5.00%,
2/1/26 (5)
13,060
9,077
HUB
International,
5.625%,
12/1/29 (5)
25,111
21,533
HUB
International,
7.00%,
5/1/26 (5)
19,230
18,941
Jane
Street
Group,
4.50%,
11/15/29 (5)
13,465
11,799
LPL
Holdings,
4.00%,
3/15/29 (5)
13,290
11,695
LPL
Holdings,
4.375%,
5/15/31 (5)
2,150
1,865
Midcap
Financial
Issuer
Trust,
5.625%,
1/15/30 (5)
12,810
10,056
Midcap
Financial
Issuer
Trust,
6.50%,
5/1/28 (5)
24,890
21,405
Navient,
4.875%,
3/15/28
18,380
15,577
Navient,
5.00%,
3/15/27
12,240
10,832
Navient,
5.50%,
3/15/29
17,480
14,814
Navient,
6.75%,
6/25/25
16,535
16,287
Navient,
6.75%,
6/15/26
12,250
11,760
OneMain
Finance,
3.50%,
1/15/27
8,640
7,279
OneMain
Finance,
5.375%,
11/15/29
8,060
6,780
OneMain
Finance,
6.625%,
1/15/28
5,755
5,338
OneMain
Finance,
6.875%,
3/15/25
18,550
18,156
OneMain
Finance,
7.125%,
3/15/26
5,820
5,674
PennyMac
Financial
Services,
4.25%,
2/15/29 (5)
22,055
17,258
PennyMac
Financial
Services,
5.375%,
10/15/25 (5)
12,155
11,031
PROG
Holdings,
6.00%,
11/15/29 (5)
21,720
18,435
Rocket
Mortgage,
4.00%,
10/15/33 (5)
9,240
6,853
Ryan
Specialty
Group,
4.375%,
2/1/30 (5)
6,195
5,289
Starwood
Property
Trust,
4.375%,
1/15/27 (5)
12,225
10,590
United
Wholesale
Mortgage,
5.50%,
4/15/29 (5)
8,485
7,011
United
Wholesale
Mortgage,
5.75%,
6/15/27 (5)
17,485
15,365
495,289
Food
0.7%
BellRing
Brands,
7.00%,
3/15/30 (5)
16,625
16,397
Chobani,
7.50%,
4/15/25 (5)
8,200
7,985
Darling
Ingredients,
6.00%,
6/15/30 (5)
17,950
17,299
Triton
Water
Holdings,
6.25%,
4/1/29 (5)
8,657
6,882
48,563
Forest
Products
0.1%
Graphic
Packaging
International,
3.75%,
2/1/30 (5)
9,685
8,244
Mercer
International,
5.50%,
1/15/26
2,170
2,067
10,311
Gaming
4.4%
Caesars
Entertainment,
7.00%,
2/15/30 (5)
14,270
14,324
Caesars
Entertainment,
8.125%,
7/1/27 (5)
50,295
50,798
Cirsa
Finance
International,
4.50%,
3/15/27
(EUR) (5)
7,505
7,001
Cirsa
Finance
International,
10.375%,
11/30/27
(EUR) (5)
2,580
2,898
T.
ROWE
PRICE
High
Yield
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
‡
International
Game
Technology,
4.125%,
4/15/26 (5)
6,700
6,206
International
Game
Technology,
5.25%,
1/15/29 (5)
25,335
23,467
International
Game
Technology,
6.25%,
1/15/27 (5)
17,023
16,661
MGM
China
Holdings,
4.75%,
2/1/27 (5)
10,685
9,413
MGM
China
Holdings,
5.25%,
6/18/25 (5)
2,455
2,316
MGM
China
Holdings,
5.375%,
5/15/24 (5)
275
267
MGM
China
Holdings,
5.875%,
5/15/26 (5)
7,510
6,954
MGM
Growth
Properties
Operating
Partnership,
3.875%,
2/15/29 (5)
12,700
10,271
MGM
Growth
Properties
Operating
Partnership,
5.75%,
2/1/27
8,690
8,462
Midwest
Gaming
Borrower,
4.875%,
5/1/29 (5)
13,340
11,406
Playtika
Holding,
4.25%,
3/15/29 (5)
12,570
10,197
Sands
China,
4.875%,
6/18/30
8,915
7,785
Sands
China,
5.90%,
8/8/28
14,040
13,305
Scientific
Games
Holdings,
6.625%,
3/1/30 (5)
14,995
13,158
Scientific
Games
International,
7.00%,
5/15/28 (5)
12,890
12,568
Scientific
Games
International,
7.25%,
11/15/29 (5)
36,995
36,486
Wynn
Macau,
5.50%,
1/15/26 (5)
12,005
10,996
Wynn
Macau,
5.50%,
10/1/27 (5)
23,082
20,335
Wynn
Resorts
Finance,
5.125%,
10/1/29 (5)
10,965
9,759
Wynn
Resorts
Finance,
7.125%,
2/15/31 (5)
610
606
305,639
Health
Care
6.4%
AdaptHealth,
5.125%,
3/1/30 (5)
19,745
17,030
Avantor
Funding,
4.625%,
7/15/28 (5)
37,850
34,822
Bausch
Health
Americas,
9.25%,
4/1/26 (5)
8,525
6,394
Catalent
Pharma
Solutions,
5.00%,
7/15/27 (5)
7,665
7,387
CHS,
5.25%,
5/15/30 (5)
21,825
17,569
CHS,
6.00%,
1/15/29 (5)
12,215
10,627
CHS,
6.125%,
4/1/30 (5)
31,730
21,656
CHS,
6.875%,
4/15/29 (5)
9,900
6,979
CHS,
8.00%,
12/15/27 (5)
24,945
24,197
DaVita,
4.625%,
6/1/30 (5)
25,160
20,757
IQVIA,
5.00%,
10/15/26 (5)
2,900
2,770
Medline
Borrower,
5.25%,
10/1/29 (5)
24,205
19,969
Minerva
Merger
Sub,
6.50%,
2/15/30 (5)
33,940
26,728
Molina
Healthcare,
4.375%,
6/15/28 (5)
14,875
13,387
Organon,
5.125%,
4/30/31 (5)
19,215
16,381
Radiology
Partners,
9.25%,
2/1/28 (5)
10,888
6,642
Select
Medical,
6.25%,
8/15/26 (5)
20,080
19,176
Tenet
Healthcare,
4.375%,
1/15/30
18,735
16,393
Tenet
Healthcare,
6.125%,
10/1/28
45,700
42,044
Tenet
Healthcare,
6.125%,
6/15/30 (5)
20,178
19,169
Tenet
Healthcare,
6.875%,
11/15/31
10,830
9,964
Teva
Pharmaceutical
Finance
Netherlands
III,
4.75%,
5/9/27
14,880
13,355
Teva
Pharmaceutical
Finance
Netherlands
III,
5.125%,
5/9/29
33,400
29,392
T.
ROWE
PRICE
High
Yield
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
‡
Teva
Pharmaceutical
Finance
Netherlands
III,
6.75%,
3/1/28
24,880
24,009
Teva
Pharmaceutical
Finance
Netherlands
III,
7.125%,
1/31/25
14,510
14,691
441,488
Information
Technology
4.4%
Boxer
Parent,
7.125%,
10/2/25 (5)
8,905
8,827
Boxer
Parent,
9.125%,
3/1/26 (5)
10,800
10,530
Central
Parent,
7.25%,
6/15/29 (5)
51,005
49,730
Cloud
Software
Group
Holdings,
6.50%,
3/31/29 (5)
14,085
12,219
Entegris
Escrow,
5.95%,
6/15/30 (5)
68,145
63,460
Gen
Digital,
6.75%,
9/30/27 (5)
21,335
20,908
Gen
Digital,
7.125%,
9/30/30 (5)
18,002
17,552
Go
Daddy
Operating,
5.25%,
12/1/27 (5)
7,220
6,832
Match
Group
Holdings
II,
3.625%,
10/1/31 (5)
13,540
10,646
Match
Group
Holdings
II,
4.125%,
8/1/30 (5)
24,050
19,961
Match
Group
Holdings
II,
4.625%,
6/1/28 (5)
8,145
7,249
Match
Group
Holdings
II,
5.00%,
12/15/27 (5)
8,265
7,697
Match
Group
Holdings
II,
5.625%,
2/15/29 (5)
7,940
7,285
McAfee,
7.375%,
2/15/30 (5)
16,590
13,085
ROBLOX,
3.875%,
5/1/30 (5)
12,490
10,242
Twilio,
3.875%,
3/15/31
13,350
10,914
Viavi
Solutions,
3.75%,
10/1/29 (5)
6,480
5,411
ZipRecruiter,
5.00%,
1/15/30 (5)
7,990
6,711
ZoomInfo
Technologies,
3.875%,
2/1/29 (5)
15,027
12,510
301,769
Lodging
0.7%
Hilton
Domestic
Operating,
4.00%,
5/1/31 (5)
16,975
14,450
Park
Intermediate
Holdings,
4.875%,
5/15/29 (5)
10,160
8,483
Park
Intermediate
Holdings,
5.875%,
10/1/28 (5)
8,775
7,810
RHP
Hotel
Properties,
4.50%,
2/15/29 (5)
16,525
14,377
45,120
Manufacturing
1.3%
Gates
Global,
6.25%,
1/15/26 (5)
11,705
11,412
Hillenbrand,
3.75%,
3/1/31
9,145
7,407
Hillenbrand,
5.00%,
9/15/26
430
409
Madison
IAQ,
4.125%,
6/30/28 (5)
19,445
16,528
Madison
IAQ,
5.875%,
6/30/29 (5)
11,160
8,872
Mueller
Water
Products,
4.00%,
6/15/29 (5)
17,000
14,875
Sensata
Technologies,
4.00%,
4/15/29 (5)
15,515
13,634
Sensata
Technologies,
5.875%,
9/1/30 (5)
11,945
11,378
Stevens
Holding,
6.125%,
10/1/26 (5)
7,140
7,247
91,762
Metals
&
Mining
2.1%
Alcoa
Nederland
Holding,
6.125%,
5/15/28 (5)
11,935
11,726
Arconic,
6.125%,
2/15/28 (5)
20,499
20,166
ATI,
5.125%,
10/1/31
7,935
6,983
T.
ROWE
PRICE
High
Yield
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
‡
Big
River
Steel,
6.625%,
1/31/29 (5)
19,532
19,044
ERO
Copper,
6.50%,
2/15/30 (5)
8,400
7,084
FMG
Resources,
4.50%,
9/15/27 (5)
12,295
11,311
FMG
Resources,
5.875%,
4/15/30 (5)
12,210
11,447
Hecla
Mining,
7.25%,
2/15/28
29,735
28,917
Hudbay
Minerals,
6.125%,
4/1/29 (5)
15,290
13,514
Novelis,
4.75%,
1/30/30 (5)
18,235
15,956
146,148
Other
Telecommunications
0.2%
Embarq,
7.995%,
6/1/36
10,315
4,384
Level
3
Financing,
3.75%,
7/15/29 (5)
12,780
8,003
12,387
Real
Estate
Investment
Trust
Securities
0.8%
Necessity
Retail,
4.50%,
9/30/28 (5)
25,045
19,754
Service
Properties
Trust,
4.35%,
10/1/24
17,635
16,886
Service
Properties
Trust,
7.50%,
9/15/25
15,380
15,226
51,866
Restaurants
1.0%
Dave
&
Buster's,
7.625%,
11/1/25 (5)
15,674
15,870
Yum!
Brands,
5.35%,
11/1/43
19,590
16,456
Yum!
Brands,
5.375%,
4/1/32
15,620
14,487
Yum!
Brands,
6.875%,
11/15/37
17,960
18,678
65,491
Retail
1.5%
At
Home
Group,
4.875%,
7/15/28 (5)
6,210
4,580
At
Home
Group,
7.125%,
7/15/29 (5)
8,250
5,156
Bath
&
Body
Works,
6.625%,
10/1/30 (5)
26,510
25,118
Bath
&
Body
Works,
6.694%,
1/15/27
1,620
1,604
Bath
&
Body
Works,
6.95%,
3/1/33
7,052
6,135
Bath
&
Body
Works,
7.50%,
6/15/29
9,820
9,845
Bath
&
Body
Works,
9.375%,
7/1/25 (5)
7,301
7,721
Linens
'n
Things,
8.338%,
4/30/23 (3)(4)
9,800
—
LSF9
Atlantis
Holdings,
7.75%,
2/15/26 (5)
16,405
14,354
PetSmart,
4.75%,
2/15/28 (5)
3,320
3,038
PetSmart,
7.75%,
2/15/29 (5)
25,505
24,804
QVC,
4.45%,
2/15/25
658
531
102,886
Satellites
1.5%
Connect
Finco,
6.75%,
10/1/26 (5)
20,000
18,600
Hughes
Satellite
Systems,
6.625%,
8/1/26
28,605
27,318
Intelsat
Jackson
Holdings,
6.50%,
3/15/30 (5)
11,350
9,875
Maxar
Technologies,
7.75%,
6/15/27 (5)
22,000
23,017
Telesat
Canada,
6.50%,
10/15/27 (5)
11,445
3,433
Viasat,
5.625%,
4/15/27 (5)
24,365
22,233
104,476
T.
ROWE
PRICE
High
Yield
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
‡
Services
6.6%
Adtalem
Global
Education,
5.50%,
3/1/28 (5)
12,012
11,051
Advantage
Sales
&
Marketing,
6.50%,
11/15/28 (5)
12,485
9,520
Albion
Financing
1,
6.125%,
10/15/26 (5)
16,845
15,076
Albion
Financing
2,
8.75%,
4/15/27 (5)
7,065
6,014
Allied
Universal
Holdco,
6.00%,
6/1/29 (5)
12,370
9,216
Allied
Universal
Holdco,
9.75%,
7/15/27 (5)
33,680
30,859
Clarivate
Science
Holdings,
4.875%,
7/1/29 (5)
11,855
10,195
eG
Global
Finance,
6.25%,
10/30/25
(EUR)
730
682
eG
Global
Finance,
6.75%,
2/7/25 (5)
22,069
19,862
eG
Global
Finance,
8.50%,
10/30/25 (5)
15,759
13,947
Fair
Isaac,
4.00%,
6/15/28 (5)
19,945
18,075
Fair
Isaac,
5.25%,
5/15/26 (5)
19,800
19,305
Gartner,
3.625%,
6/15/29 (5)
27,715
23,904
Gartner,
4.50%,
7/1/28 (5)
5,740
5,267
GFL
Environmental,
4.75%,
6/15/29 (5)
32,070
28,583
H&E
Equipment
Services,
3.875%,
12/15/28 (5)
34,955
30,061
IPD
3,
5.50%,
12/1/25
(EUR) (5)
3,355
3,458
MSCI,
3.25%,
8/15/33 (5)
21,665
17,088
MSCI,
4.00%,
11/15/29 (5)
11,540
10,199
Presidio
Holdings,
8.25%,
2/1/28 (5)
19,285
18,393
Prime
Security
Services
Borrower,
5.75%,
4/15/26 (5)
12,180
11,784
Prime
Security
Services
Borrower,
6.25%,
1/15/28 (5)
18,475
17,113
Sabre
GLBL,
7.375%,
9/1/25 (5)
11,250
10,519
Sabre
GLBL,
9.25%,
4/15/25 (5)
7,385
7,265
Sabre
GLBL,
11.25%,
12/15/27 (5)
6,080
6,057
Staples,
7.50%,
4/15/26 (5)
26,818
23,868
Staples,
10.75%,
4/15/27 (5)
8,333
6,333
TK
Elevator
Holdco,
7.625%,
7/15/28 (5)
25,260
23,176
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27 (5)
33,230
30,073
United
Rentals
North
America,
3.75%,
1/15/32
5,125
4,292
United
Rentals
North
America,
3.875%,
2/15/31
15,500
13,291
Verde
Bidco,
4.625%,
10/1/26
(EUR) (5)
2,135
2,050
456,576
Supermarkets
0.6%
Albertsons,
4.875%,
2/15/30 (5)
12,940
11,613
Iceland
Bondco,
4.625%,
3/15/25
(GBP)
13,935
14,902
New
Albertsons,
7.45%,
8/1/29
4,195
4,279
United
Natural
Foods,
6.75%,
10/15/28 (5)
11,785
11,166
41,960
Transportation
0.3%
Watco,
6.50%,
6/15/27 (5)
19,440
17,788
17,788
Utilities
4.1%
Calpine,
4.50%,
2/15/28 (5)
8,260
7,434
T.
ROWE
PRICE
High
Yield
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
‡
Calpine,
5.00%,
2/1/31 (5)
17,725
14,579
Calpine,
5.125%,
3/15/28 (5)
24,635
21,864
NextEra
Energy
Operating
Partners,
4.25%,
9/15/24 (5)
1,458
1,367
NextEra
Energy
Operating
Partners,
4.50%,
9/15/27 (5)
7,425
6,775
NiSource,
VR,
5.65% (6)(8)
12,860
12,506
Pattern
Energy
Operations,
4.50%,
8/15/28 (5)
3,515
3,128
PG&E,
5.00%,
7/1/28
28,447
25,887
PG&E,
5.25%,
7/1/30
30,655
27,475
Pike,
5.50%,
9/1/28 (5)
13,733
11,896
Terraform
Global
Operating,
6.125%,
3/1/26 (5)
19,029
18,173
TerraForm
Power
Operating,
5.00%,
1/31/28 (5)
14,455
13,262
TransAlta,
7.75%,
11/15/29
5,070
5,171
Vistra,
VR,
7.00% (5)(6)(8)
32,335
30,233
Vistra,
VR,
8.00% (5)(6)(8)
41,780
40,318
Vistra
Operations,
4.375%,
5/1/29 (5)
46,345
39,973
280,041
Wireless
Communications
0.3%
Iliad
Holding
SASU,
6.50%,
10/15/26 (5)
25,855
24,174
24,174
Total
Corporate
Bonds
(Cost
$6,807,065)
6,168,128
MUNICIPAL
SECURITIES
0.3%
Puerto
Rico
0.3%
Puerto
Rico
Commonwealth,
GO,VR,
11/1/43 (9)
47,349
20,360
Total
Municipal
Securities
(Cost
$25,502)
20,360
SHORT-TERM
INVESTMENTS
0.9%
Money
Market
Funds
0.8%
T.
Rowe
Price
Government
Reserve
Fund,
4.60% (10)(11)
53,807
53,807
53,807
T.
ROWE
PRICE
High
Yield
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
‡
U.S.
Treasury
Obligations
0.1%
U.S.
Treasury
Bills,
3.70%,
3/23/23 (12)
9,580
9,554
9,554
Total
Short-Term
Investments
(Cost
$63,366)
63,361
Total
Investments
in
Securities
98.6%
(Cost
$7,455,021)
$
6,787,409
Other
Assets
Less
Liabilities
1.4%
93,243
Net
Assets
100.0%
$
6,880,652
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Bank
loan
positions
may
involve
multiple
underlying
tranches.
In
those
instances,
the
position
presented
reflects
the
aggregate
of
those
respective
underlying
tranches
and
the
rate
presented
reflects
the
weighted
average
rate
of
the
settled
positions.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
February
28,
2023.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
Level
3
in
fair
value
hierarchy.
(4)
Non-income
producing
(5)
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
$4,845,916
and
represents
70.4%
of
net
assets.
(6)
Perpetual
security
with
no
stated
maturity
date.
(7)
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
$8,504
and
represents
0.1%
of
net
assets.
(8)
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.
(9)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(10)
Seven-day
yield
(11)
Affiliated
Companies
(12)
At
February
28,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
T.
ROWE
PRICE
High
Yield
Fund
15
.
.
.
.
.
.
.
.
.
.
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
6M
USD
LIBOR
Six
month
USD
LIBOR
(London
interbank
offered
rate)
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
OTC
Over-the-counter
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
High
Yield
Fund
16
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
Credit
Default
Protection
Bought
(Relevant
Credit:
Markit
CDX.
NA.HY-S39,
5
Year
Index,
12/20/27),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
4/19/23
@
0.93%*
1
120,125
(160)
Total
Options
Written
(Premiums
$(192))
$
(160)
*
Exercise
Spread
T.
ROWE
PRICE
High
Yield
Fund
17
(Amounts
in
000s)
SWAPS
(0.0)%
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
(0.0)%
Credit
Default
Swaps,
Protection
Sold
(0.0)%
Protection
Sold
(Relevant
Credit:
CHS/
Community
Health
Systems,
Caa3*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/26
*
8,875
(2,399)
(355)
(2,044)
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S39,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
*
34,500
844
896
(52)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(2,096)
Total
Centrally
Cleared
Swaps
(2,096)
Net
payments
(receipts)
of
variation
margin
to
date
2,059
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(37)
*
Credit
ratings
as
of
February
28,
2023.
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
$316.
T.
ROWE
PRICE
High
Yield
Fund
18
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
5/19/23
USD
16,162
EUR
15,051
$
169
Deutsche
Bank
4/21/23
USD
18,464
GBP
15,034
362
RBC
Dominion
Securities
4/21/23
USD
1,013
GBP
821
25
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
556
T.
ROWE
PRICE
High
Yield
Fund
19
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
February
28,
2023.
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,
4.60%
$
—
$
—
$
1,649++
Totals
$
—#
$
—
$
1,649+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/22
Purchase
Cost
Sales
Cost
Value
02/28/23
T.
Rowe
Price
Government
Reserve
Fund,
4.60%
$
99,841
¤
¤
$
53,807
Total
$
53,807^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$1,649
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
$53,807.
T.
ROWE
PRICE
High
Yield
Fund
Unaudited
Notes
to
Portfolio
of
Investments
20
T.
Rowe
Price
High
Yield
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The 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
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
High
Yield
Fund
21
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
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
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
T.
ROWE
PRICE
High
Yield
Fund
22
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations 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
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
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
February
28,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
T.
ROWE
PRICE
High
Yield
Fund
23
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Bank
Loans
$
—
$
396,156
$
6,272
$
402,428
Common
Stocks
37,005
—
—
37,005
Fixed
Income
Securities
1
—
25,992
—
25,992
Convertible
Preferred
Stocks
—
90,495
—
90,495
Corporate
Bonds
—
6,168,128
—
6,168,128
Short-Term
Investments
53,807
9,554
—
63,361
Total
Securities
90,812
6,690,325
6,272
6,787,409
Forward
Currency
Exchange
Contracts
—
556
—
556
Total
$
90,812
$
6,690,881
$
6,272
$
6,787,965
Liabilities
Options
Written
$
—
$
160
$
—
$
160
Swaps*
—
2,096
—
2,096
Total
$
—
$
2,256
$
—
$
2,256
1
Includes
Convertible
Bonds
and
Municipal
Securities.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
High
Yield
Fund
24
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F57-054Q3
02/23