T.
ROWE
PRICE
High
Yield
Fund
August
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
BANK
LOANS
4.6%
(1)
Airlines
0.2%
Mileage
Plus
Holdings,
FRN,
3M
TSFR
+
5.25%,
10.764%,
6/21/27
13,252
13,805
13,805
Automotive
0.2%
Wand
NewCo
3,
FRN,
1M
TSFR
+
2.75%,
8.181%,
2/5/26
14,384
14,354
14,354
Broadcasting
0.1%
Diamond
Sports
Group,
FRN,
1M
TSFR
+
8.00%,
13.431%,
5/25/26
5,496
3,435
Nielsen
Holdings,
FRN,
3M
TSFR
+
9.75%,
15.148%,
10/11/29 (2)
(3)
6,400
6,272
9,707
Energy
0.2%
Prairie
ECI
Acquiror,
FRN,
1M
TSFR
+
4.75%,
10.181%,
3/11/26
10,070
10,038
10,038
Information
Technology
0.4%
Boxer
Parent,
FRN,
1M
TSFR
+
5.50%,
10.946%,
2/27/26
10,925
10,781
RealPage,
FRN,
1M
TSFR
+
6.50%,
11.946%,
4/23/29
15,551
15,564
26,345
Services
1.7%
Ascend
Learning,
FRN,
1M
TSFR
+
5.75%,
11.181%,
12/10/29
31,260
26,662
CoreLogic,
FRN,
1M
TSFR
+
6.50%,
11.946%,
6/4/29
2,146
1,790
UKG,
FRN,
3M
TSFR
+
3.25%,
8.618%,
5/4/26
28,200
28,167
UKG,
FRN,
3M
TSFR
+
5.25%,
10.618%,
5/3/27
66,960
66,494
123,113
Wireless
Communications
1.8%
Asurion,
FRN,
1M
TSFR
+
5.25%,
10.696%,
1/31/28
69,714
62,241
Asurion,
FRN,
1M
TSFR
+
5.25%,
10.696%,
1/20/29
75,225
65,760
128,001
Total
Bank
Loans
(Cost
$346,709)
325,363
COMMON
STOCKS
1.0%
Gaming
0.0%
New
Cotai
Participation,
Class
B (2)(3)(4)
—
—
—
Health
Care
0.5%
Avantor (3)
817
17,692
Becton
Dickinson
&
Company
57
16,016
33,708
T.
ROWE
PRICE
High
Yield
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
‡
Information
Technology
0.1%
TE
Connectivity
54
7,189
7,189
Manufacturing
0.2%
Danaher
53
13,982
13,982
Metals
&
Mining
0.2%
Constellium (3)
928
16,712
16,712
Total
Common
Stocks
(Cost
$58,838)
71,591
CONVERTIBLE
BONDS
0.2%
Automotive
0.1%
Rivian
Automotive,
4.625%,
3/15/29 (4)
6,910
9,615
9,615
Cable
Operators
0.1%
DISH
Network,
3.375%,
8/15/26
8,735
5,317
5,317
Total
Convertible
Bonds
(Cost
$14,745)
14,932
CONVERTIBLE
PREFERRED
STOCKS
0.4%
Energy
0.3%
NuStar
Energy,
VR,
10.75% (4)(5)
608
19,539
19,539
Forest
Products
0.0%
Smurfit-Stone
Container,
Series A,
EC,
7.00%,
2/15/27 (2)(3)
47
—
—
Insurance
0.1%
Alliant
Services,
Series A,
Acquisition
Date:
11/6/20,
Cost $8,963 (2)(3)(6)
9
8,757
8,757
Total
Convertible
Preferred
Stocks
(Cost
$24,704)
28,296
CORPORATE
BONDS
91.1%
Aerospace
&
Defense
1.8%
TransDigm,
5.50%,
11/15/27
14,435
13,677
TransDigm,
6.25%,
3/15/26 (4)
49,085
48,533
TransDigm,
6.75%,
8/15/28 (4)
19,570
19,643
TransDigm,
6.875%,
12/15/30 (4)
43,375
43,700
T.
ROWE
PRICE
High
Yield
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
‡
TransDigm,
7.50%,
3/15/27
7,000
7,009
132,562
Airlines
2.2%
American
Airlines,
5.50%,
4/20/26 (4)
29,970
29,408
American
Airlines,
5.75%,
4/20/29 (4)
27,295
26,033
American
Airlines,
11.75%,
7/15/25 (4)
39,467
43,167
Delta
Air
Lines,
7.375%,
1/15/26
19,150
19,653
Mileage
Plus
Holdings,
6.50%,
6/20/27 (4)
20,176
20,100
United
Airlines,
4.625%,
4/15/29 (4)
20,425
18,153
156,514
Automotive
6.8%
Adient
Global
Holdings,
8.25%,
4/15/31 (4)(7)
20,590
21,053
Benteler
International,
10.50%,
5/15/28 (4)
6,870
6,887
Clarios
Global,
6.75%,
5/15/28 (4)
2,927
2,920
Clarios
Global,
8.50%,
5/15/27 (4)(7)
34,610
34,697
Dana,
4.25%,
9/1/30
1,980
1,624
Dana,
5.625%,
6/15/28
37,970
35,502
Dana
Financing
Luxembourg,
8.50%,
7/15/31
(EUR) (4)
14,175
15,753
Dornoch
Debt
Merger
Sub,
6.625%,
10/15/29 (4)(7)
6,574
5,654
Ford
Motor,
6.10%,
8/19/32 (7)
65,755
62,236
Ford
Motor,
7.45%,
7/16/31 (7)
1,725
1,807
Ford
Motor,
9.625%,
4/22/30
12,640
14,566
Ford
Motor
Credit,
4.95%,
5/28/27
17,635
16,536
Ford
Motor
Credit,
7.35%,
11/4/27
22,265
22,605
Ford
Motor
Credit,
7.35%,
3/6/30
15,470
15,702
Goodyear
Tire
&
Rubber,
5.00%,
7/15/29 (7)
8,185
7,264
Goodyear
Tire
&
Rubber,
5.25%,
4/30/31 (7)
17,000
14,790
Goodyear
Tire
&
Rubber,
5.25%,
7/15/31 (7)
27,450
23,607
Goodyear
Tire
&
Rubber,
5.625%,
4/30/33
19,830
16,905
Jaguar
Land
Rover
Automotive,
5.875%,
1/15/28 (4)
8,600
7,891
Jaguar
Land
Rover
Automotive,
7.75%,
10/15/25 (4)
9,154
9,166
LCM
Investments
Holdings
II,
4.875%,
5/1/29 (4)
14,475
12,485
Metis
Merger
Sub,
6.50%,
5/15/29 (4)
19,656
16,953
Rivian
Holdings,
FRN,
6M
USD
LIBOR
+
5.625%,
10.931%,
10/15/26 (4)
95,790
95,790
Tenneco,
8.00%,
11/17/28 (4)
17,000
13,961
ZF
North
America
Capital,
6.875%,
4/14/28 (4)
4,420
4,403
ZF
North
America
Capital,
7.125%,
4/14/30 (4)
5,865
5,894
486,651
Broadcasting
5.0%
Clear
Channel
Outdoor
Holdings,
7.50%,
6/1/29 (4)(7)
14,825
10,971
Clear
Channel
Outdoor
Holdings,
7.75%,
4/15/28 (4)(7)
28,775
22,229
Clear
Channel
Outdoor
Holdings,
9.00%,
9/15/28 (4)
21,380
21,487
CMG
Media,
8.875%,
12/15/27 (4)
30,270
23,686
Gray
Escrow
II,
5.375%,
11/15/31 (4)
22,685
15,766
iHeartCommunications,
5.25%,
8/15/27 (4)
11,152
8,796
T.
ROWE
PRICE
High
Yield
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
iHeartCommunications,
8.375%,
5/1/27 (7)
59,826
41,280
Lamar
Media,
4.00%,
2/15/30
1,966
1,720
Lamar
Media,
4.875%,
1/15/29
17,994
16,779
Neptune
Bidco
U.S.,
9.29%,
4/15/29 (4)
21,125
19,646
Outfront
Media
Capital,
4.25%,
1/15/29 (4)
3,940
3,251
Scripps
Escrow,
5.875%,
7/15/27 (4)
12,285
9,889
Sirius
XM
Radio,
4.00%,
7/15/28 (4)
32,360
27,911
Sirius
XM
Radio,
4.125%,
7/1/30 (4)
31,305
25,435
Sirius
XM
Radio,
5.00%,
8/1/27 (4)
15,135
13,962
Stagwell
Global,
5.625%,
8/15/29 (4)
42,175
35,216
Townsquare
Media,
6.875%,
2/1/26 (4)(7)
17,445
16,791
Univision
Communications,
6.625%,
6/1/27 (4)(7)
18,830
18,171
Univision
Communications,
7.375%,
6/30/30 (4)
15,625
15,117
Univision
Communications,
8.00%,
8/15/28 (4)
11,690
11,661
359,764
Building
&
Real
Estate
1.0%
Brookfield
Residential
Properties,
6.25%,
9/15/27 (4)
8,075
7,389
Castle
U.K.
Finco,
7.00%,
5/15/29
(GBP) (4)
4,675
4,579
Cushman
&
Wakefield
U.S.
Borrower,
6.75%,
5/15/28 (4)
19,725
18,689
Howard
Hughes,
4.125%,
2/1/29 (4)
17,145
14,145
Howard
Hughes,
4.375%,
2/1/31 (4)
9,185
7,325
Howard
Hughes,
5.375%,
8/1/28 (4)
19,485
17,634
69,761
Building
Products
1.4%
Advanced
Drainage
Systems,
6.375%,
6/15/30 (4)
5,590
5,527
Beacon
Roofing
Supply,
6.50%,
8/1/30 (4)
4,765
4,687
New
Enterprise
Stone
&
Lime,
5.25%,
7/15/28 (4)
16,005
14,765
PGT
Innovations,
4.375%,
10/1/29 (4)
10,880
10,078
Specialty
Building
Products
Holdings,
6.375%,
9/30/26 (4)
15,155
14,397
SRS
Distribution,
6.00%,
12/1/29 (4)
12,995
11,143
Summit
Materials,
5.25%,
1/15/29 (4)
24,640
23,008
Summit
Materials,
6.50%,
3/15/27 (4)
17,880
17,679
101,284
Cable
Operators
7.0%
Altice
Financing,
5.00%,
1/15/28 (4)
34,150
27,320
Altice
Financing,
5.75%,
8/15/29 (4)
21,665
17,007
Altice
France,
5.50%,
10/15/29 (4)
18,935
13,491
Altice
France
Holding,
6.00%,
2/15/28 (4)
62,220
27,221
Altice
France
Holding,
10.50%,
5/15/27 (4)
32,375
17,321
C&W
Senior
Financing,
6.875%,
9/15/27 (4)
21,285
19,775
CCO
Holdings,
4.50%,
8/15/30 (4)
21,590
18,136
CCO
Holdings,
4.50%,
6/1/33 (4)
29,195
22,991
CCO
Holdings,
5.375%,
6/1/29 (4)
7,733
7,037
CCO
Holdings,
6.375%,
9/1/29 (4)
74,500
70,589
CCO
Holdings,
7.375%,
3/1/31 (4)
36,835
36,559
T.
ROWE
PRICE
High
Yield
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
CSC
Holdings,
5.75%,
1/15/30 (4)
20,960
11,528
CSC
Holdings,
6.50%,
2/1/29 (4)
34,835
28,652
CSC
Holdings,
7.50%,
4/1/28 (4)
24,805
15,627
DIRECTV
Financing,
5.875%,
8/15/27 (4)
12,670
11,245
DISH
DBS,
5.125%,
6/1/29
6,659
3,587
DISH
DBS,
5.25%,
12/1/26 (4)
11,695
9,882
DISH
DBS,
5.75%,
12/1/28 (4)
16,650
12,945
DISH
DBS,
7.375%,
7/1/28
12,155
7,597
DISH
DBS,
7.75%,
7/1/26
25,315
18,923
DISH
Network,
11.75%,
11/15/27 (4)
26,755
27,156
GCI,
4.75%,
10/15/28 (4)
16,575
14,337
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (4)
4,977
4,685
Radiate
Holdco,
6.50%,
9/15/28 (4)
15,550
8,436
Vmed
O2
U.K.
Financing
I,
4.75%,
7/15/31 (4)
59,140
48,864
500,911
Chemicals
2.1%
Avient,
7.125%,
8/1/30 (4)
16,805
16,742
Celanese
U.S.
Holdings,
6.55%,
11/15/30
6,785
6,785
Celanese
U.S.
Holdings,
6.70%,
11/15/33
8,450
8,492
Compass
Minerals
International,
6.75%,
12/1/27 (4)
2,765
2,675
CVR
Partners,
6.125%,
6/15/28 (4)
23,275
20,773
GPD,
10.125%,
4/1/26 (4)
21,890
20,358
Methanex,
5.125%,
10/15/27
8,088
7,582
Methanex,
5.25%,
12/15/29
7,440
6,752
Methanex,
5.65%,
12/1/44
6,149
5,034
Tronox,
4.625%,
3/15/29 (4)
12,575
10,312
Windsor
Holdings
III,
8.50%,
6/15/30 (4)
24,005
24,125
WR
Grace
Holdings,
5.625%,
8/15/29 (4)
21,150
17,845
147,475
Consumer
Products
0.6%
Kontoor
Brands,
4.125%,
11/15/29 (4)
8,920
7,560
Life
Time,
5.75%,
1/15/26 (4)
14,956
14,545
Life
Time,
8.00%,
4/15/26 (4)(7)
11,945
11,870
Wolverine
World
Wide,
4.00%,
8/15/29 (4)
17,155
12,845
46,820
Container
1.6%
Ardagh
Metal
Packaging
Finance
USA,
4.00%,
9/1/29 (4)(7)
27,180
21,982
Ardagh
Metal
Packaging
Finance
USA,
6.00%,
6/15/27 (4)
14,395
13,999
Ball,
6.00%,
6/15/29
27,675
27,225
Ball,
6.875%,
3/15/28
23,845
24,203
Sealed
Air,
5.00%,
4/15/29 (4)
6,720
6,224
Sealed
Air,
6.125%,
2/1/28 (4)
7,795
7,629
Sealed
Air,
6.875%,
7/15/33 (4)
7,000
7,018
Trident
TPI
Holdings,
12.75%,
12/31/28 (4)
4,600
4,784
113,064
T.
ROWE
PRICE
High
Yield
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
‡
Energy
12.2%
Aethon
United
BR,
8.25%,
2/15/26 (4)
20,266
20,342
AmeriGas
Partners,
5.50%,
5/20/25
5,010
4,916
AmeriGas
Partners,
9.375%,
6/1/28 (4)
5,340
5,460
Antero
Resources,
7.625%,
2/1/29 (4)
3,402
3,462
Archrock
Partners,
6.875%,
4/1/27 (4)
7,035
6,894
Chesapeake
Energy,
6.75%,
4/15/29 (4)
31,105
30,794
CITGO
Petroleum,
7.00%,
6/15/25 (4)
22,285
22,062
Civitas
Resources,
8.375%,
7/1/28 (4)
7,140
7,336
Civitas
Resources,
8.75%,
7/1/31 (4)
10,700
11,061
Comstock
Resources,
5.875%,
1/15/30 (4)
14,255
12,544
Comstock
Resources,
6.75%,
3/1/29 (4)
9,155
8,537
Crescent
Energy
Finance,
7.25%,
5/1/26 (4)
30,380
29,924
Crescent
Energy
Finance,
9.25%,
2/15/28 (4)
13,225
13,473
Crestwood
Midstream
Partners,
6.00%,
2/1/29 (4)
6,010
5,845
Crestwood
Midstream
Partners,
7.375%,
2/1/31 (4)
13,848
14,229
DCP
Midstream
Operating,
6.75%,
9/15/37 (4)
17,875
18,813
DCP
Midstream
Operating,
8.125%,
8/16/30
8,515
9,633
Endeavor
Energy
Resources,
5.75%,
1/30/28 (4)
14,198
13,808
Ferrellgas,
5.375%,
4/1/26 (4)
16,640
15,600
Ferrellgas,
5.875%,
4/1/29 (4)
17,310
15,190
Gulfport
Energy,
8.00%,
5/17/26 (4)
11,970
12,120
Hilcorp
Energy
I,
5.75%,
2/1/29 (4)
8,357
7,772
Hilcorp
Energy
I,
6.00%,
4/15/30 (4)
5,865
5,418
Hilcorp
Energy
I,
6.00%,
2/1/31 (4)
10,390
9,507
Hilcorp
Energy
I,
6.25%,
4/15/32 (4)
11,395
10,426
Kinetik
Holdings,
5.875%,
6/15/30 (4)
37,200
35,854
Magnolia
Oil
&
Gas
Operating,
6.00%,
8/1/26 (4)
41,585
40,337
NGL
Energy
Operating,
7.50%,
2/1/26 (4)
35,531
35,309
Northriver
Midstream
Finance,
5.625%,
2/15/26 (4)
11,205
10,715
NuStar
Logistics,
5.625%,
4/28/27
11,880
11,494
NuStar
Logistics,
5.75%,
10/1/25
11,428
11,199
Occidental
Petroleum,
6.20%,
3/15/40
26,120
25,794
Occidental
Petroleum,
6.45%,
9/15/36
2,310
2,359
Occidental
Petroleum,
7.50%,
5/1/31
7,500
8,138
Occidental
Petroleum,
7.875%,
9/15/31
4,847
5,374
Occidental
Petroleum,
7.95%,
6/15/39
19,810
22,187
Occidental
Petroleum,
8.875%,
7/15/30
32,395
37,133
Petroleos
Mexicanos,
6.625%,
6/15/35
17,600
12,156
Range
Resources,
4.75%,
2/15/30 (4)
7,205
6,485
Range
Resources,
8.25%,
1/15/29
5,870
6,061
Rockcliff
Energy
II,
5.50%,
10/15/29 (4)
8,625
7,913
Seadrill
Finance,
8.375%,
8/1/30 (4)
19,009
19,484
Seadrill
Finance,
8.375%,
8/1/30 (4)
350
354
Solaris
Midstream
Holdings,
7.625%,
4/1/26 (4)
8,490
8,320
T.
ROWE
PRICE
High
Yield
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
‡
Southwestern
Energy,
4.75%,
2/1/32
39,910
35,320
Southwestern
Energy,
5.375%,
3/15/30
12,685
11,829
Tallgrass
Energy
Partners,
5.50%,
1/15/28 (4)
7,230
6,652
Tallgrass
Energy
Partners,
6.00%,
3/1/27 (4)
9,025
8,619
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (4)
15,270
13,628
Tallgrass
Energy
Partners,
6.00%,
9/1/31 (4)
17,225
15,201
Tallgrass
Energy
Partners,
7.50%,
10/1/25 (4)
10,935
10,935
Transocean,
8.75%,
2/15/30 (4)
14,792
15,199
Transocean,
11.50%,
1/30/27 (4)
529
557
Valaris,
8.375%,
4/30/30 (4)
10,905
11,109
Venture
Global
Calcasieu
Pass,
6.25%,
1/15/30 (4)
35,555
34,533
Venture
Global
LNG,
8.125%,
6/1/28 (4)
17,610
17,742
Venture
Global
LNG,
8.375%,
6/1/31 (4)
55,270
55,615
Vermilion
Energy,
6.875%,
5/1/30 (4)(7)
15,500
14,667
873,438
Entertainment
&
Leisure
5.0%
Carnival,
6.00%,
5/1/29 (4)
1,210
1,092
Carnival,
7.00%,
8/15/29 (4)
9,545
9,676
Carnival,
7.625%,
3/1/26 (4)(7)
46,490
46,258
Carnival,
9.875%,
8/1/27 (4)
6,780
7,144
Carnival,
10.50%,
6/1/30 (4)
27,185
28,918
CDI
Escrow
Issuer,
5.75%,
4/1/30 (4)
24,475
22,762
Cedar
Fair,
5.25%,
7/15/29 (7)
8,370
7,512
Cinemark
USA,
5.25%,
7/15/28 (4)(7)
42,805
37,882
Live
Nation
Entertainment,
4.75%,
10/15/27 (4)(7)
15,880
14,788
Motion
Finco,
7.375%,
6/15/30
(EUR) (4)
9,745
10,481
NCL,
5.875%,
3/15/26 (4)
19,710
18,527
NCL,
5.875%,
2/15/27 (4)
9,150
8,853
NCL,
7.75%,
2/15/29 (4)
8,615
8,163
NCL
Finance,
6.125%,
3/15/28 (4)
5,740
5,173
Royal
Caribbean
Cruises,
5.375%,
7/15/27 (4)
14,720
13,837
Royal
Caribbean
Cruises,
5.50%,
4/1/28 (4)
12,378
11,574
Royal
Caribbean
Cruises,
8.25%,
1/15/29 (4)
13,750
14,334
Royal
Caribbean
Cruises,
9.25%,
1/15/29 (4)
16,740
17,807
Royal
Caribbean
Cruises,
11.625%,
8/15/27 (4)
15,285
16,623
SeaWorld
Parks
&
Entertainment,
5.25%,
8/15/29 (4)(7)
26,145
23,465
Six
Flags
Entertainment,
5.50%,
4/15/27 (4)(7)
18,435
17,329
Six
Flags
Entertainment,
7.25%,
5/15/31 (4)(7)
13,595
13,034
355,232
Financial
8.6%
Acrisure,
7.00%,
11/15/25 (4)
22,025
21,254
Acrisure,
10.125%,
8/1/26 (4)
24,970
25,594
Alliant
Holdings
Intermediate,
5.875%,
11/1/29 (4)
8,595
7,542
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (4)
35,727
33,628
AmWINS
Group,
4.875%,
6/30/29 (4)
7,895
7,076
T.
ROWE
PRICE
High
Yield
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
‡
Apollo
Commercial
Real
Estate
Finance,
4.625%,
6/15/29 (4)
18,060
14,177
Cobra
AcquisitionCo,
6.375%,
11/1/29 (4)
13,230
9,145
Enact
Holdings,
6.50%,
8/15/25 (4)
44,260
43,541
GTCR
AP
Finance,
8.00%,
5/15/27 (4)
19,525
19,330
HUB
International,
5.625%,
12/1/29 (4)
25,111
22,098
HUB
International,
7.00%,
5/1/26 (4)
19,230
19,158
HUB
International,
7.25%,
6/15/30 (4)
42,120
42,857
Icahn
Enterprises,
6.25%,
5/15/26
11,600
10,744
Jane
Street
Group,
4.50%,
11/15/29 (4)
13,465
11,799
Jones
Deslauriers
Insurance
Management,
8.50%,
3/15/30 (4)
27,555
28,106
LPL
Holdings,
4.00%,
3/15/29 (4)
13,290
11,845
LPL
Holdings,
4.375%,
5/15/31 (4)
2,150
1,895
Midcap
Financial
Issuer
Trust,
5.625%,
1/15/30 (4)
12,810
10,088
Midcap
Financial
Issuer
Trust,
6.50%,
5/1/28 (4)
24,890
22,121
Navient,
4.875%,
3/15/28 (7)
18,380
15,991
Navient,
5.00%,
3/15/27 (7)
12,240
11,138
Navient,
5.50%,
3/15/29 (7)
17,480
14,945
Navient,
6.75%,
6/15/26
12,250
12,036
Navient,
9.375%,
7/25/30
28,765
28,837
OneMain
Finance,
3.50%,
1/15/27
8,640
7,506
OneMain
Finance,
5.375%,
11/15/29
8,060
6,942
OneMain
Finance,
6.625%,
1/15/28 (7)
16,230
15,256
OneMain
Finance,
6.875%,
3/15/25
18,550
18,457
OneMain
Finance,
7.125%,
3/15/26
5,820
5,718
OneMain
Finance,
9.00%,
1/15/29
9,965
10,102
PennyMac
Financial
Services,
4.25%,
2/15/29 (4)
22,055
18,223
PennyMac
Financial
Services,
5.375%,
10/15/25 (4)
12,155
11,745
PROG
Holdings,
6.00%,
11/15/29 (4)
21,720
19,494
Ryan
Specialty,
4.375%,
2/1/30 (4)
6,195
5,529
SLM,
4.20%,
10/29/25
15,310
14,391
Starwood
Property
Trust,
4.375%,
1/15/27 (4)
12,225
10,880
United
Wholesale
Mortgage,
5.50%,
4/15/29 (4)
8,485
7,361
United
Wholesale
Mortgage,
5.75%,
6/15/27 (4)
17,485
16,086
612,635
Food
0.9%
B&G
Foods,
5.25%,
4/1/25
7,370
7,186
BellRing
Brands,
7.00%,
3/15/30 (4)(7)
16,625
16,625
Chobani,
7.50%,
4/15/25 (4)
13,750
13,733
Darling
Ingredients,
6.00%,
6/15/30 (4)
17,950
17,456
Triton
Water
Holdings,
6.25%,
4/1/29 (4)
8,657
7,358
62,358
Forest
Products
0.3%
Cascades,
5.375%,
1/15/28 (4)(7)
11,620
10,850
Graphic
Packaging
International,
3.75%,
2/1/30 (4)
9,685
8,257
19,107
T.
ROWE
PRICE
High
Yield
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
‡
Gaming
4.4%
Caesars
Entertainment,
7.00%,
2/15/30 (4)
14,270
14,306
Caesars
Entertainment,
8.125%,
7/1/27 (4)
50,295
50,986
Churchill
Downs,
6.75%,
5/1/31 (4)
14,940
14,604
Cirsa
Finance
International,
4.50%,
3/15/27
(EUR) (4)
7,505
7,478
Cirsa
Finance
International,
10.375%,
11/30/27
(EUR) (4)
2,580
3,018
International
Game
Technology,
4.125%,
4/15/26 (4)
6,700
6,348
International
Game
Technology,
5.25%,
1/15/29 (4)
25,335
23,783
International
Game
Technology,
6.25%,
1/15/27 (4)
17,023
16,831
Light
&
Wonder
International,
7.00%,
5/15/28 (4)
12,890
12,842
Light
&
Wonder
International,
7.25%,
11/15/29 (4)
36,995
37,087
Light
&
Wonder
International,
7.50%,
9/1/31 (4)
7,005
7,101
Lottomatica,
7.125%,
6/1/28
(EUR) (4)
3,325
3,693
MGM
Growth
Properties
Operating
Partnership,
3.875%,
2/15/29 (4)
12,700
10,716
MGM
Growth
Properties
Operating
Partnership,
5.75%,
2/1/27
8,690
8,484
Midwest
Gaming
Borrower,
4.875%,
5/1/29 (4)
13,340
11,589
Ontario
Gaming
GTA,
8.00%,
8/1/30 (4)
7,320
7,384
Playtika
Holding,
4.25%,
3/15/29 (4)
12,570
10,810
Scientific
Games
Holdings,
6.625%,
3/1/30 (4)
14,995
13,214
Wynn
Macau,
5.50%,
1/15/26 (4)
21,915
20,592
Wynn
Macau,
5.50%,
10/1/27 (4)
23,082
20,801
Wynn
Resorts
Finance,
5.125%,
10/1/29 (4)
10,965
9,759
Wynn
Resorts
Finance,
7.125%,
2/15/31 (4)
610
599
312,025
Health
Care
6.2%
AdaptHealth,
5.125%,
3/1/30 (4)
19,745
16,265
AthenaHealth
Group,
6.50%,
2/15/30 (4)
33,940
29,358
Avantor
Funding,
4.625%,
7/15/28 (4)
37,850
35,059
CHS,
5.25%,
5/15/30 (4)
21,825
17,133
CHS,
6.00%,
1/15/29 (4)
12,215
10,230
CHS,
6.125%,
4/1/30 (4)
31,730
18,086
CHS,
6.875%,
4/15/29 (4)
9,900
5,989
CHS,
8.00%,
12/15/27 (4)(7)
24,945
23,822
DaVita,
4.625%,
6/1/30 (4)
25,160
21,512
IQVIA,
6.50%,
5/15/30 (4)
7,175
7,229
Medline
Borrower,
5.25%,
10/1/29 (4)(7)
24,205
21,421
Molina
Healthcare,
4.375%,
6/15/28 (4)
14,875
13,629
Organon,
5.125%,
4/30/31 (4)
19,215
16,357
Select
Medical,
6.25%,
8/15/26 (4)
20,080
19,829
Tenet
Healthcare,
4.375%,
1/15/30
18,735
16,604
Tenet
Healthcare,
6.125%,
10/1/28
45,700
43,929
Tenet
Healthcare,
6.125%,
6/15/30
20,178
19,522
Tenet
Healthcare,
6.75%,
5/15/31 (4)
10,730
10,690
Tenet
Healthcare,
6.875%,
11/15/31
10,830
10,789
Teva
Pharmaceutical
Finance
Netherlands
III,
4.75%,
5/9/27
14,880
13,913
T.
ROWE
PRICE
High
Yield
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
‡
Teva
Pharmaceutical
Finance
Netherlands
III,
5.125%,
5/9/29
33,400
30,895
Teva
Pharmaceutical
Finance
Netherlands
III,
6.75%,
3/1/28
24,880
24,849
Teva
Pharmaceutical
Finance
Netherlands
III,
7.875%,
9/15/29
9,215
9,584
Teva
Pharmaceutical
Finance
Netherlands
III,
8.125%,
9/15/31
4,820
5,109
441,803
Information
Technology
5.2%
Boxer
Parent,
7.125%,
10/2/25 (4)
8,905
8,894
Boxer
Parent,
9.125%,
3/1/26 (4)
14,650
14,650
Capstone
Borrower,
8.00%,
6/15/30 (4)
21,410
21,062
Central
Parent,
7.25%,
6/15/29 (4)
51,005
50,176
Central
Parent,
8.00%,
6/15/29 (4)
13,585
13,704
Cloud
Software
Group,
6.50%,
3/31/29 (4)
27,515
24,557
Cloud
Software
Group,
9.00%,
9/30/29 (4)
31,370
27,959
Entegris
Escrow,
5.95%,
6/15/30 (4)
53,805
51,317
Gen
Digital,
6.75%,
9/30/27 (4)
21,335
21,308
Gen
Digital,
7.125%,
9/30/30 (4)(7)
18,002
18,069
Go
Daddy
Operating,
5.25%,
12/1/27 (4)
7,220
6,913
Match
Group
Holdings
II,
3.625%,
10/1/31 (4)
13,540
11,018
Match
Group
Holdings
II,
4.125%,
8/1/30 (4)
24,050
20,683
Match
Group
Holdings
II,
4.625%,
6/1/28 (4)
8,145
7,514
Match
Group
Holdings
II,
5.00%,
12/15/27 (4)
8,265
7,748
Match
Group
Holdings
II,
5.625%,
2/15/29 (4)(7)
7,940
7,493
McAfee,
7.375%,
2/15/30 (4)
23,985
20,927
ROBLOX,
3.875%,
5/1/30 (4)
12,490
10,367
Twilio,
3.625%,
3/15/29
3,786
3,237
Twilio,
3.875%,
3/15/31 (7)
13,350
11,147
Viavi
Solutions,
3.75%,
10/1/29 (4)
4,934
4,108
ZoomInfo
Technologies,
3.875%,
2/1/29 (4)
15,027
12,792
375,643
Lodging
0.7%
Hilton
Domestic
Operating,
4.00%,
5/1/31 (4)
16,975
14,726
Park
Intermediate
Holdings,
4.875%,
5/15/29 (4)
10,160
8,814
Park
Intermediate
Holdings,
5.875%,
10/1/28 (4)
8,775
8,106
RHP
Hotel
Properties,
4.50%,
2/15/29 (4)
16,525
14,501
RHP
Hotel
Properties,
7.25%,
7/15/28 (4)
2,095
2,105
48,252
Manufacturing
1.6%
Emerald
Debt
Merger
Sub,
6.625%,
12/15/30 (4)
13,400
13,166
Gates
Global,
6.25%,
1/15/26 (4)
11,705
11,588
Hillenbrand,
3.75%,
3/1/31
9,145
7,659
Hillenbrand,
5.00%,
9/15/26
430
416
Madison
IAQ,
4.125%,
6/30/28 (4)
19,445
17,160
Madison
IAQ,
5.875%,
6/30/29 (4)
11,160
9,374
Mueller
Water
Products,
4.00%,
6/15/29 (4)
17,000
15,002
Sensata
Technologies,
4.00%,
4/15/29 (4)
23,815
20,868
T.
ROWE
PRICE
High
Yield
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
‡
Sensata
Technologies,
5.875%,
9/1/30 (4)
11,945
11,288
Stevens
Holding,
6.125%,
10/1/26 (4)
7,140
7,158
113,679
Metals
&
Mining
2.1%
Alcoa
Nederland
Holding,
6.125%,
5/15/28 (4)
11,935
11,704
Arsenal
AIC
Parent,
8.00%,
10/1/30 (4)
8,000
8,150
ATI,
5.125%,
10/1/31
7,935
7,003
ATI,
7.25%,
8/15/30
5,695
5,745
Big
River
Steel,
6.625%,
1/31/29 (4)
19,532
19,434
ERO
Copper,
6.50%,
2/15/30 (4)
10,649
9,275
FMG
Resources,
4.50%,
9/15/27 (4)
12,295
11,250
FMG
Resources,
5.875%,
4/15/30 (4)
12,210
11,310
GrafTech
Global
Enterprises,
9.875%,
12/15/28 (4)
9,550
9,299
Hecla
Mining,
7.25%,
2/15/28
29,735
29,140
Hudbay
Minerals,
6.125%,
4/1/29 (4)
15,290
14,389
Novelis,
4.75%,
1/30/30 (4)
18,235
16,320
153,019
Other
Telecommunications
0.1%
Level
3
Financing,
3.75%,
7/15/29 (4)
12,780
7,604
7,604
Real
Estate
Investment
Trust
Securities
0.7%
Necessity
Retail,
4.50%,
9/30/28 (4)
25,045
18,909
Service
Properties
Trust,
4.35%,
10/1/24
17,635
16,930
Service
Properties
Trust,
7.50%,
9/15/25
15,380
15,207
51,046
Restaurants
0.7%
Dave
&
Buster's,
7.625%,
11/1/25 (4)
15,674
15,792
Yum!
Brands,
5.35%,
11/1/43
19,590
17,239
Yum!
Brands,
6.875%,
11/15/37
17,960
18,858
51,889
Retail
1.5%
At
Home
Cayman,
11.50%,
5/12/28 (4)
3,692
3,545
At
Home
Group,
4.875%,
7/15/28 (4)
6,210
2,981
At
Home
Group,
7.125%,
5/12/28,
(7.125%
Cash
or
8.625%
PIK) (4)(8)
7,616
4,227
Bath
&
Body
Works,
6.625%,
10/1/30 (4)
26,510
25,781
Bath
&
Body
Works,
6.694%,
1/15/27
1,620
1,620
Bath
&
Body
Works,
6.95%,
3/1/33
7,052
6,488
Bath
&
Body
Works,
7.50%,
6/15/29
9,820
9,894
Bath
&
Body
Works,
9.375%,
7/1/25 (4)
7,301
7,629
Linens
'n
Things,
VR,
EC,
8.338%,
1/15/20 (2)(3)
9,800
—
LSF9
Atlantis
Holdings,
7.75%,
2/15/26 (4)
8,716
7,953
PetSmart,
7.75%,
2/15/29 (4)
25,505
24,293
QVC,
4.45%,
2/15/25
16,675
14,966
109,377
T.
ROWE
PRICE
High
Yield
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
‡
Satellites
1.1%
Connect
Finco,
6.75%,
10/1/26 (4)
21,750
20,554
Hughes
Satellite
Systems,
6.625%,
8/1/26 (7)
28,605
24,743
Intelsat
Jackson
Holdings,
6.50%,
3/15/30 (4)
11,350
10,414
Telesat
Canada,
6.50%,
10/15/27 (4)
11,445
5,722
Viasat,
5.625%,
4/15/27 (4)
17,309
15,492
76,925
Services
5.6%
Adtalem
Global
Education,
5.50%,
3/1/28 (4)
12,012
11,231
Advantage
Sales
&
Marketing,
6.50%,
11/15/28 (4)(7)
11,480
9,988
Albion
Financing
1,
6.125%,
10/15/26 (4)
16,845
15,876
Albion
Financing
2,
8.75%,
4/15/27 (4)
7,065
6,535
Allied
Universal
Holdco,
6.00%,
6/1/29 (4)(7)
12,370
9,463
Allied
Universal
Holdco,
9.75%,
7/15/27 (4)
33,680
30,859
Clarivate
Science
Holdings,
4.875%,
7/1/29 (4)(7)
11,855
10,314
eG
Global
Finance,
6.25%,
10/30/25
(EUR)
675
712
eG
Global
Finance,
6.75%,
2/7/25 (4)
20,408
20,000
eG
Global
Finance,
8.50%,
10/30/25 (4)
14,539
14,394
Fair
Isaac,
4.00%,
6/15/28 (4)
19,945
18,225
Fair
Isaac,
5.25%,
5/15/26 (4)
19,800
19,255
Gartner,
3.625%,
6/15/29 (4)
27,715
24,285
Gartner,
4.50%,
7/1/28 (4)
5,740
5,353
H&E
Equipment
Services,
3.875%,
12/15/28 (4)
34,955
30,455
Itelyum
Regeneration,
4.625%,
10/1/26
(EUR) (4)
2,135
2,163
MSCI,
3.25%,
8/15/33 (4)
21,665
17,169
MSCI,
4.00%,
11/15/29 (4)
11,540
10,386
Presidio
Holdings,
8.25%,
2/1/28 (4)
19,285
18,586
Prime
Security
Services
Borrower,
5.75%,
4/15/26 (4)
12,180
11,921
Prime
Security
Services
Borrower,
6.25%,
1/15/28 (4)
18,475
17,597
Ritchie
Bros
Holdings,
6.75%,
3/15/28 (4)
7,280
7,344
Ritchie
Bros
Holdings,
7.75%,
3/15/31 (4)
10,065
10,380
Staples,
10.75%,
4/15/27 (4)
6,673
3,637
TK
Elevator
Holdco,
7.625%,
7/15/28 (4)(7)
25,260
23,302
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27 (4)
33,230
30,987
United
Rentals
North
America,
3.75%,
1/15/32
5,125
4,299
United
Rentals
North
America,
3.875%,
2/15/31
15,500
13,252
397,968
Supermarkets
0.3%
Albertsons,
4.875%,
2/15/30 (4)
12,940
11,872
Iceland
Bondco,
4.625%,
3/15/25
(GBP)
1,187
1,480
Iceland
Bondco,
10.875%,
12/15/27
(GBP) (4)
2,400
3,071
Iceland
Bondco,
FRN,
3M
EURIBOR
+
5.50%,
9.254%,
12/15/27
(EUR) (4)
2,390
2,542
New
Albertsons,
7.45%,
8/1/29
4,195
4,321
23,286
T.
ROWE
PRICE
High
Yield
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
‡
Transportation
0.2%
Watco,
6.50%,
6/15/27 (4)
19,440
18,614
18,614
Utilities
3.8%
Calpine,
4.50%,
2/15/28 (4)
8,260
7,640
Calpine,
5.00%,
2/1/31 (4)
17,725
15,022
Calpine,
5.125%,
3/15/28 (4)
31,435
28,606
NextEra
Energy
Operating
Partners,
4.25%,
9/15/24 (4)
1,458
1,396
NextEra
Energy
Operating
Partners,
4.50%,
9/15/27 (4)
7,425
6,877
Pattern
Energy
Operations,
4.50%,
8/15/28 (4)
3,515
3,199
PG&E,
5.00%,
7/1/28 (7)
28,447
26,171
PG&E,
5.25%,
7/1/30
30,655
27,130
Pike,
5.50%,
9/1/28 (4)
13,733
12,360
Talen
Energy
Supply,
8.625%,
6/1/30 (4)
28,645
29,827
Terraform
Global
Operating,
6.125%,
3/1/26 (4)
28,729
27,616
TerraForm
Power
Operating,
5.00%,
1/31/28 (4)
14,455
13,118
TransAlta,
7.75%,
11/15/29
5,070
5,222
Vistra,
VR,
7.00% (4)(5)(7)(9)
32,335
29,627
Vistra,
VR,
8.00% (4)(5)(9)
41,780
39,962
273,773
Wireless
Communications
0.4%
Iliad
Holding
SASU,
6.50%,
10/15/26 (4)
25,855
24,627
U.S.
Cellular,
6.70%,
12/15/33
1,339
1,300
25,927
Total
Corporate
Bonds
(Cost
$7,026,763)
6,518,406
MUNICIPAL
SECURITIES
0.3%
Puerto
Rico
0.3%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (10)
47,349
24,385
Total
Municipal
Securities
(Cost
$25,502)
24,385
SHORT-TERM
INVESTMENTS
1.1%
Money
Market
Funds
1.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (11)(12)
76,799
76,799
Total
Short-Term
Investments
(Cost
$76,799)
76,799
T.
ROWE
PRICE
High
Yield
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
‡
SECURITIES
LENDING
COLLATERAL
2.8%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
2.8%
Money
Market
Funds
2.8%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (11)(12)
203,322
203,322
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
203,322
Total
Securities
Lending
Collateral
(Cost
$203,322)
203,322
Total
Investments
in
Securities
101.5%
(Cost
$7,777,382)
$
7,263,094
Other
Assets
Less
Liabilities
(1.5)%
(
107,120
)
Net
Assets
100.0%
$
7,155,974
‡
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)
Level
3
in
fair
value
hierarchy.
(3)
Non-income
producing
(4)
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
$5,249,907
and
represents
73.4%
of
net
assets.
(5)
Perpetual
security
with
no
stated
maturity
date.
(6)
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
$8,757
and
represents
0.1%
of
net
assets.
(7)
All
or
a
portion
of
this
security
is
on
loan
at
August
31,
2023.
(8)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(9)
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.
T.
ROWE
PRICE
High
Yield
Fund
15
.
.
.
.
.
.
.
.
.
.
(10)
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.
(11)
Seven-day
yield
(12)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
EURIBOR
Three
month
EURIBOR
(Euro
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
PIK
Payment-in-kind
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)
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
(2,411)
(355)
(
2,056
)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(
2,056
)
Total
Centrally
Cleared
Swaps
(
2,056
)
Net
payments
(receipts)
of
variation
margin
to
date
2,080
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
24
*
Credit
ratings
as
of
August
31,
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.
T.
ROWE
PRICE
High
Yield
Fund
17
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
10/20/23
GBP
679
USD
864
$
(
3
)
BNP
Paribas
11/24/23
USD
17,421
EUR
15,921
86
Deutsche
Bank
10/20/23
GBP
9,888
USD
12,611
(
83
)
Goldman
Sachs
10/20/23
USD
21,892
GBP
16,703
729
HSBC
Bank
11/24/23
USD
11,639
EUR
10,614
83
JPMorgan
Chase
10/20/23
USD
1,217
GBP
948
15
State
Street
11/24/23
USD
17,445
EUR
15,920
110
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
937
T.
ROWE
PRICE
High
Yield
Fund
18
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
three
months
ended
August
31,
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,
5.40%
$
—
$
—
$
1,253
++
Totals
$
—
#
$
—
$
1,253
+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/23
Purchase
Cost
Sales
Cost
Value
08/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
108,239
¤
¤
$
280,121
Total
$
280,121
^
#
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
$1,253
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
$280,121.
T.
ROWE
PRICE
High
Yield
Fund
Unaudited
Notes
to
Portfolio
of
Investments
19
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
20
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.
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.
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,
T.
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PRICE
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Yield
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21
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.
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Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
39,317
$
—
$
39,317
Bank
Loans
—
319,091
6,272
325,363
Common
Stocks
71,591
—
—
71,591
Convertible
Preferred
Stocks
—
19,539
8,757
28,296
Corporate
Bonds
—
6,518,406
—
6,518,406
Short-Term
Investments
76,799
—
—
76,799
Securities
Lending
Collateral
203,322
—
—
203,322
Total
Securities
351,712
6,896,353
15,029
7,263,094
Forward
Currency
Exchange
Contracts
—
1,023
—
1,023
Total
$
351,712
$
6,897,376
$
15,029
$
7,264,117
Liabilities
Swaps*
$
—
$
2,056
$
—
$
2,056
Forward
Currency
Exchange
Contracts
—
86
—
86
Total
$
—
$
2,142
$
—
$
2,142
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.
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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.
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.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
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.
F57-054Q1
08/23