T.
ROWE
PRICE
U.S.
High
Yield
Fund
August
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
BANK
LOANS
7.3%
(1)
Basic
Industry
0.8%
Tutor
Perini,
FRN,
1M
TSFR
+
4.75%,
10.253%,
8/18/27
3,931
3,700
3,700
Consumer
Goods
1.8%
Journey
Personal
Care,
FRN,
3M
USD
LIBOR
+
4.25%,
9.981%,
3/1/28
4,912
4,526
Naked
Juice,
FRN,
3M
TSFR
+
6.00%,
11.342%,
1/24/30
4,451
3,571
8,097
Energy
0.3%
Prairie
ECI
Acquiror,
FRN,
1M
USD
LIBOR
+
4.75%,
10.181%,
3/11/26
1,489
1,484
1,484
Financial
Services
0.3%
Osaic
Holdings,
FRN,
1M
TSFR
+
4.50%,
8/17/28 (2)
1,135
1,133
1,133
Health
Care
1.0%
Bausch
Health,
FRN,
1M
TSFR
+
5.25%,
10.664%,
2/1/27
5,638
4,595
4,595
Leisure
0.3%
Life
Time,
FRN,
1M
TSFR
+
4.75%,
10.611%,
1/15/26
1,095
1,099
1,099
Services
1.4%
KNS
Midco,
FRN,
1M
TSFR
+
6.25%,
11.696%,
4/21/27
5,132
4,337
Staples,
FRN,
3M
USD
LIBOR
+
5.00%,
10.634%,
4/16/26
2,461
2,106
6,443
Transportation
1.0%
Mileage
Plus
Holdings,
FRN,
3M
USD
LIBOR
+
5.25%,
10.764%,
6/21/27
4,390
4,573
4,573
Utility
0.4%
Talen
Energy
Supply,
FRN,
1M
TSFR
+
4.50%,
9.876%,
5/17/30
1,559
1,561
1,561
Total
Bank
Loans
(Cost
$35,935)
32,685
CORPORATE
BONDS
84.9%
Automotive
2.9%
Adient
Global
Holdings,
4.875%,
8/15/26 (3)
4,727
4,514
Ford
Motor
Credit,
4.00%,
11/13/30
2,285
1,928
Ford
Motor
Credit,
5.113%,
5/3/29
2,420
2,215
Jaguar
Land
Rover
Automotive,
5.50%,
7/15/29 (3)
5,115
4,405
13,062
T.
ROWE
PRICE
U.S.
High
Yield
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
‡
Basic
Industry
5.8%
Camelot
Return
Merger
Sub,
8.75%,
8/1/28 (3)
4,025
4,015
Element
Solutions,
3.875%,
9/1/28 (3)
4,755
4,167
ERO
Copper,
6.50%,
2/15/30 (3)
4,725
4,115
First
Quantum
Minerals,
6.875%,
10/15/27 (3)
3,594
3,504
Novelis,
3.875%,
8/15/31 (3)
4,910
4,051
Polar
U.S.
Borrower,
6.75%,
5/15/26 (3)
3,340
1,849
SCIH
Salt
Holdings,
6.625%,
5/1/29 (3)
5,045
4,446
26,147
Capital
Goods
6.6%
ARD
Finance,
(6.500%
Cash
or
7.250%
PIK),
6.50%,
6/30/27 (3)(4)
7,238
5,782
Ball,
6.00%,
6/15/29
5,192
5,107
Bombardier,
7.875%,
4/15/27 (3)
4,460
4,449
Dornoch
Debt
Merger
Sub,
6.625%,
10/15/29 (3)
6,701
5,763
GrafTech
Finance,
4.625%,
12/15/28 (3)
2,220
1,743
GrafTech
Global
Enterprises,
9.875%,
12/15/28 (3)
2,177
2,120
Trivium
Packaging
Finance,
8.50%,
8/15/27 (3)
4,670
4,419
29,383
Consumer
Goods
6.2%
Coty,
4.75%,
1/15/29 (3)
4,375
4,008
Coty,
6.625%,
7/15/30 (3)
1,668
1,664
HLF
Financing,
4.875%,
6/1/29 (3)
4,944
3,696
MajorDrive
Holdings
IV,
6.375%,
6/1/29 (3)
5,985
4,908
Sigma
Holdco,
7.875%,
5/15/26 (3)
8,013
6,831
Tempur
Sealy
International,
3.875%,
10/15/31 (3)
2,503
2,009
Triton
Water
Holdings,
6.25%,
4/1/29 (3)
5,465
4,645
27,761
Energy
13.5%
Ascent
Resources
Utica
Holdings,
5.875%,
6/30/29 (3)
2,595
2,362
Ascent
Resources
Utica
Holdings,
8.25%,
12/31/28 (3)
2,515
2,518
Civitas
Resources,
8.75%,
7/1/31 (3)
4,165
4,306
Comstock
Resources,
6.75%,
3/1/29 (3)
4,760
4,439
Encino
Acquisition
Partners
Holdings,
8.50%,
5/1/28 (3)
4,307
4,070
EQM
Midstream
Partners,
4.50%,
1/15/29 (3)
2,865
2,593
EQM
Midstream
Partners,
4.75%,
1/15/31 (3)
2,220
1,956
Gulfport
Energy,
8.00%,
5/17/26 (3)
4,210
4,263
Harvest
Midstream
I,
7.50%,
9/1/28 (3)
2,935
2,935
Hess
Midstream
Operations,
4.25%,
2/15/30 (3)
4,525
3,959
Hess
Midstream
Operations,
5.50%,
10/15/30 (3)
1,140
1,063
Howard
Midstream
Energy
Partners,
6.75%,
1/15/27 (3)
4,330
4,179
NGL
Energy
Operating,
7.50%,
2/1/26 (3)
4,945
4,914
Permian
Resources
Operating,
5.875%,
7/1/29 (3)
3,445
3,307
Sunoco,
4.50%,
5/15/29
2,700
2,433
Sunoco,
4.50%,
4/30/30
2,775
2,466
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (3)
4,807
4,290
T.
ROWE
PRICE
U.S.
High
Yield
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
‡
Weatherford
International,
8.625%,
4/30/30 (3)
4,043
4,144
60,197
Financial
Services
5.1%
FirstCash,
5.625%,
1/1/30 (3)
4,810
4,359
LPL
Holdings,
4.00%,
3/15/29 (3)
320
285
LPL
Holdings,
4.375%,
5/15/31 (3)
2,263
1,994
Osaic
Holdings,
10.75%,
8/1/27 (3)
4,450
4,495
PennyMac
Financial
Services,
4.25%,
2/15/29 (3)
4,615
3,813
PRA
Group,
5.00%,
10/1/29 (3)
4,607
3,467
Rocket
Mortgage,
4.00%,
10/15/33 (3)
5,370
4,243
22,656
Health
Care
3.6%
CHS,
5.25%,
5/15/30 (3)
2,275
1,786
CHS,
6.875%,
4/15/29 (3)
2,840
1,718
Consensus
Cloud
Solutions,
6.50%,
10/15/28 (3)
4,875
4,394
Embecta,
5.00%,
2/15/30 (3)
5,030
4,137
Pediatrix
Medical
Group,
5.375%,
2/15/30 (3)
4,305
3,917
15,952
Insurance
3.1%
AssuredPartners,
5.625%,
1/15/29 (3)
5,960
5,178
BroadStreet
Partners,
5.875%,
4/15/29 (3)
6,005
5,269
HUB
International,
5.625%,
12/1/29 (3)
2,550
2,244
HUB
International,
7.25%,
6/15/30 (3)
1,075
1,094
13,785
Leisure
8.0%
Caesars
Entertainment,
7.00%,
2/15/30 (3)
4,310
4,321
Carnival,
5.75%,
3/1/27 (3)
5,375
5,046
Carnival,
6.00%,
5/1/29 (3)
6,115
5,519
Carnival
Holdings
Bermuda,
10.375%,
5/1/28 (3)
1,220
1,327
Hilton
Domestic
Operating,
3.625%,
2/15/32 (3)
4,325
3,584
Life
Time,
5.75%,
1/15/26 (3)
3,249
3,160
Sabre
GLBL,
11.25%,
12/15/27 (3)
6,650
6,317
Six
Flags
Entertainment,
7.25%,
5/15/31 (3)
545
522
Studio
City,
7.00%,
2/15/27 (3)
1,150
1,089
Studio
City
Finance,
5.00%,
1/15/29 (3)
6,340
4,804
35,689
Media
5.2%
CCO
Holdings,
4.50%,
5/1/32
5,950
4,812
Deluxe,
8.00%,
6/1/29 (3)
5,710
4,818
DISH
DBS,
7.375%,
7/1/28
4,920
3,075
DISH
Network,
11.75%,
11/15/27 (3)
4,086
4,147
Radiate
Holdco,
6.50%,
9/15/28 (3)
4,310
2,338
TEGNA,
4.625%,
3/15/28
1,223
1,095
TEGNA,
5.00%,
9/15/29
3,375
2,970
23,255
T.
ROWE
PRICE
U.S.
High
Yield
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
Real
Estate
2.8%
Brookfield
Property
REIT,
4.50%,
4/1/27 (3)
4,770
3,983
Outfront
Media
Capital,
4.25%,
1/15/29 (3)
5,040
4,158
VICI
Properties,
4.125%,
8/15/30 (3)
4,775
4,178
12,319
Retail
6.7%
Bath
&
Body
Works,
5.25%,
2/1/28
3,240
3,102
Bath
&
Body
Works,
6.625%,
10/1/30 (3)
1,146
1,115
eG
Global
Finance,
6.75%,
2/7/25 (3)
7,037
6,896
LSF9
Atlantis
Holdings,
7.75%,
2/15/26 (3)
7,507
6,850
Michaels,
7.875%,
5/1/29 (3)
6,195
4,275
Victoria's
Secret,
4.625%,
7/15/29 (3)
5,143
3,703
Yum!
Brands,
3.625%,
3/15/31
4,855
4,102
30,043
Services
3.6%
PECF
USS
Intermediate
Holding
III,
8.00%,
11/15/29 (3)
5,955
3,915
Ritchie
Bros
Holdings,
6.75%,
3/15/28 (3)
1,795
1,811
Ritchie
Bros
Holdings,
7.75%,
3/15/31 (3)
1,820
1,877
Staples,
7.50%,
4/15/26 (3)
2,670
2,203
White
Cap
Parent,
(8.250%
Cash
or
9.00%
PIK),
8.25%,
3/15/26 (3)
(4)
6,225
6,147
15,953
Technology
&
Electronics
3.1%
Central
Parent,
8.00%,
6/15/29 (3)
1,789
1,805
CommScope,
8.25%,
3/1/27 (3)
5,271
3,486
ION
Trading
Technologies,
5.75%,
5/15/28 (3)
4,685
4,099
Veritas
U.S.,
7.50%,
9/1/25 (3)
5,355
4,364
13,754
Telecommunications
3.5%
Consolidated
Communications,
6.50%,
10/1/28 (3)
5,680
4,359
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (3)
1,823
1,716
Level
3
Financing,
3.625%,
1/15/29 (3)
5,800
3,451
Telesat
Canada,
6.50%,
10/15/27 (3)
4,080
2,040
Viasat,
6.50%,
7/15/28 (3)
5,050
3,945
15,511
Transportation
2.2%
American
Airlines,
5.75%,
4/20/29 (3)
5,640
5,379
U.S.
Airways
PTT,
Series 2013-1,
Class
A,
3.95%,
11/15/25
907
857
VistaJet
Malta
Finance,
6.375%,
2/1/30 (3)
4,635
3,766
10,002
Utility
3.0%
Clearway
Energy
Operating,
3.75%,
2/15/31 (3)
5,035
4,116
NRG
Energy,
VR,
10.25% (3)(5)(6)
4,730
4,642
T.
ROWE
PRICE
U.S.
High
Yield
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
Talen
Energy
Supply,
8.625%,
6/1/30 (3)
4,345
4,524
13,282
Total
Corporate
Bonds
(Cost
$416,325)
378,751
PREFERRED
STOCKS
1.3%
Energy
0.7%
Crestwood
Equity
Partners,
9.25% (6)
301
2,933
2,933
Financial
Services
0.6%
Ladenburg
Thalmann
Financial
Services,
6.50%,
11/30/27
152
2,728
2,728
Total
Preferred
Stocks
(Cost
$4,842)
5,661
SHORT-TERM
INVESTMENTS
5.1%
Money
Market
Funds
5.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (7)(8)
22,649
22,649
Total
Short-Term
Investments
(Cost
$22,649)
22,649
Total
Investments
in
Securities
98.6%
(Cost
$479,751)
$
439,746
Other
Assets
Less
Liabilities
1.4%
6,381
Net
Assets
100.0%
$
446,127
T.
ROWE
PRICE
U.S.
High
Yield
Fund
6
‡
Par/Shares
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
August
31,
2023.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
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
$344,589
and
represents
77.2%
of
net
assets.
(4)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(5)
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.
(6)
Perpetual
security
with
no
stated
maturity
date.
(7)
Seven-day
yield
(8)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
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)
FRN
Floating
Rate
Note
PIK
Payment-in-kind
PTT
Pass-Through
Trust
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
U.S.
High
Yield
Fund
7
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%
$
—#
$
—
$
242+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/23
Purchase
Cost
Sales
Cost
Value
08/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
10,724
¤
¤
$
22,649^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$242
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
$22,649.
T.
ROWE
PRICE
U.S.
High
Yield
Fund
Unaudited
Notes
to
Portfolio
of
Investments
8
T.
Rowe
Price
U.S.
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
U.S.
High
Yield
Fund
9
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
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
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
T.
ROWE
PRICE
U.S.
High
Yield
Fund
10
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
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
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
411,436
$
—
$
411,436
Preferred
Stocks
2,933
2,728
—
5,661
Short-Term
Investments
22,649
—
—
22,649
Total
$
25,582
$
414,164
$
—
$
439,746
1
Includes
Bank
Loans
and
Corporate
Bonds.
T.
ROWE
PRICE
U.S.
High
Yield
Fund
11
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.
F1106-054Q1
08/23