T.
ROWE
PRICE
High
Yield
Fund
February
29,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
BANK
LOANS
3.7%
(1)
Airlines
0.2%
Mileage
Plus
Holdings,
FRN,
3M
TSFR
+
5.25%,
10.77%,
6/21/27
11,596
11,931
11,931
Broadcasting
0.1%
Nielsen
Holdings,
FRN,
3M
TSFR
+
9.75%,
15.173%,
10/11/29 (2)
6,400
6,272
6,272
Energy
0.2%
Prairie
ECI
Acquiror,
FRN,
1M
TSFR
+
4.75%,
10.176%,
3/11/26
10,042
9,982
Prairie
ECI
Acquiror,
FRN,
1M
USD
LIBOR
+
4.75%,
8/1/29 (3)
2,760
2,738
12,720
Information
Technology
0.2%
RealPage,
FRN,
1M
TSFR
+
6.50%,
11.941%,
4/23/29
15,551
15,418
15,418
Manufacturing
0.1%
LTI
Holdings,
FRN,
1M
TSFR
+
3.50%,
8.941%,
9/6/25 (3)
10,049
9,899
9,899
Services
1.1%
Ascend
Learning,
FRN,
1M
TSFR
+
5.75%,
11.176%,
12/10/29
31,260
30,009
UKG,
FRN,
3M
TSFR
+
5.25%,
10.68%,
5/3/27
44,205
44,592
74,601
Wireless
Communications
1.8%
Asurion,
FRN,
1M
TSFR
+
5.25%,
10.691%,
1/31/28
69,714
66,428
Asurion,
FRN,
1M
TSFR
+
5.25%,
10.691%,
1/20/29
67,225
63,296
129,724
Total
Bank
Loans
(Cost
$267,054)
260,565
COMMON
STOCKS
0.8%
Gaming
0.0%
New
Cotai
Participation,
Class
B (2)(4)(5)
—
—
—
Health
Care
0.4%
Avantor (2)
626
15,424
Becton
Dickinson
&
Company
57
13,500
28,924
Manufacturing
0.2%
Danaher
53
13,357
13,357
T.
ROWE
PRICE
High
Yield
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
‡
Metals
&
Mining
0.2%
Constellium (2)
928
18,003
18,003
Total
Common
Stocks
(Cost
$45,871)
60,284
CONVERTIBLE
BONDS
0.1%
Automotive
0.1%
Rivian
Automotive,
4.625%,
3/15/29 (5)
9,770
7,927
Total
Convertible
Bonds
(Cost
$10,179)
7,927
CONVERTIBLE
PREFERRED
STOCKS
0.0%
Forest
Products
0.0%
Smurfit-Stone
Container,
Series A,
EC,
7.00%,
2/15/27 (2)(4)
47
—
Total
Convertible
Preferred
Stocks
(Cost
$16)
—
CORPORATE
BONDS
92.8%
Aerospace
&
Defense
2.1%
Spirit
AeroSystems,
9.75%,
11/15/30 (5)
9,920
10,627
TransDigm,
5.50%,
11/15/27
6,980
6,736
TransDigm,
6.375%,
3/1/29 (5)
12,545
12,608
TransDigm,
6.625%,
3/1/32 (5)
25,395
25,585
TransDigm,
6.75%,
8/15/28 (5)
19,570
19,765
TransDigm,
6.875%,
12/15/30 (5)
47,753
48,350
TransDigm,
7.125%,
12/1/31 (5)
16,725
17,143
TransDigm,
7.50%,
3/15/27
7,000
7,000
147,814
Airlines
0.6%
American
Airlines,
5.75%,
4/20/29 (5)
27,295
26,647
United
Airlines,
4.625%,
4/15/29 (5)(6)
20,425
18,765
45,412
Automotive
5.8%
Adient
Global
Holdings,
8.25%,
4/15/31 (5)(6)
20,590
21,619
Benteler
International,
10.50%,
5/15/28 (5)
6,870
7,351
Clarios
Global,
8.50%,
5/15/27 (5)(6)
31,075
31,153
Dana,
4.25%,
9/1/30 (6)
1,980
1,708
Dana,
5.625%,
6/15/28
34,105
32,911
Dana
Financing
Luxembourg,
8.50%,
7/15/31
(EUR) (5)
14,175
16,777
Ford
Motor,
6.10%,
8/19/32
17,340
17,321
Ford
Motor,
7.45%,
7/16/31 (6)
1,725
1,861
Ford
Motor,
9.625%,
4/22/30
12,640
14,779
Ford
Motor
Credit,
7.35%,
3/6/30
15,470
16,313
T.
ROWE
PRICE
High
Yield
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
‡
Global
Auto
Holdings,
8.375%,
1/15/29 (5)(6)
5,440
5,195
Global
Auto
Holdings,
8.75%,
1/15/32 (5)
5,480
5,192
Goodyear
Tire
&
Rubber,
5.00%,
7/15/29 (6)
4,115
3,776
Goodyear
Tire
&
Rubber,
5.25%,
4/30/31 (6)
17,000
15,343
Goodyear
Tire
&
Rubber,
5.25%,
7/15/31 (6)
27,450
24,705
Goodyear
Tire
&
Rubber,
5.625%,
4/30/33 (6)
19,830
17,624
Jaguar
Land
Rover
Automotive,
5.875%,
1/15/28 (5)
8,600
8,467
Mavis
Tire
Express
Services
Topco,
6.50%,
5/15/29 (5)(6)
33,345
31,178
Rivian
Holdings,
FRN,
6M
USD
LIBOR
+
5.625%,
11.493%,
10/15/26 (5)
95,790
91,240
Tenneco,
8.00%,
11/17/28 (5)(6)
17,000
15,470
Wand
NewCo
3,
7.625%,
1/30/32 (5)
21,900
22,447
ZF
North
America
Capital,
6.875%,
4/14/28 (5)
4,420
4,503
ZF
North
America
Capital,
7.125%,
4/14/30 (5)
5,865
6,092
413,025
Broadcasting
4.4%
Clear
Channel
Outdoor
Holdings,
7.50%,
6/1/29 (5)(6)
14,825
12,268
Clear
Channel
Outdoor
Holdings,
7.75%,
4/15/28 (5)(6)
28,775
24,890
Clear
Channel
Outdoor
Holdings,
9.00%,
9/15/28 (5)
21,380
22,235
CMG
Media,
8.875%,
12/15/27 (5)(6)
30,270
19,222
Gray
Television,
5.375%,
11/15/31 (5)(6)
19,720
12,719
iHeartCommunications,
8.375%,
5/1/27 (6)
11,231
6,711
Lamar
Media,
4.00%,
2/15/30
1,966
1,769
Lamar
Media,
4.875%,
1/15/29
17,994
17,139
Neptune
Bidco
U.S.,
9.29%,
4/15/29 (5)
21,125
19,805
Outfront
Media
Capital,
7.375%,
2/15/31 (5)
5,030
5,231
Scripps
Escrow,
5.875%,
7/15/27 (5)
7,896
6,514
Sirius
XM
Radio,
4.00%,
7/15/28 (5)
32,360
29,165
Sirius
XM
Radio,
4.125%,
7/1/30 (5)
22,040
18,982
Sirius
XM
Radio,
5.00%,
8/1/27 (5)
25,425
24,217
Stagwell
Global,
5.625%,
8/15/29 (5)(6)
37,860
33,506
Townsquare
Media,
6.875%,
2/1/26 (5)(6)
10,423
10,058
Univision
Communications,
6.625%,
6/1/27 (5)
8,316
8,046
Univision
Communications,
7.375%,
6/30/30 (5)(6)
15,625
15,098
Univision
Communications,
8.00%,
8/15/28 (5)
20,690
20,768
308,343
Building
&
Real
Estate
1.0%
Brookfield
Residential
Properties,
6.25%,
9/15/27 (5)
8,075
7,833
Cushman
&
Wakefield
U.S.
Borrower,
6.75%,
5/15/28 (5)
19,725
19,355
Howard
Hughes,
4.125%,
2/1/29 (5)(6)
17,145
15,173
Howard
Hughes,
4.375%,
2/1/31 (5)(6)
9,185
7,819
Howard
Hughes,
5.375%,
8/1/28 (5)
15,510
14,579
Miller
Homes
Group
Finco,
7.00%,
5/15/29
(GBP) (5)
4,675
5,469
70,228
Building
Products
1.7%
Advanced
Drainage
Systems,
6.375%,
6/15/30 (5)
5,590
5,590
T.
ROWE
PRICE
High
Yield
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
Beacon
Roofing
Supply,
6.50%,
8/1/30 (5)
4,765
4,795
Builders
FirstSource,
6.375%,
6/15/32 (5)
6,625
6,617
Builders
FirstSource,
6.375%,
3/1/34 (5)
10,865
10,838
New
Enterprise
Stone
&
Lime,
5.25%,
7/15/28 (5)
16,005
15,285
Specialty
Building
Products
Holdings,
6.375%,
9/30/26 (5)
15,155
14,871
SRS
Distribution,
6.00%,
12/1/29 (5)
12,995
12,069
Summit
Materials,
5.25%,
1/15/29 (5)
24,640
23,685
Summit
Materials,
6.50%,
3/15/27 (5)
14,375
14,375
Summit
Materials,
7.25%,
1/15/31 (5)
9,330
9,656
117,781
Cable
Operators
6.7%
Altice
Financing,
5.00%,
1/15/28 (5)
42,875
37,837
Altice
Financing,
5.75%,
8/15/29 (5)
21,665
18,632
Altice
Financing,
9.625%,
7/15/27 (5)
6,660
6,677
Altice
France
Holding,
6.00%,
2/15/28 (5)
62,220
30,488
Altice
France
Holding,
10.50%,
5/15/27 (5)
42,405
26,927
C&W
Senior
Financing,
6.875%,
9/15/27 (5)
21,285
20,083
CCO
Holdings,
4.50%,
8/15/30 (5)
21,590
17,893
CCO
Holdings,
4.50%,
6/1/33 (5)
29,195
22,480
CCO
Holdings,
6.375%,
9/1/29 (5)(6)
69,003
64,604
CCO
Holdings,
7.375%,
3/1/31 (5)
36,835
35,546
CSC
Holdings,
6.50%,
2/1/29 (5)
14,875
12,923
CSC
Holdings,
7.50%,
4/1/28 (5)
27,525
19,474
CSC
Holdings,
11.75%,
1/31/29 (5)
35,150
36,732
DIRECTV
Financing,
5.875%,
8/15/27 (5)(6)
14,595
13,756
DISH
DBS,
5.25%,
12/1/26 (5)
18,045
14,391
DISH
DBS,
5.75%,
12/1/28 (5)
3,931
2,722
DISH
DBS,
7.375%,
7/1/28 (6)
12,155
5,895
DISH
DBS,
7.75%,
7/1/26 (6)
18,370
11,665
GCI,
4.75%,
10/15/28 (5)
16,575
14,855
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (5)
4,977
4,703
Midcontinent
Communications,
5.375%,
8/15/27 (5)
4,567
4,327
Radiate
Holdco,
6.50%,
9/15/28 (5)
15,550
7,464
Vmed
O2
U.K.
Financing
I,
4.75%,
7/15/31 (5)
50,495
43,552
473,626
Chemicals
2.6%
Avient,
7.125%,
8/1/30 (5)(6)
24,679
25,173
Axalta
Coating
Systems
Dutch
Holding
B,
7.25%,
2/15/31 (5)(6)
7,945
8,243
Celanese
U.S.
Holdings,
6.55%,
11/15/30
6,785
7,042
Celanese
U.S.
Holdings,
6.70%,
11/15/33
24,665
25,895
Compass
Minerals
International,
6.75%,
12/1/27 (5)
2,765
2,696
CVR
Partners,
6.125%,
6/15/28 (5)
23,275
21,937
GPD,
10.125%,
4/1/26 (5)(6)
21,890
20,194
Methanex,
5.125%,
10/15/27
8,088
7,734
Methanex,
5.25%,
12/15/29 (6)
7,440
7,059
T.
ROWE
PRICE
High
Yield
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
Methanex,
5.65%,
12/1/44
6,149
5,211
Tronox,
4.625%,
3/15/29 (5)(6)
12,575
11,097
Windsor
Holdings
III,
8.50%,
6/15/30 (5)
24,005
24,785
WR
Grace
Holdings,
5.625%,
8/15/29 (5)
21,150
18,506
185,572
Consumer
Products
0.8%
Kontoor
Brands,
4.125%,
11/15/29 (5)
8,920
8,017
Life
Time,
5.75%,
1/15/26 (5)
14,956
14,769
Life
Time,
8.00%,
4/15/26 (5)
17,289
17,419
Wolverine
World
Wide,
4.00%,
8/15/29 (5)
17,155
13,745
53,950
Container
1.4%
Ardagh
Metal
Packaging
Finance
USA,
6.00%,
6/15/27 (5)(6)
14,395
14,089
Ball,
6.00%,
6/15/29
24,050
24,080
Ball,
6.875%,
3/15/28
23,845
24,352
Sealed
Air,
5.00%,
4/15/29 (5)
6,720
6,367
Sealed
Air,
6.125%,
2/1/28 (5)(6)
7,795
7,766
Sealed
Air,
6.875%,
7/15/33 (5)(6)
7,000
7,227
Sealed
Air,
7.25%,
2/15/31 (5)(6)
9,125
9,422
Trident
TPI
Holdings,
12.75%,
12/31/28 (5)
4,600
4,910
98,213
Energy
13.9%
Aethon
United
BR,
8.25%,
2/15/26 (5)
33,850
34,019
AmeriGas
Partners,
9.375%,
6/1/28 (5)
5,340
5,420
Antero
Resources,
7.625%,
2/1/29 (5)(6)
3,402
3,504
Archrock
Partners,
6.875%,
4/1/27 (5)
7,035
7,000
Chesapeake
Energy,
6.75%,
4/15/29 (5)
31,105
31,183
Civitas
Resources,
8.375%,
7/1/28 (5)
7,140
7,461
Civitas
Resources,
8.625%,
11/1/30 (5)
7,880
8,432
Civitas
Resources,
8.75%,
7/1/31 (5)
10,700
11,369
Comstock
Resources,
5.875%,
1/15/30 (5)
14,255
12,402
Comstock
Resources,
6.75%,
3/1/29 (5)(6)
20,286
18,714
Crescent
Energy
Finance,
7.25%,
5/1/26 (5)
30,380
30,228
Crescent
Energy
Finance,
9.25%,
2/15/28 (5)
17,305
18,062
DCP
Midstream
Operating,
6.75%,
9/15/37 (5)(6)
17,875
19,059
Diamond
Foreign
Asset,
8.50%,
10/1/30 (5)
14,375
14,716
Endeavor
Energy
Resources,
5.75%,
1/30/28 (5)
10,603
10,683
Energy
Transfer,
6.00%,
2/1/29 (5)
6,010
6,017
Energy
Transfer,
7.375%,
2/1/31 (5)
13,848
14,481
Ferrellgas,
5.375%,
4/1/26 (5)
16,640
16,474
Ferrellgas,
5.875%,
4/1/29 (5)
17,310
16,444
Gulfport
Energy,
8.00%,
5/17/26 (5)
11,970
12,150
Hilcorp
Energy
I,
5.75%,
2/1/29 (5)
8,357
8,065
Hilcorp
Energy
I,
6.00%,
4/15/30 (5)
5,865
5,674
Hilcorp
Energy
I,
6.00%,
2/1/31 (5)
10,390
10,013
T.
ROWE
PRICE
High
Yield
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
‡
Hilcorp
Energy
I,
6.25%,
4/15/32 (5)
11,395
11,053
Hilcorp
Energy
I,
8.375%,
11/1/33 (5)
21,846
23,403
Kinetik
Holdings,
5.875%,
6/15/30 (5)(6)
37,200
36,223
Kinetik
Holdings,
6.625%,
12/15/28 (5)
25,690
26,011
Magnolia
Oil
&
Gas
Operating,
6.00%,
8/1/26 (5)
41,585
40,753
Matador
Resources,
5.875%,
9/15/26 (6)
7,776
7,689
NGL
Energy
Operating,
8.125%,
2/15/29 (5)(6)
7,760
7,808
NGL
Energy
Operating,
8.375%,
2/15/32 (5)(6)
23,160
23,507
Northriver
Midstream
Finance,
5.625%,
2/15/26 (5)
11,205
10,953
NuStar
Logistics,
5.625%,
4/28/27
11,880
11,687
Occidental
Petroleum,
6.20%,
3/15/40
26,120
26,447
Occidental
Petroleum,
6.45%,
9/15/36
2,310
2,431
Occidental
Petroleum,
7.95%,
6/15/39
16,520
19,081
Permian
Resources
Operating,
7.00%,
1/15/32 (5)
12,825
13,114
Permian
Resources
Operating,
9.875%,
7/15/31 (5)
12,880
14,265
Prairie
Acquiror,
9.00%,
8/1/29 (5)
7,880
7,939
Range
Resources,
4.75%,
2/15/30 (5)(6)
7,205
6,683
Range
Resources,
8.25%,
1/15/29 (6)
5,870
6,105
Rockcliff
Energy
II,
5.50%,
10/15/29 (5)
8,625
7,913
Seadrill
Finance,
8.375%,
8/1/30 (5)
21,400
21,989
SilverBow
Resources,
FRN,
3M
TSFR
+
7.75%,
13.135%,
12/15/28 (5)
17,600
17,199
Solaris
Midstream
Holdings,
7.625%,
4/1/26 (5)
8,490
8,469
Southwestern
Energy,
4.75%,
2/1/32
39,910
36,218
Southwestern
Energy,
5.375%,
3/15/30
12,685
12,082
Tallgrass
Energy
Partners,
6.00%,
3/1/27 (5)
9,025
8,867
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (5)
15,270
14,201
Tallgrass
Energy
Partners,
6.00%,
9/1/31 (5)(6)
17,225
15,804
Tallgrass
Energy
Partners,
7.375%,
2/15/29 (5)
14,105
14,034
Transocean,
6.80%,
3/15/38
18,630
14,531
Transocean,
8.75%,
2/15/30 (5)
21,878
22,534
Transocean,
11.50%,
1/30/27 (5)(6)
10,835
11,309
Transocean
Aquila,
8.00%,
9/30/28 (5)
7,550
7,682
Valaris,
8.375%,
4/30/30 (5)
10,905
11,205
Venture
Global
Calcasieu
Pass,
6.25%,
1/15/30 (5)
35,555
35,466
Venture
Global
LNG,
8.125%,
6/1/28 (5)
17,610
17,874
Venture
Global
LNG,
8.375%,
6/1/31 (5)
55,270
55,892
Venture
Global
LNG,
9.50%,
2/1/29 (5)
17,310
18,457
Vermilion
Energy,
6.875%,
5/1/30 (5)(6)
15,500
14,880
983,328
Entertainment
&
Leisure
5.0%
Carnival,
6.00%,
5/1/29 (5)(6)
1,210
1,183
Carnival,
7.00%,
8/15/29 (5)
9,545
9,879
Carnival,
7.625%,
3/1/26 (5)(6)
46,490
46,955
Carnival,
10.50%,
6/1/30 (5)(6)
32,475
35,317
Cedar
Fair,
5.25%,
7/15/29
14,395
13,567
T.
ROWE
PRICE
High
Yield
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
‡
Churchill
Downs,
5.75%,
4/1/30 (5)
20,555
19,758
Cinemark
USA,
5.25%,
7/15/28 (5)(6)
14,525
13,545
Live
Nation
Entertainment,
4.75%,
10/15/27 (5)(6)
12,075
11,532
Merlin
Entertainments
Group
U.S.
Holdings,
7.375%,
2/15/31 (5)
6,720
6,720
Motion
Finco,
7.375%,
6/15/30
(EUR) (5)
9,745
10,932
NCL,
5.875%,
3/15/26 (5)
19,710
19,217
NCL,
5.875%,
2/15/27 (5)
9,150
9,024
NCL,
7.75%,
2/15/29 (5)(6)
22,090
22,587
NCL,
8.125%,
1/15/29 (5)
6,568
6,905
NCL
Finance,
6.125%,
3/15/28 (5)(6)
5,740
5,596
Royal
Caribbean
Cruises,
5.375%,
7/15/27 (5)
10,900
10,641
Royal
Caribbean
Cruises,
5.50%,
4/1/28 (5)(6)
12,378
12,130
Royal
Caribbean
Cruises,
6.25%,
3/15/32 (5)
9,490
9,514
Royal
Caribbean
Cruises,
8.25%,
1/15/29 (5)
13,750
14,592
Royal
Caribbean
Cruises,
9.25%,
1/15/29 (5)
16,740
17,954
SeaWorld
Parks
&
Entertainment,
5.25%,
8/15/29 (5)
26,145
24,315
Six
Flags
Entertainment,
5.50%,
4/15/27 (5)
18,435
18,066
Six
Flags
Entertainment,
7.25%,
5/15/31 (5)(6)
16,558
16,641
356,570
Financial
9.8%
Acrisure,
8.25%,
2/1/29 (5)
12,105
11,939
Acrisure,
10.125%,
8/1/26 (5)
19,565
20,348
Alliant
Holdings
Intermediate,
5.875%,
11/1/29 (5)
8,595
7,843
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (5)
31,917
30,880
Alliant
Holdings
Intermediate,
7.00%,
1/15/31 (5)
28,435
28,222
AmWINS
Group,
4.875%,
6/30/29 (5)
7,895
7,283
AmWINS
Group,
6.375%,
2/15/29 (5)
7,100
7,100
Apollo
Commercial
Real
Estate
Finance,
4.625%,
6/15/29 (5)
18,060
14,877
AssuredPartners,
7.50%,
2/15/32 (5)
18,068
17,752
Cobra
AcquisitionCo,
6.375%,
11/1/29 (5)
13,230
10,931
Enact
Holdings,
6.50%,
8/15/25 (5)
34,295
34,209
GTCR
AP
Finance,
8.00%,
5/15/27 (5)
19,525
19,525
HUB
International,
5.625%,
12/1/29 (5)
25,111
23,290
HUB
International,
7.25%,
6/15/30 (5)
42,120
42,857
HUB
International,
7.375%,
1/31/32 (5)
33,140
33,223
Icahn
Enterprises,
6.25%,
5/15/26
11,600
11,310
Jane
Street
Group,
4.50%,
11/15/29 (5)(6)
13,465
12,388
Jones
Deslauriers
Insurance
Management,
8.50%,
3/15/30 (5)
20,555
21,352
LPL
Holdings,
4.00%,
3/15/29 (5)(6)
13,290
12,160
LPL
Holdings,
4.375%,
5/15/31 (5)
2,150
1,943
Midcap
Financial
Issuer
Trust,
5.625%,
1/15/30 (5)
12,810
10,857
Midcap
Financial
Issuer
Trust,
6.50%,
5/1/28 (5)
24,890
22,774
Navient,
4.875%,
3/15/28
18,380
16,795
Navient,
5.00%,
3/15/27
7,740
7,324
Navient,
5.50%,
3/15/29 (6)
17,480
15,798
Navient,
5.625%,
8/1/33
5,899
4,808
T.
ROWE
PRICE
High
Yield
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
‡
Navient,
6.75%,
6/15/26 (6)
11,235
11,277
Navient,
9.375%,
7/25/30
28,765
30,059
Navient,
11.50%,
3/15/31
16,405
17,943
OneMain
Finance,
3.50%,
1/15/27
8,640
7,927
OneMain
Finance,
5.375%,
11/15/29
8,060
7,466
OneMain
Finance,
6.625%,
1/15/28
16,230
16,088
OneMain
Finance,
7.875%,
3/15/30
12,180
12,378
OneMain
Finance,
9.00%,
1/15/29
39,595
41,574
PennyMac
Financial
Services,
4.25%,
2/15/29 (5)
22,055
19,794
PennyMac
Financial
Services,
7.875%,
12/15/29 (5)
15,693
16,046
PROG
Holdings,
6.00%,
11/15/29 (5)
21,720
19,901
Ryan
Specialty,
4.375%,
2/1/30 (5)
6,195
5,730
SLM,
4.20%,
10/29/25
6,486
6,275
Starwood
Property
Trust,
4.375%,
1/15/27 (5)
12,225
11,461
United
Wholesale
Mortgage,
5.50%,
4/15/29 (5)(6)
8,485
7,923
United
Wholesale
Mortgage,
5.75%,
6/15/27 (5)(6)
17,485
16,960
696,590
Food
1.0%
B&G
Foods,
8.00%,
9/15/28 (5)
7,330
7,614
BellRing
Brands,
7.00%,
3/15/30 (5)
16,625
16,937
Chobani,
7.625%,
7/1/29 (5)
13,750
13,819
Darling
Ingredients,
6.00%,
6/15/30 (5)
17,950
17,613
Post
Holdings,
6.25%,
2/15/32 (5)
8,490
8,511
Triton
Water
Holdings,
6.25%,
4/1/29 (5)
8,657
7,553
72,047
Forest
Products
0.3%
Cascades,
5.375%,
1/15/28 (5)
11,620
11,155
Graphic
Packaging
International,
3.75%,
2/1/30 (5)
9,685
8,644
19,799
Gaming
4.2%
Caesars
Entertainment,
6.50%,
2/15/32 (5)
9,620
9,656
Caesars
Entertainment,
7.00%,
2/15/30 (5)
14,270
14,573
Caesars
Entertainment,
8.125%,
7/1/27 (5)(6)
46,800
47,853
Churchill
Downs,
6.75%,
5/1/31 (5)
14,940
14,903
Cirsa
Finance
International,
4.50%,
3/15/27
(EUR) (5)
7,505
7,910
Cirsa
Finance
International,
6.50%,
3/15/29
(EUR) (5)
2,900
3,170
Cirsa
Finance
International,
10.375%,
11/30/27
(EUR) (5)
2,322
2,705
International
Game
Technology,
5.25%,
1/15/29 (5)
25,335
24,448
International
Game
Technology,
6.25%,
1/15/27 (5)
17,023
17,044
Light
&
Wonder
International,
7.00%,
5/15/28 (5)
9,365
9,412
Light
&
Wonder
International,
7.25%,
11/15/29 (5)
36,995
37,735
Light
&
Wonder
International,
7.50%,
9/1/31 (5)(6)
7,005
7,276
Lottomatica,
7.125%,
6/1/28
(EUR) (5)
3,325
3,799
MGM
Growth
Properties
Operating
Partnership,
3.875%,
2/15/29 (5)
12,700
11,303
MGM
Growth
Properties
Operating
Partnership,
5.75%,
2/1/27
8,690
8,636
T.
ROWE
PRICE
High
Yield
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
‡
Midwest
Gaming
Borrower,
4.875%,
5/1/29 (5)
13,340
12,189
Ontario
Gaming
GTA,
8.00%,
8/1/30 (5)
7,320
7,476
Playtika
Holding,
4.25%,
3/15/29 (5)
12,570
10,653
Scientific
Games
Holdings,
6.625%,
3/1/30 (5)
14,995
14,058
Wynn
Macau,
5.50%,
10/1/27 (5)
23,082
21,948
Wynn
Resorts
Finance,
5.125%,
10/1/29 (5)(6)
10,965
10,321
Wynn
Resorts
Finance,
7.125%,
2/15/31 (5)
610
628
297,696
Health
Care
6.8%
AthenaHealth
Group,
6.50%,
2/15/30 (5)(6)
33,940
30,376
Avantor
Funding,
4.625%,
7/15/28 (5)
34,000
32,087
Bausch
+
Lomb,
8.375%,
10/1/28 (5)
14,400
15,012
CHS,
5.25%,
5/15/30 (5)
8,505
6,761
CHS,
6.00%,
1/15/29 (5)
12,215
10,444
CHS,
6.125%,
4/1/30 (5)
12,215
7,634
CHS,
8.00%,
12/15/27 (5)(6)
24,945
23,885
IQVIA,
6.50%,
5/15/30 (5)
7,175
7,265
LifePoint
Health,
9.875%,
8/15/30 (5)(6)
2,351
2,439
LifePoint
Health,
11.00%,
10/15/30 (5)
21,369
22,544
Medline
Borrower,
5.25%,
10/1/29 (5)
45,740
42,309
Molina
Healthcare,
4.375%,
6/15/28 (5)
14,875
13,871
MPT
Operating
Partnership,
5.00%,
10/15/27 (6)
13,235
10,770
Organon,
5.125%,
4/30/31 (5)(6)
16,810
14,394
RegionalCare
Hospital
Partners
Holdings,
9.75%,
12/1/26 (5)(6)
15,655
15,577
Select
Medical,
6.25%,
8/15/26 (5)
20,080
20,030
Star
Parent,
9.00%,
10/1/30 (5)
13,820
14,563
Tenet
Healthcare,
4.375%,
1/15/30
18,735
17,119
Tenet
Healthcare,
6.125%,
10/1/28 (6)
45,700
45,186
Tenet
Healthcare,
6.125%,
6/15/30
20,178
19,951
Tenet
Healthcare,
6.75%,
5/15/31 (5)
10,730
10,824
Tenet
Healthcare,
6.875%,
11/15/31
10,830
11,101
Teva
Pharmaceutical
Finance
Netherlands
III,
4.75%,
5/9/27
14,880
14,155
Teva
Pharmaceutical
Finance
Netherlands
III,
5.125%,
5/9/29
33,400
31,521
Teva
Pharmaceutical
Finance
Netherlands
III,
6.75%,
3/1/28
24,880
25,160
Teva
Pharmaceutical
Finance
Netherlands
III,
7.875%,
9/15/29
9,215
9,814
Teva
Pharmaceutical
Finance
Netherlands
III,
8.125%,
9/15/31
4,820
5,218
480,010
Information
Technology
5.5%
Boxer
Parent,
7.125%,
10/2/25 (5)
8,905
8,883
Boxer
Parent,
9.125%,
3/1/26 (5)
14,650
14,650
Capstone
Borrower,
8.00%,
6/15/30 (5)
21,410
22,079
Central
Parent,
7.25%,
6/15/29 (5)(6)
47,395
47,632
Central
Parent,
8.00%,
6/15/29 (5)
13,585
13,925
Cloud
Software
Group,
6.50%,
3/31/29 (5)
24,390
22,622
Cloud
Software
Group,
9.00%,
9/30/29 (5)
62,590
58,131
T.
ROWE
PRICE
High
Yield
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
‡
Entegris,
5.95%,
6/15/30 (5)
50,035
48,909
Gen
Digital,
6.75%,
9/30/27 (5)
17,780
17,847
Gen
Digital,
7.125%,
9/30/30 (5)(6)
21,835
22,244
Go
Daddy
Operating,
5.25%,
12/1/27 (5)
7,220
7,003
Match
Group
Holdings
II,
3.625%,
10/1/31 (5)(6)
13,540
11,424
Match
Group
Holdings
II,
4.125%,
8/1/30 (5)
24,050
21,194
Match
Group
Holdings
II,
4.625%,
6/1/28 (5)
8,145
7,636
Match
Group
Holdings
II,
5.00%,
12/15/27 (5)
8,265
7,862
Match
Group
Holdings
II,
5.625%,
2/15/29 (5)(6)
4,150
3,984
McAfee,
7.375%,
2/15/30 (5)
23,985
21,137
ROBLOX,
3.875%,
5/1/30 (5)
12,490
10,913
Twilio,
3.625%,
3/15/29
7,365
6,546
Twilio,
3.875%,
3/15/31
13,350
11,581
386,202
Lodging
0.7%
Hilton
Domestic
Operating,
4.00%,
5/1/31 (5)
16,975
15,086
Park
Intermediate
Holdings,
4.875%,
5/15/29 (5)
10,160
9,347
Park
Intermediate
Holdings,
5.875%,
10/1/28 (5)
8,775
8,523
RHP
Hotel
Properties,
4.50%,
2/15/29 (5)(6)
16,525
15,327
RHP
Hotel
Properties,
7.25%,
7/15/28 (5)
2,095
2,142
50,425
Manufacturing
1.3%
Hillenbrand,
3.75%,
3/1/31
9,145
7,796
Madison
IAQ,
4.125%,
6/30/28 (5)
19,445
17,622
Madison
IAQ,
5.875%,
6/30/29 (5)(6)
11,160
9,890
Mueller
Water
Products,
4.00%,
6/15/29 (5)
19,320
17,509
Sensata
Technologies,
4.00%,
4/15/29 (5)
23,815
21,553
Sensata
Technologies,
5.875%,
9/1/30 (5)(6)
11,945
11,587
Stevens
Holding,
6.125%,
10/1/26 (5)
7,140
7,104
93,061
Metals
&
Mining
2.4%
Alcoa
Nederland
Holding,
6.125%,
5/15/28 (5)(6)
11,935
11,902
Arsenal
AIC
Parent,
8.00%,
10/1/30 (5)(6)
8,000
8,380
Arsenal
AIC
Parent,
11.50%,
10/1/31 (5)
13,525
14,844
ATI,
5.125%,
10/1/31
7,935
7,251
ATI,
7.25%,
8/15/30
5,695
5,830
Big
River
Steel,
6.625%,
1/31/29 (5)
19,532
19,581
ERO
Copper,
6.50%,
2/15/30 (5)
10,911
10,294
FMG
Resources,
5.875%,
4/15/30 (5)
12,210
11,874
GrafTech
Finance,
4.625%,
12/15/28 (5)(6)
9,846
6,474
GrafTech
Global
Enterprises,
9.875%,
12/15/28 (5)(6)
11,513
9,124
Hecla
Mining,
7.25%,
2/15/28
29,735
29,586
Hudbay
Minerals,
6.125%,
4/1/29 (5)(6)
15,290
15,019
Mineral
Resources,
9.25%,
10/1/28 (5)
8,985
9,423
Novelis,
4.75%,
1/30/30 (5)
14,150
12,930
172,512
T.
ROWE
PRICE
High
Yield
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
‡
Other
Telecommunications
0.1%
Level
3
Financing,
3.75%,
7/15/29 (5)
12,780
5,240
5,240
Real
Estate
Investment
Trust
Securities
0.9%
Necessity
Retail,
4.50%,
9/30/28 (5)(6)
25,045
20,975
Service
Properties
Trust,
7.50%,
9/15/25
15,380
15,534
Service
Properties
Trust,
8.625%,
11/15/31 (5)
23,760
25,067
61,576
Restaurants
0.5%
Yum!
Brands,
5.35%,
11/1/43
19,590
18,708
Yum!
Brands,
6.875%,
11/15/37
14,435
15,590
34,298
Retail
1.0%
At
Home
Cayman,
11.50%,
5/12/28 (5)
3,692
2,538
At
Home
Group,
4.875%,
7/15/28 (5)
6,210
2,639
At
Home
Group,
7.125%,
5/12/28,
(7.125%
Cash
or
8.625%
PIK) (5)(7)
7,950
3,419
Bath
&
Body
Works,
6.625%,
10/1/30 (5)
26,510
26,643
Bath
&
Body
Works,
6.694%,
1/15/27
1,620
1,636
Bath
&
Body
Works,
6.95%,
3/1/33
7,052
6,840
Bath
&
Body
Works,
7.50%,
6/15/29 (6)
9,820
10,090
Bath
&
Body
Works,
9.375%,
7/1/25 (5)
3,971
4,140
Linens
'n
Things,
VR,
EC,
8.338%,
1/15/20 (2)(4)
9,800
—
PetSmart,
7.75%,
2/15/29 (5)
10,150
10,023
67,968
Satellites
0.9%
Connect
Finco,
6.75%,
10/1/26 (5)
21,750
21,342
Hughes
Satellite
Systems,
6.625%,
8/1/26 (6)
7,502
4,914
Intelsat
Jackson
Holdings,
6.50%,
3/15/30 (5)
11,350
10,499
Telesat
Canada,
6.50%,
10/15/27 (5)
11,445
4,921
Viasat,
5.625%,
4/15/27 (5)(6)
17,309
16,249
Viasat,
7.50%,
5/30/31 (5)(6)
10,670
7,496
65,421
Services
6.4%
Adtalem
Global
Education,
5.50%,
3/1/28 (5)
12,012
11,351
Advantage
Sales
&
Marketing,
6.50%,
11/15/28 (5)
11,480
10,662
Albion
Financing
1,
6.125%,
10/15/26 (5)
16,845
16,592
Albion
Financing
2,
8.75%,
4/15/27 (5)
7,065
7,083
Allied
Universal
Holdco,
6.00%,
6/1/29 (5)(6)
16,745
13,836
Allied
Universal
Holdco,
7.875%,
2/15/31 (5)
19,396
19,202
Allied
Universal
Holdco,
9.75%,
7/15/27 (5)(6)
41,150
40,893
eG
Global
Finance,
12.00%,
11/30/28 (5)
13,900
14,543
Fair
Isaac,
4.00%,
6/15/28 (5)
19,945
18,474
Gartner,
3.625%,
6/15/29 (5)
8,025
7,162
GFL
Environmental,
6.75%,
1/15/31 (5)
10,465
10,700
T.
ROWE
PRICE
High
Yield
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
‡
GTCR
W-2
Merger,
7.50%,
1/15/31 (5)
28,107
29,302
H&E
Equipment
Services,
3.875%,
12/15/28 (5)
30,820
27,815
Itelyum
Regeneration,
4.625%,
10/1/26
(EUR) (5)
2,135
2,238
Loxam,
6.375%,
5/31/29
(EUR) (5)
4,175
4,665
Presidio
Holdings,
8.25%,
2/1/28 (5)
19,285
18,996
Prime
Security
Services
Borrower,
6.25%,
1/15/28 (5)(6)
18,475
18,198
Ritchie
Bros
Holdings,
6.75%,
3/15/28 (5)(6)
7,280
7,426
Ritchie
Bros
Holdings,
7.75%,
3/15/31 (5)
10,065
10,556
Sabre
GLBL,
11.25%,
12/15/27 (5)
7,640
7,182
TK
Elevator
Holdco,
6.625%,
7/15/28
(EUR) (6)
21,330
22,149
TK
Elevator
Holdco,
7.625%,
7/15/28 (5)
8,098
7,855
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27 (5)
25,605
24,453
UKG,
6.875%,
2/1/31 (5)
75,885
76,739
United
Rentals
North
America,
3.75%,
1/15/32 (6)
5,125
4,420
United
Rentals
North
America,
3.875%,
2/15/31
15,500
13,717
Williams
Scotsman,
7.375%,
10/1/31 (5)
9,541
9,875
456,084
Supermarkets
0.1%
Iceland
Bondco,
4.625%,
3/15/25
(GBP)
1,187
1,483
Iceland
Bondco,
10.875%,
12/15/27
(GBP) (5)
2,400
3,202
Iceland
Bondco,
FRN,
3M
EURIBOR
+
5.50%,
9.401%,
12/15/27
(EUR) (5)
2,390
2,603
7,288
Transportation
0.3%
Watco,
6.50%,
6/15/27 (5)
20,631
20,115
20,115
Utilities
4.1%
Calpine,
4.50%,
2/15/28 (5)
4,385
4,122
Calpine,
5.00%,
2/1/31 (5)
17,725
15,842
Calpine,
5.125%,
3/15/28 (5)
31,435
29,706
HAT
Holdings
I,
8.00%,
6/15/27 (5)
13,914
14,418
NRG
Energy,
VR,
10.25% (5)(8)(9)
5,220
5,527
PG&E,
5.00%,
7/1/28 (6)
24,607
23,469
PG&E,
5.25%,
7/1/30
30,655
28,810
Talen
Energy
Supply,
8.625%,
6/1/30 (5)(6)
34,154
35,947
Terraform
Global
Operating,
6.125%,
3/1/26 (5)
18,009
17,761
TerraForm
Power
Operating,
5.00%,
1/31/28 (5)
21,566
20,380
TransAlta,
7.75%,
11/15/29
5,070
5,241
Vistra,
VR,
7.00% (5)(8)(9)
32,335
31,244
Vistra,
VR,
8.00% (5)(8)(9)
41,780
41,780
Vistra
Operations,
7.75%,
10/15/31 (5)
19,050
19,669
293,916
Wireless
Communications
0.5%
Iliad
Holding
SASU,
6.50%,
10/15/26 (5)
25,855
25,564
T.
ROWE
PRICE
High
Yield
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
‡
U.S.
Cellular,
6.70%,
12/15/33 (6)
7,270
7,134
32,698
Total
Corporate
Bonds
(Cost
$6,795,778)
6,566,808
MUNICIPAL
SECURITIES
0.4%
Puerto
Rico
0.4%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (10)
53,161
31,099
Total
Municipal
Securities
(Cost
$29,136)
31,099
SHORT-TERM
INVESTMENTS
1.1%
Money
Market
Funds
1.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (11)(12)
79,678
79,678
Total
Short-Term
Investments
(Cost
$79,678)
79,678
SECURITIES
LENDING
COLLATERAL
3.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (11)(12)
10,019
10,019
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
10,019
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,
5.39% (11)(12)
200,714
200,714
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
200,714
Total
Securities
Lending
Collateral
(Cost
$210,733)
210,733
Total
Investments
in
Securities
101.9%
(Cost
$7,438,445)
$
7,217,094
Other
Assets
Less
Liabilities
(1.9)%
(137,947)
Net
Assets
100.0%
$
7,079,147
T.
ROWE
PRICE
High
Yield
Fund
14
‡
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)
Non-income
producing
(3)
All
or
a
portion
of
this
loan
is
unsettled
as
of
February
29,
2024.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(4)
Level
3
in
fair
value
hierarchy.
(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
$5,466,290
and
represents
77.2%
of
net
assets.
(6)
All
or
a
portion
of
this
security
is
on
loan
at
February
29,
2024.
(7)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(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)
Perpetual
security
with
no
stated
maturity
date.
(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)
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
15
(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,
Ca*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/26
*
8,875
(1,590)
(354)
(1,236)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(1,236)
Total
Centrally
Cleared
Swaps
(1,236)
Net
payments
(receipts)
of
variation
margin
to
date
1,222
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(14)
*
Credit
ratings
as
of
February
29,
2024.
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
16
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Barclays
Bank
5/24/24
USD
14,529
EUR
13,453
$
(63)
Deutsche
Bank
5/24/24
USD
2,877
EUR
2,662
(10)
Standard
Chartered
4/19/24
USD
535
GBP
421
3
State
Street
4/19/24
USD
9,707
GBP
7,620
86
State
Street
5/24/24
USD
60,078
EUR
55,549
(168)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(152)
T.
ROWE
PRICE
High
Yield
Fund
17
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
29,
2024.
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,
5.39%
$
—
$
—
$
2,623++
Totals
$
—#
$
—
$
2,623+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/23
Purchase
Cost
Sales
Cost
Value
02/29/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
108,239
¤
¤
$
290,411
Total
$
290,411^
#
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
$2,623
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
$290,411.
T.
ROWE
PRICE
High
Yield
Fund
Unaudited
Notes
to
Portfolio
of
Investments
18
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
19
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.
ROWE
PRICE
High
Yield
Fund
20
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.
T.
ROWE
PRICE
High
Yield
Fund
21
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
February
29,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
299,591
$
—
$
299,591
Common
Stocks
60,284
—
—
60,284
Convertible
Preferred
Stocks
—
—
—
—
Corporate
Bonds
—
6,566,808
—
6,566,808
Short-Term
Investments
79,678
—
—
79,678
Securities
Lending
Collateral
210,733
—
—
210,733
Total
Securities
350,695
6,866,399
—
7,217,094
Forward
Currency
Exchange
Contracts
—
89
—
89
Total
$
350,695
$
6,866,488
$
—
$
7,217,183
Liabilities
Swaps*
$
—
$
1,236
$
—
$
1,236
Forward
Currency
Exchange
Contracts
—
241
—
241
Total
$
—
$
1,477
$
—
$
1,477
1
Includes
Bank
Loans,
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
22
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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
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.
F57-054Q3
02/24