T. ROWE PRICE HIGH YIELD FUND | ||
August 31, 2020 (Unaudited) | ||
Portfolio of Investments‡ | Par/Shares | $ Value |
(Amounts in 000s) | ||
CORPORATE BONDS 86.3% | ||
Aerospace & Defense 1.1% | ||
F-Brasile, 7.375%, 8/15/26 (1) | 12,390 | 9,881 |
Moog, 4.25%, 12/15/27 (1) | 4,605 | 4,755 |
TransDigm, 6.25%, 3/15/26 (1) | 52,125 | 54,992 |
TransDigm, 7.50%, 3/15/27 | 1,305 | 1,364 |
TransDigm, 8.00%, 12/15/25 (1) | 19,925 | 21,693 |
92,685 | ||
Airlines 1.0% | ||
Air Canada, 7.75%, 4/15/21 (1) | 18,543 | 18,636 |
American Airlines PTT, Series 2013-1, Class B, 5.625%, | ||
1/15/21 (1) | 1,082 | 925 |
Delta Air Lines, 7.00%, 5/1/25 (1) | 14,760 | 16,162 |
Delta Air Lines, 7.375%, 1/15/26 | 20,335 | 21,148 |
Mileage Plus Holdings, 6.50%, 6/20/27 (1) | 11,355 | 11,838 |
United Airlines Holdings, 4.875%, 1/15/25 | 10,370 | 8,970 |
United Airlines Holdings, 5.00%, 2/1/24 | 4,875 | 4,400 |
United Airlines Holdings, 6.00%, 12/1/20 | 7,920 | 7,965 |
90,044 | ||
Automotive 3.6% | ||
Adient Global Holdings, 4.875%, 8/15/26 (1) | 20,934 | 19,625 |
Adient U.S., 9.00%, 4/15/25 (1) | 19,010 | 21,220 |
Clarios Global, 6.25%, 5/15/26 (1) | 2,150 | 2,274 |
Clarios Global, 8.50%, 5/15/27 (1) | 69,180 | 73,158 |
Dana, 5.625%, 6/15/28 | 13,360 | 14,095 |
Dana Financing Luxembourg, 5.75%, 4/15/25 (1) | 1,310 | 1,359 |
Ford Motor, 8.50%, 4/21/23 | 10,070 | 11,167 |
Ford Motor, 9.00%, 4/22/25 | 22,795 | 26,628 |
Ford Motor Credit, 5.085%, 1/7/21 | 13,219 | 13,301 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Ford Motor Credit, 5.125%, 6/16/25 | 16,375 | 17,175 |
Ford Motor Credit, 5.75%, 2/1/21 | 16,982 | 17,173 |
Goodyear Tire & Rubber, 9.50%, 5/31/25 | 6,890 | 7,717 |
Group 1 Automotive, 4.00%, 8/15/28 (1) | 7,625 | 7,606 |
IAA, 5.50%, 6/15/27 (1) | 6,580 | 6,925 |
Meritor, 6.25%, 6/1/25 (1) | 12,575 | 13,377 |
Navistar International, 9.50%, 5/1/25 (1) | 15,990 | 18,189 |
Tenneco, 5.375%, 12/15/24 | 1,430 | 1,101 |
Tesla, 5.30%, 8/15/25 (1) | 45,641 | 47,409 |
319,499 | ||
Banking 0.5% | ||
Banco do Brasil, VR, 9.00% (2)(3) | 22,405 | 24,363 |
Itau Unibanco Holding, VR, 6.125% (1)(2)(3) | 21,225 | 20,682 |
45,045 | ||
Broadcasting 4.3% | ||
Clear Channel Worldwide Holdings, 5.125%, 8/15/27 (1) | 17,055 | 17,055 |
Clear Channel Worldwide Holdings, 9.25%, 2/15/24 | 39,480 | 38,690 |
Diamond Sports Group, 5.375%, 8/15/26 (1) | 11,275 | 8,795 |
Diamond Sports Group, 6.625%, 8/15/27 (1) | 12,220 | 6,874 |
iHeartCommunications, 5.25%, 8/15/27 (1) | 6,185 | 6,154 |
iHeartCommunications, 6.375%, 5/1/26 | 5,144 | 5,362 |
iHeartCommunications, 8.375%, 5/1/27 | 72,993 | 73,541 |
Lions Gate Capital Holdings, 6.375%, 2/1/24 (1) | 16,320 | 16,687 |
MDC Partners, 6.50%, 5/1/24 (1) | 46,746 | 44,935 |
Nexstar Broadcasting, 5.625%, 8/1/24 (1) | 15,635 | 16,051 |
Nexstar Broadcasting, 5.625%, 7/15/27 (1) | 13,745 | 14,518 |
Outfront Media Capital, 5.00%, 8/15/27 (1) | 1,685 | 1,656 |
Outfront Media Capital, 6.25%, 6/15/25 (1) | 6,050 | 6,307 |
Sirius XM Radio, 4.125%, 7/1/30 (1) | 12,385 | 13,004 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Sirius XM Radio, 4.625%, 7/15/24 (1) | 14,160 | 14,709 |
Sirius XM Radio, 5.00%, 8/1/27 (1) | 11,225 | 11,870 |
Sirius XM Radio, 5.375%, 7/15/26 (1) | 18,620 | 19,411 |
Terrier Media Buyer, 8.875%, 12/15/27 (1) | 19,730 | 20,371 |
Townsquare Media, 6.50%, 4/1/23 (1) | 21,700 | 20,073 |
Univision Communications, 6.625%, 6/1/27 (1) | 16,500 | 16,562 |
Univision Communications, 9.50%, 5/1/25 (1) | 7,590 | 8,311 |
380,936 | ||
Building & Real Estate 1.5% | ||
Country Garden Holdings, 8.00%, 1/27/24 | 13,860 | 15,220 |
Cushman & Wakefield U.S. Borrower, 6.75%, 5/15/28 (1) | 20,460 | 21,534 |
Howard Hughes, 5.375%, 3/15/25 (1) | 29,855 | 30,228 |
Howard Hughes, 5.375%, 8/1/28 | 13,185 | 13,383 |
Realogy Group, 7.625%, 6/15/25 (1) | 4,345 | 4,573 |
Shimao Group Holdings, 6.125%, 2/21/24 | 14,220 | 15,215 |
Taylor Morrison Communities, 5.125%, 8/1/30 (1) | 6,340 | 6,895 |
Taylor Morrison Communities, 5.875%, 4/15/23 (1) | 12,800 | 13,552 |
Weekley Homes, 6.625%, 8/15/25 | 13,625 | 14,153 |
134,753 | ||
Building Products 1.4% | ||
American Builders & Contractors Supply, 5.875%, 5/15/26 (1) | 24,755 | 25,931 |
American Woodmark, 4.875%, 3/15/26 (1) | 19,570 | 19,937 |
Forterra Finance, 6.50%, 7/15/25 (1) | 12,695 | 13,393 |
New Enterprise Stone & Lime, 6.25%, 3/15/26 (1) | 14,845 | 15,439 |
PGT Innovations, 6.75%, 8/1/26 (1) | 13,960 | 14,919 |
Summit Materials, 5.25%, 1/15/29 (1) | 8,755 | 9,171 |
Summit Materials, 6.50%, 3/15/27 (1) | 18,985 | 20,409 |
119,199 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Cable Operators 10.0% | ||
Altice Financing, 5.00%, 1/15/28 (1) | 19,280 | 19,762 |
Altice Financing, 7.50%, 5/15/26 (1) | 34,445 | 36,641 |
Altice France, 5.50%, 1/15/28 (1) | 16,700 | 17,493 |
Altice France, 7.375%, 5/1/26 (1) | 28,125 | 29,777 |
Altice France, 8.125%, 2/1/27 (1) | 13,360 | 14,896 |
Altice France Holding, 6.00%, 2/15/28 (1) | 46,605 | 46,488 |
Altice France Holding, 10.50%, 5/15/27 (1) | 30,097 | 34,311 |
C&W Senior Financing, 6.875%, 9/15/27 (1) | 22,605 | 23,731 |
CCO Holdings, 4.25%, 2/1/31 (1) | 17,915 | 18,699 |
CCO Holdings, 4.50%, 8/15/30 (1) | 21,275 | 22,498 |
CCO Holdings, 4.50%, 5/1/32 (1) | 21,080 | 22,318 |
CCO Holdings, 5.00%, 2/1/28 (1) | 57,825 | 61,294 |
CCO Holdings, 5.125%, 5/1/27 (1) | 26,545 | 28,138 |
CCO Holdings, 5.375%, 6/1/29 (1) | 15,830 | 17,373 |
CCO Holdings, 5.50%, 5/1/26 (1) | 25,325 | 26,465 |
CCO Holdings, 5.75%, 2/15/26 (1) | 3,240 | 3,378 |
CCO Holdings, 5.875%, 5/1/27 (1) | 3,295 | 3,460 |
CSC Holdings, 3.375%, 2/15/31 (1) | 7,805 | 7,688 |
CSC Holdings, 4.625%, 12/1/30 (1) | 17,110 | 17,495 |
CSC Holdings, 5.75%, 1/15/30 (1) | 22,260 | 24,236 |
CSC Holdings, 6.50%, 2/1/29 (1) | 36,990 | 41,521 |
CSC Holdings, 7.50%, 4/1/28 (1) | 26,340 | 29,501 |
DISH DBS, 5.875%, 11/15/24 | 5,730 | 6,059 |
DISH DBS, 7.375%, 7/1/28 (1) | 19,105 | 20,251 |
DISH DBS, 7.75%, 7/1/26 | 23,550 | 26,965 |
GCI, 6.625%, 6/15/24 (1) | 14,260 | 15,009 |
GCI, 6.875%, 4/15/25 | 14,530 | 15,057 |
LCPR Senior Secured Financing, 6.75%, 10/15/27 (1) | 5,875 | 6,271 |
Netflix, 3.625%, 6/15/25 (1) | 13,310 | 14,042 |
Netflix, 3.875%, 11/15/29 (EUR) (1) | 10,175 | 13,608 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Netflix, 5.375%, 11/15/29 (1) | 19,060 | 22,872 |
Netflix, 5.875%, 11/15/28 | 33,095 | 40,707 |
Netflix, 6.375%, 5/15/29 | 53,075 | 67,272 |
Radiate Holdco, 6.875%, 2/15/23 (1) | 13,910 | 14,258 |
Videotron, 5.00%, 7/15/22 | 6,575 | 6,904 |
Videotron, 5.125%, 4/15/27 (1) | 7,535 | 7,987 |
Virgin Media Finance, 5.00%, 7/15/30 (1) | 5,740 | 5,898 |
Virgin Media Secured Finance, 5.50%, 8/15/26 (1) | 10,974 | 11,564 |
VTR Finance, 6.375%, 7/15/28 (1) | 7,880 | 8,432 |
Ziggo Bond, 5.125%, 2/28/30 (1) | 6,430 | 6,808 |
Ziggo Bond, 6.00%, 1/15/27 (1) | 18,575 | 19,550 |
876,677 | ||
Chemicals 1.9% | ||
Compass Minerals International, 6.75%, 12/1/27 (1) | 9,675 | 10,558 |
Consolidated Energy Finance, 6.50%, 5/15/26 (1) | 3,285 | 2,899 |
Consolidated Energy Finance, 6.875%, 6/15/25 (1) | 1,025 | 948 |
CVR Partners, 9.25%, 6/15/23 (1) | 31,135 | 30,746 |
Diamond, 5.625%, 8/15/25 (EUR) | 7,190 | 8,516 |
Element Solutions, 3.875%, 9/1/28 (1) | 9,515 | 9,693 |
Kraton Polymers, 5.25%, 5/15/26 (EUR) (1) | 4,470 | 5,348 |
Kraton Polymers, 7.00%, 4/15/25 (1) | 14,435 | 14,940 |
Methanex, 5.25%, 12/15/29 | 6,740 | 6,799 |
Methanex, 5.65%, 12/1/44 | 9,369 | 8,606 |
Neon Holdings, 10.125%, 4/1/26 (1) | 14,290 | 15,094 |
OCI, 6.625%, 4/15/23 (1) | 16,905 | 17,412 |
Univar Solutions USA, 5.125%, 12/1/27 (1) | 21,170 | 22,123 |
WR Grace & Co-Conn, 4.875%, 6/15/27 (1) | 10,895 | 11,412 |
165,094 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Conglomerates 0.4% | ||
General Electric, Series D, VR, 5.00% (2)(3) | 40,945 | 31,886 |
31,886 | ||
Consumer Products 1.3% | ||
Avon International Operations, 7.875%, 8/15/22 (1) | 14,525 | 14,746 |
CD&R Smokey Buyer, 6.75%, 7/15/25 (1) | 2,910 | 3,114 |
Edgewell Personal Care, 5.50%, 6/1/28 (1) | 7,870 | 8,362 |
Energizer Gamma Acquisition, 4.625%, 7/15/26 (EUR) (1) | 10,020 | 12,376 |
Energizer Holdings, 6.375%, 7/15/26 (1) | 2,400 | 2,544 |
Energizer Holdings, 7.75%, 1/15/27 (1) | 4,940 | 5,403 |
LTF Merger Sub, 8.50%, 6/15/23 (1) | 3,590 | 3,437 |
Mattel, 5.875%, 12/15/27 (1) | 8,410 | 9,146 |
Prestige Brands, 6.375%, 3/1/24 (1) | 20,550 | 21,269 |
Tempur Sealy International, 5.50%, 6/15/26 | 15,315 | 16,004 |
Tempur Sealy International, 5.625%, 10/15/23 | 16,515 | 16,763 |
113,164 | ||
Container 1.9% | ||
Ardagh Packaging Finance, 5.25%, 4/30/25 (1) | 7,540 | 7,992 |
Ardagh Packaging Finance, 5.25%, 8/15/27 (1) | 22,675 | 23,582 |
Ardagh Packaging Finance, 6.00%, 2/15/25 (1) | 12,000 | 12,510 |
Berry Global, 5.625%, 7/15/27 (1) | 3,825 | 4,045 |
Crown Cork & Seal, 7.375%, 12/15/26 | 1,220 | 1,443 |
Intelligent Packaging Finco, 6.00%, 9/15/28 (1) | 3,920 | 3,998 |
Kleopatra Holdings 1, 9.25% (PIK), 6/30/23 (EUR) (1)(4) | 1,893 | 1,692 |
Kleopatra Holdings 1, 9.25% (PIK), 6/30/23 (EUR) (4) | 2,930 | 2,619 |
Mauser Packaging Solutions Holding, 7.25%, 4/15/25 (1) | 35,645 | 34,576 |
Pactiv, 7.95%, 12/15/25 | 9,725 | 10,746 |
Pactiv, 8.375%, 4/15/27 | 2,980 | 3,293 |
Reynolds Group Issuer, 7.00%, 7/15/24 (1) | 29,881 | 30,404 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Trivium Packaging Finance, 3.75%, 8/15/26 (EUR) (1) | 1,650 | 2,023 |
Trivium Packaging Finance, 5.50%, 8/15/26 (1) | 7,665 | 8,048 |
Trivium Packaging Finance, 8.50%, 8/15/27 (1) | 15,120 | 16,557 |
163,528 | ||
Drugs 0.0% | ||
Teva Pharmaceutical Finance, 6.15%, 2/1/36 | 2,777 | 2,888 |
2,888 | ||
Energy 9.0% | ||
Antero Resources, 5.125%, 12/1/22 | 604 | 521 |
Archrock Partners, 6.875%, 4/1/27 (1) | 12,145 | 12,449 |
Berry Petroleum, 7.00%, 2/15/26 (1) | 18,450 | 14,576 |
Cheniere Corpus Christi Holdings, 5.125%, 6/30/27 | 16,940 | 19,057 |
Cheniere Corpus Christi Holdings, 5.875%, 3/31/25 | 10,375 | 11,944 |
Cheniere Corpus Christi Holdings, 7.00%, 6/30/24 | 19,360 | 22,502 |
Cheniere Energy Partners, 4.50%, 10/1/29 | 20,230 | 20,989 |
Cheniere Energy Partners, 5.625%, 10/1/26 | 6,250 | 6,555 |
Citgo Holding, 9.25%, 8/1/24 (1) | 23,055 | 22,767 |
Comstock Resources, 9.75%, 8/15/26 | 17,085 | 18,196 |
Continental Resources, 4.375%, 1/15/28 | 15,080 | 14,477 |
Continental Resources, 4.50%, 4/15/23 | 27,325 | 27,496 |
Continental Resources, 4.90%, 6/1/44 | 15,615 | 13,780 |
Continental Resources, 5.00%, 9/15/22 | 13,647 | 13,596 |
CrownRock, 5.625%, 10/15/25 (1) | 5,965 | 5,905 |
CSI Compressco, 7.50%, 4/1/25 (1) | 652 | 580 |
CSI Compressco, 10.00%, 4/1/26 (1)(4) | 2,026 | 1,479 |
DCP Midstream, Series A, VR, 7.375% (2)(3) | 11,994 | 8,876 |
DCP Midstream Operating, 5.625%, 7/15/27 | 7,290 | 7,873 |
DCP Midstream Operating, 6.75%, 9/15/37 (1) | 18,980 | 19,170 |
DCP Midstream Operating, 8.125%, 8/16/30 | 9,040 | 10,712 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Endeavor Energy Resources, 5.75%, 1/30/28 (1) | 15,078 | 15,417 |
Endeavor Energy Resources, 6.625%, 7/15/25 (1) | 3,065 | 3,195 |
EQT, 8.75%, 2/1/30 | 21,010 | 25,317 |
Exterran Energy Solutions, 8.125%, 5/1/25 | 23,155 | 20,029 |
Hess, 5.60%, 2/15/41 | 1,120 | 1,275 |
Hess, 7.30%, 8/15/31 | 2,795 | 3,413 |
Hess, 7.875%, 10/1/29 | 1,370 | 1,730 |
Jagged Peak Energy, 5.875%, 5/1/26 | 23,624 | 24,096 |
Kosmos Energy, 7.125%, 4/4/26 (1) | 8,385 | 7,588 |
Magnolia Oil & Gas Operating, 6.00%, 8/1/26 (1) | 30,835 | 30,372 |
Matador Resources, 5.875%, 9/15/26 | 41,370 | 36,199 |
Nabors Industries, 7.25%, 1/15/26 (1) | 5,505 | 2,560 |
Nabors Industries, 7.50%, 1/15/28 (1) | 10,000 | 4,425 |
NGL Energy Partners, 7.50%, 11/1/23 | 30,605 | 22,495 |
NGL Energy Partners, 7.50%, 4/15/26 | 30,190 | 20,076 |
NuStar Logistics, 6.00%, 6/1/26 | 12,245 | 12,735 |
Occidental Petroleum, 3.125%, 2/15/22 | 790 | 782 |
Occidental Petroleum, 5.875%, 9/1/25 | 8,890 | 8,890 |
Occidental Petroleum, 6.375%, 9/1/28 | 9,560 | 9,644 |
Occidental Petroleum, 6.45%, 9/15/36 | 2,455 | 2,394 |
Occidental Petroleum, 6.95%, 7/1/24 | 1,040 | 1,074 |
Occidental Petroleum, 7.95%, 6/15/39 | 21,035 | 21,114 |
Occidental Petroleum, 8.00%, 7/15/25 | 13,485 | 14,665 |
Occidental Petroleum, 8.50%, 7/15/27 | 18,025 | 19,940 |
Occidental Petroleum, 8.875%, 7/15/30 | 34,400 | 39,044 |
Petrobras Global Finance, 6.75%, 6/3/50 | 4,965 | 5,544 |
Petrobras Global Finance, 7.375%, 1/17/27 | 16,595 | 19,694 |
Range Resources, 9.25%, 2/1/26 (1) | 20,870 | 21,966 |
Seven Generations Energy, 5.375%, 9/30/25 (1) | 53,035 | 51,046 |
Tallgrass Energy Partners, 5.50%, 9/15/24 (1) | 9,495 | 9,210 |
Tallgrass Energy Partners, 5.50%, 1/15/28 (1) | 7,675 | 6,984 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Tallgrass Energy Partners, 6.00%, 3/1/27 (1) | 8,560 | 7,982 |
Targa Resources Partners, 5.375%, 2/1/27 | 1,255 | 1,302 |
Targa Resources Partners, 5.875%, 4/15/26 | 1,120 | 1,179 |
Targa Resources Partners, 6.50%, 7/15/27 | 6,435 | 6,934 |
Targa Resources Partners, 6.875%, 1/15/29 | 10,585 | 11,696 |
USA Compression Partners, 6.875%, 4/1/26 | 10,940 | 11,323 |
USA Compression Partners, 6.875%, 9/1/27 | 8,110 | 8,394 |
WPX Energy, 5.875%, 6/15/28 | 6,920 | 7,024 |
792,247 | ||
Entertainment & Leisure 1.1% | ||
Cedar Fair, 5.25%, 7/15/29 | 5,455 | 5,305 |
Cedar Fair, 5.375%, 4/15/27 | 15,880 | 15,801 |
Cedar Fair, 5.50%, 5/1/25 (1) | 29,015 | 29,958 |
Live Nation Entertainment, 4.75%, 10/15/27 (1) | 11,355 | 10,702 |
Royal Caribbean Cruises, 11.50%, 6/1/25 (1) | 3,790 | 4,387 |
SeaWorld Parks & Entertainment, 9.50%, 8/1/25 (1) | 10,960 | 11,563 |
Six Flags Theme Parks, 7.00%, 7/1/25 (1) | 4,670 | 5,055 |
Vail Resorts, 6.25%, 5/15/25 (1) | 8,515 | 9,100 |
91,871 | ||
Exploration & Production 0.2% | ||
Apache, 4.625%, 11/15/25 | 7,820 | 8,016 |
Apache, 4.875%, 11/15/27 | 12,460 | 12,709 |
20,725 | ||
Financial 5.9% | ||
Acrisure, 7.00%, 11/15/25 (1) | 16,200 | 16,443 |
Acrisure, 8.125%, 2/15/24 (1) | 19,340 | 20,452 |
Acrisure, 10.125%, 8/1/26 (1) | 9,690 | 10,901 |
Alliant Holdings Intermediate, 6.75%, 10/15/27 (1) | 8,100 | 8,576 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND
Par/Shares | $ Value | |
(Amounts in 000s) | ||
AmWINS Group, 7.75%, 7/1/26 (1) | 18,825 | 20,237 |
Avolon Holdings Funding, 5.125%, 10/1/23 (1) | 16,290 | 15,720 |
Avolon Holdings Funding, 5.50%, 1/15/23 (1) | 20,560 | 20,046 |
Cabot Financial Luxembourg, 7.50%, 10/1/23 (GBP) (1) | 9,825 | 13,390 |
Cabot Financial Luxembourg, 7.50%, 10/1/23 (GBP) | 4,270 | 5,790 |
Cargo Aircraft Management, 4.75%, 2/1/28 (1) | 6,175 | 6,353 |
CIT Group, 4.125%, 3/9/21 | 1,385 | 1,394 |
CIT Group, 5.25%, 3/7/25 | 8,055 | 8,780 |
CIT Group, 6.125%, 3/9/28 | 7,295 | 8,599 |
CNO Financial Group, 5.25%, 5/30/25 | 8,561 | 9,749 |
DAE Funding, 4.50%, 8/1/22 (1) | 11,195 | 11,090 |
DAE Funding, 5.00%, 8/1/24 (1) | 18,780 | 18,463 |
DAE Funding, 5.25%, 11/15/21 (1) | 16,305 | 16,387 |
Genworth Mortgage Holdings, 6.50%, 8/15/25 (1) | 14,885 | 15,629 |
GTCR AP Finance, 8.00%, 5/15/27 (1) | 14,465 | 15,405 |
HUB International, 7.00%, 5/1/26 (1) | 27,585 | 28,619 |
Icahn Enterprises, 6.25%, 5/15/26 | 25,065 | 26,788 |
LPL Holdings, 5.75%, 9/15/25 (1) | 23,700 | 24,648 |
MGIC Investment, 5.25%, 8/15/28 | 6,070 | 6,373 |
Navient, 5.00%, 3/15/27 | 13,000 | 12,529 |
Navient, 6.125%, 3/25/24 | 34,245 | 35,700 |
Navient, 6.75%, 6/25/25 | 17,560 | 18,394 |
Navient, 6.75%, 6/15/26 | 4,640 | 4,843 |
Navient, 7.25%, 1/25/22 | 3,787 | 3,967 |
Navient, 7.25%, 9/25/23 | 17,085 | 18,003 |
OneMain Finance, 6.125%, 3/15/24 | 6,753 | 7,276 |
OneMain Finance, 6.625%, 1/15/28 | 6,110 | 6,965 |
OneMain Finance, 6.875%, 3/15/25 | 19,700 | 22,212 |
OneMain Finance, 7.125%, 3/15/26 | 6,180 | 7,084 |
OneMain Finance, 8.875%, 6/1/25 | 7,605 | 8,603 |
Park Aerospace Holdings, 4.50%, 3/15/23 (1) | 8,495 | 8,113 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Park Aerospace Holdings, 5.25%, 8/15/22 (1) | 8,015 | 7,855 |
Quicken Loans, 5.25%, 1/15/28 (1) | 23,321 | 24,892 |
516,268 | ||
Food 1.9% | ||
B&G Foods, 5.25%, 4/1/25 | 31,400 | 32,499 |
B&G Foods, 5.25%, 9/15/27 | 7,195 | 7,645 |
Chobani, 7.50%, 4/15/25 (1) | 34,140 | 35,505 |
Cosan Luxembourg, 7.00%, 1/20/27 (1) | 18,465 | 19,915 |
Darling Ingredients, 5.25%, 4/15/27 (1) | 5,855 | 6,214 |
Kraft Heinz Foods, 6.875%, 1/26/39 | 9,720 | 13,270 |
Kraft Heinz Foods, 7.125%, 8/1/39 (1) | 7,365 | 10,088 |
Lamb Weston Holdings, 4.875%, 5/15/28 (1) | 3,200 | 3,520 |
Post Holdings, 5.625%, 1/15/28 (1) | 11,795 | 12,621 |
Post Holdings, 5.75%, 3/1/27 (1) | 9,915 | 10,473 |
Sigma Holdco, 7.875%, 5/15/26 (1) | 15,535 | 15,710 |
167,460 | ||
Forest Products 0.0% | ||
Boise Cascade, 4.875%, 7/1/30 (1) | 2,775 | 2,987 |
2,987 | ||
Gaming 4.6% | ||
Boyd Gaming, 6.00%, 8/15/26 | 12,335 | 12,936 |
Boyd Gaming, 8.625%, 6/1/25 (1) | 5,095 | 5,605 |
Caesars Entertainment, 8.125%, 7/1/27 (1) | 6,625 | 7,023 |
Caesars Resort Collection, 5.25%, 10/15/25 (1) | 27,430 | 26,196 |
Caesars Resort Collection, 5.75%, 7/1/25 (1) | 10,835 | 11,350 |
Churchill Downs, 5.50%, 4/1/27 (1) | 9,920 | 10,416 |
Cirsa Finance International, 6.25%, 12/20/23 (EUR) (1) | 5,890 | 6,323 |
Cirsa Finance International, 7.875%, 12/20/23 (1) | 21,875 | 19,906 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
International Game Technology, 5.25%, 1/15/29 (1) | 10,700 | 10,994 |
International Game Technology, 6.25%, 2/15/22 (1) | 7,835 | 8,031 |
International Game Technology, 6.25%, 1/15/27 (1) | 24,038 | 26,322 |
Las Vegas Sands, 3.20%, 8/8/24 | 5,350 | 5,430 |
Melco Resorts Finance, 5.375%, 12/4/29 (1) | 6,985 | 7,195 |
MGM China Holdings, 5.25%, 6/18/25 (1) | 8,800 | 9,240 |
MGM China Holdings, 5.375%, 5/15/24 (1) | 8,040 | 8,362 |
MGM China Holdings, 5.875%, 5/15/26 (1) | 7,975 | 8,464 |
MGM Growth Properties Operating Partnership, 5.75%, 2/1/27 | 9,230 | 10,153 |
MGM Resorts International, 6.00%, 3/15/23 | 12,670 | 13,288 |
Scientific Games International, 7.00%, 5/15/28 (1) | 5,935 | 5,816 |
Scientific Games International, 7.25%, 11/15/29 (1) | 8,360 | 8,276 |
Scientific Games International, 8.25%, 3/15/26 (1) | 33,980 | 34,999 |
Scientific Games International, 8.625%, 7/1/25 (1) | 9,810 | 10,215 |
Stars Group Holdings, 7.00%, 7/15/26 (1) | 28,525 | 30,343 |
VICI Properties, 4.125%, 8/15/30 (1) | 5,560 | 5,574 |
VICI Properties, 4.625%, 12/1/29 (1) | 10,320 | 10,733 |
Wynn Las Vegas, 5.25%, 5/15/27 (1) | 30,045 | 29,256 |
Wynn Macau, 5.50%, 1/15/26 (1) | 12,750 | 12,929 |
Wynn Macau, 5.50%, 10/1/27 (1) | 10,015 | 10,094 |
Wynn Macau, 5.625%, 8/26/28 (1) | 22,380 | 22,549 |
Wynn Resorts Finance, 5.125%, 10/1/29 (1) | 11,645 | 11,354 |
399,372 | ||
Health Care 6.6% | ||
Avantor, 6.00%, 10/1/24 (1) | 17,470 | 18,300 |
Avantor Funding, 4.625%, 7/15/28 (1) | 25,010 | 26,448 |
Bausch Health, 7.00%, 3/15/24 (1) | 46,095 | 47,881 |
Bausch Health, 7.00%, 1/15/28 (1) | 755 | 804 |
Bausch Health, 7.25%, 5/30/29 (1) | 18,395 | 20,189 |
Bausch Health, 9.00%, 12/15/25 (1) | 35,025 | 38,352 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Bausch Health Americas, 8.50%, 1/31/27 (1) | 40,575 | 44,632 |
Bausch Health Americas, 9.25%, 4/1/26 (1) | 33,555 | 37,120 |
Catalent Pharma Solutions, 5.00%, 7/15/27 (1) | 3,870 | 4,073 |
Centene, 4.25%, 12/15/27 | 13,535 | 14,246 |
Centene, 4.625%, 12/15/29 | 19,660 | 21,479 |
Change Healthcare Holdings, 5.75%, 3/1/25 (1) | 18,610 | 18,959 |
DaVita, 3.75%, 2/15/31 (1) | 10,595 | 10,555 |
HCA, 5.375%, 2/1/25 | 11,600 | 13,050 |
HCA, 5.625%, 9/1/28 | 4,745 | 5,635 |
HCA, 5.875%, 2/15/26 | 12,235 | 14,009 |
HCA, 5.875%, 2/1/29 | 9,535 | 11,561 |
Jaguar Holding II, 4.625%, 6/15/25 (1) | 3,635 | 3,771 |
Jaguar Holding II, 5.00%, 6/15/28 (1) | 3,525 | 3,737 |
LifePoint Health, 6.75%, 4/15/25 (1) | 11,300 | 12,204 |
Molina Healthcare, 4.375%, 6/15/28 (1) | 11,755 | 12,284 |
Molina Healthcare, STEP, 5.375%, 11/15/22 | 310 | 325 |
MPT Operating Partnership, 6.375%, 3/1/24 | 11,575 | 11,951 |
Ortho-Clinical Diagnostics, 7.25%, 2/1/28 (1) | 1,430 | 1,480 |
Ortho-Clinical Diagnostics, 7.375%, 6/1/25 (1) | 4,180 | 4,347 |
Radiology Partners, 9.25%, 2/1/28 (1) | 3,160 | 3,365 |
RegionalCare Hospital Partners Holdings, 9.75%, 12/1/26 (1) | 29,420 | 31,700 |
Select Medical, 6.25%, 8/15/26 (1) | 10,785 | 11,540 |
Synlab Unsecured Bondco, 8.25%, 7/1/23 (EUR) | 10,400 | 12,660 |
Teleflex, 4.25%, 6/1/28 (1) | 4,635 | 4,878 |
Tenet Healthcare, 4.875%, 1/1/26 (1) | 29,500 | 30,680 |
Tenet Healthcare, 6.875%, 11/15/31 | 8,600 | 8,342 |
Tenet Healthcare, 7.50%, 4/1/25 (1) | 14,750 | 16,188 |
Tenet Healthcare, 8.125%, 4/1/22 | 18,975 | 20,446 |
Teva Pharmaceutical Finance Netherlands III, 2.80%, 7/21/23 | 14,990 | 14,465 |
Teva Pharmaceutical Finance Netherlands III, 6.00%, 4/15/24 | 6,700 | 7,018 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Teva Pharmaceutical Finance Netherlands III, 7.125%, | ||
1/31/25 (1) | 22,070 | 23,891 |
582,565 | ||
Information Technology 4.1% | ||
ANGI Group, 3.875%, 8/15/28 (1) | 5,235 | 5,281 |
Banff Merger Sub, 9.75%, 9/1/26 (1) | 6,755 | 7,186 |
Boxer Parent, 6.50%, 10/2/25 (EUR) (1) | 3,590 | 4,456 |
Boxer Parent, 7.125%, 10/2/25 (1) | 4,125 | 4,486 |
Boxer Parent, 9.125%, 3/1/26 (1) | 7,095 | 7,609 |
CDK Global, 5.875%, 6/15/26 | 690 | 726 |
CommScope, 7.125%, 7/1/28 (1) | 12,580 | 13,382 |
CommScope, 8.25%, 3/1/27 (1) | 7,500 | 8,119 |
EIG Investors, 10.875%, 2/1/24 | 1,090 | 1,128 |
Expedia Group, 4.625%, 8/1/27 (1) | 4,090 | 4,254 |
Expedia Group, 6.25%, 5/1/25 (1) | 12,980 | 14,213 |
Expedia Group, 7.00%, 5/1/25 (1) | 10,855 | 11,751 |
Go Daddy Operating, 5.25%, 12/1/27 (1) | 10,320 | 10,952 |
Logan Merger Sub, 5.50%, 9/1/27 (1) | 9,095 | 9,345 |
Microchip Technology, 4.25%, 9/1/25 (1) | 8,600 | 8,944 |
Qorvo, 5.50%, 7/15/26 | 14,190 | 15,041 |
Refinitiv U.S. Holdings, 6.25%, 5/15/26 (1) | 30,425 | 32,669 |
Refinitiv U.S. Holdings, 8.25%, 11/15/26 (1) | 55,590 | 61,427 |
Solera, 10.50%, 3/1/24 (1) | 50,685 | 53,219 |
SS&C Technologies, 5.50%, 9/30/27 (1) | 19,375 | 20,731 |
Uber Technologies, 7.50%, 11/1/23 (1) | 8,295 | 8,648 |
Uber Technologies, 7.50%, 5/15/25 (1) | 7,555 | 7,923 |
Uber Technologies, 7.50%, 9/15/27 (1) | 35,600 | 37,291 |
Veritas U.S., 7.50%, 9/1/25 (1) | 6,580 | 6,827 |
Veritas U.S., 10.50%, 2/1/24 (1) | 7,385 | 7,348 |
362,956 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Lodging 1.1% | ||
Hilton Domestic Operating, 5.375%, 5/1/25 (1) | 3,975 | 4,164 |
Hilton Domestic Operating, 5.75%, 5/1/28 (1) | 4,610 | 4,875 |
Hilton Worldwide Finance, 4.875%, 4/1/27 | 11,105 | 11,382 |
Marriott International, 4.625%, 6/15/30 | 3,885 | 4,248 |
Marriott International, 5.75%, 5/1/25 | 6,970 | 7,824 |
Marriott Ownership Resorts, 6.125%, 9/15/25 (1) | 11,500 | 12,147 |
Marriott Ownership Resorts, 6.50%, 9/15/26 | 17,710 | 18,396 |
Park Intermediate Holdings, 7.50%, 6/1/25 (1) | 8,000 | 8,580 |
RHP Hotel Properties, 4.75%, 10/15/27 | 14,245 | 13,070 |
RHP Hotel Properties, 5.00%, 4/15/23 | 10,300 | 10,094 |
94,780 | ||
Manufacturing 0.6% | ||
Colfax, 6.00%, 2/15/24 (1) | 5,350 | 5,564 |
Colfax, 6.375%, 2/15/26 (1) | 7,656 | 8,230 |
Hillenbrand, 4.50%, 9/15/26 | 455 | 492 |
Hillenbrand, 5.75%, 6/15/25 | 2,620 | 2,807 |
Sensata Technologies, 3.75%, 2/15/31 (1) | 7,430 | 7,439 |
Sensata Technologies UK Financing, 6.25%, 2/15/26 (1) | 20,085 | 21,064 |
Welbilt, 9.50%, 2/15/24 | 6,820 | 6,922 |
52,518 | ||
Metals & Mining 4.6% | ||
Alcoa Nederland Holding, 5.50%, 12/15/27 (1) | 18,820 | 20,161 |
Alcoa Nederland Holding, 6.125%, 5/15/28 (1) | 12,675 | 13,689 |
Alcoa Nederland Holding, 6.75%, 9/30/24 (1) | 3,455 | 3,572 |
Alcoa Nederland Holding, 7.00%, 9/30/26 (1) | 3,605 | 3,857 |
ArcelorMittal, STEP, 7.00%, 3/1/41 | 210 | 267 |
Arconic, 6.00%, 5/15/25 (1) | 7,400 | 7,918 |
Arconic, 6.125%, 2/15/28 (1) | 21,769 | 22,939 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Big River Steel, 7.25%, 9/1/25 (1) | 12,560 | 13,047 |
Cleveland-Cliffs, 9.875%, 10/17/25 (1) | 9,565 | 10,522 |
Constellium, 5.75%, 5/15/24 (1) | 17,265 | 17,567 |
Constellium, 6.625%, 3/1/25 (1) | 49,799 | 51,293 |
FMG Resources, 5.125%, 3/15/23 (1) | 10,845 | 11,414 |
FMG Resources, 5.125%, 5/15/24 (1) | 17,680 | 19,094 |
Freeport-McMoRan, 5.00%, 9/1/27 | 7,985 | 8,464 |
Freeport-McMoRan, 5.25%, 9/1/29 | 8,215 | 9,016 |
Freeport-McMoRan, 5.40%, 11/14/34 | 31,089 | 35,053 |
Freeport-McMoRan, 5.45%, 3/15/43 | 13,236 | 14,924 |
Hecla Mining, 7.25%, 2/15/28 | 25,295 | 27,824 |
Hudbay Minerals, 7.25%, 1/15/23 (1) | 13,805 | 14,028 |
Hudbay Minerals, 7.625%, 1/15/25 (1) | 27,535 | 28,621 |
Joseph T. Ryerson & Son, 8.50%, 8/1/28 (1) | 19,560 | 21,320 |
New Gold, 6.375%, 5/15/25 (1) | 14,010 | 14,570 |
New Gold, 7.50%, 7/15/27 (1) | 8,755 | 9,543 |
Novelis, 4.75%, 1/30/30 (1) | 19,365 | 19,607 |
Steel Dynamics, 5.00%, 12/15/26 | 7,491 | 7,997 |
406,307 | ||
Other Telecommunications 0.6% | ||
Level 3 Financing, 4.625%, 9/15/27 (1) | 16,770 | 17,504 |
Level 3 Financing, 5.25%, 3/15/26 | 6,875 | 7,150 |
Level 3 Financing, 5.375%, 5/1/25 | 8,450 | 8,693 |
Zayo Group Holdings, 4.00%, 3/1/27 (1) | 7,585 | 7,490 |
Zayo Group Holdings, 6.125%, 3/1/28 (1) | 10,415 | 10,753 |
51,590 | ||
Restaurants 0.8% | ||
1011778 BC ULC, 5.75%, 4/15/25 (1) | 4,415 | 4,702 |
Brinker International, 3.875%, 5/15/23 | 2,545 | 2,475 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Yum! Brands, 4.75%, 1/15/30 (1) | 4,340 | 4,785 |
Yum! Brands, 5.35%, 11/1/43 | 20,805 | 22,287 |
Yum! Brands, 6.875%, 11/15/37 | 19,070 | 22,884 |
Yum! Brands, 7.75%, 4/1/25 (1) | 10,785 | 12,025 |
69,158 | ||
Retail 0.5% | ||
L Brands, 6.694%, 1/15/27 | 1,720 | 1,737 |
L Brands, 6.875%, 7/1/25 (1) | 1,550 | 1,674 |
L Brands, 7.50%, 6/15/29 | 10,430 | 11,108 |
L Brands, 9.375%, 7/1/25 (1) | 13,480 | 15,603 |
Linens 'n Things, VR, EC, 8.338%, 1/15/14 (5)(6) | 9,800 | — |
PetSmart, 7.125%, 3/15/23 (1) | 16,945 | 17,072 |
47,194 | ||
Satellites 1.8% | ||
Connect Finco, 6.75%, 10/1/26 (1) | 21,240 | 21,904 |
Hughes Satellite Systems, 6.625%, 8/1/26 | 36,610 | 41,461 |
Hughes Satellite Systems, 7.625%, 6/15/21 | 1,250 | 1,297 |
Intelsat Jackson Holdings, 9.50%, 9/30/22 (1) | 61,841 | 67,252 |
Telesat Canada, 6.50%, 10/15/27 (1) | 16,375 | 16,825 |
ViaSat, 5.625%, 4/15/27 (1) | 10,350 | 10,880 |
159,619 | ||
Services 5.3% | ||
Allied Universal Holdco, 9.75%, 7/15/27 (1) | 15,725 | 17,415 |
Ascend Learning, 6.875%, 8/1/25 (1) | 16,485 | 16,959 |
Avis Budget Car Rental, 5.75%, 7/15/27 (1) | 7,400 | 7,048 |
Avis Budget Car Rental, 5.75%, 7/15/27 (1) | 5,950 | 5,697 |
Black Knight InfoServ, 3.625%, 9/1/28 (1) | 16,435 | 16,764 |
CDW, 4.125%, 5/1/25 | 5,200 | 5,408 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
CDW, 4.25%, 4/1/28 | 15,340 | 16,069 |
eG Global Finance, 6.75%, 2/7/25 (1) | 15,515 | 16,039 |
eG Global Finance, 8.50%, 10/30/25 (1) | 11,570 | 12,409 |
Fair Isaac, 5.25%, 5/15/26 (1) | 17,150 | 19,722 |
Gartner, 4.50%, 7/1/28 (1) | 6,095 | 6,354 |
GFL Environmental, 7.00%, 6/1/26 (1) | 9,548 | 10,001 |
GFL Environmental, 8.50%, 5/1/27 (1) | 12,130 | 13,176 |
H&E Equipment Services, 5.625%, 9/1/25 | 30,475 | 31,542 |
HD Supply, 5.375%, 10/15/26 (1) | 17,135 | 18,035 |
Laureate Education, 8.25%, 5/1/25 (1) | 39,950 | 42,497 |
MSCI, 3.625%, 9/1/30 (1) | 3,400 | 3,570 |
MSCI, 4.00%, 11/15/29 (1) | 12,255 | 13,052 |
Performance Food Group, 5.50%, 10/15/27 (1) | 13,610 | 14,188 |
Picasso Finance Sub, 6.125%, 6/15/25 (1) | 7,250 | 7,721 |
Presidio Holdings, 4.875%, 2/1/27 (1) | 5,860 | 6,021 |
Presidio Holdings, 8.25%, 2/1/28 (1) | 14,800 | 15,540 |
Prime Security Services Borrower, 3.375%, 8/31/27 (1) | 5,120 | 5,101 |
Prime Security Services Borrower, 5.25%, 4/15/24 (1) | 15,595 | 16,589 |
Prime Security Services Borrower, 5.75%, 4/15/26 (1) | 7,160 | 7,912 |
Prime Security Services Borrower, 6.25%, 1/15/28 (1) | 12,935 | 13,566 |
Sabre GLBL, 7.375%, 9/1/25 (1) | 9,220 | 9,427 |
Sabre GLBL, 9.25%, 4/15/25 (1) | 6,315 | 7,002 |
ServiceMaster, 5.125%, 11/15/24 (1) | 6,785 | 6,972 |
United Rentals North America, 3.875%, 2/15/31 | 16,460 | 17,015 |
Vertical Holdco, 7.625%, 7/15/28 (1) | 29,910 | 31,555 |
Vertical U.S. Newco, 5.25%, 7/15/27 (1) | 24,290 | 25,262 |
Williams Scotsman International, 4.625%, 8/15/28 (1) | 6,950 | 7,037 |
462,665 | ||
Supermarkets 1.5% | ||
Albertsons, 7.50%, 3/15/26 (1) | 21,930 | 24,507 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Albertsons, 3.50%, 2/15/23 (1) | 10,545 | 10,782 |
Albertsons, 3.50%, 3/15/29 (1) | 31,000 | 31,232 |
Albertsons, 4.875%, 2/15/30 (1) | 13,740 | 14,771 |
Albertsons, 5.875%, 2/15/28 (1) | 14,135 | 15,266 |
Iceland Bondco, 4.625%, 3/15/25 (GBP) | 14,800 | 18,562 |
New Albertsons, 7.45%, 8/1/29 | 10,560 | 11,986 |
New Albertsons, 8.00%, 5/1/31 | 7,155 | 8,371 |
135,477 | ||
Transportation 0.2% | ||
Watco Finance, 6.50%, 6/15/27 (1) | 18,235 | 19,147 |
19,147 | ||
Utilities 4.8% | ||
AES, 5.125%, 9/1/27 | 15,150 | 16,286 |
AES, 6.00%, 5/15/26 | 25,460 | 26,924 |
Calpine, 5.125%, 3/15/28 (1) | 20,845 | 21,939 |
Clearway Energy Operating, 5.75%, 10/15/25 | 16,113 | 17,080 |
NextEra Energy Operating Partners, 4.25%, 7/15/24 (1) | 14,330 | 15,262 |
NextEra Energy Operating Partners, 4.25%, 9/15/24 (1) | 17,020 | 18,126 |
NextEra Energy Operating Partners, 4.50%, 9/15/27 (1) | 14,445 | 15,781 |
NiSource, VR, 5.65% (2)(3) | 13,655 | 13,638 |
NRG Energy, 5.25%, 6/15/29 (1) | 8,220 | 8,970 |
NRG Energy, 6.625%, 1/15/27 | 26,495 | 28,350 |
NRG Energy, 7.25%, 5/15/26 | 61,705 | 65,716 |
Pacific Gas & Electric, 4.55%, 7/1/30 | 40,253 | 44,046 |
Pacific Gas & Electric, 4.75%, 2/15/44 | 15,000 | 15,780 |
Pacific Gas & Electric, 4.95%, 7/1/50 | 19,038 | 20,917 |
Pattern Energy Operations, 4.50%, 8/15/28 (1) | 3,735 | 3,917 |
PG&E, 5.00%, 7/1/28 | 12,500 | 12,485 |
PG&E, 5.25%, 7/1/30 | 14,015 | 13,945 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | |||
Par/Shares | $ Value | ||
(Amounts in 000s) | |||
Pike, 5.50%, 9/1/28 (1) | 11,915 | 11,945 | |
Terraform Global Operating, 6.125%, 3/1/26 (1) | 20,209 | 20,613 | |
Vistra Operations, 5.00%, 7/31/27 (1) | 12,228 | 12,962 | |
Vistra Operations, 5.50%, 9/1/26 (1) | 17,485 | 18,359 | |
423,041 | |||
Wireless Communications 2.2% | |||
SBA Communications, 3.875%, 2/15/27 (1) | 17,000 | 17,552 | |
Sprint, 7.125%, 6/15/24 | 60,966 | 70,873 | |
Sprint Capital, 6.875%, 11/15/28 | 19,390 | 24,771 | |
Sprint Communications, 11.50%, 11/15/21 | 26,255 | 29,176 | |
T-Mobile USA, 6.50%, 1/15/26 | 35,100 | 36,855 | |
Virgin Media Vendor Financing Notes IV Dac, 5.00%, | |||
7/15/28 (1) | 15,000 | 15,544 | |
194,771 | |||
Total Corporate Bonds (Cost $7,291,436) | 7,588,116 | ||
BANK LOANS 7.5% (7) | |||
Aerospace & Defense 0.2% | |||
Dynasty Acquisition, FRN, 1M USD LIBOR + 3.50%, 3.808%, | |||
4/6/26 | 19,850 | 17,534 | |
17,534 | |||
Airlines 0.2% | |||
Mileage Plus Holdings, FRN, 1M USD LIBOR + 5.25%, 6.25%, | |||
6/21/27 | 16,565 | 16,741 | |
16,741 | |||
Automotive 0.1% | |||
Clarios Global, FRN, 3M USD LIBOR + 3.50%, 3.659%, 4/30/26 | 7,980 | 7,813 | |
7,813 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||||
Par/Shares | $ Value | |||
(Amounts in 000s) | ||||
Broadcasting 0.1% | ||||
iHeartCommunications, FRN, 1M USD LIBOR + 6.75%, 9/30/20 | ||||
(5)(6)(8)(9) | 10,315 | 7,530 | ||
7,530 | ||||
Cable Operators 0.2% | ||||
Altice France, FRN, 3M USD LIBOR + 4.00%, 4.75%, 8/14/26 | 16,772 | 16,520 | ||
16,520 | ||||
Consumer Products 0.4% | ||||
ABG Intermediate Holdings 2, FRN, 3M USD LIBOR + 3.50%, | ||||
4.50%, 9/27/24 | 6,113 | 5,983 | ||
Life Time, FRN, 3M USD LIBOR + 2.75%, 3.75%, 6/10/22 (8) | 27,428 | 25,645 | ||
31,628 | ||||
Energy 0.5% | ||||
BCP Raptor, FRN, 3M USD LIBOR + 4.25%, 5.25%, 6/24/24 | 20,781 | 15,689 | ||
Prairie ECI Acquiror, FRN, 3M USD LIBOR + 4.75%, 4.906%, | ||||
3/11/26 | 17,720 | 15,881 | ||
Stonepeak Lonestar Holdings, FRN, 1M USD LIBOR + 4.50%, | ||||
4.773%, 10/19/26 | 12,129 | 11,955 | ||
43,525 | ||||
Food 0.2% | ||||
Bellring Brands, FRN, 1M USD LIBOR + 5.00%, 6.00%, | ||||
10/21/24 | 12,875 | 12,855 | ||
12,855 | ||||
Gaming 0.2% | ||||
Scientific Games International, FRN, 1M USD LIBOR + 2.75%, | ||||
3.472%, 8/14/24 | 16,762 | 15,639 | ||
15,639 | ||||
Health Care 0.1% | ||||
LifePoint Health, FRN, 1M USD LIBOR + 3.75%, 3.906%, | ||||
11/16/25 | 11,502 | 11,264 | ||
11,264 | ||||
Information Technology 0.5% | ||||
Epicor Software, FRN, 1M USD LIBOR + 7.75%, 8.75%, | ||||
7/31/28 (8) | 4,040 | 4,154 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Refinitiv U.S. Holdings, FRN, 1M USD LIBOR + 3.25%, 3.406%, | ||
10/1/25 | 27,873 | 27,615 |
Solera, FRN, 3M USD LIBOR + 2.75%, 2.938%, 3/3/23 | 14,550 | 14,284 |
46,053 | ||
Manufacturing 0.3% | ||
Apex Tool Group, FRN, 3M USD LIBOR + 5.50%, 8/1/24 (8) | 18,395 | 17,665 |
Filtration Group, FRN, 3M USD LIBOR + 3.00%, 3.156%, | ||
3/31/25 | 6,504 | 6,388 |
Welbilt, FRN, 3M USD LIBOR + 2.50%, 2.656%, 10/23/25 | 2,433 | 2,187 |
26,240 | ||
Metals & Mining 0.0% | ||
Big River Steel, FRN, 3M USD LIBOR + 5.00%, 6.00%, 8/23/23 | 3,038 | 3,016 |
3,016 | ||
Satellites 1.3% | ||
Intelsat Jackson Holdings, 8.625%, 1/2/24 | 12,890 | 13,015 |
Intelsat Jackson Holdings, FRN, 1M USD LIBOR + 5.50%, | ||
5.50%, 7/13/22 (8)(10) | 21,623 | 21,983 |
Intelsat Jackson Holdings, FRN, 1M USD LIBOR + 4.75%, | ||
8.00%, 11/27/23 (8) | 44,260 | 44,530 |
Iridium Satellite, FRN, 1M USD LIBOR + 3.75%, 4.75%, 11/4/26 | 34,379 | 34,444 |
113,972 | ||
Services 1.3% | ||
Ascend Learning, FRN, 3M USD LIBOR + 3.00%, 4.00%, | ||
7/12/24 | 12,518 | 12,425 |
GFL Environmental, FRN, 3M USD LIBOR + 3.00%, 4.00%, | ||
5/30/25 | 10,044 | 9,982 |
Renaissance Holdings, FRN, 3M USD LIBOR + 7.00%, 7.156%, | ||
5/29/26 | 7,718 | 7,271 |
Ultimate Software Group, FRN, 1M USD LIBOR + 4.00%, 4.75%, | ||
5/4/26 | 32,325 | 32,264 |
Ultimate Software Group, FRN, 1M USD LIBOR + 6.75%, 7.50%, | ||
5/3/27 | 44,020 | 44,845 |
WW International, FRN, 3M USD LIBOR + 4.75%, 5.50%, | ||
11/29/24 | 10,446 | 10,381 |
117,168 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Utilities 0.1% | ||
Brookfield WEC Holdings, FRN, 1M USD LIBOR + 3.00%, | ||
3.75%, 8/1/25 | 10,190 | 10,008 |
10,008 | ||
Wireless Communications 1.8% | ||
Asurion, FRN, 1M USD LIBOR + 3.00%, 3.156%, 8/4/22 | 23,093 | 22,824 |
Asurion, FRN, 1M USD LIBOR + 3.00%, 3.156%, 11/3/23 | 10,205 | 10,018 |
Asurion, FRN, 3M USD LIBOR + 6.50%, 6.656%, 8/4/25 | 128,166 | 128,358 |
161,200 | ||
Total Bank Loans (Cost $666,027) | 658,706 | |
CONVERTIBLE BONDS 0.1% | ||
Cable Operators 0.1% | ||
DISH Network, 3.375%, 8/15/26 | 9,275 | 9,175 |
9,175 | ||
Energy 0.0% | ||
Cheniere Energy, 4.25%, 3/15/45 | 5,671 | 3,938 |
3,938 | ||
Total Convertible Bonds (Cost $11,898) | 13,113 | |
COMMON STOCKS 0.6% | ||
Cable Operators 0.1% | ||
Liberty Broadband, Class C (6) | 61 | 8,532 |
8,532 | ||
Gaming 0.0% | ||
New Cotai Participation, Class B (1)(5)(6) | — | — |
— |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND
Par/Shares | $ Value | ||
(Amounts in 000s) | |||
Media & Communications 0.1% | |||
iHeartMedia, Class A (6) | 868 | 8,004 | |
8,004 | |||
Metals & Mining 0.1% | |||
Constellium (6) | 988 | 7,918 | |
7,918 | |||
Utilities 0.1% | |||
Sempra Energy | 63 | 7,815 | |
Vistra | 225 | 4,332 | |
12,147 | |||
Wireless Communications 0.2% | |||
T-Mobile US (6) | 120 | 14,035 | |
14,035 | |||
Total Common Stocks (Cost $60,148) | 50,636 | ||
CONVERTIBLE PREFERRED STOCKS 3.1% | |||
Energy 1.2% | |||
Targa Resources, Series A, 9.50%, Acquisition Date: 10/30/17- | |||
11/27/19, Cost $107,825 (2)(11) | 98 | 104,067 | |
104,067 | |||
Energy Services 0.4% | |||
NuStar Energy, VR, 9.75% (1)(2)(5) | 1,200 | 31,838 | |
31,838 | |||
Forest Products 0.0% | |||
Smurfit-Stone Container, Series A, EC, 7.00%, 2/15/27 (5) | 47 | — | |
— |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Healthcare 0.4% | ||
Avantor, Series A, 6.25%, 5/15/22 | 544 | 39,617 |
39,617 | ||
Manufacturing 0.3% | ||
Danaher, Series B, 5.00%, 4/15/23 | 19 | 23,040 |
23,040 | ||
Utilities 0.8% | ||
American Electric Power, 6.125%, 3/15/22 | 621 | 30,313 |
American Electric Power, 6.125%, 8/15/23 | 229 | 11,204 |
NextEra Energy, 5.279%, 3/1/23 | 629 | 30,791 |
72,308 | ||
Total Convertible Preferred Stocks (Cost $258,649) | 270,870 | |
BOND MUTUAL FUNDS 0.3% | ||
T Rowe Price Institutional Floating Rate Fund - Z Class, | ||
4.19% (12)(13) | 2,732 | 25,928 |
Total Bond Mutual Funds (Cost $27,283) | 25,928 | |
SHORT-TERM INVESTMENTS 1.7% | ||
Money Market Funds 1.4% | ||
T. Rowe Price Government Reserve Fund, 0.11% (12)(14) | 130,151 | 130,151 |
Total Money Market Funds | 130,151 | |
U.S. Treasury Obligations 0.3% | ||
U.S. Treasury Bills, 0.10%, 9/24/20 (15) | 24,700 | 24,699 |
Total U.S. Treasury Obligations | 24,699 | |
Total Short-Term Investments (Cost $154,850) | 154,850 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND
$ Value | ||
(Amounts in 000s) | ||
Total Investments in Securities 99.6% | ||
(Cost $8,470,291) | $ | 8,762,219 |
Other Assets Less Liabilities 0.4% | 33,000 | |
Net Assets 100.0% | $ | 8,795,219 |
‡ | Par/Shares and Notional Amount are denominated in U.S. dollars unless | |
otherwise noted. | ||
(1) | 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 $5,074,870 and represents 57.7% of net assets. | ||
(2) | Perpetual security with no stated maturity date. | |
(3) | 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 is | ||
provided if the rate is currently floating. | ||
(4) | Security has the ability to pay in kind or pay in cash. When applicable, | |
separate rates of such payments are disclosed. | ||
(5) | Level 3 in fair value hierarchy. | |
(6) | Non-income producing | |
(7) | 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. | ||
(8) | All or a portion of this loan is unsettled as of August 31, 2020. The interest rate | |
for unsettled loans will be determined upon settlement after period end. | ||
(9) | Issuer is currently in a bankruptcy reorganization proceeding; the amount and | |
timing of future distributions is uncertain. | ||
(10) | A portion of the position represents an unfunded commitment; a liability to | |
fund the commitment has been recognized. The fund's total unfunded | ||
commitment at August 31, 2020, was $7,996 and was valued at $7,942 (0.1% | ||
of net assets). | ||
(11) | 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 has registration rights for certain restricted | ||
securities. Any costs related to such registration are borne by the issuer. The | ||
aggregate value of restricted securities (excluding 144A holdings) at period- | ||
end amounts to $104,067 and represents 1.2% of net assets. | ||
(12) | Affiliated Companies | |
(13) | SEC 30-day yield | |
(14) | Seven-day yield | |
(15) | At August 31, 2020, all or a portion of this security is pledged as collateral | |
and/or margin deposit to cover future funding obligations. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND
1M USD LIBOR | One month USD LIBOR (London interbank offered rate) |
3M USD LIBOR | Three 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 |
PIK | Payment-in-kind |
PTT | Pass-Through Trust |
STEP | Stepped coupon bond for which the coupon rate of interest adjusts on |
specified date(s); rate shown is effective rate at period-end. | |
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. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND
(Amounts In 000s, except Market Price) | |||||
SWAPS 0.1% | |||||
Upfront | |||||
Notional | Payments/ | Unrealized | |||
Description | Amount | $ Value | $ (Receipts) | $ Gain/(Loss) | |
BILATERAL SWAPS 0.0% | |||||
Credit Default Swaps, Protection Sold 0.0% | |||||
Barclays Bank, Protection Sold (Relevant Credit: | |||||
Tesla, 5.30%, 8/15/25, $103.88*) Receive 1.00% | |||||
Quarterly, Pay upon credit default, 6/20/21 | 12,000 | 28 | (124) | 152 | |
Total Bilateral Credit Default Swaps, Protection Sold | (124) | 152 | |||
Total Bilateral Swaps | (124) | 152 | |||
* Market Price at August 31, 2020. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND
(Amounts In 000s) | |||||
SWAPS 0.1% | |||||
Notional | Initial | Unrealized | |||
Description | Amount | $ Value | $ Value** | $ Gain/(Loss) | |
CENTRALLY CLEARED SWAPS 0.1% | |||||
Credit Default Swaps, Protection Sold 0.1% | |||||
Protection Sold (Relevant Credit: Ice | |||||
CDX.HY.CDSI-S34, 5 Year Index), Receive 1.00% | |||||
Quarterly, Pay upon credit default, 6/20/25 | 93,689 | 6,342 | 2,020 | 4,322 | |
Total Centrally Cleared Credit Default Swaps, Protection Sold | 4,322 | ||||
Total Centrally Cleared Swaps | 4,322 | ||||
Net payments (receipts) of variation margin to date | (4,129) | ||||
Variation margin receivable (payable) on centrally cleared | |||||
swaps | $ 193 | ||||
**Includes interest purchased or sold but not collected of $385. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND
(AMOUNTS IN 000S) | ||||||||
FORWARD CURRENCY EXCHANGE CONTRACTS | ||||||||
Unrealized | ||||||||
Counterparty | Settlement | Receive | Deliver | Gain/(Loss) | ||||
Citibank | 10/23/20 | USD | 34,415GBP | 27,082 $ | (1,799) | |||
Citibank | 11/20/20 | USD | 68,468EUR | 57,618 | (410) | |||
JPMorgan Chase | 10/23/20 | USD | 1,896GBP | 1,457 | (52) | |||
Net unrealized gain (loss) on open forward | ||||||||
currency exchange contracts | $ | (2,261) |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND
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, 2020. 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.
Change in Net | |||||||||
Net Realized Gain | Unrealized | Investment | |||||||
Affiliate | (Loss) | Gain/Loss | Income | ||||||
T Rowe Price Institutional | |||||||||
Floating Rate Fund - Z Class | $ | — | $ | 516 | $ | 296 | |||
T. Rowe Price Government | |||||||||
Reserve Fund | — | — | 110 | ||||||
Totals | $ | —# | $ | 516 | $ | 406+ | |||
Supplementary Investment Schedule | |||||||||
Value | Purchase | Sales | Value | ||||||
Affiliate | 5/31/20 | Cost | Cost | 8/31/20 | |||||
T Rowe Price Institutional | |||||||||
Floating Rate Fund - Z Class $ | 25,116 | $ | 296 | $ | — | $ | 25,928 | ||
T. Rowe Price Government | |||||||||
Reserve Fund | 267,370 | ¤ | ¤ | 130,151 | |||||
Total | $ | 156,079^ |
# | Capital gain distributions from mutual funds represented $0 of the net realized gain (loss). |
+ | Investment income comprised $406 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 $157,434. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE HIGH YIELD FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
T. Rowe Price High Yield Fund, Inc. (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
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.
Fair Value
The fund’s financial instruments 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 T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been
delegated certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are
appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the
Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value
determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.
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
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.
T. ROWE PRICE HIGH YIELD FUND
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 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. Generally, debt securities are categorized in Level
2 of the fair value hierarchy; however, to the extent the valuations include significant unobservable inputs, the securities
would be categorized in Level 3.
Equity securities listed or regularly traded on a securities exchange or in the 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. Actively traded
equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value hierarchy. OTC
Bulletin Board securities, certain preferred securities, and equity securities traded in inactive markets generally are
categorized in Level 2 of the fair value hierarchy.
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 quoted by a major bank.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are
categorized in Level 1 of the fair value hierarchy. Forward currency exchange contracts are valued using the prevailing
forward exchange rate and are categorized in Level 2 of the fair value hierarchy. Swaps are valued at prices furnished by
an independent pricing service or independent swap dealers and generally are categorized in Level 2 of the fair value
hierarchy; however, if unobservable inputs are significant to the valuation, the swap would be categorized in Level 3.
Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The
objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current
sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted
securities, warrants, rights, and other securities that are not publicly traded.
Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of troubled or thinly traded debt instruments, the Valuation Committee considers a variety of factors,
which may include, but are not limited to, the issuer’s business prospects, its financial standing and performance, recent
investment transactions in the issuer, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and
unobservable inputs. The Valuation Committee 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 Committee may also
consider other valuation methods such as 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 and updated as information becomes available, including actual purchase and sale
transactions of the issue. Because any fair value determination involves a significant amount of judgment, there is a
degree of subjectivity inherent in such pricing decisions, and fair value prices determined by the Valuation Committee
could differ from those of other market participants. Depending on the relative significance of unobservable inputs,
including the valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value
hierarchy.
T. ROWE PRICE HIGH YIELD FUND
Valuation Inputs
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values
on August 31, 2020 (for further detail by category, please refer to the accompanying Portfolio of Investments):
($000s) | Level 1 | Level 2 | Level 3 | Total Value | ||||
Assets | ||||||||
Corporate Bonds | $ | — $ | 7,588,116 $ | — $ | 7,588,116 | |||
Bank Loans | — | 651,176 | 7,530 | 658,706 | ||||
Convertible Bonds | — | 13,113 | — | 13,113 | ||||
Common Stocks | 50,636 | — | — | 50,636 | ||||
Convertible Preferred Stocks | — | 239,032 | 31,838 | 270,870 | ||||
Bond Mutual Funds | 25,928 | — | — | 25,928 | ||||
Short-Term Investments | 130,151 | 24,699 | — | 154,850 | ||||
Total Securities | 206,715 | 8,516,136 | 39,368 | 8,762,219 | ||||
Swaps | — | 221 | — | 221 | ||||
Total | $ | 206,715 $ | 8,516,357 $ | 39,368 $ | 8,762,440 | |||
Liabilities | ||||||||
Forward Currency Exchange | ||||||||
Contracts | $ | — $ | 2,261 $ | — $ | 2,261 | |||
Total | $ | — $ | 2,261 $ | — $ | 2,261 |