T.
ROWE
PRICE
U.S.
High
Yield
Fund
February
28,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
BANK
LOANS
8.8%
(1)
Basic
Industry
2.7%
Alpha
3,
FRN,
3M
USD
LIBOR
+
3.00%,
4.00%,
1/31/24
4,278
4,282
INEOS
U.S.
Petrochem,
FRN,
1M
USD
LIBOR
+
2.75%,
3.25%,
1/29/26
3,625
3,639
Tutor
Perini,
FRN,
1M
USD
LIBOR
+
4.75%,
5.75%,
8/18/27 (2)
4,594
4,657
12,578
Consumer
Goods
0.6%
Journey
Personal
Care,
FRN,
1M
USD
LIBOR
+
4.25%,
2/19/28 (2)(3)
3,090
3,098
3,098
Leisure
1.8%
Caesars
Resort
Collection,
FRN,
1M
USD
LIBOR
+
4.50%,
4.615%,
7/21/25 (2)
4,580
4,591
Enterprise
Development
Authority,
FRN,
1M
USD
LIBOR
+
4.25%,
2/19/28 (2)(3)
3,705
3,723
8,314
Media
1.0%
Radiate
Holdco,
FRN,
1M
USD
LIBOR
+
3.50%,
4.25%,
9/25/26
4,630
4,644
4,644
Retail
1.5%
PetSmart,
FRN,
1M
USD
LIBOR
+
3.50%,
4.25%,
1/29/28
2,420
2,436
Rent-A-Center,
FRN,
1M
USD
LIBOR
+
4.00%,
2/4/28 (2)(3)
4,660
4,689
7,125
Services
0.8%
Staples,
FRN,
3M
USD
LIBOR
+
5.00%,
5.205%,
4/16/26 (2)
3,759
3,682
3,682
Technology
&
Electronics
0.4%
Verscend
Holding,
FRN,
1M
USD
LIBOR
+
4.00%,
8/27/25 (2)
1,975
1,984
1,984
Total
Bank
Loans
(Cost
$41,077)
41,425
CORPORATE
BONDS
85.1%
Automotive
3.0%
Clarios
Global,
8.50%,
5/15/27 (4)
4,021
4,328
Ford
Motor
Credit,
3.815%,
11/2/27
1,785
1,855
Ford
Motor
Credit,
4.00%,
11/13/30
3,160
3,245
Ford
Motor
Credit,
5.113%,
5/3/29
4,470
4,911
14,339
Basic
Industry
5.7%
Allegheny
Technologies,
7.875%,
8/15/23
3,574
3,896
CVR
Partners,
9.25%,
6/15/23 (4)
4,225
4,278
T.
ROWE
PRICE
U.S.
High
Yield
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
Element
Solutions,
3.875%,
9/1/28 (4)
3,755
3,746
IAMGOLD,
5.75%,
10/15/28 (4)
4,385
4,517
Tutor
Perini,
6.875%,
5/1/25 (4)
3,500
3,574
Warrior
Met
Coal,
8.00%,
11/1/24 (4)
2,660
2,743
White
Cap
Parent,
8.25%,
3/15/26 (4)(5)
3,985
4,114
26,868
Capital
Goods
5.3%
ARD
Finance,
6.50%,
6/30/27 (4)(5)
3,795
4,009
Bombardier,
6.00%,
10/15/22 (4)
1,975
1,933
GrafTech
Finance,
4.625%,
12/15/28 (4)
4,497
4,576
Granite
U.S.
Holdings,
11.00%,
10/1/27 (4)
4,465
5,012
Rolls-Royce,
5.75%,
10/15/27 (4)
4,380
4,719
Spirit
AeroSystems
,
4.60%,
6/15/28
4,820
4,639
24,888
Consumer
Goods
3.1%
Coty,
6.50%,
4/15/26 (4)
4,315
4,250
JBS
Investments
II,
7.00%,
1/15/26 (4)
2,720
2,890
Sigma
Holdco,
7.875%,
5/15/26 (4)
7,278
7,424
14,564
Energy
18.2%
Cheniere
Energy
Partners,
4.50%,
10/1/29
3,820
4,021
Citgo
Holding,
9.25%,
8/1/24 (4)
4,675
4,593
CNX
Resources,
6.00%,
1/15/29 (4)
2,010
2,105
CNX
Resources,
7.25%,
3/14/27 (4)
3,595
3,842
Comstock
Resources,
6.75%,
3/1/29 (4)
1,015
1,048
Comstock
Resources,
9.75%,
8/15/26
3,885
4,244
Comstock
Resources,
9.75%,
8/15/26
2,012
2,198
Harvest
Midstream
I,
7.50%,
9/1/28 (4)
5,085
5,416
Hilcorp
Energy
I,
5.75%,
2/1/29 (4)
3,860
3,937
Moss
Creek
Resources
Holdings,
7.50%,
1/15/26 (4)
3,055
2,536
Moss
Creek
Resources
Holdings,
10.50%,
5/15/27 (4)
1,710
1,505
NGL
Energy
Operating,
7.50%,
2/1/26 (4)
4,545
4,681
Occidental
Petroleum,
6.125%,
1/1/31
1,585
1,755
Occidental
Petroleum,
6.375%,
9/1/28
2,410
2,672
Occidental
Petroleum,
6.45%,
9/15/36
1,000
1,140
Occidental
Petroleum,
6.625%,
9/1/30
1,070
1,222
Occidental
Petroleum,
8.50%,
7/15/27
1,765
2,111
PDC
Energy,
5.75%,
5/15/26
4,045
4,136
Rockpoint
Gas
Storage
Canada,
7.00%,
3/31/23 (4)
4,215
4,173
SM
Energy,
5.625%,
6/1/25
2,890
2,737
SM
Energy,
6.625%,
1/15/27
1,500
1,414
Sunoco,
4.50%,
5/15/29 (4)
1,300
1,294
Tallgrass
Energy
Partners,
6.00%,
3/1/27 (4)
3,585
3,621
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (4)
1,030
1,025
Targa
Resources
Partners,
6.50%,
7/15/27
7,230
7,781
T.
ROWE
PRICE
U.S.
High
Yield
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Transocean
Pontus,
6.125%,
8/1/25 (4)
2,534
2,420
USA
Compression
Partners,
6.875%,
9/1/27
3,400
3,570
Western
Midstream
Operating,
4.65%,
7/1/26
2,600
2,691
Western
Midstream
Operating,
4.75%,
8/15/28
1,975
2,064
85,952
Financial
Services
1.1%
Advisor
Group
Holdings,
10.75%,
8/1/27 (4)
1,735
1,939
PRA
Group,
7.375%,
9/1/25 (4)
3,200
3,408
5,347
Health
Care
3.8%
DaVita,
3.75%,
2/15/31 (4)
4,000
3,830
Emergent
BioSolutions
,
3.875%,
8/15/28 (4)
3,535
3,579
Legacy
LifePoint
Health,
4.375%,
2/15/27 (4)
3,895
3,876
Ortho-Clinical
Diagnostics,
7.25%,
2/1/28 (4)
2,775
3,018
Tenet
Healthcare,
6.125%,
10/1/28 (4)
2,905
3,054
Tenet
Healthcare,
6.875%,
11/15/31
415
456
17,813
Insurance
0.9%
AssuredPartners
,
7.00%,
8/15/25 (4)
3,950
4,058
4,058
Leisure
6.9%
Caesars
Resort
Collection,
5.25%,
10/15/25 (4)
3,675
3,656
Carnival,
5.75%,
3/1/27 (4)
4,700
4,759
Carnival,
11.50%,
4/1/23 (4)
3,273
3,727
Royal
Caribbean
Cruises,
10.875%,
6/1/23 (4)
1,650
1,869
SeaWorld
Parks
&
Entertainment,
9.50%,
8/1/25 (4)
6,215
6,728
Silversea
Cruise
Finance,
7.25%,
2/1/25 (4)
3,192
3,280
Six
Flags
Entertainment,
4.875%,
7/31/24 (4)
4,021
4,031
Studio
City
Finance,
5.00%,
1/15/29 (4)
4,380
4,440
32,490
Media
8.0%
Clear
Channel
International,
6.625%,
8/1/25 (4)
1,870
1,964
Clear
Channel
Outdoor
Holdings,
7.75%,
4/15/28 (4)
3,400
3,434
CSC
Holdings,
4.125%,
12/1/30 (4)
4,000
4,010
iHeartCommunications
,
8.375%,
5/1/27
4,895
5,170
Lions
Gate
Capital
Holdings,
6.375%,
2/1/24 (4)
4,215
4,326
Nexstar
Broadcasting,
5.625%,
7/15/27 (4)
5,105
5,392
Sinclair
Television
Group,
4.125%,
12/1/30 (4)
5,230
5,099
Univision
Communications,
9.50%,
5/1/25 (4)
3,500
3,798
Urban
One,
7.375%,
2/1/28 (4)
4,450
4,483
37,676
Real
Estate
4.0%
Iron
Mountain,
4.875%,
9/15/27 (4)
1,718
1,791
Iron
Mountain,
5.00%,
7/15/28 (4)
1,450
1,501
Outfront
Media
Capital,
4.25%,
1/15/29 (4)
4,590
4,452
T.
ROWE
PRICE
U.S.
High
Yield
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
Service
Properties
Trust,
3.95%,
1/15/28
4,405
4,083
Service
Properties
Trust,
4.95%,
2/15/27
2,850
2,829
XHR,
6.375%,
8/15/25 (4)
3,885
4,099
18,755
Retail
8.1%
Albertsons,
3.50%,
3/15/29 (4)
2,415
2,282
Asbury
Automotive
Group,
4.75%,
3/1/30
2,790
2,950
eG
Global
Finance,
6.75%,
2/7/25 (4)
3,715
3,803
G-III
Apparel
Group,
7.875%,
8/15/25 (4)
1,935
2,107
IRB
Holding,
6.75%,
2/15/26 (4)
4,115
4,244
LSF9
Atlantis
Holdings,
7.75%,
2/15/26 (4)
4,620
4,730
Macy's,
8.375%,
6/15/25 (4)
5,575
6,147
Parkland,
5.875%,
7/15/27 (4)
2,450
2,606
PetSmart,
7.125%,
3/15/23 (4)
4,120
4,120
PetSmart,
7.75%,
2/15/29 (4)
872
935
Rite
Aid,
7.50%,
7/1/25 (4)
4,145
4,352
38,276
Services
3.7%
Adtalem
Global
Education,
5.50%,
3/1/28 (4)
4,040
4,020
Core
&
Main
Holdings,
8.625%,
9/15/24 (4)(5)
3,395
3,454
H&E
Equipment
Services,
3.875%,
12/15/28 (4)
4,030
3,874
Herc
Holdings,
5.50%,
7/15/27 (4)
3,720
3,925
Maxim
Crane
Works
Holdings
Capital,
10.125%,
8/1/24 (4)
2,300
2,409
17,682
Technology
&
Electronics
4.3%
Avaya,
6.125%,
9/15/28 (4)
4,010
4,321
NCR,
5.00%,
10/1/28 (4)
1,435
1,457
NCR,
5.75%,
9/1/27 (4)
2,249
2,350
Seagate
HDD
Cayman,
3.125%,
7/15/29 (4)
4,310
4,175
Unisys,
6.875%,
11/1/27 (4)
1,420
1,567
Veritas
U.S.,
7.50%,
9/1/25 (4)
4,030
4,171
Veritas
U.S.,
10.50%,
2/1/24 (4)
2,436
2,454
20,495
Telecommunications
5.3%
Consolidated
Communications,
6.50%,
10/1/28 (4)
1,930
2,070
DKT
Finance,
9.375%,
6/17/23 (4)
3,720
3,841
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (4)
2,025
2,171
Level
3
Financing,
3.625%,
1/15/29 (4)
5,115
5,051
Level
3
Financing,
4.25%,
7/1/28 (4)
1,200
1,219
Lumen
Technologies,
4.50%,
1/15/29 (4)
2,085
2,080
Sable
International
Finance,
5.75%,
9/7/27 (4)
1,590
1,679
Telesat
Canada,
6.50%,
10/15/27 (4)
3,654
3,773
Viasat
,
6.50%,
7/15/28 (4)
3,045
3,243
25,127
T.
ROWE
PRICE
U.S.
High
Yield
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
Transportation
2.7%
American
Airlines,
11.75%,
7/15/25 (4)
1,770
2,106
Delta
Air
Lines,
7.375%,
1/15/26
1,815
2,119
United
Airlines
Holdings,
4.875%,
1/15/25
2,995
3,066
VistaJet
Malta
Finance,
10.50%,
6/1/24 (4)
5,100
5,483
12,774
Utility
1.0%
Calpine,
3.75%,
3/1/31 (4)
4,805
4,649
4,649
Total
Corporate
Bonds
(Cost
$389,716)
401,753
EQUITY
MUTUAL
FUNDS
0.8%
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
23
1,988
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
18
1,947
Total
Equity
Mutual
Funds
(Cost
$3,789)
3,935
PREFERRED
STOCKS
1.0%
Energy
0.5%
Crestwood
Equity
Partners,
9.25% (6)
301
2,362
2,362
Financial
Services
0.5%
Ladenburg
Thalmann
Financial
Services,
6.50%,
11/30/27
110
2,176
2,176
Total
Preferred
Stocks
(Cost
$3,847)
4,538
SHORT-TERM
INVESTMENTS
5.3%
Money
Market
Funds
5.3%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (7)(8)
25,257
25,257
Total
Short-Term
Investments
(Cost
$25,257)
25,257
Total
Investments
in
Securities
101.0%
(Cost
$463,686)
$
476,908
Other
Assets
Less
Liabilities
(1.0)%
(4,647)
Net
Assets
100.0%
$
472,261
T.
ROWE
PRICE
U.S.
High
Yield
Fund
6
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Bank
loan
positions
may
involve
multiple
underlying
tranches.
In
those
instances,
the
position
presented
reflects
the
aggregate
of
those
respective
underlying
tranches
and
the
rate
presented
reflects
the
weighted
average
rate
of
the
settled
positions.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
February
28,
2021.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
Level
3
in
fair
value
hierarchy.
(4)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$318,778
and
represents
67.5%
of
net
assets.
(5)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(6)
Perpetual
security
with
no
stated
maturity
date.
(7)
Seven-day
yield
(8)
Affiliated
Companies
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
ETF
Exchange-Traded
Fund
FRN
Floating
Rate
Note
T.
ROWE
PRICE
U.S.
High
Yield
Fund
7
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
February
28,
2021.
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,
0.05%
$
—#
$
—
$
16+
`0.00
`0.00
`0.00
Supplementary
Investment
Schedule
Affiliate
Value
05/31/20
Purchase
Cost
Sales
Cost
Value
02/28/21
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
$
11,203
¤
¤
$
25,257^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$16
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
$25,257.
T.
ROWE
PRICE
U.S.
High
Yield
Fund
Unaudited
Notes
to
Portfolio
of
Investments
8
T.
Rowe
Price
U.S.
High
Yield
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
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
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
T.
ROWE
PRICE
U.S.
High
Yield
Fund
9
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
fund's
own
assumptions
in
determining
fair
value)
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
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
T.
ROWE
PRICE
U.S.
High
Yield
Fund
10
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
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.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
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
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
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
February
28,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
401,753
$
—
$
401,753
Bank
Loans
—
29,915
11,510
41,425
Equity
Mutual
Funds
3,935
—
—
3,935
Preferred
Stocks
4,538
—
—
4,538
Short-Term
Investments
25,257
—
—
25,257
Total
$
33,730
$
431,668
$
11,510
$
476,908
1
Includes
Corporate
Bonds.
T.
ROWE
PRICE
U.S.
High
Yield
Fund
11
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
February
28,
2021.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/
loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
February
28,
2021,
totaled $39,000 for
the
period ended
February
28,
2021.
F1106-054Q3
02/21
($000s)
Beginning
Balance
6/1/20
Gain
(Loss)
During
Period
Total
Purchases
Ending
Balance
2/28/21
Investment
in
Securities
Bank
Loans
$
—
$
39
$
11,471
$
11,510