T.
ROWE
PRICE
High
Yield
Fund
February
28,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
BANK
LOANS
9.1%
(1)
Aerospace
&
Defense
0.4%
Dynasty
Acquisition,
FRN,
1M
USD
LIBOR
+
3.50%,
3.754%,
4/6/26
19,750
19,068
Peraton,
FRN,
1M
USD
LIBOR
+
3.75%,
2/1/28 (2)
17,145
17,209
36,277
Airlines
0.4%
Mileage
Plus
Holdings,
FRN,
1M
USD
LIBOR
+
5.25%,
6.25%,
6/21/27
16,565
17,664
SkyMiles
IP,
FRN,
3M
USD
LIBOR
+
3.75%,
4.75%,
10/20/27
13,575
14,358
32,022
Automotive
0.2%
Clarios
Global,
FRN,
3M
USD
LIBOR
+
3.50%,
3.615%,
4/30/26
7,796
7,801
Truck
Hero,
FRN,
1M
USD
LIBOR
+
3.75%,
4.50%,
1/31/28 (2)
9,923
9,930
17,731
Cable
Operators
0.2%
Altice
France,
FRN,
3M
USD
LIBOR
+
4.00%,
4.198%,
8/14/26
16,687
16,654
16,654
Consumer
Products
0.3%
Life
Time,
FRN,
1M
USD
LIBOR
+
4.75%,
5.75%,
12/16/24
28,178
28,092
28,092
Energy
0.9%
BCP
Raptor,
FRN,
3M
USD
LIBOR
+
4.25%,
5.25%,
6/24/24
51,362
48,977
Prairie
ECI
Acquiror,
FRN,
3M
USD
LIBOR
+
4.75%,
4.865%,
3/11/26
11,255
11,039
Stonepeak
Lonestar
Holdings,
FRN,
1M
USD
LIBOR
+
4.50%,
4.726%,
10/19/26
11,197
11,207
71,223
Food
0.1%
Bellring
Brands,
FRN,
1M
USD
LIBOR
+
5.00%,
6.00%,
10/21/24
12,001
12,099
12,099
Gaming
0.2%
Scientific
Games
International,
FRN,
1M
USD
LIBOR
+
2.75%,
2.865%,
8/14/24
21,312
20,958
20,958
Health
Care
0.8%
ADMI,
FRN,
1M
USD
LIBOR
+
3.25%,
3.75%,
12/23/27 (2)
19,100
19,008
Gainwell
Acquisition,
FRN,
1M
USD
LIBOR
+
4.00%,
10/1/27 (2)
20,665
20,596
LifePoint
Health,
FRN,
1M
USD
LIBOR
+
3.75%,
3.865%,
11/16/25
9,953
9,959
U.S.
Radiology
Specialists,
FRN,
1M
USD
LIBOR
+
5.50%,
6.25%,
12/15/27
13,630
13,721
63,284
Information
Technology
0.4%
Epicor
Software,
FRN,
1M
USD
LIBOR
+
7.75%,
8.75%,
7/31/28
4,040
4,207
T.
ROWE
PRICE
High
Yield
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
RealPage,
FRN,
3M
USD
LIBOR
+
0.00%,
2/17/29 (2)(3)
14,360
14,647
Solera,
FRN,
3M
USD
LIBOR
+
2.75%,
2.865%,
3/3/23
14,474
14,451
33,305
Manufacturing
0.4%
Apex
Tool
Group,
FRN,
3M
USD
LIBOR
+
5.25%,
6.50%,
8/1/24
22,701
22,666
Filtration
Group,
FRN,
3M
USD
LIBOR
+
3.00%,
3.115%,
3/31/25
6,469
6,427
Welbilt,
FRN,
3M
USD
LIBOR
+
2.50%,
2.615%,
10/23/25
2,433
2,372
31,465
Satellites
1.4%
Intelsat
Jackson
Holdings,
8.625%,
1/2/24
12,890
13,132
Intelsat
Jackson
Holdings,
FRN,
1M
USD
LIBOR
+
4.75%,
8.00%,
11/27/23
44,260
44,882
Intelsat
Jackson
Holdings,
FRN,
1M
USD
LIBOR
+
5.50%,
6.50%,
7/13/22
21,623
21,940
Iridium
Satellite,
FRN,
1M
USD
LIBOR
+
2.75%,
3.75%,
11/4/26
34,120
34,279
114,233
Services
1.5%
Ascend
Learning,
FRN,
3M
USD
LIBOR
+
3.00%,
4.00%,
7/12/24
12,454
12,449
GFL
Environmental,
FRN,
1M
USD
LIBOR
+
3.00%,
3.50%,
5/30/25
6,410
6,437
Renaissance
Holdings,
FRN,
3M
USD
LIBOR
+
7.00%,
7.115%,
5/29/26
7,718
7,695
Sabre
GLBL,
FRN,
1M
USD
LIBOR
+
4.00%,
4.115%,
12/17/27 (2)
11,926
12,053
UKG,
FRN,
1M
USD
LIBOR
+
3.25%,
4.00%,
5/4/26
32,244
32,428
UKG,
FRN,
1M
USD
LIBOR
+
6.75%,
7.50%,
5/3/27
44,020
45,396
WW
International,
FRN,
3M
USD
LIBOR
+
4.75%,
5.50%,
11/29/24
10,124
10,121
126,579
Utilities
0.2%
Brookfield
WEC
Holdings,
FRN,
1M
USD
LIBOR
+
2.75%,
3.25%,
8/1/25
10,138
10,111
Exgen
Renewables
IV,
FRN,
1M
USD
LIBOR
+
2.75%,
3.75%,
12/15/27
7,476
7,512
17,623
Wireless
Communications
1.7%
Asurion,
FRN,
1M
USD
LIBOR
+
3.00%,
3.115%,
11/3/23
6,848
6,833
Asurion,
FRN,
1M
USD
LIBOR
+
3.25%,
3.363%,
7/31/27
23,420
23,332
Asurion,
FRN,
1M
USD
LIBOR
+
3.25%,
3.365%,
12/23/26
25,469
25,386
Asurion,
FRN,
1M
USD
LIBOR
+
5.25%,
5.365%,
1/31/28 (2)
69,714
71,610
CCI
Buyer,
FRN,
1M
USD
LIBOR
+
4.00%,
4.75%,
12/17/27
13,335
13,427
140,588
Total
Bank
Loans
(Cost
$746,842)
762,133
T.
ROWE
PRICE
High
Yield
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
BOND
MUTUAL
FUNDS
0.3%
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Z
Class,
3.70% (4)
(5)
2,797
27,298
Total
Bond
Mutual
Funds
(Cost
$27,906)
27,298
COMMON
STOCKS
0.7%
Cable
Operators
0.1%
Liberty
Broadband,
Class
C (6)
56
8,358
8,358
Gaming
0.0%
New
Cotai
Participation,
Class
B (3)(6)(7)
—
—
—
Metals
&
Mining
0.1%
Constellium (6)
928
12,293
12,293
Utilities
0.3%
Sempra
Energy
58
6,750
Vistra
987
17,033
23,783
Wireless
Communications
0.2%
T-Mobile
US (6)
115
13,831
13,831
Total
Common
Stocks
(Cost
$57,493)
58,265
CONVERTIBLE
BONDS
0.2%
Cable
Operators
0.1%
DISH
Network,
3.375%,
8/15/26
8,735
8,239
8,239
Energy
0.1%
Cheniere
Energy,
4.25%,
3/15/45
11,131
9,168
9,168
Total
Convertible
Bonds
(Cost
$15,382)
17,407
T.
ROWE
PRICE
High
Yield
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
CONVERTIBLE
PREFERRED
STOCKS
3.6%
Energy
1.2%
Targa
Resources,
Series A,
9.50%,
Acquisition
Date:
10/30/17
-
2/10/21,
Cost $98,536 (8)(9)
98
103,881
103,881
Energy
Services
0.4%
NuStar
Energy,
VR,
10.75% (7)(8)
1,200
33,476
33,476
Forest
Products
0.0%
Smurfit-Stone
Container,
Series A,
EC,
7.00%,
2/15/27 (3)
47
—
—
Health
Care
0.6%
Avantor,
Series A,
6.25%,
5/15/22
514
44,765
Boston
Scientific,
Series A,
5.50%,
6/1/23
33
3,704
48,469
Insurance
0.1%
Alliant
Services,
Series A,
Acquisition
Date:
11/6/20,
Cost $8,964 (6)(9)
9
9,132
9,132
Manufacturing
0.3%
Danaher,
Series B,
5.00%,
4/15/23
18
22,794
22,794
Utilities
1.0%
American
Electric
Power,
6.125%,
3/15/22
586
26,624
American
Electric
Power,
6.125%,
8/15/23
214
9,572
NextEra
Energy,
5.279%,
3/1/23
594
29,504
Southern,
Series A,
6.75%,
8/1/22
336
16,204
81,904
Total
Convertible
Preferred
Stocks
(Cost
$272,453)
299,656
CORPORATE
BONDS
83.8%
Aerospace
&
Defense
0.9%
TransDigm,
6.25%,
3/15/26 (7)
49,085
51,662
TransDigm,
7.50%,
3/15/27
3,100
3,294
TransDigm,
8.00%,
12/15/25 (7)
18,765
20,430
75,386
Airlines
1.6%
American
Airlines,
11.75%,
7/15/25 (7)
19,820
23,586
T.
ROWE
PRICE
High
Yield
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
Delta
Air
Lines,
4.50%,
10/20/25 (7)
3,895
4,157
Delta
Air
Lines,
4.75%,
10/20/28 (7)
13,690
15,158
Delta
Air
Lines,
7.00%,
5/1/25 (7)
13,900
16,159
Delta
Air
Lines,
7.375%,
1/15/26
19,150
22,358
Hawaiian
Brand
Intellectual
Property,
5.75%,
1/20/26 (7)
7,635
8,026
Mileage
Plus
Holdings,
6.50%,
6/20/27 (7)
10,695
11,631
United
Airlines
Holdings,
4.25%,
10/1/22
8,733
8,864
United
Airlines
Holdings,
4.875%,
1/15/25
9,765
9,997
United
Airlines
Holdings,
5.00%,
2/1/24
14,309
14,738
134,674
Automotive
3.6%
Adient
Global
Holdings,
4.875%,
8/15/26 (7)
19,714
20,059
Adient
U.S.,
9.00%,
4/15/25 (7)
17,900
19,869
Clarios
Global,
6.25%,
5/15/26 (7)
2,025
2,157
Clarios
Global,
8.50%,
5/15/27 (7)
65,145
70,112
Dana,
5.625%,
6/15/28
12,580
13,398
Dana
Financing
Luxembourg,
5.75%,
4/15/25 (7)
1,235
1,273
Ford
Motor,
8.50%,
4/21/23
9,485
10,601
Ford
Motor,
9.00%,
4/22/25
28,630
34,573
Ford
Motor,
9.625%,
4/22/30
405
575
Ford
Motor
Credit,
5.125%,
6/16/25
15,420
16,650
Goodyear
Tire
&
Rubber,
9.50%,
5/31/25
6,490
7,269
Group
1
Automotive,
4.00%,
8/15/28 (7)
7,180
7,306
Jaguar
Land
Rover
Automotive,
7.75%,
10/15/25 (7)
12,245
13,225
Meritor,
6.25%,
6/1/25 (7)
11,840
12,684
Navistar
International,
9.50%,
5/1/25 (7)
15,060
16,773
Real
Hero
Merger
Sub
2,
6.25%,
2/1/29 (7)
2,775
2,858
Tenneco,
5.00%,
7/15/24
(EUR)
3,297
4,056
Tenneco,
5.00%,
7/15/26
26,379
24,796
Tenneco,
5.375%,
12/15/24
7,805
7,727
Tenneco,
7.875%,
1/15/29 (7)
10,365
11,596
297,557
Banking
0.5%
Banco
do
Brasil,
VR,
9.00% (8)(10)
21,100
23,025
Itau
Unibanco
Holding,
VR,
6.125% (7)(8)(10)
19,990
20,090
43,115
Broadcasting
5.2%
Clear
Channel
Outdoor
Holdings,
7.75%,
4/15/28 (7)
28,775
29,063
Clear
Channel
Worldwide
Holdings,
5.125%,
8/15/27 (7)
16,060
16,301
Clear
Channel
Worldwide
Holdings,
9.25%,
2/15/24
37,180
38,760
Diamond
Sports
Group,
5.375%,
8/15/26 (7)
8,055
5,719
Diamond
Sports
Group,
6.625%,
8/15/27 (7)
20,835
10,678
iHeartCommunications,
5.25%,
8/15/27 (7)
2,940
3,025
iHeartCommunications,
6.375%,
5/1/26
5,429
5,741
iHeartCommunications,
8.375%,
5/1/27
69,797
73,723
T.
ROWE
PRICE
High
Yield
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Lions
Gate
Capital
Holdings,
6.375%,
2/1/24 (7)
20,225
20,756
MDC
Partners,
STEP,
7.50%,
5/1/24 (7)
44,021
44,516
Nexstar
Broadcasting,
4.75%,
11/1/28 (7)
9,945
10,144
Nexstar
Broadcasting,
5.625%,
7/15/27 (7)
12,945
13,673
Nielsen
Finance,
5.625%,
10/1/28 (7)
12,570
13,308
Outfront
Media
Capital,
4.25%,
1/15/29 (7)
3,940
3,822
Outfront
Media
Capital,
5.00%,
8/15/27 (7)
1,585
1,611
Outfront
Media
Capital,
6.25%,
6/15/25 (7)
5,695
6,022
Scripps
Escrow
II,
5.375%,
1/15/31 (7)
8,120
8,222
Sirius
XM
Radio,
4.125%,
7/1/30 (7)
11,665
11,782
Sirius
XM
Radio,
4.625%,
7/15/24 (7)
13,335
13,702
Sirius
XM
Radio,
5.00%,
8/1/27 (7)
10,570
10,980
Sirius
XM
Radio,
5.375%,
7/15/26 (7)
17,535
18,105
Terrier
Media
Buyer,
8.875%,
12/15/27 (7)
30,270
32,313
Townsquare
Media,
6.875%,
2/1/26 (7)
9,455
9,880
Univision
Communications,
6.625%,
6/1/27 (7)
15,540
16,239
Univision
Communications,
9.50%,
5/1/25 (7)
7,150
7,758
Urban
One,
7.375%,
2/1/28 (7)
6,585
6,634
432,477
Building
&
Real
Estate
1.4%
Cushman
&
Wakefield
U.S.
Borrower,
6.75%,
5/15/28 (7)
19,265
20,855
Howard
Hughes,
4.125%,
2/1/29 (7)
17,145
17,017
Howard
Hughes,
4.375%,
2/1/31 (7)
15,550
15,511
Howard
Hughes,
5.375%,
8/1/28 (7)
12,415
13,082
Realogy
Group,
5.75%,
1/15/29 (7)
11,685
11,714
Realogy
Group,
7.625%,
6/15/25 (7)
4,090
4,453
Realogy
Group,
9.375%,
4/1/27 (7)
7,740
8,475
Shea
Homes,
4.75%,
4/1/29 (7)
3,530
3,618
Taylor
Morrison
Communities,
5.125%,
8/1/30 (7)
5,970
6,388
Taylor
Morrison
Communities,
5.875%,
4/15/23 (7)
12,055
12,839
Weekley
Homes,
4.875%,
9/15/28 (7)
4,565
4,776
118,728
Building
Products
1.3%
American
Woodmark,
4.875%,
3/15/26 (7)
18,430
18,753
CP
Atlas
Buyer,
7.00%,
12/1/28 (7)
3,300
3,424
Forterra
Finance,
6.50%,
7/15/25 (7)
11,955
12,896
LBM
Acquisition,
6.25%,
1/15/29 (7)
3,930
3,979
New
Enterprise
Stone
&
Lime,
6.25%,
3/15/26 (7)
13,980
14,382
PGT
Innovations,
6.75%,
8/1/26 (7)
13,145
13,901
Specialty
Building
Products
Holdings,
6.375%,
9/30/26 (7)
10,935
11,345
Summit
Materials,
5.25%,
1/15/29 (7)
8,245
8,750
Summit
Materials,
6.50%,
3/15/27 (7)
17,880
18,908
106,338
Cable
Operators
8.4%
Altice
Financing,
5.00%,
1/15/28 (7)
18,155
18,155
T.
ROWE
PRICE
High
Yield
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Altice
Financing,
7.50%,
5/15/26 (7)
32,435
33,813
Altice
France,
5.125%,
1/15/29 (7)
11,675
11,733
Altice
France,
7.375%,
5/1/26 (7)
26,485
27,578
Altice
France,
8.125%,
2/1/27 (7)
12,580
13,712
Altice
France
Holding,
6.00%,
2/15/28 (7)
43,890
42,957
Altice
France
Holding,
10.50%,
5/15/27 (7)
28,342
31,743
C&W
Senior
Financing,
6.875%,
9/15/27 (7)
21,285
22,841
Cablevision
Lightpath,
5.625%,
9/15/28 (7)
2,370
2,406
CCO
Holdings,
4.25%,
2/1/31 (7)
16,870
16,997
CCO
Holdings,
4.50%,
8/15/30 (7)
3,000
3,101
CCO
Holdings,
4.50%,
5/1/32 (7)
19,850
20,396
CCO
Holdings,
5.00%,
2/1/28 (7)
54,455
56,974
CCO
Holdings,
5.125%,
5/1/27 (7)
24,995
26,151
CCO
Holdings,
5.375%,
6/1/29 (7)
14,905
16,041
CCO
Holdings,
5.50%,
5/1/26 (7)
23,850
24,625
CSC
Holdings,
4.625%,
12/1/30 (7)
16,110
16,029
CSC
Holdings,
5.75%,
1/15/30 (7)
20,960
22,375
CSC
Holdings,
6.50%,
2/1/29 (7)
34,835
38,406
CSC
Holdings,
7.50%,
4/1/28 (7)
24,805
27,317
DISH
DBS,
5.875%,
11/15/24
5,395
5,631
DISH
DBS,
7.375%,
7/1/28
17,990
18,845
DISH
DBS,
7.75%,
7/1/26
22,175
24,309
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (7)
5,530
5,929
Netflix,
5.375%,
11/15/29 (7)
17,950
21,181
Netflix,
5.875%,
11/15/28
31,165
37,242
Netflix,
6.375%,
5/15/29
49,980
61,975
Radiate
Holdco,
6.50%,
9/15/28 (7)
15,550
16,327
Virgin
Media
Finance,
5.00%,
7/15/30 (7)
5,405
5,500
VTR
Finance,
6.375%,
7/15/28 (7)
7,420
8,128
Ziggo
Bond,
5.125%,
2/28/30 (7)
6,055
6,312
Ziggo
Bond,
6.00%,
1/15/27 (7)
17,490
18,168
702,897
Chemicals
1.7%
Compass
Minerals
International,
6.75%,
12/1/27 (7)
9,110
9,770
CVR
Partners,
9.25%,
6/15/23 (7)
29,320
29,687
Diamond,
5.625%,
8/15/25
(EUR)
6,770
8,295
GPD,
10.125%,
4/1/26 (7)
13,455
14,801
Kraton
Polymers,
5.25%,
5/15/26
(EUR) (7)
4,210
5,214
Methanex,
5.125%,
10/15/27
13,625
14,085
Methanex,
5.25%,
12/15/29
7,440
7,645
Methanex,
5.65%,
12/1/44
10,819
11,466
OCI,
4.625%,
10/15/25 (7)
16,975
17,569
Univar
Solutions
USA,
5.125%,
12/1/27 (7)
19,935
20,832
139,364
T.
ROWE
PRICE
High
Yield
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Conglomerates
0.4%
General
Electric,
Series D,
VR,
3.554% (8)(10)
34,785
33,133
33,133
Consumer
Products
1.0%
CD&R
Smokey
Buyer,
6.75%,
7/15/25 (7)
2,740
2,939
Energizer
Holdings,
4.375%,
3/31/29 (7)
7,260
7,242
Life
Time,
5.75%,
1/15/26 (7)
16,388
16,634
Life
Time,
8.00%,
4/15/26 (7)
8,620
8,749
Mattel,
5.875%,
12/15/27 (7)
7,920
8,623
Mattel,
6.20%,
10/1/40
3,990
4,728
Prestige
Brands,
6.375%,
3/1/24 (7)
19,350
19,639
Tempur
Sealy
International,
5.50%,
6/15/26
14,420
14,907
83,461
Container
1.7%
Ardagh
Metal
Packaging
Finance
USA,
4.00%,
9/1/29 (7)
27,180
27,180
Ardagh
Packaging
Finance,
5.25%,
4/30/25 (7)
7,100
7,499
Ardagh
Packaging
Finance,
5.25%,
8/15/27 (7)
21,355
22,183
Ardagh
Packaging
Finance,
6.00%,
2/15/25 (7)
11,300
11,653
Mauser
Packaging
Solutions
Holding,
7.25%,
4/15/25 (7)
33,565
33,146
Mauser
Packaging
Solutions
Holding,
8.50%,
4/15/24 (7)
6,035
6,261
Pactiv,
7.95%,
12/15/25
9,160
10,488
Pactiv,
8.375%,
4/15/27
2,805
3,282
Trivium
Packaging
Finance,
5.50%,
8/15/26 (7)
7,220
7,554
Trivium
Packaging
Finance,
8.50%,
8/15/27 (7)
14,240
15,272
144,518
Drugs
0.1%
Teva
Pharmaceutical
Finance,
6.15%,
2/1/36
5,610
6,115
6,115
Energy
9.2%
Aethon
United
BR,
8.25%,
2/15/26 (7)
7,350
7,644
Archrock
Partners,
6.875%,
4/1/27 (7)
11,435
12,064
Cheniere
Energy
Partners,
4.50%,
10/1/29
19,050
20,050
Cheniere
Energy
Partners,
5.625%,
10/1/26
5,885
6,106
Citgo
Holding,
9.25%,
8/1/24 (7)
21,710
21,330
CITGO
Petroleum,
7.00%,
6/15/25 (7)
22,285
22,898
Comstock
Resources,
6.75%,
3/1/29 (7)
7,605
7,852
Comstock
Resources,
9.75%,
8/15/26
16,090
17,578
Continental
Resources,
4.375%,
1/15/28
17,100
17,955
Continental
Resources,
4.90%,
6/1/44
19,205
19,157
Continental
Resources,
5.75%,
1/15/31 (7)
19,275
21,781
CrownRock,
5.625%,
10/15/25 (7)
5,615
5,671
DCP
Midstream,
Series A,
VR,
7.375% (8)(10)
11,294
9,826
DCP
Midstream
Operating,
5.625%,
7/15/27
6,865
7,397
DCP
Midstream
Operating,
6.75%,
9/15/37 (7)
17,875
19,931
DCP
Midstream
Operating,
8.125%,
8/16/30
8,515
11,027
T.
ROWE
PRICE
High
Yield
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Endeavor
Energy
Resources,
5.75%,
1/30/28 (7)
14,198
14,979
Endeavor
Energy
Resources,
6.625%,
7/15/25 (7)
2,885
3,022
EQT,
5.00%,
1/15/29
3,900
4,280
EQT,
7.625%,
2/1/25
2,470
2,871
EQT,
8.50%,
2/1/30
16,946
22,157
Exterran
Energy
Solutions,
8.125%,
5/1/25
21,805
19,788
Hilcorp
Energy
I,
5.75%,
2/1/29 (7)
6,670
6,803
Hilcorp
Energy
I,
6.00%,
2/1/31 (7)
7,490
7,621
Kosmos
Energy,
7.125%,
4/4/26 (7)
1,760
1,756
Magnolia
Oil
&
Gas
Operating,
6.00%,
8/1/26 (7)
29,035
29,906
Matador
Resources,
5.875%,
9/15/26
19,636
19,096
NGL
Energy
Operating,
7.50%,
2/1/26 (7)
39,767
40,960
NGL
Energy
Partners,
7.50%,
11/1/23
28,820
27,595
NuStar
Logistics,
5.75%,
10/1/25
9,790
10,451
Occidental
Petroleum,
5.50%,
12/1/25
9,445
10,012
Occidental
Petroleum,
5.875%,
9/1/25
8,370
9,081
Occidental
Petroleum,
6.125%,
1/1/31
8,685
9,619
Occidental
Petroleum,
6.375%,
9/1/28
9,005
9,984
Occidental
Petroleum,
6.45%,
9/15/36
2,310
2,633
Occidental
Petroleum,
7.95%,
6/15/39
19,810
23,846
Occidental
Petroleum,
8.00%,
7/15/25
12,700
14,732
Occidental
Petroleum,
8.50%,
7/15/27
16,975
20,306
Occidental
Petroleum,
8.875%,
7/15/30
32,395
41,385
Petrobras
Global
Finance,
7.375%,
1/17/27
15,630
19,119
Range
Resources,
8.25%,
1/15/29 (7)
5,870
6,296
Range
Resources,
9.25%,
2/1/26
14,665
15,912
Seven
Generations
Energy,
5.375%,
9/30/25 (7)
49,945
51,818
Tallgrass
Energy
Partners,
5.50%,
9/15/24 (7)
5,917
5,947
Tallgrass
Energy
Partners,
5.50%,
1/15/28 (7)
7,230
7,158
Tallgrass
Energy
Partners,
6.00%,
3/1/27 (7)
8,060
8,141
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (7)
11,175
11,119
Tallgrass
Energy
Partners,
7.50%,
10/1/25 (7)
10,935
11,591
Targa
Resources
Partners,
5.375%,
2/1/27
1,180
1,221
Targa
Resources
Partners,
5.875%,
4/15/26
1,055
1,097
Targa
Resources
Partners,
6.50%,
7/15/27
6,060
6,522
Targa
Resources
Partners,
6.875%,
1/15/29
9,970
11,054
Transocean
Pontus,
6.125%,
8/1/25 (7)
4,013
3,832
Transocean
Proteus,
6.25%,
12/1/24 (7)
5,337
5,097
USA
Compression
Partners,
6.875%,
4/1/26
10,300
10,635
USA
Compression
Partners,
6.875%,
9/1/27
7,635
8,017
765,726
Entertainment
&
Leisure
2.4%
Carnival,
7.625%,
3/1/26 (7)
30,000
31,575
Carnival,
9.875%,
8/1/27 (7)
21,560
24,686
Cedar
Fair,
5.25%,
7/15/29
5,135
5,148
T.
ROWE
PRICE
High
Yield
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Cedar
Fair,
5.375%,
4/15/27
14,955
15,179
Cedar
Fair,
5.50%,
5/1/25 (7)
27,325
28,589
NCL,
5.875%,
3/15/26 (7)
11,300
11,385
Royal
Caribbean
Cruises,
5.25%,
11/15/22
15,405
15,713
Royal
Caribbean
Cruises,
11.50%,
6/1/25 (7)
21,240
24,877
SeaWorld
Parks
&
Entertainment,
9.50%,
8/1/25 (7)
25,731
27,854
Six
Flags
Theme
Parks,
7.00%,
7/1/25 (7)
4,400
4,741
Vail
Resorts,
6.25%,
5/15/25 (7)
8,020
8,557
Viking
Cruises,
13.00%,
5/15/25 (7)
5,170
6,075
204,379
Exploration
&
Production
0.2%
Apache,
4.875%,
11/15/27
11,735
12,322
Apache,
6.00%,
1/15/37
790
904
13,226
Financial
5.3%
Acrisure,
4.25%,
2/15/29 (7)
11,410
11,210
Acrisure,
7.00%,
11/15/25 (7)
15,255
15,675
Acrisure,
10.125%,
8/1/26 (7)
9,125
10,528
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (7)
7,630
7,897
AmWINS
Group,
7.75%,
7/1/26 (7)
19,020
20,256
AssuredPartners,
5.625%,
1/15/29 (7)
11,865
11,895
Cabot
Financial
Luxembourg,
7.50%,
10/1/23
(GBP) (7)
4,080
5,785
Cabot
Financial
Luxembourg,
7.50%,
10/1/23
(GBP)
1,773
2,514
DAE
Funding,
4.50%,
8/1/22 (7)
10,540
10,619
DAE
Funding,
5.00%,
8/1/24 (7)
17,685
18,293
Drawbridge
Special
Opportunities
Fund,
3.875%,
2/15/26 (7)
12,190
12,464
Genworth
Mortgage
Holdings,
6.50%,
8/15/25 (7)
20,705
22,284
GTCR
AP
Finance,
8.00%,
5/15/27 (7)
13,620
14,539
Home
Point
Capital,
5.00%,
2/1/26 (7)
5,140
5,114
HUB
International,
7.00%,
5/1/26 (7)
25,975
27,046
Icahn
Enterprises,
6.25%,
5/15/26
23,605
24,815
MGIC
Investment,
5.25%,
8/15/28
5,715
5,994
Navient,
4.875%,
3/15/28
18,380
17,691
Navient,
5.00%,
3/15/27
12,240
11,995
Navient,
6.125%,
3/25/24
32,250
34,064
Navient,
6.75%,
6/25/25
16,535
17,775
Navient,
6.75%,
6/15/26
4,370
4,665
Navient,
7.25%,
1/25/22
3,567
3,696
Navient,
7.25%,
9/25/23
16,090
17,458
OneMain
Finance,
4.00%,
9/15/30
3,895
3,778
OneMain
Finance,
6.125%,
3/15/24
6,358
6,819
OneMain
Finance,
6.625%,
1/15/28
5,755
6,532
OneMain
Finance,
6.875%,
3/15/25
18,550
20,869
OneMain
Finance,
7.125%,
3/15/26
5,820
6,722
OneMain
Finance,
8.875%,
6/1/25
7,160
7,858
T.
ROWE
PRICE
High
Yield
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
PennyMac
Financial
Services,
4.25%,
2/15/29 (7)
12,435
12,249
PennyMac
Financial
Services,
5.375%,
10/15/25 (7)
8,255
8,626
Quicken
Loans,
5.25%,
1/15/28 (7)
21,961
23,341
SLM,
4.20%,
10/29/25
9,390
9,813
440,879
Food
2.0%
B&G
Foods,
5.25%,
4/1/25
29,570
30,346
B&G
Foods,
5.25%,
9/15/27
6,775
7,097
Chobani,
4.625%,
11/15/28 (7)
5,205
5,374
Chobani,
7.50%,
4/15/25 (7)
32,150
33,396
Cosan
Luxembourg,
7.00%,
1/20/27 (7)
17,390
18,499
Kraft
Heinz
Foods,
6.875%,
1/26/39
9,155
12,863
Kraft
Heinz
Foods,
7.125%,
8/1/39 (7)
6,935
10,168
Post
Holdings,
4.50%,
9/15/31 (7)
16,685
16,643
Post
Holdings,
5.625%,
1/15/28 (7)
11,105
11,688
Post
Holdings,
5.75%,
3/1/27 (7)
9,335
9,790
Sigma
Holdco,
7.875%,
5/15/26 (7)
14,630
14,923
170,787
Forest
Products
0.1%
Mercer
International,
5.125%,
2/1/29 (7)
9,755
9,938
Mercer
International,
5.50%,
1/15/26
2,170
2,219
12,157
Gaming
4.8%
Affinity
Gaming,
6.875%,
12/15/27 (7)
4,400
4,664
Boyd
Gaming,
6.00%,
8/15/26
11,615
12,022
Caesars
Entertainment,
8.125%,
7/1/27 (7)
6,240
6,786
Caesars
Resort
Collection,
5.25%,
10/15/25 (7)
16,530
16,447
Caesars
Resort
Collection,
5.75%,
7/1/25 (7)
10,205
10,715
Cirsa
Finance
International,
7.875%,
12/20/23 (7)
20,600
20,703
International
Game
Technology,
5.25%,
1/15/29 (7)
10,075
10,654
International
Game
Technology,
6.25%,
1/15/27 (7)
22,638
25,638
Melco
Resorts
Finance,
5.375%,
12/4/29 (7)
6,580
6,975
MGM
China
Holdings,
5.25%,
6/18/25 (7)
8,285
8,699
MGM
China
Holdings,
5.875%,
5/15/26 (7)
7,510
7,923
MGM
Growth
Properties
Operating
Partnership,
3.875%,
2/15/29 (7)
12,700
12,859
MGM
Growth
Properties
Operating
Partnership,
5.75%,
2/1/27
8,690
9,820
MGM
Resorts
International,
6.00%,
3/15/23
11,930
12,720
Mohegan
Gaming
&
Entertainment,
8.00%,
2/1/26 (7)
12,665
12,475
Peninsula
Pacific
Entertainment,
8.50%,
11/15/27 (7)
20,380
21,807
Scientific
Games
International,
7.00%,
5/15/28 (7)
5,590
5,925
Scientific
Games
International,
7.25%,
11/15/29 (7)
7,875
8,475
Scientific
Games
International,
8.25%,
3/15/26 (7)
32,000
33,960
Scientific
Games
International,
8.625%,
7/1/25 (7)
9,240
9,945
Stars
Group
Holdings,
7.00%,
7/15/26 (7)
26,860
28,136
T.
ROWE
PRICE
High
Yield
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Studio
City
Finance,
5.00%,
1/15/29 (7)
9,590
9,722
VICI
Properties,
4.625%,
12/1/29 (7)
9,720
10,182
Wynn
Las
Vegas,
5.25%,
5/15/27 (7)
28,295
30,063
Wynn
Macau,
5.50%,
1/15/26 (7)
12,005
12,524
Wynn
Macau,
5.50%,
10/1/27 (7)
9,430
9,807
Wynn
Macau,
5.625%,
8/26/28 (7)
24,915
25,958
Wynn
Resorts
Finance,
5.125%,
10/1/29 (7)
10,965
11,541
397,145
Health
Care
6.1%
Acadia
Healthcare,
5.00%,
4/15/29 (7)
1,890
1,966
Avantor
Funding,
4.625%,
7/15/28 (7)
23,550
24,551
Bausch
Health,
7.00%,
3/15/24 (7)
43,410
44,332
Bausch
Health,
7.00%,
1/15/28 (7)
710
769
Bausch
Health,
7.25%,
5/30/29 (7)
17,325
19,209
Bausch
Health,
9.00%,
12/15/25 (7)
32,985
35,912
Bausch
Health
Americas,
8.50%,
1/31/27 (7)
38,210
42,270
Bausch
Health
Americas,
9.25%,
4/1/26 (7)
31,600
35,036
Centene,
4.625%,
12/15/29
18,515
19,904
CHS,
6.00%,
1/15/29 (7)
12,215
12,978
CHS,
8.00%,
12/15/27 (7)
24,945
27,252
DaVita,
4.625%,
6/1/30 (7)
13,095
13,291
HCA,
5.625%,
9/1/28
4,470
5,185
HCA,
5.875%,
2/15/26
11,520
13,291
HCA,
5.875%,
2/1/29
8,980
10,619
Jaguar
Holding
II,
4.625%,
6/15/25 (7)
3,425
3,571
Jaguar
Holding
II,
5.00%,
6/15/28 (7)
3,320
3,523
Legacy
LifePoint
Health,
6.75%,
4/15/25 (7)
10,640
11,385
Molina
Healthcare,
4.375%,
6/15/28 (7)
11,070
11,540
Radiology
Partners,
9.25%,
2/1/28 (7)
2,975
3,243
RegionalCare
Hospital
Partners
Holdings,
9.75%,
12/1/26 (7)
27,705
29,852
RP
Escrow
Issuer,
5.25%,
12/15/25 (7)
7,455
7,735
Select
Medical,
6.25%,
8/15/26 (7)
10,155
10,815
Teleflex,
4.25%,
6/1/28 (7)
4,365
4,589
Tenet
Healthcare,
6.125%,
10/1/28 (7)
45,700
48,042
Tenet
Healthcare,
6.875%,
11/15/31
10,830
11,913
Tenet
Healthcare,
7.50%,
4/1/25 (7)
13,890
15,123
Teva
Pharmaceutical
Finance
Netherlands
III,
2.80%,
7/21/23
14,115
13,833
Teva
Pharmaceutical
Finance
Netherlands
III,
6.00%,
4/15/24
6,310
6,602
Teva
Pharmaceutical
Finance
Netherlands
III,
7.125%,
1/31/25
20,785
22,500
510,831
Information
Technology
3.0%
ANGI
Group,
3.875%,
8/15/28 (7)
4,930
5,059
Banff
Merger
Sub,
9.75%,
9/1/26 (7)
9,300
9,916
Boxer
Parent,
6.50%,
10/2/25
(EUR) (7)
3,380
4,356
Boxer
Parent,
7.125%,
10/2/25 (7)
3,885
4,210
T.
ROWE
PRICE
High
Yield
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Boxer
Parent,
9.125%,
3/1/26 (7)
6,680
7,106
CommScope,
7.125%,
7/1/28 (7)
11,845
12,408
CommScope,
8.25%,
3/1/27 (7)
7,065
7,436
Expedia
Group,
6.25%,
5/1/25 (7)
12,225
14,332
Expedia
Group,
7.00%,
5/1/25 (7)
10,220
11,319
Go
Daddy
Operating,
5.25%,
12/1/27 (7)
9,720
10,206
LogMeIn,
5.50%,
9/1/27 (7)
8,565
8,972
Photo
Holdings
Merger
Sub,
8.50%,
10/1/26 (7)
19,355
20,807
Solera,
10.50%,
3/1/24 (7)
47,730
49,400
SS&C
Technologies,
5.50%,
9/30/27 (7)
18,245
19,294
Uber
Technologies,
7.50%,
5/15/25 (7)
7,115
7,649
Uber
Technologies,
7.50%,
9/15/27 (7)
33,525
36,542
Veritas
U.S.,
7.50%,
9/1/25 (7)
6,195
6,412
Veritas
U.S.,
10.50%,
2/1/24 (7)
10,072
10,147
ZoomInfo
Technologies,
3.875%,
2/1/29 (7)
4,585
4,579
250,150
Lodging
1.0%
Hilton
Domestic
Operating,
5.375%,
5/1/25 (7)
3,745
3,928
Hilton
Domestic
Operating,
5.75%,
5/1/28 (7)
4,340
4,693
Hilton
Worldwide
Finance,
4.875%,
4/1/27
10,460
10,878
Marriott
Ownership
Resorts,
6.125%,
9/15/25 (7)
10,830
11,453
Marriott
Ownership
Resorts,
6.50%,
9/15/26
16,680
17,305
Park
Intermediate
Holdings,
5.875%,
10/1/28 (7)
8,775
9,247
Park
Intermediate
Holdings,
7.50%,
6/1/25 (7)
7,535
8,166
RHP
Hotel
Properties,
4.75%,
10/15/27
13,415
13,616
79,286
Manufacturing
0.6%
Colfax,
6.00%,
2/15/24 (7)
5,040
5,197
Colfax,
6.375%,
2/15/26 (7)
7,211
7,707
Hillenbrand,
3.75%,
3/1/31
3,830
3,825
Hillenbrand,
5.00%,
9/15/26
430
481
Hillenbrand,
5.75%,
6/15/25
2,465
2,625
Sensata
Technologies,
3.75%,
2/15/31 (7)
6,995
7,012
Sensata
Technologies
UK
Financing,
6.25%,
2/15/26 (7)
18,915
19,530
Welbilt,
9.50%,
2/15/24
6,420
6,605
52,982
Metals
&
Mining
4.0%
Alcoa
Nederland
Holding,
5.50%,
12/15/27 (7)
17,725
18,855
Alcoa
Nederland
Holding,
6.125%,
5/15/28 (7)
11,935
12,920
Alcoa
Nederland
Holding,
6.75%,
9/30/24 (7)
3,255
3,369
Alcoa
Nederland
Holding,
7.00%,
9/30/26 (7)
3,395
3,569
ArcelorMittal,
7.00%,
3/1/41
200
283
Arconic,
6.00%,
5/15/25 (7)
6,970
7,440
Arconic,
6.125%,
2/15/28 (7)
20,499
21,806
Big
River
Steel,
6.625%,
1/31/29 (7)
24,415
26,246
T.
ROWE
PRICE
High
Yield
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Cleveland-Cliffs,
9.875%,
10/17/25 (7)
9,005
10,558
Constellium,
3.75%,
4/15/29 (7)
10,990
10,908
Constellium,
5.75%,
5/15/24 (7)
16,260
16,524
FMG
Resources,
5.125%,
3/15/23 (7)
10,215
10,713
FMG
Resources,
5.125%,
5/15/24 (7)
16,650
17,961
Freeport-McMoRan,
5.00%,
9/1/27
7,520
8,028
Freeport-McMoRan,
5.25%,
9/1/29
7,735
8,605
Freeport-McMoRan,
5.40%,
11/14/34
29,279
36,159
Freeport-McMoRan,
5.45%,
3/15/43
12,466
15,489
GrafTech
Finance,
4.625%,
12/15/28 (7)
7,045
7,168
Hecla
Mining,
7.25%,
2/15/28
23,820
25,845
Hudbay
Minerals,
4.50%,
4/1/26 (7)
8,460
8,582
Hudbay
Minerals,
6.125%,
4/1/29 (7)
15,290
16,516
Joseph
T.
Ryerson
&
Son,
8.50%,
8/1/28 (7)
16,464
18,337
New
Gold,
6.375%,
5/15/25 (7)
4,399
4,542
New
Gold,
7.50%,
7/15/27 (7)
8,245
8,750
Novelis,
4.75%,
1/30/30 (7)
18,235
19,010
338,183
Other
Telecommunications
1.1%
Consolidated
Communications,
6.50%,
10/1/28 (7)
13,060
14,007
Embarq,
7.995%,
6/1/36
10,735
12,774
Level
3
Financing,
3.75%,
7/15/29 (7)
12,780
12,748
Level
3
Financing,
5.375%,
5/1/25
7,955
8,154
Lumen
Technologies,
4.50%,
1/15/29 (7)
29,700
29,626
Zayo
Group
Holdings,
4.00%,
3/1/27 (7)
7,145
7,109
Zayo
Group
Holdings,
6.125%,
3/1/28 (7)
9,810
10,129
94,547
Real
Estate
Investment
Trust
Securities
0.2%
Service
Properties
Trust,
4.35%,
10/1/24
17,185
17,229
17,229
Restaurants
1.2%
1011778
BC
ULC,
5.75%,
4/15/25 (7)
4,160
4,436
Dave
&
Buster's,
7.625%,
11/1/25 (7)
19,592
20,767
Golden
Nugget,
6.75%,
10/15/24 (7)
22,140
22,472
Yum!
Brands,
5.35%,
11/1/43
19,590
21,549
Yum!
Brands,
6.875%,
11/15/37
17,960
22,809
Yum!
Brands,
7.75%,
4/1/25 (7)
10,155
11,158
103,191
Retail
1.0%
L
Brands,
6.625%,
10/1/30 (7)
12,280
13,754
L
Brands,
6.694%,
1/15/27
1,620
1,826
L
Brands,
6.875%,
7/1/25 (7)
1,460
1,597
L
Brands,
7.50%,
6/15/29
9,820
11,097
L
Brands,
9.375%,
7/1/25 (7)
12,695
15,710
Linens
'n
Things,
VR,
EC,
8.338%,
1/15/20 (3)(6)
9,800
—
T.
ROWE
PRICE
High
Yield
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
LSF9
Atlantis
Holdings,
7.75%,
2/15/26 (7)
7,535
7,714
PetSmart,
4.75%,
2/15/28 (7)
3,320
3,428
PetSmart,
7.75%,
2/15/29 (7)
21,935
23,525
Rent-A-Center,
6.375%,
2/15/29 (7)
3,790
3,942
82,593
Satellites
1.9%
Connect
Finco,
6.75%,
10/1/26 (7)
20,000
20,700
Hughes
Satellite
Systems,
6.625%,
8/1/26
34,475
38,526
Hughes
Satellite
Systems,
7.625%,
6/15/21
1,175
1,190
Intelsat
Jackson
Holdings,
9.50%,
9/30/22 (7)
58,236
68,864
Telesat
Canada,
6.50%,
10/15/27 (7)
15,420
15,921
Viasat,
5.625%,
4/15/27 (7)
9,745
10,183
155,384
Services
5.6%
Adtalem
Global
Education,
5.50%,
3/1/28 (7)
16,900
16,815
Advantage
Sales
&
Marketing,
6.50%,
11/15/28 (7)
8,580
8,859
Allied
Universal
Holdco,
9.75%,
7/15/27 (7)
14,810
16,291
Ascend
Learning,
6.875%,
8/1/25 (7)
15,525
16,010
Avis
Budget
Car
Rental,
5.75%,
7/15/27 (7)
6,970
7,197
Avis
Budget
Car
Rental,
5.75%,
7/15/27 (7)
5,605
5,731
Black
Knight
InfoServ,
3.625%,
9/1/28 (7)
15,475
15,320
eG
Global
Finance,
6.75%,
2/7/25 (7)
14,610
14,957
eG
Global
Finance,
8.50%,
10/30/25 (7)
10,895
11,535
Fair
Isaac,
5.25%,
5/15/26 (7)
16,150
18,209
Gartner,
4.50%,
7/1/28 (7)
5,740
6,027
GFL
Environmental,
8.50%,
5/1/27 (7)
11,425
12,625
H&E
Equipment
Services,
3.875%,
12/15/28 (7)
34,955
33,600
IPD
3,
5.50%,
12/1/25
(EUR) (7)
3,355
4,180
Laureate
Education,
8.25%,
5/1/25 (7)
37,620
39,501
MSCI,
4.00%,
11/15/29 (7)
11,540
12,232
Performance
Food
Group,
5.50%,
10/15/27 (7)
12,815
13,472
Picasso
Finance
Sub,
6.125%,
6/15/25 (7)
6,825
7,269
Presidio
Holdings,
4.875%,
2/1/27 (7)
9,310
9,706
Presidio
Holdings,
8.25%,
2/1/28 (7)
13,935
15,398
Prime
Security
Services
Borrower,
5.25%,
4/15/24 (7)
14,685
15,640
Prime
Security
Services
Borrower,
5.75%,
4/15/26 (7)
6,745
7,268
Prime
Security
Services
Borrower,
6.25%,
1/15/28 (7)
12,180
12,667
Sabre
GLBL,
7.375%,
9/1/25 (7)
8,680
9,396
Sabre
GLBL,
9.25%,
4/15/25 (7)
5,945
7,067
Shift4
Payments,
4.625%,
11/1/26 (7)
5,915
6,181
Staples,
7.50%,
4/15/26 (7)
21,303
21,516
Staples,
10.75%,
4/15/27 (7)
20,513
19,487
United
Rentals
North
America,
3.875%,
2/15/31
15,500
15,849
Vertical
Holdco,
7.625%,
7/15/28 (7)
28,165
30,418
Vertical
U.S.
Newco,
5.25%,
7/15/27 (7)
22,875
23,933
T.
ROWE
PRICE
High
Yield
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
White
Cap
Buyer,
6.875%,
10/15/28 (7)
6,800
7,208
Williams
Scotsman
International,
4.625%,
8/15/28 (7)
6,545
6,717
468,281
Supermarkets
1.5%
Albertsons,
3.50%,
3/15/29 (7)
29,195
27,589
Albertsons,
4.875%,
2/15/30 (7)
12,940
13,328
Albertsons,
5.875%,
2/15/28 (7)
13,310
14,142
Albertsons,
7.50%,
3/15/26 (7)
20,650
22,560
Iceland
Bondco,
4.625%,
3/15/25
(GBP)
13,935
19,298
New
Albertsons,
7.45%,
8/1/29
9,945
11,673
New
Albertsons,
8.00%,
5/1/31
6,740
8,282
United
Natural
Foods,
6.75%,
10/15/28 (7)
11,785
12,463
129,335
Transportation
0.3%
Watco,
6.50%,
6/15/27 (7)
19,440
20,825
20,825
Utilities
2.4%
Calpine,
5.125%,
3/15/28 (7)
19,630
19,728
Clearway
Energy
Operating,
5.75%,
10/15/25
15,173
15,856
NextEra
Energy
Operating
Partners,
4.25%,
9/15/24 (7)
1,458
1,545
NextEra
Energy
Operating
Partners,
4.50%,
9/15/27 (7)
13,605
15,136
NiSource,
VR,
5.65% (8)(10)
12,860
13,439
Pacific
Gas
&
Electric,
4.55%,
7/1/30
37,908
42,196
Pattern
Energy
Operations,
4.50%,
8/15/28 (7)
3,515
3,673
PG&E,
5.00%,
7/1/28
11,770
12,373
PG&E,
5.25%,
7/1/30
13,200
14,124
Pike,
5.50%,
9/1/28 (7)
11,220
11,683
Terraform
Global
Operating,
6.125%,
3/1/26 (7)
19,029
19,600
Vistra
Operations,
5.00%,
7/31/27 (7)
11,513
12,031
Vistra
Operations,
5.50%,
9/1/26 (7)
16,465
17,041
198,425
Wireless
Communications
2.1%
SBA
Communications,
3.875%,
2/15/27
16,010
16,570
Sprint,
7.125%,
6/15/24
57,411
66,166
Sprint
Capital,
6.875%,
11/15/28
18,260
23,167
T-Mobile
USA,
2.625%,
2/15/29
12,865
12,614
T-Mobile
USA,
2.875%,
2/15/31
12,040
11,879
T-Mobile
USA,
6.50%,
1/15/26
33,055
34,005
Virgin
Media
Vendor
Financing
Notes
IV,
5.00%,
7/15/28 (7)
14,125
14,461
178,862
Total
Corporate
Bonds
(Cost
$6,624,196)
7,002,166
T.
ROWE
PRICE
High
Yield
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
SHORT-TERM
INVESTMENTS
2.5%
Money
Market
Funds
2.4%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (4)(11)
203,963
203,963
203,963
U.S.
Treasury
Obligations
0.1%
U.S.
Treasury
Bills,
0.10%,
11/4/21 (12)
4,845
4,843
4,843
Total
Short-Term
Investments
(Cost
$208,805)
208,806
Total
Investments
in
Securities
100.2%
(Cost
$7,953,077)
$
8,375,731
Other
Assets
Less
Liabilities
(0.2)%
(20,837)
Net
Assets
100.0%
$
8,354,894
‡
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)
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)
Affiliated
Companies
(5)
SEC
30-day
yield
(6)
Non-income
producing
(7)
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
$4,977,195
and
represents
59.6%
of
net
assets.
(8)
Perpetual
security
with
no
stated
maturity
date.
(9)
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
$113,013
and
represents
1.4%
of
net
assets.
(10)
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.
(11)
Seven-day
yield
T.
ROWE
PRICE
High
Yield
Fund
18
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(12)
At
February
28,
2021,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
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
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.
T.
ROWE
PRICE
High
Yield
Fund
19
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
American
Airlines
Group,
Caa1*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/21
*
1,965
(18)
(127)
109
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Royal
Caribbean
Cruises,
B2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
5,715
285
(196)
481
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Tesla,
B3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/21
*
12,000
37
(47)
84
Citibank,
Protection
Sold
(Relevant
Credit:
Royal
Caribbean
Cruises,
B2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
5,705
285
(191)
476
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
American
Airlines
Group,
Caa1*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/21
*
5,293
(48)
(299)
251
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(860)
1,401
Total
Bilateral
Swaps
(860)
1,401
*
Credit
ratings
as
of
February
28,
2021.
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
20
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
HSBC
Bank
5/21/21
USD
10,907
EUR
8,979
$
53
State
Street
4/23/21
USD
27,689
GBP
20,325
(636)
UBS
Investment
Bank
5/21/21
USD
21,592
EUR
17,823
46
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(537)
T.
ROWE
PRICE
High
Yield
Fund
21
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
Institutional
Floating
Rate
Fund
-
Z
Class,
3.70%
$
—
$
1,263
$
919
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
—
—
154
Totals
$
—#
$
1,263
$
1,073+
`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
Institutional
Floating
Rate
Fund
-
Z
Class,
3.70%
$
25,116
$
919
$
—
$
27,298
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
267,370
¤
¤
203,963
Total
$
231,261^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$1,073
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
$231,869.
T.
ROWE
PRICE
High
Yield
Fund
Unaudited
Notes
to
Portfolio
of
Investments
22
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
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
High
Yield
Fund
23
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
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE
if
the
fund
determines
that
T.
ROWE
PRICE
High
Yield
Fund
24
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its
portfolio
securities.
Each
business
day,
the
fund
uses
information
from
outside
pricing
services
to
evaluate
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value,
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The
fund
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
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
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):
T.
ROWE
PRICE
High
Yield
Fund
25
F57-054Q3
02/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
17,407
$
—
$
17,407
Bank
Loans
—
747,486
14,647
762,133
Bond
Mutual
Funds
27,298
—
—
27,298
Common
Stocks
58,265
—
—
58,265
Convertible
Preferred
Stocks
—
299,656
—
299,656
Corporate
Bonds
—
7,002,166
—
7,002,166
Short-Term
Investments
203,963
4,843
—
208,806
Total
Securities
289,526
8,071,558
14,647
8,375,731
Swaps
—
607
—
607
Forward
Currency
Exchange
Contracts
—
99
—
99
Total
$
289,526
$
8,072,264
$
14,647
$
8,376,437
Liabilities
Swaps
$
—
$
66
$
—
$
66
Forward
Currency
Exchange
Contracts
—
636
—
636
Total
$
—
$
702
$
—
$
702
1
Includes
Convertible
Bonds.