T.
ROWE
PRICE
High
Yield
Fund
August
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
BANK
LOANS
10.0%
(1)
Aerospace
&
Defense
0.4%
Dynasty
Acquisition,
FRN,
1M
USD
LIBOR
+
3.50%,
3.647%,
4/6/26
19,650
19,106
Peraton,
FRN,
1M
USD
LIBOR
+
3.75%,
4.50%,
2/1/28
17,102
17,099
36,205
Airlines
0.6%
AAdvantage
Loyalty
IP,
FRN,
1M
USD
LIBOR
+
4.75%,
5.50%,
4/20/28
9,195
9,462
Mileage
Plus
Holdings,
FRN,
1M
USD
LIBOR
+
5.25%,
6.25%,
6/21/27
16,565
17,559
SkyMiles
IP,
FRN,
3M
USD
LIBOR
+
3.75%,
4.75%,
10/20/27
13,575
14,387
United
Airlines,
FRN,
1M
USD
LIBOR
+
3.75%,
4.50%,
4/21/28
9,546
9,556
50,964
Automotive
0.2%
Clarios
Global,
FRN,
1M
USD
LIBOR
+
3.25%,
3.335%,
4/30/26
7,306
7,220
Mavis
Tire
Express
Services
TopCo,
FRN,
1M
USD
LIBOR
+
4.00%,
4.75%,
5/4/28
12,255
12,248
19,468
Cable
Operators
0.2%
Altice
France,
FRN,
3M
USD
LIBOR
+
4.00%,
4.125%,
8/14/26
16,601
16,539
16,539
Consumer
Products
0.3%
Life
Time,
FRN,
1M
USD
LIBOR
+
4.75%,
5.75%,
12/16/24
28,037
27,877
27,877
Container
0.1%
Kouti,
FRN,
3M
EURIBOR
+
0.00%,
7/1/28
(EUR) (2)
5,045
5,938
5,938
Energy
0.8%
BCP
Raptor,
FRN,
3M
USD
LIBOR
+
4.25%,
5.25%,
6/24/24
51,094
50,598
Prairie
ECI
Acquiror,
FRN,
3M
USD
LIBOR
+
4.75%,
4.835%,
3/11/26
11,255
10,861
Stonepeak
Lonestar
Holdings,
FRN,
1M
USD
LIBOR
+
4.50%,
4.634%,
10/19/26
10,235
10,258
71,717
Food
0.1%
Bellring
Brands,
FRN,
1M
USD
LIBOR
+
4.00%,
4.75%,
10/21/24
11,671
11,702
11,702
Gaming
0.2%
Scientific
Games
International,
FRN,
1M
USD
LIBOR
+
2.75%,
2.835%,
8/14/24
21,203
21,000
21,000
Health
Care
0.8%
ADMI,
FRN,
1M
USD
LIBOR
+
3.13%,
3.625%,
12/23/27
16,454
16,210
T.
ROWE
PRICE
High
Yield
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
‡
ADMI,
FRN,
1M
USD
LIBOR
+
3.50%,
4.00%,
12/23/27
5,310
5,290
Gainwell
Acquisition,
FRN,
1M
USD
LIBOR
+
4.00%,
4.75%,
10/1/27
20,613
20,665
LifePoint
Health,
FRN,
1M
USD
LIBOR
+
3.75%,
3.835%,
11/16/25
9,953
9,878
U.S.
Radiology
Specialists,
FRN,
1M
USD
LIBOR
+
5.50%,
6.25%,
12/15/27
13,562
13,608
65,651
Information
Technology
0.7%
Epicor
Software,
FRN,
1M
USD
LIBOR
+
7.75%,
8.75%,
7/31/28
4,088
4,200
Proofpoint,
FRN,
1M
USD
LIBOR
+
0.00%,
8/31/28 (2)
12,560
12,480
Proofpoint,
FRN,
3M
USD
LIBOR
+
6.25%,
8/31/29 (2)
5,065
5,135
RealPage,
FRN,
3M
USD
LIBOR
+
6.50%,
7.25%,
4/23/29
15,551
15,842
Solera,
FRN,
1M
USD
LIBOR
+
4.00%,
4.50%,
6/2/28
18,220
18,198
55,855
Manufacturing
0.3%
Apex
Tool
Group,
FRN,
3M
USD
LIBOR
+
5.25%,
6.50%,
8/1/24
22,406
22,431
22,431
Satellites
1.4%
Intelsat
Jackson
Holdings,
8.625%,
1/2/24
12,890
13,093
Intelsat
Jackson
Holdings,
FRN,
1M
USD
LIBOR
+
5.50%,
6.50%,
7/13/22
22,288
22,378
Intelsat
Jackson
Holdings,
FRN,
PRIME
+
4.75%,
8.00%,
11/27/23 (2)
52,271
53,023
Intelsat
Jackson
Holdings,
FRN,
PRIME
+
5.50%,
8.75%,
1/2/24 (2)
580
590
Iridium
Satellite,
FRN,
3M
USD
LIBOR
+
2.50%,
3.25%,
11/4/26
34,120
34,046
123,130
Services
1.2%
Ascend
Learning,
FRN,
3M
USD
LIBOR
+
3.00%,
4.00%,
7/12/24
12,390
12,372
CoreLogic,
FRN,
3M
USD
LIBOR
+
6.50%,
7.00%,
6/4/29
7,980
8,080
Renaissance
Holdings,
FRN,
3M
USD
LIBOR
+
7.00%,
7.085%,
5/29/26
7,718
7,720
UKG,
FRN,
1M
USD
LIBOR
+
3.25%,
4.00%,
5/4/26
32,083
32,083
UKG,
FRN,
1M
USD
LIBOR
+
6.75%,
7.50%,
5/3/27
44,020
44,653
104,908
Wireless
Communications
2.7%
Asurion,
FRN,
1M
USD
LIBOR
+
3.25%,
3.335%,
12/23/26
25,342
24,839
Asurion,
FRN,
1M
USD
LIBOR
+
3.25%,
3.335%,
7/31/27
23,361
22,889
Asurion,
FRN,
1M
USD
LIBOR
+
5.25%,
1/20/29 (2)
100,360
99,796
Asurion,
FRN,
1M
USD
LIBOR
+
5.25%,
5.335%,
1/31/28
69,714
69,341
CCI
Buyer,
FRN,
1M
USD
LIBOR
+
4.00%,
4.75%,
12/17/27
13,302
13,327
230,192
Total
Bank
Loans
(Cost
$851,208)
863,577
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,
3.97% (3)
(4)
2,861
27,897
Total
Bond
Mutual
Funds
(Cost
$28,534)
27,897
COMMON
STOCKS
0.9%
Cable
Operators
0.1%
Liberty
Broadband,
Class
C (5)
56
10,695
10,695
Gaming
0.0%
New
Cotai
Participation,
Class
B (5)(6)(7)
—
—
—
Metals
&
Mining
0.2%
Constellium (5)
928
18,773
18,773
Utilities
0.3%
Sempra
Energy
58
7,703
Vistra
987
18,850
26,553
Wireless
Communications
0.3%
T-Mobile
U.S. (5)
168
23,073
23,073
Total
Common
Stocks
(Cost
$64,319)
79,094
CONVERTIBLE
BONDS
0.2%
Cable
Operators
0.1%
DISH
Network,
3.375%,
8/15/26
8,735
9,131
9,131
Energy
0.1%
Cheniere
Energy,
4.25%,
3/15/45
11,131
9,445
9,445
Total
Convertible
Bonds
(Cost
$15,382)
18,576
T.
ROWE
PRICE
High
Yield
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
CONVERTIBLE
PREFERRED
STOCKS
3.4%
Energy
1.2%
Targa
Resources,
Series A,
9.50%,
Acquisition
Date:
10/30/17
-
2/10/21,
Cost $98,536 (8)(9)
98
105,458
105,458
Energy
Services
0.4%
NuStar
Energy,
VR,
10.75% (6)(8)
1,200
33,890
33,890
Forest
Products
0.0%
Smurfit-Stone
Container,
Series A,
EC,
7.00%,
2/15/27 (5)(7)
47
—
—
Health
Care
0.4%
Avantor,
Series A,
6.25%,
5/15/22
299
36,315
36,315
Insurance
0.1%
Alliant
Services,
Series A,
Acquisition
Date:
11/6/20,
Cost $8,964 (5)(9)
9
9,123
9,123
Manufacturing
0.4%
Danaher,
Series B,
5.00%,
4/15/23
18
30,261
30,261
Utilities
0.9%
American
Electric
Power,
6.125%,
3/15/22
253
12,938
American
Electric
Power,
6.125%,
8/15/23
214
11,357
NextEra
Energy,
5.279%,
3/1/23
594
31,828
Southern,
Series A,
6.75%,
8/1/22
336
17,756
73,879
Total
Convertible
Preferred
Stocks
(Cost
$240,990)
288,926
CORPORATE
BONDS
83.2%
Aerospace
&
Defense
1.0%
Bombardier,
7.50%,
3/15/25 (6)
8,385
8,605
TransDigm,
6.25%,
3/15/26 (6)
49,085
51,601
TransDigm,
7.50%,
3/15/27
3,100
3,282
TransDigm,
8.00%,
12/15/25 (6)
18,765
20,056
83,544
Airlines
2.1%
Air
Canada,
3.875%,
8/15/26 (6)
7,975
8,015
T.
ROWE
PRICE
High
Yield
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
Air
Canada,
4.625%,
8/15/29
(CAD) (6)
7,190
5,720
American
Airlines,
5.50%,
4/20/26 (6)
25,130
26,449
American
Airlines,
5.75%,
4/20/29 (6)
27,295
29,445
American
Airlines,
11.75%,
7/15/25 (6)
19,820
24,602
Delta
Air
Lines,
4.50%,
10/20/25 (6)
3,895
4,176
Delta
Air
Lines,
4.75%,
10/20/28 (6)
13,690
15,241
Delta
Air
Lines,
7.00%,
5/1/25 (6)
13,900
16,246
Delta
Air
Lines,
7.375%,
1/15/26
19,150
22,525
Hawaiian
Brand
Intellectual
Property,
5.75%,
1/20/26 (6)
7,635
8,026
Mileage
Plus
Holdings,
6.50%,
6/20/27 (6)
10,695
11,617
United
Airlines,
4.625%,
4/15/29 (6)
9,420
9,773
181,835
Automotive
5.0%
Adient
Global
Holdings,
4.875%,
8/15/26 (6)
19,714
20,256
Adient
U.S.,
9.00%,
4/15/25 (6)
17,900
19,511
Clarios
Global,
6.25%,
5/15/26 (6)
1,823
1,923
Clarios
Global,
8.50%,
5/15/27 (6)
65,145
69,542
Dana,
4.25%,
9/1/30
6,295
6,531
Dana,
5.625%,
6/15/28
12,580
13,476
Dana
Financing
Luxembourg,
5.75%,
4/15/25 (6)
1,235
1,274
Ford
Motor,
8.50%,
4/21/23
9,485
10,494
Ford
Motor,
9.00%,
4/22/25
28,630
34,966
Ford
Motor,
9.625%,
4/22/30
12,640
18,022
Ford
Motor
Credit,
5.125%,
6/16/25
15,420
16,901
Goodyear
Tire
&
Rubber,
5.00%,
7/15/29 (6)
28,250
29,804
Goodyear
Tire
&
Rubber,
5.25%,
4/30/31
17,000
18,105
Goodyear
Tire
&
Rubber,
5.25%,
7/15/31 (6)
16,835
17,971
Goodyear
Tire
&
Rubber,
9.50%,
5/31/25
6,490
7,155
Jaguar
Land
Rover
Automotive,
5.875%,
1/15/28 (6)
8,600
8,837
Jaguar
Land
Rover
Automotive,
7.75%,
10/15/25 (6)
12,245
13,316
LCM
Investments
Holdings
II,
4.875%,
5/1/29 (6)
14,475
14,837
Lithia
Motors,
3.875%,
6/1/29 (6)
13,255
13,851
Meritor,
6.25%,
6/1/25 (6)
11,840
12,580
Metis
Merger
Sub,
6.50%,
5/15/29 (6)
12,840
12,840
Tenneco,
5.00%,
7/15/26
26,379
26,313
Tenneco,
5.125%,
4/15/29 (6)
25,675
26,574
Tenneco,
5.375%,
12/15/24
7,805
7,844
Tenneco,
7.875%,
1/15/29 (6)
10,365
11,674
434,597
Banking
0.5%
Banco
do
Brasil,
VR,
9.00% (8)(10)
21,100
23,679
Itau
Unibanco
Holding,
VR,
6.125% (6)(8)(10)
19,990
20,435
44,114
Broadcasting
5.1%
Clear
Channel
Outdoor
Holdings,
7.50%,
6/1/29 (6)
14,825
15,344
T.
ROWE
PRICE
High
Yield
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
‡
Clear
Channel
Outdoor
Holdings,
7.75%,
4/15/28 (6)
28,775
29,962
Clear
Channel
Worldwide
Holdings,
5.125%,
8/15/27 (6)
8,750
8,969
Diamond
Sports
Group,
5.375%,
8/15/26 (6)
2,185
1,448
Diamond
Sports
Group,
6.625%,
8/15/27 (6)
20,835
8,959
iHeartCommunications,
6.375%,
5/1/26
5,429
5,727
iHeartCommunications,
8.375%,
5/1/27
98,614
104,654
Midas
OpCo
Holdings,
5.625%,
8/15/29 (6)
42,175
43,177
Nexstar
Broadcasting,
4.75%,
11/1/28 (6)
9,945
10,318
Nexstar
Media,
5.625%,
7/15/27 (6)
12,945
13,722
Nielsen
Finance,
4.50%,
7/15/29 (6)
4,550
4,504
Nielsen
Finance,
4.75%,
7/15/31 (6)
6,215
6,122
Nielsen
Finance,
5.625%,
10/1/28 (6)
12,570
13,198
Outfront
Media
Capital,
4.25%,
1/15/29 (6)
3,940
3,950
Outfront
Media
Capital,
6.25%,
6/15/25 (6)
5,695
6,037
Sirius
XM
Radio,
3.125%,
9/1/26 (6)
7,090
7,223
Sirius
XM
Radio,
3.875%,
9/1/31 (6)
6,155
6,116
Sirius
XM
Radio,
4.00%,
7/15/28 (6)
29,395
30,056
Sirius
XM
Radio,
4.125%,
7/1/30 (6)
11,665
11,927
Sirius
XM
Radio,
5.00%,
8/1/27 (6)
10,570
11,059
Terrier
Media
Buyer,
8.875%,
12/15/27 (6)
30,270
32,162
Townsquare
Media,
6.875%,
2/1/26 (6)
15,560
16,494
Univision
Communications,
4.50%,
5/1/29 (6)
21,130
21,447
Univision
Communications,
6.625%,
6/1/27 (6)
15,540
16,783
Univision
Communications,
9.50%,
5/1/25 (6)
7,150
7,776
437,134
Building
&
Real
Estate
1.3%
Brookfield
Residential
Properties,
5.00%,
6/15/29 (6)
12,180
12,393
Cushman
&
Wakefield
U.S.
Borrower,
6.75%,
5/15/28 (6)
19,265
20,854
Howard
Hughes,
4.125%,
2/1/29 (6)
17,145
17,295
Howard
Hughes,
4.375%,
2/1/31 (6)
9,185
9,266
Howard
Hughes,
5.375%,
8/1/28 (6)
15,520
16,451
Realogy
Group,
7.625%,
6/15/25 (6)
4,090
4,397
Realogy
Group,
9.375%,
4/1/27 (6)
10,410
11,490
Shimao
Group
Holdings,
5.60%,
7/15/26
4,481
4,683
Taylor
Morrison
Communities,
5.125%,
8/1/30 (6)
5,970
6,507
Weekley
Homes,
4.875%,
9/15/28 (6)
4,565
4,736
108,072
Building
Products
1.0%
CP
Atlas
Buyer,
7.00%,
12/1/28 (6)
3,300
3,366
Forterra
Finance,
6.50%,
7/15/25 (6)
11,955
12,807
New
Enterprise
Stone
&
Lime,
6.25%,
3/15/26 (6)
13,980
14,399
PGT
Innovations,
6.75%,
8/1/26 (6)
13,145
13,819
Specialty
Building
Products
Holdings,
6.375%,
9/30/26 (6)
10,935
11,482
SRS
Distribution,
6.125%,
7/1/29 (6)
1,725
1,783
Summit
Materials,
5.25%,
1/15/29 (6)
8,245
8,698
T.
ROWE
PRICE
High
Yield
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
‡
Summit
Materials,
6.50%,
3/15/27 (6)
17,880
18,774
85,128
Cable
Operators
9.4%
Altice
Financing,
5.00%,
1/15/28 (6)
34,150
34,065
Altice
Financing,
5.75%,
8/15/29 (6)
21,665
22,152
Altice
France,
5.125%,
1/15/29 (6)
11,675
11,733
Altice
France,
5.125%,
7/15/29 (6)
33,885
34,139
Altice
France,
8.125%,
2/1/27 (6)
12,580
13,634
Altice
France
Holding,
6.00%,
2/15/28 (6)
62,220
61,676
Altice
France
Holding,
10.50%,
5/15/27 (6)
7,582
8,302
C&W
Senior
Financing,
6.875%,
9/15/27 (6)
21,285
22,655
CCO
Holdings,
4.25%,
1/15/34 (6)
10,805
10,900
CCO
Holdings,
4.50%,
8/15/30 (6)
3,000
3,131
CCO
Holdings,
4.50%,
5/1/32
19,850
20,718
CCO
Holdings,
4.50%,
6/1/33 (6)
29,195
30,217
CCO
Holdings,
5.00%,
2/1/28 (6)
54,455
56,905
CCO
Holdings,
5.125%,
5/1/27 (6)
24,995
26,088
CCO
Holdings,
5.375%,
6/1/29 (6)
17,950
19,588
CCO
Holdings,
5.50%,
5/1/26 (6)
23,850
24,625
CSC
Holdings,
4.625%,
12/1/30 (6)
16,110
15,788
CSC
Holdings,
5.00%,
11/15/31 (6)
11,325
11,283
CSC
Holdings,
5.75%,
1/15/30 (6)
20,960
22,113
CSC
Holdings,
6.50%,
2/1/29 (6)
34,835
38,449
CSC
Holdings,
7.50%,
4/1/28 (6)
24,805
27,161
DIRECTV
Holdings,
5.875%,
8/15/27 (6)
12,670
13,240
DISH
DBS,
5.125%,
6/1/29
11,670
11,611
DISH
DBS,
5.875%,
11/15/24
5,395
5,793
DISH
DBS,
7.375%,
7/1/28
17,990
19,339
DISH
DBS,
7.75%,
7/1/26
22,175
25,335
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (6)
5,530
5,892
Netflix,
5.375%,
11/15/29 (6)
17,950
22,056
Netflix,
5.875%,
11/15/28
31,165
38,645
Netflix,
6.375%,
5/15/29
49,980
64,099
Radiate
Holdco,
6.50%,
9/15/28 (6)
15,550
15,939
Virgin
Media
Finance,
5.00%,
7/15/30 (6)
5,405
5,597
Vmed
O2
U.K.
Financing
I,
4.75%,
7/15/31 (6)
34,490
35,395
VTR
Finance,
6.375%,
7/15/28 (6)
7,420
7,886
Ziggo
Bond,
5.125%,
2/28/30 (6)
6,055
6,217
Ziggo
Bond,
6.00%,
1/15/27 (6)
17,490
18,168
810,534
Chemicals
1.8%
Compass
Minerals
International,
6.75%,
12/1/27 (6)
9,110
9,645
CVR
Partners,
6.125%,
6/15/28 (6)
12,315
12,561
GPD,
10.125%,
4/1/26 (6)
13,455
14,498
Kraton
Polymers,
5.25%,
5/15/26
(EUR) (6)
4,210
5,103
T.
ROWE
PRICE
High
Yield
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
‡
Methanex,
5.125%,
10/15/27
13,625
14,783
Methanex,
5.25%,
12/15/29
7,440
8,100
Methanex,
5.65%,
12/1/44
10,819
11,699
OCI,
4.625%,
10/15/25 (6)
15,280
15,891
SCIH
Salt
Holdings,
4.875%,
5/1/28 (6)
16,595
16,702
Tronox,
4.625%,
3/15/29 (6)
16,520
16,747
Univar
Solutions
USA,
5.125%,
12/1/27 (6)
19,935
20,832
WR
Grace
Holdings,
5.625%,
8/15/29 (6)
11,250
11,686
158,247
Conglomerates
0.1%
General
Electric,
Series D,
VR,
3.449% (8)
12,598
12,189
12,189
Consumer
Products
0.6%
CD&R
Smokey
Buyer,
6.75%,
7/15/25 (6)
2,740
2,911
Life
Time,
5.75%,
1/15/26 (6)
16,388
16,798
Mattel,
5.45%,
11/1/41
3,902
4,692
Mattel,
5.875%,
12/15/27 (6)
7,920
8,643
Mattel,
6.20%,
10/1/40
7,015
9,014
Wolverine
World
Wide,
4.00%,
8/15/29 (6)
9,185
9,311
51,369
Container
1.2%
Ardagh
Metal
Packaging
Finance
USA,
4.00%,
9/1/29 (6)
27,180
27,690
Ardagh
Packaging
Finance,
5.25%,
8/15/27 (6)
21,355
21,996
Mauser
Packaging
Solutions
Holding,
7.25%,
4/15/25 (6)
8,700
8,580
Mauser
Packaging
Solutions
Holding,
8.50%,
4/15/24 (6)
6,035
6,231
Pactiv,
7.95%,
12/15/25
9,160
10,396
Pactiv,
8.375%,
4/15/27
2,805
3,240
Trivium
Packaging
Finance,
5.50%,
8/15/26 (6)
7,220
7,590
Trivium
Packaging
Finance,
8.50%,
8/15/27 (6)
14,240
15,308
101,031
Drugs
0.1%
Teva
Pharmaceutical
Finance,
6.15%,
2/1/36
5,610
6,213
6,213
Energy
9.3%
Aethon
United
BR,
8.25%,
2/15/26 (6)
7,350
7,975
Archrock
Partners,
6.875%,
4/1/27 (6)
11,435
11,864
Cheniere
Energy
Partners,
4.50%,
10/1/29
19,050
20,479
Cheniere
Energy
Partners,
5.625%,
10/1/26
5,885
6,076
Citgo
Holding,
9.25%,
8/1/24 (6)
21,710
21,493
CITGO
Petroleum,
7.00%,
6/15/25 (6)
22,285
22,786
Comstock
Resources,
5.875%,
1/15/30 (6)
14,255
14,255
Comstock
Resources,
6.75%,
3/1/29 (6)
9,155
9,567
Continental
Resources,
4.375%,
1/15/28
17,100
19,109
Continental
Resources,
4.90%,
6/1/44
11,000
12,375
Continental
Resources,
5.75%,
1/15/31 (6)
19,275
23,491
T.
ROWE
PRICE
High
Yield
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
‡
CrownRock,
5.625%,
10/15/25 (6)
4,445
4,584
DCP
Midstream,
Series A,
VR,
7.375% (8)(10)
11,294
10,927
DCP
Midstream
Operating,
5.625%,
7/15/27
6,865
7,775
DCP
Midstream
Operating,
6.75%,
9/15/37 (6)
17,875
22,254
DCP
Midstream
Operating,
8.125%,
8/16/30
8,515
11,346
Endeavor
Energy
Resources,
5.75%,
1/30/28 (6)
14,198
14,943
Endeavor
Energy
Resources,
6.625%,
7/15/25 (6)
2,885
3,058
EQT,
5.00%,
1/15/29
3,900
4,427
EQT,
6.625%,
2/1/25
2,470
2,831
EQT,
7.50%,
2/1/30
16,946
22,030
Exterran
Energy
Solutions,
8.125%,
5/1/25
15,425
13,883
Gulfport
Energy
Operating,
8.00%,
5/17/26 (6)
11,970
12,718
Hilcorp
Energy
I,
5.75%,
2/1/29 (6)
6,670
6,770
Hilcorp
Energy
I,
6.00%,
2/1/31 (6)
7,490
7,677
Independence
Energy
Finance,
7.25%,
5/1/26 (6)
15,780
15,938
Magnolia
Oil
&
Gas
Operating,
6.00%,
8/1/26 (6)
32,345
33,315
NGL
Energy
Operating,
7.50%,
2/1/26 (6)
47,321
47,913
NGL
Energy
Partners,
7.50%,
11/1/23
16,710
15,749
NuStar
Logistics,
5.75%,
10/1/25
9,790
10,500
Occidental
Petroleum,
6.125%,
1/1/31
8,685
10,499
Occidental
Petroleum,
6.375%,
9/1/28
9,005
10,660
Occidental
Petroleum,
6.45%,
9/15/36
2,310
2,887
Occidental
Petroleum,
6.625%,
9/1/30
5,865
7,287
Occidental
Petroleum,
7.50%,
5/1/31
7,500
9,806
Occidental
Petroleum,
7.875%,
9/15/31
4,847
6,428
Occidental
Petroleum,
7.95%,
6/15/39
19,810
26,075
Occidental
Petroleum,
8.00%,
7/15/25
12,700
15,240
Occidental
Petroleum,
8.50%,
7/15/27
16,975
21,389
Occidental
Petroleum,
8.875%,
7/15/30
32,395
44,300
Range
Resources,
8.25%,
1/15/29 (6)
5,870
6,516
Range
Resources,
9.25%,
2/1/26
14,665
16,058
Solaris
Midstream
Holdings,
7.625%,
4/1/26 (6)
8,490
8,999
Tallgrass
Energy
Partners,
5.50%,
1/15/28 (6)
7,230
7,284
Tallgrass
Energy
Partners,
6.00%,
3/1/27 (6)
8,060
8,322
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (6)
11,175
11,371
Tallgrass
Energy
Partners,
6.00%,
9/1/31 (6)
17,225
17,225
Tallgrass
Energy
Partners,
7.50%,
10/1/25 (6)
10,935
11,755
Targa
Resources
Partners,
4.00%,
1/15/32 (6)
17,880
18,685
Targa
Resources
Partners,
5.375%,
2/1/27
1,180
1,220
Targa
Resources
Partners,
5.875%,
4/15/26
1,055
1,104
Targa
Resources
Partners,
6.50%,
7/15/27
6,060
6,545
Targa
Resources
Partners,
6.875%,
1/15/29
9,970
11,166
Transocean
Phoenix
2,
7.75%,
10/15/24 (6)
4,001
4,061
Transocean
Pontus,
6.125%,
8/1/25 (6)
5,930
5,870
Transocean
Proteus,
6.25%,
12/1/24 (6)
4,892
4,831
USA
Compression
Partners,
6.875%,
4/1/26
10,300
10,712
T.
ROWE
PRICE
High
Yield
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
‡
USA
Compression
Partners,
6.875%,
9/1/27
7,635
7,979
Venture
Global
Calcasieu
Pass,
3.875%,
8/15/29 (6)
10,930
11,244
Venture
Global
Calcasieu
Pass,
4.125%,
8/15/31 (6)
13,950
14,648
Vine
Energy
Holdings,
6.75%,
4/15/29 (6)
25,005
27,005
805,279
Entertainment
&
Leisure
3.1%
Carnival,
4.00%,
8/1/28 (6)
12,900
12,948
Carnival,
5.75%,
3/1/27 (6)
16,845
17,224
Carnival,
7.625%,
3/1/26 (6)
30,000
31,763
Carnival,
9.875%,
8/1/27 (6)
13,835
15,945
Carnival,
11.50%,
4/1/23 (6)
11,235
12,611
Cedar
Fair,
5.375%,
4/15/27
14,955
15,366
Cedar
Fair,
5.50%,
5/1/25 (6)
27,325
28,521
Cinemark
USA,
5.25%,
7/15/28 (6)
10,730
10,194
NCL,
5.875%,
3/15/26 (6)
19,710
19,759
NCL
Finance,
6.125%,
3/15/28 (6)
5,740
5,826
Royal
Caribbean
Cruises,
5.50%,
8/31/26 (6)
15,845
16,063
Royal
Caribbean
Cruises,
5.50%,
4/1/28 (6)
16,378
16,460
Royal
Caribbean
Cruises,
9.125%,
6/15/23 (6)
1,940
2,112
Royal
Caribbean
Cruises,
10.875%,
6/1/23 (6)
11,015
12,392
SeaWorld
Parks
&
Entertainment,
5.25%,
8/15/29 (6)
19,635
19,561
Six
Flags
Theme
Parks,
7.00%,
7/1/25 (6)
4,400
4,703
Vail
Resorts,
6.25%,
5/15/25 (6)
8,020
8,501
Viking
Cruises,
7.00%,
2/15/29 (6)
8,055
8,075
Viking
Cruises,
13.00%,
5/15/25 (6)
5,170
5,971
263,995
Exploration
&
Production
0.0%
Apache,
6.00%,
1/15/37
790
929
929
Financial
5.4%
Acrisure,
4.25%,
2/15/29 (6)
11,410
11,296
Acrisure,
7.00%,
11/15/25 (6)
15,255
15,503
Acrisure,
10.125%,
8/1/26 (6)
21,370
24,041
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (6)
7,630
7,916
AmWINS
Group,
4.875%,
6/30/29 (6)
4,615
4,684
Drawbridge
Special
Opportunities
Fund,
3.875%,
2/15/26 (6)
10,275
10,607
Enact
Holdings,
6.50%,
8/15/25 (6)
20,705
22,439
Freedom
Mortgage,
6.625%,
1/15/27 (6)
13,000
12,447
GTCR
AP
Finance,
8.00%,
5/15/27 (6)
13,620
14,403
Home
Point
Capital,
5.00%,
2/1/26 (6)
13,060
11,297
HUB
International,
7.00%,
5/1/26 (6)
25,975
26,819
Icahn
Enterprises,
6.25%,
5/15/26
23,605
24,874
LPL
Holdings,
4.00%,
3/15/29 (6)
13,290
13,522
LPL
Holdings,
4.375%,
5/15/31 (6)
2,150
2,225
MGIC
Investment,
5.25%,
8/15/28
5,715
6,115
T.
ROWE
PRICE
High
Yield
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
‡
Midcap
Financial
Issuer
Trust,
5.625%,
1/15/30 (6)
12,810
12,730
Midcap
Financial
Issuer
Trust,
6.50%,
5/1/28 (6)
24,890
25,979
Navient,
4.875%,
3/15/28
18,380
18,702
Navient,
5.00%,
3/15/27
12,240
12,791
Navient,
6.125%,
3/25/24
32,250
34,951
Navient,
6.75%,
6/25/25
16,535
18,457
Navient,
6.75%,
6/15/26
4,370
4,922
Navient,
7.25%,
9/25/23
16,090
17,659
OneMain
Finance,
6.125%,
3/15/24
6,358
6,827
OneMain
Finance,
6.625%,
1/15/28
5,755
6,647
OneMain
Finance,
6.875%,
3/15/25
18,550
20,985
OneMain
Finance,
7.125%,
3/15/26
5,820
6,795
OneMain
Finance,
8.875%,
6/1/25
7,160
7,822
PennyMac
Financial
Services,
4.25%,
2/15/29 (6)
12,435
12,015
PennyMac
Financial
Services,
5.375%,
10/15/25 (6)
8,255
8,534
Rocket
Mortgage,
5.25%,
1/15/28 (6)
21,961
23,177
SLM,
4.20%,
10/29/25
9,390
10,118
United
Wholesale
Mortgage,
5.50%,
4/15/29 (6)
8,485
8,347
465,646
Food
1.6%
Chobani,
4.625%,
11/15/28 (6)
5,205
5,381
Chobani,
7.50%,
4/15/25 (6)
32,150
33,436
Cosan
Luxembourg,
7.00%,
1/20/27 (6)
17,390
18,323
Kraft
Heinz
Foods,
6.875%,
1/26/39
9,155
13,594
Kraft
Heinz
Foods,
7.125%,
8/1/39 (6)
6,935
10,488
Post
Holdings,
4.50%,
9/15/31 (6)
8,315
8,388
Post
Holdings,
5.625%,
1/15/28 (6)
11,105
11,674
Post
Holdings,
5.75%,
3/1/27 (6)
9,335
9,732
Sigma
Holdco,
7.875%,
5/15/26 (6)
7,533
7,618
Triton
Water
Holdings,
6.25%,
4/1/29 (6)
20,977
20,767
139,401
Forest
Products
0.1%
Mercer
International,
5.125%,
2/1/29
9,755
9,828
Mercer
International,
5.50%,
1/15/26
2,170
2,216
12,044
Gaming
4.6%
Affinity
Gaming,
6.875%,
12/15/27 (6)
4,400
4,653
Caesars
Entertainment,
8.125%,
7/1/27 (6)
37,640
41,592
Caesars
Resort
Collection,
5.75%,
7/1/25 (6)
10,205
10,690
Churchill
Downs,
4.75%,
1/15/28 (6)
1,360
1,418
Cirsa
Finance
International,
7.875%,
12/20/23 (6)
20,600
20,986
International
Game
Technology,
4.125%,
4/15/26 (6)
6,700
6,960
International
Game
Technology,
5.25%,
1/15/29 (6)
10,075
10,755
International
Game
Technology,
6.25%,
1/15/27 (6)
22,638
25,807
Melco
Resorts
Finance,
5.375%,
12/4/29 (6)
6,580
6,818
T.
ROWE
PRICE
High
Yield
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
‡
MGM
China
Holdings,
4.75%,
2/1/27 (6)
10,685
10,859
MGM
China
Holdings,
5.25%,
6/18/25 (6)
7,405
7,655
MGM
China
Holdings,
5.875%,
5/15/26 (6)
7,510
7,893
MGM
Growth
Properties
Operating
Partnership,
3.875%,
2/15/29 (6)
12,700
13,446
MGM
Growth
Properties
Operating
Partnership,
5.75%,
2/1/27
8,690
9,993
MGM
Resorts
International,
4.75%,
10/15/28
3,795
4,004
MGM
Resorts
International,
6.00%,
3/15/23
11,930
12,661
Midwest
Gaming
Borrower,
4.875%,
5/1/29 (6)
13,340
13,473
Peninsula
Pacific
Entertainment,
8.50%,
11/15/27 (6)
26,005
27,760
Raptor
Acquisition,
4.875%,
11/1/26 (6)
2,775
2,799
Scientific
Games
International,
7.00%,
5/15/28 (6)
5,590
6,002
Scientific
Games
International,
7.25%,
11/15/29 (6)
36,995
41,249
Scientific
Games
International,
8.25%,
3/15/26 (6)
32,000
34,080
Studio
City
Finance,
5.00%,
1/15/29 (6)
9,590
9,467
VICI
Properties,
4.125%,
8/15/30 (6)
3,261
3,477
Wynn
Las
Vegas,
5.25%,
5/15/27 (6)
28,295
29,710
Wynn
Macau,
5.50%,
1/15/26 (6)
12,005
12,333
Wynn
Macau,
5.50%,
10/1/27 (6)
9,430
9,572
Wynn
Resorts
Finance,
5.125%,
10/1/29 (6)
10,965
11,404
397,516
Health
Care
6.0%
AdaptHealth,
5.125%,
3/1/30 (6)
6,645
6,728
Avantor
Funding,
4.625%,
7/15/28 (6)
23,550
24,786
Bausch
Health,
4.875%,
6/1/28 (6)
20,890
21,412
Bausch
Health,
6.25%,
2/15/29 (6)
12,200
12,109
Bausch
Health,
7.00%,
1/15/28 (6)
2,125
2,199
Bausch
Health,
7.25%,
5/30/29 (6)
30,823
31,748
Bausch
Health
Americas,
8.50%,
1/31/27 (6)
38,210
41,076
Bausch
Health
Americas,
9.25%,
4/1/26 (6)
31,600
34,049
Centene,
4.625%,
12/15/29
18,515
20,320
CHS,
6.00%,
1/15/29 (6)
12,215
12,994
CHS,
6.875%,
4/15/29 (6)
9,900
10,259
CHS,
8.00%,
12/15/27 (6)
24,945
27,502
DaVita,
4.625%,
6/1/30 (6)
13,095
13,652
HCA,
5.625%,
9/1/28
4,470���
5,330
HCA,
5.875%,
2/15/26
11,520
13,334
HCA,
5.875%,
2/1/29
8,980
10,888
Legacy
LifePoint
Health,
6.75%,
4/15/25 (6)
10,640
11,199
Molina
Healthcare,
4.375%,
6/15/28 (6)
11,070
11,610
Organon,
5.125%,
4/30/31 (6)
28,875
30,174
Radiology
Partners,
9.25%,
2/1/28 (6)
5,528
5,915
RegionalCare
Hospital
Partners
Holdings,
9.75%,
12/1/26 (6)
15,735
16,738
RP
Escrow
Issuer,
5.25%,
12/15/25 (6)
7,455
7,604
Select
Medical,
6.25%,
8/15/26 (6)
10,155
10,714
Tenet
Healthcare,
6.125%,
10/1/28 (6)
45,700
48,328
T.
ROWE
PRICE
High
Yield
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
‡
Tenet
Healthcare,
6.875%,
11/15/31
10,830
12,454
Tenet
Healthcare,
7.50%,
4/1/25 (6)
13,890
14,862
Teva
Pharmaceutical
Finance
Netherlands
III,
6.00%,
4/15/24
6,310
6,600
Teva
Pharmaceutical
Finance
Netherlands
III,
6.75%,
3/1/28
21,055
23,792
Teva
Pharmaceutical
Finance
Netherlands
III,
7.125%,
1/31/25
24,760
26,988
515,364
Information
Technology
2.0%
ANGI
Group,
3.875%,
8/15/28 (6)
4,930
4,850
Banff
Merger
Sub,
9.75%,
9/1/26 (6)
9,300
9,753
Boxer
Parent,
6.50%,
10/2/25
(EUR) (6)
3,380
4,191
Boxer
Parent,
7.125%,
10/2/25 (6)
3,885
4,147
Boxer
Parent,
9.125%,
3/1/26 (6)
6,680
6,989
Expedia
Group,
6.25%,
5/1/25 (6)
12,225
14,117
Go
Daddy
Operating,
5.25%,
12/1/27 (6)
9,720
10,182
LogMeIn,
5.50%,
9/1/27 (6)
8,565
8,886
Match
Group
Holdings
II,
4.125%,
8/1/30 (6)
3,965
4,144
Photo
Holdings
Merger
Sub,
8.50%,
10/1/26 (6)
31,147
33,717
SS&C
Technologies,
5.50%,
9/30/27 (6)
18,245
19,340
Uber
Technologies,
7.50%,
5/15/25 (6)
7,115
7,586
Uber
Technologies,
7.50%,
9/15/27 (6)
33,525
36,584
Veritas
U.S.,
7.50%,
9/1/25 (6)
6,195
6,427
170,913
Lodging
0.8%
Hilton
Domestic
Operating,
5.375%,
5/1/25 (6)
3,745
3,914
Hilton
Domestic
Operating,
5.75%,
5/1/28 (6)
4,340
4,671
Hilton
Worldwide
Finance,
4.875%,
4/1/27
10,460
10,826
Marriott
Ownership
Resorts,
6.125%,
9/15/25 (6)
10,830
11,385
Park
Intermediate
Holdings,
4.875%,
5/15/29 (6)
10,160
10,439
Park
Intermediate
Holdings,
5.875%,
10/1/28 (6)
8,775
9,323
Park
Intermediate
Holdings,
7.50%,
6/1/25 (6)
7,535
8,063
RLJ
Lodging
Trust,
3.75%,
7/1/26 (6)
6,155
6,186
XHR,
4.875%,
6/1/29 (6)
1,450
1,490
66,297
Manufacturing
0.6%
Apex
Tool
Group,
9.00%,
2/15/23 (6)
8,490
8,511
Hillenbrand,
3.75%,
3/1/31
3,830
3,859
Hillenbrand,
5.00%,
9/15/26
430
480
Madison
IAQ,
4.125%,
6/30/28 (6)
19,445
19,542
Madison
IAQ,
5.875%,
6/30/29 (6)
11,160
11,397
Mueller
Water
Products,
4.00%,
6/15/29 (6)
7,770
8,003
51,792
Metals
&
Mining
3.5%
Alcoa
Nederland
Holding,
5.50%,
12/15/27 (6)
17,725
19,099
Alcoa
Nederland
Holding,
6.125%,
5/15/28 (6)
11,935
12,979
Alcoa
Nederland
Holding,
7.00%,
9/30/26 (6)
3,395
3,539
T.
ROWE
PRICE
High
Yield
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
‡
Arconic,
6.00%,
5/15/25 (6)
6,970
7,379
Arconic,
6.125%,
2/15/28 (6)
20,499
21,831
Big
River
Steel,
6.625%,
1/31/29 (6)
21,974
23,897
Cleveland-Cliffs,
9.875%,
10/17/25 (6)
5,960
6,914
Constellium,
3.75%,
4/15/29 (6)
10,990
10,770
FMG
Resources,
5.125%,
5/15/24 (6)
16,650
17,920
Freeport-McMoRan,
5.00%,
9/1/27
7,520
7,905
Freeport-McMoRan,
5.25%,
9/1/29
7,735
8,547
Freeport-McMoRan,
5.40%,
11/14/34
29,279
36,306
Freeport-McMoRan,
5.45%,
3/15/43
12,466
15,785
GrafTech
Finance,
4.625%,
12/15/28 (6)
7,045
7,177
Hecla
Mining,
7.25%,
2/15/28
29,735
31,928
Hudbay
Minerals,
4.50%,
4/1/26 (6)
8,460
8,515
Hudbay
Minerals,
6.125%,
4/1/29 (6)
15,290
16,456
Joseph
T.
Ryerson
&
Son,
8.50%,
8/1/28 (6)
10,976
12,128
New
Gold,
7.50%,
7/15/27 (6)
8,245
8,678
Novelis,
4.75%,
1/30/30 (6)
18,235
19,375
297,128
Other
Telecommunications
0.9%
Consolidated
Communications,
6.50%,
10/1/28 (6)
13,060
14,284
Embarq,
7.995%,
6/1/36
10,735
11,299
Level
3
Financing,
3.75%,
7/15/29 (6)
12,780
12,444
Lumen
Technologies,
4.50%,
1/15/29 (6)
29,700
29,032
Lumen
Technologies,
5.375%,
6/15/29 (6)
12,665
12,966
80,025
Real
Estate
Investment
Trust
Securities
0.4%
Apollo
Commercial
Real
Estate
Finance,
4.625%,
6/15/29 (6)
17,230
16,691
Service
Properties
Trust,
4.35%,
10/1/24
17,185
17,374
34,065
Restaurants
0.9%
1011778
BC
ULC,
5.75%,
4/15/25 (6)
4,160
4,384
Dave
&
Buster's,
7.625%,
11/1/25 (6)
19,592
20,767
Yum!
Brands,
5.35%,
11/1/43
19,590
21,647
Yum!
Brands,
6.875%,
11/15/37
17,960
23,348
Yum!
Brands,
7.75%,
4/1/25 (6)
10,155
10,917
81,063
Retail
1.2%
Ambience
Merger
Sub,
7.125%,
7/15/29 (6)
7,420
7,401
Bath
&
Body
Works,
6.625%,
10/1/30 (6)
12,280
14,260
Bath
&
Body
Works,
6.95%,
3/1/33
2,015
2,433
Bath
&
Body
Works,
7.50%,
6/15/29
9,820
11,404
Bath
&
Body
Works,
9.375%,
7/1/25 (6)
12,695
16,424
L
Brands,
6.694%,
1/15/27
1,620
1,904
Linens
'n
Things,
EC,
8.338%,
1/15/20 (5)(7)
9,800
—
LSF9
Atlantis
Holdings,
7.75%,
2/15/26 (6)
10,120
10,512
T.
ROWE
PRICE
High
Yield
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
‡
PetSmart,
4.75%,
2/15/28 (6)
3,320
3,453
PetSmart,
7.75%,
2/15/29 (6)
25,505
27,992
Rent-A-Center,
6.375%,
2/15/29 (6)
3,790
4,093
99,876
Satellites
1.7%
Connect
Finco,
6.75%,
10/1/26 (6)
20,000
20,750
Hughes
Satellite
Systems,
6.625%,
8/1/26
34,475
39,129
Intelsat
Jackson
Holdings,
9.50%,
9/30/22 (6)
53,761
63,841
Telesat
Canada,
6.50%,
10/15/27 (6)
11,445
9,671
Viasat,
5.625%,
4/15/27 (6)
9,745
10,111
143,502
Services
6.1%
ADT
Security,
4.125%,
8/1/29 (6)
13,500
13,449
Adtalem
Global
Education,
5.50%,
3/1/28 (6)
16,900
17,280
Advantage
Sales
&
Marketing,
6.50%,
11/15/28 (6)
8,580
8,977
Allied
Universal
Holdco,
9.75%,
7/15/27 (6)
16,065
17,531
Black
Knight
InfoServ,
3.625%,
9/1/28 (6)
15,475
15,649
Booz
Allen
Hamilton,
4.00%,
7/1/29 (6)
6,620
6,868
Clarivate
Science
Holdings,
3.875%,
7/1/28 (6)
17,045
17,258
Clarivate
Science
Holdings,
4.875%,
7/1/29 (6)
11,855
12,211
Constellation
Automotive
Financing,
4.875%,
7/15/27
(GBP) (6)
3,545
4,861
eG
Global
Finance,
6.75%,
2/7/25 (6)
14,610
14,921
eG
Global
Finance,
8.50%,
10/30/25 (6)
15,759
16,508
Fair
Isaac,
5.25%,
5/15/26 (6)
16,150
18,371
Gartner,
3.625%,
6/15/29 (6)
7,935
8,163
Gartner,
4.50%,
7/1/28 (6)
5,740
6,077
GFL
Environmental,
4.375%,
8/15/29 (6)
10,865
10,892
GFL
Environmental,
4.75%,
6/15/29 (6)
15,105
15,520
H&E
Equipment
Services,
3.875%,
12/15/28 (6)
34,955
34,955
IPD
3,
5.50%,
12/1/25
(EUR) (6)
3,355
4,117
Millennium
Escrow,
6.625%,
8/1/26 (6)
8,495
8,686
MSCI,
3.25%,
8/15/33 (6)
6,755
6,932
MSCI,
4.00%,
11/15/29 (6)
11,540
12,362
Performance
Food
Group,
5.50%,
10/15/27 (6)
12,815
13,360
Picasso
Finance
Sub,
6.125%,
6/15/25 (6)
5,529
5,847
Presidio
Holdings,
4.875%,
2/1/27 (6)
9,310
9,601
Presidio
Holdings,
8.25%,
2/1/28 (6)
13,935
15,067
Prime
Security
Services
Borrower,
5.75%,
4/15/26 (6)
12,180
13,124
Prime
Security
Services
Borrower,
6.25%,
1/15/28 (6)
18,475
19,099
Sabre
GLBL,
7.375%,
9/1/25 (6)
8,680
9,190
Sabre
GLBL,
9.25%,
4/15/25 (6)
9,680
11,144
Shift4
Payments,
4.625%,
11/1/26 (6)
5,915
6,137
Staples,
7.50%,
4/15/26 (6)
26,818
27,019
Staples,
10.75%,
4/15/27 (6)
24,658
23,980
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27 (6)
22,875
24,076
T.
ROWE
PRICE
High
Yield
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
‡
United
Rentals
North
America,
3.75%,
1/15/32
5,125
5,221
United
Rentals
North
America,
3.875%,
2/15/31
15,500
16,023
Vertical
Holdco,
7.625%,
7/15/28 (6)
25,260
27,366
WASH
Multifamily
Acquisition,
5.75%,
4/15/26 (6)
10,665
11,145
WeWork,
7.875%,
5/1/25 (6)
8,190
8,077
White
Cap
Buyer,
6.875%,
10/15/28 (6)
6,800
7,234
524,298
Supermarkets
1.5%
Albertsons,
3.50%,
3/15/29 (6)
29,195
29,487
Albertsons,
4.875%,
2/15/30 (6)
12,940
14,088
Albertsons,
5.875%,
2/15/28 (6)
13,310
14,275
Albertsons,
7.50%,
3/15/26 (6)
20,650
22,457
Iceland
Bondco,
4.625%,
3/15/25
(GBP)
13,935
18,647
New
Albertsons,
7.45%,
8/1/29
9,945
11,573
New
Albertsons,
8.00%,
5/1/31
6,740
8,198
United
Natural
Foods,
6.75%,
10/15/28 (6)
11,785
12,728
131,453
Transportation
0.2%
Watco,
6.50%,
6/15/27 (6)
19,440
20,752
20,752
Utilities
2.7%
Calpine,
4.50%,
2/15/28 (6)
8,260
8,508
Calpine,
5.00%,
2/1/31 (6)
8,990
9,181
Calpine,
5.125%,
3/15/28 (6)
19,630
19,974
FirstEnergy,
Series C,
7.375%,
11/15/31
6,145
8,572
NextEra
Energy
Operating
Partners,
4.25%,
9/15/24 (6)
1,458
1,538
NextEra
Energy
Operating
Partners,
4.50%,
9/15/27 (6)
13,605
14,676
NiSource,
VR,
5.65% (8)(10)
12,860
13,503
Pacific
Gas
&
Electric,
4.55%,
7/1/30
15,533
16,518
Pattern
Energy
Operations,
4.50%,
8/15/28 (6)
3,515
3,664
PG&E,
5.00%,
7/1/28
14,617
14,507
PG&E,
5.25%,
7/1/30
21,665
21,313
Pike,
5.50%,
9/1/28 (6)
11,220
11,388
Terraform
Global
Operating,
6.125%,
3/1/26 (6)
19,029
19,600
Vistra
Operations,
4.375%,
5/1/29 (6)
46,345
47,040
Vistra
Operations,
5.50%,
9/1/26 (6)
16,465
16,910
Vistra
Operations,
5.625%,
2/15/27 (6)
3,430
3,559
230,451
Wireless
Communications
1.4%
Sprint,
7.125%,
6/15/24
57,411
66,023
Sprint,
7.625%,
2/15/25
1,885
2,231
Sprint
Capital,
6.875%,
11/15/28
18,260
23,807
T-Mobile
USA,
2.625%,
2/15/29
12,865
13,055
T.
ROWE
PRICE
High
Yield
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
‡
T-Mobile
USA,
2.875%,
2/15/31
12,040
12,348
117,464
Total
Corporate
Bonds
(Cost
$6,779,241)
7,163,260
MUNICIPAL
SECURITIES
0.5%
Puerto
Rico
0.5%
Puerto
Rico
Commonwealth,
Series A,
GO,
8.00%,
7/1/35 (5)(11)
37,660
31,964
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
5.25%,
7/1/23 (5)(11)
2,700
2,417
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
5.25%,
7/1/25 (5)(11)
6,550
6,165
Puerto
Rico
Commonwealth,
Public
Improvement,
Series E,
GO,
5.50%,
7/1/31 (5)(11)
4,660
4,345
Total
Municipal
Securities
(Cost
$41,778)
44,891
SHORT-TERM
INVESTMENTS
1.9%
Money
Market
Funds
1.8%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (3)(12)
156,960
156,960
156,960
U.S.
Treasury
Obligations
0.1%
U.S.
Treasury
Bills,
0.02%,
11/4/21 (13)
3,345
3,345
3,345
Total
Short-Term
Investments
(Cost
$160,305)
160,305
Total
Investments
in
Securities
100.4%
(Cost
$8,181,757)
$
8,646,526
Other
Assets
Less
Liabilities
(0.4)%
(
30,605
)
Net
Assets
100.0%
$
8,615,921
‡
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
August
31,
2021.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
Affiliated
Companies
T.
ROWE
PRICE
High
Yield
Fund
18
.
.
.
.
.
.
.
.
.
.
(4)
SEC
30-day
yield
(5)
Non-income
producing
(6)
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
$5,358,390
and
represents
62.2%
of
net
assets.
(7)
Level
3
in
fair
value
hierarchy.
(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
$114,581
and
represents
1.3%
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)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(12)
Seven-day
yield
(13)
At
August
31,
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
EURIBOR
Three
month
EURIBOR
(Euro
interbank
offered
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
CAD
Canadian
Dollar
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
OTC
Over-the-counter
PRIME
Prime
rate
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,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Credit
Suisse
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S36,
5
Year
Index,
6/20/26),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/15/21
@
1.00%*
1
118,950
(
268
)
Total
Options
Written
(Premiums
$(464))
$
(
268
)
*
Exercise
Spread
T.
ROWE
PRICE
High
Yield
Fund
20
(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
41
(48)
89
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Royal
Caribbean
Cruises,
B2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
5,715
303
(160)
463
Citibank,
Protection
Sold
(Relevant
Credit:
American
Airlines
Group,
Caa1*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/21
*
10,225
214
(30)
244
Citibank,
Protection
Sold
(Relevant
Credit:
Royal
Caribbean
Cruises,
B2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
5,705
302
(157)
459
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
American
Airlines
Group,
Caa1*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/21
*
620
13
(13)
26
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(408)
1,281
Total
Bilateral
Swaps
(408)
1,281
T.
ROWE
PRICE
High
Yield
Fund
21
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
(0.0)%
Credit
Default
Swaps,
Protection
Sold
(0.0)%
Protection
Sold
(Relevant
Credit:
American
Airlines
Group,
Caa1*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/23
3,453
(19)
(159)
140
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
140
Total
Centrally
Cleared
Swaps
140
Net
payments
(receipts)
of
variation
margin
to
date
(
139
)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
1
*
Credit
ratings
as
of
August
31,
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
22
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
11/19/21
USD
4,428
EUR
3,753
$
(
10
)
Citibank
11/19/21
USD
2,179
EUR
1,849
(
7
)
HSBC
Bank
10/22/21
USD
5,734
CAD
7,190
35
HSBC
Bank
10/22/21
USD
4,877
GBP
3,545
3
HSBC
Bank
10/22/21
USD
19,592
GBP
14,289
(
56
)
Morgan
Stanley
11/19/21
USD
6,615
EUR
5,601
(
9
)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(
44
)
T.
ROWE
PRICE
High
Yield
Fund
23
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
August
31,
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,
3.97%
$
—
$
(
57
)
$
310
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
—
—
14
Totals
$
—
#
$
(
57
)
$
324
+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/21
Purchase
Cost
Sales
Cost
Value
08/31/21
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Z
Class,
3.97%
$
27,643
$
311
$
—
$
27,897
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
103,269
¤
¤
156,960
Total
$
184,857
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$324
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
$185,494.
T.
ROWE
PRICE
High
Yield
Fund
Unaudited
Notes
to
Portfolio
of
Investments
24
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
25
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
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
T.
ROWE
PRICE
High
Yield
Fund
26
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.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
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.
T.
ROWE
PRICE
High
Yield
Fund
27
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
F57-054Q1
08/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
927,044
$
—
$
927,044
Bond
Mutual
Funds
27,897
—
—
27,897
Common
Stocks
79,094
—
—
79,094
Convertible
Preferred
Stocks
—
288,926
—
288,926
Corporate
Bonds
—
7,163,260
—
7,163,260
Short-Term
Investments
156,960
3,345
—
160,305
Total
Securities
263,951
8,382,575
—
8,646,526
Swaps*
—
1,013
—
1,013
Forward
Currency
Exchange
Contracts
—
38
—
38
Total
$
263,951
$
8,383,626
$
—
$
8,647,577
Liabilities
Options
Written
$
—
$
268
$
—
$
268
Forward
Currency
Exchange
Contracts
—
82
—
82
Total
$
—
$
350
$
—
$
350
1
Includes
Bank
Loans,
Convertible
Bonds
and
Municipal
Securities.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.