T.
ROWE
PRICE
High
Yield
Fund
February
28,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
BANK
LOANS
7.5%
(1)
Aerospace
&
Defense
0.0%
Peraton,
FRN,
1M
USD
LIBOR
+
3.75%,
4.50%,
2/1/28
1,886
1,875
1,875
Airlines
0.5%
AAdvantage
Loyalty
IP,
FRN,
1M
USD
LIBOR
+
4.75%,
5.50%,
4/20/28
9,195
9,348
Mileage
Plus
Holdings,
FRN,
1M
USD
LIBOR
+
5.25%,
6.25%,
6/21/27
16,565
17,284
United
Airlines,
FRN,
1M
USD
LIBOR
+
3.75%,
4.50%,
4/21/28
9,498
9,435
36,067
Consumer
Products
0.1%
Life
Time,
FRN,
1M
USD
LIBOR
+
4.75%,
5.75%,
12/16/24
9,071
9,114
9,114
Energy
0.8%
BCP
Raptor,
FRN,
3M
USD
LIBOR
+
4.25%,
5.25%,
6/24/24
50,824
50,679
Prairie
ECI
Acquiror,
FRN,
3M
USD
LIBOR
+
4.75%,
4.959%,
3/11/26
11,255
10,894
61,573
Health
Care
0.4%
ADMI,
FRN,
1M
USD
LIBOR
+
3.38%,
3.875%,
12/23/27
10,486
10,314
ADMI,
FRN,
1M
USD
LIBOR
+
3.50%,
4.00%,
12/23/27
5,297
5,252
Gainwell
Acquisition,
FRN,
1M
USD
LIBOR
+
4.00%,
4.75%,
10/1/27
10,795
10,732
LifePoint
Health,
FRN,
1M
USD
LIBOR
+
3.75%,
3.959%,
11/16/25
2,283
2,256
28,554
Information
Technology
0.7%
Boxer
Parent,
FRN,
1M
USD
LIBOR
+
5.50%,
6.00%,
2/27/26
4,930
4,899
Polaris
Newco,
FRN,
1M
USD
LIBOR
+
4.00%,
4.50%,
6/2/28
18,174
18,049
Proofpoint,
FRN,
1M
USD
LIBOR
+
3.25%,
3.758%,
8/31/28
12,560
12,408
Proofpoint,
FRN,
3M
USD
LIBOR
+
6.25%,
6.758%,
8/31/29
5,065
5,065
RealPage,
FRN,
3M
USD
LIBOR
+
6.50%,
7.25%,
4/23/29
15,551
15,677
56,098
Satellites
0.3%
Intelsat
Jackson
Holdings,
FRN,
SOFR
+
4.25%,
1/25/29 (2)
18,300
18,020
Iridium
Satellite,
FRN,
1M
USD
LIBOR
+
2.50%,
3.25%,
11/4/26
8,001
7,933
25,953
Services
2.1%
Ascend
Learning,
FRN,
1M
USD
LIBOR
+
3.50%,
4.00%,
12/11/28
20,725
20,437
Ascend
Learning,
FRN,
1M
USD
LIBOR
+
5.75%,
6.25%,
11/18/29 (2)
31,260
31,143
CoreLogic,
FRN,
3M
USD
LIBOR
+
6.50%,
7.00%,
6/4/29
7,980
7,900
Renaissance
Holdings,
FRN,
3M
USD
LIBOR
+
7.00%,
7.209%,
5/29/26
7,718
7,662
T.
ROWE
PRICE
High
Yield
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
‡
UKG,
FRN,
1M
USD
LIBOR
+
3.25%,
3.75%,
5/4/26
42,692
42,372
UKG,
FRN,
1M
USD
LIBOR
+
5.25%,
5.75%,
5/3/27
59,315
59,009
168,523
Wireless
Communications
2.6%
Asurion,
FRN,
1M
USD
LIBOR
+
3.25%,
3.459%,
12/23/26
17,585
17,260
Asurion,
FRN,
1M
USD
LIBOR
+
3.25%,
3.459%,
7/31/27
23,244
22,794
Asurion,
FRN,
1M
USD
LIBOR
+
5.25%,
5.459%,
1/31/28
69,714
68,825
Asurion,
FRN,
1M
USD
LIBOR
+
5.25%,
5.459%,
1/20/29
100,360
99,106
207,985
Total
Bank
Loans
(Cost
$592,204)
595,742
COMMON
STOCKS
0.5%
Gaming
0.0%
New
Cotai
Participation,
Class
B (3)(4)(5)
—
—
—
Information
Technology
0.0%
TE
Connectivity
27
3,803
3,803
Metals
&
Mining
0.2%
Constellium (5)
928
18,040
18,040
Wireless
Communications
0.3%
T-Mobile
U.S. (5)
168
20,747
20,747
Total
Common
Stocks
(Cost
$34,353)
42,590
CONVERTIBLE
BONDS
0.1%
Cable
Operators
0.1%
DISH
Network,
3.375%,
8/15/26
8,735
7,950
Total
Convertible
Bonds
(Cost
$7,744)
7,950
CONVERTIBLE
PREFERRED
STOCKS
3.2%
Energy
1.3%
Targa
Resources,
Series A,
9.50%,
Acquisition
Date:
10/30/17
-
11/27/19,
Cost $98,536 (5)(6)(7)
98
106,213
106,213
T.
ROWE
PRICE
High
Yield
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
‡
Energy
Services
0.5%
NuStar
Energy,
VR,
10.75% (3)(6)
1,200
35,689
35,689
Forest
Products
0.0%
Smurfit-Stone
Container,
Series A,
EC,
7.00%,
2/15/27 (4)(5)
47
—
—
Health
Care
0.3%
Avantor,
Series A,
6.25%,
5/15/22
255
27,068
27,068
Insurance
0.1%
Alliant
Services,
Series A,
Acquisition
Date:
11/6/20,
Cost $8,964 (5)(7)
9
8,850
8,850
Manufacturing
0.4%
Danaher,
Series B,
5.00%,
4/15/23
18
27,633
27,633
Utilities
0.6%
American
Electric
Power,
6.125%,
3/15/22
183
9,550
American
Electric
Power,
6.125%,
8/15/23
214
11,297
NextEra
Energy,
5.279%,
3/1/23
594
29,469
50,316
Total
Convertible
Preferred
Stocks
(Cost
$218,144)
255,769
CORPORATE
BONDS
85.1%
Aerospace
&
Defense
1.1%
Bombardier,
7.875%,
4/15/27 (3)
12,410
12,503
TransDigm,
6.25%,
3/15/26 (3)
49,085
50,435
TransDigm,
7.50%,
3/15/27
3,100
3,205
TransDigm,
8.00%,
12/15/25 (3)
18,765
19,539
85,682
Airlines
2.4%
Air
Canada,
3.875%,
8/15/26 (3)
7,975
7,746
Air
Canada,
4.625%,
8/15/29
(CAD) (3)
7,190
5,531
American
Airlines,
5.50%,
4/20/26 (3)
25,130
25,633
American
Airlines,
5.75%,
4/20/29 (3)
27,295
27,943
American
Airlines,
11.75%,
7/15/25 (3)
39,467
47,804
Delta
Air
Lines,
4.75%,
10/20/28 (3)
13,690
14,259
Delta
Air
Lines,
7.00%,
5/1/25 (3)
13,900
15,429
Delta
Air
Lines,
7.375%,
1/15/26
19,150
21,352
Mileage
Plus
Holdings,
6.50%,
6/20/27 (3)
10,695
11,283
T.
ROWE
PRICE
High
Yield
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
United
Airlines,
4.625%,
4/15/29 (3)
11,472
11,185
VistaJet
Malta
Finance,
6.375%,
2/1/30 (3)
7,855
7,452
195,617
Automotive
5.9%
Asbury
Automotive
Group,
4.625%,
11/15/29 (3)
8,865
8,621
Asbury
Automotive
Group,
5.00%,
2/15/32 (3)
10,080
9,778
Clarios
Global,
8.50%,
5/15/27 (3)
38,195
39,866
Dana,
4.25%,
9/1/30
6,295
5,949
Dana,
5.625%,
6/15/28
12,580
12,863
Dornoch
Debt
Merger
Sub,
6.625%,
10/15/29 (3)
8,920
8,318
Ford
Motor,
7.45%,
7/16/31
1,725
2,139
Ford
Motor,
9.00%,
4/22/25
28,630
33,151
Ford
Motor,
9.625%,
4/22/30
12,640
17,403
Ford
Motor
Credit,
5.125%,
6/16/25
15,420
16,036
Goodyear
Tire
&
Rubber,
5.00%,
7/15/29 (3)
28,250
27,614
Goodyear
Tire
&
Rubber,
5.25%,
4/30/31
17,000
16,511
Goodyear
Tire
&
Rubber,
5.25%,
7/15/31 (3)
16,835
16,309
Goodyear
Tire
&
Rubber,
5.625%,
4/30/33
5,240
5,037
Jaguar
Land
Rover
Automotive,
5.875%,
1/15/28 (3)
8,600
8,471
Jaguar
Land
Rover
Automotive,
7.75%,
10/15/25 (3)
12,245
12,857
LCM
Investments
Holdings
II,
4.875%,
5/1/29 (3)
14,475
13,751
Meritor,
6.25%,
6/1/25 (3)
11,840
12,299
Metis
Merger
Sub,
6.50%,
5/15/29 (3)
17,185
16,004
Rivian
Holdings,
FRN,
6M
USD
LIBOR
+
5.625%,
6.625%,
10/15/26 (3)
94,485
95,666
Tenneco,
5.00%,
7/15/26
26,379
26,247
Tenneco,
5.125%,
4/15/29 (3)
29,365
29,145
Tenneco,
5.375%,
12/15/24
7,805
7,805
Tenneco,
7.875%,
1/15/29 (3)
25,095
26,287
468,127
Banking
0.5%
Banco
do
Brasil,
VR,
9.00% (6)(8)
21,100
22,221
Itau
Unibanco
Holding,
VR,
6.125% (3)(6)(8)
16,570
16,409
38,630
Broadcasting
5.4%
Clear
Channel
Outdoor
Holdings,
7.50%,
6/1/29 (3)
14,825
15,307
Clear
Channel
Outdoor
Holdings,
7.75%,
4/15/28 (3)
28,775
29,998
Diamond
Sports
Group,
5.375%,
8/15/26 (3)
2,185
896
Diamond
Sports
Group,
6.625%,
8/15/27 (3)
20,835
4,896
Gray
Escrow
II,
5.375%,
11/15/31 (3)
18,400
17,480
iHeartCommunications,
8.375%,
5/1/27
98,614
102,929
Lamar
Media,
4.00%,
2/15/30
1,966
1,882
Lamar
Media,
4.875%,
1/15/29
5,918
5,933
Lions
Gate
Capital
Holdings,
5.50%,
4/15/29 (3)
8,390
7,939
Midas
OpCo
Holdings,
5.625%,
8/15/29 (3)
42,175
41,331
T.
ROWE
PRICE
High
Yield
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
Nexstar
Media,
4.75%,
11/1/28 (3)
9,945
9,647
Nielsen
Finance,
4.50%,
7/15/29 (3)
4,550
4,078
Nielsen
Finance,
4.75%,
7/15/31 (3)
6,215
5,500
Nielsen
Finance,
5.625%,
10/1/28 (3)
12,570
12,051
Outfront
Media
Capital,
4.25%,
1/15/29 (3)
3,940
3,723
Outfront
Media
Capital,
6.25%,
6/15/25 (3)
5,695
5,916
Sirius
XM
Radio,
3.875%,
9/1/31 (3)
13,145
12,110
Sirius
XM
Radio,
4.00%,
7/15/28 (3)
32,360
31,066
Sirius
XM
Radio,
4.125%,
7/1/30 (3)
27,160
25,666
Sirius
XM
Radio,
5.00%,
8/1/27 (3)
10,570
10,702
Terrier
Media
Buyer,
8.875%,
12/15/27 (3)
30,270
31,102
Townsquare
Media,
6.875%,
2/1/26 (3)
15,560
15,949
Univision
Communications,
4.50%,
5/1/29 (3)
21,130
20,074
Univision
Communications,
6.625%,
6/1/27 (3)
15,540
16,162
432,337
Building
&
Real
Estate
1.4%
Brookfield
Residential
Properties,
5.00%,
6/15/29 (3)
12,180
11,434
Country
Garden
Holdings,
5.125%,
1/14/27
24,125
17,491
Country
Garden
Holdings,
5.625%,
1/14/30
8,205
5,682
Cushman
&
Wakefield
U.S.
Borrower,
6.75%,
5/15/28 (3)
19,265
20,156
Howard
Hughes,
4.125%,
2/1/29 (3)
17,145
16,245
Howard
Hughes,
4.375%,
2/1/31 (3)
9,185
8,668
Howard
Hughes,
5.375%,
8/1/28 (3)
15,520
15,656
Shimao
Group
Holdings,
5.20%,
1/16/27
16,430
4,600
Shimao
Group
Holdings,
5.60%,
7/15/26
17,391
5,130
Taylor
Morrison
Communities,
5.125%,
8/1/30 (3)
5,970
5,940
111,002
Building
Products
1.0%
CP
Atlas
Buyer,
7.00%,
12/1/28 (3)
3,300
2,970
New
Enterprise
Stone
&
Lime,
5.25%,
7/15/28 (3)
16,005
15,605
PGT
Innovations,
4.375%,
10/1/29 (3)
15,344
14,347
Specialty
Building
Products
Holdings,
6.375%,
9/30/26 (3)
10,935
11,003
SRS
Distribution,
6.00%,
12/1/29 (3)
12,995
12,248
Summit
Materials,
5.25%,
1/15/29 (3)
8,245
8,286
Summit
Materials,
6.50%,
3/15/27 (3)
17,880
18,416
82,875
Cable
Operators
8.4%
Altice
Financing,
5.00%,
1/15/28 (3)
34,150
30,863
Altice
Financing,
5.75%,
8/15/29 (3)
21,665
19,742
Altice
France,
5.125%,
1/15/29 (3)
11,675
10,595
Altice
France,
5.125%,
7/15/29 (3)
33,885
30,666
Altice
France,
5.50%,
10/15/29 (3)
18,935
17,349
Altice
France
Holding,
6.00%,
2/15/28 (3)
62,220
54,754
C&W
Senior
Financing,
6.875%,
9/15/27 (3)
21,285
22,083
CCO
Holdings,
4.25%,
1/15/34 (3)
10,805
9,860
T.
ROWE
PRICE
High
Yield
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
‡
CCO
Holdings,
4.50%,
8/15/30 (3)
32,520
31,219
CCO
Holdings,
4.50%,
5/1/32
19,850
18,733
CCO
Holdings,
4.50%,
6/1/33 (3)
29,195
27,370
CCO
Holdings,
4.75%,
2/1/32 (3)
17,890
17,286
CCO
Holdings,
5.00%,
2/1/28 (3)
54,455
54,591
CCO
Holdings,
5.375%,
6/1/29 (3)
17,950
18,174
CSC
Holdings,
4.625%,
12/1/30 (3)
7,130
5,900
CSC
Holdings,
5.75%,
1/15/30 (3)
20,960
18,550
CSC
Holdings,
6.50%,
2/1/29 (3)
34,835
35,096
CSC
Holdings,
7.50%,
4/1/28 (3)
24,805
24,681
DIRECTV
Financing,
5.875%,
8/15/27 (3)
12,670
12,654
DISH
DBS,
5.125%,
6/1/29
17,670
14,909
DISH
DBS,
5.25%,
12/1/26 (3)
24,605
23,990
DISH
DBS,
5.75%,
12/1/28 (3)
26,110
24,935
DISH
DBS,
7.375%,
7/1/28
12,155
11,426
DISH
DBS,
7.75%,
7/1/26
15,060
15,211
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (3)
4,977
5,131
Netflix,
6.375%,
5/15/29
49,980
58,039
Radiate
Holdco,
6.50%,
9/15/28 (3)
15,550
14,598
Virgin
Media
Finance,
5.00%,
7/15/30 (3)
5,405
4,993
Vmed
O2
U.K.
Financing
I,
4.75%,
7/15/31 (3)
34,490
32,938
VTR
Finance,
6.375%,
7/15/28 (3)
7,420
7,523
673,859
Chemicals
1.7%
Compass
Minerals
International,
6.75%,
12/1/27 (3)
2,765
2,865
CVR
Partners,
6.125%,
6/15/28 (3)
12,315
12,377
GPD,
10.125%,
4/1/26 (3)
13,455
14,128
Methanex,
5.125%,
10/15/27
13,625
13,846
Methanex,
5.25%,
12/15/29
7,440
7,533
Methanex,
5.65%,
12/1/44
6,149
5,779
OCI,
4.625%,
10/15/25 (3)
13,733
13,664
PMHC
II,
9.00%,
2/15/30 (3)
8,385
8,134
Tronox,
4.625%,
3/15/29 (3)
16,520
15,549
Univar
Solutions
USA,
5.125%,
12/1/27 (3)
19,935
20,234
WR
Grace
Holdings,
5.625%,
8/15/29 (3)
19,050
18,240
132,349
Consumer
Products
0.8%
Kontoor
Brands,
4.125%,
11/15/29 (3)
8,920
8,407
Life
Time,
5.75%,
1/15/26 (3)
16,388
16,306
Mattel,
5.45%,
11/1/41
3,902
4,292
Mattel,
5.875%,
12/15/27 (3)
7,920
8,395
Mattel,
6.20%,
10/1/40
7,015
8,348
Wolverine
World
Wide,
4.00%,
8/15/29 (3)
17,155
15,697
61,445
T.
ROWE
PRICE
High
Yield
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
‡
Container
1.0%
Ardagh
Metal
Packaging
Finance
USA,
4.00%,
9/1/29 (3)
27,180
25,549
Ardagh
Packaging
Finance,
4.125%,
8/15/26 (3)
1,890
1,833
Ardagh
Packaging
Finance,
5.25%,
8/15/27 (3)
21,355
20,181
Mauser
Packaging
Solutions
Holding,
8.50%,
4/15/24 (3)
6,035
6,156
Pactiv,
7.95%,
12/15/25
4,305
4,477
Trivium
Packaging
Finance,
5.50%,
8/15/26 (3)
7,220
7,310
Trivium
Packaging
Finance,
8.50%,
8/15/27 (3)
14,240
14,561
80,067
Energy
9.0%
Aethon
United
BR,
8.25%,
2/15/26 (3)
7,350
7,718
Archrock
Partners,
6.875%,
4/1/27 (3)
11,435
11,607
Chesapeake
Energy,
6.75%,
4/15/29 (3)
25,005
26,380
Citgo
Holding,
9.25%,
8/1/24 (3)
21,710
21,710
CITGO
Petroleum,
7.00%,
6/15/25 (3)
22,285
22,285
Comstock
Resources,
5.875%,
1/15/30 (3)
14,255
13,756
Comstock
Resources,
6.75%,
3/1/29 (3)
9,155
9,315
Crescent
Energy
Finance,
7.25%,
5/1/26 (3)
22,655
22,542
CrownRock,
5.625%,
10/15/25 (3)
4,445
4,490
DCP
Midstream,
Series A,
VR,
7.375% (6)(8)
11,294
10,814
DCP
Midstream
Operating,
5.625%,
7/15/27
6,865
7,337
DCP
Midstream
Operating,
6.75%,
9/15/37 (3)
17,875
21,808
DCP
Midstream
Operating,
8.125%,
8/16/30
8,515
10,814
Endeavor
Energy
Resources,
5.75%,
1/30/28 (3)
14,198
14,659
Endeavor
Energy
Resources,
6.625%,
7/15/25 (3)
2,885
3,008
EQT,
7.50%,
2/1/30
16,946
20,187
Exterran
Energy
Solutions,
8.125%,
5/1/25
7,482
7,482
Gulfport
Energy,
8.00%,
5/17/26 (3)
11,970
12,658
Hilcorp
Energy
I,
5.75%,
2/1/29 (3)
8,357
8,378
Hilcorp
Energy
I,
6.00%,
2/1/31 (3)
7,490
7,565
Magnolia
Oil
&
Gas
Operating,
6.00%,
8/1/26 (3)
40,900
41,820
NGL
Energy
Operating,
7.50%,
2/1/26 (3)
47,321
47,321
NuStar
Logistics,
5.75%,
10/1/25
9,790
10,182
Occidental
Petroleum,
6.125%,
1/1/31
8,685
9,901
Occidental
Petroleum,
6.375%,
9/1/28
9,005
10,108
Occidental
Petroleum,
6.45%,
9/15/36
2,310
2,711
Occidental
Petroleum,
6.625%,
9/1/30
5,865
6,803
Occidental
Petroleum,
7.50%,
5/1/31
7,500
9,094
Occidental
Petroleum,
7.875%,
9/15/31
4,847
5,998
Occidental
Petroleum,
7.95%,
6/15/39
19,810
24,961
Occidental
Petroleum,
8.00%,
7/15/25
12,700
14,303
Occidental
Petroleum,
8.50%,
7/15/27
16,975
20,455
Occidental
Petroleum,
8.875%,
7/15/30
32,395
41,749
Range
Resources,
4.75%,
2/15/30 (3)
16,730
16,375
Range
Resources,
8.25%,
1/15/29
5,870
6,413
T.
ROWE
PRICE
High
Yield
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
‡
Rockcliff
Energy
II,
5.50%,
10/15/29 (3)
8,625
8,539
Solaris
Midstream
Holdings,
7.625%,
4/1/26 (3)
8,490
8,670
Southwestern
Energy,
4.75%,
2/1/32
11,155
11,071
Tallgrass
Energy
Partners,
5.50%,
1/15/28 (3)
7,230
6,914
Tallgrass
Energy
Partners,
6.00%,
3/1/27 (3)
8,060
8,060
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (3)
11,175
10,686
Tallgrass
Energy
Partners,
6.00%,
9/1/31 (3)
17,225
16,235
Tallgrass
Energy
Partners,
7.50%,
10/1/25 (3)
10,935
11,427
Targa
Resources
Partners,
4.00%,
1/15/32
32,380
31,975
Targa
Resources
Partners,
5.875%,
4/15/26
1,055
1,088
Targa
Resources
Partners,
6.50%,
7/15/27
6,060
6,408
Targa
Resources
Partners,
6.875%,
1/15/29
9,970
10,842
Transocean
Phoenix
2,
7.75%,
10/15/24 (3)
3,637
3,673
Transocean
Pontus,
6.125%,
8/1/25 (3)
5,443
5,361
Transocean
Proteus,
6.25%,
12/1/24 (3)
4,448
4,436
USA
Compression
Partners,
6.875%,
4/1/26
10,300
10,300
USA
Compression
Partners,
6.875%,
9/1/27
7,635
7,616
Venture
Global
Calcasieu
Pass,
3.875%,
8/15/29 (3)
10,930
10,725
Venture
Global
Calcasieu
Pass,
4.125%,
8/15/31 (3)
13,950
13,811
720,544
Entertainment
&
Leisure
3.4%
AMC
Entertainment
Holdings,
10.00%,
6/15/26 (3)
8,700
8,047
Carnival,
4.00%,
8/1/28 (3)
12,900
12,319
Carnival,
5.75%,
3/1/27 (3)
19,160
18,633
Carnival,
6.00%,
5/1/29 (3)
17,365
16,779
Carnival,
7.625%,
3/1/26 (3)
30,000
30,712
Cedar
Fair,
5.25%,
7/15/29
8,370
8,328
Cedar
Fair,
5.375%,
4/15/27
14,955
15,030
Cinemark
USA,
5.25%,
7/15/28 (3)
10,730
10,113
Live
Nation
Entertainment,
4.75%,
10/15/27 (3)
7,745
7,590
Merlin
Entertainments,
5.75%,
6/15/26 (3)
2,295
2,378
NCL,
5.875%,
3/15/26 (3)
19,710
18,922
NCL,
5.875%,
2/15/27 (3)
9,150
9,139
NCL,
7.75%,
2/15/29 (3)
8,615
8,852
NCL
Finance,
6.125%,
3/15/28 (3)
5,740
5,518
Royal
Caribbean
Cruises,
5.375%,
7/15/27 (3)
14,720
14,426
Royal
Caribbean
Cruises,
5.50%,
8/31/26 (3)
17,195
16,937
Royal
Caribbean
Cruises,
5.50%,
4/1/28 (3)
16,378
16,030
Royal
Caribbean
Cruises,
9.125%,
6/15/23 (3)
1,940
2,027
Royal
Caribbean
Cruises,
10.875%,
6/1/23 (3)
11,015
11,745
SeaWorld
Parks
&
Entertainment,
5.25%,
8/15/29 (3)
26,145
25,230
Viking
Cruises,
7.00%,
2/15/29 (3)
12,455
11,770
270,525
T.
ROWE
PRICE
High
Yield
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
‡
Exploration
&
Production
0.0%
Apache,
6.00%,
1/15/37
790
871
871
Financial
6.7%
Acrisure,
4.25%,
2/15/29 (3)
11,410
10,668
Acrisure,
7.00%,
11/15/25 (3)
15,255
15,122
Acrisure,
10.125%,
8/1/26 (3)
21,370
22,652
Alliant
Holdings
Intermediate,
5.875%,
11/1/29 (3)
8,595
8,079
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (3)
19,120
18,690
AmWINS
Group,
4.875%,
6/30/29 (3)
5,705
5,434
Apollo
Commercial
Real
Estate
Finance,
4.625%,
6/15/29 (3)
25,800
23,317
Cobra
AcquisitionCo,
6.375%,
11/1/29 (3)
13,230
12,122
Drawbridge
Special
Opportunities
Fund,
3.875%,
2/15/26 (3)
5,705
5,677
Enact
Holdings,
6.50%,
8/15/25 (3)
20,705
21,378
Freedom
Mortgage,
6.625%,
1/15/27 (3)
13,000
11,960
GTCR
AP
Finance,
8.00%,
5/15/27 (3)
16,645
16,645
Home
Point
Capital,
5.00%,
2/1/26 (3)
13,060
10,840
HUB
International,
5.625%,
12/1/29 (3)
22,535
21,436
Icahn
Enterprises,
6.25%,
5/15/26
12,015
12,075
Jane
Street
Group,
4.50%,
11/15/29 (3)
13,465
13,011
LPL
Holdings,
4.00%,
3/15/29 (3)
13,290
12,792
LPL
Holdings,
4.375%,
5/15/31 (3)
2,150
2,096
Midcap
Financial
Issuer
Trust,
5.625%,
1/15/30 (3)
12,810
11,689
Midcap
Financial
Issuer
Trust,
6.50%,
5/1/28 (3)
24,890
24,143
Navient,
4.875%,
3/15/28
18,380
17,208
Navient,
5.00%,
3/15/27
12,240
11,842
Navient,
5.50%,
3/15/29
17,480
16,475
Navient,
6.125%,
3/25/24
32,250
33,177
Navient,
6.75%,
6/25/25
16,535
17,176
Navient,
6.75%,
6/15/26
4,370
4,523
OneMain
Finance,
5.375%,
11/15/29
8,060
8,050
OneMain
Finance,
6.125%,
3/15/24
6,358
6,565
OneMain
Finance,
6.625%,
1/15/28
5,755
6,115
OneMain
Finance,
6.875%,
3/15/25
18,550
19,709
OneMain
Finance,
7.125%,
3/15/26
5,820
6,307
PennyMac
Financial
Services,
4.25%,
2/15/29 (3)
22,055
19,684
PennyMac
Financial
Services,
5.375%,
10/15/25 (3)
8,255
8,255
PROG
Holdings,
6.00%,
11/15/29 (3)
21,720
20,851
Ryan
Specialty
Group,
4.375%,
2/1/30 (3)
5,800
5,561
SLM,
4.20%,
10/29/25
9,390
9,531
Starwood
Property
Trust,
3.75%,
12/31/24 (3)
6,465
6,315
Starwood
Property
Trust,
4.375%,
1/15/27 (3)
11,380
11,049
United
Wholesale
Mortgage,
5.50%,
4/15/29 (3)
8,485
7,785
United
Wholesale
Mortgage,
5.75%,
6/15/27 (3)
17,485
16,611
532,615
T.
ROWE
PRICE
High
Yield
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
‡
Food
0.9%
Cosan
Luxembourg,
7.00%,
1/20/27 (3)
17,390
17,893
Kraft
Heinz
Foods,
6.875%,
1/26/39
9,155
12,097
Kraft
Heinz
Foods,
7.125%,
8/1/39 (3)
6,935
9,458
Post
Holdings,
5.625%,
1/15/28 (3)
1,985
1,995
Sigma
Holdco,
7.875%,
5/15/26 (3)
7,043
6,198
Triton
Water
Holdings,
6.25%,
4/1/29 (3)
20,977
19,299
U.S.
Foods,
4.625%,
6/1/30 (3)
9,745
9,306
76,246
Foreign
Govt
&
Muni
(Excl
Canadian)
0.4%
Petroleos
Mexicanos,
6.625%,
6/15/35
17,600
15,968
Petroleos
Mexicanos,
7.69%,
1/23/50
17,830
16,045
32,013
Forest
Products
0.3%
Graphic
Packaging
International,
3.75%,
2/1/30 (3)
9,685
9,189
Mercer
International,
5.125%,
2/1/29
9,755
9,511
Mercer
International,
5.50%,
1/15/26
2,170
2,175
20,875
Gaming
4.1%
Affinity
Gaming,
6.875%,
12/15/27 (3)
4,400
4,323
Caesars
Entertainment,
4.625%,
10/15/29 (3)
11,975
11,361
Caesars
Entertainment,
8.125%,
7/1/27 (3)
37,640
40,416
Cirsa
Finance
International,
4.50%,
3/15/27
(EUR) (3)
7,505
7,914
International
Game
Technology,
4.125%,
4/15/26 (3)
6,700
6,650
International
Game
Technology,
5.25%,
1/15/29 (3)
10,075
10,239
International
Game
Technology,
6.25%,
1/15/27 (3)
22,638
24,053
Melco
Resorts
Finance,
5.375%,
12/4/29 (3)
2,790
2,426
MGM
China
Holdings,
4.75%,
2/1/27 (3)
10,685
9,730
MGM
China
Holdings,
5.25%,
6/18/25 (3)
2,455
2,342
MGM
China
Holdings,
5.875%,
5/15/26 (3)
7,510
7,173
MGM
Growth
Properties
Operating
Partnership,
3.875%,
2/15/29 (3)
12,700
12,763
MGM
Growth
Properties
Operating
Partnership,
5.75%,
2/1/27
8,690
9,407
MGM
Resorts
International,
4.75%,
10/15/28
3,795
3,785
Midwest
Gaming
Borrower,
4.875%,
5/1/29 (3)
13,340
13,006
Peninsula
Pacific
Entertainment,
8.50%,
11/15/27 (3)
26,005
28,670
Raptor
Acquisition,
4.875%,
11/1/26 (3)
2,775
2,671
Scientific
Games
Holdings,
6.625%,
3/1/30 (3)
14,995
14,845
Scientific
Games
International,
7.00%,
5/15/28 (3)
5,590
5,786
Scientific
Games
International,
7.25%,
11/15/29 (3)
36,995
39,261
Studio
City
Finance,
5.00%,
1/15/29 (3)
9,590
7,643
Wynn
Las
Vegas,
5.25%,
5/15/27 (3)
18,195
18,059
Wynn
Macau,
5.50%,
1/15/26 (3)
12,005
10,916
Wynn
Macau,
5.50%,
10/1/27 (3)
23,082
20,296
T.
ROWE
PRICE
High
Yield
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
‡
Wynn
Resorts
Finance,
5.125%,
10/1/29 (3)
10,965
10,609
324,344
Health
Care
7.9%
AdaptHealth,
5.125%,
3/1/30 (3)
6,645
6,097
Avantor
Funding,
4.625%,
7/15/28 (3)
23,550
23,815
Bausch
Health,
6.125%,
2/1/27 (3)
16,130
16,190
Bausch
Health,
7.25%,
5/30/29 (3)
24,393
21,283
Bausch
Health
Americas,
8.50%,
1/31/27 (3)
38,210
38,688
Bausch
Health
Americas,
9.25%,
4/1/26 (3)
31,600
32,706
CHS,
5.25%,
5/15/30 (3)
21,825
21,170
CHS,
6.00%,
1/15/29 (3)
12,215
12,246��
CHS,
6.125%,
4/1/30 (3)
31,730
29,509
CHS,
6.875%,
4/15/29 (3)
9,900
9,479
CHS,
8.00%,
12/15/27 (3)
24,945
26,255
DaVita,
4.625%,
6/1/30 (3)
6,330
6,045
Embecta,
5.00%,
2/15/30 (3)
9,025
8,867
Minerva
Merger
Sub,
6.50%,
2/15/30 (3)
33,940
32,582
Molina
Healthcare,
4.375%,
6/15/28 (3)
11,070
10,987
Mozart
Debt
Merger
Sub,
3.875%,
4/1/29 (3)
43,645
41,245
Mozart
Debt
Merger
Sub,
5.25%,
10/1/29 (3)
63,930
60,893
Option
Care
Health,
4.375%,
10/31/29 (3)
15,055
14,340
Organon,
5.125%,
4/30/31 (3)
28,875
28,586
Radiology
Partners,
9.25%,
2/1/28 (3)
19,963
19,863
RP
Escrow
Issuer,
5.25%,
12/15/25 (3)
7,455
7,278
Tenet
Healthcare,
4.375%,
1/15/30 (3)
13,070
12,580
Tenet
Healthcare,
6.125%,
10/1/28 (3)
45,700
46,157
Tenet
Healthcare,
6.875%,
11/15/31
10,830
11,534
Teva
Pharmaceutical
Finance
Netherlands
III,
4.75%,
5/9/27
14,880
14,322
Teva
Pharmaceutical
Finance
Netherlands
III,
5.125%,
5/9/29
33,400
32,064
Teva
Pharmaceutical
Finance
Netherlands
III,
6.75%,
3/1/28 (9)
21,055
22,002
Teva
Pharmaceutical
Finance
Netherlands
III,
7.125%,
1/31/25
24,760
25,874
632,657
Information
Technology
1.9%
Arches
Buyer,
4.25%,
6/1/28 (3)
1,245
1,167
Boxer
Parent,
6.50%,
10/2/25
(EUR) (3)
3,380
3,864
Boxer
Parent,
7.125%,
10/2/25 (3)
2,085
2,137
Condor
Merger
Sub,
7.375%,
2/15/30 (3)
16,590
15,968
Match
Group
Holdings
II,
3.625%,
10/1/31 (3)
13,540
12,626
Match
Group
Holdings
II,
4.125%,
8/1/30 (3)
20,685
19,858
Photo
Holdings
Merger
Sub,
8.50%,
10/1/26 (3)
31,147
30,836
ROBLOX,
3.875%,
5/1/30 (3)
13,745
13,023
Twitter,
5.00%,
3/1/30 (3)
20,350
20,401
Uber
Technologies,
7.50%,
9/15/27 (3)
16,830
17,987
Viavi
Solutions,
3.75%,
10/1/29 (3)
6,480
6,140
T.
ROWE
PRICE
High
Yield
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
‡
ZipRecruiter,
5.00%,
1/15/30 (3)
7,025
6,902
150,909
Lodging
0.7%
Hilton
Domestic
Operating,
4.00%,
5/1/31 (3)
16,975
16,551
Hilton
Domestic
Operating,
5.375%,
5/1/25 (3)
3,745
3,839
Hilton
Domestic
Operating,
5.75%,
5/1/28 (3)
4,340
4,524
Hilton
Worldwide
Finance,
4.875%,
4/1/27
10,460
10,682
Park
Intermediate
Holdings,
4.875%,
5/15/29 (3)
10,160
9,715
Park
Intermediate
Holdings,
5.875%,
10/1/28 (3)
8,775
8,907
XHR,
4.875%,
6/1/29 (3)
1,450
1,410
55,628
Manufacturing
0.8%
Hillenbrand,
3.75%,
3/1/31
9,145
8,688
Hillenbrand,
5.00%,
9/15/26
430
451
Madison
IAQ,
4.125%,
6/30/28 (3)
19,445
18,327
Madison
IAQ,
5.875%,
6/30/29 (3)
11,160
10,100
Mueller
Water
Products,
4.00%,
6/15/29 (3)
7,770
7,381
Roller
Bearing
of
America,
4.375%,
10/15/29 (3)
4,445
4,251
Sensata
Technologies,
4.00%,
4/15/29 (3)
11,657
11,191
60,389
Metals
&
Mining
3.2%
Alcoa
Nederland
Holding,
5.50%,
12/15/27 (3)
17,725
18,456
Alcoa
Nederland
Holding,
6.125%,
5/15/28 (3)
11,935
12,562
Allegheny
Technologies,
5.125%,
10/1/31
7,935
7,756
Arconic,
6.125%,
2/15/28 (3)
20,499
20,935
Big
River
Steel,
6.625%,
1/31/29 (3)
19,532
20,411
Cleveland-Cliffs,
9.875%,
10/17/25 (3)
5,960
6,616
Constellium,
3.75%,
4/15/29 (3)
10,990
10,042
ERO
Copper,
6.50%,
2/15/30 (3)
8,400
8,128
Freeport-McMoRan,
5.25%,
9/1/29
7,735
8,102
Freeport-McMoRan,
5.40%,
11/14/34
29,279
33,195
Freeport-McMoRan,
5.45%,
3/15/43
12,466
14,320
GrafTech
Finance,
4.625%,
12/15/28 (3)
7,045
6,834
Hecla
Mining,
7.25%,
2/15/28
29,735
31,147
Hudbay
Minerals,
4.50%,
4/1/26 (3)
8,460
8,185
Hudbay
Minerals,
6.125%,
4/1/29 (3)
15,290
15,655
Joseph
T.
Ryerson
&
Son,
8.50%,
8/1/28 (3)
10,976
11,827
Novelis,
4.75%,
1/30/30 (3)
18,235
17,779
251,950
Other
Telecommunications
0.8%
Consolidated
Communications,
6.50%,
10/1/28 (3)
13,060
12,994
Embarq,
7.995%,
6/1/36
10,735
10,601
Level
3
Financing,
3.75%,
7/15/29 (3)
12,780
11,406
Lumen
Technologies,
4.50%,
1/15/29 (3)
24,915
20,773
T.
ROWE
PRICE
High
Yield
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
‡
Lumen
Technologies,
5.375%,
6/15/29 (3)
12,665
11,003
66,777
Real
Estate
Investment
Trust
Securities
0.6%
American
Finance
Trust,
4.50%,
9/30/28 (3)
25,045
23,354
Brookfield
Property
REIT,
4.50%,
4/1/27 (3)
8,245
7,690
Service
Properties
Trust,
4.35%,
10/1/24
17,185
16,451
Service
Properties
Trust,
7.50%,
9/15/25
2,665
2,796
50,291
Restaurants
0.8%
Dave
&
Buster's,
7.625%,
11/1/25 (3)
15,674
16,419
Yum!
Brands,
4.75%,
1/15/30 (3)
6,275
6,369
Yum!
Brands,
5.35%,
11/1/43
19,590
19,884
Yum!
Brands,
6.875%,
11/15/37
17,960
20,474
63,146
Retail
1.5%
At
Home
Group,
7.125%,
7/15/29 (3)
8,250
7,343
Bath
&
Body
Works,
6.625%,
10/1/30 (3)
12,280
13,262
Bath
&
Body
Works,
6.694%,
1/15/27
1,620
1,776
Bath
&
Body
Works,
6.95%,
3/1/33
7,052
7,422
Bath
&
Body
Works,
7.50%,
6/15/29
9,820
10,790
Bath
&
Body
Works,
9.375%,
7/1/25 (3)
7,301
8,542
Carvana,
5.625%,
10/1/25 (3)
8,230
7,849
Linens
'n
Things,
EC,
8.338%,
1/15/20 (4)(5)
9,800
—
LSF9
Atlantis
Holdings,
7.75%,
2/15/26 (3)
12,840
12,359
PetSmart,
4.75%,
2/15/28 (3)
3,320
3,262
PetSmart,
7.75%,
2/15/29 (3)
25,505
26,653
Rent-A-Center,
6.375%,
2/15/29 (3)
24,615
23,507
122,765
Satellites
0.9%
Connect
Finco,
6.75%,
10/1/26 (3)
20,000
20,250
Hughes
Satellite
Systems,
6.625%,
8/1/26
34,475
35,854
Telesat
Canada,
6.50%,
10/15/27 (3)
11,445
5,723
Viasat,
5.625%,
4/15/27 (3)
9,745
9,696
71,523
Services
6.2%
ADT
Security,
4.125%,
8/1/29 (3)
13,500
12,622
Adtalem
Global
Education,
5.50%,
3/1/28 (3)
23,055
20,634
Advantage
Sales
&
Marketing,
6.50%,
11/15/28 (3)
24,000
24,090
Albion
Financing
1,
6.125%,
10/15/26 (3)
15,645
15,195
Albion
Financing
2,
8.75%,
4/15/27 (3)
7,065
6,809
Allied
Universal
Holdco,
9.75%,
7/15/27 (3)
16,065
16,828
Black
Knight
InfoServ,
3.625%,
9/1/28 (3)
15,475
14,624
Clarivate
Science
Holdings,
3.875%,
7/1/28 (3)
17,045
16,086
Clarivate
Science
Holdings,
4.875%,
7/1/29 (3)
11,855
11,159
Constellation
Automotive
Financing,
4.875%,
7/15/27
(GBP) (3)
3,545
4,373
T.
ROWE
PRICE
High
Yield
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
‡
Dun
&
Bradstreet,
5.00%,
12/15/29 (3)
5,800
5,597
eG
Global
Finance,
6.75%,
2/7/25 (3)
14,610
14,537
eG
Global
Finance,
8.50%,
10/30/25 (3)
15,759
15,956
Fair
Isaac,
5.25%,
5/15/26 (3)
16,150
17,159
Gartner,
3.625%,
6/15/29 (3)
7,935
7,697
Gartner,
4.50%,
7/1/28 (3)
5,740
5,812
GFL
Environmental,
4.375%,
8/15/29 (3)
10,865
10,064
GFL
Environmental,
4.75%,
6/15/29 (3)
20,000
19,025
H&E
Equipment
Services,
3.875%,
12/15/28 (3)
34,955
32,508
IPD
3,
5.50%,
12/1/25
(EUR) (3)
3,355
3,769
Millennium
Escrow,
6.625%,
8/1/26 (3)
8,495
8,283
MSCI,
3.25%,
8/15/33 (3)
6,755
6,383
MSCI,
4.00%,
11/15/29 (3)
11,540
11,598
Presidio
Holdings,
4.875%,
2/1/27 (3)
9,310
9,287
Presidio
Holdings,
8.25%,
2/1/28 (3)
17,415
17,850
Prime
Security
Services
Borrower,
5.75%,
4/15/26 (3)
12,180
12,484
Prime
Security
Services
Borrower,
6.25%,
1/15/28 (3)
18,475
17,828
Ritchie
Bros
Holdings,
4.75%,
12/15/31 (3)
3,680
3,643
Sabre
GLBL,
7.375%,
9/1/25 (3)
8,680
8,940
Sabre
GLBL,
9.25%,
4/15/25 (3)
9,680
10,854
Staples,
7.50%,
4/15/26 (3)
26,818
26,483
Staples,
10.75%,
4/15/27 (3)
8,333
7,750
TK
Elevator
Holdco,
7.625%,
7/15/28 (3)
25,260
25,639
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27 (3)
22,875
22,761
United
Rentals
North
America,
3.75%,
1/15/32
5,125
4,869
United
Rentals
North
America,
3.875%,
2/15/31
15,500
14,919
Verde
Bidco,
4.625%,
10/1/26
(EUR) (3)
2,135
2,343
WASH
Multifamily
Acquisition,
5.75%,
4/15/26 (3)
10,665
10,678
497,136
Supermarkets
1.3%
Albertsons,
3.50%,
3/15/29 (3)
29,195
27,151
Albertsons,
4.875%,
2/15/30 (3)
12,940
12,972
Albertsons,
5.875%,
2/15/28 (3)
13,310
13,793
Iceland
Bondco,
4.625%,
3/15/25
(GBP)
13,935
16,885
New
Albertsons,
7.45%,
8/1/29
9,945
11,288
New
Albertsons,
8.00%,
5/1/31
6,740
7,995
United
Natural
Foods,
6.75%,
10/15/28 (3)
11,785
12,183
102,267
Transportation
0.2%
Watco,
6.50%,
6/15/27 (3)
19,440
19,634
19,634
Utilities
3.3%
Calpine,
4.50%,
2/15/28 (3)
8,260
8,053
Calpine,
5.00%,
2/1/31 (3)
17,725
16,351
Calpine,
5.125%,
3/15/28 (3)
19,630
18,894
T.
ROWE
PRICE
High
Yield
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
‡
FirstEnergy,
Series C,
7.375%,
11/15/31
6,145
7,680
NextEra
Energy
Operating
Partners,
4.25%,
9/15/24 (3)
1,458
1,476
NextEra
Energy
Operating
Partners,
4.50%,
9/15/27 (3)
13,605
13,741
NiSource,
VR,
5.65% (6)(8)
12,860
12,731
Pattern
Energy
Operations,
4.50%,
8/15/28 (3)
3,515
3,401
PG&E,
5.00%,
7/1/28
14,617
14,453
PG&E,
5.25%,
7/1/30
21,665
21,530
Pike,
5.50%,
9/1/28 (3)
13,733
13,252
Terraform
Global
Operating,
6.125%,
3/1/26 (3)
19,029
19,077
Vistra,
VR,
7.00% (3)(6)(8)
28,310
28,027
Vistra,
VR,
8.00% (3)(6)(8)
41,780
43,138
Vistra
Operations,
4.375%,
5/1/29 (3)
46,345
44,897
266,701
Wireless
Communications
0.6%
Iliad
Holding
SASU,
6.50%,
10/15/26 (3)
21,965
21,828
Sprint,
7.625%,
2/15/25
1,885
2,085
Sprint
Capital,
6.875%,
11/15/28
18,260
21,661
45,574
Total
Corporate
Bonds
(Cost
$6,903,336)
6,797,370
MUNICIPAL
SECURITIES
0.6%
Puerto
Rico
0.6%
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
5.25%,
7/1/23 (5)(10)
2,700
2,552
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
5.25%,
7/1/25 (5)(10)
6,550
6,558
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
8.00%,
7/1/35 (5)(10)
37,660
33,847
Puerto
Rico
Commonwealth,
Public
Improvement,
Series E,
GO,
5.50%,
7/1/31 (5)(10)
4,660
4,625
Total
Municipal
Securities
(Cost
$41,778)
47,582
SHORT-TERM
INVESTMENTS
1.2%
Money
Market
Funds
1.1%
T.
Rowe
Price
Government
Reserve
Fund,
0.12% (11)(12)
86,568
86,568
86,568
T.
ROWE
PRICE
High
Yield
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
‡
U.S.
Treasury
Obligations
0.1%
U.S.
Treasury
Bills,
0.011%,
5/19/22 (13)
8,285
8,280
8,280
Total
Short-Term
Investments
(Cost
$94,850)
94,848
SECURITIES
LENDING
COLLATERAL
0.3%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
0.12% (11)(12)
20,025
20,025
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
20,025
Total
Securities
Lending
Collateral
(Cost
$20,025)
20,025
Total
Investments
in
Securities
98.5%
(Cost
$7,912,434)
$
7,861,876
Other
Assets
Less
Liabilities
1.5%
123,217
Net
Assets
100.0%
$
7,985,093
‡
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,
2022.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
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
$5,294,037
and
represents
66.3%
of
net
assets.
(4)
Level
3
in
fair
value
hierarchy.
(5)
Non-income
producing
(6)
Perpetual
security
with
no
stated
maturity
date.
T.
ROWE
PRICE
High
Yield
Fund
17
.
.
.
.
.
.
.
.
.
.
(7)
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
$115,063
and
represents
1.4%
of
net
assets.
(8)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(9)
All
or
a
portion
of
this
security
is
on
loan
at
February
28,
2022.
(10)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(11)
Seven-day
yield
(12)
Affiliated
Companies
(13)
At
February
28,
2022,
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)
6M
USD
LIBOR
Six
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
SOFR
Secured
overnight
financing
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
18
(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-S37,
5
Year
Index,
12/20/26),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
3/16/22
@
0.99%*
(USD)
1
119,745
(
63
)
Credit
Suisse
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.
NA.HY-S37,
5
Year
Index,
12/20/26),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
3/16/22
@
1.01%*
(USD)
1
149,325
(
133
)
Total
Options
Written
(Premiums
$(717))
$
(
196
)
*
Exercise
Spread
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:
Royal
Caribbean
Cruises,
B2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
5,715
261
(126)
387
Citibank,
Protection
Sold
(Relevant
Credit:
Royal
Caribbean
Cruises,
B2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
5,705
261
(123)
384
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(249)
771
Total
Bilateral
Swaps
(249)
771
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
(12)
(159)
147
Protection
Sold
(Relevant
Credit:
CHS/
Community
Health
Systems,
Caa2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/26
*
8,875
(691)
(311)
(
380
)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(
233
)
Total
Centrally
Cleared
Swaps
(
233
)
Net
payments
(receipts)
of
variation
margin
to
date
173
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(
60
)
*
Credit
ratings
as
of
February
28,
2022.
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.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$44.
T.
ROWE
PRICE
High
Yield
Fund
20
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/22/22
GBP
800
USD
1,078
$
(
5
)
HSBC
Bank
4/22/22
USD
23,239
GBP
16,956
487
State
Street
4/22/22
USD
5,740
CAD
7,190
67
State
Street
5/20/22
USD
10,366
EUR
9,098
133
UBS
Investment
Bank
5/20/22
USD
14,078
EUR
12,360
176
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
858
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,
2022.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
0.12%
$
—
$
—
$
47
++
T.
Rowe
Price
Short-Term
Fund
—
—
—
++
Affiliates
not
held
at
period
end
(
551
)
580
434
Totals
$
(
551
)
#
$
580
$
481
+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/21
Purchase
Cost
Sales
Cost
Value
02/28/22
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Z
Class,
4.02%
$
27,643
$
416
$
28,639
$
—
T.
Rowe
Price
Government
Reserve
Fund,
0.12%
103,269
¤
¤
106,593
T.
Rowe
Price
Short-Term
Fund
—
¤
¤
—
Total
$
106,593
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$481
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
$106,593.
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
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)
T.
ROWE
PRICE
High
Yield
Fund
23
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
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.
T.
ROWE
PRICE
High
Yield
Fund
24
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,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
T.
ROWE
PRICE
High
Yield
Fund
25
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
651,274
$
—
$
651,274
Common
Stocks
42,590
—
—
42,590
Convertible
Preferred
Stocks
—
255,769
—
255,769
Corporate
Bonds
—
6,797,370
—
6,797,370
Short-Term
Investments
86,568
8,280
—
94,848
Securities
Lending
Collateral
20,025
—
—
20,025
Total
Securities
149,183
7,712,693
—
7,861,876
Swaps*
—
669
—
669
Forward
Currency
Exchange
Contracts
—
863
—
863
Total
$
149,183
$
7,714,225
$
—
$
7,863,408
Liabilities
Options
Written
$
—
$
196
$
—
$
196
Swaps*
—
380
—
380
Forward
Currency
Exchange
Contracts
—
5
—
5
Total
$
—
$
581
$
—
$
581
1
Includes
Bank
Loans,
Convertible
Bonds
and
Municipal
Securities.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
High
Yield
Fund
26
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result,
Russia’s
central
bank
closed
the
country’s
stock
market
on
February
28,
2022,
and
Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F57-054Q3
02/22