T.
ROWE
PRICE
U.S.
High
Yield
Fund
August
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
BANK
LOANS
7.1%
(1)
Basic
Industry
1.1%
Tutor
Perini,
FRN,
1M
USD
LIBOR
+
4.75%,
7.127%,
8/18/27
5,723
5,325
5,325
Capital
Goods
0.3%
Mauser
Packaging
Solutions
Holding,
FRN,
3M
USD
LIBOR
+
3.25%,
4/3/24 (2)
1,365
1,334
1,334
Consumer
Goods
1.4%
Journey
Personal
Care,
FRN,
1M
USD
LIBOR
+
4.25%,
6.50%,
3/1/28
5,916
4,038
Naked
Juice,
FRN,
1M
TSFR
+
6.10%,
8.154%,
1/20/30
3,230
2,950
6,988
Health
Care
1.0%
Bausch
Health,
FRN,
1M
TSFR
+
5.25%,
7.662%,
1/27/27
5,935
4,718
4,718
Retail
1.0%
KNS
Midco,
FRN,
1M
USD
LIBOR
+
6.25%,
8.50%,
4/21/27
5,266
4,966
4,966
Services
1.2%
Staples,
FRN,
3M
USD
LIBOR
+
5.00%,
7.782%,
4/16/26
6,395
5,618
5,618
Transportation
1.1%
AAdvantage
Loyalty
IP,
FRN,
1M
USD
LIBOR
+
4.75%,
7.46%,
4/20/28
5,260
5,170
5,170
Total
Bank
Loans
(Cost
$38,960)
34,119
CORPORATE
BONDS
87.2%
Automotive
4.5%
Adient
Global
Holdings,
4.875%,
8/15/26 (3)
5,447
4,970
Allison
Transmission,
3.75%,
1/30/31 (3)
3,360
2,730
Ford
Motor
Credit,
4.00%,
11/13/30
3,195
2,657
Ford
Motor
Credit,
5.113%,
5/3/29
2,420
2,253
Jaguar
Land
Rover
Automotive,
5.50%,
7/15/29 (3)
5,890
4,138
Wheel
Pros,
6.50%,
5/15/29 (3)
6,255
4,598
21,346
Basic
Industry
7.3%
Element
Solutions,
3.875%,
9/1/28 (3)
2,355
2,037
ERO
Copper,
6.50%,
2/15/30 (3)
7,630
5,769
Novelis,
3.875%,
8/15/31 (3)
4,910
3,977
Pike,
5.50%,
9/1/28 (3)
5,360
4,442
Polar
U.S.
Borrower,
6.75%,
5/15/26 (3)
6,250
4,187
T.
ROWE
PRICE
U.S.
High
Yield
Fund
1
T.
ROWE
PRICE
U.S.
High
Yield
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
‡
SCIH
Salt
Holdings,
6.625%,
5/1/29 (3)
7,450
6,128
Tutor
Perini,
6.875%,
5/1/25 (3)
4,430
3,583
Venator
Finance,
5.75%,
7/15/25 (3)
6,615
4,829
34,952
Capital
Goods
6.4%
ARD
Finance,
6.50%,
6/30/27
(6.500%
Cash
or
7.250%
PIK) (3)(4)
6,218
4,796
Bombardier,
7.875%,
4/15/27 (3)
5,080
4,839
Dornoch
Debt
Merger
Sub,
6.625%,
10/15/29 (3)
6,045
4,738
GrafTech
Finance,
4.625%,
12/15/28 (3)
5,572
4,771
Granite
U.S.
Holdings,
11.00%,
10/1/27 (3)
4,944
4,808
Pactiv
Evergreen
Group
Issuer,
4.00%,
10/15/27 (3)
500
436
Pactiv
Evergreen
Group
Issuer,
4.375%,
10/15/28 (3)
1,840
1,614
Spirit
AeroSystems,
4.60%,
6/15/28
5,825
4,616
30,618
Consumer
Goods
6.2%
Coty,
4.75%,
1/15/29 (3)
5,355
4,686
Coty,
6.50%,
4/15/26 (3)
2,280
2,172
HLF
Financing,
4.875%,
6/1/29 (3)
4,075
3,179
MajorDrive
Holdings
IV,
6.375%,
6/1/29 (3)
5,985
4,623
Sigma
Holdco,
7.875%,
5/15/26 (3)
10,743
7,708
Tempur
Sealy
International,
3.875%,
10/15/31 (3)
2,503
1,921
Triton
Water
Holdings,
6.25%,
4/1/29 (3)
6,410
5,272
29,561
Energy
16.3%
Ascent
Resources
Utica
Holdings,
5.875%,
6/30/29 (3)
5,020
4,518
Ascent
Resources
Utica
Holdings,
8.25%,
12/31/28 (3)
2,515
2,490
Citgo
Holding,
9.25%,
8/1/24 (3)
7,405
7,405
Colgate
Energy
Partners
III,
5.875%,
7/1/29 (3)
2,690
2,508
Comstock
Resources,
6.75%,
3/1/29 (3)
2,610
2,486
Encino
Acquisition
Partners
Holdings,
8.50%,
5/1/28 (3)
4,850
4,632
Gulfport
Energy,
8.00%,
5/17/26 (3)
4,660
4,683
Harvest
Midstream
I,
7.50%,
9/1/28 (3)
4,910
4,652
Hess
Midstream
Operations,
4.25%,
2/15/30 (3)
4,525
3,914
Hess
Midstream
Operations,
5.50%,
10/15/30 (3)
1,140
1,043
Howard
Midstream
Energy
Partners,
6.75%,
1/15/27 (3)
5,545
5,046
NGL
Energy
Operating,
7.50%,
2/1/26 (3)
4,945
4,500
Occidental
Petroleum,
6.375%,
9/1/28
2,410
2,515
Occidental
Petroleum,
6.45%,
9/15/36
1,000
1,065
Occidental
Petroleum,
8.50%,
7/15/27
2,265
2,526
SM
Energy,
5.625%,
6/1/25
1,775
1,726
SM
Energy,
6.50%,
7/15/28
1,220
1,176
Sunoco,
4.50%,
5/15/29
2,700
2,309
Sunoco,
4.50%,
4/30/30
2,775
2,366
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (3)
7,060
6,213
USA
Compression
Partners,
6.875%,
9/1/27
5,710
5,296
T.
ROWE
PRICE
U.S.
High
Yield
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
‡
Weatherford
International,
8.625%,
4/30/30 (3)
4,943
4,473
77,542
Financial
Services
2.7%
Advisor
Group
Holdings,
10.75%,
8/1/27 (3)
3,140
3,148
AG
TTMT
Escrow
Issuer,
8.625%,
9/30/27 (3)
1,016
1,015
FirstCash,
5.625%,
1/1/30 (3)
5,320
4,741
PennyMac
Financial
Services,
4.25%,
2/15/29 (3)
660
517
Rocket
Mortgage,
4.00%,
10/15/33 (3)
4,455
3,304
12,725
Health
Care
2.7%
Bausch
Health
Americas,
9.25%,
4/1/26 (3)
2,295
1,377
CHS,
5.25%,
5/15/30 (3)
2,275
1,723
CHS,
6.875%,
4/1/28 (3)
6,311
3,266
Pediatrix
Medical
Group,
5.375%,
2/15/30 (3)
4,305
3,789
U.S.
Renal
Care,
10.625%,
7/15/27 (3)
5,585
2,653
12,808
Insurance
3.7%
Alliant
Holdings
Intermediate,
5.875%,
11/1/29 (3)
3,080
2,664
BroadStreet
Partners,
5.875%,
4/15/29 (3)
6,005
4,992
HUB
International,
5.625%,
12/1/29 (3)
7,370
6,467
Ryan
Specialty
Group,
4.375%,
2/1/30 (3)
4,130
3,686
17,809
Leisure
3.1%
Carnival,
5.75%,
3/1/27 (3)
9,220
7,192
Life
Time,
5.75%,
1/15/26 (3)
4,909
4,418
Studio
City
Finance,
5.00%,
1/15/29 (3)
6,340
3,306
14,916
Media
8.1%
Audacy
Capital,
6.75%,
3/31/29 (3)
6,025
1,928
CCO
Holdings,
4.50%,
5/1/32
5,410
4,382
CMG
Media,
8.875%,
12/15/27 (3)
4,717
4,104
Deluxe,
8.00%,
6/1/29 (3)
6,910
6,141
DISH
DBS,
7.375%,
7/1/28
8,055
5,276
News,
5.125%,
2/15/32 (3)
1,745
1,614
Radiate
Holdco,
6.50%,
9/15/28 (3)
6,350
4,731
Sinclair
Television
Group,
4.125%,
12/1/30 (3)
6,245
5,074
Urban
One,
7.375%,
2/1/28 (3)
5,810
5,229
38,479
Real
Estate
4.6%
Brookfield
Property
REIT,
4.50%,
4/1/27 (3)
1,170
1,006
Brookfield
Property
REIT,
5.75%,
5/15/26 (3)
4,745
4,448
Millennium
Escrow,
6.625%,
8/1/26 (3)
2,975
2,421
Outfront
Media
Capital,
4.25%,
1/15/29 (3)
5,960
4,977
Service
Properties
Trust,
3.95%,
1/15/28
4,440
3,345
Service
Properties
Trust,
4.95%,
2/15/27
2,470
2,001
T.
ROWE
PRICE
U.S.
High
Yield
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
VICI
Properties,
4.125%,
8/15/30 (3)
3,995
3,536
21,734
Retail
7.5%
Bath
&
Body
Works,
5.25%,
2/1/28
3,605
3,226
eG
Global
Finance,
6.75%,
2/7/25 (3)
7,440
7,031
LSF9
Atlantis
Holdings,
7.75%,
2/15/26 (3)
10,015
9,264
Michaels,
7.875%,
5/1/29 (3)
6,195
4,120
NMG
Holding,
7.125%,
4/1/26 (3)
3,355
3,145
Rite
Aid,
7.50%,
7/1/25 (3)
5,617
4,795
Yum!
Brands,
3.625%,
3/15/31
4,855
4,127
35,708
Services
2.4%
PECF
USS
Intermediate
Holding
III,
8.00%,
11/15/29 (3)
5,955
5,025
White
Cap
Parent,
8.25%,
3/15/26
(8.250%
PIK) (3)(4)
7,205
6,286
11,311
Technology
&
Electronics
3.4%
CommScope,
8.25%,
3/1/27 (3)
5,986
5,118
Entegris,
3.625%,
5/1/29 (3)
3,668
3,109
ION
Trading
Technologies,
5.75%,
5/15/28 (3)
4,685
3,982
Veritas
U.S.,
7.50%,
9/1/25 (3)
5,355
4,123
16,332
Telecommunications
6.2%
Consolidated
Communications,
6.50%,
10/1/28 (3)
5,680
4,629
DKT
Finance,
9.375%,
6/17/23 (3)
2,955
2,855
Frontier
Communications
Holdings,
5.875%,
11/1/29
2,615
2,134
Frontier
Communications
Holdings,
6.00%,
1/15/30 (3)
2,480
2,043
Frontier
Communications
Holdings,
6.75%,
5/1/29 (3)
505
435
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (3)
1,823
1,714
Level
3
Financing,
3.625%,
1/15/29 (3)
5,800
4,683
Northwest
Fiber,
4.75%,
4/30/27 (3)
6,050
5,264
Telesat
Canada,
6.50%,
10/15/27 (3)
3,900
1,609
Viasat,
6.50%,
7/15/28 (3)
5,650
4,358
29,724
Transportation
1.2%
VistaJet
Malta
Finance,
6.375%,
2/1/30 (3)
6,795
5,844
5,844
Utility
0.9%
Clearway
Energy
Operating,
3.75%,
2/15/31 (3)
5,035
4,229
4,229
Total
Corporate
Bonds
(Cost
$496,417)
415,638
T.
ROWE
PRICE
U.S.
High
Yield
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
PREFERRED
STOCKS
1.1%
Energy
0.6%
Crestwood
Equity
Partners,
9.25% (5)
301
2,837
2,837
Financial
Services
0.5%
Ladenburg
Thalmann
Financial
Services,
6.50%,
11/30/27
152
2,311
2,311
Total
Preferred
Stocks
(Cost
$4,837)
5,148
SHORT-TERM
INVESTMENTS
3.3%
Money
Market
Funds
3.3%
T.
Rowe
Price
Government
Reserve
Fund,
2.36% (6)(7)
15,639
15,639
Total
Short-Term
Investments
(Cost
$15,639)
15,639
Total
Investments
in
Securities
98.7%
(Cost
$555,853)
$
470,544
Other
Assets
Less
Liabilities
1.3%
6,266
Net
Assets
100.0%
$
476,810
T.
ROWE
PRICE
U.S.
High
Yield
Fund
6
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Bank
loan
positions
may
involve
multiple
underlying
tranches.
In
those
instances,
the
position
presented
reflects
the
aggregate
of
those
respective
underlying
tranches
and
the
rate
presented
reflects
the
weighted
average
rate
of
the
settled
positions.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
August
31,
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
$362,642
and
represents
76.1%
of
net
assets.
(4)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(5)
Perpetual
security
with
no
stated
maturity
date.
(6)
Seven-day
yield
(7)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
FRN
Floating
Rate
Note
PIK
Payment-in-kind
T.
ROWE
PRICE
U.S.
High
Yield
Fund
7
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
August
31,
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,
2.36%
$
—#
$
—
$
57+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/22
Purchase
Cost
Sales
Cost
Value
08/31/22
T.
Rowe
Price
Government
Reserve
Fund,
2.36%
$
9,350
¤
¤
$
15,639^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$57
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
$15,639.
T.
ROWE
PRICE
U.S.
High
Yield
Fund
Unaudited
Notes
to
Portfolio
of
Investments
8
T.
Rowe
Price
U.S.
High
Yield
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
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
T.
ROWE
PRICE
U.S.
High
Yield
Fund
9
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
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
T.
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PRICE
U.S.
High
Yield
Fund
10
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
August
31,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
449,757
$
—
$
449,757
Preferred
Stocks
2,837
2,311
—
5,148
Short-Term
Investments
15,639
—
—
15,639
Total
$
18,476
$
452,068
$
—
$
470,544
1
Includes
Bank
Loans
and
Corporate
Bonds.
T.
ROWE
PRICE
U.S.
High
Yield
Fund
11
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,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F1106-054Q1
08/22