T. Rowe Price High Yield Fund (PRHYX) NPORT-P T. Rowe Price High Yield Fund, Inc. (Aug 2022 report)

T.

ROWE

PRICE

High

Yield

Fund

August

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

BANK

LOANS

5.5%

(1)

Airlines

0.5%

AAdvantage

Loyalty

IP,

FRN,

1M

USD

LIBOR

+

4.750%,

7.46%,

4/20/28 

9,195‌

9,038‌

Mileage

Plus

Holdings,

FRN,

1M

USD

LIBOR

+

5.250%,

7.313%,

6/21/27 

16,565‌

16,801‌

United

Airlines,

FRN,

1M

USD

LIBOR

+

3.750%,

6.533%,

4/21/28 

9,450‌

9,172‌

35,011‌

Energy

0.2%

Prairie

ECI

Acquiror,

FRN,

3M

USD

LIBOR

+

4.750%,

7.274%,

3/11/26 

11,255‌

10,704‌

10,704‌

Information

Technology

0.5%

Boxer

Parent,

FRN,

1M

USD

LIBOR

+

5.500%,

8.024%,

2/27/26 

3,800‌

3,629‌

Proofpoint,

FRN,

1M

USD

LIBOR

+

3.250%,

6.32%,

8/31/28 

12,497‌

12,007‌

Proofpoint,

FRN,

3M

USD

LIBOR

+

6.250%,

9.32%,

8/31/29 

5,065‌

4,938‌

RealPage,

FRN,

1M

USD

LIBOR

+

6.500%,

9.024%,

4/23/29 

15,551‌

15,104‌

35,678‌

Services

2.0%

Ascend

Learning,

FRN,

1M

USD

LIBOR

+

3.500%,

6.024%,

12/11/28 

20,621‌

19,627‌

Ascend

Learning,

FRN,

1M

USD

LIBOR

+

5.750%,

8.274%,

12/10/29 

31,260‌

28,009‌

CoreLogic,

FRN,

1M

USD

LIBOR

+

6.500%,

9.063%,

6/4/29 

7,980‌

6,311‌

UKG,

FRN,

1M

USD

LIBOR

+

3.250%,

5.535%,

5/4/26 

28,486‌

27,555‌

UKG,

FRN,

1M

USD

LIBOR

+

5.250%,

7.535%,

5/3/27 (2)

66,960‌

65,066‌

146,568‌

Wireless

Communications

2.3%

Asurion,

FRN,

1M

USD

LIBOR

+

3.250%,

5.774%,

7/31/27 

23,127‌

21,123‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.250%,

7.774%,

1/31/28 

69,714‌

59,605‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.250%,

7.774%,

1/20/29 

100,360‌

85,181‌

165,909‌

Total

Bank

Loans

(Cost

$429,080)

393,870‌

COMMON

STOCKS

0.4%

Gaming

0.0%

New

Cotai

Participation,

Class

B (3)(4)

—‌

—‌

—‌

Health

Care

0.2%

Avantor (5)

626‌

15,583‌

15,583‌

T.

ROWE

PRICE

High

Yield

Fund

1

T.

ROWE

PRICE

High

Yield

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

‡

Information

Technology

0.0%

TE

Connectivity 

27‌

3,370‌

3,370‌

Metals

&

Mining

0.2%

Constellium (5)

928‌

12,367‌

12,367‌

Total

Common

Stocks

(Cost

$26,066)

31,320‌

CONVERTIBLE

BONDS

0.1%

Cable

Operators

0.1%

DISH

Network,

3.375%,

8/15/26 

8,735‌

6,327‌

Total

Convertible

Bonds

(Cost

$7,744)

6,327‌

CONVERTIBLE

PREFERRED

STOCKS

1.8%

Energy

Services

0.5%

NuStar

Energy,

VR,

10.75% (3)(6)

1,200‌

36,289‌

36,289‌

Forest

Products

0.0%

Smurfit-Stone

Container,

Series A,

EC,

7.00%,

2/15/27 (4)

47‌

—‌

—‌

Health

Care

0.2%

Becton

Dickinson

&

Company,

Series B,

6.00%,

6/1/23 

289‌

14,647‌

14,647‌

Insurance

0.1%

Alliant

Services,

Series A,

Acquisition

Date:

11/6/20,

Cost $8,963 (5)(7)

9‌

8,759‌

8,759‌

Manufacturing

0.4%

Danaher,

Series B,

5.00%,

4/15/23 

18‌

24,951‌

24,951‌

Utilities

0.6%

American

Electric

Power,

6.125%,

8/15/23 

214‌

11,828‌

NextEra

Energy,

5.279%,

3/1/23 

594‌

31,059‌

42,887‌

Total

Convertible

Preferred

Stocks

(Cost

$112,551)

127,533‌

T.

ROWE

PRICE

High

Yield

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

‡

CORPORATE

BONDS

88.6%

Aerospace

&

Defense

1.0%

TransDigm,

5.50%,

11/15/27 

14,435‌

12,992‌

TransDigm,

6.25%,

3/15/26 (3)

49,085‌

48,103‌

TransDigm,

6.375%,

6/15/26 

7,970‌

7,651‌

TransDigm,

7.50%,

3/15/27 

3,100‌

3,030‌

71,776‌

Airlines

2.4%

American

Airlines,

5.50%,

4/20/26 (3)

32,695‌

31,060‌

American

Airlines,

5.75%,

4/20/29 (3)

27,295‌

24,600‌

American

Airlines,

11.75%,

7/15/25 (3)

39,467‌

43,414‌

Delta

Air

Lines,

7.375%,

1/15/26 

19,150‌

19,533‌

Mileage

Plus

Holdings,

6.50%,

6/20/27 (3)

25,220‌

25,283‌

United

Airlines,

4.625%,

4/15/29 (3)

20,425‌

17,923‌

VistaJet

Malta

Finance,

6.375%,

2/1/30 (3)

7,855‌

6,755‌

VistaJet

Malta

Finance,

7.875%,

5/1/27 (3)

8,000‌

7,380‌

175,948‌

Automotive

6.6%

Clarios

Global,

8.50%,

5/15/27 (3)

27,835‌

27,174‌

Dana,

4.25%,

9/1/30 

6,295‌

5,115‌

Dana,

5.625%,

6/15/28 

37,970‌

34,315‌

Dornoch

Debt

Merger

Sub,

6.625%,

10/15/29 (3)

8,920‌

6,991‌

Ford

Motor,

6.10%,

8/19/32 

52,595‌

51,283‌

Ford

Motor,

7.45%,

7/16/31 

1,725‌

1,840‌

Ford

Motor,

9.625%,

4/22/30 

12,640‌

14,749‌

Ford

Motor

Credit,

4.95%,

5/28/27 

17,635‌

16,613‌

Ford

Motor

Credit,

5.125%,

6/16/25 

19,130‌

18,646‌

Goodyear

Tire

&

Rubber,

5.00%,

7/15/29 

28,250‌

25,425‌

Goodyear

Tire

&

Rubber,

5.25%,

4/30/31 

17,000‌

14,620‌

Goodyear

Tire

&

Rubber,

5.25%,

7/15/31 

27,450‌

23,607‌

Goodyear

Tire

&

Rubber,

5.625%,

4/30/33 

19,830‌

17,153‌

Jaguar

Land

Rover

Automotive,

5.875%,

1/15/28 (3)

8,600‌

6,450‌

Jaguar

Land

Rover

Automotive,

7.75%,

10/15/25 (3)

12,245‌

11,449‌

LCM

Investments

Holdings

II,

4.875%,

5/1/29 (3)

14,475‌

12,087‌

Metis

Merger

Sub,

6.50%,

5/15/29 (3)

17,185‌

14,908‌

Rivian

Holdings,

FRN,

6M

USD

LIBOR

+

5.625%,

7.177%,

10/15/26 (3)

94,485‌

87,399‌

Tenneco,

5.00%,

7/15/26 

26,379‌

25,258‌

Tenneco,

5.125%,

4/15/29 (3)

29,365‌

28,704‌

Tenneco,

5.375%,

12/15/24 

7,805‌

7,590‌

Tenneco,

7.875%,

1/15/29 (3)

25,095‌

25,283‌

476,659‌

Broadcasting

5.9%

Clear

Channel

Outdoor

Holdings,

5.125%,

8/15/27 (3)

13,790‌

12,342‌

T.

ROWE

PRICE

High

Yield

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

‡

Clear

Channel

Outdoor

Holdings,

7.50%,

6/1/29 (3)

14,825‌

11,971‌

Clear

Channel

Outdoor

Holdings,

7.75%,

4/15/28 (3)

28,775‌

23,380‌

CMG

Media,

8.875%,

12/15/27 (3)

30,270‌

26,335‌

Diamond

Sports

Group,

6.625%,

8/15/27 (3)

20,835‌

1,875‌

Gray

Escrow

II,

5.375%,

11/15/31 (3)

33,935‌

29,184‌

iHeartCommunications,

5.25%,

8/15/27 (3)

5,815‌

5,248‌

iHeartCommunications,

8.375%,

5/1/27 

98,614‌

86,534‌

Lamar

Media,

4.00%,

2/15/30 

1,966‌

1,730‌

Lamar

Media,

4.875%,

1/15/29 

17,994‌

16,689‌

Lions

Gate

Capital

Holdings,

5.50%,

4/15/29 (3)

8,390‌

6,649‌

Nexstar

Media,

4.75%,

11/1/28 (3)

9,945‌

9,000‌

Nielsen

Finance,

4.50%,

7/15/29 (3)

4,550‌

4,539‌

Outfront

Media

Capital,

4.25%,

1/15/29 (3)

3,940‌

3,290‌

Outfront

Media

Capital,

6.25%,

6/15/25 (3)

5,695‌

5,652‌

Scripps

Escrow,

5.875%,

7/15/27 (3)

21,585‌

19,750‌

Sirius

XM

Radio,

3.875%,

9/1/31 (3)

13,145‌

10,615‌

Sirius

XM

Radio,

4.00%,

7/15/28 (3)

32,360‌

28,234‌

Sirius

XM

Radio,

4.125%,

7/1/30 (3)

31,305‌

26,609‌

Sirius

XM

Radio,

5.00%,

8/1/27 (3)

10,570‌

9,936‌

Stagwell

Global,

5.625%,

8/15/29 (3)

42,175‌

35,849‌

Townsquare

Media,

6.875%,

2/1/26 (3)

17,445‌

16,224‌

Univision

Communications,

4.50%,

5/1/29 (3)

7,945‌

6,952‌

Univision

Communications,

6.625%,

6/1/27 (3)

15,540‌

14,996‌

Univision

Communications,

7.375%,

6/30/30 (3)

14,165‌

13,988‌

427,571‌

Building

&

Real

Estate

1.2%

Brookfield

Residential

Properties,

5.00%,

6/15/29 (3)

12,180‌

9,668‌

Brookfield

Residential

Properties,

6.25%,

9/15/27 (3)

8,075‌

7,167‌

Castle

U.K.

Finco,

7.00%,

5/15/29

(GBP) (3)

4,675‌

4,341‌

Castle

U.K.

Finco,

FRN,

3M

EURIBOR

+

5.25%,

5.571%,

5/15/28

(EUR) (3)

5,700‌

4,902‌

Country

Garden

Holdings,

5.125%,

1/14/27 

5,300‌

2,428‌

Cushman

&

Wakefield

U.S.

Borrower,

6.75%,

5/15/28 (3)

19,265‌

19,265‌

Howard

Hughes,

4.125%,

2/1/29 (3)

17,145‌

14,230‌

Howard

Hughes,

4.375%,

2/1/31 (3)

9,185‌

7,302‌

Howard

Hughes,

5.375%,

8/1/28 (3)

15,520‌

13,813‌

83,116‌

Building

Products

1.3%

Advanced

Drainage

Systems,

6.375%,

6/15/30 (3)

5,590‌

5,513‌

New

Enterprise

Stone

&

Lime,

5.25%,

7/15/28 (3)

16,005‌

14,245‌

PGT

Innovations,

4.375%,

10/1/29 (3)

21,325‌

18,126‌

Specialty

Building

Products

Holdings,

6.375%,

9/30/26 (3)

15,155‌

13,564‌

SRS

Distribution,

6.00%,

12/1/29 (3)

12,995‌

10,542‌

Summit

Materials,

5.25%,

1/15/29 (3)

12,080‌

10,932‌

Summit

Materials,

6.50%,

3/15/27 (3)

17,880‌

17,701‌

90,623‌

T.

ROWE

PRICE

High

Yield

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

‡

Cable

Operators

8.1%

Altice

Financing,

5.00%,

1/15/28 (3)

34,150‌

27,704‌

Altice

Financing,

5.75%,

8/15/29 (3)

21,665‌

17,549‌

Altice

France,

5.50%,

10/15/29 (3)

18,935‌

14,959‌

Altice

France

Holding,

6.00%,

2/15/28 (3)

62,220‌

42,310‌

Altice

France

Holding,

10.50%,

5/15/27 (3)

20,540‌

17,844‌

C&W

Senior

Financing,

6.875%,

9/15/27 (3)

21,285‌

18,923‌

CCO

Holdings,

4.25%,

1/15/34 (3)

10,805‌

8,293‌

CCO

Holdings,

4.50%,

8/15/30 (3)

32,520‌

27,398‌

CCO

Holdings,

4.50%,

5/1/32 

19,850‌

16,078‌

CCO

Holdings,

4.50%,

6/1/33 (3)

29,195‌

23,064‌

CCO

Holdings,

4.75%,

2/1/32 (3)

17,890‌

14,849‌

CCO

Holdings,

5.375%,

6/1/29 (3)

17,950‌

16,514‌

CCO

Holdings,

6.375%,

9/1/29 (3)

74,500‌

72,358‌

CSC

Holdings,

5.75%,

1/15/30 (3)

20,960‌

16,296‌

CSC

Holdings,

6.50%,

2/1/29 (3)

34,835‌

32,222‌

CSC

Holdings,

7.50%,

4/1/28 (3)

24,805‌

21,952‌

DIRECTV

Financing,

5.875%,

8/15/27 (3)

12,670‌

11,625‌

DISH

DBS,

5.125%,

6/1/29 

17,670‌

10,381‌

DISH

DBS,

5.25%,

12/1/26 (3)

24,605‌

20,299‌

DISH

DBS,

5.75%,

12/1/28 (3)

26,110‌

20,105‌

DISH

DBS,

7.375%,

7/1/28 

12,155‌

7,962‌

DISH

DBS,

7.75%,

7/1/26 

15,060‌

11,897‌

GCI,

4.75%,

10/15/28 (3)

16,575‌

14,918‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27 (3)

4,977‌

4,678‌

Netflix,

6.375%,

5/15/29 

27,480‌

28,579‌

Radiate

Holdco,

6.50%,

9/15/28 (3)

15,550‌

11,585‌

Virgin

Media

Finance,

5.00%,

7/15/30 (3)

5,405‌

4,182‌

Vmed

O2

U.K.

Financing

I,

4.75%,

7/15/31 (3)

59,140‌

48,495‌

583,019‌

Chemicals

1.4%

Avient,

7.125%,

8/1/30 (3)

10,985‌

10,834‌

Compass

Minerals

International,

6.75%,

12/1/27 (3)

2,765‌

2,627‌

CVR

Partners,

6.125%,

6/15/28 (3)

12,315‌

11,253‌

GPD,

10.125%,

4/1/26 (3)

21,400‌

19,902‌

Methanex,

5.125%,

10/15/27 

13,625‌

12,399‌

Methanex,

5.25%,

12/15/29 

7,440‌

6,259‌

Methanex,

5.65%,

12/1/44 

6,149‌

4,481‌

Univar

Solutions

USA,

5.125%,

12/1/27 (3)

19,935‌

18,539‌

WR

Grace

Holdings,

5.625%,

8/15/29 (3)

19,050‌

15,097‌

101,391‌

Consumer

Products

0.4%

Kontoor

Brands,

4.125%,

11/15/29 (3)

8,920‌

7,638‌

Mattel,

5.875%,

12/15/27 (3)

6,491‌

6,467‌

T.

ROWE

PRICE

High

Yield

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

‡

Wolverine

World

Wide,

4.00%,

8/15/29 (3)

17,155‌

13,981‌

28,086‌

Container

0.9%

Ardagh

Metal

Packaging

Finance

USA,

4.00%,

9/1/29 (3)

27,180‌

22,288‌

Ardagh

Metal

Packaging

Finance

USA,

6.00%,

6/15/27 (3)

14,395‌

14,107‌

Pactiv,

7.95%,

12/15/25 

4,305‌

4,009‌

Sealed

Air,

5.00%,

4/15/29 (3)

6,720‌

6,384‌

Sealed

Air,

6.875%,

7/15/33 (3)

7,000‌

7,140‌

Trivium

Packaging

Finance,

8.50%,

8/15/27 (3)

14,240‌

13,492‌

67,420‌

Energy

10.2%

Aethon

United

BR,

8.25%,

2/15/26 (3)

7,350‌

7,396‌

Antero

Resources,

7.625%,

2/1/29 (3)

965‌

989‌

Archrock

Partners,

6.875%,

4/1/27 (3)

11,435‌

10,806‌

Cheniere

Energy

Partners,

4.00%,

3/1/31 

24,850‌

21,557‌

Chesapeake

Energy,

6.75%,

4/15/29 (3)

31,105‌

30,483‌

Citgo

Holding,

9.25%,

8/1/24 (3)

21,710‌

21,710‌

CITGO

Petroleum,

7.00%,

6/15/25 (3)

22,285‌

21,728‌

Comstock

Resources,

5.875%,

1/15/30 (3)

14,255‌

13,115‌

Comstock

Resources,

6.75%,

3/1/29 (3)

9,155‌

8,720‌

Crescent

Energy

Finance,

7.25%,

5/1/26 (3)

30,380‌

28,861‌

Crestwood

Midstream

Partners,

6.00%,

2/1/29 (3)

2,670‌

2,466‌

DCP

Midstream,

Series A,

VR,

7.375% (6)(8)

11,294‌

11,238‌

DCP

Midstream

Operating,

6.75%,

9/15/37 (3)

17,875‌

18,947‌

DCP

Midstream

Operating,

8.125%,

8/16/30 

8,515‌

9,537‌

Endeavor

Energy

Resources,

5.75%,

1/30/28 (3)

14,198‌

13,985‌

EQT,

7.00%,

2/1/30 

33,926‌

36,301‌

Exterran

Energy

Solutions,

8.125%,

5/1/25 

7,482‌

7,258‌

Ferrellgas,

5.375%,

4/1/26 (3)

16,640‌

14,643‌

Ferrellgas,

5.875%,

4/1/29 (3)

17,310‌

14,108‌

Gulfport

Energy,

8.00%,

5/17/26 (3)

11,970‌

12,030‌

Hilcorp

Energy

I,

5.75%,

2/1/29 (3)

8,357‌

7,668‌

Hilcorp

Energy

I,

6.00%,

4/15/30 (3)

5,865‌

5,396‌

Hilcorp

Energy

I,

6.00%,

2/1/31 (3)

10,390‌

9,403‌

Hilcorp

Energy

I,

6.25%,

4/15/32 (3)

5,720‌

5,162‌

Kinetik

Holdings,

5.875%,

6/15/30 (3)

37,200‌

35,228‌

Magnolia

Oil

&

Gas

Operating,

6.00%,

8/1/26 (3)

41,585‌

40,129‌

NGL

Energy

Operating,

7.50%,

2/1/26 (3)

39,336‌

35,796‌

NuStar

Logistics,

5.75%,

10/1/25 

9,790‌

9,300‌

Occidental

Petroleum,

6.125%,

1/1/31 

8,685‌

9,011‌

Occidental

Petroleum,

6.20%,

3/15/40 

22,525‌

22,863‌

Occidental

Petroleum,

6.375%,

9/1/28 

9,005‌

9,399‌

Occidental

Petroleum,

6.45%,

9/15/36 

2,310‌

2,460‌

Occidental

Petroleum,

6.625%,

9/1/30 

5,865‌

6,254‌

Occidental

Petroleum,

7.50%,

5/1/31 

7,500‌

8,419‌

T.

ROWE

PRICE

High

Yield

Fund

7

Par/Shares

$

Value

(Amounts

in

000s)

‡

Occidental

Petroleum,

7.875%,

9/15/31 

4,847‌

5,556‌

Occidental

Petroleum,

7.95%,

6/15/39 

19,810‌

23,450‌

Occidental

Petroleum,

8.50%,

7/15/27 

16,975‌

18,927‌

Occidental

Petroleum,

8.875%,

7/15/30 

32,395‌

37,740‌

Range

Resources,

4.75%,

2/15/30 (3)

7,205‌

6,674‌

Range

Resources,

8.25%,

1/15/29 

5,870‌

6,163‌

Rockcliff

Energy

II,

5.50%,

10/15/29 (3)

8,625‌

7,978‌

Solaris

Midstream

Holdings,

7.625%,

4/1/26 (3)

8,490‌

8,150‌

Southwestern

Energy,

4.75%,

2/1/32 

11,155‌

9,928‌

Tallgrass

Energy

Partners,

5.50%,

1/15/28 (3)

7,230‌

6,254‌

Tallgrass

Energy

Partners,

6.00%,

3/1/27 (3)

8,060‌

7,375‌

Tallgrass

Energy

Partners,

6.00%,

12/31/30 (3)

15,270‌

13,438‌

Tallgrass

Energy

Partners,

6.00%,

9/1/31 (3)

17,225‌

15,072‌

Tallgrass

Energy

Partners,

7.50%,

10/1/25 (3)

10,935‌

10,949‌

Targa

Resources

Partners,

6.875%,

1/15/29 

10,878‌

11,150‌

Venture

Global

Calcasieu

Pass,

3.875%,

8/15/29 (3)

10,930‌

9,536‌

Venture

Global

Calcasieu

Pass,

4.125%,

8/15/31 (3)

13,950‌

12,136‌

Vermilion

Energy,

6.875%,

5/1/30 (3)

15,500‌

15,054‌

737,896‌

Entertainment

&

Leisure

3.7%

AMC

Entertainment,

10.00%,

6/15/26

(10.00%

Cash

or

12.00%

PIK

or

5.00%

Cash

and

6.00%

PIK) (3)(9)

2,915‌

2,339‌

Carnival,

5.75%,

3/1/27 (3)

8,080‌

6,302‌

Carnival,

6.00%,

5/1/29 (3)

1,210‌

926‌

Carnival,

7.625%,

3/1/26 (3)

30,000‌

25,425‌

Carnival,

10.50%,

6/1/30 (3)

18,255‌

16,795‌

CDI

Escrow

Issuer,

5.75%,

4/1/30 (3)

24,475‌

22,609‌

Cedar

Fair,

5.25%,

7/15/29 

8,370‌

7,617‌

Cedar

Fair,

5.375%,

4/15/27 

20,185‌

19,024‌

Cinemark

USA,

5.25%,

7/15/28 (3)

21,015‌

17,022‌

Live

Nation

Entertainment,

4.75%,

10/15/27 (3)

15,880‌

14,491‌

NCL,

5.875%,

3/15/26 (3)

19,710‌

15,965‌

NCL,

5.875%,

2/15/27 (3)

9,150‌

8,304‌

NCL,

7.75%,

2/15/29 (3)

8,615‌

6,978‌

NCL

Finance,

6.125%,

3/15/28 (3)

5,740‌

4,448‌

Royal

Caribbean

Cruises,

5.375%,

7/15/27 (3)

14,720‌

11,408‌

Royal

Caribbean

Cruises,

5.50%,

8/31/26 (3)

17,195‌

13,842‌

Royal

Caribbean

Cruises,

5.50%,

4/1/28 (3)

20,918‌

15,793‌

Royal

Caribbean

Cruises,

9.125%,

6/15/23 (3)

1,940‌

1,950‌

Royal

Caribbean

Cruises,

10.875%,

6/1/23 (3)

11,015‌

11,180‌

Royal

Caribbean

Cruises,

11.625%,

8/15/27 (3)

15,285‌

15,056‌

SeaWorld

Parks

&

Entertainment,

5.25%,

8/15/29 (3)

26,145‌

22,746‌

Six

Flags

Entertainment,

5.50%,

4/15/27 (3)

8,025‌

7,343‌

267,563‌

Financial

6.7%

Acrisure,

7.00%,

11/15/25 (3)

15,255‌

14,359‌

T.

ROWE

PRICE

High

Yield

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

‡

Acrisure,

10.125%,

8/1/26 (3)

21,370‌

21,477‌

Alliant

Holdings

Intermediate,

5.875%,

11/1/29 (3)

8,595‌

7,435‌

Alliant

Holdings

Intermediate,

6.75%,

10/15/27 (3)

32,027‌

29,105‌

AmWINS

Group,

4.875%,

6/30/29 (3)

7,895‌

6,888‌

Apollo

Commercial

Real

Estate

Finance,

4.625%,

6/15/29 (3)

25,800‌

20,704‌

Cobra

AcquisitionCo,

6.375%,

11/1/29 (3)

13,230‌

9,526‌

Drawbridge

Special

Opportunities

Fund,

3.875%,

2/15/26 (3)

5,705‌

5,205‌

Enact

Holdings,

6.50%,

8/15/25 (3)

22,065‌

21,072‌

GTCR

AP

Finance,

8.00%,

5/15/27 (3)

19,525‌

19,012‌

Home

Point

Capital,

5.00%,

2/1/26 (3)

13,060‌

9,273‌

HUB

International,

5.625%,

12/1/29 (3)

24,570‌

21,560‌

HUB

International,

7.00%,

5/1/26 (3)

19,230‌

18,821‌

Icahn

Enterprises,

6.25%,

5/15/26 

12,015‌

11,489‌

Jane

Street

Group,

4.50%,

11/15/29 (3)

13,465‌

12,186‌

LPL

Holdings,

4.00%,

3/15/29 (3)

13,290‌

11,828‌

LPL

Holdings,

4.375%,

5/15/31 (3)

2,150‌

1,881‌

Midcap

Financial

Issuer

Trust,

5.625%,

1/15/30 (3)

12,810‌

9,992‌

Midcap

Financial

Issuer

Trust,

6.50%,

5/1/28 (3)

24,890‌

21,281‌

Navient,

4.875%,

3/15/28 

18,380‌

15,072‌

Navient,

5.00%,

3/15/27 

12,240‌

10,526‌

Navient,

5.50%,

3/15/29 

17,480‌

14,159‌

Navient,

6.75%,

6/25/25 

16,535‌

15,956‌

Navient,

6.75%,

6/15/26 

10,605‌

10,022‌

OneMain

Finance,

3.50%,

1/15/27 

8,640‌

7,139‌

OneMain

Finance,

5.375%,

11/15/29 

8,060‌

6,670‌

OneMain

Finance,

6.125%,

3/15/24 

6,358‌

6,191‌

OneMain

Finance,

6.625%,

1/15/28 

5,755‌

5,273‌

OneMain

Finance,

6.875%,

3/15/25 

18,550‌

17,993‌

OneMain

Finance,

7.125%,

3/15/26 

5,820‌

5,449‌

PennyMac

Financial

Services,

4.25%,

2/15/29 (3)

22,055‌

17,258‌

PennyMac

Financial

Services,

5.375%,

10/15/25 (3)

12,155‌

11,122‌

PROG

Holdings,

6.00%,

11/15/29 (3)

21,720‌

18,190‌

Ryan

Specialty

Group,

4.375%,

2/1/30 (3)

6,195‌

5,529‌

SLM,

4.20%,

10/29/25 

9,390‌

8,615‌

Starwood

Property

Trust,

3.75%,

12/31/24 (3)

6,465‌

6,045‌

Starwood

Property

Trust,

4.375%,

1/15/27 (3)

12,225‌

10,880‌

United

Wholesale

Mortgage,

5.50%,

4/15/29 (3)

8,485‌

6,597‌

United

Wholesale

Mortgage,

5.75%,

6/15/27 (3)

17,485‌

14,513‌

486,293‌

Food

0.9%

BellRing

Brands,

7.00%,

3/15/30 (3)

16,625‌

15,794‌

Chobani,

7.50%,

4/15/25 (3)

8,200‌

7,811‌

Cosan

Luxembourg,

7.00%,

1/20/27 (3)

17,390‌

17,768‌

Darling

Ingredients,

6.00%,

6/15/30 (3)

13,295‌

13,295‌

Triton

Water

Holdings,

6.25%,

4/1/29 (3)

8,657‌

7,120‌

61,788‌

T.

ROWE

PRICE

High

Yield

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

‡

Foreign

Govt

&

Muni

(Excl

Canadian)

0.4%

Petroleos

Mexicanos,

6.625%,

6/15/35 

17,600‌

12,648‌

Petroleos

Mexicanos,

7.69%,

1/23/50 

17,830‌

12,308‌

24,956‌

Forest

Products

0.1%

Graphic

Packaging

International,

3.75%,

2/1/30 (3)

9,685‌

8,341‌

Mercer

International,

5.50%,

1/15/26 

2,170‌

2,051‌

10,392‌

Gaming

4.1%

Caesars

Entertainment,

8.125%,

7/1/27 (3)

37,640‌

36,981‌

Cirsa

Finance

International,

4.50%,

3/15/27

(EUR) (3)

7,505‌

6,329‌

International

Game

Technology,

4.125%,

4/15/26 (3)

6,700‌

6,139‌

International

Game

Technology,

5.25%,

1/15/29 (3)

25,335‌

23,657‌

International

Game

Technology,

6.25%,

1/15/27 (3)

28,963‌

28,311‌

MGM

China

Holdings,

4.75%,

2/1/27 (3)

10,685‌

8,377‌

MGM

China

Holdings,

5.25%,

6/18/25 (3)

2,455‌

2,068‌

MGM

China

Holdings,

5.375%,

5/15/24 (3)

275‌

243‌

MGM

China

Holdings,

5.875%,

5/15/26 (3)

7,510‌

6,376‌

MGM

Growth

Properties

Operating

Partnership,

3.875%,

2/15/29 (3)

12,700‌

11,763‌

MGM

Growth

Properties

Operating

Partnership,

5.75%,

2/1/27 

8,690‌

8,690‌

MGM

Resorts

International,

4.75%,

10/15/28 

3,795‌

3,325‌

Midwest

Gaming

Borrower,

4.875%,

5/1/29 (3)

13,340‌

11,723‌

Peninsula

Pacific

Entertainment,

8.50%,

11/15/27 (3)

7,005‌

7,530‌

Playtika

Holding,

4.25%,

3/15/29 (3)

12,570‌

10,700‌

Sands

China,

4.875%,

6/18/30 

8,915‌

7,070‌

Sands

China,

5.90%,

8/8/28 

16,125‌

13,833‌

Scientific

Games

Holdings,

6.625%,

3/1/30 (3)

14,995‌

13,346‌

Scientific

Games

International,

7.00%,

5/15/28 (3)

12,890‌

12,568‌

Scientific

Games

International,

7.25%,

11/15/29 (3)

36,995‌

36,301‌

Studio

City

Finance,

5.00%,

1/15/29 (3)

9,590‌

5,002‌

Wynn

Macau,

5.50%,

1/15/26 (3)

12,005‌

9,270‌

Wynn

Macau,

5.50%,

10/1/27 (3)

23,082‌

16,596‌

Wynn

Resorts

Finance,

5.125%,

10/1/29 (3)

10,965‌

9,170‌

295,368‌

Health

Care

7.0%

AdaptHealth,

5.125%,

3/1/30 (3)

6,645‌

5,673‌

Avantor

Funding,

4.625%,

7/15/28 (3)

27,370‌

24,838‌

Bausch

Health

Americas,

8.50%,

1/31/27 (3)

2,695‌

1,294‌

Bausch

Health

Americas,

9.25%,

4/1/26 (3)

31,600‌

18,960‌

CHS,

5.25%,

5/15/30 (3)

21,825‌

16,532‌

CHS,

6.00%,

1/15/29 (3)

12,215‌

10,032‌

CHS,

6.125%,

4/1/30 (3)

31,730‌

19,673‌

CHS,

6.875%,

4/15/29 (3)

9,900‌

6,163‌

CHS,

8.00%,

12/15/27 (3)

24,945‌

21,952‌

T.

ROWE

PRICE

High

Yield

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

‡

DaVita,

4.625%,

6/1/30 (3)

17,095‌

13,719‌

Embecta,

5.00%,

2/15/30 (3)

9,025‌

7,919‌

Minerva

Merger

Sub,

6.50%,

2/15/30 (3)

33,940‌

28,891‌

Molina

Healthcare,

4.375%,

6/15/28 (3)

11,070‌

10,212‌

Mozart

Debt

Merger

Sub,

3.875%,

4/1/29 (3)

25,040‌

21,159‌

Mozart

Debt

Merger

Sub,

5.25%,

10/1/29 (3)

63,930‌

53,861‌

Option

Care

Health,

4.375%,

10/31/29 (3)

15,055‌

13,173‌

Organon,

5.125%,

4/30/31 (3)

23,590‌

20,612‌

Radiology

Partners,

9.25%,

2/1/28 (3)

19,963‌

15,297‌

Select

Medical,

6.25%,

8/15/26 (3)

20,080‌

19,302‌

Tenet

Healthcare,

4.375%,

1/15/30 (3)

18,735‌

16,346‌

Tenet

Healthcare,

6.125%,

10/1/28 (3)

45,700‌

41,930‌

Tenet

Healthcare,

6.125%,

6/15/30 (3)

20,178‌

19,320‌

Tenet

Healthcare,

6.875%,

11/15/31 

10,830‌

10,153‌

Teva

Pharmaceutical

Finance

Netherlands

III,

4.75%,

5/9/27 

14,880‌

13,169‌

Teva

Pharmaceutical

Finance

Netherlands

III,

5.125%,

5/9/29 

33,400‌

29,309‌

Teva

Pharmaceutical

Finance

Netherlands

III,

6.75%,

3/1/28 

22,945‌

21,912‌

Teva

Pharmaceutical

Finance

Netherlands

III,

7.125%,

1/31/25 

24,760‌

24,512‌

505,913‌

Information

Technology

3.7%

Arches

Buyer,

4.25%,

6/1/28 (3)

16,060‌

12,968‌

Boxer

Parent,

7.125%,

10/2/25 (3)

2,085‌

2,064‌

Central

Parent,

7.25%,

6/15/29 (3)

38,340‌

36,615‌

Condor

Merger

Sub,

7.375%,

2/15/30 (3)

16,590‌

13,770‌

Entegris

Escrow,

5.95%,

6/15/30 (3)

68,145‌

65,078‌

Go

Daddy

Operating,

5.25%,

12/1/27 (3)

5,230‌

4,942‌

Match

Group

Holdings

II,

3.625%,

10/1/31 (3)

13,540‌

10,697‌

Match

Group

Holdings

II,

4.125%,

8/1/30 (3)

24,050‌

19,901‌

Match

Group

Holdings

II,

4.625%,

6/1/28 (3)

8,145‌

7,320‌

Match

Group

Holdings

II,

5.00%,

12/15/27 (3)

905‌

835‌

Match

Group

Holdings

II,

5.625%,

2/15/29 (3)

7,940‌

7,454‌

Photo

Holdings

Merger

Sub,

8.50%,

10/1/26 (3)

25,690‌

19,396‌

ROBLOX,

3.875%,

5/1/30 (3)

21,110‌

17,627‌

Twilio,

3.875%,

3/15/31 

17,060‌

13,563‌

Uber

Technologies,

7.50%,

9/15/27 (3)

4,765‌

4,753‌

Viavi

Solutions,

3.75%,

10/1/29 (3)

6,480‌

5,767‌

ZipRecruiter,

5.00%,

1/15/30 (3)

12,655‌

10,583‌

ZoomInfo

Technologies,

3.875%,

2/1/29 (3)

15,027‌

13,299‌

266,632‌

Lodging

0.7%

Hilton

Domestic

Operating,

4.00%,

5/1/31 (3)

16,975‌

14,386‌

Hilton

Domestic

Operating,

5.375%,

5/1/25 (3)

3,745‌

3,708‌

Hilton

Domestic

Operating,

5.75%,

5/1/28 (3)

4,340‌

4,242‌

Park

Intermediate

Holdings,

4.875%,

5/15/29 (3)

10,160‌

8,941‌

Park

Intermediate

Holdings,

5.875%,

10/1/28 (3)

8,775‌

8,040‌

T.

ROWE

PRICE

High

Yield

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

‡

RHP

Hotel

Properties,

4.50%,

2/15/29 (3)

16,525‌

14,397‌

53,714‌

Manufacturing

1.0%

Hillenbrand,

3.75%,

3/1/31 

9,145‌

7,682‌

Hillenbrand,

5.00%,

9/15/26 

430‌

418‌

Madison

IAQ,

4.125%,

6/30/28 (3)

19,445‌

16,674‌

Madison

IAQ,

5.875%,

6/30/29 (3)

11,160‌

9,151‌

Mueller

Water

Products,

4.00%,

6/15/29 (3)

13,160‌

11,745‌

Sensata

Technologies,

4.00%,

4/15/29 (3)

15,515‌

13,382‌

Sensata

Technologies,

5.875%,

9/1/30 (3)

11,400‌

11,158‌

Stevens

Holding,

6.125%,

10/1/26 (3)

1,590‌

1,578‌

71,788‌

Metals

&

Mining

2.8%

Alcoa

Nederland

Holding,

5.50%,

12/15/27 (3)

11,025‌

10,543‌

Alcoa

Nederland

Holding,

6.125%,

5/15/28 (3)

11,935‌

11,592‌

Allegheny

Technologies,

5.125%,

10/1/31 

7,935‌

6,973‌

Arconic,

6.125%,

2/15/28 (3)

20,499‌

19,295‌

Big

River

Steel,

6.625%,

1/31/29 (3)

19,532‌

19,385‌

ERO

Copper,

6.50%,

2/15/30 (3)

8,400‌

6,351‌

FMG

Resources,

4.50%,

9/15/27 (3)

12,295‌

11,188‌

FMG

Resources,

5.875%,

4/15/30 (3)

12,210‌

11,386‌

Freeport-McMoRan,

5.40%,

11/14/34 

29,279‌

27,925‌

Freeport-McMoRan,

5.45%,

3/15/43 

12,466‌

11,251‌

GrafTech

Finance,

4.625%,

12/15/28 (3)

7,045‌

6,032‌

Hecla

Mining,

7.25%,

2/15/28 

29,735‌

28,248‌

Hudbay

Minerals,

6.125%,

4/1/29 (3)

15,290‌

13,480‌

Novelis,

4.75%,

1/30/30 (3)

18,235‌

15,956‌

199,605‌

Other

Telecommunications

0.5%

Embarq,

7.995%,

6/1/36 

10,735‌

8,212‌

Level

3

Financing,

3.75%,

7/15/29 (3)

12,780‌

10,224‌

Lumen

Technologies,

4.50%,

1/15/29 (3)

9,105‌

6,772‌

Lumen

Technologies,

5.375%,

6/15/29 (3)

12,665‌

9,847‌

35,055‌

Petroleum

0.3%

Ecopetrol,

5.875%,

5/28/45 

9,690‌

6,703‌

Ecopetrol,

6.875%,

4/29/30 

16,065‌

14,952‌

21,655‌

Real

Estate

Investment

Trust

Securities

0.8%

American

Finance

Trust,

4.50%,

9/30/28 (3)

25,045‌

20,036‌

Brookfield

Property

REIT,

4.50%,

4/1/27 (3)

8,245‌

7,091‌

Service

Properties

Trust,

4.35%,

10/1/24 

17,185‌

15,466‌

Service

Properties

Trust,

7.50%,

9/15/25 

15,380‌

14,746‌

57,339‌

T.

ROWE

PRICE

High

Yield

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

‡

Restaurants

0.9%

Dave

&

Buster's,

7.625%,

11/1/25 (3)

15,674‌

15,792‌

Yum!

Brands,

5.35%,

11/1/43 

19,590‌

17,239‌

Yum!

Brands,

5.375%,

4/1/32 

15,620‌

14,370‌

Yum!

Brands,

6.875%,

11/15/37 

17,960‌

19,285‌

66,686‌

Retail

1.2%

At

Home

Group,

7.125%,

7/15/29 (3)

8,250‌

5,280‌

Bath

&

Body

Works,

6.625%,

10/1/30 (3)

12,280‌

11,144‌

Bath

&

Body

Works,

6.694%,

1/15/27 

1,620‌

1,575‌

Bath

&

Body

Works,

6.95%,

3/1/33 

7,052‌

5,853‌

Bath

&

Body

Works,

7.50%,

6/15/29 

9,820‌

9,439‌

Bath

&

Body

Works,

9.375%,

7/1/25 (3)

7,301‌

7,721‌

Linens

'n

Things,

EC,

8.338%,

1/15/20 (4)(5)

9,800‌

—‌

LSF9

Atlantis

Holdings,

7.75%,

2/15/26 (3)

16,405‌

15,175‌

PetSmart,

4.75%,

2/15/28 (3)

3,320‌

2,980‌

PetSmart,

7.75%,

2/15/29 (3)

25,505‌

23,943‌

83,110‌

Satellites

1.5%

Connect

Finco,

6.75%,

10/1/26 (3)

20,000‌

18,250‌

Hughes

Satellite

Systems,

6.625%,

8/1/26 

34,475‌

32,406‌

Intelsat

Jackson

Holdings,

6.50%,

3/15/30 (3)

7,915‌

7,153‌

Maxar

Technologies,

7.75%,

6/15/27 (3)

22,000‌

21,835‌

Telesat

Canada,

6.50%,

10/15/27 (3)

11,445‌

4,721‌

Viasat,

5.625%,

4/15/27 (3)

24,365‌

22,538‌

106,903‌

Services

7.0%

ADT

Security,

4.125%,

8/1/29 (3)

7,870‌

6,729‌

Adtalem

Global

Education,

5.50%,

3/1/28 (3)

12,012‌

11,351‌

Advantage

Sales

&

Marketing,

6.50%,

11/15/28 (3)

22,715‌

19,421‌

Albion

Financing

1,

6.125%,

10/15/26 (3)

16,845‌

15,013‌

Albion

Financing

2,

8.75%,

4/15/27 (3)

7,065‌

6,288‌

Allied

Universal

Holdco,

9.75%,

7/15/27 (3)

16,065‌

14,539‌

Black

Knight

InfoServ,

3.625%,

9/1/28 (3)

15,475‌

13,541‌

Clarivate

Science

Holdings,

3.875%,

7/1/28 (3)

17,045‌

14,616‌

Clarivate

Science

Holdings,

4.875%,

7/1/29 (3)

11,855‌

9,810‌

Constellation

Automotive

Financing,

4.875%,

7/15/27

(GBP) (3)

3,545‌

3,217‌

Dun

&

Bradstreet,

5.00%,

12/15/29 (3)

5,800‌

5,155‌

eG

Global

Finance,

6.25%,

10/30/25

(EUR) 

730‌

684‌

eG

Global

Finance,

6.75%,

2/7/25 (3)

22,069‌

20,855‌

eG

Global

Finance,

8.50%,

10/30/25 (3)

15,759‌

14,656‌

Fair

Isaac,

4.00%,

6/15/28 (3)

19,945‌

17,601‌

Fair

Isaac,

5.25%,

5/15/26 (3)

19,800‌

19,107‌

Gartner,

3.625%,

6/15/29 (3)

27,715‌

23,939‌

Gartner,

4.50%,

7/1/28 (3)

5,740‌

5,288‌

T.

ROWE

PRICE

High

Yield

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

‡

GFL

Environmental,

4.375%,

8/15/29 (3)

10,865‌

9,398‌

GFL

Environmental,

4.75%,

6/15/29 (3)

32,070‌

27,917‌

GFL

Environmental,

5.125%,

12/15/26 (3)

1,110‌

1,074‌

H&E

Equipment

Services,

3.875%,

12/15/28 (3)

34,955‌

29,581‌

IPD

3,

5.50%,

12/1/25

(EUR) (3)

3,355‌

3,054‌

Millennium

Escrow,

6.625%,

8/1/26 (3)

8,495‌

6,913‌

MSCI,

3.25%,

8/15/33 (3)

21,665‌

17,142‌

MSCI,

4.00%,

11/15/29 (3)

11,540‌

10,271‌

Presidio

Holdings,

4.875%,

2/1/27 (3)

9,310‌

8,810‌

Presidio

Holdings,

8.25%,

2/1/28 (3)

19,285‌

17,501‌

Prime

Security

Services

Borrower,

5.75%,

4/15/26 (3)

12,180‌

11,693‌

Prime

Security

Services

Borrower,

6.25%,

1/15/28 (3)

18,475‌

16,281‌

Sabre

GLBL,

7.375%,

9/1/25 (3)

11,250‌

10,716‌

Sabre

GLBL,

9.25%,

4/15/25 (3)

14,315‌

14,208‌

Staples,

7.50%,

4/15/26 (3)

26,818‌

22,661‌

Staples,

10.75%,

4/15/27 (3)

8,333‌

6,302‌

TK

Elevator

Holdco,

7.625%,

7/15/28 (3)

25,260‌

22,608‌

TK

Elevator

U.S.

Newco,

5.25%,

7/15/27 (3)

33,230‌

29,948‌

United

Rentals

North

America,

3.75%,

1/15/32 

5,125‌

4,247‌

United

Rentals

North

America,

3.875%,

2/15/31 

15,500‌

13,388‌

Verde

Bidco,

4.625%,

10/1/26

(EUR) (3)

2,135‌

1,798‌

507,321‌

Supermarkets

1.2%

Albertsons,

3.50%,

3/15/29 (3)

29,195‌

23,976‌

Albertsons,

4.875%,

2/15/30 (3)

12,940‌

11,306‌

Albertsons,

5.875%,

2/15/28 (3)

13,310‌

12,645‌

Iceland

Bondco,

4.625%,

3/15/25

(GBP) 

13,935‌

11,694‌

New

Albertsons,

7.45%,

8/1/29 

9,945‌

9,734‌

New

Albertsons,

8.00%,

5/1/31 

4,830‌

4,830‌

United

Natural

Foods,

6.75%,

10/15/28 (3)

11,785‌

11,343‌

85,528‌

Transportation

0.3%

Watco,

6.50%,

6/15/27 (3)

19,440‌

18,614‌

18,614‌

Utilities

3.8%

Calpine,

4.50%,

2/15/28 (3)

8,260‌

7,558‌

Calpine,

5.00%,

2/1/31 (3)

17,725‌

14,845‌

Calpine,

5.125%,

3/15/28 (3)

24,635‌

21,864‌

NextEra

Energy

Operating

Partners,

4.25%,

9/15/24 (3)

1,458‌

1,411‌

NextEra

Energy

Operating

Partners,

4.50%,

9/15/27 (3)

12,275‌

11,354‌

NiSource,

VR,

5.65% (6)(8)

12,860‌

11,960‌

Pattern

Energy

Operations,

4.50%,

8/15/28 (3)

3,515‌

3,172‌

PG&E,

5.00%,

7/1/28 

28,447‌

25,176‌

PG&E,

5.25%,

7/1/30 

42,245‌

36,489‌

Pike,

5.50%,

9/1/28 (3)

13,733‌

11,381‌

T.

ROWE

PRICE

High

Yield

Fund

14

Par/Shares

$

Value

(Amounts

in

000s)

‡

Terraform

Global

Operating,

6.125%,

3/1/26 (3)

19,029‌

18,125‌

TerraForm

Power

Operating,

5.00%,

1/31/28 (3)

2,370‌

2,186‌

Vistra,

VR,

7.00% (3)(6)(8)

32,335‌

30,071‌

Vistra,

VR,

8.00% (3)(6)(8)

41,780‌

40,109‌

Vistra

Operations,

4.375%,

5/1/29 (3)

46,345‌

40,378‌

276,079‌

Wireless

Communications

0.6%

Iliad

Holding

SASU,

6.50%,

10/15/26 (3)

25,855‌

23,528‌

Sprint,

7.625%,

2/15/25 

1,885‌

1,972‌

Sprint

Capital,

6.875%,

11/15/28 

18,260‌

19,401‌

44,901‌

Total

Corporate

Bonds

(Cost

$7,148,667)

6,390,708‌

MUNICIPAL

SECURITIES

0.4%

Puerto

Rico

0.4%

Puerto

Rico

Commonwealth,

GO,VR,

11/1/43 (5)(10)

56,700‌

29,200‌

Total

Municipal

Securities

(Cost

$30,494)

29,200‌

SHORT-TERM

INVESTMENTS

1.7%

Money

Market

Funds

1.6%

T.

Rowe

Price

Government

Reserve

Fund,

2.36% (11)(12)

115,235‌

115,235‌

115,235‌

U.S.

Treasury

Obligations

0.1%

U.S.

Treasury

Bills,

2.04%,

10/6/22 (13)

8,400‌

8,382‌

8,382‌

Total

Short-Term

Investments

(Cost

$123,618)

123,617‌

Total

Investments

in

Securities

98.5%

(Cost

$7,878,220)

$

7,102,575‌

Other

Assets

Less

Liabilities

1.5%

107,706‌

Net

Assets

100.0%

$

7,210,281‌

‡

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,

2022.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

T.

ROWE

PRICE

High

Yield

Fund

15

.

.

.

.

.

.

.

.

.

.

(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

$4,935,584

and

represents

68.5%

of

net

assets.

(4)

Level

3

in

fair

value

hierarchy.

(5)

Non-income

producing

(6)

Perpetual

security

with

no

stated

maturity

date.

(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

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$8,759

and

represents

0.1%

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)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(10)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

(11)

Seven-day

yield

(12)

Affiliated

Companies

(13)

At

August

31,

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

EURIBOR

Three

month

EURIBOR

(Euro

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)

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

PIK

Payment-in-kind

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

16

(Amounts

in

000s)

SWAPS

(0.1)%

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,

B3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

5,715

(206)

(91)

(115‌)

Citibank,

Protection

Sold

(Relevant

Credit:

Royal

Caribbean

Cruises,

B3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

5,705

(206)

(89)

(117‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(180)

(232‌)

Total

Bilateral

Swaps

(180)

(232‌)

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.1)%

Credit

Default

Swaps,

Protection

Sold

(0.1)%

Protection

Sold

(Relevant

Credit:

American

Airlines

Group,

Caa1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/23

*

3,453

(29)

(159)

130‌

Protection

Sold

(Relevant

Credit:

CHS/

Community

Health

Systems,

Caa2*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/26

*

8,875

(3,768)

(354)

(3,414‌)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S38,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/21/27

*

35,760

(81)

89

(170‌)

T.

ROWE

PRICE

High

Yield

Fund

17

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S38,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/21/27

*

524

(1)

(10)

9‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(3,445‌)

Total

Centrally

Cleared

Swaps

(3,445‌)

Net

payments

(receipts)

of

variation

margin

to

date

3,479‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

34‌

*

Credit

ratings

as

of

August

31,

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

$1.

T.

ROWE

PRICE

High

Yield

Fund

18

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Barclays

Bank

10/21/22

GBP

1,019‌

USD

1,207‌

$

(22‌)

Deutsche

Bank

11/25/22

EUR

1,331‌

USD

1,366‌

(20‌)

HSBC

Bank

10/21/22

USD

23,204‌

GBP

19,333‌

721‌

HSBC

Bank

11/25/22

USD

4,849‌

EUR

4,693‌

106‌

State

Street

11/25/22

USD

4,775‌

EUR

4,623‌

103‌

UBS

Investment

Bank

11/25/22

USD

9,678‌

EUR

9,362‌

216‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

1,104‌

T.

ROWE

PRICE

High

Yield

Fund

19

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%

$

—‌

$

—‌

$

502‌++

Totals

$

—‌#

$

—‌

$

502‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/22

Purchase

Cost

Sales

Cost

Value

08/31/22

T.

Rowe

Price

Government

Reserve

Fund,

2.36%

$

99,841‌

 ¤

 ¤

$

115,235‌

Total

$

115,235‌^

#

Capital

gain

distributions

from

underlying

Price

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

$502

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

$115,235.

T.

ROWE

PRICE

High

Yield

Fund

Unaudited

Notes

to

Portfolio

of

Investments

20

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

T.

ROWE

PRICE

High

Yield

Fund

21

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

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

T.

ROWE

PRICE

High

Yield

Fund

22

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

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.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

August

31,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

T.

ROWE

PRICE

High

Yield

Fund

23

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.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

429,397‌

$

—‌

$

429,397‌

Common

Stocks

31,320‌

—‌

—‌

31,320‌

Convertible

Preferred

Stocks

—‌

127,533‌

—‌

127,533‌

Corporate

Bonds

—‌

6,390,708‌

—‌

6,390,708‌

Short-Term

Investments

115,235‌

8,382‌

—‌

123,617‌

Total

Securities

146,555‌

6,956,020‌

—‌

7,102,575‌

Swaps*

—‌

139‌

—‌

139‌

Forward

Currency

Exchange

Contracts

—‌

1,146‌

—‌

1,146‌

Total

$

146,555‌

$

6,957,305‌

$

—‌

$

7,103,860‌

Liabilities

Swaps*

$

—‌

$

3,996‌

$

—‌

$

3,996‌

Forward

Currency

Exchange

Contracts

—‌

42‌

—‌

42‌

Total

$

—‌

$

4,038‌

$

—‌

$

4,038‌

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

24

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.

F57-054Q1

08/22