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