T.

ROWE

PRICE

U.S.

High

Yield

Fund

August

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

BANK

LOANS

8.7%

(1)

Basic

Industry

0.9%

Tutor

Perini,

FRN,

1M

USD

LIBOR

+

4.75%,

5.75%,

8/18/27 

5,010‌

5,010‌

5,010‌

Consumer

Goods

1.1%

Journey

Personal

Care,

FRN,

1M

USD

LIBOR

+

4.25%,

5.00%,

3/1/28 

5,555‌

5,565‌

5,565‌

Leisure

1.6%

Caesars

Resort

Collection,

FRN,

1M

USD

LIBOR

+

4.50%,

4.585%,

7/21/25 

5,040‌

5,047‌

Enterprise

Development

Authority,

FRN,

1M

USD

LIBOR

+

4.25%,

5.00%,

2/28/28 (2)

3,659‌

3,663‌

8,710‌

Retail

3.1%

KNS

Midco,

FRN,

1M

USD

LIBOR

+

6.25%,

7.00%,

4/21/27 

5,590‌

5,529‌

PetSmart,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

2/11/28 

5,580‌

5,585‌

Rent-A-Center,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

2/17/28 

5,552‌

5,572‌

16,686‌

Services

1.0%

Staples,

FRN,

3M

USD

LIBOR

+

5.00%,

5.126%,

4/16/26 

5,710‌

5,388‌

5,388‌

Transportation

1.0%

AAdvantage

Loyalt

y

IP,

FRN,

1M

USD

LIBOR

+

4.75%,

5.50%,

4/20/28 (3)

5,360‌

5,516‌

5,516‌

Total

Bank

Loans

(Cost

$46,950)

46,875‌

CORPORATE

BONDS

84.4%

Automotive

5.5%

Aston

Martin

Capital

Holdings,

10.50%,

11/30/25 (4)

4,998‌

5,560‌

Ford

Motor

Credit,

3.815%,

11/2/27 

1,785‌

1,874‌

Ford

Motor

Credit,

4.00%,

11/13/30 

3,345‌

3,532‌

Ford

Motor

Credit,

5.113%,

5/3/29 

2,420‌

2,735‌

Jaguar

Land

Rover

Automotive,

5.50%,

7/15/29 (4)

5,345‌

5,265‌

Tenneco,

5.00%,

7/15/26 

5,560‌

5,546‌

Wheel

Pros,

6.50%,

5/15/29 (4)

5,205‌

5,199‌

29,711‌

Basic

Industry

5.9%

Allegheny

Technologies,

7.875%,

8/15/23 

3,574‌

3,851‌

CVR

Partners,

6.125%,

6/15/28 (4)

5,215‌

5,320‌

IAMGOLD,

5.75%,

10/15/28 (4)

4,885‌

4,870‌

Polar

U.S.

Borrower,

6.75%,

5/15/26 (4)

4,250‌

4,282‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

‡

SCIH

Salt

Holdings,

6.625%,

5/1/29 (4)

5,780‌

5,746‌

Taseko

Mines,

7.00%,

2/15/26 (4)

1,480‌

1,517‌

Tutor

Perini,

6.875%,

5/1/25 (4)

3,500‌

3,605‌

Warrior

Met

Coal,

8.00%,

11/1/24 (4)

2,660‌

2,673‌

31,864‌

Capital

Goods

4.8%

ARD

Finance,

6.50%,

(6.5000%

Cash

or

7.250%

PIK),

6/30/27 (4)

(5)

3,795‌

3,994‌

Bombardier,

6.00%,

10/15/22 (4)

2,261‌

2,264‌

GrafTech

Finance,

4.625%,

12/15/28 (4)

5,022‌

5,116‌

Granite

U.S.

Holdings,

11.00%,

10/1/27 (4)

4,465‌

4,967‌

Rolls-Royce,

5.75%,

10/15/27 (4)

4,380‌

4,802‌

Spirit

AeroSystems,

4.60%,

6/15/28 

5,195‌

5,065‌

26,208‌

Consumer

Goods

6.4%

Coty,

6.50%,

4/15/26 (4)

10,655‌

10,988‌

Kronos

Acquisition

Holdings,

7.00%,

12/31/27 (4)

1,514‌

1,472‌

MajorDrive

Holdings

IV,

6.375%,

6/1/29 (4)

5,555‌

5,374‌

Sigma

Holdco,

7.875%,

5/15/26 (4)

10,988‌

11,112‌

Triton

Water

Holdings,

6.25%,

4/1/29 (4)

5,535‌

5,480‌

34,426‌

Energy

17.4%

Ascent

Resources

Utica

Holdings,

5.875%,

6/30/29 (4)

3,070‌

2,947‌

Ascent

Resources

Utica

Holdings,

7.00%,

11/1/26 (4)

1,195‌

1,216‌

Ascent

Resources

Utica

Holdings,

8.25%,

12/31/28 (4)

2,515‌

2,666‌

Cheniere

Energy

Partners,

4.50%,

10/1/29 

3,820‌

4,106‌

Citgo

Holding,

9.25%,

8/1/24 (4)

5,350‌

5,297‌

CNX

Resources,

6.00%,

1/15/29 (4)

2,010‌

2,085‌

CNX

Resources,

7.25%,

3/14/27 (4)

4,670‌

4,944‌

Comstock

Resources,

6.75%,

3/1/29 (4)

5,045‌

5,272‌

Gulfport

Energy

Operating,

8.00%,

5/17/26 (4)

4,945‌

5,254‌

Harvest

Midstream

I,

7.50%,

9/1/28 (4)

4,915‌

5,173‌

Moss

Creek

Resources

Holdings,

7.50%,

1/15/26 (4)

3,515‌

3,005‌

Moss

Creek

Resources

Holdings,

10.50%,

5/15/27 (4)

2,290‌

2,095‌

NGL

Energy

Operating,

7.50%,

2/1/26 (4)

5,045‌

5,108‌

NGL

Energy

Partners,

7.50%,

11/1/23 

2,300‌

2,168‌

Occidental

Petroleum,

6.125%,

1/1/31 

1,585‌

1,916‌

Occidental

Petroleum,

6.375%,

9/1/28 

2,410‌

2,853‌

Occidental

Petroleum,

6.45%,

9/15/36 

1,000‌

1,250‌

Occidental

Petroleum,

6.625%,

9/1/30 

1,070‌

1,329‌

Occidental

Petroleum,

8.50%,

7/15/27 

2,265‌

2,854‌

PDC

Energy,

5.75%,

5/15/26 

2,060‌

2,127‌

Rockpoint

Gas

Storage

Canada,

7.00%,

3/31/23 (4)

4,675‌

4,769‌

SM

Energy,

5.625%,

6/1/25 

2,580‌

2,580‌

SM

Energy,

6.625%,

1/15/27 

2,515‌

2,528‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

‡

Tallgrass

Energy

Partners,

6.00%,

3/1/27 (4)

3,585‌

3,702‌

Tallgrass

Energy

Partners,

6.00%,

12/31/30 (4)

2,020‌

2,055‌

Targa

Resources

Partners,

6.50%,

7/15/27 

3,145‌

3,397‌

Transocean

Pontus,

6.125%,

8/1/25 (4)

2,342‌

2,318‌

Transocean

Proteus,

6.25%,

12/1/24 (4)

2,863‌

2,827‌

USA

Compression

Partners,

6.875%,

9/1/27 

3,400‌

3,553‌

Western

Midstream

Operating,

4.65%,

7/1/26 

841‌

904‌

Western

Midstream

Operating,

4.75%,

8/15/28 

1,695‌

1,852‌

94,150‌

Financial

Services

0.7%

Advisor

Group

Holdings,

10.75%,

8/1/27 (4)

1,735‌

1,915‌

PRA

Group,

7.375%,

9/1/25 (4)

1,915‌

2,047‌

3,962‌

Health

Care

6.2%

Air

Methods,

8.00%,

5/15/25 (4)

8,429‌

7,965‌

CHS,

6.875%,

4/1/28 (4)

4,034‌

3,994‌

DaVita,

3.75%,

2/15/31 (4)

5,005‌

4,930‌

Legacy

LifePoint

Health,

4.375%,

2/15/27 (4)

3,895‌

3,875‌

Ortho-Clinical

Diagnostics,

7.25%,

2/1/28 (4)

1,905‌

2,053‌

Tenet

Healthcare,

6.125%,

10/1/28 (4)

3,405‌

3,601‌

Tenet

Healthcare,

6.875%,

11/15/31 

1,405‌

1,616‌

U.S.

Renal

Care,

10.625%,

7/15/27 (4)

5,060‌

5,300‌

33,334‌

Insurance

0.7%

AssuredPartners,

7.00%,

8/15/25 (4)

3,950‌

4,014‌

4,014‌

Leisure

2.5%

Caesars

Resort

Collection,

5.25%,

10/15/25 (4)

3,950‌

3,994‌

Carnival,

5.75%,

3/1/27 (4)

5,200‌

5,317‌

Studio

City

Finance,

5.00%,

1/15/29 (4)

4,380‌

4,324‌

13,635‌

Media

9.6%

Audacy

Capital,

6.75%,

3/31/29 (4)

4,935‌

4,972‌

Clear

Channel

Outdoor

Holdings,

7.75%,

4/15/28 (4)

5,265‌

5,482‌

CSC

Holdings,

4.125%,

12/1/30 (4)

4,960‌

4,966‌

Deluxe,

8.00%,

6/1/29 (4)

5,010‌

5,367‌

DIRECTV

Holdings,

5.875%,

8/15/27 (4)

2,575‌

2,691‌

iHeartCommunications,

8.375%,

5/1/27 

6,485‌

6,882‌

Nexstar

Media,

5.625%,

7/15/27 (4)

5,105‌

5,411‌

Sinclair

Television

Group,

4.125%,

12/1/30 (4)

5,485‌

5,362‌

Terrier

Media

Buyer,

8.875%,

12/15/27 (4)

4,907‌

5,214‌

Urban

One,

7.375%,

2/1/28 (4)

5,150‌

5,562‌

51,909‌

Real

Estate

3.9%

Brookfield

Property

REIT,

5.75%,

5/15/26 (4)

4,965‌

5,113‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

‡

Millennium

Escrow,

6.625%,

8/1/26 (4)

2,575‌

2,633‌

Outfront

Media

Capital,

4.25%,

1/15/29 (4)

5,165‌

5,178‌

Service

Properties

Trust,

3.95%,

1/15/28 

4,405‌

4,178‌

Service

Properties

Trust,

4.95%,

2/15/27 

3,975‌

3,985‌

21,087‌

Retail

6.7%

Carrols

Restaurant

Group,

5.875%,

7/1/29 (4)

2,815‌

2,717‌

eG

Global

Finance,

6.75%,

2/7/25 (4)

3,715‌

3,794‌

GPS

Hospitality

Holding,

7.00%,

8/15/28 (4)

1,725‌

1,703‌

IRB

Holding,

6.75%,

2/15/26 (4)

4,115‌

4,249‌

LSF9

Atlantis

Holdings,

7.75%,

2/15/26 (4)

5,120‌

5,318‌

Michaels,

7.875%,

5/1/29 (4)

5,090‌

5,205‌

NMG

Holding,

7.125%,

4/1/26 (4)

5,330‌

5,630‌

Rite

Aid,

7.50%,

7/1/25 (4)

7,500‌

7,706‌

36,322‌

Services

2.5%

Adtalem

Global

Education,

5.50%,

3/1/28 (4)

4,040‌

4,131‌

Staples,

10.75%,

4/15/27 (4)

4,200‌

4,084‌

White

Cap

Parent,

8.25%,

(8.250%

PIK),

3/15/26 (4)(5)

5,020‌

5,183‌

13,398‌

Technology

&

Electronics

3.3%

Avaya,

6.125%,

9/15/28 (4)

4,490‌

4,737‌

ION

Trading

Technologies,

5.75%,

5/15/28 (4)

4,025‌

4,156‌

NCR,

5.00%,

10/1/28 (4)

1,435‌

1,480‌

NCR,

5.125%,

4/15/29 (4)

1,495‌

1,547‌

NCR,

5.75%,

9/1/27 (4)

1,579‌

1,670‌

Veritas

U.S.,

7.50%,

9/1/25 (4)

4,030‌

4,181‌

17,771‌

Telecommunications

5.8%

Consolidated

Communications,

6.50%,

10/1/28 (4)

5,155‌

5,638‌

DKT

Finance,

9.375%,

6/17/23 (4)

4,420‌

4,514‌

Frontier

Communications

Holdings,

5.875%,

11/1/29 

2,615‌

2,654‌

Frontier

Communications

Holdings,

6.75%,

5/1/29 (4)

505‌

539‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27 (4)

2,025‌

2,158‌

Level

3

Financing,

3.625%,

1/15/29 (4)

5,615‌

5,433‌

Level

3

Financing,

4.25%,

7/1/28 (4)

1,200‌

1,216‌

Telesat

Canada,

6.50%,

10/15/27 (4)

7,194‌

6,079‌

Viasat,

6.50%,

7/15/28 (4)

3,045‌

3,209‌

31,440‌

Transportation

2.5%

American

Airlines,

11.75%,

7/15/25 (4)

1,770‌

2,197‌

VistaJet

Malta

Finance,

10.50%,

6/1/24 (4)

10,307‌

11,183‌

13,380‌

Total

Corporate

Bonds

(Cost

$447,958)

456,611‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

‡

PREFERRED

STOCKS

0.9%

Energy

0.5%

Crestwood

Equity

Partners,

9.25% (6)

301‌

2,825‌

2,825‌

Financial

Services

0.4%

Ladenburg

Thalmann

Financial

Services,

6.50%,

11/30/27 

120‌

2,294‌

2,294‌

Total

Preferred

Stocks

(Cost

$4,247)

5,119‌

SHORT-TERM

INVESTMENTS

4.5%

Money

Market

Funds

4.5%

T.

Rowe

Price

Government

Reserve

Fund,

0.05% (7)(8)

24,137‌

24,137‌

Total

Short-Term

Investments

(Cost

$24,137)

24,137‌

Total

Investments

in

Securities

98.5%

(Cost

$523,292)

$

532,742‌

Other

Assets

Less

Liabilities

1.5%

8,059‌

Net

Assets

100.0%

$

540,801‌

‡

Par/Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Bank

loan

positions

may

involve

multiple

underlying

tranches.

In

those

instances,

the

position

presented

reflects

the

aggregate

of

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

of

the

settled

positions.

(2)

Level

3

in

fair

value

hierarchy.

(3)

All

or

a

portion

of

this

loan

is

unsettled

as

of

August

31,

2021.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(4)

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

$381,276

and

represents

70.5%

of

net

assets.

(5)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(6)

Perpetual

security

with

no

stated

maturity

date.

(7)

Seven-day

yield

(8)

Affiliated

Companies

T.

ROWE

PRICE

U.S.

High

Yield

Fund

6

.

.

.

.

.

.

.

.

.

.

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

FRN

Floating

Rate

Note

PIK

Payment-in-kind

T.

ROWE

PRICE

U.S.

High

Yield

Fund

7

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

August

31,

2021.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

$

—‌#

$

—‌

$

3‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/21

Purchase

Cost

Sales

Cost

Value

08/31/21

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

$

31,065‌

 ¤

 ¤

$

24,137‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$3

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

$24,137.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

Unaudited

Notes

to

Portfolio

of

Investments

8

T.

Rowe

Price

U.S.

High

Yield

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T.

ROWE

PRICE

U.S.

High

Yield

Fund

9

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the fund’s

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

10

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,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

F1106-054Q1

08/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Corporate

Bonds

$

—‌

$

456,611‌

$

—‌

$

456,611‌

Bank

Loans

—‌

43,212‌

3,663‌

46,875‌

Preferred

Stocks

5,119‌

—‌

—‌

5,119‌

Short-Term

Investments

24,137‌

—‌

—‌

24,137‌

Total

$

29,256‌

$

499,823‌

$

3,663‌

$

532,742‌