T.

ROWE

PRICE

High

Yield

Fund

August

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

BANK

LOANS

10.0%

(1)

Aerospace

&

Defense

0.4%

Dynasty

Acquisition,

FRN,

1M

USD

LIBOR

+

3.50%,

3.647%,

4/6/26 

19,650‌

19,106‌

Peraton,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

2/1/28 

17,102‌

17,099‌

36,205‌

Airlines

0.6%

AAdvantage

Loyalty

IP,

FRN,

1M

USD

LIBOR

+

4.75%,

5.50%,

4/20/28 

9,195‌

9,462‌

Mileage

Plus

Holdings,

FRN,

1M

USD

LIBOR

+

5.25%,

6.25%,

6/21/27 

16,565‌

17,559‌

SkyMiles

IP,

FRN,

3M

USD

LIBOR

+

3.75%,

4.75%,

10/20/27 

13,575‌

14,387‌

United

Airlines,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

4/21/28 

9,546‌

9,556‌

50,964‌

Automotive

0.2%

Clarios

Global,

FRN,

1M

USD

LIBOR

+

3.25%,

3.335%,

4/30/26 

7,306‌

7,220‌

Mavis

Tire

Express

Services

TopCo,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

5/4/28 

12,255‌

12,248‌

19,468‌

Cable

Operators

0.2%

Altice

France,

FRN,

3M

USD

LIBOR

+

4.00%,

4.125%,

8/14/26 

16,601‌

16,539‌

16,539‌

Consumer

Products

0.3%

Life

Time,

FRN,

1M

USD

LIBOR

+

4.75%,

5.75%,

12/16/24 

28,037‌

27,877‌

27,877‌

Container

0.1%

Kouti,

FRN,

3M

EURIBOR

+

0.00%,

7/1/28

(EUR) (2)

5,045‌

5,938‌

5,938‌

Energy

0.8%

BCP

Raptor,

FRN,

3M

USD

LIBOR

+

4.25%,

5.25%,

6/24/24 

51,094‌

50,598‌

Prairie

ECI

Acquiror,

FRN,

3M

USD

LIBOR

+

4.75%,

4.835%,

3/11/26 

11,255‌

10,861‌

Stonepeak

Lonestar

Holdings,

FRN,

1M

USD

LIBOR

+

4.50%,

4.634%,

10/19/26 

10,235‌

10,258‌

71,717‌

Food

0.1%

Bellring

Brands,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

10/21/24 

11,671‌

11,702‌

11,702‌

Gaming

0.2%

Scientific

Games

International,

FRN,

1M

USD

LIBOR

+

2.75%,

2.835%,

8/14/24 

21,203‌

21,000‌

21,000‌

Health

Care

0.8%

ADMI,

FRN,

1M

USD

LIBOR

+

3.13%,

3.625%,

12/23/27 

16,454‌

16,210‌

T.

ROWE

PRICE

High

Yield

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

‡

ADMI,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

12/23/27 

5,310‌

5,290‌

Gainwell

Acquisition,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

10/1/27 

20,613‌

20,665‌

LifePoint

Health,

FRN,

1M

USD

LIBOR

+

3.75%,

3.835%,

11/16/25 

9,953‌

9,878‌

U.S.

Radiology

Specialists,

FRN,

1M

USD

LIBOR

+

5.50%,

6.25%,

12/15/27 

13,562‌

13,608‌

65,651‌

Information

Technology

0.7%

Epicor

Software,

FRN,

1M

USD

LIBOR

+

7.75%,

8.75%,

7/31/28 

4,088‌

4,200‌

Proofpoint,

FRN,

1M

USD

LIBOR

+

0.00%,

8/31/28 (2)

12,560‌

12,480‌

Proofpoint,

FRN,

3M

USD

LIBOR

+

6.25%,

8/31/29 (2)

5,065‌

5,135‌

RealPage,

FRN,

3M

USD

LIBOR

+

6.50%,

7.25%,

4/23/29 

15,551‌

15,842‌

Solera,

FRN,

1M

USD

LIBOR

+

4.00%,

4.50%,

6/2/28 

18,220‌

18,198‌

55,855‌

Manufacturing

0.3%

Apex

Tool

Group,

FRN,

3M

USD

LIBOR

+

5.25%,

6.50%,

8/1/24 

22,406‌

22,431‌

22,431‌

Satellites

1.4%

Intelsat

Jackson

Holdings,

8.625%,

1/2/24 

12,890‌

13,093‌

Intelsat

Jackson

Holdings,

FRN,

1M

USD

LIBOR

+

5.50%,

6.50%,

7/13/22 

22,288‌

22,378‌

Intelsat

Jackson

Holdings,

FRN,

PRIME

+

4.75%,

8.00%,

11/27/23 (2)

52,271‌

53,023‌

Intelsat

Jackson

Holdings,

FRN,

PRIME

+

5.50%,

8.75%,

1/2/24 (2)

580‌

590‌

Iridium

Satellite,

FRN,

3M

USD

LIBOR

+

2.50%,

3.25%,

11/4/26 

34,120‌

34,046‌

123,130‌

Services

1.2%

Ascend

Learning,

FRN,

3M

USD

LIBOR

+

3.00%,

4.00%,

7/12/24 

12,390‌

12,372‌

CoreLogic,

FRN,

3M

USD

LIBOR

+

6.50%,

7.00%,

6/4/29 

7,980‌

8,080‌

Renaissance

Holdings,

FRN,

3M

USD

LIBOR

+

7.00%,

7.085%,

5/29/26 

7,718‌

7,720‌

UKG,

FRN,

1M

USD

LIBOR

+

3.25%,

4.00%,

5/4/26 

32,083‌

32,083‌

UKG,

FRN,

1M

USD

LIBOR

+

6.75%,

7.50%,

5/3/27 

44,020‌

44,653‌

104,908‌

Wireless

Communications

2.7%

Asurion,

FRN,

1M

USD

LIBOR

+

3.25%,

3.335%,

12/23/26 

25,342‌

24,839‌

Asurion,

FRN,

1M

USD

LIBOR

+

3.25%,

3.335%,

7/31/27 

23,361‌

22,889‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

1/20/29 (2)

100,360‌

99,796‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

5.335%,

1/31/28 

69,714‌

69,341‌

CCI

Buyer,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

12/17/27 

13,302‌

13,327‌

230,192‌

Total

Bank

Loans

(Cost

$851,208)

863,577‌

T.

ROWE

PRICE

High

Yield

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

‡

BOND

MUTUAL

FUNDS

0.3%

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Z

Class,

3.97% (3)

(4)

2,861‌

27,897‌

Total

Bond

Mutual

Funds

(Cost

$28,534)

27,897‌

COMMON

STOCKS

0.9%

Cable

Operators

0.1%

Liberty

Broadband,

Class

C (5)

56‌

10,695‌

10,695‌

Gaming

0.0%

New

Cotai

Participation,

Class

B (5)(6)(7)

—‌

—‌

—‌

Metals

&

Mining

0.2%

Constellium (5)

928‌

18,773‌

18,773‌

Utilities

0.3%

Sempra

Energy 

58‌

7,703‌

Vistra 

987‌

18,850‌

26,553‌

Wireless

Communications

0.3%

T-Mobile

U.S. (5)

168‌

23,073‌

23,073‌

Total

Common

Stocks

(Cost

$64,319)

79,094‌

CONVERTIBLE

BONDS

0.2%

Cable

Operators

0.1%

DISH

Network,

3.375%,

8/15/26 

8,735‌

9,131‌

9,131‌

Energy

0.1%

Cheniere

Energy,

4.25%,

3/15/45 

11,131‌

9,445‌

9,445‌

Total

Convertible

Bonds

(Cost

$15,382)

18,576‌

T.

ROWE

PRICE

High

Yield

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

‡

CONVERTIBLE

PREFERRED

STOCKS

3.4%

Energy

1.2%

Targa

Resources,

Series A,

9.50%,

Acquisition

Date:

10/30/17

-

2/10/21,

Cost $98,536 (8)(9)

98‌

105,458‌

105,458‌

Energy

Services

0.4%

NuStar

Energy,

VR,

10.75% (6)(8)

1,200‌

33,890‌

33,890‌

Forest

Products

0.0%

Smurfit-Stone

Container,

Series A,

EC,

7.00%,

2/15/27 (5)(7)

47‌

—‌

—‌

Health

Care

0.4%

Avantor,

Series A,

6.25%,

5/15/22 

299‌

36,315‌

36,315‌

Insurance

0.1%

Alliant

Services,

Series A,

Acquisition

Date:

11/6/20,

Cost $8,964 (5)(9)

9‌

9,123‌

9,123‌

Manufacturing

0.4%

Danaher,

Series B,

5.00%,

4/15/23 

18‌

30,261‌

30,261‌

Utilities

0.9%

American

Electric

Power,

6.125%,

3/15/22 

253‌

12,938‌

American

Electric

Power,

6.125%,

8/15/23 

214‌

11,357‌

NextEra

Energy,

5.279%,

3/1/23 

594‌

31,828‌

Southern,

Series A,

6.75%,

8/1/22 

336‌

17,756‌

73,879‌

Total

Convertible

Preferred

Stocks

(Cost

$240,990)

288,926‌

CORPORATE

BONDS

83.2%

Aerospace

&

Defense

1.0%

Bombardier,

7.50%,

3/15/25 (6)

8,385‌

8,605‌

TransDigm,

6.25%,

3/15/26 (6)

49,085‌

51,601‌

TransDigm,

7.50%,

3/15/27 

3,100‌

3,282‌

TransDigm,

8.00%,

12/15/25 (6)

18,765‌

20,056‌

83,544‌

Airlines

2.1%

Air

Canada,

3.875%,

8/15/26 (6)

7,975‌

8,015‌

T.

ROWE

PRICE

High

Yield

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

‡

Air

Canada,

4.625%,

8/15/29

(CAD) (6)

7,190‌

5,720‌

American

Airlines,

5.50%,

4/20/26 (6)

25,130‌

26,449‌

American

Airlines,

5.75%,

4/20/29 (6)

27,295‌

29,445‌

American

Airlines,

11.75%,

7/15/25 (6)

19,820‌

24,602‌

Delta

Air

Lines,

4.50%,

10/20/25 (6)

3,895‌

4,176‌

Delta

Air

Lines,

4.75%,

10/20/28 (6)

13,690‌

15,241‌

Delta

Air

Lines,

7.00%,

5/1/25 (6)

13,900‌

16,246‌

Delta

Air

Lines,

7.375%,

1/15/26 

19,150‌

22,525‌

Hawaiian

Brand

Intellectual

Property,

5.75%,

1/20/26 (6)

7,635‌

8,026‌

Mileage

Plus

Holdings,

6.50%,

6/20/27 (6)

10,695‌

11,617‌

United

Airlines,

4.625%,

4/15/29 (6)

9,420‌

9,773‌

181,835‌

Automotive

5.0%

Adient

Global

Holdings,

4.875%,

8/15/26 (6)

19,714‌

20,256‌

Adient

U.S.,

9.00%,

4/15/25 (6)

17,900‌

19,511‌

Clarios

Global,

6.25%,

5/15/26 (6)

1,823‌

1,923‌

Clarios

Global,

8.50%,

5/15/27 (6)

65,145‌

69,542‌

Dana,

4.25%,

9/1/30 

6,295‌

6,531‌

Dana,

5.625%,

6/15/28 

12,580‌

13,476‌

Dana

Financing

Luxembourg,

5.75%,

4/15/25 (6)

1,235‌

1,274‌

Ford

Motor,

8.50%,

4/21/23 

9,485‌

10,494‌

Ford

Motor,

9.00%,

4/22/25 

28,630‌

34,966‌

Ford

Motor,

9.625%,

4/22/30 

12,640‌

18,022‌

Ford

Motor

Credit,

5.125%,

6/16/25 

15,420‌

16,901‌

Goodyear

Tire

&

Rubber,

5.00%,

7/15/29 (6)

28,250‌

29,804‌

Goodyear

Tire

&

Rubber,

5.25%,

4/30/31 

17,000‌

18,105‌

Goodyear

Tire

&

Rubber,

5.25%,

7/15/31 (6)

16,835‌

17,971‌

Goodyear

Tire

&

Rubber,

9.50%,

5/31/25 

6,490‌

7,155‌

Jaguar

Land

Rover

Automotive,

5.875%,

1/15/28 (6)

8,600‌

8,837‌

Jaguar

Land

Rover

Automotive,

7.75%,

10/15/25 (6)

12,245‌

13,316‌

LCM

Investments

Holdings

II,

4.875%,

5/1/29 (6)

14,475‌

14,837‌

Lithia

Motors,

3.875%,

6/1/29 (6)

13,255‌

13,851‌

Meritor,

6.25%,

6/1/25 (6)

11,840‌

12,580‌

Metis

Merger

Sub,

6.50%,

5/15/29 (6)

12,840‌

12,840‌

Tenneco,

5.00%,

7/15/26 

26,379‌

26,313‌

Tenneco,

5.125%,

4/15/29 (6)

25,675‌

26,574‌

Tenneco,

5.375%,

12/15/24 

7,805‌

7,844‌

Tenneco,

7.875%,

1/15/29 (6)

10,365‌

11,674‌

434,597‌

Banking

0.5%

Banco

do

Brasil,

VR,

9.00% (8)(10)

21,100‌

23,679‌

Itau

Unibanco

Holding,

VR,

6.125% (6)(8)(10)

19,990‌

20,435‌

44,114‌

Broadcasting

5.1%

Clear

Channel

Outdoor

Holdings,

7.50%,

6/1/29 (6)

14,825‌

15,344‌

T.

ROWE

PRICE

High

Yield

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

‡

Clear

Channel

Outdoor

Holdings,

7.75%,

4/15/28 (6)

28,775‌

29,962‌

Clear

Channel

Worldwide

Holdings,

5.125%,

8/15/27 (6)

8,750‌

8,969‌

Diamond

Sports

Group,

5.375%,

8/15/26 (6)

2,185‌

1,448‌

Diamond

Sports

Group,

6.625%,

8/15/27 (6)

20,835‌

8,959‌

iHeartCommunications,

6.375%,

5/1/26 

5,429‌

5,727‌

iHeartCommunications,

8.375%,

5/1/27 

98,614‌

104,654‌

Midas

OpCo

Holdings,

5.625%,

8/15/29 (6)

42,175‌

43,177‌

Nexstar

Broadcasting,

4.75%,

11/1/28 (6)

9,945‌

10,318‌

Nexstar

Media,

5.625%,

7/15/27 (6)

12,945‌

13,722‌

Nielsen

Finance,

4.50%,

7/15/29 (6)

4,550‌

4,504‌

Nielsen

Finance,

4.75%,

7/15/31 (6)

6,215‌

6,122‌

Nielsen

Finance,

5.625%,

10/1/28 (6)

12,570‌

13,198‌

Outfront

Media

Capital,

4.25%,

1/15/29 (6)

3,940‌

3,950‌

Outfront

Media

Capital,

6.25%,

6/15/25 (6)

5,695‌

6,037‌

Sirius

XM

Radio,

3.125%,

9/1/26 (6)

7,090‌

7,223‌

Sirius

XM

Radio,

3.875%,

9/1/31 (6)

6,155‌

6,116‌

Sirius

XM

Radio,

4.00%,

7/15/28 (6)

29,395‌

30,056‌

Sirius

XM

Radio,

4.125%,

7/1/30 (6)

11,665‌

11,927‌

Sirius

XM

Radio,

5.00%,

8/1/27 (6)

10,570‌

11,059‌

Terrier

Media

Buyer,

8.875%,

12/15/27 (6)

30,270‌

32,162‌

Townsquare

Media,

6.875%,

2/1/26 (6)

15,560‌

16,494‌

Univision

Communications,

4.50%,

5/1/29 (6)

21,130‌

21,447‌

Univision

Communications,

6.625%,

6/1/27 (6)

15,540‌

16,783‌

Univision

Communications,

9.50%,

5/1/25 (6)

7,150‌

7,776‌

437,134‌

Building

&

Real

Estate

1.3%

Brookfield

Residential

Properties,

5.00%,

6/15/29 (6)

12,180‌

12,393‌

Cushman

&

Wakefield

U.S.

Borrower,

6.75%,

5/15/28 (6)

19,265‌

20,854‌

Howard

Hughes,

4.125%,

2/1/29 (6)

17,145‌

17,295‌

Howard

Hughes,

4.375%,

2/1/31 (6)

9,185‌

9,266‌

Howard

Hughes,

5.375%,

8/1/28 (6)

15,520‌

16,451‌

Realogy

Group,

7.625%,

6/15/25 (6)

4,090‌

4,397‌

Realogy

Group,

9.375%,

4/1/27 (6)

10,410‌

11,490‌

Shimao

Group

Holdings,

5.60%,

7/15/26 

4,481‌

4,683‌

Taylor

Morrison

Communities,

5.125%,

8/1/30 (6)

5,970‌

6,507‌

Weekley

Homes,

4.875%,

9/15/28 (6)

4,565‌

4,736‌

108,072‌

Building

Products

1.0%

CP

Atlas

Buyer,

7.00%,

12/1/28 (6)

3,300‌

3,366‌

Forterra

Finance,

6.50%,

7/15/25 (6)

11,955‌

12,807‌

New

Enterprise

Stone

&

Lime,

6.25%,

3/15/26 (6)

13,980‌

14,399‌

PGT

Innovations,

6.75%,

8/1/26 (6)

13,145‌

13,819‌

Specialty

Building

Products

Holdings,

6.375%,

9/30/26 (6)

10,935‌

11,482‌

SRS

Distribution,

6.125%,

7/1/29 (6)

1,725‌

1,783‌

Summit

Materials,

5.25%,

1/15/29 (6)

8,245‌

8,698‌

T.

ROWE

PRICE

High

Yield

Fund

7

Par/Shares

$

Value

(Amounts

in

000s)

‡

Summit

Materials,

6.50%,

3/15/27 (6)

17,880‌

18,774‌

85,128‌

Cable

Operators

9.4%

Altice

Financing,

5.00%,

1/15/28 (6)

34,150‌

34,065‌

Altice

Financing,

5.75%,

8/15/29 (6)

21,665‌

22,152‌

Altice

France,

5.125%,

1/15/29 (6)

11,675‌

11,733‌

Altice

France,

5.125%,

7/15/29 (6)

33,885‌

34,139‌

Altice

France,

8.125%,

2/1/27 (6)

12,580‌

13,634‌

Altice

France

Holding,

6.00%,

2/15/28 (6)

62,220‌

61,676‌

Altice

France

Holding,

10.50%,

5/15/27 (6)

7,582‌

8,302‌

C&W

Senior

Financing,

6.875%,

9/15/27 (6)

21,285‌

22,655‌

CCO

Holdings,

4.25%,

1/15/34 (6)

10,805‌

10,900‌

CCO

Holdings,

4.50%,

8/15/30 (6)

3,000‌

3,131‌

CCO

Holdings,

4.50%,

5/1/32 

19,850‌

20,718‌

CCO

Holdings,

4.50%,

6/1/33 (6)

29,195‌

30,217‌

CCO

Holdings,

5.00%,

2/1/28 (6)

54,455‌

56,905‌

CCO

Holdings,

5.125%,

5/1/27 (6)

24,995‌

26,088‌

CCO

Holdings,

5.375%,

6/1/29 (6)

17,950‌

19,588‌

CCO

Holdings,

5.50%,

5/1/26 (6)

23,850‌

24,625‌

CSC

Holdings,

4.625%,

12/1/30 (6)

16,110‌

15,788‌

CSC

Holdings,

5.00%,

11/15/31 (6)

11,325‌

11,283‌

CSC

Holdings,

5.75%,

1/15/30 (6)

20,960‌

22,113‌

CSC

Holdings,

6.50%,

2/1/29 (6)

34,835‌

38,449‌

CSC

Holdings,

7.50%,

4/1/28 (6)

24,805‌

27,161‌

DIRECTV

Holdings,

5.875%,

8/15/27 (6)

12,670‌

13,240‌

DISH

DBS,

5.125%,

6/1/29 

11,670‌

11,611‌

DISH

DBS,

5.875%,

11/15/24 

5,395‌

5,793‌

DISH

DBS,

7.375%,

7/1/28 

17,990‌

19,339‌

DISH

DBS,

7.75%,

7/1/26 

22,175‌

25,335‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27 (6)

5,530‌

5,892‌

Netflix,

5.375%,

11/15/29 (6)

17,950‌

22,056‌

Netflix,

5.875%,

11/15/28 

31,165‌

38,645‌

Netflix,

6.375%,

5/15/29 

49,980‌

64,099‌

Radiate

Holdco,

6.50%,

9/15/28 (6)

15,550‌

15,939‌

Virgin

Media

Finance,

5.00%,

7/15/30 (6)

5,405‌

5,597‌

Vmed

O2

U.K.

Financing

I,

4.75%,

7/15/31 (6)

34,490‌

35,395‌

VTR

Finance,

6.375%,

7/15/28 (6)

7,420‌

7,886‌

Ziggo

Bond,

5.125%,

2/28/30 (6)

6,055‌

6,217‌

Ziggo

Bond,

6.00%,

1/15/27 (6)

17,490‌

18,168‌

810,534‌

Chemicals

1.8%

Compass

Minerals

International,

6.75%,

12/1/27 (6)

9,110‌

9,645‌

CVR

Partners,

6.125%,

6/15/28 (6)

12,315‌

12,561‌

GPD,

10.125%,

4/1/26 (6)

13,455‌

14,498‌

Kraton

Polymers,

5.25%,

5/15/26

(EUR) (6)

4,210‌

5,103‌

T.

ROWE

PRICE

High

Yield

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

‡

Methanex,

5.125%,

10/15/27 

13,625‌

14,783‌

Methanex,

5.25%,

12/15/29 

7,440‌

8,100‌

Methanex,

5.65%,

12/1/44 

10,819‌

11,699‌

OCI,

4.625%,

10/15/25 (6)

15,280‌

15,891‌

SCIH

Salt

Holdings,

4.875%,

5/1/28 (6)

16,595‌

16,702‌

Tronox,

4.625%,

3/15/29 (6)

16,520‌

16,747‌

Univar

Solutions

USA,

5.125%,

12/1/27 (6)

19,935‌

20,832‌

WR

Grace

Holdings,

5.625%,

8/15/29 (6)

11,250‌

11,686‌

158,247‌

Conglomerates

0.1%

General

Electric,

Series D,

VR,

3.449% (8)

12,598‌

12,189‌

12,189‌

Consumer

Products

0.6%

CD&R

Smokey

Buyer,

6.75%,

7/15/25 (6)

2,740‌

2,911‌

Life

Time,

5.75%,

1/15/26 (6)

16,388‌

16,798‌

Mattel,

5.45%,

11/1/41 

3,902‌

4,692‌

Mattel,

5.875%,

12/15/27 (6)

7,920‌

8,643‌

Mattel,

6.20%,

10/1/40 

7,015‌

9,014‌

Wolverine

World

Wide,

4.00%,

8/15/29 (6)

9,185‌

9,311‌

51,369‌

Container

1.2%

Ardagh

Metal

Packaging

Finance

USA,

4.00%,

9/1/29 (6)

27,180‌

27,690‌

Ardagh

Packaging

Finance,

5.25%,

8/15/27 (6)

21,355‌

21,996‌

Mauser

Packaging

Solutions

Holding,

7.25%,

4/15/25 (6)

8,700‌

8,580‌

Mauser

Packaging

Solutions

Holding,

8.50%,

4/15/24 (6)

6,035‌

6,231‌

Pactiv,

7.95%,

12/15/25 

9,160‌

10,396‌

Pactiv,

8.375%,

4/15/27 

2,805‌

3,240‌

Trivium

Packaging

Finance,

5.50%,

8/15/26 (6)

7,220‌

7,590‌

Trivium

Packaging

Finance,

8.50%,

8/15/27 (6)

14,240‌

15,308‌

101,031‌

Drugs

0.1%

Teva

Pharmaceutical

Finance,

6.15%,

2/1/36 

5,610‌

6,213‌

6,213‌

Energy

9.3%

Aethon

United

BR,

8.25%,

2/15/26 (6)

7,350‌

7,975‌

Archrock

Partners,

6.875%,

4/1/27 (6)

11,435‌

11,864‌

Cheniere

Energy

Partners,

4.50%,

10/1/29 

19,050‌

20,479‌

Cheniere

Energy

Partners,

5.625%,

10/1/26 

5,885‌

6,076‌

Citgo

Holding,

9.25%,

8/1/24 (6)

21,710‌

21,493‌

CITGO

Petroleum,

7.00%,

6/15/25 (6)

22,285‌

22,786‌

Comstock

Resources,

5.875%,

1/15/30 (6)

14,255‌

14,255‌

Comstock

Resources,

6.75%,

3/1/29 (6)

9,155‌

9,567‌

Continental

Resources,

4.375%,

1/15/28 

17,100‌

19,109‌

Continental

Resources,

4.90%,

6/1/44 

11,000‌

12,375‌

Continental

Resources,

5.75%,

1/15/31 (6)

19,275‌

23,491‌

T.

ROWE

PRICE

High

Yield

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

‡

CrownRock,

5.625%,

10/15/25 (6)

4,445‌

4,584‌

DCP

Midstream,

Series A,

VR,

7.375% (8)(10)

11,294‌

10,927‌

DCP

Midstream

Operating,

5.625%,

7/15/27 

6,865‌

7,775‌

DCP

Midstream

Operating,

6.75%,

9/15/37 (6)

17,875‌

22,254‌

DCP

Midstream

Operating,

8.125%,

8/16/30 

8,515‌

11,346‌

Endeavor

Energy

Resources,

5.75%,

1/30/28 (6)

14,198‌

14,943‌

Endeavor

Energy

Resources,

6.625%,

7/15/25 (6)

2,885‌

3,058‌

EQT,

5.00%,

1/15/29 

3,900‌

4,427‌

EQT,

6.625%,

2/1/25 

2,470‌

2,831‌

EQT,

7.50%,

2/1/30 

16,946‌

22,030‌

Exterran

Energy

Solutions,

8.125%,

5/1/25 

15,425‌

13,883‌

Gulfport

Energy

Operating,

8.00%,

5/17/26 (6)

11,970‌

12,718‌

Hilcorp

Energy

I,

5.75%,

2/1/29 (6)

6,670‌

6,770‌

Hilcorp

Energy

I,

6.00%,

2/1/31 (6)

7,490‌

7,677‌

Independence

Energy

Finance,

7.25%,

5/1/26 (6)

15,780‌

15,938‌

Magnolia

Oil

&

Gas

Operating,

6.00%,

8/1/26 (6)

32,345‌

33,315‌

NGL

Energy

Operating,

7.50%,

2/1/26 (6)

47,321‌

47,913‌

NGL

Energy

Partners,

7.50%,

11/1/23 

16,710‌

15,749‌

NuStar

Logistics,

5.75%,

10/1/25 

9,790‌

10,500‌

Occidental

Petroleum,

6.125%,

1/1/31 

8,685‌

10,499‌

Occidental

Petroleum,

6.375%,

9/1/28 

9,005‌

10,660‌

Occidental

Petroleum,

6.45%,

9/15/36 

2,310‌

2,887‌

Occidental

Petroleum,

6.625%,

9/1/30 

5,865‌

7,287‌

Occidental

Petroleum,

7.50%,

5/1/31 

7,500‌

9,806‌

Occidental

Petroleum,

7.875%,

9/15/31 

4,847‌

6,428‌

Occidental

Petroleum,

7.95%,

6/15/39 

19,810‌

26,075‌

Occidental

Petroleum,

8.00%,

7/15/25 

12,700‌

15,240‌

Occidental

Petroleum,

8.50%,

7/15/27 

16,975‌

21,389‌

Occidental

Petroleum,

8.875%,

7/15/30 

32,395‌

44,300‌

Range

Resources,

8.25%,

1/15/29 (6)

5,870‌

6,516‌

Range

Resources,

9.25%,

2/1/26 

14,665‌

16,058‌

Solaris

Midstream

Holdings,

7.625%,

4/1/26 (6)

8,490‌

8,999‌

Tallgrass

Energy

Partners,

5.50%,

1/15/28 (6)

7,230‌

7,284‌

Tallgrass

Energy

Partners,

6.00%,

3/1/27 (6)

8,060‌

8,322‌

Tallgrass

Energy

Partners,

6.00%,

12/31/30 (6)

11,175‌

11,371‌

Tallgrass

Energy

Partners,

6.00%,

9/1/31 (6)

17,225‌

17,225‌

Tallgrass

Energy

Partners,

7.50%,

10/1/25 (6)

10,935‌

11,755‌

Targa

Resources

Partners,

4.00%,

1/15/32 (6)

17,880‌

18,685‌

Targa

Resources

Partners,

5.375%,

2/1/27 

1,180‌

1,220‌

Targa

Resources

Partners,

5.875%,

4/15/26 

1,055‌

1,104‌

Targa

Resources

Partners,

6.50%,

7/15/27 

6,060‌

6,545‌

Targa

Resources

Partners,

6.875%,

1/15/29 

9,970‌

11,166‌

Transocean

Phoenix

2,

7.75%,

10/15/24 (6)

4,001‌

4,061‌

Transocean

Pontus,

6.125%,

8/1/25 (6)

5,930‌

5,870‌

Transocean

Proteus,

6.25%,

12/1/24 (6)

4,892‌

4,831‌

USA

Compression

Partners,

6.875%,

4/1/26 

10,300‌

10,712‌

T.

ROWE

PRICE

High

Yield

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

‡

USA

Compression

Partners,

6.875%,

9/1/27 

7,635‌

7,979‌

Venture

Global

Calcasieu

Pass,

3.875%,

8/15/29 (6)

10,930‌

11,244‌

Venture

Global

Calcasieu

Pass,

4.125%,

8/15/31 (6)

13,950‌

14,648‌

Vine

Energy

Holdings,

6.75%,

4/15/29 (6)

25,005‌

27,005‌

805,279‌

Entertainment

&

Leisure

3.1%

Carnival,

4.00%,

8/1/28 (6)

12,900‌

12,948‌

Carnival,

5.75%,

3/1/27 (6)

16,845‌

17,224‌

Carnival,

7.625%,

3/1/26 (6)

30,000‌

31,763‌

Carnival,

9.875%,

8/1/27 (6)

13,835‌

15,945‌

Carnival,

11.50%,

4/1/23 (6)

11,235‌

12,611‌

Cedar

Fair,

5.375%,

4/15/27 

14,955‌

15,366‌

Cedar

Fair,

5.50%,

5/1/25 (6)

27,325‌

28,521‌

Cinemark

USA,

5.25%,

7/15/28 (6)

10,730‌

10,194‌

NCL,

5.875%,

3/15/26 (6)

19,710‌

19,759‌

NCL

Finance,

6.125%,

3/15/28 (6)

5,740‌

5,826‌

Royal

Caribbean

Cruises,

5.50%,

8/31/26 (6)

15,845‌

16,063‌

Royal

Caribbean

Cruises,

5.50%,

4/1/28 (6)

16,378‌

16,460‌

Royal

Caribbean

Cruises,

9.125%,

6/15/23 (6)

1,940‌

2,112‌

Royal

Caribbean

Cruises,

10.875%,

6/1/23 (6)

11,015‌

12,392‌

SeaWorld

Parks

&

Entertainment,

5.25%,

8/15/29 (6)

19,635‌

19,561‌

Six

Flags

Theme

Parks,

7.00%,

7/1/25 (6)

4,400‌

4,703‌

Vail

Resorts,

6.25%,

5/15/25 (6)

8,020‌

8,501‌

Viking

Cruises,

7.00%,

2/15/29 (6)

8,055‌

8,075‌

Viking

Cruises,

13.00%,

5/15/25 (6)

5,170‌

5,971‌

263,995‌

Exploration

&

Production

0.0%

Apache,

6.00%,

1/15/37 

790‌

929‌

929‌

Financial

5.4%

Acrisure,

4.25%,

2/15/29 (6)

11,410‌

11,296‌

Acrisure,

7.00%,

11/15/25 (6)

15,255‌

15,503‌

Acrisure,

10.125%,

8/1/26 (6)

21,370‌

24,041‌

Alliant

Holdings

Intermediate,

6.75%,

10/15/27 (6)

7,630‌

7,916‌

AmWINS

Group,

4.875%,

6/30/29 (6)

4,615‌

4,684‌

Drawbridge

Special

Opportunities

Fund,

3.875%,

2/15/26 (6)

10,275‌

10,607‌

Enact

Holdings,

6.50%,

8/15/25 (6)

20,705‌

22,439‌

Freedom

Mortgage,

6.625%,

1/15/27 (6)

13,000‌

12,447‌

GTCR

AP

Finance,

8.00%,

5/15/27 (6)

13,620‌

14,403‌

Home

Point

Capital,

5.00%,

2/1/26 (6)

13,060‌

11,297‌

HUB

International,

7.00%,

5/1/26 (6)

25,975‌

26,819‌

Icahn

Enterprises,

6.25%,

5/15/26 

23,605‌

24,874‌

LPL

Holdings,

4.00%,

3/15/29 (6)

13,290‌

13,522‌

LPL

Holdings,

4.375%,

5/15/31 (6)

2,150‌

2,225‌

MGIC

Investment,

5.25%,

8/15/28 

5,715‌

6,115‌

T.

ROWE

PRICE

High

Yield

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

‡

Midcap

Financial

Issuer

Trust,

5.625%,

1/15/30 (6)

12,810‌

12,730‌

Midcap

Financial

Issuer

Trust,

6.50%,

5/1/28 (6)

24,890‌

25,979‌

Navient,

4.875%,

3/15/28 

18,380‌

18,702‌

Navient,

5.00%,

3/15/27 

12,240‌

12,791‌

Navient,

6.125%,

3/25/24 

32,250‌

34,951‌

Navient,

6.75%,

6/25/25 

16,535‌

18,457‌

Navient,

6.75%,

6/15/26 

4,370‌

4,922‌

Navient,

7.25%,

9/25/23 

16,090‌

17,659‌

OneMain

Finance,

6.125%,

3/15/24 

6,358‌

6,827‌

OneMain

Finance,

6.625%,

1/15/28 

5,755‌

6,647‌

OneMain

Finance,

6.875%,

3/15/25 

18,550‌

20,985‌

OneMain

Finance,

7.125%,

3/15/26 

5,820‌

6,795‌

OneMain

Finance,

8.875%,

6/1/25 

7,160‌

7,822‌

PennyMac

Financial

Services,

4.25%,

2/15/29 (6)

12,435‌

12,015‌

PennyMac

Financial

Services,

5.375%,

10/15/25 (6)

8,255‌

8,534‌

Rocket

Mortgage,

5.25%,

1/15/28 (6)

21,961‌

23,177‌

SLM,

4.20%,

10/29/25 

9,390‌

10,118‌

United

Wholesale

Mortgage,

5.50%,

4/15/29 (6)

8,485‌

8,347‌

465,646‌

Food

1.6%

Chobani,

4.625%,

11/15/28 (6)

5,205‌

5,381‌

Chobani,

7.50%,

4/15/25 (6)

32,150‌

33,436‌

Cosan

Luxembourg,

7.00%,

1/20/27 (6)

17,390‌

18,323‌

Kraft

Heinz

Foods,

6.875%,

1/26/39 

9,155‌

13,594‌

Kraft

Heinz

Foods,

7.125%,

8/1/39 (6)

6,935‌

10,488‌

Post

Holdings,

4.50%,

9/15/31 (6)

8,315‌

8,388‌

Post

Holdings,

5.625%,

1/15/28 (6)

11,105‌

11,674‌

Post

Holdings,

5.75%,

3/1/27 (6)

9,335‌

9,732‌

Sigma

Holdco,

7.875%,

5/15/26 (6)

7,533‌

7,618‌

Triton

Water

Holdings,

6.25%,

4/1/29 (6)

20,977‌

20,767‌

139,401‌

Forest

Products

0.1%

Mercer

International,

5.125%,

2/1/29 

9,755‌

9,828‌

Mercer

International,

5.50%,

1/15/26 

2,170‌

2,216‌

12,044‌

Gaming

4.6%

Affinity

Gaming,

6.875%,

12/15/27 (6)

4,400‌

4,653‌

Caesars

Entertainment,

8.125%,

7/1/27 (6)

37,640‌

41,592‌

Caesars

Resort

Collection,

5.75%,

7/1/25 (6)

10,205‌

10,690‌

Churchill

Downs,

4.75%,

1/15/28 (6)

1,360‌

1,418‌

Cirsa

Finance

International,

7.875%,

12/20/23 (6)

20,600‌

20,986‌

International

Game

Technology,

4.125%,

4/15/26 (6)

6,700‌

6,960‌

International

Game

Technology,

5.25%,

1/15/29 (6)

10,075‌

10,755‌

International

Game

Technology,

6.25%,

1/15/27 (6)

22,638‌

25,807‌

Melco

Resorts

Finance,

5.375%,

12/4/29 (6)

6,580‌

6,818‌

T.

ROWE

PRICE

High

Yield

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

‡

MGM

China

Holdings,

4.75%,

2/1/27 (6)

10,685‌

10,859‌

MGM

China

Holdings,

5.25%,

6/18/25 (6)

7,405‌

7,655‌

MGM

China

Holdings,

5.875%,

5/15/26 (6)

7,510‌

7,893‌

MGM

Growth

Properties

Operating

Partnership,

3.875%,

2/15/29 (6)

12,700‌

13,446‌

MGM

Growth

Properties

Operating

Partnership,

5.75%,

2/1/27 

8,690‌

9,993‌

MGM

Resorts

International,

4.75%,

10/15/28 

3,795‌

4,004‌

MGM

Resorts

International,

6.00%,

3/15/23 

11,930‌

12,661‌

Midwest

Gaming

Borrower,

4.875%,

5/1/29 (6)

13,340‌

13,473‌

Peninsula

Pacific

Entertainment,

8.50%,

11/15/27 (6)

26,005‌

27,760‌

Raptor

Acquisition,

4.875%,

11/1/26 (6)

2,775‌

2,799‌

Scientific

Games

International,

7.00%,

5/15/28 (6)

5,590‌

6,002‌

Scientific

Games

International,

7.25%,

11/15/29 (6)

36,995‌

41,249‌

Scientific

Games

International,

8.25%,

3/15/26 (6)

32,000‌

34,080‌

Studio

City

Finance,

5.00%,

1/15/29 (6)

9,590‌

9,467‌

VICI

Properties,

4.125%,

8/15/30 (6)

3,261‌

3,477‌

Wynn

Las

Vegas,

5.25%,

5/15/27 (6)

28,295‌

29,710‌

Wynn

Macau,

5.50%,

1/15/26 (6)

12,005‌

12,333‌

Wynn

Macau,

5.50%,

10/1/27 (6)

9,430‌

9,572‌

Wynn

Resorts

Finance,

5.125%,

10/1/29 (6)

10,965‌

11,404‌

397,516‌

Health

Care

6.0%

AdaptHealth,

5.125%,

3/1/30 (6)

6,645‌

6,728‌

Avantor

Funding,

4.625%,

7/15/28 (6)

23,550‌

24,786‌

Bausch

Health,

4.875%,

6/1/28 (6)

20,890‌

21,412‌

Bausch

Health,

6.25%,

2/15/29 (6)

12,200‌

12,109‌

Bausch

Health,

7.00%,

1/15/28 (6)

2,125‌

2,199‌

Bausch

Health,

7.25%,

5/30/29 (6)

30,823‌

31,748‌

Bausch

Health

Americas,

8.50%,

1/31/27 (6)

38,210‌

41,076‌

Bausch

Health

Americas,

9.25%,

4/1/26 (6)

31,600‌

34,049‌

Centene,

4.625%,

12/15/29 

18,515‌

20,320‌

CHS,

6.00%,

1/15/29 (6)

12,215‌

12,994‌

CHS,

6.875%,

4/15/29 (6)

9,900‌

10,259‌

CHS,

8.00%,

12/15/27 (6)

24,945‌

27,502‌

DaVita,

4.625%,

6/1/30 (6)

13,095‌

13,652‌

HCA,

5.625%,

9/1/28 

4,470‌

5,330‌

HCA,

5.875%,

2/15/26 

11,520‌

13,334‌

HCA,

5.875%,

2/1/29 

8,980‌

10,888‌

Legacy

LifePoint

Health,

6.75%,

4/15/25 (6)

10,640‌

11,199‌

Molina

Healthcare,

4.375%,

6/15/28 (6)

11,070‌

11,610‌

Organon,

5.125%,

4/30/31 (6)

28,875‌

30,174‌

Radiology

Partners,

9.25%,

2/1/28 (6)

5,528‌

5,915‌

RegionalCare

Hospital

Partners

Holdings,

9.75%,

12/1/26 (6)

15,735‌

16,738‌

RP

Escrow

Issuer,

5.25%,

12/15/25 (6)

7,455‌

7,604‌

Select

Medical,

6.25%,

8/15/26 (6)

10,155‌

10,714‌

Tenet

Healthcare,

6.125%,

10/1/28 (6)

45,700‌

48,328‌

T.

ROWE

PRICE

High

Yield

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

‡

Tenet

Healthcare,

6.875%,

11/15/31 

10,830‌

12,454‌

Tenet

Healthcare,

7.50%,

4/1/25 (6)

13,890‌

14,862‌

Teva

Pharmaceutical

Finance

Netherlands

III,

6.00%,

4/15/24 

6,310‌

6,600‌

Teva

Pharmaceutical

Finance

Netherlands

III,

6.75%,

3/1/28 

21,055‌

23,792‌

Teva

Pharmaceutical

Finance

Netherlands

III,

7.125%,

1/31/25 

24,760‌

26,988‌

515,364‌

Information

Technology

2.0%

ANGI

Group,

3.875%,

8/15/28 (6)

4,930‌

4,850‌

Banff

Merger

Sub,

9.75%,

9/1/26 (6)

9,300‌

9,753‌

Boxer

Parent,

6.50%,

10/2/25

(EUR) (6)

3,380‌

4,191‌

Boxer

Parent,

7.125%,

10/2/25 (6)

3,885‌

4,147‌

Boxer

Parent,

9.125%,

3/1/26 (6)

6,680‌

6,989‌

Expedia

Group,

6.25%,

5/1/25 (6)

12,225‌

14,117‌

Go

Daddy

Operating,

5.25%,

12/1/27 (6)

9,720‌

10,182‌

LogMeIn,

5.50%,

9/1/27 (6)

8,565‌

8,886‌

Match

Group

Holdings

II,

4.125%,

8/1/30 (6)

3,965‌

4,144‌

Photo

Holdings

Merger

Sub,

8.50%,

10/1/26 (6)

31,147‌

33,717‌

SS&C

Technologies,

5.50%,

9/30/27 (6)

18,245‌

19,340‌

Uber

Technologies,

7.50%,

5/15/25 (6)

7,115‌

7,586‌

Uber

Technologies,

7.50%,

9/15/27 (6)

33,525‌

36,584‌

Veritas

U.S.,

7.50%,

9/1/25 (6)

6,195‌

6,427‌

170,913‌

Lodging

0.8%

Hilton

Domestic

Operating,

5.375%,

5/1/25 (6)

3,745‌

3,914‌

Hilton

Domestic

Operating,

5.75%,

5/1/28 (6)

4,340‌

4,671‌

Hilton

Worldwide

Finance,

4.875%,

4/1/27 

10,460‌

10,826‌

Marriott

Ownership

Resorts,

6.125%,

9/15/25 (6)

10,830‌

11,385‌

Park

Intermediate

Holdings,

4.875%,

5/15/29 (6)

10,160‌

10,439‌

Park

Intermediate

Holdings,

5.875%,

10/1/28 (6)

8,775‌

9,323‌

Park

Intermediate

Holdings,

7.50%,

6/1/25 (6)

7,535‌

8,063‌

RLJ

Lodging

Trust,

3.75%,

7/1/26 (6)

6,155‌

6,186‌

XHR,

4.875%,

6/1/29 (6)

1,450‌

1,490‌

66,297‌

Manufacturing

0.6%

Apex

Tool

Group,

9.00%,

2/15/23 (6)

8,490‌

8,511‌

Hillenbrand,

3.75%,

3/1/31 

3,830‌

3,859‌

Hillenbrand,

5.00%,

9/15/26 

430‌

480‌

Madison

IAQ,

4.125%,

6/30/28 (6)

19,445‌

19,542‌

Madison

IAQ,

5.875%,

6/30/29 (6)

11,160‌

11,397‌

Mueller

Water

Products,

4.00%,

6/15/29 (6)

7,770‌

8,003‌

51,792‌

Metals

&

Mining

3.5%

Alcoa

Nederland

Holding,

5.50%,

12/15/27 (6)

17,725‌

19,099‌

Alcoa

Nederland

Holding,

6.125%,

5/15/28 (6)

11,935‌

12,979‌

Alcoa

Nederland

Holding,

7.00%,

9/30/26 (6)

3,395‌

3,539‌

T.

ROWE

PRICE

High

Yield

Fund

14

Par/Shares

$

Value

(Amounts

in

000s)

‡

Arconic,

6.00%,

5/15/25 (6)

6,970‌

7,379‌

Arconic,

6.125%,

2/15/28 (6)

20,499‌

21,831‌

Big

River

Steel,

6.625%,

1/31/29 (6)

21,974‌

23,897‌

Cleveland-Cliffs,

9.875%,

10/17/25 (6)

5,960‌

6,914‌

Constellium,

3.75%,

4/15/29 (6)

10,990‌

10,770‌

FMG

Resources,

5.125%,

5/15/24 (6)

16,650‌

17,920‌

Freeport-McMoRan,

5.00%,

9/1/27 

7,520‌

7,905‌

Freeport-McMoRan,

5.25%,

9/1/29 

7,735‌

8,547‌

Freeport-McMoRan,

5.40%,

11/14/34 

29,279‌

36,306‌

Freeport-McMoRan,

5.45%,

3/15/43 

12,466‌

15,785‌

GrafTech

Finance,

4.625%,

12/15/28 (6)

7,045‌

7,177‌

Hecla

Mining,

7.25%,

2/15/28 

29,735‌

31,928‌

Hudbay

Minerals,

4.50%,

4/1/26 (6)

8,460‌

8,515‌

Hudbay

Minerals,

6.125%,

4/1/29 (6)

15,290‌

16,456‌

Joseph

T.

Ryerson

&

Son,

8.50%,

8/1/28 (6)

10,976‌

12,128‌

New

Gold,

7.50%,

7/15/27 (6)

8,245‌

8,678‌

Novelis,

4.75%,

1/30/30 (6)

18,235‌

19,375‌

297,128‌

Other

Telecommunications

0.9%

Consolidated

Communications,

6.50%,

10/1/28 (6)

13,060‌

14,284‌

Embarq,

7.995%,

6/1/36 

10,735‌

11,299‌

Level

3

Financing,

3.75%,

7/15/29 (6)

12,780‌

12,444‌

Lumen

Technologies,

4.50%,

1/15/29 (6)

29,700‌

29,032‌

Lumen

Technologies,

5.375%,

6/15/29 (6)

12,665‌

12,966‌

80,025‌

Real

Estate

Investment

Trust

Securities

0.4%

Apollo

Commercial

Real

Estate

Finance,

4.625%,

6/15/29 (6)

17,230‌

16,691‌

Service

Properties

Trust,

4.35%,

10/1/24 

17,185‌

17,374‌

34,065‌

Restaurants

0.9%

1011778

BC

ULC,

5.75%,

4/15/25 (6)

4,160‌

4,384‌

Dave

&

Buster's,

7.625%,

11/1/25 (6)

19,592‌

20,767‌

Yum!

Brands,

5.35%,

11/1/43 

19,590‌

21,647‌

Yum!

Brands,

6.875%,

11/15/37 

17,960‌

23,348‌

Yum!

Brands,

7.75%,

4/1/25 (6)

10,155‌

10,917‌

81,063‌

Retail

1.2%

Ambience

Merger

Sub,

7.125%,

7/15/29 (6)

7,420‌

7,401‌

Bath

&

Body

Works,

6.625%,

10/1/30 (6)

12,280‌

14,260‌

Bath

&

Body

Works,

6.95%,

3/1/33 

2,015‌

2,433‌

Bath

&

Body

Works,

7.50%,

6/15/29 

9,820‌

11,404‌

Bath

&

Body

Works,

9.375%,

7/1/25 (6)

12,695‌

16,424‌

L

Brands,

6.694%,

1/15/27 

1,620‌

1,904‌

Linens

'n

Things,

EC,

8.338%,

1/15/20 (5)(7)

9,800‌

—‌

LSF9

Atlantis

Holdings,

7.75%,

2/15/26 (6)

10,120‌

10,512‌

T.

ROWE

PRICE

High

Yield

Fund

15

Par/Shares

$

Value

(Amounts

in

000s)

‡

PetSmart,

4.75%,

2/15/28 (6)

3,320‌

3,453‌

PetSmart,

7.75%,

2/15/29 (6)

25,505‌

27,992‌

Rent-A-Center,

6.375%,

2/15/29 (6)

3,790‌

4,093‌

99,876‌

Satellites

1.7%

Connect

Finco,

6.75%,

10/1/26 (6)

20,000‌

20,750‌

Hughes

Satellite

Systems,

6.625%,

8/1/26 

34,475‌

39,129‌

Intelsat

Jackson

Holdings,

9.50%,

9/30/22 (6)

53,761‌

63,841‌

Telesat

Canada,

6.50%,

10/15/27 (6)

11,445‌

9,671‌

Viasat,

5.625%,

4/15/27 (6)

9,745‌

10,111‌

143,502‌

Services

6.1%

ADT

Security,

4.125%,

8/1/29 (6)

13,500‌

13,449‌

Adtalem

Global

Education,

5.50%,

3/1/28 (6)

16,900‌

17,280‌

Advantage

Sales

&

Marketing,

6.50%,

11/15/28 (6)

8,580‌

8,977‌

Allied

Universal

Holdco,

9.75%,

7/15/27 (6)

16,065‌

17,531‌

Black

Knight

InfoServ,

3.625%,

9/1/28 (6)

15,475‌

15,649‌

Booz

Allen

Hamilton,

4.00%,

7/1/29 (6)

6,620‌

6,868‌

Clarivate

Science

Holdings,

3.875%,

7/1/28 (6)

17,045‌

17,258‌

Clarivate

Science

Holdings,

4.875%,

7/1/29 (6)

11,855‌

12,211‌

Constellation

Automotive

Financing,

4.875%,

7/15/27

(GBP) (6)

3,545‌

4,861‌

eG

Global

Finance,

6.75%,

2/7/25 (6)

14,610‌

14,921‌

eG

Global

Finance,

8.50%,

10/30/25 (6)

15,759‌

16,508‌

Fair

Isaac,

5.25%,

5/15/26 (6)

16,150‌

18,371‌

Gartner,

3.625%,

6/15/29 (6)

7,935‌

8,163‌

Gartner,

4.50%,

7/1/28 (6)

5,740‌

6,077‌

GFL

Environmental,

4.375%,

8/15/29 (6)

10,865‌

10,892‌

GFL

Environmental,

4.75%,

6/15/29 (6)

15,105‌

15,520‌

H&E

Equipment

Services,

3.875%,

12/15/28 (6)

34,955‌

34,955‌

IPD

3,

5.50%,

12/1/25

(EUR) (6)

3,355‌

4,117‌

Millennium

Escrow,

6.625%,

8/1/26 (6)

8,495‌

8,686‌

MSCI,

3.25%,

8/15/33 (6)

6,755‌

6,932‌

MSCI,

4.00%,

11/15/29 (6)

11,540‌

12,362‌

Performance

Food

Group,

5.50%,

10/15/27 (6)

12,815‌

13,360‌

Picasso

Finance

Sub,

6.125%,

6/15/25 (6)

5,529‌

5,847‌

Presidio

Holdings,

4.875%,

2/1/27 (6)

9,310‌

9,601‌

Presidio

Holdings,

8.25%,

2/1/28 (6)

13,935‌

15,067‌

Prime

Security

Services

Borrower,

5.75%,

4/15/26 (6)

12,180‌

13,124‌

Prime

Security

Services

Borrower,

6.25%,

1/15/28 (6)

18,475‌

19,099‌

Sabre

GLBL,

7.375%,

9/1/25 (6)

8,680‌

9,190‌

Sabre

GLBL,

9.25%,

4/15/25 (6)

9,680‌

11,144‌

Shift4

Payments,

4.625%,

11/1/26 (6)

5,915‌

6,137‌

Staples,

7.50%,

4/15/26 (6)

26,818‌

27,019‌

Staples,

10.75%,

4/15/27 (6)

24,658‌

23,980‌

TK

Elevator

U.S.

Newco,

5.25%,

7/15/27 (6)

22,875‌

24,076‌

T.

ROWE

PRICE

High

Yield

Fund

16

Par/Shares

$

Value

(Amounts

in

000s)

‡

United

Rentals

North

America,

3.75%,

1/15/32 

5,125‌

5,221‌

United

Rentals

North

America,

3.875%,

2/15/31 

15,500‌

16,023‌

Vertical

Holdco,

7.625%,

7/15/28 (6)

25,260‌

27,366‌

WASH

Multifamily

Acquisition,

5.75%,

4/15/26 (6)

10,665‌

11,145‌

WeWork,

7.875%,

5/1/25 (6)

8,190‌

8,077‌

White

Cap

Buyer,

6.875%,

10/15/28 (6)

6,800‌

7,234‌

524,298‌

Supermarkets

1.5%

Albertsons,

3.50%,

3/15/29 (6)

29,195‌

29,487‌

Albertsons,

4.875%,

2/15/30 (6)

12,940‌

14,088‌

Albertsons,

5.875%,

2/15/28 (6)

13,310‌

14,275‌

Albertsons,

7.50%,

3/15/26 (6)

20,650‌

22,457‌

Iceland

Bondco,

4.625%,

3/15/25

(GBP) 

13,935‌

18,647‌

New

Albertsons,

7.45%,

8/1/29 

9,945‌

11,573‌

New

Albertsons,

8.00%,

5/1/31 

6,740‌

8,198‌

United

Natural

Foods,

6.75%,

10/15/28 (6)

11,785‌

12,728‌

131,453‌

Transportation

0.2%

Watco,

6.50%,

6/15/27 (6)

19,440‌

20,752‌

20,752‌

Utilities

2.7%

Calpine,

4.50%,

2/15/28 (6)

8,260‌

8,508‌

Calpine,

5.00%,

2/1/31 (6)

8,990‌

9,181‌

Calpine,

5.125%,

3/15/28 (6)

19,630‌

19,974‌

FirstEnergy,

Series C,

7.375%,

11/15/31 

6,145‌

8,572‌

NextEra

Energy

Operating

Partners,

4.25%,

9/15/24 (6)

1,458‌

1,538‌

NextEra

Energy

Operating

Partners,

4.50%,

9/15/27 (6)

13,605‌

14,676‌

NiSource,

VR,

5.65% (8)(10)

12,860‌

13,503‌

Pacific

Gas

&

Electric,

4.55%,

7/1/30 

15,533‌

16,518‌

Pattern

Energy

Operations,

4.50%,

8/15/28 (6)

3,515‌

3,664‌

PG&E,

5.00%,

7/1/28 

14,617‌

14,507‌

PG&E,

5.25%,

7/1/30 

21,665‌

21,313‌

Pike,

5.50%,

9/1/28 (6)

11,220‌

11,388‌

Terraform

Global

Operating,

6.125%,

3/1/26 (6)

19,029‌

19,600‌

Vistra

Operations,

4.375%,

5/1/29 (6)

46,345‌

47,040‌

Vistra

Operations,

5.50%,

9/1/26 (6)

16,465‌

16,910‌

Vistra

Operations,

5.625%,

2/15/27 (6)

3,430‌

3,559‌

230,451‌

Wireless

Communications

1.4%

Sprint,

7.125%,

6/15/24 

57,411‌

66,023‌

Sprint,

7.625%,

2/15/25 

1,885‌

2,231‌

Sprint

Capital,

6.875%,

11/15/28 

18,260‌

23,807‌

T-Mobile

USA,

2.625%,

2/15/29 

12,865‌

13,055‌

T.

ROWE

PRICE

High

Yield

Fund

17

Par/Shares

$

Value

(Amounts

in

000s)

‡

T-Mobile

USA,

2.875%,

2/15/31 

12,040‌

12,348‌

117,464‌

Total

Corporate

Bonds

(Cost

$6,779,241)

7,163,260‌

MUNICIPAL

SECURITIES

0.5%

Puerto

Rico

0.5%

Puerto

Rico

Commonwealth,

Series A,

GO,

8.00%,

7/1/35 (5)(11)

37,660‌

31,964‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series A,

GO,

5.25%,

7/1/23 (5)(11)

2,700‌

2,417‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series A,

GO,

5.25%,

7/1/25 (5)(11)

6,550‌

6,165‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series E,

GO,

5.50%,

7/1/31 (5)(11)

4,660‌

4,345‌

Total

Municipal

Securities

(Cost

$41,778)

44,891‌

SHORT-TERM

INVESTMENTS

1.9%

Money

Market

Funds

1.8%

T.

Rowe

Price

Government

Reserve

Fund,

0.05% (3)(12)

156,960‌

156,960‌

156,960‌

U.S.

Treasury

Obligations

0.1%

U.S.

Treasury

Bills,

0.02%,

11/4/21 (13)

3,345‌

3,345‌

3,345‌

Total

Short-Term

Investments

(Cost

$160,305)

160,305‌

Total

Investments

in

Securities

100.4%

(Cost

$8,181,757)

$

8,646,526‌

Other

Assets

Less

Liabilities

(0.4)%

(

30,605‌

)

Net

Assets

100.0%

$

8,615,921‌

‡

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,

2021.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3)

Affiliated

Companies

T.

ROWE

PRICE

High

Yield

Fund

18

.

.

.

.

.

.

.

.

.

.

(4)

SEC

30-day

yield

(5)

Non-income

producing

(6)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$5,358,390

and

represents

62.2%

of

net

assets.

(7)

Level

3

in

fair

value

hierarchy.

(8)

Perpetual

security

with

no

stated

maturity

date.

(9)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

has

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$114,581

and

represents

1.3%

of

net

assets.

(10)

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

is

provided

if

the

rate

is

currently

floating.

(11)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(12)

Seven-day

yield

(13)

At

August

31,

2021,

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)

CAD

Canadian

Dollar

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GO

General

Obligation

OTC

Over-the-counter

PRIME

Prime

rate

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

High

Yield

Fund

19

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.0)%

OTC

Options

Written

(0.0)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Credit

Suisse

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S36,

5

Year

Index,

6/20/26),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/15/21

@

1.00%*

1

118,950

(

268‌

)

Total

Options

Written

(Premiums

$(464))

$

(

268‌

)

*

Exercise

Spread

T.

ROWE

PRICE

High

Yield

Fund

20

(Amounts

in

000s)

SWAPS

0.0%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

American

Airlines

Group,

Caa1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/21

*

1,965

41

(48)

89‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Royal

Caribbean

Cruises,

B2*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

5,715

303

(160)

463‌

Citibank,

Protection

Sold

(Relevant

Credit:

American

Airlines

Group,

Caa1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/21

*

10,225

214

(30)

244‌

Citibank,

Protection

Sold

(Relevant

Credit:

Royal

Caribbean

Cruises,

B2*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

5,705

302

(157)

459‌

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

American

Airlines

Group,

Caa1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/21

*

620

13

(13)

26‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(408)

1,281‌

Total

Bilateral

Swaps

(408)

1,281‌

T.

ROWE

PRICE

High

Yield

Fund

21

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.0)%

Credit

Default

Swaps,

Protection

Sold

(0.0)%

Protection

Sold

(Relevant

Credit:

American

Airlines

Group,

Caa1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/23

3,453

(19)

(159)

140‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

140‌

Total

Centrally

Cleared

Swaps

140‌

Net

payments

(receipts)

of

variation

margin

to

date

(

139‌

)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

1‌

*

Credit

ratings

as

of

August

31,

2021.

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.

T.

ROWE

PRICE

High

Yield

Fund

22

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

11/19/21

USD

4,428‌

EUR

3,753‌

$

(

10‌

)

Citibank

11/19/21

USD

2,179‌

EUR

1,849‌

(

7‌

)

HSBC

Bank

10/22/21

USD

5,734‌

CAD

7,190‌

35‌

HSBC

Bank

10/22/21

USD

4,877‌

GBP

3,545‌

3‌

HSBC

Bank

10/22/21

USD

19,592‌

GBP

14,289‌

(

56‌

)

Morgan

Stanley

11/19/21

USD

6,615‌

EUR

5,601‌

(

9‌

)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(

44‌

)

T.

ROWE

PRICE

High

Yield

Fund

23

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

Institutional

Floating

Rate

Fund

-

Z

Class,

3.97% 

$

—‌

$

(

57‌

)

$

310‌

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

—‌

—‌

14‌

Totals

$

—‌

#

$

(

57‌

)

$

324‌

+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/21

Purchase

Cost

Sales

Cost

Value

08/31/21

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Z

Class,

3.97% 

$

27,643‌

$

311‌

$

—‌

$

27,897‌

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

103,269‌

¤

¤

156,960‌

Total

$

184,857‌

^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$324

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

$185,494.

T.

ROWE

PRICE

High

Yield

Fund

Unaudited

Notes

to

Portfolio

of

Investments

24

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

T.

ROWE

PRICE

High

Yield

Fund

25

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

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

T.

ROWE

PRICE

High

Yield

Fund

26

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

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

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

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.

T.

ROWE

PRICE

High

Yield

Fund

27

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):

F57-054Q1

08/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

927,044‌

$

—‌

$

927,044‌

Bond

Mutual

Funds

27,897‌

—‌

—‌

27,897‌

Common

Stocks

79,094‌

—‌

—‌

79,094‌

Convertible

Preferred

Stocks

—‌

288,926‌

—‌

288,926‌

Corporate

Bonds

—‌

7,163,260‌

—‌

7,163,260‌

Short-Term

Investments

156,960‌

3,345‌

—‌

160,305‌

Total

Securities

263,951‌

8,382,575‌

—‌

8,646,526‌

Swaps*

—‌

1,013‌

—‌

1,013‌

Forward

Currency

Exchange

Contracts

—‌

38‌

—‌

38‌

Total

$

263,951‌

$

8,383,626‌

$

—‌

$

8,647,577‌

Liabilities

Options

Written

$

—‌

$

268‌

$

—‌

$

268‌

Forward

Currency

Exchange

Contracts

—‌

82‌

—‌

82‌

Total

$

—‌

$

350‌

$

—‌

$

350‌

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.