NPORT-EX 2 70KATRP022822.htm
T.
ROWE
PRICE
U.S.
High
Yield
Fund
February
28,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
BANK
LOANS
7.0%
(1)
Basic
Industry
0.9%
Tutor
Perini,
FRN,
1M
USD
LIBOR
+
4.75%,
5.75%,
8/18/27 
4,985‌
4,973‌
4,973‌
Consumer
Goods
1.5%
Journey
Personal
Care,
FRN,
1M
USD
LIBOR
+
4.25%,
5.00%,
3/1/28 (2)(3)
5,946‌
5,649‌
Naked
Juice,
FRN,
SOFR
+
6.00%,
6.50%,
1/20/30 
3,230‌
3,240‌
8,889‌
Health
Care
1.0%
Bausch
Health,
FRN,
SOFR
+
5.25%,
1/27/27 (3)
5,935‌
5,866‌
5,866‌
Leisure
0.6%
Enterprise
Development
Authority,
FRN,
1M
USD
LIBOR
+
4.25%,
5.00%,
2/28/28 
3,566‌
3,550‌
3,550‌
Retail
1.0%
KNS
Midco,
FRN,
1M
USD
LIBOR
+
6.25%,
7.00%,
4/21/27 
5,997‌
5,829‌
5,829‌
Services
1.0%
Staples,
FRN,
3M
USD
LIBOR
+
5.00%,
5.317%,
4/16/26 
6,428‌
6,089‌
6,089‌
Transportation
1.0%
AAdvantage
Loyalty
IP,
FRN,
1M
USD
LIBOR
+
4.75%,
5.50%,
4/20/28 
5,760‌
5,856‌
5,856‌
Total
Bank
Loans
(Cost
$41,763)
41,052‌
CORPORATE
BONDS
86.7%
Automotive
4.3%
Aston
Martin
Capital
Holdings,
10.50%,
11/30/25 (4)
7,433‌
7,749‌
Ford
Motor
Credit,
4.00%,
11/13/30 
3,195‌
3,167‌
Ford
Motor
Credit,
5.113%,
5/3/29 
2,420‌
2,575‌
Jaguar
Land
Rover
Automotive,
5.50%,
7/15/29 (4)
6,820‌
6,445‌
Wheel
Pros,
6.50%,
5/15/29 (4)
6,255‌
5,739‌
25,675‌
Basic
Industry
7.9%
CVR
Partners,
6.125%,
6/15/28 (4)
5,610‌
5,638‌
ERO
Copper,
6.50%,
2/15/30 (4)
7,630‌
7,383‌
IAMGOLD,
5.75%,
10/15/28 (4)
3,980‌
3,650‌
Pike,
5.50%,
9/1/28 (4)
6,435‌
6,210‌
Polar
U.S.
Borrower,
6.75%,
5/15/26 (4)
6,250‌
5,750‌
T.
ROWE
PRICE
U.S.
High
Yield
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
‡
SCIH
Salt
Holdings,
6.625%,
5/1/29 (4)
7,970‌
7,512‌
Tutor
Perini,
6.875%,
5/1/25 (4)
4,430‌
4,336‌
Venator
Finance,
5.75%,
7/15/25 (4)
6,615‌
5,953‌
46,432‌
Capital
Goods
5.6%
ARD
Finance,
6.50%,
(6.500%
Cash
or
7.250%
PIK),
6/30/27 (4)(5)
3,398‌
3,245‌
Ardagh
Packaging
Finance,
5.25%,
8/15/27 (4)
2,370‌
2,240‌
Dornoch
Debt
Merger
Sub,
6.625%,
10/15/29 (4)
6,045‌
5,637‌
GrafTech
Finance,
4.625%,
12/15/28 (4)
5,572‌
5,405‌
Granite
U.S.
Holdings,
11.00%,
10/1/27 (4)
5,120‌
5,466‌
Pactiv
Evergreen
Group
Issuer,
4.00%,
10/15/27 (4)
2,725‌
2,517‌
Pactiv
Evergreen
Group
Issuer,
4.375%,
10/15/28 (4)
3,060‌
2,827‌
Spirit
AeroSystems,
4.60%,
6/15/28 
5,825‌
5,563‌
32,900‌
Consumer
Goods
5.8%
Coty,
4.75%,
1/15/29 (4)
6,520‌
6,308‌
Coty,
6.50%,
4/15/26 (4)
2,890‌
2,923‌
Kronos
Acquisition
Holdings,
7.00%,
12/31/27 (4)
5,489‌
4,583‌
MajorDrive
Holdings
IV,
6.375%,
6/1/29 (4)
5,985‌
5,446‌
Sigma
Holdco,
7.875%,
5/15/26 (4)
10,743‌
9,454‌
Triton
Water
Holdings,
6.25%,
4/1/29 (4)
6,185‌
5,690‌
34,404‌
Energy
18.2%
Ascent
Resources
Utica
Holdings,
5.875%,
6/30/29 (4)
6,880‌
6,502‌
Ascent
Resources
Utica
Holdings,
8.25%,
12/31/28 (4)
2,515‌
2,565‌
Citgo
Holding,
9.25%,
8/1/24 (4)
7,275‌
7,275‌
Colgate
Energy
Partners
III,
5.875%,
7/1/29 (4)
5,900‌
6,077‌
Comstock
Resources,
6.75%,
3/1/29 (4)
3,790‌
3,856‌
Encino
Acquisition
Partners
Holdings,
8.50%,
5/1/28 (4)
8,710‌
8,819‌
Gulfport
Energy,
8.00%,
5/17/26 (4)
8,010‌
8,471‌
Harvest
Midstream
I,
7.50%,
9/1/28 (4)
5,695‌
5,724‌
Howard
Midstream
Energy
Partners,
6.75%,
1/15/27 (4)
5,545‌
5,503‌
Moss
Creek
Resources
Holdings,
7.50%,
1/15/26 (4)
3,515‌
3,093‌
Moss
Creek
Resources
Holdings,
10.50%,
5/15/27 (4)
2,855‌
2,691‌
NGL
Energy
Operating,
7.50%,
2/1/26 (4)
5,620‌
5,620‌
Occidental
Petroleum,
6.125%,
1/1/31 
1,585‌
1,807‌
Occidental
Petroleum,
6.375%,
9/1/28 
2,410‌
2,705‌
Occidental
Petroleum,
6.45%,
9/15/36 
1,000‌
1,174‌
Occidental
Petroleum,
6.625%,
9/1/30 
1,070‌
1,241‌
Occidental
Petroleum,
8.50%,
7/15/27 
2,265‌
2,729‌
Rockpoint
Gas
Storage
Canada,
7.00%,
3/31/23 (4)
4,675‌
4,658‌
SM
Energy,
5.625%,
6/1/25 
1,995‌
1,980‌
SM
Energy,
6.625%,
1/15/27 
1,620‌
1,640‌
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (4)
7,060‌
6,751‌
Transocean
Pontus,
6.125%,
8/1/25 (4)
2,712‌
2,671‌
T.
ROWE
PRICE
U.S.
High
Yield
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
‡
Transocean
Proteus,
6.25%,
12/1/24 (4)
2,603‌
2,596‌
USA
Compression
Partners,
6.875%,
9/1/27 
5,710‌
5,696‌
Weatherford
International,
6.50%,
9/15/28 (4)
5,135‌
5,289‌
107,133‌
Financial
Services
1.6%
Advisor
Group
Holdings,
10.75%,
8/1/27 (4)
2,460‌
2,678‌
FirstCash,
5.625%,
1/1/30 (4)
6,820‌
6,718‌
9,396‌
Health
Care
5.3%
Air
Methods,
8.00%,
5/15/25 (4)
7,329‌
6,046‌
CHS,
5.25%,
5/15/30 (4)
2,275‌
2,207‌
CHS,
6.875%,
4/1/28 (4)
6,311‌
5,838‌
Consensus
Cloud
Solutions,
6.50%,
10/15/28 (4)
1,425‌
1,429‌
MEDNAX,
5.375%,
2/15/30 (4)
4,305‌
4,283‌
Tenet
Healthcare,
6.125%,
10/1/28 (4)
4,610‌
4,656‌
Tenet
Healthcare,
6.875%,
11/15/31 
1,405‌
1,496‌
U.S.
Renal
Care,
10.625%,
7/15/27 (4)
5,585‌
5,613‌
31,568‌
Insurance
3.0%
Alliant
Holdings
Intermediate,
5.875%,
11/1/29 (4)
3,080‌
2,895‌
BroadStreet
Partners,
5.875%,
4/15/29 (4)
6,005‌
5,614‌
HUB
International,
5.625%,
12/1/29 (4)
7,370‌
7,011‌
Ryan
Specialty
Group,
4.375%,
2/1/30 (4)
2,045‌
1,961‌
17,481‌
Leisure
2.4%
Carnival,
5.75%,
3/1/27 (4)
8,430‌
8,198‌
Studio
City,
7.00%,
2/15/27 (4)
1,165‌
1,157‌
Studio
City
Finance,
5.00%,
1/15/29 (4)
6,340‌
5,053‌
14,408‌
Media
9.0%
Audacy
Capital,
6.75%,
3/31/29 (4)
6,025‌
5,679‌
Clear
Channel
Outdoor
Holdings,
7.75%,
4/15/28 (4)
5,620‌
5,859‌
Deluxe,
8.00%,
6/1/29 (4)
5,555‌
5,666‌
DISH
DBS,
7.375%,
7/1/28 
6,400‌
6,016‌
News,
5.125%,
2/15/32 (4)
1,745‌
1,784‌
Radiate
Holdco,
6.50%,
9/15/28 (4)
6,350‌
5,961‌
Sinclair
Television
Group,
4.125%,
12/1/30 (4)
7,210‌
6,453‌
Terrier
Media
Buyer,
8.875%,
12/15/27 (4)
8,212‌
8,438‌
Urban
One,
7.375%,
2/1/28 (4)
7,040‌
7,066‌
52,922‌
Real
Estate
3.3%
Brookfield
Property
REIT,
5.75%,
5/15/26 (4)
4,965‌
4,895‌
Millennium
Escrow,
6.625%,
8/1/26 (4)
2,975‌
2,901‌
Outfront
Media
Capital,
4.25%,
1/15/29 (4)
5,755‌
5,438‌
Service
Properties
Trust,
3.95%,
1/15/28 
4,440‌
3,867‌
T.
ROWE
PRICE
U.S.
High
Yield
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
Service
Properties
Trust,
4.95%,
2/15/27 
2,470‌
2,301‌
19,402‌
Retail
5.8%
eG
Global
Finance,
6.75%,
2/7/25 (4)
5,900‌
5,870‌
LSF9
Atlantis
Holdings,
7.75%,
2/15/26 (4)
10,565‌
10,169‌
Michaels,
7.875%,
5/1/29 (4)
6,195‌
5,390‌
NMG
Holding,
7.125%,
4/1/26 (4)
5,605‌
5,766‌
Rite
Aid,
7.50%,
7/1/25 (4)
7,500‌
7,200‌
34,395‌
Services
3.0%
Adtalem
Global
Education,
5.50%,
3/1/28 (4)
5,445‌
4,873‌
PECF
USS
Intermediate
Holding
III,
8.00%,
11/15/29 (4)
5,955‌
5,799‌
White
Cap
Parent,
8.25%,
(8.250%
PIK),
3/15/26 (4)(5)
7,205‌
7,223‌
17,895‌
Technology
&
Electronics
3.5%
Avaya,
6.125%,
9/15/28 (4)
5,115‌
4,910‌
CommScope,
8.25%,
3/1/27 (4)
5,986‌
5,956‌
ION
Trading
Technologies,
5.75%,
5/15/28 (4)
4,685‌
4,621‌
Veritas
U.S.,
7.50%,
9/1/25 (4)
5,355‌
5,261‌
20,748‌
Telecommunications
6.7%
Consolidated
Communications,
6.50%,
10/1/28 (4)
5,680‌
5,652‌
DKT
Finance,
9.375%,
6/17/23 (4)
4,420‌
4,409‌
Frontier
Communications
Holdings,
5.875%,
11/1/29 
2,615‌
2,406‌
Frontier
Communications
Holdings,
6.00%,
1/15/30 (4)
2,740‌
2,521‌
Frontier
Communications
Holdings,
6.75%,
5/1/29 (4)
505‌
490‌
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (4)
1,823‌
1,879‌
Level
3
Financing,
3.625%,
1/15/29 (4)
5,615‌
4,899‌
Northwest
Fiber,
4.75%,
4/30/27 (4)
6,050‌
5,596‌
Telesat
Canada,
6.50%,
10/15/27 (4)
11,735‌
5,867‌
Viasat,
6.50%,
7/15/28 (4)
6,285‌
5,798‌
39,517‌
Transportation
1.3%
VistaJet
Malta
Finance,
6.375%,
2/1/30 (4)
7,960‌
7,552‌
7,552‌
Total
Corporate
Bonds
(Cost
$537,692)
511,828‌
PREFERRED
STOCKS
0.9%
Energy
0.5%
Crestwood
Equity
Partners,
9.25% (6)
301‌
2,894‌
2,894‌
T.
ROWE
PRICE
U.S.
High
Yield
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
Financial
Services
0.4%
Ladenburg
Thalmann
Financial
Services,
6.50%,
11/30/27 
152‌
2,652‌
2,652‌
Total
Preferred
Stocks
(Cost
$4,837)
5,546‌
SHORT-TERM
INVESTMENTS
5.1%
Money
Market
Funds
5.1%
T.
Rowe
Price
Government
Reserve
Fund,
0.12% (7)(8)
30,303‌
30,303‌
Total
Short-Term
Investments
(Cost
$30,303)
30,303‌
Total
Investments
in
Securities
99.7%
(Cost
$614,595)
$
588,729‌
Other
Assets
Less
Liabilities
0.3%
1,526‌
Net
Assets
100.0%
$
590,255‌
‡
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
February
28,
2022.
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
$465,465
and
represents
78.9%
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
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
SOFR
Secured
overnight
financing
rate
T.
ROWE
PRICE
U.S.
High
Yield
Fund
6
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
nine
months
ended
February
28,
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,
0.12%
$
—‌
#
$
—‌
$
12‌
+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/21
Purchase
Cost
Sales
Cost
Value
02/28/22
T.
Rowe
Price
Government
Reserve
Fund,
0.12%
$
31,065‌
¤
¤
$
30,303‌
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$12
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
$30,303.
T.
ROWE
PRICE
U.S.
High
Yield
Fund
Unaudited
Notes
to
Portfolio
of
Investments
7
T.
Rowe
Price
U.S.
High
Yield
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus. 
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
U.S.
High
Yield
Fund
8
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques 
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.   
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
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
T.
ROWE
PRICE
U.S.
High
Yield
Fund
9
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
February
28,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS 
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result,
Russia’s
central
bank
closed
the
country’s
stock
market
on
February
28,
2022,
and
Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Corporate
Bonds
$
—‌
$
511,828‌
$
—‌
$
511,828‌
Bank
Loans
—‌
35,403‌
5,649‌
41,052‌
Preferred
Stocks
5,546‌
—‌
—‌
5,546‌
Short-Term
Investments
30,303‌
—‌
—‌
30,303‌
Total
$
35,849‌
$
547,231‌
$
5,649‌
$
588,729‌
T.
ROWE
PRICE
U.S.
High
Yield
Fund
10
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F1106-054Q3
02/22