T.

ROWE

PRICE

High

Yield

Fund

February

28,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

BANK

LOANS

7.5%

(1)

Aerospace

&

Defense

0.0%

Peraton,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

2/1/28 

1,886‌

1,875‌

1,875‌

Airlines

0.5%

AAdvantage

Loyalty

IP,

FRN,

1M

USD

LIBOR

+

4.75%,

5.50%,

4/20/28 

9,195‌

9,348‌

Mileage

Plus

Holdings,

FRN,

1M

USD

LIBOR

+

5.25%,

6.25%,

6/21/27 

16,565‌

17,284‌

United

Airlines,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

4/21/28 

9,498‌

9,435‌

36,067‌

Consumer

Products

0.1%

Life

Time,

FRN,

1M

USD

LIBOR

+

4.75%,

5.75%,

12/16/24 

9,071‌

9,114‌

9,114‌

Energy

0.8%

BCP

Raptor,

FRN,

3M

USD

LIBOR

+

4.25%,

5.25%,

6/24/24 

50,824‌

50,679‌

Prairie

ECI

Acquiror,

FRN,

3M

USD

LIBOR

+

4.75%,

4.959%,

3/11/26 

11,255‌

10,894‌

61,573‌

Health

Care

0.4%

ADMI,

FRN,

1M

USD

LIBOR

+

3.38%,

3.875%,

12/23/27 

10,486‌

10,314‌

ADMI,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

12/23/27 

5,297‌

5,252‌

Gainwell

Acquisition,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

10/1/27 

10,795‌

10,732‌

LifePoint

Health,

FRN,

1M

USD

LIBOR

+

3.75%,

3.959%,

11/16/25 

2,283‌

2,256‌

28,554‌

Information

Technology

0.7%

Boxer

Parent,

FRN,

1M

USD

LIBOR

+

5.50%,

6.00%,

2/27/26 

4,930‌

4,899‌

Polaris

Newco,

FRN,

1M

USD

LIBOR

+

4.00%,

4.50%,

6/2/28 

18,174‌

18,049‌

Proofpoint,

FRN,

1M

USD

LIBOR

+

3.25%,

3.758%,

8/31/28 

12,560‌

12,408‌

Proofpoint,

FRN,

3M

USD

LIBOR

+

6.25%,

6.758%,

8/31/29 

5,065‌

5,065‌

RealPage,

FRN,

3M

USD

LIBOR

+

6.50%,

7.25%,

4/23/29 

15,551‌

15,677‌

56,098‌

Satellites

0.3%

Intelsat

Jackson

Holdings,

FRN,

SOFR

+

4.25%,

1/25/29 (2)

18,300‌

18,020‌

Iridium

Satellite,

FRN,

1M

USD

LIBOR

+

2.50%,

3.25%,

11/4/26 

8,001‌

7,933‌

25,953‌

Services

2.1%

Ascend

Learning,

FRN,

1M

USD

LIBOR

+

3.50%,

4.00%,

12/11/28 

20,725‌

20,437‌

Ascend

Learning,

FRN,

1M

USD

LIBOR

+

5.75%,

6.25%,

11/18/29 (2)

31,260‌

31,143‌

CoreLogic,

FRN,

3M

USD

LIBOR

+

6.50%,

7.00%,

6/4/29 

7,980‌

7,900‌

Renaissance

Holdings,

FRN,

3M

USD

LIBOR

+

7.00%,

7.209%,

5/29/26 

7,718‌

7,662‌

T.

ROWE

PRICE

High

Yield

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

‡

UKG,

FRN,

1M

USD

LIBOR

+

3.25%,

3.75%,

5/4/26 

42,692‌

42,372‌

UKG,

FRN,

1M

USD

LIBOR

+

5.25%,

5.75%,

5/3/27 

59,315‌

59,009‌

168,523‌

Wireless

Communications

2.6%

Asurion,

FRN,

1M

USD

LIBOR

+

3.25%,

3.459%,

12/23/26 

17,585‌

17,260‌

Asurion,

FRN,

1M

USD

LIBOR

+

3.25%,

3.459%,

7/31/27 

23,244‌

22,794‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

5.459%,

1/31/28 

69,714‌

68,825‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

5.459%,

1/20/29 

100,360‌

99,106‌

207,985‌

Total

Bank

Loans

(Cost

$592,204)

595,742‌

COMMON

STOCKS

0.5%

Gaming

0.0%

New

Cotai

Participation,

Class

B (3)(4)(5)

—‌

—‌

—‌

Information

Technology

0.0%

TE

Connectivity 

27‌

3,803‌

3,803‌

Metals

&

Mining

0.2%

Constellium (5)

928‌

18,040‌

18,040‌

Wireless

Communications

0.3%

T-Mobile

U.S. (5)

168‌

20,747‌

20,747‌

Total

Common

Stocks

(Cost

$34,353)

42,590‌

CONVERTIBLE

BONDS

0.1%

Cable

Operators

0.1%

DISH

Network,

3.375%,

8/15/26 

8,735‌

7,950‌

Total

Convertible

Bonds

(Cost

$7,744)

7,950‌

CONVERTIBLE

PREFERRED

STOCKS

3.2%

Energy

1.3%

Targa

Resources,

Series A,

9.50%,

Acquisition

Date:

10/30/17

-

11/27/19,

Cost $98,536 (5)(6)(7)

98‌

106,213‌

106,213‌

T.

ROWE

PRICE

High

Yield

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

‡

Energy

Services

0.5%

NuStar

Energy,

VR,

10.75% (3)(6)

1,200‌

35,689‌

35,689‌

Forest

Products

0.0%

Smurfit-Stone

Container,

Series A,

EC,

7.00%,

2/15/27 (4)(5)

47‌

—‌

—‌

Health

Care

0.3%

Avantor,

Series A,

6.25%,

5/15/22 

255‌

27,068‌

27,068‌

Insurance

0.1%

Alliant

Services,

Series A,

Acquisition

Date:

11/6/20,

Cost $8,964 (5)(7)

9‌

8,850‌

8,850‌

Manufacturing

0.4%

Danaher,

Series B,

5.00%,

4/15/23 

18‌

27,633‌

27,633‌

Utilities

0.6%

American

Electric

Power,

6.125%,

3/15/22 

183‌

9,550‌

American

Electric

Power,

6.125%,

8/15/23 

214‌

11,297‌

NextEra

Energy,

5.279%,

3/1/23 

594‌

29,469‌

50,316‌

Total

Convertible

Preferred

Stocks

(Cost

$218,144)

255,769‌

CORPORATE

BONDS

85.1%

Aerospace

&

Defense

1.1%

Bombardier,

7.875%,

4/15/27 (3)

12,410‌

12,503‌

TransDigm,

6.25%,

3/15/26 (3)

49,085‌

50,435‌

TransDigm,

7.50%,

3/15/27 

3,100‌

3,205‌

TransDigm,

8.00%,

12/15/25 (3)

18,765‌

19,539‌

85,682‌

Airlines

2.4%

Air

Canada,

3.875%,

8/15/26 (3)

7,975‌

7,746‌

Air

Canada,

4.625%,

8/15/29

(CAD) (3)

7,190‌

5,531‌

American

Airlines,

5.50%,

4/20/26 (3)

25,130‌

25,633‌

American

Airlines,

5.75%,

4/20/29 (3)

27,295‌

27,943‌

American

Airlines,

11.75%,

7/15/25 (3)

39,467‌

47,804‌

Delta

Air

Lines,

4.75%,

10/20/28 (3)

13,690‌

14,259‌

Delta

Air

Lines,

7.00%,

5/1/25 (3)

13,900‌

15,429‌

Delta

Air

Lines,

7.375%,

1/15/26 

19,150‌

21,352‌

Mileage

Plus

Holdings,

6.50%,

6/20/27 (3)

10,695‌

11,283‌

T.

ROWE

PRICE

High

Yield

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

‡

United

Airlines,

4.625%,

4/15/29 (3)

11,472‌

11,185‌

VistaJet

Malta

Finance,

6.375%,

2/1/30 (3)

7,855‌

7,452‌

195,617‌

Automotive

5.9%

Asbury

Automotive

Group,

4.625%,

11/15/29 (3)

8,865‌

8,621‌

Asbury

Automotive

Group,

5.00%,

2/15/32 (3)

10,080‌

9,778‌

Clarios

Global,

8.50%,

5/15/27 (3)

38,195‌

39,866‌

Dana,

4.25%,

9/1/30 

6,295‌

5,949‌

Dana,

5.625%,

6/15/28 

12,580‌

12,863‌

Dornoch

Debt

Merger

Sub,

6.625%,

10/15/29 (3)

8,920‌

8,318‌

Ford

Motor,

7.45%,

7/16/31 

1,725‌

2,139‌

Ford

Motor,

9.00%,

4/22/25 

28,630‌

33,151‌

Ford

Motor,

9.625%,

4/22/30 

12,640‌

17,403‌

Ford

Motor

Credit,

5.125%,

6/16/25 

15,420‌

16,036‌

Goodyear

Tire

&

Rubber,

5.00%,

7/15/29 (3)

28,250‌

27,614‌

Goodyear

Tire

&

Rubber,

5.25%,

4/30/31 

17,000‌

16,511‌

Goodyear

Tire

&

Rubber,

5.25%,

7/15/31 (3)

16,835‌

16,309‌

Goodyear

Tire

&

Rubber,

5.625%,

4/30/33 

5,240‌

5,037‌

Jaguar

Land

Rover

Automotive,

5.875%,

1/15/28 (3)

8,600‌

8,471‌

Jaguar

Land

Rover

Automotive,

7.75%,

10/15/25 (3)

12,245‌

12,857‌

LCM

Investments

Holdings

II,

4.875%,

5/1/29 (3)

14,475‌

13,751‌

Meritor,

6.25%,

6/1/25 (3)

11,840‌

12,299‌

Metis

Merger

Sub,

6.50%,

5/15/29 (3)

17,185‌

16,004‌

Rivian

Holdings,

FRN,

6M

USD

LIBOR

+

5.625%,

6.625%,

10/15/26 (3)

94,485‌

95,666‌

Tenneco,

5.00%,

7/15/26 

26,379‌

26,247‌

Tenneco,

5.125%,

4/15/29 (3)

29,365‌

29,145‌

Tenneco,

5.375%,

12/15/24 

7,805‌

7,805‌

Tenneco,

7.875%,

1/15/29 (3)

25,095‌

26,287‌

468,127‌

Banking

0.5%

Banco

do

Brasil,

VR,

9.00% (6)(8)

21,100‌

22,221‌

Itau

Unibanco

Holding,

VR,

6.125% (3)(6)(8)

16,570‌

16,409‌

38,630‌

Broadcasting

5.4%

Clear

Channel

Outdoor

Holdings,

7.50%,

6/1/29 (3)

14,825‌

15,307‌

Clear

Channel

Outdoor

Holdings,

7.75%,

4/15/28 (3)

28,775‌

29,998‌

Diamond

Sports

Group,

5.375%,

8/15/26 (3)

2,185‌

896‌

Diamond

Sports

Group,

6.625%,

8/15/27 (3)

20,835‌

4,896‌

Gray

Escrow

II,

5.375%,

11/15/31 (3)

18,400‌

17,480‌

iHeartCommunications,

8.375%,

5/1/27 

98,614‌

102,929‌

Lamar

Media,

4.00%,

2/15/30 

1,966‌

1,882‌

Lamar

Media,

4.875%,

1/15/29 

5,918‌

5,933‌

Lions

Gate

Capital

Holdings,

5.50%,

4/15/29 (3)

8,390‌

7,939‌

Midas

OpCo

Holdings,

5.625%,

8/15/29 (3)

42,175‌

41,331‌

T.

ROWE

PRICE

High

Yield

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

‡

Nexstar

Media,

4.75%,

11/1/28 (3)

9,945‌

9,647‌

Nielsen

Finance,

4.50%,

7/15/29 (3)

4,550‌

4,078‌

Nielsen

Finance,

4.75%,

7/15/31 (3)

6,215‌

5,500‌

Nielsen

Finance,

5.625%,

10/1/28 (3)

12,570‌

12,051‌

Outfront

Media

Capital,

4.25%,

1/15/29 (3)

3,940‌

3,723‌

Outfront

Media

Capital,

6.25%,

6/15/25 (3)

5,695‌

5,916‌

Sirius

XM

Radio,

3.875%,

9/1/31 (3)

13,145‌

12,110‌

Sirius

XM

Radio,

4.00%,

7/15/28 (3)

32,360‌

31,066‌

Sirius

XM

Radio,

4.125%,

7/1/30 (3)

27,160‌

25,666‌

Sirius

XM

Radio,

5.00%,

8/1/27 (3)

10,570‌

10,702‌

Terrier

Media

Buyer,

8.875%,

12/15/27 (3)

30,270‌

31,102‌

Townsquare

Media,

6.875%,

2/1/26 (3)

15,560‌

15,949‌

Univision

Communications,

4.50%,

5/1/29 (3)

21,130‌

20,074‌

Univision

Communications,

6.625%,

6/1/27 (3)

15,540‌

16,162‌

432,337‌

Building

&

Real

Estate

1.4%

Brookfield

Residential

Properties,

5.00%,

6/15/29 (3)

12,180‌

11,434‌

Country

Garden

Holdings,

5.125%,

1/14/27 

24,125‌

17,491‌

Country

Garden

Holdings,

5.625%,

1/14/30 

8,205‌

5,682‌

Cushman

&

Wakefield

U.S.

Borrower,

6.75%,

5/15/28 (3)

19,265‌

20,156‌

Howard

Hughes,

4.125%,

2/1/29 (3)

17,145‌

16,245‌

Howard

Hughes,

4.375%,

2/1/31 (3)

9,185‌

8,668‌

Howard

Hughes,

5.375%,

8/1/28 (3)

15,520‌

15,656‌

Shimao

Group

Holdings,

5.20%,

1/16/27 

16,430‌

4,600‌

Shimao

Group

Holdings,

5.60%,

7/15/26 

17,391‌

5,130‌

Taylor

Morrison

Communities,

5.125%,

8/1/30 (3)

5,970‌

5,940‌

111,002‌

Building

Products

1.0%

CP

Atlas

Buyer,

7.00%,

12/1/28 (3)

3,300‌

2,970‌

New

Enterprise

Stone

&

Lime,

5.25%,

7/15/28 (3)

16,005‌

15,605‌

PGT

Innovations,

4.375%,

10/1/29 (3)

15,344‌

14,347‌

Specialty

Building

Products

Holdings,

6.375%,

9/30/26 (3)

10,935‌

11,003‌

SRS

Distribution,

6.00%,

12/1/29 (3)

12,995‌

12,248‌

Summit

Materials,

5.25%,

1/15/29 (3)

8,245‌

8,286‌

Summit

Materials,

6.50%,

3/15/27 (3)

17,880‌

18,416‌

82,875‌

Cable

Operators

8.4%

Altice

Financing,

5.00%,

1/15/28 (3)

34,150‌

30,863‌

Altice

Financing,

5.75%,

8/15/29 (3)

21,665‌

19,742‌

Altice

France,

5.125%,

1/15/29 (3)

11,675‌

10,595‌

Altice

France,

5.125%,

7/15/29 (3)

33,885‌

30,666‌

Altice

France,

5.50%,

10/15/29 (3)

18,935‌

17,349‌

Altice

France

Holding,

6.00%,

2/15/28 (3)

62,220‌

54,754‌

C&W

Senior

Financing,

6.875%,

9/15/27 (3)

21,285‌

22,083‌

CCO

Holdings,

4.25%,

1/15/34 (3)

10,805‌

9,860‌

T.

ROWE

PRICE

High

Yield

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

‡

CCO

Holdings,

4.50%,

8/15/30 (3)

32,520‌

31,219‌

CCO

Holdings,

4.50%,

5/1/32 

19,850‌

18,733‌

CCO

Holdings,

4.50%,

6/1/33 (3)

29,195‌

27,370‌

CCO

Holdings,

4.75%,

2/1/32 (3)

17,890‌

17,286‌

CCO

Holdings,

5.00%,

2/1/28 (3)

54,455‌

54,591‌

CCO

Holdings,

5.375%,

6/1/29 (3)

17,950‌

18,174‌

CSC

Holdings,

4.625%,

12/1/30 (3)

7,130‌

5,900‌

CSC

Holdings,

5.75%,

1/15/30 (3)

20,960‌

18,550‌

CSC

Holdings,

6.50%,

2/1/29 (3)

34,835‌

35,096‌

CSC

Holdings,

7.50%,

4/1/28 (3)

24,805‌

24,681‌

DIRECTV

Financing,

5.875%,

8/15/27 (3)

12,670‌

12,654‌

DISH

DBS,

5.125%,

6/1/29 

17,670‌

14,909‌

DISH

DBS,

5.25%,

12/1/26 (3)

24,605‌

23,990‌

DISH

DBS,

5.75%,

12/1/28 (3)

26,110‌

24,935‌

DISH

DBS,

7.375%,

7/1/28 

12,155‌

11,426‌

DISH

DBS,

7.75%,

7/1/26 

15,060‌

15,211‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27 (3)

4,977‌

5,131‌

Netflix,

6.375%,

5/15/29 

49,980‌

58,039‌

Radiate

Holdco,

6.50%,

9/15/28 (3)

15,550‌

14,598‌

Virgin

Media

Finance,

5.00%,

7/15/30 (3)

5,405‌

4,993‌

Vmed

O2

U.K.

Financing

I,

4.75%,

7/15/31 (3)

34,490‌

32,938‌

VTR

Finance,

6.375%,

7/15/28 (3)

7,420‌

7,523‌

673,859‌

Chemicals

1.7%

Compass

Minerals

International,

6.75%,

12/1/27 (3)

2,765‌

2,865‌

CVR

Partners,

6.125%,

6/15/28 (3)

12,315‌

12,377‌

GPD,

10.125%,

4/1/26 (3)

13,455‌

14,128‌

Methanex,

5.125%,

10/15/27 

13,625‌

13,846‌

Methanex,

5.25%,

12/15/29 

7,440‌

7,533‌

Methanex,

5.65%,

12/1/44 

6,149‌

5,779‌

OCI,

4.625%,

10/15/25 (3)

13,733‌

13,664‌

PMHC

II,

9.00%,

2/15/30 (3)

8,385‌

8,134‌

Tronox,

4.625%,

3/15/29 (3)

16,520‌

15,549‌

Univar

Solutions

USA,

5.125%,

12/1/27 (3)

19,935‌

20,234‌

WR

Grace

Holdings,

5.625%,

8/15/29 (3)

19,050‌

18,240‌

132,349‌

Consumer

Products

0.8%

Kontoor

Brands,

4.125%,

11/15/29 (3)

8,920‌

8,407‌

Life

Time,

5.75%,

1/15/26 (3)

16,388‌

16,306‌

Mattel,

5.45%,

11/1/41 

3,902‌

4,292‌

Mattel,

5.875%,

12/15/27 (3)

7,920‌

8,395‌

Mattel,

6.20%,

10/1/40 

7,015‌

8,348‌

Wolverine

World

Wide,

4.00%,

8/15/29 (3)

17,155‌

15,697‌

61,445‌

T.

ROWE

PRICE

High

Yield

Fund

7

Par/Shares

$

Value

(Amounts

in

000s)

‡

Container

1.0%

Ardagh

Metal

Packaging

Finance

USA,

4.00%,

9/1/29 (3)

27,180‌

25,549‌

Ardagh

Packaging

Finance,

4.125%,

8/15/26 (3)

1,890‌

1,833‌

Ardagh

Packaging

Finance,

5.25%,

8/15/27 (3)

21,355‌

20,181‌

Mauser

Packaging

Solutions

Holding,

8.50%,

4/15/24 (3)

6,035‌

6,156‌

Pactiv,

7.95%,

12/15/25 

4,305‌

4,477‌

Trivium

Packaging

Finance,

5.50%,

8/15/26 (3)

7,220‌

7,310‌

Trivium

Packaging

Finance,

8.50%,

8/15/27 (3)

14,240‌

14,561‌

80,067‌

Energy

9.0%

Aethon

United

BR,

8.25%,

2/15/26 (3)

7,350‌

7,718‌

Archrock

Partners,

6.875%,

4/1/27 (3)

11,435‌

11,607‌

Chesapeake

Energy,

6.75%,

4/15/29 (3)

25,005‌

26,380‌

Citgo

Holding,

9.25%,

8/1/24 (3)

21,710‌

21,710‌

CITGO

Petroleum,

7.00%,

6/15/25 (3)

22,285‌

22,285‌

Comstock

Resources,

5.875%,

1/15/30 (3)

14,255‌

13,756‌

Comstock

Resources,

6.75%,

3/1/29 (3)

9,155‌

9,315‌

Crescent

Energy

Finance,

7.25%,

5/1/26 (3)

22,655‌

22,542‌

CrownRock,

5.625%,

10/15/25 (3)

4,445‌

4,490‌

DCP

Midstream,

Series A,

VR,

7.375% (6)(8)

11,294‌

10,814‌

DCP

Midstream

Operating,

5.625%,

7/15/27 

6,865‌

7,337‌

DCP

Midstream

Operating,

6.75%,

9/15/37 (3)

17,875‌

21,808‌

DCP

Midstream

Operating,

8.125%,

8/16/30 

8,515‌

10,814‌

Endeavor

Energy

Resources,

5.75%,

1/30/28 (3)

14,198‌

14,659‌

Endeavor

Energy

Resources,

6.625%,

7/15/25 (3)

2,885‌

3,008‌

EQT,

7.50%,

2/1/30 

16,946‌

20,187‌

Exterran

Energy

Solutions,

8.125%,

5/1/25 

7,482‌

7,482‌

Gulfport

Energy,

8.00%,

5/17/26 (3)

11,970‌

12,658‌

Hilcorp

Energy

I,

5.75%,

2/1/29 (3)

8,357‌

8,378‌

Hilcorp

Energy

I,

6.00%,

2/1/31 (3)

7,490‌

7,565‌

Magnolia

Oil

&

Gas

Operating,

6.00%,

8/1/26 (3)

40,900‌

41,820‌

NGL

Energy

Operating,

7.50%,

2/1/26 (3)

47,321‌

47,321‌

NuStar

Logistics,

5.75%,

10/1/25 

9,790‌

10,182‌

Occidental

Petroleum,

6.125%,

1/1/31 

8,685‌

9,901‌

Occidental

Petroleum,

6.375%,

9/1/28 

9,005‌

10,108‌

Occidental

Petroleum,

6.45%,

9/15/36 

2,310‌

2,711‌

Occidental

Petroleum,

6.625%,

9/1/30 

5,865‌

6,803‌

Occidental

Petroleum,

7.50%,

5/1/31 

7,500‌

9,094‌

Occidental

Petroleum,

7.875%,

9/15/31 

4,847‌

5,998‌

Occidental

Petroleum,

7.95%,

6/15/39 

19,810‌

24,961‌

Occidental

Petroleum,

8.00%,

7/15/25 

12,700‌

14,303‌

Occidental

Petroleum,

8.50%,

7/15/27 

16,975‌

20,455‌

Occidental

Petroleum,

8.875%,

7/15/30 

32,395‌

41,749‌

Range

Resources,

4.75%,

2/15/30 (3)

16,730‌

16,375‌

Range

Resources,

8.25%,

1/15/29 

5,870‌

6,413‌

T.

ROWE

PRICE

High

Yield

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

‡

Rockcliff

Energy

II,

5.50%,

10/15/29 (3)

8,625‌

8,539‌

Solaris

Midstream

Holdings,

7.625%,

4/1/26 (3)

8,490‌

8,670‌

Southwestern

Energy,

4.75%,

2/1/32 

11,155‌

11,071‌

Tallgrass

Energy

Partners,

5.50%,

1/15/28 (3)

7,230‌

6,914‌

Tallgrass

Energy

Partners,

6.00%,

3/1/27 (3)

8,060‌

8,060‌

Tallgrass

Energy

Partners,

6.00%,

12/31/30 (3)

11,175‌

10,686‌

Tallgrass

Energy

Partners,

6.00%,

9/1/31 (3)

17,225‌

16,235‌

Tallgrass

Energy

Partners,

7.50%,

10/1/25 (3)

10,935‌

11,427‌

Targa

Resources

Partners,

4.00%,

1/15/32 

32,380‌

31,975‌

Targa

Resources

Partners,

5.875%,

4/15/26 

1,055‌

1,088‌

Targa

Resources

Partners,

6.50%,

7/15/27 

6,060‌

6,408‌

Targa

Resources

Partners,

6.875%,

1/15/29 

9,970‌

10,842‌

Transocean

Phoenix

2,

7.75%,

10/15/24 (3)

3,637‌

3,673‌

Transocean

Pontus,

6.125%,

8/1/25 (3)

5,443‌

5,361‌

Transocean

Proteus,

6.25%,

12/1/24 (3)

4,448‌

4,436‌

USA

Compression

Partners,

6.875%,

4/1/26 

10,300‌

10,300‌

USA

Compression

Partners,

6.875%,

9/1/27 

7,635‌

7,616‌

Venture

Global

Calcasieu

Pass,

3.875%,

8/15/29 (3)

10,930‌

10,725‌

Venture

Global

Calcasieu

Pass,

4.125%,

8/15/31 (3)

13,950‌

13,811‌

720,544‌

Entertainment

&

Leisure

3.4%

AMC

Entertainment

Holdings,

10.00%,

6/15/26 (3)

8,700‌

8,047‌

Carnival,

4.00%,

8/1/28 (3)

12,900‌

12,319‌

Carnival,

5.75%,

3/1/27 (3)

19,160‌

18,633‌

Carnival,

6.00%,

5/1/29 (3)

17,365‌

16,779‌

Carnival,

7.625%,

3/1/26 (3)

30,000‌

30,712‌

Cedar

Fair,

5.25%,

7/15/29 

8,370‌

8,328‌

Cedar

Fair,

5.375%,

4/15/27 

14,955‌

15,030‌

Cinemark

USA,

5.25%,

7/15/28 (3)

10,730‌

10,113‌

Live

Nation

Entertainment,

4.75%,

10/15/27 (3)

7,745‌

7,590‌

Merlin

Entertainments,

5.75%,

6/15/26 (3)

2,295‌

2,378‌

NCL,

5.875%,

3/15/26 (3)

19,710‌

18,922‌

NCL,

5.875%,

2/15/27 (3)

9,150‌

9,139‌

NCL,

7.75%,

2/15/29 (3)

8,615‌

8,852‌

NCL

Finance,

6.125%,

3/15/28 (3)

5,740‌

5,518‌

Royal

Caribbean

Cruises,

5.375%,

7/15/27 (3)

14,720‌

14,426‌

Royal

Caribbean

Cruises,

5.50%,

8/31/26 (3)

17,195‌

16,937‌

Royal

Caribbean

Cruises,

5.50%,

4/1/28 (3)

16,378‌

16,030‌

Royal

Caribbean

Cruises,

9.125%,

6/15/23 (3)

1,940‌

2,027‌

Royal

Caribbean

Cruises,

10.875%,

6/1/23 (3)

11,015‌

11,745‌

SeaWorld

Parks

&

Entertainment,

5.25%,

8/15/29 (3)

26,145‌

25,230‌

Viking

Cruises,

7.00%,

2/15/29 (3)

12,455‌

11,770‌

270,525‌

T.

ROWE

PRICE

High

Yield

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

‡

Exploration

&

Production

0.0%

Apache,

6.00%,

1/15/37 

790‌

871‌

871‌

Financial

6.7%

Acrisure,

4.25%,

2/15/29 (3)

11,410‌

10,668‌

Acrisure,

7.00%,

11/15/25 (3)

15,255‌

15,122‌

Acrisure,

10.125%,

8/1/26 (3)

21,370‌

22,652‌

Alliant

Holdings

Intermediate,

5.875%,

11/1/29 (3)

8,595‌

8,079‌

Alliant

Holdings

Intermediate,

6.75%,

10/15/27 (3)

19,120‌

18,690‌

AmWINS

Group,

4.875%,

6/30/29 (3)

5,705‌

5,434‌

Apollo

Commercial

Real

Estate

Finance,

4.625%,

6/15/29 (3)

25,800‌

23,317‌

Cobra

AcquisitionCo,

6.375%,

11/1/29 (3)

13,230‌

12,122‌

Drawbridge

Special

Opportunities

Fund,

3.875%,

2/15/26 (3)

5,705‌

5,677‌

Enact

Holdings,

6.50%,

8/15/25 (3)

20,705‌

21,378‌

Freedom

Mortgage,

6.625%,

1/15/27 (3)

13,000‌

11,960‌

GTCR

AP

Finance,

8.00%,

5/15/27 (3)

16,645‌

16,645‌

Home

Point

Capital,

5.00%,

2/1/26 (3)

13,060‌

10,840‌

HUB

International,

5.625%,

12/1/29 (3)

22,535‌

21,436‌

Icahn

Enterprises,

6.25%,

5/15/26 

12,015‌

12,075‌

Jane

Street

Group,

4.50%,

11/15/29 (3)

13,465‌

13,011‌

LPL

Holdings,

4.00%,

3/15/29 (3)

13,290‌

12,792‌

LPL

Holdings,

4.375%,

5/15/31 (3)

2,150‌

2,096‌

Midcap

Financial

Issuer

Trust,

5.625%,

1/15/30 (3)

12,810‌

11,689‌

Midcap

Financial

Issuer

Trust,

6.50%,

5/1/28 (3)

24,890‌

24,143‌

Navient,

4.875%,

3/15/28 

18,380‌

17,208‌

Navient,

5.00%,

3/15/27 

12,240‌

11,842‌

Navient,

5.50%,

3/15/29 

17,480‌

16,475‌

Navient,

6.125%,

3/25/24 

32,250‌

33,177‌

Navient,

6.75%,

6/25/25 

16,535‌

17,176‌

Navient,

6.75%,

6/15/26 

4,370‌

4,523‌

OneMain

Finance,

5.375%,

11/15/29 

8,060‌

8,050‌

OneMain

Finance,

6.125%,

3/15/24 

6,358‌

6,565‌

OneMain

Finance,

6.625%,

1/15/28 

5,755‌

6,115‌

OneMain

Finance,

6.875%,

3/15/25 

18,550‌

19,709‌

OneMain

Finance,

7.125%,

3/15/26 

5,820‌

6,307‌

PennyMac

Financial

Services,

4.25%,

2/15/29 (3)

22,055‌

19,684‌

PennyMac

Financial

Services,

5.375%,

10/15/25 (3)

8,255‌

8,255‌

PROG

Holdings,

6.00%,

11/15/29 (3)

21,720‌

20,851‌

Ryan

Specialty

Group,

4.375%,

2/1/30 (3)

5,800‌

5,561‌

SLM,

4.20%,

10/29/25 

9,390‌

9,531‌

Starwood

Property

Trust,

3.75%,

12/31/24 (3)

6,465‌

6,315‌

Starwood

Property

Trust,

4.375%,

1/15/27 (3)

11,380‌

11,049‌

United

Wholesale

Mortgage,

5.50%,

4/15/29 (3)

8,485‌

7,785‌

United

Wholesale

Mortgage,

5.75%,

6/15/27 (3)

17,485‌

16,611‌

532,615‌

T.

ROWE

PRICE

High

Yield

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

‡

Food

0.9%

Cosan

Luxembourg,

7.00%,

1/20/27 (3)

17,390‌

17,893‌

Kraft

Heinz

Foods,

6.875%,

1/26/39 

9,155‌

12,097‌

Kraft

Heinz

Foods,

7.125%,

8/1/39 (3)

6,935‌

9,458‌

Post

Holdings,

5.625%,

1/15/28 (3)

1,985‌

1,995‌

Sigma

Holdco,

7.875%,

5/15/26 (3)

7,043‌

6,198‌

Triton

Water

Holdings,

6.25%,

4/1/29 (3)

20,977‌

19,299‌

U.S.

Foods,

4.625%,

6/1/30 (3)

9,745‌

9,306‌

76,246‌

Foreign

Govt

&

Muni

(Excl

Canadian)

0.4%

Petroleos

Mexicanos,

6.625%,

6/15/35 

17,600‌

15,968‌

Petroleos

Mexicanos,

7.69%,

1/23/50 

17,830‌

16,045‌

32,013‌

Forest

Products

0.3%

Graphic

Packaging

International,

3.75%,

2/1/30 (3)

9,685‌

9,189‌

Mercer

International,

5.125%,

2/1/29 

9,755‌

9,511‌

Mercer

International,

5.50%,

1/15/26 

2,170‌

2,175‌

20,875‌

Gaming

4.1%

Affinity

Gaming,

6.875%,

12/15/27 (3)

4,400‌

4,323‌

Caesars

Entertainment,

4.625%,

10/15/29 (3)

11,975‌

11,361‌

Caesars

Entertainment,

8.125%,

7/1/27 (3)

37,640‌

40,416‌

Cirsa

Finance

International,

4.50%,

3/15/27

(EUR) (3)

7,505‌

7,914‌

International

Game

Technology,

4.125%,

4/15/26 (3)

6,700‌

6,650‌

International

Game

Technology,

5.25%,

1/15/29 (3)

10,075‌

10,239‌

International

Game

Technology,

6.25%,

1/15/27 (3)

22,638‌

24,053‌

Melco

Resorts

Finance,

5.375%,

12/4/29 (3)

2,790‌

2,426‌

MGM

China

Holdings,

4.75%,

2/1/27 (3)

10,685‌

9,730‌

MGM

China

Holdings,

5.25%,

6/18/25 (3)

2,455‌

2,342‌

MGM

China

Holdings,

5.875%,

5/15/26 (3)

7,510‌

7,173‌

MGM

Growth

Properties

Operating

Partnership,

3.875%,

2/15/29 (3)

12,700‌

12,763‌

MGM

Growth

Properties

Operating

Partnership,

5.75%,

2/1/27 

8,690‌

9,407‌

MGM

Resorts

International,

4.75%,

10/15/28 

3,795‌

3,785‌

Midwest

Gaming

Borrower,

4.875%,

5/1/29 (3)

13,340‌

13,006‌

Peninsula

Pacific

Entertainment,

8.50%,

11/15/27 (3)

26,005‌

28,670‌

Raptor

Acquisition,

4.875%,

11/1/26 (3)

2,775‌

2,671‌

Scientific

Games

Holdings,

6.625%,

3/1/30 (3)

14,995‌

14,845‌

Scientific

Games

International,

7.00%,

5/15/28 (3)

5,590‌

5,786‌

Scientific

Games

International,

7.25%,

11/15/29 (3)

36,995‌

39,261‌

Studio

City

Finance,

5.00%,

1/15/29 (3)

9,590‌

7,643‌

Wynn

Las

Vegas,

5.25%,

5/15/27 (3)

18,195‌

18,059‌

Wynn

Macau,

5.50%,

1/15/26 (3)

12,005‌

10,916‌

Wynn

Macau,

5.50%,

10/1/27 (3)

23,082‌

20,296‌

T.

ROWE

PRICE

High

Yield

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

‡

Wynn

Resorts

Finance,

5.125%,

10/1/29 (3)

10,965‌

10,609‌

324,344‌

Health

Care

7.9%

AdaptHealth,

5.125%,

3/1/30 (3)

6,645‌

6,097‌

Avantor

Funding,

4.625%,

7/15/28 (3)

23,550‌

23,815‌

Bausch

Health,

6.125%,

2/1/27 (3)

16,130‌

16,190‌

Bausch

Health,

7.25%,

5/30/29 (3)

24,393‌

21,283‌

Bausch

Health

Americas,

8.50%,

1/31/27 (3)

38,210‌

38,688‌

Bausch

Health

Americas,

9.25%,

4/1/26 (3)

31,600‌

32,706‌

CHS,

5.25%,

5/15/30 (3)

21,825‌

21,170‌

CHS,

6.00%,

1/15/29 (3)

12,215‌

12,246‌

CHS,

6.125%,

4/1/30 (3)

31,730‌

29,509‌

CHS,

6.875%,

4/15/29 (3)

9,900‌

9,479‌

CHS,

8.00%,

12/15/27 (3)

24,945‌

26,255‌

DaVita,

4.625%,

6/1/30 (3)

6,330‌

6,045‌

Embecta,

5.00%,

2/15/30 (3)

9,025‌

8,867‌

Minerva

Merger

Sub,

6.50%,

2/15/30 (3)

33,940‌

32,582‌

Molina

Healthcare,

4.375%,

6/15/28 (3)

11,070‌

10,987‌

Mozart

Debt

Merger

Sub,

3.875%,

4/1/29 (3)

43,645‌

41,245‌

Mozart

Debt

Merger

Sub,

5.25%,

10/1/29 (3)

63,930‌

60,893‌

Option

Care

Health,

4.375%,

10/31/29 (3)

15,055‌

14,340‌

Organon,

5.125%,

4/30/31 (3)

28,875‌

28,586‌

Radiology

Partners,

9.25%,

2/1/28 (3)

19,963‌

19,863‌

RP

Escrow

Issuer,

5.25%,

12/15/25 (3)

7,455‌

7,278‌

Tenet

Healthcare,

4.375%,

1/15/30 (3)

13,070‌

12,580‌

Tenet

Healthcare,

6.125%,

10/1/28 (3)

45,700‌

46,157‌

Tenet

Healthcare,

6.875%,

11/15/31 

10,830‌

11,534‌

Teva

Pharmaceutical

Finance

Netherlands

III,

4.75%,

5/9/27 

14,880‌

14,322‌

Teva

Pharmaceutical

Finance

Netherlands

III,

5.125%,

5/9/29 

33,400‌

32,064‌

Teva

Pharmaceutical

Finance

Netherlands

III,

6.75%,

3/1/28 (9)

21,055‌

22,002‌

Teva

Pharmaceutical

Finance

Netherlands

III,

7.125%,

1/31/25 

24,760‌

25,874‌

632,657‌

Information

Technology

1.9%

Arches

Buyer,

4.25%,

6/1/28 (3)

1,245‌

1,167‌

Boxer

Parent,

6.50%,

10/2/25

(EUR) (3)

3,380‌

3,864‌

Boxer

Parent,

7.125%,

10/2/25 (3)

2,085‌

2,137‌

Condor

Merger

Sub,

7.375%,

2/15/30 (3)

16,590‌

15,968‌

Match

Group

Holdings

II,

3.625%,

10/1/31 (3)

13,540‌

12,626‌

Match

Group

Holdings

II,

4.125%,

8/1/30 (3)

20,685‌

19,858‌

Photo

Holdings

Merger

Sub,

8.50%,

10/1/26 (3)

31,147‌

30,836‌

ROBLOX,

3.875%,

5/1/30 (3)

13,745‌

13,023‌

Twitter,

5.00%,

3/1/30 (3)

20,350‌

20,401‌

Uber

Technologies,

7.50%,

9/15/27 (3)

16,830‌

17,987‌

Viavi

Solutions,

3.75%,

10/1/29 (3)

6,480‌

6,140‌

T.

ROWE

PRICE

High

Yield

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

‡

ZipRecruiter,

5.00%,

1/15/30 (3)

7,025‌

6,902‌

150,909‌

Lodging

0.7%

Hilton

Domestic

Operating,

4.00%,

5/1/31 (3)

16,975‌

16,551‌

Hilton

Domestic

Operating,

5.375%,

5/1/25 (3)

3,745‌

3,839‌

Hilton

Domestic

Operating,

5.75%,

5/1/28 (3)

4,340‌

4,524‌

Hilton

Worldwide

Finance,

4.875%,

4/1/27 

10,460‌

10,682‌

Park

Intermediate

Holdings,

4.875%,

5/15/29 (3)

10,160‌

9,715‌

Park

Intermediate

Holdings,

5.875%,

10/1/28 (3)

8,775‌

8,907‌

XHR,

4.875%,

6/1/29 (3)

1,450‌

1,410‌

55,628‌

Manufacturing

0.8%

Hillenbrand,

3.75%,

3/1/31 

9,145‌

8,688‌

Hillenbrand,

5.00%,

9/15/26 

430‌

451‌

Madison

IAQ,

4.125%,

6/30/28 (3)

19,445‌

18,327‌

Madison

IAQ,

5.875%,

6/30/29 (3)

11,160‌

10,100‌

Mueller

Water

Products,

4.00%,

6/15/29 (3)

7,770‌

7,381‌

Roller

Bearing

of

America,

4.375%,

10/15/29 (3)

4,445‌

4,251‌

Sensata

Technologies,

4.00%,

4/15/29 (3)

11,657‌

11,191‌

60,389‌

Metals

&

Mining

3.2%

Alcoa

Nederland

Holding,

5.50%,

12/15/27 (3)

17,725‌

18,456‌

Alcoa

Nederland

Holding,

6.125%,

5/15/28 (3)

11,935‌

12,562‌

Allegheny

Technologies,

5.125%,

10/1/31 

7,935‌

7,756‌

Arconic,

6.125%,

2/15/28 (3)

20,499‌

20,935‌

Big

River

Steel,

6.625%,

1/31/29 (3)

19,532‌

20,411‌

Cleveland-Cliffs,

9.875%,

10/17/25 (3)

5,960‌

6,616‌

Constellium,

3.75%,

4/15/29 (3)

10,990‌

10,042‌

ERO

Copper,

6.50%,

2/15/30 (3)

8,400‌

8,128‌

Freeport-McMoRan,

5.25%,

9/1/29 

7,735‌

8,102‌

Freeport-McMoRan,

5.40%,

11/14/34 

29,279‌

33,195‌

Freeport-McMoRan,

5.45%,

3/15/43 

12,466‌

14,320‌

GrafTech

Finance,

4.625%,

12/15/28 (3)

7,045‌

6,834‌

Hecla

Mining,

7.25%,

2/15/28 

29,735‌

31,147‌

Hudbay

Minerals,

4.50%,

4/1/26 (3)

8,460‌

8,185‌

Hudbay

Minerals,

6.125%,

4/1/29 (3)

15,290‌

15,655‌

Joseph

T.

Ryerson

&

Son,

8.50%,

8/1/28 (3)

10,976‌

11,827‌

Novelis,

4.75%,

1/30/30 (3)

18,235‌

17,779‌

251,950‌

Other

Telecommunications

0.8%

Consolidated

Communications,

6.50%,

10/1/28 (3)

13,060‌

12,994‌

Embarq,

7.995%,

6/1/36 

10,735‌

10,601‌

Level

3

Financing,

3.75%,

7/15/29 (3)

12,780‌

11,406‌

Lumen

Technologies,

4.50%,

1/15/29 (3)

24,915‌

20,773‌

T.

ROWE

PRICE

High

Yield

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

‡

Lumen

Technologies,

5.375%,

6/15/29 (3)

12,665‌

11,003‌

66,777‌

Real

Estate

Investment

Trust

Securities

0.6%

American

Finance

Trust,

4.50%,

9/30/28 (3)

25,045‌

23,354‌

Brookfield

Property

REIT,

4.50%,

4/1/27 (3)

8,245‌

7,690‌

Service

Properties

Trust,

4.35%,

10/1/24 

17,185‌

16,451‌

Service

Properties

Trust,

7.50%,

9/15/25 

2,665‌

2,796‌

50,291‌

Restaurants

0.8%

Dave

&

Buster's,

7.625%,

11/1/25 (3)

15,674‌

16,419‌

Yum!

Brands,

4.75%,

1/15/30 (3)

6,275‌

6,369‌

Yum!

Brands,

5.35%,

11/1/43 

19,590‌

19,884‌

Yum!

Brands,

6.875%,

11/15/37 

17,960‌

20,474‌

63,146‌

Retail

1.5%

At

Home

Group,

7.125%,

7/15/29 (3)

8,250‌

7,343‌

Bath

&

Body

Works,

6.625%,

10/1/30 (3)

12,280‌

13,262‌

Bath

&

Body

Works,

6.694%,

1/15/27 

1,620‌

1,776‌

Bath

&

Body

Works,

6.95%,

3/1/33 

7,052‌

7,422‌

Bath

&

Body

Works,

7.50%,

6/15/29 

9,820‌

10,790‌

Bath

&

Body

Works,

9.375%,

7/1/25 (3)

7,301‌

8,542‌

Carvana,

5.625%,

10/1/25 (3)

8,230‌

7,849‌

Linens

'n

Things,

EC,

8.338%,

1/15/20 (4)(5)

9,800‌

—‌

LSF9

Atlantis

Holdings,

7.75%,

2/15/26 (3)

12,840‌

12,359‌

PetSmart,

4.75%,

2/15/28 (3)

3,320‌

3,262‌

PetSmart,

7.75%,

2/15/29 (3)

25,505‌

26,653‌

Rent-A-Center,

6.375%,

2/15/29 (3)

24,615‌

23,507‌

122,765‌

Satellites

0.9%

Connect

Finco,

6.75%,

10/1/26 (3)

20,000‌

20,250‌

Hughes

Satellite

Systems,

6.625%,

8/1/26 

34,475‌

35,854‌

Telesat

Canada,

6.50%,

10/15/27 (3)

11,445‌

5,723‌

Viasat,

5.625%,

4/15/27 (3)

9,745‌

9,696‌

71,523‌

Services

6.2%

ADT

Security,

4.125%,

8/1/29 (3)

13,500‌

12,622‌

Adtalem

Global

Education,

5.50%,

3/1/28 (3)

23,055‌

20,634‌

Advantage

Sales

&

Marketing,

6.50%,

11/15/28 (3)

24,000‌

24,090‌

Albion

Financing

1,

6.125%,

10/15/26 (3)

15,645‌

15,195‌

Albion

Financing

2,

8.75%,

4/15/27 (3)

7,065‌

6,809‌

Allied

Universal

Holdco,

9.75%,

7/15/27 (3)

16,065‌

16,828‌

Black

Knight

InfoServ,

3.625%,

9/1/28 (3)

15,475‌

14,624‌

Clarivate

Science

Holdings,

3.875%,

7/1/28 (3)

17,045‌

16,086‌

Clarivate

Science

Holdings,

4.875%,

7/1/29 (3)

11,855‌

11,159‌

Constellation

Automotive

Financing,

4.875%,

7/15/27

(GBP) (3)

3,545‌

4,373‌

T.

ROWE

PRICE

High

Yield

Fund

14

Par/Shares

$

Value

(Amounts

in

000s)

‡

Dun

&

Bradstreet,

5.00%,

12/15/29 (3)

5,800‌

5,597‌

eG

Global

Finance,

6.75%,

2/7/25 (3)

14,610‌

14,537‌

eG

Global

Finance,

8.50%,

10/30/25 (3)

15,759‌

15,956‌

Fair

Isaac,

5.25%,

5/15/26 (3)

16,150‌

17,159‌

Gartner,

3.625%,

6/15/29 (3)

7,935‌

7,697‌

Gartner,

4.50%,

7/1/28 (3)

5,740‌

5,812‌

GFL

Environmental,

4.375%,

8/15/29 (3)

10,865‌

10,064‌

GFL

Environmental,

4.75%,

6/15/29 (3)

20,000‌

19,025‌

H&E

Equipment

Services,

3.875%,

12/15/28 (3)

34,955‌

32,508‌

IPD

3,

5.50%,

12/1/25

(EUR) (3)

3,355‌

3,769‌

Millennium

Escrow,

6.625%,

8/1/26 (3)

8,495‌

8,283‌

MSCI,

3.25%,

8/15/33 (3)

6,755‌

6,383‌

MSCI,

4.00%,

11/15/29 (3)

11,540‌

11,598‌

Presidio

Holdings,

4.875%,

2/1/27 (3)

9,310‌

9,287‌

Presidio

Holdings,

8.25%,

2/1/28 (3)

17,415‌

17,850‌

Prime

Security

Services

Borrower,

5.75%,

4/15/26 (3)

12,180‌

12,484‌

Prime

Security

Services

Borrower,

6.25%,

1/15/28 (3)

18,475‌

17,828‌

Ritchie

Bros

Holdings,

4.75%,

12/15/31 (3)

3,680‌

3,643‌

Sabre

GLBL,

7.375%,

9/1/25 (3)

8,680‌

8,940‌

Sabre

GLBL,

9.25%,

4/15/25 (3)

9,680‌

10,854‌

Staples,

7.50%,

4/15/26 (3)

26,818‌

26,483‌

Staples,

10.75%,

4/15/27 (3)

8,333‌

7,750‌

TK

Elevator

Holdco,

7.625%,

7/15/28 (3)

25,260‌

25,639‌

TK

Elevator

U.S.

Newco,

5.25%,

7/15/27 (3)

22,875‌

22,761‌

United

Rentals

North

America,

3.75%,

1/15/32 

5,125‌

4,869‌

United

Rentals

North

America,

3.875%,

2/15/31 

15,500‌

14,919‌

Verde

Bidco,

4.625%,

10/1/26

(EUR) (3)

2,135‌

2,343‌

WASH

Multifamily

Acquisition,

5.75%,

4/15/26 (3)

10,665‌

10,678‌

497,136‌

Supermarkets

1.3%

Albertsons,

3.50%,

3/15/29 (3)

29,195‌

27,151‌

Albertsons,

4.875%,

2/15/30 (3)

12,940‌

12,972‌

Albertsons,

5.875%,

2/15/28 (3)

13,310‌

13,793‌

Iceland

Bondco,

4.625%,

3/15/25

(GBP) 

13,935‌

16,885‌

New

Albertsons,

7.45%,

8/1/29 

9,945‌

11,288‌

New

Albertsons,

8.00%,

5/1/31 

6,740‌

7,995‌

United

Natural

Foods,

6.75%,

10/15/28 (3)

11,785‌

12,183‌

102,267‌

Transportation

0.2%

Watco,

6.50%,

6/15/27 (3)

19,440‌

19,634‌

19,634‌

Utilities

3.3%

Calpine,

4.50%,

2/15/28 (3)

8,260‌

8,053‌

Calpine,

5.00%,

2/1/31 (3)

17,725‌

16,351‌

Calpine,

5.125%,

3/15/28 (3)

19,630‌

18,894‌

T.

ROWE

PRICE

High

Yield

Fund

15

Par/Shares

$

Value

(Amounts

in

000s)

‡

FirstEnergy,

Series C,

7.375%,

11/15/31 

6,145‌

7,680‌

NextEra

Energy

Operating

Partners,

4.25%,

9/15/24 (3)

1,458‌

1,476‌

NextEra

Energy

Operating

Partners,

4.50%,

9/15/27 (3)

13,605‌

13,741‌

NiSource,

VR,

5.65% (6)(8)

12,860‌

12,731‌

Pattern

Energy

Operations,

4.50%,

8/15/28 (3)

3,515‌

3,401‌

PG&E,

5.00%,

7/1/28 

14,617‌

14,453‌

PG&E,

5.25%,

7/1/30 

21,665‌

21,530‌

Pike,

5.50%,

9/1/28 (3)

13,733‌

13,252‌

Terraform

Global

Operating,

6.125%,

3/1/26 (3)

19,029‌

19,077‌

Vistra,

VR,

7.00% (3)(6)(8)

28,310‌

28,027‌

Vistra,

VR,

8.00% (3)(6)(8)

41,780‌

43,138‌

Vistra

Operations,

4.375%,

5/1/29 (3)

46,345‌

44,897‌

266,701‌

Wireless

Communications

0.6%

Iliad

Holding

SASU,

6.50%,

10/15/26 (3)

21,965‌

21,828‌

Sprint,

7.625%,

2/15/25 

1,885‌

2,085‌

Sprint

Capital,

6.875%,

11/15/28 

18,260‌

21,661‌

45,574‌

Total

Corporate

Bonds

(Cost

$6,903,336)

6,797,370‌

MUNICIPAL

SECURITIES

0.6%

Puerto

Rico

0.6%

Puerto

Rico

Commonwealth,

Public

Improvement,

Series A,

GO,

5.25%,

7/1/23 (5)(10)

2,700‌

2,552‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series A,

GO,

5.25%,

7/1/25 (5)(10)

6,550‌

6,558‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series A,

GO,

8.00%,

7/1/35 (5)(10)

37,660‌

33,847‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series E,

GO,

5.50%,

7/1/31 (5)(10)

4,660‌

4,625‌

Total

Municipal

Securities

(Cost

$41,778)

47,582‌

SHORT-TERM

INVESTMENTS

1.2%

Money

Market

Funds

1.1%

T.

Rowe

Price

Government

Reserve

Fund,

0.12% (11)(12)

86,568‌

86,568‌

86,568‌

T.

ROWE

PRICE

High

Yield

Fund

16

Par/Shares

$

Value

(Amounts

in

000s)

‡

U.S.

Treasury

Obligations

0.1%

U.S.

Treasury

Bills,

0.011%,

5/19/22 (13)

8,285‌

8,280‌

8,280‌

Total

Short-Term

Investments

(Cost

$94,850)

94,848‌

SECURITIES

LENDING

COLLATERAL

0.3%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.3%

Money

Market

Funds

0.3%

T.

Rowe

Price

Government

Reserve

Fund,

0.12% (11)(12)

20,025‌

20,025‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

20,025‌

Total

Securities

Lending

Collateral

(Cost

$20,025)

20,025‌

Total

Investments

in

Securities

98.5%

(Cost

$7,912,434)

$

7,861,876‌

Other

Assets

Less

Liabilities

1.5%

123,217‌

Net

Assets

100.0%

$

7,985,093‌

‡

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

February

28,

2022.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$5,294,037

and

represents

66.3%

of

net

assets.

(4)

Level

3

in

fair

value

hierarchy.

(5)

Non-income

producing

(6)

Perpetual

security

with

no

stated

maturity

date.

T.

ROWE

PRICE

High

Yield

Fund

17

.

.

.

.

.

.

.

.

.

.

(7)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

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

$115,063

and

represents

1.4%

of

net

assets.

(8)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(9)

All

or

a

portion

of

this

security

is

on

loan

at

February

28,

2022.

(10)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(11)

Seven-day

yield

(12)

Affiliated

Companies

(13)

At

February

28,

2022,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

6M

USD

LIBOR

Six

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

SOFR

Secured

overnight

financing

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

18

(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-S37,

5

Year

Index,

12/20/26),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

3/16/22

@

0.99%*

(USD)

1

119,745

(

63‌

)

Credit

Suisse

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.HY-S37,

5

Year

Index,

12/20/26),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

3/16/22

@

1.01%*

(USD)

1

149,325

(

133‌

)

Total

Options

Written

(Premiums

$(717))

$

(

196‌

)

*

Exercise

Spread

T.

ROWE

PRICE

High

Yield

Fund

19

(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:

Royal

Caribbean

Cruises,

B2*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

5,715

261

(126)

387‌

Citibank,

Protection

Sold

(Relevant

Credit:

Royal

Caribbean

Cruises,

B2*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

5,705

261

(123)

384‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(249)

771‌

Total

Bilateral

Swaps

(249)

771‌

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

(12)

(159)

147‌

Protection

Sold

(Relevant

Credit:

CHS/

Community

Health

Systems,

Caa2*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/26

*

8,875

(691)

(311)

(

380‌

)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(

233‌

)

Total

Centrally

Cleared

Swaps

(

233‌

)

Net

payments

(receipts)

of

variation

margin

to

date

173‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(

60‌

)

*

Credit

ratings

as

of

February

28,

2022.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$44.

T.

ROWE

PRICE

High

Yield

Fund

20

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

4/22/22

GBP

800‌

USD

1,078‌

$

(

5‌

)

HSBC

Bank

4/22/22

USD

23,239‌

GBP

16,956‌

487‌

State

Street

4/22/22

USD

5,740‌

CAD

7,190‌

67‌

State

Street

5/20/22

USD

10,366‌

EUR

9,098‌

133‌

UBS

Investment

Bank

5/20/22

USD

14,078‌

EUR

12,360‌

176‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

858‌

T.

ROWE

PRICE

High

Yield

Fund

21

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%

$

—‌

$

—‌

$

47‌

++

T.

Rowe

Price

Short-Term

Fund

—‌

—‌

—‌

++

Affiliates

not

held

at

period

end

(

551‌

)

580‌

434‌

Totals

$

(

551‌

)

#

$

580‌

$

481‌

+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/21

Purchase

Cost

Sales

Cost

Value

02/28/22

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Z

Class,

4.02% 

$

27,643‌

$

416‌

$

28,639‌

$

—‌

T.

Rowe

Price

Government

Reserve

Fund,

0.12%

103,269‌

¤

¤

106,593‌

T.

Rowe

Price

Short-Term

Fund

—‌

¤

¤

—‌

Total

$

106,593‌

^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$481

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

$106,593.

T.

ROWE

PRICE

High

Yield

Fund

Unaudited

Notes

to

Portfolio

of

Investments

22

T.

Rowe

Price

High

Yield

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

T.

ROWE

PRICE

High

Yield

Fund

23

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

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

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.

T.

ROWE

PRICE

High

Yield

Fund

24

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

February

28,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

T.

ROWE

PRICE

High

Yield

Fund

25

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,

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

651,274‌

$

—‌

$

651,274‌

Common

Stocks

42,590‌

—‌

—‌

42,590‌

Convertible

Preferred

Stocks

—‌

255,769‌

—‌

255,769‌

Corporate

Bonds

—‌

6,797,370‌

—‌

6,797,370‌

Short-Term

Investments

86,568‌

8,280‌

—‌

94,848‌

Securities

Lending

Collateral

20,025‌

—‌

—‌

20,025‌

Total

Securities

149,183‌

7,712,693‌

—‌

7,861,876‌

Swaps*

—‌

669‌

—‌

669‌

Forward

Currency

Exchange

Contracts

—‌

863‌

—‌

863‌

Total

$

149,183‌

$

7,714,225‌

$

—‌

$

7,863,408‌

Liabilities

Options

Written

$

—‌

$

196‌

$

—‌

$

196‌

Swaps*

—‌

380‌

—‌

380‌

Forward

Currency

Exchange

Contracts

—‌

5‌

—‌

5‌

Total

$

—‌

$

581‌

$

—‌

$

581‌

1

Includes

Bank

Loans,

Convertible

Bonds

and

Municipal

Securities.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

High

Yield

Fund

26

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

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.

F57-054Q3

02/22