T. Rowe Price High Yield Fund Inc
01/23/2025 | Press release | Distributed by Public on 01/23/2025 08:38
Semi-Annual Report by Investment Company (Form N-CSRS)
High Yield Fund_HYF_F57-051
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-04119
T. Rowe Price High Yield Fund, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant's telephone number, including area code: (410) 345-2000
Date of fiscal year end: May 31
Date of reporting period: November 30, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
November 30, 2024
High Yield Fund
Investor Class (PRHYX)
This semi-annual shareholder report contains important information about High Yield Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
High Yield Fund - Investor Class
|
$36
|
0.70%
|
What are some fund statistics?
Fund Statistics
|
Total Net Assets (000s)
|
$7,018,282
|
|
Number of Portfolio Holdings
|
449
|
|
Portfolio Turnover Rate
|
19.1%
|
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
|
BBB/BB Rated and Above
|
3.7%
|
|
BB Rated
|
29.0
|
|
BB/B Rated
|
18.2
|
|
B Rated
|
26.8
|
|
B/CCC Rated
|
5.3
|
|
CCC Rated and Below
|
10.8
|
|
Not Rated
|
2.9
|
|
Short-Term Holdings
|
3.3
|
*Credit ratings for the securities held in the Fund are provided by Moody's and Standard & Poor's and are converted to the Standard & Poor's nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. Split ratings (e.g., BB/B and B/CCC) are assigned when Moody's and S&P differ. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings(as a % of Net Assets)
|
TransDigm
|
2.0%
|
|
CCO Holdings
|
2.0
|
|
Venture Global LNG
|
1.8
|
|
Navient
|
1.5
|
|
Cloud Software Group
|
1.5
|
|
HUB International
|
1.5
|
|
Asurion
|
1.5
|
|
Tenet Healthcare
|
1.4
|
|
Alliant Holdings Intermediate
|
1.4
|
|
Hilcorp Energy I
|
1.4
|
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202407-3695801
F57-053 1/25
High Yield Fund
Investor Class (PRHYX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
November 30, 2024
High Yield Fund
Advisor Class (PAHIX)
This semi-annual shareholder report contains important information about High Yield Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
High Yield Fund - Advisor Class
|
$53
|
1.04%
|
What are some fund statistics?
Fund Statistics
|
Total Net Assets (000s)
|
$7,018,282
|
|
Number of Portfolio Holdings
|
449
|
|
Portfolio Turnover Rate
|
19.1%
|
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
|
BBB/BB Rated and Above
|
3.7%
|
|
BB Rated
|
29.0
|
|
BB/B Rated
|
18.2
|
|
B Rated
|
26.8
|
|
B/CCC Rated
|
5.3
|
|
CCC Rated and Below
|
10.8
|
|
Not Rated
|
2.9
|
|
Short-Term Holdings
|
3.3
|
*Credit ratings for the securities held in the Fund are provided by Moody's and Standard & Poor's and are converted to the Standard & Poor's nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. Split ratings (e.g., BB/B and B/CCC) are assigned when Moody's and S&P differ. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings(as a % of Net Assets)
|
TransDigm
|
2.0%
|
|
CCO Holdings
|
2.0
|
|
Venture Global LNG
|
1.8
|
|
Navient
|
1.5
|
|
Cloud Software Group
|
1.5
|
|
HUB International
|
1.5
|
|
Asurion
|
1.5
|
|
Tenet Healthcare
|
1.4
|
|
Alliant Holdings Intermediate
|
1.4
|
|
Hilcorp Energy I
|
1.4
|
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202407-3695801
F257-053 1/25
High Yield Fund
Advisor Class (PAHIX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
November 30, 2024
High Yield Fund
I Class (PRHIX)
This semi-annual shareholder report contains important information about High Yield Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
High Yield Fund - I Class
|
$32
|
0.62%
|
What are some fund statistics?
Fund Statistics
|
Total Net Assets (000s)
|
$7,018,282
|
|
Number of Portfolio Holdings
|
449
|
|
Portfolio Turnover Rate
|
19.1%
|
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
|
BBB/BB Rated and Above
|
3.7%
|
|
BB Rated
|
29.0
|
|
BB/B Rated
|
18.2
|
|
B Rated
|
26.8
|
|
B/CCC Rated
|
5.3
|
|
CCC Rated and Below
|
10.8
|
|
Not Rated
|
2.9
|
|
Short-Term Holdings
|
3.3
|
*Credit ratings for the securities held in the Fund are provided by Moody's and Standard & Poor's and are converted to the Standard & Poor's nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. Split ratings (e.g., BB/B and B/CCC) are assigned when Moody's and S&P differ. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings(as a % of Net Assets)
|
TransDigm
|
2.0%
|
|
CCO Holdings
|
2.0
|
|
Venture Global LNG
|
1.8
|
|
Navient
|
1.5
|
|
Cloud Software Group
|
1.5
|
|
HUB International
|
1.5
|
|
Asurion
|
1.5
|
|
Tenet Healthcare
|
1.4
|
|
Alliant Holdings Intermediate
|
1.4
|
|
Hilcorp Energy I
|
1.4
|
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202407-3695801
F539-053 1/25
High Yield Fund
I Class (PRHIX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
November 30, 2024
High Yield Fund
Z Class (TRKZX)
This semi-annual shareholder report contains important information about High Yield Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
High Yield Fund - Z Class
|
$0
|
0.00%
|
What are some fund statistics?
Fund Statistics
|
Total Net Assets (000s)
|
$7,018,282
|
|
Number of Portfolio Holdings
|
449
|
|
Portfolio Turnover Rate
|
19.1%
|
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
|
BBB/BB Rated and Above
|
3.7%
|
|
BB Rated
|
29.0
|
|
BB/B Rated
|
18.2
|
|
B Rated
|
26.8
|
|
B/CCC Rated
|
5.3
|
|
CCC Rated and Below
|
10.8
|
|
Not Rated
|
2.9
|
|
Short-Term Holdings
|
3.3
|
*Credit ratings for the securities held in the Fund are provided by Moody's and Standard & Poor's and are converted to the Standard & Poor's nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. Split ratings (e.g., BB/B and B/CCC) are assigned when Moody's and S&P differ. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings(as a % of Net Assets)
|
TransDigm
|
2.0%
|
|
CCO Holdings
|
2.0
|
|
Venture Global LNG
|
1.8
|
|
Navient
|
1.5
|
|
Cloud Software Group
|
1.5
|
|
HUB International
|
1.5
|
|
Asurion
|
1.5
|
|
Tenet Healthcare
|
1.4
|
|
Alliant Holdings Intermediate
|
1.4
|
|
Hilcorp Energy I
|
1.4
|
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202407-3695801
F1254-053 1/25
High Yield Fund
Z Class (TRKZX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR,applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR.No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies.
(a - b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
November
30,
2024
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRHYX
High
Yield
Fund
-
.
PAHIX
High
Yield
Fund-
.
Advisor Class
PRHIX
High
Yield
Fund-
.
I Class
TRKZX
High
Yield
Fund-
.
Z Class
T.
ROWE
PRICE
High
Yield
Fund
(Unaudited)
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
5.82
$
5.60
$
5.98
$
6.65
$
6.19
$
6.48
Investment
activities
Net
investment
income
(1)(2)
0.20
0.38
0.35
0.33
0.33
0.36
Net
realized
and
unrealized
gain/
loss
0.14
0.22
(0.37)
(0.66)
0.46
(0.30)
Total
from
investment
activities
0.34
0.60
(0.02)
(0.33)
0.79
0.06
Distributions
Net
investment
income
(0.19)
(0.38)
(0.35)
(0.34)
(0.33)
(0.35)
Net
realized
gain
-
-
(0.01)
-
-
-
Total
distributions
(0.19)
(0.38)
(0.36)
(0.34)
(0.33)
(0.35)
NET
ASSET
VALUE
End
of
period
$
5.97
$
5.82
$
5.60
$
5.98
$
6.65
$
6.19
T.
ROWE
PRICE
High
Yield
Fund
(Unaudited)
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
5.98%
11.03%
(0.18)%
(5.23)%
13.07%
0.87%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.80%
(4)
0.79%
0.80%
0.73%
0.70%
0.72%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.70%
(4)
0.70%
0.70%
0.70%
0.70%
0.71%
Net
investment
income
6.57%
(4)
6.58%
6.24%
5.02%
5.13%
5.49%
Portfolio
turnover
rate
19.1%
37.9%
29.7%
45.5%
55.0%
42.2%
Net
assets,
end
of
period
(in
millions)
$1,165
$1,153
$1,080
$1,252
$2,394
$3,317
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
High
Yield
Fund
(Unaudited)
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
5.80
$
5.59
$
5.96
$
6.64
$
6.17
$
6.46
Investment
activities
Net
investment
income
(1)(2)
0.18
0.36
0.33
0.32
0.31
0.34
Net
realized
and
unrealized
gain/
loss
0.15
0.21
(0.36)
(0.68)
0.47
(0.30)
Total
from
investment
activities
0.33
0.57
(0.03
)
(0.36)
0.78
0.04
Distributions
Net
investment
income
(0.18)
(0.36)
(0.33)
(0.32)
(0.31)
(0.33)
Net
realized
gain
-
-
(0.01)
-
-
-
Total
distributions
(0.18)
(0.36)
(0.34)
(0.32)
(0.31)
(0
.33)
NET
ASSET
VALUE
End
of
period
$
5.95
$
5.80
$
5.59
$
5.96
$
6.64
$
6.17
T.
ROWE
PRICE
High
Yield
Fund
(Unaudited)
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
5.81%
10.47%
(0.31)%
(5.67)%
12.89%
0.58%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.04%
(4)
1.03%
1.00%
0.99%
1.00%
0.99%
Net
expenses
after
waivers/
payments
by
Price
Associates
1.04%
(4)
1.03%
1.00%
0.99%
1.00%
0.99%
Net
investment
income
6.23%
(4)
6
.25%
5.93%
4.92%
4.92%
5.25%
Portfolio
turnover
rate
19.1%
37.9%
29.7%
45.5%
55.0%
42.2%
Net
assets,
end
of
period
(in
millions)
$17
$17
$18
$24
$30
$285
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
High
Yield
Fund
(Unaudited)
Financial
Highlights
6
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
5.82
$
5.60
$
5.98
$
6.66
$
6.19
$
6.48
Investment
activities
Net
investment
income
(1)(2)
0.20
0.38
0.36
0.34
0.34
0.36
Net
realized
and
unrealized
gain/
loss
0.15
0.23
(0.37)
(0.67)
0.47
(0.29)
Total
from
investment
activities
0.35
0.61
(0.01
)
(0.33)
0.81
0.07
Distributions
Net
investment
income
(0.20)
(0.39)
(0.36)
(0.35)
(0.34)
(0.36)
Net
realized
gain
-
-
(0.01)
-
-
-
Total
distributions
(0.20)
(0.39)
(0.37)
(0.35)
(0.34)
(0
.36)
NET
ASSET
VALUE
End
of
period
$
5.97
$
5.82
$
5.60
$
5.98
$
6.66
$
6.19
T.
ROWE
PRICE
High
Yield
Fund
(Unaudited)
Financial
Highlights
7
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
6.02%
11.11%
(0.09)%
(5.27)%
13.36%
0.98%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.62%
(4)
0.62%
0.62%
0.60%
0.60%
0.60%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.62%
(4)
0.62%
0.62%
0.60%
0.60%
0.60%
Net
investment
income
6.64%
(4)
6
.66%
6.32%
5.21%
5.24%
5.61%
Portfolio
turnover
rate
19.1%
37.9%
29.7%
45.5%
55.0%
42.2%
Net
assets,
end
of
period
(in
millions)
$2,476
$2,287
$2,568
$2,880
$2,068
$1,707
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
High
Yield
Fund
(Unaudited)
Financial
Highlights
8
For
a
share
outstanding
throughout
each
period
Z
Class
(1)
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
3/16/20
(1)
Through
5/31/20
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
5.82
$
5.61
$
5.99
$
6.66
$
6.19
$
5.76
Investment
activities
Net
investment
income
(2)(3)
0.22
0.42
0.39
0.38
0.38
0.08
Net
realized
and
unrealized
gain/
loss
0.15
0.21
(0.37)
(0.66)
0.47
0.43
(4)
Total
from
investment
activities
0.37
0.63
0.02
(5)
(0.28)
0.85
0.51
Distributions
Net
investment
income
(0.22)
(0.42)
(0.39)
(0.39)
(0.38)
(0.08)
Net
realized
gain
-
-
(0.01)
-
-
-
Total
distributions
(0.22)
(0.42)
(0.40)
(0.39)
(0.38)
(0.08)
NET
ASSET
VALUE
End
of
period
$
5.97
$
5.82
$
5.61
$
5.99
$
6.66
$
6.19
T.
ROWE
PRICE
High
Yield
Fund
(Unaudited)
Financial
Highlights
9
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
(1)
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
3/16/20
(1)
Through
5/31/20
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(3)(6)
6.35%
11.60%
0.53%
(4.55)%
14.03%
8.93%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.59%
(7)
0.60%
0.60%
0.59%
0.59%
0.60%
(7)
Net
expenses
after
waivers/
payments
by
Price
Associates
0.00%
(7)
0.00%
0.00%
0.00%
0.00%
0.00%
(7)
Net
investment
income
7.27%
(7)
7.28%
6.95%
5.77%
5.84%
6.53%
(7)
Portfolio
turnover
rate
19.1%
37.9%
29.7%
45.5%
55.0%
42.2%
Net
assets,
end
of
period
(in
millions)
$3,360
$3,290
$3,186
$3,316
$3,970
$2,547
0%
0%
0%
0%
0%
0%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(4)
The
amount
presented
is
inconsistent
with
the
fund's
aggregate
gains
and
losses
because
of
the
timing
of
sales
and
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(5)
The
amount
presented
is
inconsiste
nt
with
the
fund's
results
of
operations
because
of
the
timing
of
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(6)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(7)
Annualized
T.
ROWE
PRICE
High
Yield
Fund
November
30,
2024
(Unaudited)
10
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
0.1%
Other
Asset-Backed
Securities
0.1%
Frontier
Issuer
Series 2023-1,
Class
C
11.50%,
8/20/53 (1)
7,560
8,061
Frontier
Issuer
Series 2024-1,
Class
C
11.16%,
6/20/54 (1)
580
648
Total
Asset-Backed
Securities
(Cost
$8,701)
8,709
BANK
LOANS
4.8%
(2)
Airlines
0.1%
AAdvantage
Loyalty
IP,
FRN,
3M
TSFR
+
4.75%,
9.629%,
4/20/28 (3)
9,926
10,239
10,239
Broadcasting
0.1%
Nielsen
Holdings,
FRN,
3M
TSFR
+
9.75%,
14.508%,
10/11/29 (4)
6,400
6,400
6,400
Cable
Operators
0.5%
CSC
Holdings,
FRN,
1M
TSFR
+
4.50%,
9.109%,
1/18/28
21,588
21,175
Radiate
Holdco,
FRN,
1M
TSFR
+
3.25%,
7.937%,
9/25/26
16,323
14,218
35,393
Chemicals
0.2%
Vibrantz
Technologies,
FRN,
3M
TSFR
+
4.25%,
9.058%,
4/23/29
16,382
16,372
16,372
Energy
0.2%
Prairie
ECI
Acquiror,
FRN,
1M
TSFR
+
4.75%,
9.323%,
8/1/29
12,738
12,818
12,818
Financial
0.4%
Edelman
Financial
Engines
Center,
FRN,
1M
TSFR
+
5.25%,
10/6/28 (3)
609
611
TIH
Insurance
Holdings,
FRN,
3M
TSFR
+
4.75%,
9.354%,
5/6/32
25,966
26,498
27,109
Information
Technology
1.0%
Ellucian
Holdings,
FRN,
1M
TSFR
+
3.00%,
10/29/29 (3)
4,060
4,102
Ellucian
Holdings,
FRN,
1M
TSFR
+
4.75%,
11/14/32 (3)
16,935
17,020
Project
Alpha
Intermediate
Holding,
FRN,
1M
TSFR
+
3.25%,
10/28/30 (3)
6,390
6,425
T.
ROWE
PRICE
High
Yield
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
‡
Project
Alpha
Intermediate
Holding,
FRN,
1M
TSFR
+
5.00%,
11/21/32 (3)
11,090
11,131
RealPage,
FRN,
1M
TSFR
+
6.50%,
11.187%,
4/23/29
31,849
31,416
70,094
Services
0.8%
Ascend
Learning,
FRN,
1M
TSFR
+
5.75%,
10.423%,
12/10/29 (3)
38,789
38,692
CoreLogic,
FRN,
1M
TSFR
+
6.50%,
11.187%,
6/4/29
20,023
19,508
58,200
Wireless
Communications
1.5%
Asurion,
FRN,
1M
TSFR
+
5.25%,
9.937%,
1/31/28 (3)
80,049
78,477
Asurion,
FRN,
1M
TSFR
+
5.25%,
9.937%,
1/20/29
24,029
23,373
101,850
Total
Bank
Loans
(Cost
$339,013)
338,475
COMMON
STOCKS
0.5%
Energy
0.1%
South
Bow
(CAD) (4)(5)
272
7,181
7,181
Gaming
0.0%
New
Cotai
Participation,
Class
B (1)(4)(6)
-
-
-
Health
Care
0.1%
Becton
Dickinson
&
Company
29
6,504
6,504
Metals
&
Mining
0.2%
Constellium (4)
639
7,840
Freeport-McMoRan
135
5,968
13,808
Other
Telecommunications
0.1%
Ciena (4)
100
7,004
7,004
Total
Common
Stocks
(Cost
$35,754)
34,497
T.
ROWE
PRICE
High
Yield
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
‡
CONVERTIBLE
BONDS
0.2%
Automotive
0.2%
Rivian
Automotive,
4.625%,
3/15/29 (5)
17,755
17,500
Total
Convertible
Bonds
(Cost
$19,171)
17,500
CONVERTIBLE
PREFERRED
STOCKS
0.4%
Aerospace
&
Defense
0.2%
Boeing,
6.00%,
10/15/27 (5)
277
15,359
15,359
Financial
0.2%
Ares
Management,
Series B,
6.75%,
10/1/27
203
11,377
11,377
Forest
Products
0.0%
Smurfit-Stone
Container,
Series A,
EC,
7.00%,
2/15/27,
Cost $16 (4)(6)(7)
47
-
-
Total
Convertible
Preferred
Stocks
(Cost
$24,139)
26,736
CORPORATE
BONDS
90.6%
Aerospace
&
Defense
2.0%
TransDigm,
5.50%,
11/15/27
2,107
2,086
TransDigm,
6.00%,
1/15/33 (1)
10,740
10,740
TransDigm,
6.375%,
3/1/29 (1)
12,545
12,718
TransDigm,
6.625%,
3/1/32 (1)
25,395
25,998
TransDigm,
6.75%,
8/15/28 (1)
19,570
19,961
TransDigm,
6.875%,
12/15/30 (1)
47,753
49,126
TransDigm,
7.125%,
12/1/31 (1)
19,436
20,189
140,818
Airlines
0.8%
American
Airlines,
5.75%,
4/20/29 (1)
23,665
23,576
American
Airlines
Group,
10.75%,
2/15/26,
(10.75%
Cash
or
11.5%
PIK) (1)(8)
8,400
8,760
American
Airlines
Group,
10.75%,
2/15/26,
(10.75%
Cash
or
12%
PIK) (1)(8)
1,600
1,669
United
Airlines,
4.625%,
4/15/29 (1)
20,425
19,583
53,588
Automotive
3.0%
Adient
Global
Holdings,
8.25%,
4/15/31 (1)(5)
20,590
21,465
T.
ROWE
PRICE
High
Yield
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
‡
Belron
U.K.
Finance,
5.75%,
10/15/29 (1)
8,295
8,305
Benteler
International,
10.50%,
5/15/28 (1)(5)
6,870
7,208
Clarios
Global,
8.50%,
5/15/27 (1)
31,075
31,230
Dana
Financing
Luxembourg,
8.50%,
7/15/31
(EUR) (1)(5)
14,175
16,215
Global
Auto
Holdings,
8.75%,
1/15/32 (1)
12,880
11,463
Rivian
Holdings,
FRN,
6M
TSFR
+
6.053%,
10.502%,
10/15/26 (1)
55,630
55,700
Tenneco,
8.00%,
11/17/28 (1)(5)
18,405
17,439
Velocity
Vehicle
Group,
8.00%,
6/1/29 (1)
7,110
7,394
Wand
NewCo
3,
7.625%,
1/30/32 (1)
21,900
22,667
ZF
North
America
Capital,
6.75%,
4/23/30 (1)
8,925
8,668
ZF
North
America
Capital,
7.125%,
4/14/30 (1)
4,973
4,930
212,684
Broadcasting
3.8%
Clear
Channel
Outdoor
Holdings,
7.50%,
6/1/29 (1)(5)
14,825
13,046
Clear
Channel
Outdoor
Holdings,
7.75%,
4/15/28 (1)(5)
28,775
26,437
Clear
Channel
Outdoor
Holdings,
7.875%,
4/1/30 (1)
11,380
11,750
Clear
Channel
Outdoor
Holdings,
9.00%,
9/15/28 (1)(5)
21,380
22,663
CMG
Media,
8.875%,
6/18/29 (1)
30,270
20,659
Gray
Television,
5.375%,
11/15/31 (1)
5,792
3,417
Lamar
Media,
4.00%,
2/15/30 (5)
1,966
1,816
Lamar
Media,
4.875%,
1/15/29
14,284
13,855
Neptune
Bidco
U.S.,
9.29%,
4/15/29 (1)(5)
23,065
21,450
Outfront
Media
Capital,
7.375%,
2/15/31 (1)
5,030
5,294
Sirius
XM
Radio,
4.00%,
7/15/28 (1)
32,360
30,337
Sirius
XM
Radio,
5.00%,
8/1/27 (1)
14,300
14,050
Stagwell
Global,
5.625%,
8/15/29 (1)(5)
37,860
36,488
Townsquare
Media,
6.875%,
2/1/26 (1)(5)
6,530
6,506
Univision
Communications,
7.375%,
6/30/30 (1)
15,625
15,020
Univision
Communications,
8.00%,
8/15/28 (1)
17,190
17,555
Univision
Communications,
8.50%,
7/31/31 (1)
6,575
6,534
266,877
Building
&
Real
Estate
1.0%
Cushman
&
Wakefield
U.S.
Borrower,
6.75%,
5/15/28 (1)
19,725
19,922
Howard
Hughes,
4.125%,
2/1/29 (1)
17,145
15,945
Howard
Hughes,
4.375%,
2/1/31 (1)
9,185
8,335
Howard
Hughes,
5.375%,
8/1/28 (1)
15,510
15,200
Miller
Homes
Group
Finco,
7.00%,
5/15/29
(GBP) (1)
4,675
5,742
Miller
Homes
Group
Finco,
7.00%,
5/15/29
(GBP)
3,710
4,557
69,701
Building
Products
1.6%
Advanced
Drainage
Systems,
6.375%,
6/15/30 (1)
5,590
5,632
Beacon
Roofing
Supply,
6.50%,
8/1/30 (1)
4,765
4,872
T.
ROWE
PRICE
High
Yield
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
‡
Builders
FirstSource,
6.375%,
6/15/32 (1)(5)
6,625
6,774
Builders
FirstSource,
6.375%,
3/1/34 (1)(5)
10,865
11,069
Miter
Brands
Acquisition
Holdco,
6.75%,
4/1/32 (1)
16,865
17,118
New
Enterprise
Stone
&
Lime,
5.25%,
7/15/28 (1)
16,005
15,465
Summit
Materials,
5.25%,
1/15/29 (1)
24,640
24,732
Summit
Materials,
6.50%,
3/15/27 (1)
14,375
14,393
Summit
Materials,
7.25%,
1/15/31 (1)
9,330
9,913
109,968
Cable
Operators
5.8%
Altice
Financing,
9.625%,
7/15/27 (1)
1,736
1,615
Altice
France
Holding,
6.00%,
2/15/28 (1)
25,425
6,611
Altice
France
Holding,
10.50%,
5/15/27 (1)
21,095
6,012
C&W
Senior
Finance,
6.875%,
9/15/27 (1)
10,520
10,452
CCO
Holdings,
4.50%,
6/1/33 (1)(5)
29,195
25,144
CCO
Holdings,
4.75%,
2/1/32 (1)(5)
5,780
5,202
CCO
Holdings,
6.375%,
9/1/29 (1)
69,003
69,176
CCO
Holdings,
7.375%,
3/1/31 (1)
36,835
38,124
Charter
Communications
Operating,
6.484%,
10/23/45
18,995
18,619
CSC
Holdings,
6.50%,
2/1/29 (1)
10,675
9,127
CSC
Holdings,
7.50%,
4/1/28 (1)(5)
19,395
13,867
CSC
Holdings,
11.25%,
5/15/28 (1)
13,425
13,257
CSC
Holdings,
11.75%,
1/31/29 (1)
24,180
23,968
DIRECTV
Financing,
5.875%,
8/15/27 (1)
20,124
19,722
DISH
DBS,
5.25%,
12/1/26 (1)
21,425
19,711
DISH
DBS,
5.75%,
12/1/28 (1)
21,075
18,335
DISH
DBS,
7.75%,
7/1/26
18,370
15,706
EchoStar,
10.75%,
11/30/29
24,300
26,183
GCI,
4.75%,
10/15/28 (1)
3,671
3,469
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (1)(5)
2,806
2,554
Midcontinent
Communications,
8.00%,
8/15/32 (1)(5)
13,850
14,491
Sable
International
Finance,
7.125%,
10/15/32 (1)
21,105
21,160
Vmed
O2
U.K.
Financing
I,
4.75%,
7/15/31 (1)
31,560
27,603
410,108
Chemicals
2.9%
Avient,
6.25%,
11/1/31 (1)
6,950
7,011
Avient,
7.125%,
8/1/30 (1)
27,994
28,939
Axalta
Coating
Systems
Dutch
Holding
B,
7.25%,
2/15/31 (1)
7,945
8,332
Celanese
U.S.
Holdings,
6.80%,
11/15/30
6,785
7,111
Celanese
U.S.
Holdings,
6.95%,
11/15/33
24,665
26,283
CVR
Partners,
6.125%,
6/15/28 (1)
27,897
27,025
GPD,
10.125%,
4/1/26 (1)
10,885
10,436
Methanex,
5.25%,
12/15/29 (5)
7,440
7,254
Methanex,
5.65%,
12/1/44
6,149
5,427
T.
ROWE
PRICE
High
Yield
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
‡
Methanex
U.S.
Operations,
6.25%,
3/15/32 (1)
8,160
8,153
Vibrantz
Technologies,
9.00%,
2/15/30 (1)(5)
19,050
18,026
Windsor
Holdings
III,
8.50%,
6/15/30 (1)
24,005
25,625
WR
Grace
Holdings,
5.625%,
8/15/29 (1)
14,780
13,782
WR
Grace
Holdings,
7.375%,
3/1/31 (1)(5)
11,104
11,521
204,925
Consumer
Products
0.1%
Kontoor
Brands,
4.125%,
11/15/29 (1)
8,920
8,184
8,184
Container
1.1%
Ball,
6.00%,
6/15/29
24,050
24,441
Ball,
6.875%,
3/15/28
13,270
13,651
Clydesdale
Acquisition
Holdings,
8.75%,
4/15/30 (1)(5)
11,200
11,214
Sealed
Air,
5.00%,
4/15/29 (1)
6,720
6,510
Sealed
Air,
6.125%,
2/1/28 (1)
2,825
2,843
Sealed
Air,
6.875%,
7/15/33 (1)(5)
1,012
1,073
Sealed
Air,
7.25%,
2/15/31 (1)
9,125
9,490
Trident
TPI
Holdings,
12.75%,
12/31/28 (1)
6,905
7,638
76,860
Energy
13.4%
Aethon
United
BR,
7.50%,
10/1/29 (1)
16,292
16,842
AmeriGas
Partners,
9.375%,
6/1/28 (1)
16,159
16,563
Antero
Resources,
7.625%,
2/1/29 (1)
3,402
3,483
Civitas
Resources,
8.375%,
7/1/28 (1)
7,140
7,452
Civitas
Resources,
8.625%,
11/1/30 (1)
7,880
8,343
Civitas
Resources,
8.75%,
7/1/31 (1)
10,700
11,302
Comstock
Resources,
5.875%,
1/15/30 (1)(5)
14,255
13,453
Comstock
Resources,
6.75%,
3/1/29 (1)
24,765
24,332
Crescent
Energy
Finance,
7.375%,
1/15/33 (1)
32,978
32,731
Crescent
Energy
Finance,
7.625%,
4/1/32 (1)
15,670
15,807
Crescent
Energy
Finance,
9.25%,
2/15/28 (1)
26,840
28,182
DCP
Midstream
Operating,
6.75%,
9/15/37 (1)
17,875
19,372
Diamond
Foreign
Asset,
8.50%,
10/1/30 (1)
14,375
15,004
Energy
Transfer,
7.375%,
2/1/31 (1)(5)
13,848
14,599
Expand
Energy,
5.375%,
3/15/30
12,685
12,615
Expand
Energy,
6.75%,
4/15/29 (1)
27,570
28,035
Ferrellgas,
5.875%,
4/1/29 (1)
17,310
16,228
Gulfport
Energy
Operating,
6.75%,
9/1/29 (1)
11,785
12,021
Hilcorp
Energy
I,
5.75%,
2/1/29 (1)
8,357
8,106
Hilcorp
Energy
I,
6.00%,
4/15/30 (1)
5,865
5,652
Hilcorp
Energy
I,
6.00%,
2/1/31 (1)
10,390
9,858
Hilcorp
Energy
I,
6.25%,
4/15/32 (1)
11,395
10,825
Hilcorp
Energy
I,
6.875%,
5/15/34 (1)(5)
21,325
20,659
T.
ROWE
PRICE
High
Yield
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
‡
Hilcorp
Energy
I,
7.25%,
2/15/35 (1)
17,450
17,123
Hilcorp
Energy
I,
8.375%,
11/1/33 (1)
21,846
23,020
Kinetik
Holdings,
5.875%,
6/15/30 (1)
37,200
37,061
Kinetik
Holdings,
6.625%,
12/15/28 (1)
25,690
26,268
Magnolia
Oil
&
Gas
Operating,
6.875%,
12/1/32 (1)
14,295
14,358
Matador
Resources,
6.50%,
4/15/32 (1)
9,890
9,890
NGL
Energy
Operating,
8.125%,
2/15/29 (1)(5)
7,760
7,905
NGL
Energy
Operating,
8.375%,
2/15/32 (1)
23,160
23,594
Occidental
Petroleum,
7.95%,
6/15/39
16,520
19,390
Permian
Resources
Operating,
6.25%,
2/1/33 (1)
11,505
11,577
Permian
Resources
Operating,
7.00%,
1/15/32 (1)
12,825
13,146
Permian
Resources
Operating,
9.875%,
7/15/31 (1)
12,880
14,232
Prairie
Acquiror,
9.00%,
8/1/29 (1)
7,880
8,166
Range
Resources,
4.75%,
2/15/30 (1)(5)
7,205
6,836
Range
Resources,
8.25%,
1/15/29
5,870
6,039
Seadrill
Finance,
8.375%,
8/1/30 (1)
21,400
21,801
Solaris
Midstream
Holdings,
7.625%,
4/1/26 (1)
8,490
8,532
South
Bow
Canadian
Infrastructure
Holdings,
VR,
7.50%,
3/1/55 (1)(9)
5,875
6,147
South
Bow
Canadian
Infrastructure
Holdings,
VR,
7.625%,
3/1/55 (1)(9)
1,640
1,695
Sunoco,
7.00%,
5/1/29 (1)
14,395
14,899
Sunoco,
7.25%,
5/1/32 (1)(5)
23,113
24,153
Tallgrass
Energy
Partners,
6.00%,
3/1/27 (1)
5,400
5,393
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (1)(5)
15,270
14,449
Tallgrass
Energy
Partners,
6.00%,
9/1/31 (1)
17,225
16,235
Tallgrass
Energy
Partners,
7.375%,
2/15/29 (1)
14,105
14,334
Transocean,
6.80%,
3/15/38
18,630
15,556
Transocean,
8.25%,
5/15/29 (1)
5,865
5,909
Transocean,
8.50%,
5/15/31 (1)(5)
13,300
13,466
Transocean,
8.75%,
2/15/30 (1)
17,428
18,126
Transocean
Aquila,
8.00%,
9/30/28 (1)
6,853
7,024
Valaris,
8.375%,
4/30/30 (1)
10,905
11,096
Venture
Global
Calcasieu
Pass,
6.25%,
1/15/30 (1)
10,030
10,268
Venture
Global
LNG,
8.125%,
6/1/28 (1)
17,610
18,358
Venture
Global
LNG,
8.375%,
6/1/31 (1)
39,680
41,664
Venture
Global
LNG,
9.50%,
2/1/29 (1)
17,310
19,301
Venture
Global
LNG,
VR,
9.00% (1)(9)(10)
46,795
48,491
Vermilion
Energy,
6.875%,
5/1/30 (1)
15,500
15,539
942,505
Entertainment
&
Leisure
4.6%
Carnival,
6.00%,
5/1/29 (1)(5)
1,210
1,213
Carnival,
7.00%,
8/15/29 (1)
9,545
9,987
Carnival,
10.50%,
6/1/30 (1)
32,475
34,870
T.
ROWE
PRICE
High
Yield
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
‡
Cedar
Fair,
5.25%,
7/15/29 (5)
14,395
13,945
Churchill
Downs,
5.75%,
4/1/30 (1)
20,555
20,324
Cinemark
USA,
5.25%,
7/15/28 (1)(5)
14,525
14,198
Cinemark
USA,
7.00%,
8/1/32 (1)
8,225
8,451
Inter
Media
&
Communication,
6.75%,
2/9/27
(EUR) (5)
9,552
10,275
Merlin
Entertainments
Group
U.S.
Holdings,
7.375%,
2/15/31 (1)
19,317
18,882
Motion
Finco,
7.375%,
6/15/30
(EUR) (1)
9,745
10,522
Motion
Finco,
7.375%,
6/15/30
(EUR)
4,275
4,616
NCL,
5.875%,
2/15/27 (1)
9,150
9,161
NCL,
7.75%,
2/15/29 (1)(5)
22,090
23,471
NCL,
8.125%,
1/15/29 (1)
6,568
6,970
NCL
Finance,
6.125%,
3/15/28 (1)(5)
5,740
5,805
Royal
Caribbean
Cruises,
5.50%,
4/1/28 (1)
12,378
12,363
Royal
Caribbean
Cruises,
5.625%,
9/30/31 (1)
10,045
10,032
Royal
Caribbean
Cruises,
6.00%,
2/1/33 (1)
20,665
20,923
Royal
Caribbean
Cruises,
6.25%,
3/15/32 (1)(5)
9,490
9,692
SeaWorld
Parks
&
Entertainment,
5.25%,
8/15/29 (1)(5)
26,145
25,230
Six
Flags
Entertainment,
5.50%,
4/15/27 (1)
14,795
14,721
Six
Flags
Entertainment,
6.625%,
5/1/32 (1)(5)
9,780
10,000
Six
Flags
Entertainment,
7.25%,
5/15/31 (1)(5)
26,478
27,272
322,923
Financial
11.0%
Acrisure,
7.50%,
11/6/30 (1)
23,560
23,972
Acrisure,
8.25%,
2/1/29 (1)
14,525
14,925
Acrisure,
8.50%,
6/15/29 (1)
16,905
17,581
Alliant
Holdings
Intermediate,
5.875%,
11/1/29 (1)
8,595
8,273
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (1)
28,287
28,181
Alliant
Holdings
Intermediate,
7.00%,
1/15/31 (1)
41,502
42,021
Alliant
Holdings
Intermediate,
7.375%,
10/1/32 (1)
17,315
17,380
Apollo
Commercial
Real
Estate
Finance,
4.625%,
6/15/29 (1)
13,815
12,261
AssuredPartners,
7.50%,
2/15/32 (1)
18,068
18,339
Blackstone
Mortgage
Trust,
7.75%,
12/1/29 (1)
4,075
4,146
Cobra
AcquisitionCo,
6.375%,
11/1/29 (1)(5)
14,298
12,153
Focus
Financial
Partners,
6.75%,
9/15/31 (1)
10,260
10,350
HUB
International,
5.625%,
12/1/29 (1)(5)
25,111
24,421
HUB
International,
7.25%,
6/15/30 (1)
42,120
43,594
HUB
International,
7.375%,
1/31/32 (1)
33,140
33,844
Jane
Street
Group,
6.125%,
11/1/32 (1)
23,905
23,965
Jane
Street
Group,
7.125%,
4/30/31 (1)
23,236
24,136
Jerrold
Finco,
5.25%,
1/15/27
(GBP)
5,665
7,089
Jones
Deslauriers
Insurance
Management,
8.50%,
3/15/30 (1)
20,555
21,763
Jones
Deslauriers
Insurance
Management,
10.50%,
12/15/30 (1)(5)
8,250
8,920
T.
ROWE
PRICE
High
Yield
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
‡
Midcap
Financial
Issuer
Trust,
5.625%,
1/15/30 (1)
12,810
11,785
Midcap
Financial
Issuer
Trust,
6.50%,
5/1/28 (1)
24,890
24,330
Navient,
4.875%,
3/15/28
18,380
17,599
Navient,
5.50%,
3/15/29 (5)
17,480
16,693
Navient,
5.625%,
8/1/33 (5)
15,607
13,890
Navient,
9.375%,
7/25/30
34,860
38,259
Navient,
11.50%,
3/15/31
16,405
18,661
OneMain
Finance,
7.125%,
11/15/31
10,315
10,560
OneMain
Finance,
7.50%,
5/15/31 (5)
9,925
10,334
OneMain
Finance,
7.875%,
3/15/30
12,180
12,850
OneMain
Finance,
9.00%,
1/15/29
39,595
42,020
Panther
Escrow
Issuer,
7.125%,
6/1/31 (1)
35,825
36,586
PennyMac
Financial
Services,
4.25%,
2/15/29 (1)
22,055
20,622
PennyMac
Financial
Services,
7.125%,
11/15/30 (1)
17,000
17,340
PennyMac
Financial
Services,
7.875%,
12/15/29 (1)
15,693
16,556
PROG
Holdings,
6.00%,
11/15/29 (1)
21,720
21,014
Rocket
Mortgage,
4.00%,
10/15/33 (1)(5)
9,605
8,328
Ryan
Specialty,
4.375%,
2/1/30 (1)
6,195
5,854
Ryan
Specialty,
5.875%,
8/1/32 (1)
6,390
6,374
United
Wholesale
Mortgage,
5.50%,
4/15/29 (1)
8,485
8,146
United
Wholesale
Mortgage,
5.75%,
6/15/27 (1)
17,485
17,288
772,403
Food
1.1%
B&G
Foods,
8.00%,
9/15/28 (1)(5)
7,330
7,504
BellRing
Brands,
7.00%,
3/15/30 (1)(5)
13,170
13,664
Chobani,
7.625%,
7/1/29 (1)(5)
13,750
14,403
Chobani
Holdco
II,
8.75%,
10/1/29,
(8.75%
Cash
or
9.5%
PIK) (1)(5)(8)
7,680
8,102
Darling
Ingredients,
6.00%,
6/15/30 (1)
14,350
14,278
Post
Holdings,
6.25%,
2/15/32 (1)
8,490
8,575
Triton
Water
Holdings,
6.25%,
4/1/29 (1)
8,657
8,614
75,140
Forest
Products
0.3%
Cascades,
5.375%,
1/15/28 (1)(5)
11,620
11,402
Graphic
Packaging
International,
3.75%,
2/1/30 (1)
9,685
8,874
20,276
Gaming
3.1%
Caesars
Entertainment,
6.50%,
2/15/32 (1)
9,620
9,812
Caesars
Entertainment,
7.00%,
2/15/30 (1)
14,270
14,698
Caesars
Entertainment,
8.125%,
7/1/27 (1)
17,076
17,396
Churchill
Downs,
6.75%,
5/1/31 (1)
14,940
15,239
Cirsa
Finance
International,
6.50%,
3/15/29
(EUR) (1)
2,900
3,226
Cirsa
Finance
International,
10.375%,
11/30/27
(EUR) (1)
2,322
2,580
T.
ROWE
PRICE
High
Yield
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
‡
Great
Canadian
Gaming,
8.75%,
11/15/29 (1)
12,030
12,511
International
Game
Technology,
5.25%,
1/15/29 (1)
13,985
13,705
Light
&
Wonder
International,
7.00%,
5/15/28 (1)
9,365
9,400
Light
&
Wonder
International,
7.25%,
11/15/29 (1)(5)
36,995
38,105
Light
&
Wonder
International,
7.50%,
9/1/31 (1)
7,005
7,285
Lottomatica
Group,
7.125%,
6/1/28
(EUR) (1)
3,325
3,695
MGM
Growth
Properties
Operating
Partnership,
3.875%,
2/15/29 (1)
12,700
12,034
MGM
Growth
Properties
Operating
Partnership,
5.75%,
2/1/27
8,690
8,739
Midwest
Gaming
Borrower,
4.875%,
5/1/29 (1)
13,340
12,623
Ontario
Gaming
GTA,
8.00%,
8/1/30 (1)
7,320
7,558
Playtika
Holding,
4.25%,
3/15/29 (1)
12,570
11,470
Scientific
Games
Holdings,
6.625%,
3/1/30 (1)(5)
14,995
14,508
214,584
Health
Care
7.7%
AthenaHealth
Group,
6.50%,
2/15/30 (1)(5)
30,040
28,613
Avantor
Funding,
4.625%,
7/15/28 (1)
11,060
10,659
Bausch
+
Lomb,
8.375%,
10/1/28 (1)
22,930
24,019
CHS,
5.25%,
5/15/30 (1)
8,505
7,251
CHS,
6.00%,
1/15/29 (1)
12,215
11,238
CHS,
6.125%,
4/1/30 (1)
12,215
9,100
CHS,
8.00%,
12/15/27 (1)
14,978
14,903
CHS,
10.875%,
1/15/32 (1)(5)
22,165
23,052
Concentra
Escrow
Issuer,
6.875%,
7/15/32 (1)(5)
6,700
6,884
DaVita,
6.875%,
9/1/32 (1)
20,575
21,167
IQVIA,
6.50%,
5/15/30 (1)
7,175
7,363
LifePoint
Health,
5.375%,
1/15/29 (1)(5)
5,797
5,174
LifePoint
Health,
9.875%,
8/15/30 (1)
2,351
2,548
LifePoint
Health,
10.00%,
6/1/32 (1)(5)
24,836
25,860
LifePoint
Health,
11.00%,
10/15/30 (1)
37,025
40,728
Medline
Borrower,
5.25%,
10/1/29 (1)(5)
45,740
44,539
Medline
Borrower,
6.25%,
4/1/29 (1)
40,640
41,402
Molina
Healthcare,
4.375%,
6/15/28 (1)
14,875
14,224
MPT
Operating
Partnership,
5.00%,
10/15/27 (5)
22,880
19,334
Organon,
5.125%,
4/30/31 (1)(5)
16,810
15,360
Star
Parent,
9.00%,
10/1/30 (1)
15,092
15,583
Tenet
Healthcare,
4.375%,
1/15/30
14,875
13,908
Tenet
Healthcare,
6.125%,
10/1/28 (5)
45,700
45,757
Tenet
Healthcare,
6.125%,
6/15/30 (5)
20,178
20,254
Tenet
Healthcare,
6.75%,
5/15/31
10,730
10,945
Tenet
Healthcare,
6.875%,
11/15/31 (5)
4,875
5,143
Teva
Pharmaceutical
Finance,
6.15%,
2/1/36 (5)
3,802
3,840
Teva
Pharmaceutical
Finance
Netherlands
III,
5.125%,
5/9/29
10,320
10,101
T.
ROWE
PRICE
High
Yield
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
‡
Teva
Pharmaceutical
Finance
Netherlands
III,
6.75%,
3/1/28
24,880
25,595
Teva
Pharmaceutical
Finance
Netherlands
III,
7.875%,
9/15/29
9,215
9,975
Teva
Pharmaceutical
Finance
Netherlands
III,
8.125%,
9/15/31
4,820
5,410
539,929
Health
Care
Services
0.1%
Perrigo
Finance
Unlimited,
6.125%,
9/30/32
6,590
6,596
6,596
Information
Technology
5.9%
Capstone
Borrower,
8.00%,
6/15/30 (1)
21,410
22,293
Carvana,
13.00%,
6/1/30,
(11.00%
Cash
or
13.00%
PIK) (1)(8)
7,082
7,764
Carvana,
14.00%,
6/1/31,
(14.00%
PIK) (1)(8)
27,945
33,324
Central
Parent,
7.25%,
6/15/29 (1)
19,701
19,775
Central
Parent,
8.00%,
6/15/29 (1)
13,585
13,908
Cloud
Software
Group,
6.50%,
3/31/29 (1)
13,720
13,463
Cloud
Software
Group,
8.25%,
6/30/32 (1)
16,610
17,274
Cloud
Software
Group,
9.00%,
9/30/29 (1)
72,955
73,685
Dye
&
Durham,
8.625%,
4/15/29 (1)(5)
23,994
25,254
Entegris,
5.95%,
6/15/30 (1)
33,090
33,090
Gen
Digital,
7.125%,
9/30/30 (1)(5)
21,835
22,572
Go
Daddy
Operating,
5.25%,
12/1/27 (1)
7,220
7,148
Match
Group
Holdings
II,
3.625%,
10/1/31 (1)(5)
13,540
11,644
Match
Group
Holdings
II,
4.125%,
8/1/30 (1)(5)
24,050
21,645
Match
Group
Holdings
II,
4.625%,
6/1/28 (1)
8,145
7,809
Match
Group
Holdings
II,
5.00%,
12/15/27 (1)(5)
4,540
4,398
Match
Group
Holdings
II,
5.625%,
2/15/29 (1)(5)
4,150
4,067
McAfee,
7.375%,
2/15/30 (1)(5)
39,910
38,763
ROBLOX,
3.875%,
5/1/30 (1)
12,490
11,350
SS&C
Technologies,
6.50%,
6/1/32 (1)
8,980
9,160
Twilio,
3.625%,
3/15/29
7,365
6,803
Twilio,
3.875%,
3/15/31
13,350
12,048
417,237
Lodging
1.0%
Hilton
Domestic
Operating,
4.00%,
5/1/31 (1)
12,990
11,870
Hilton
Domestic
Operating,
5.875%,
3/15/33 (1)(5)
9,375
9,375
Hilton
Domestic
Operating,
6.125%,
4/1/32 (1)
7,690
7,777
Park
Intermediate
Holdings,
4.875%,
5/15/29 (1)
10,160
9,728
Park
Intermediate
Holdings,
5.875%,
10/1/28 (1)(5)
8,775
8,676
Park
Intermediate
Holdings,
7.00%,
2/1/30 (1)
5,170
5,286
RHP
Hotel
Properties,
4.50%,
2/15/29 (1)
14,995
14,320
RHP
Hotel
Properties,
7.25%,
7/15/28 (1)
15
16
XHR,
6.625%,
5/15/30 (1)
4,415
4,481
71,529
T.
ROWE
PRICE
High
Yield
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
‡
Manufacturing
1.4%
Arcosa,
6.875%,
8/15/32 (1)
4,975
5,137
Hillenbrand,
3.75%,
3/1/31 (5)
9,145
8,116
Madison
IAQ,
4.125%,
6/30/28 (1)
19,445
18,570
Madison
IAQ,
5.875%,
6/30/29 (1)(5)
11,160
10,658
Mueller
Water
Products,
4.00%,
6/15/29 (1)
19,320
17,943
Sensata
Technologies,
4.00%,
4/15/29 (1)
19,135
17,781
Sensata
Technologies,
5.875%,
9/1/30 (1)
11,945
11,772
Stevens
Holding,
6.125%,
10/1/26 (1)
7,140
7,051
97,028
Metals
&
Mining
2.3%
Arsenal
AIC
Parent,
8.00%,
10/1/30 (1)
21,005
22,108
Arsenal
AIC
Parent,
11.50%,
10/1/31 (1)
13,525
15,266
ATI,
5.125%,
10/1/31
7,935
7,528
ATI,
7.25%,
8/15/30 (5)
6,461
6,744
Big
River
Steel,
6.625%,
1/31/29 (1)
19,532
19,703
Carpenter
Technology,
7.625%,
3/15/30
2,556
2,639
Cleveland-Cliffs,
7.375%,
5/1/33 (1)
11,005
11,170
Constellium,
6.375%,
8/15/32 (1)(5)
6,910
6,867
ERO
Copper,
6.50%,
2/15/30 (1)
10,911
10,755
Hecla
Mining,
7.25%,
2/15/28
29,735
30,218
Hudbay
Minerals,
6.125%,
4/1/29 (1)
15,290
15,440
Novelis,
4.75%,
1/30/30 (1)
14,150
13,283
161,721
Other
Telecommunications
1.5%
Frontier
Communications
Holdings,
6.00%,
1/15/30 (1)(5)
18,785
18,808
Frontier
Communications
Holdings,
8.75%,
5/15/30 (1)
13,095
13,930
Iliad
Holding,
8.50%,
4/15/31 (1)
3,220
3,425
Level
3
Financing,
4.00%,
4/15/31 (1)(5)
11,360
9,003
Level
3
Financing,
4.625%,
9/15/27 (1)
2,320
2,152
Level
3
Financing,
10.00%,
10/15/32 (1)
15,106
15,087
Level
3
Financing,
10.75%,
12/15/30 (1)
12,261
13,794
Level
3
Financing,
11.00%,
11/15/29 (1)
27,280
30,963
107,162
Real
Estate
Investment
Trust
Securities
0.9%
Necessity
Retail
REIT,
4.50%,
9/30/28 (1)
25,045
23,229
Service
Properties
Trust,
8.625%,
11/15/31 (1)
32,160
34,090
Service
Properties
Trust,
8.875%,
6/15/32
6,532
6,254
63,573
Restaurants
0.5%
Yum!
Brands,
5.35%,
11/1/43
19,590
19,051
Yum!
Brands,
6.875%,
11/15/37 (5)
14,435
15,951
35,002
T.
ROWE
PRICE
High
Yield
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
‡
Retail
0.8%
Bath
&
Body
Works,
6.625%,
10/1/30 (1)
26,510
27,040
Bath
&
Body
Works,
6.694%,
1/15/27
1,620
1,657
Bath
&
Body
Works,
7.50%,
6/15/29 (5)
9,820
10,176
Linens
'n
Things,
VR,
EC,
8.338%,
1/15/20 (4)(6)
9,800
-
Victra
Holdings,
8.75%,
9/15/29 (1)(5)
6,363
6,665
Wayfair,
7.25%,
10/31/29 (1)
9,400
9,553
55,091
Satellites
0.6%
Connect
Finco,
9.00%,
9/15/29 (1)(5)
14,125
13,058
Hughes
Satellite
Systems,
6.625%,
8/1/26 (5)
6,453
5,243
Intelsat
Jackson
Holdings,
6.50%,
3/15/30 (1)(5)
10,575
9,826
Viasat,
5.625%,
4/15/27 (1)(5)
13,539
12,794
40,921
Services
6.1%
Albion
Financing
1,
6.125%,
10/15/26 (1)
13,245
13,183
Albion
Financing
2,
8.75%,
4/15/27 (1)
7,065
7,170
Allied
Universal
Holdco,
7.875%,
2/15/31 (1)
14,617
14,909
Allied
Universal
Holdco,
9.75%,
7/15/27 (1)
36,195
36,331
Avis
Budget
Car
Rental,
8.00%,
2/15/31 (1)(5)
26,605
27,603
Avis
Budget
Car
Rental,
8.25%,
1/15/30 (1)(5)
10,065
10,417
Boost
Newco
Borrower,
7.50%,
1/15/31 (1)
37,767
39,891
eG
Global
Finance,
12.00%,
11/30/28 (1)
19,960
22,239
Fair
Isaac,
4.00%,
6/15/28 (1)
16,140
15,394
Fortress
Intermediate
3,
7.50%,
6/1/31 (1)
11,695
12,119
GFL
Environmental,
6.75%,
1/15/31 (1)
10,465
10,857
H&E
Equipment
Services,
3.875%,
12/15/28 (1)
30,820
28,547
Loxam,
6.375%,
5/31/29
(EUR) (1)
4,175
4,633
Ritchie
Bros
Holdings,
6.75%,
3/15/28 (1)
7,280
7,480
Ritchie
Bros
Holdings,
7.75%,
3/15/31 (1)
10,065
10,606
Staples,
10.75%,
9/1/29 (1)
7,440
7,310
TK
Elevator
Holdco,
6.625%,
7/15/28
(EUR)
21,330
22,524
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27 (1)
25,605
25,157
UKG,
6.875%,
2/1/31 (1)
64,870
66,654
United
Rentals
North
America,
3.75%,
1/15/32
5,125
4,574
United
Rentals
North
America,
3.875%,
2/15/31
15,500
14,144
United
Rentals
North
America,
6.125%,
3/15/34 (1)
7,345
7,455
Williams
Scotsman,
6.625%,
6/15/29 (1)
6,550
6,632
Williams
Scotsman,
7.375%,
10/1/31 (1)
9,541
9,899
425,728
Supermarkets
0.3%
Iceland
Bondco,
4.625%,
3/15/25
(GBP)
475
603
Iceland
Bondco,
10.875%,
12/15/27
(GBP) (1)
2,400
3,228
T.
ROWE
PRICE
High
Yield
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
‡
Iceland
Bondco,
FRN,
3M
EURIBOR
+
5.50%,
8.523%,
12/15/27
(EUR) (1)
2,390
2,543
Performance
Food
Group,
6.125%,
9/15/32 (1)
10,800
10,908
17,282
Transportation
0.3%
Genesee
&
Wyoming,
6.25%,
4/15/32 (1)
11,320
11,391
Watco,
7.125%,
8/1/32 (1)
11,900
12,316
23,707
Utilities
5.6%
Alpha
Generation,
6.75%,
10/15/32 (1)
11,735
11,852
California
Buyer,
6.375%,
2/15/32 (1)
13,490
13,625
Calpine,
4.50%,
2/15/28 (1)
4,385
4,221
Calpine,
5.00%,
2/1/31 (1)
17,725
16,772
Calpine,
5.125%,
3/15/28 (1)
31,435
30,688
HA
Sustainable
Infrastructure
Capital,
6.375%,
7/1/34 (1)
8,455
8,466
HAT
Holdings
I,
8.00%,
6/15/27 (1)
13,914
14,523
NRG
Energy,
6.25%,
11/1/34 (1)
13,780
13,780
NRG
Energy,
VR,
10.25% (1)(9)(10)
12,715
14,082
PG&E,
5.00%,
7/1/28 (5)
4,847
4,756
PG&E,
5.25%,
7/1/30 (5)
21,790
21,385
PG&E,
VR,
7.375%,
3/15/55 (9)
31,996
32,956
Talen
Energy
Supply,
8.625%,
6/1/30 (1)
47,492
51,054
Terraform
Global
Operating,
6.125%,
3/1/26 (1)
14,379
14,361
TerraForm
Power
Operating,
5.00%,
1/31/28 (1)(5)
21,566
20,892
TransAlta,
7.75%,
11/15/29
5,070
5,330
Vistra,
VR,
7.00% (1)(9)(10)
9,521
9,592
Vistra,
VR,
8.00% (1)(9)(10)
41,780
42,877
Vistra,
Series C,
VR,
8.875% (1)(9)(10)
34,532
37,208
Vistra
Operations,
7.75%,
10/15/31 (1)
25,315
26,865
395,285
Total
Corporate
Bonds
(Cost
$6,329,739)
6,359,335
MUNICIPAL
SECURITIES
0.5%
Puerto
Rico
0.5%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (11)
51,759
31,961
Total
Municipal
Securities
(Cost
$28,449)
31,961
T.
ROWE
PRICE
High
Yield
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
‡
PREFERRED
STOCKS
0.6%
Financials
0.6%
AH
Parent,
Series A,
Acquisition
Date:
9/27/24,
Cost $39,715 (4)(6)(7)
40
39,558
Total
Preferred
Stocks
(Cost
$39,715)
39,558
SHORT-TERM
INVESTMENTS
1.5%
Money
Market
Funds
1.5%
T.
Rowe
Price
Government
Reserve
Fund,
4.67% (12)(13)
108,043
108,043
Total
Short-Term
Investments
(Cost
$108,043)
108,043
SECURITIES
LENDING
COLLATERAL
6.8%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.0%
Money
Market
Funds 0.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.67% (12)(13)
1,323
1,323
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
1,323
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 6.8%
Money
Market
Funds 6.8%
T.
Rowe
Price
Government
Reserve
Fund,
4.67% (12)(13)
476,129
476,129
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
476,129
Total
Securities
Lending
Collateral
(Cost
$477,452)
477,452
Total
Investments
in
Securities
106.0%
of
Net
Assets
(Cost
$7,410,176)
$
7,442,266
T.
ROWE
PRICE
High
Yield
Fund
25
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
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
$5,506,367
and
represents
78.5%
of
net
assets.
(2)
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.
(3)
All
or
a
portion
of
this
loan
is
unsettled
as
of
November
30,
2024.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(4)
Non-income
producing
(5)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
November
30,
2024.
(6)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(7)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$39,558
and
represents
0.6%
of
net
assets.
(8)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(9)
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.
(10)
Perpetual
security
with
no
stated
maturity
date.
(11)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board's
Certified
Fiscal
Plan.
(12)
Seven-day
yield
(13)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
EURIBOR
Three
month
EURIBOR
(Euro
interbank
offered
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
6M
TSFR
Six
month
Term
SOFR
(Secured
overnight
financing
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
T.
ROWE
PRICE
High
Yield
Fund
26
.
.
.
.
.
.
.
.
.
.
GBP
British
Pound
GO
General
Obligation
PIK
Payment-in-kind
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
High
Yield
Fund
27
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
2/21/25
EUR
5,680
USD
6,025
$
-
Citibank
1/24/25
USD
306
GBP
242
(2)
Deutsche
Bank
2/21/25
USD
87,720
EUR
82,825
(140)
HSBC
Bank
1/24/25
USD
17,582
GBP
13,530
368
State
Street
1/24/25
CAD
1,011
USD
731
(8)
State
Street
1/24/25
USD
7,999
CAD
11,038
97
State
Street
1/24/25
USD
3,864
GBP
3,070
(41)
State
Street
2/21/25
EUR
1,881
USD
1,988
8
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
282
T.
ROWE
PRICE
High
Yield
Fund
28
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
six
months
ended
November
30,
2024.
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,
4.67%
$
-
$
-
$
2,249++
Totals
$
-#
$
-
$
2,249+
Supplementary
Investment
Schedule
Affiliate
Value
5/31/24
Purchase
Cost
Sales
Cost
Value
11/30/24
T.
Rowe
Price
Government
Reserve
Fund,
4.67%
$
364,622
¤
¤
$
585,495
Total
$
585,495^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4
.
+
Investment
income
comprised
$2,249
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
$585,495.
T.
ROWE
PRICE
High
Yield
Fund
November
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
29
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$7,410,176)
$
7,442,266
Interest
receivable
120,967
Cash
3,063
Receivable
for
investment
securities
sold
2,148
Due
from
affiliates
1,539
Receivable
for
shares
sold
1,478
Unrealized
gain
on
forward
currency
exchange
contracts
473
Foreign
currency
(cost
$1)
1
Other
assets
332
Total
assets
7,572,267
Liabilities
Obligation
to
return
securities
lending
collateral
477,452
Payable
for
investment
securities
purchased
67,171
Payable
for
shares
redeemed
3,658
Investment
management
fees
payable
3,343
Unrealized
loss
on
forward
currency
exchange
contracts
191
Payable
to
directors
4
Other
liabilities
2,166
Total
liabilities
553,985
Commitments
and
Contingent
Liabilities
(note
6
)
NET
ASSETS
$
7,018,282
T.
ROWE
PRICE
High
Yield
Fund
November
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
30
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
1,271,855
)
Paid-in
capital
applicable
to
1,175,244,989
shares
of
$0.01
par
value
capital
stock
outstanding;
3,000,000,000
shares
authorized
8,290,137
NET
ASSETS
$
7,018,282
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,164,772;
Shares
outstanding:
195,149,218)
$
5.97
Advisor
Class
(Net
assets:
$16,930;
Shares
outstanding:
2,843,466)
$
5.95
I
Class
(Net
assets:
$2,476,412;
Shares
outstanding:
414,756,876)
$
5.97
Z
Class
(Net
assets:
$3,360,168;
Shares
outstanding:
562,495,429)
$
5.97
T.
ROWE
PRICE
High
Yield
Fund
(Unaudited)
Statement
of
Operations
31
($000s)
6
Months
Ended
11/30/24
Investment
Income
(Loss)
Income
.
Interest
$
247,455
Dividend
2,425
Securities
lending
987
Total
income
250,867
Expenses
Investment
management
20,156
Shareholder
servicing
Investor
Class
$
1,195
Advisor
Class
15
I
Class
211
1,421
Rule
12b-1
fees
Advisor
Class
20
Prospectus
and
shareholder
reports
Investor
Class
40
Advisor
Class
3
I
Class
152
Z
Class
1
196
Custody
and
accounting
177
Registration
103
Legal
and
audit
32
Directors
11
Miscellaneous
16
Waived
/
paid
by
Price
Associates
(
10,500
)
Total
expenses
11,632
Net
investment
income
239,235
T.
ROWE
PRICE
High
Yield
Fund
(Unaudited)
Statement
of
Operations
32
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/24
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
gain
(loss)
Securities
(
53,217
)
Swaps
463
Forward
currency
exchange
contracts
2,980
Net
realized
loss
(
49,774
)
Change
in
net
unrealized
gain
/
loss
Securities
223,738
Swaps
260
Forward
currency
exchange
contracts
335
Other
assets
and
liabilities
denominated
in
foreign
currencies
213
Change
in
net
unrealized
gain
/
loss
224,546
Net
realized
and
unrealized
gain
/
loss
174,772
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
414,007
T.
ROWE
PRICE
High
Yield
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
33
($000s)
6
Months
Ended
11/30/24
Year
Ended
5/31/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
239,235
$
484,126
Net
realized
loss
(
49,774
)
(
247,189
)
Change
in
net
unrealized
gain
/
loss
224,546
502,037
Increase
in
net
assets
from
operations
414,007
738,974
Distributions
to
shareholders
Net
earnings
Investor
Class
(
38,447
)
(
74,398
)
Advisor
Class
(
534
)
(
1,119
)
I
Class
(
79,317
)
(
168,356
)
Z
Class
(
121,201
)
(
241,235
)
Decrease
in
net
assets
from
distributions
(
239,499
)
(
485,108
)
Capital
share
transactions
*
Shares
sold
Investor
Class
73,708
212,204
Advisor
Class
556
1,224
I
Class
216,815
438,123
Z
Class
83,138
366,789
Distributions
reinvested
Investor
Class
34,432
66,965
Advisor
Class
522
1,112
I
Class
64,900
141,690
Z
Class
120,545
242,554
Shares
redeemed
Investor
Class
(
126,350
)
(
248,197
)
Advisor
Class
(
1,479
)
(
3,679
)
I
Class
(
151,823
)
(
947,261
)
Z
Class
(
218,261
)
(
629,822
)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
96,703
(
358,298
)
T.
ROWE
PRICE
High
Yield
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
34
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/24
Year
Ended
5/31/24
Net
Assets
Increase
(decrease)
during
period
271,211
(
104,432
)
Beginning
of
period
6,747,071
6,851,503
End
of
period
$
7,018,282
$
6,747,071
*Share
information
(000s)
Shares
sold
Investor
Class
12,446
36,759
Advisor
Class
94
214
I
Class
36,557
76,064
Z
Class
13,969
64,380
Distributions
reinvested
Investor
Class
5,800
11,624
Advisor
Class
88
194
I
Class
10,922
24,617
Z
Class
20,281
42,083
Shares
redeemed
Investor
Class
(
21,323
)
(
43,004
)
Advisor
Class
(
251
)
(
637
)
I
Class
(
25,618
)
(
166,019
)
Z
Class
(
36,800
)
(
109,730
)
Increase
(decrease)
in
shares
outstanding
16,165
(
63,455
)
T.
ROWE
PRICE
High
Yield
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
35
T.
Rowe
Price
High
Yield
Fund,
Inc. (the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
High
Yield
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks high
current
income
and,
secondarily,
capital
appreciation.
The
fund
has four classes
of
shares:
the
High
Yield
Fund
(Investor
Class),
the
High
Yield
Fund-Advisor
Class
(Advisor
Class),
the
High
Yield
Fund-I
Class
(I
Class)
and
the
High
Yield
Fund-Z
Class
(Z
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Z
Class
is
only
available
to
funds
advised
by
T.
Rowe
Price
Associates,
Inc.
and
its
affiliates
and
other
clients
that
are
subject
to
a
contractual
fee
for
investment
management
services.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor,
I
and
Z
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
On
August
5,
2024,
the
Board
approved
the
reorganization
of
the
New
America
High
Income
Fund,
Inc.
(Acquired
fund),
a
third-party
closed-end
fund,
into
the
fund.
On
November
20,
2024,
the
reorganization
was
approved
by
the
shareholders
of
the
Acquired
fund.
The
reorganization
is
expected
to
occur
after
the
close
of
business
on
February
21,
2025,
at
which
time
the
Acquired
fund
will
transfer
substantially
all
of
its
assets
and
stated
liabilities
to
the
fund
in
exchange
for
Investor
Class
shares
of
the
fund.
Following
the
reorganization,
the
Acquired
fund
will
liquidate.
The
reorganization
will
not
result
in
any
changes
to
the
fund's
fees
and
expenses
or
investment
program
nor
require
any
action
by
fund
shareholders.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
T.
ROWE
PRICE
High
Yield
Fund
36
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income.
Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Earnings
on
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
earnings. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
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.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class's
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
T.
ROWE
PRICE
High
Yield
Fund
37
relative
daily
net
assets
of
each
class's
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class's
average
daily
net
assets.
Capital
Transactions
Each
investor's
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund's
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In
November
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures,
which
improves
reportable
segment
disclosure
requirements,
primarily
through
enhanced
disclosures
about
segment
expenses.
In
addition,
the
ASU
clarifies
that
a
public
entity
with
a
single
reportable
segment
provide
all
disclosures
required
by
the
ASU
and
all
existing
segment
disclosures
in
Topic
280.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund's
financial
statements.
In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
-
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund's
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
T.
ROWE
PRICE
High
Yield
Fund
38
NOTE
2
-
VALUATION
Fair
Value
The
fund's
financial
instruments
are
valued
at
the
close
of
the
NYSE
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 fund's
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund's
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee 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)
Level
3
-
unobservable
inputs
(including
the Valuation
Designee's 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
T.
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High
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Fund
39
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
factors
such
as,
but
not
limited
to,
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 Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
the
fund's portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
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 Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
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.
T.
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Investments
in
mutual
funds
are
valued
at
the
mutual
fund's
closing
NAV
per
share
on
the
day
of
valuation.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee 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
Designee 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.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
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PRICE
High
Yield
Fund
41
Valuation
Inputs
The
following
table
summarizes
the
fund's
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
November
30,
2024,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
-
$
396,645
$
-
$
396,645
Common
Stocks
27,316
7,181
-
34,497
Convertible
Preferred
Stocks
26,736
-
-
26,736
Corporate
Bonds
-
6,359,335
-
6,359,335
Preferred
Stocks
-
-
39,558
39,558
Short-Term
Investments
108,043
-
-
108,043
Securities
Lending
Collateral
477,452
-
-
477,452
Total
Securities
639,547
6,763,161
39,558
7,442,266
Forward
Currency
Exchange
Contracts
-
473
-
473
Total
$
639,547
$
6,763,634
$
39,558
$
7,442,739
Liabilities
Forward
Currency
Exchange
Contracts
$
-
$
191
$
-
$
191
1
Includes
Asset-Backed
Securities,
Bank
Loans,
Convertible
Bonds
and
Municipal
Securities.
T.
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PRICE
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Fund
42
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund's
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund's
derivative
instruments
held
as
of
November
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value
Assets
Foreign
exchange
derivatives
Forwards
$
473
Total
$
473
Liabilities
Foreign
exchange
derivatives
Forwards
$
191
Total
$
191
T.
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High
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Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
November
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives,
such
as
non-cleared
bilateral
swaps,
forward
currency
exchange
contracts,
and/or
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives),
and
thereby
may
expose
the
fund
to
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
govern
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Foreign
exchange
derivatives
$
2,980
$
-
$
2,980
Credit
derivatives
-
463
463
Total
$
2,980
$
463
$
3,443
Change
in
Unrealized
Gain
(Loss)
Foreign
exchange
derivatives
$
335
$
-
$
335
Credit
derivatives
-
260
260
Total
$
335
$
260
$
595
T.
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PRICE
High
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Fund
44
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund's
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
determined.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
each
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund's
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund's
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
or
received
by
the
fund
is
held
in
a
segregated
account
at
the
fund's
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
November
30,
2024,
no
collateral
had
been
posted
by
the
fund
to
counterparties
for
bilateral
derivatives. As
of
November
30,
2024,
collateral
pledged
by
counterparties
to
the
fund
for
bilateral
derivatives
consisted
of $20,000 cash
and
securities
valued
at
$736,000.
Forward
Currency
Exchange
Contracts
The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund's
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund's
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
T.
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PRICE
High
Yield
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45
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund's
total
return;
and
the
potential
for
losses
in
excess
of
the
fund's
initial
investment.
During
the
six
months ended
November
30,
2024,
the
volume
of
the
fund's
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
1%
and
2%
of
net
assets.
Swaps
The
fund
is
subject
to
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risk.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
T.
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High
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46
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
issuers,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund's
swap
investments,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
During
the
six
months ended
November
30,
2024,
the
volume
of
the
fund's
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund's prospectus
and
Statement
of
Additional
Information.
Noninvestment-Grade
Debt
The
fund
invests,
either
directly
or
through
its
investment
in
other
T.
Rowe
Price
funds,
in
noninvestment-grade
debt,
including
"high
yield"
or
"junk"
bonds
or
leveraged
loans.
Noninvestment-grade
debt
issuers
are
more
likely
to
suffer
an
adverse
change
in
financial
condition
that
would
result
in
the
inability
to
meet
a
financial
obligation.
The
noninvestment-
grade
debt
market
may
experience
sudden
and
sharp
price
swings
due
to
a
T.
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High
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47
variety
of
factors
that
may
decrease
the
ability
of
issuers
to
make
principal
and
interest
payments
and
adversely
affect
the
liquidity
or
value,
or
both,
of
such
securities.
Accordingly,
securities
issued
by
such
companies
carry
a
higher
risk
of
default
and
should
be
considered
speculative.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Bank
Loans
The
fund
invests
in
bank
loans,
which
represent
an
interest
in
amounts
owed
by
a
borrower
to
a
syndicate
of
lenders.
Bank
loans
are
generally
noninvestment
grade
and
often
involve
borrowers
whose
financial
condition
is
highly
leveraged.
The
fund
may
invest
in
fixed
and
floating
rate
loans,
which
may
include
senior
floating
rate
loans;
secured
and
unsecured
loans,
second
lien
or
more
junior
loans;
and
bridge
loans
or
bridge
facilities.
Certain
bank
loans
may
be
revolvers
which
are
a
form
of
senior
bank
debt,
where
the
borrower
can
draw
down
the
credit
of
the
revolver
when
it
needs
cash
and
repays
the
credit
when
the
borrower
has
excess
cash.
Certain
loans
may
be
"covenant-lite"
loans,
which
means
the
loans
contain
fewer
maintenance
covenants
than
other
loans
(in
some
cases,
none)
and
do
not
include
terms
which
allow
the
lender
to
monitor
the
performance
of
the
borrower
and
declare
a
default
if
certain
criteria
are
breached.
As
a
result
of
these
risks,
the
fund's
exposure
to
losses
may
be
increased.
Bank
loans
may
be
in
the
form
of
either
assignments
or
participations.
A
loan
assignment
transfers
all
legal,
beneficial,
and
economic
rights
to
the
buyer,
and
transfer
typically
requires
consent
of
both
the
borrower
and
agent.
In
contrast,
a
loan
participation
generally
entitles
the
buyer
to
receive
the
cash
flows
from
principal,
interest,
and
any
fee
payments
on
a
portion
of
a
loan;
however,
the
seller
continues
to
hold
legal
title
to
that
portion
of
the
loan.
As
a
result,
the
buyer
of
a
loan
participation
generally
has
no
direct
recourse
against
the
borrower
and
is
exposed
to
credit
risk
of
both
the
borrower
and
seller
of
the
participation.
Bank
loans
often
have
extended
settlement
periods,
generally
may
be
repaid
at
any
time
at
the
option
of
the
borrower,
and
may
require
additional
principal
to
be
funded
at
the
borrowers'
discretion
at
a
later
date
(e.g.
unfunded
commitments
and
revolving
debt
instruments).
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
unfunded
loan
commitments.
The
fund
reflects
both
the
funded
portion
of
a
bank
loan
as
well
as
its
unfunded
commitment
in
the
Portfolio
of
Investments.
However,
if
a
credit
agreement
provides
no
initial
T.
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PRICE
High
Yield
Fund
48
funding
of
a
tranche,
and
funding
of
the
full
commitment
at
a
future
date(s)
is
at
the
borrower's
discretion
and
considered
uncertain,
a
loan
is
reflected
in
the
Portfolio
of
Investments
only
if,
and
only
to
the
extent
that,
the
fund
has
actually
settled
a
funding
commitment.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
November
30,
2024,
the
value
of
loaned
securities
was
$455,215,000;
the
value
of
cash
collateral
and
related
investments
was
$477,452,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $1,414,062,000 and
$1,288,397,000,
respectively,
for
the
six
months ended
November
30,
2024.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
T.
ROWE
PRICE
High
Yield
Fund
49
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
May
31,
2024,
the
fund
had
$1,300,295,000
of
available
capital
loss
carryforwards.
At
November
30,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$7,411,335,000.
Net
unrealized
gain
aggregated
$31,433,000
at
period-end,
of
which
$160,112,000
related
to
appreciated
investments
and
$128,679,000
related
to
depreciated
investments.
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.30%
of
the
fund's
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund's
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund's
average
daily
net
assets. At
November
30,
2024,
the
effective
annual
group
fee
rate
was
0.28%.
The Investor
Class and Advisor
Class are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class's ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class's net
assets
grow
or
expenses
T.
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PRICE
High
Yield
Fund
50
decline
sufficiently
to
allow
repayment
without
causing
the class's net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class's
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class's
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class's
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class'
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
only
be
amended
or
terminated
with
approval
by
the
fund's
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended November
30,
2024 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $3,197,000 remain
subject
to
repayment
by
the
fund
at
November
30,
2024. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
li
T.
ROWE
PRICE
High
Yield
Fund
51
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund's
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class
and
Advisor
Class.
For
the
six
months
ended
November
30,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$65,000
for
Price
Associates;
$897,000
for
T.
Rowe
Price
Services,
Inc.;
and
$34,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
Additionally,
the
fund
is
one
of
several
mutual
funds
in
which
certain
college
savings
plans
managed
by
Price
Associates invests.
As
approved
by
the
fund's
Board
of
Directors,
shareholder
servicing
costs
associated
with
each
college
savings
plan
are
borne
by
the
fund
in
proportion
to
the
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Price
has
agreed
to waive/reimburse
shareholder
servicing
costs in
excess
of
0.05%
of
the
fund's
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Any
amounts
waived/
paid
by
Price
under
this
voluntary
agreement
are
not
subject
to
repayment
by
the
fund.
Price
may
amend
or
terminate
this
voluntary
arrangement
at
any
time
without
prior
notice.
For
the
six
months ended
November
30,
2024,
the
fund
was
charged $6,000 for
shareholder
servicing
costs
related
to
the
college
savings
plans, which
is
net
of
a
reimbursement
by
Price
of
less
than
$1,000.
Investor
Class
Advisor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.70%
1.19%
0.05%
0.00%
Expense
limitation
date
09/30/25
09/30/25
09/30/25
N/A
(Waived)/repaid
during
the
period
($000s)
$(612)
$-
$-
$(9,888)
T.
ROWE
PRICE
High
Yield
Fund
52
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities. At
November
30,
2024,
less
than
1%
of
the
outstanding
shares
of
the
I
Class
were
held
by
college
savings
plans.
Mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
(collectively,
Price
Funds
and
accounts)
may
invest
in
the
fund.
No
Price
fund
or
account
may
invest
for
the
purpose
of
exercising
management
or
control
over
the
fund.
At
November
30,
2024, 100%
of
the
Z
Class's
outstanding
shares
were
held
by
Price
Funds
and
accounts.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
As
of
November
30,
2024,
T.
Rowe
Price
Group,
Inc.,
or
its
wholly
owned
subsidiaries,
owned
2,845,713
shares
of
the
I
Class,
representing
less
than
1%
of
the
I
Class's
net
assets.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund's
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
November
30,
2024,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
7
-
INTERFUND
LENDING
PROGRAM
Price
Associates
has
developed
and
manages
an
interfund
lending
program
that
provides
temporary
liquidity
to
the
T.
Rowe
Price-sponsored
mutual
funds.
The
program
permits
the
borrowing
and
lending
of
cash
between
the
fund
and
other
T.
Rowe
Price-sponsored
mutual
funds
at
rates
beneficial
to
both
the
T.
ROWE
PRICE
High
Yield
Fund
53
borrowing
and
lending
funds.
Pursuant
to
program
guidelines,
the
fund
may
lend
up
to
15%
of
its
net
assets,
and
no
more
than
5%
of
its
net
assets
may
be
lent
to
any
one
borrower.
Loans
totaling
10%
or
more
of
a
borrowing
fund's
total
assets
require
collateralization
at
102%
of
the
value
of
the
loan;
loans
of
less
than
10%
are
unsecured.
During
the
six
months ended
November
30,
2024,
the
fund
earned $1,000
in
interest
income
related
to
loans
made
to
other
funds
on
one day
in
the
average
amount
of
$7,400,000
and
at
an
average
annual
rate
of
6.17%.
At
November
30,
2024,
there
were
no
loans
outstanding.
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia's
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
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.
The
fund's
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F57-051
1/25
Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSRwas recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (a)(1) |
The registrant's code of ethics pursuant to Item 2 of Form N-CSRis filed with the registrant's annual Form N-CSR. |
|
| (2) |
Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
|
| (3) |
Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached. |
| (b) |
A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| T. Rowe Price High Yield Fund, Inc. | ||||
| By |
/s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date | January 17, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By |
/s/ David Oestreicher |
||
| David Oestreicher | |||
| Principal Executive Officer | |||
| Date |
January 17, 2025 |
||
| By |
/s/ Alan S. Dupski |
||
| Alan S. Dupski | |||
| Principal Financial Officer | |||
| Date |
January 17, 2025 |