T. Rowe Price High Yield Fund Inc
01/22/2026 | Press release | Distributed by Public on 01/22/2026 08:51
Semi-Annual Report by Investment Company (Form N-CSRS)
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)
1307 Point Street, Baltimore, MD 21231
(Address of principal executive offices)
David Oestreicher
1307 Point Street, Baltimore, MD 21231
(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, 2025
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
November 30, 2025
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, 2025 to November 30, 2025. 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)
|
$6,556,058
|
|
Number of Portfolio Holdings
|
444
|
|
Portfolio Turnover Rate
|
20.1%
|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
|
Corporate Bonds
|
90.2%
|
|
Bank Loans
|
4.0
|
|
Securities Lending Collateral
|
2.7
|
|
Convertible Preferred Stocks
|
0.7
|
|
Preferred Stocks
|
0.6
|
|
Municipal Securities
|
0.5
|
|
Convertible Bonds
|
0.4
|
|
Common Stocks
|
0.2
|
|
Short-Term and Other
|
0.7
|
Top Ten Holdings(as a % of Net Assets)
|
TransDigm
|
2.2%
|
|
Asurion
|
1.7
|
|
Cloud Software Group
|
1.7
|
|
LifePoint Health
|
1.6
|
|
Navient
|
1.5
|
|
CCO Holdings
|
1.5
|
|
HUB International
|
1.4
|
|
Vistra
|
1.4
|
|
Jane Street Group
|
1.3
|
|
Talen Energy Supply
|
1.2
|
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.
202505-4461501
F57-053 1/26
High Yield Fund
Investor Class (PRHYX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Semi-Annual Shareholder Report
November 30, 2025
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, 2025 to November 30, 2025. 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
|
1.03%
|
What are some fund statistics?
Fund Statistics
|
Total Net Assets (000s)
|
$6,556,058
|
|
Number of Portfolio Holdings
|
444
|
|
Portfolio Turnover Rate
|
20.1%
|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
|
Corporate Bonds
|
90.2%
|
|
Bank Loans
|
4.0
|
|
Securities Lending Collateral
|
2.7
|
|
Convertible Preferred Stocks
|
0.7
|
|
Preferred Stocks
|
0.6
|
|
Municipal Securities
|
0.5
|
|
Convertible Bonds
|
0.4
|
|
Common Stocks
|
0.2
|
|
Short-Term and Other
|
0.7
|
Top Ten Holdings(as a % of Net Assets)
|
TransDigm
|
2.2%
|
|
Asurion
|
1.7
|
|
Cloud Software Group
|
1.7
|
|
LifePoint Health
|
1.6
|
|
Navient
|
1.5
|
|
CCO Holdings
|
1.5
|
|
HUB International
|
1.4
|
|
Vistra
|
1.4
|
|
Jane Street Group
|
1.3
|
|
Talen Energy Supply
|
1.2
|
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.
202505-4461501
F257-053 1/26
High Yield Fund
Advisor Class (PAHIX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Semi-Annual Shareholder Report
November 30, 2025
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, 2025 to November 30, 2025. 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)
|
$6,556,058
|
|
Number of Portfolio Holdings
|
444
|
|
Portfolio Turnover Rate
|
20.1%
|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
|
Corporate Bonds
|
90.2%
|
|
Bank Loans
|
4.0
|
|
Securities Lending Collateral
|
2.7
|
|
Convertible Preferred Stocks
|
0.7
|
|
Preferred Stocks
|
0.6
|
|
Municipal Securities
|
0.5
|
|
Convertible Bonds
|
0.4
|
|
Common Stocks
|
0.2
|
|
Short-Term and Other
|
0.7
|
Top Ten Holdings(as a % of Net Assets)
|
TransDigm
|
2.2%
|
|
Asurion
|
1.7
|
|
Cloud Software Group
|
1.7
|
|
LifePoint Health
|
1.6
|
|
Navient
|
1.5
|
|
CCO Holdings
|
1.5
|
|
HUB International
|
1.4
|
|
Vistra
|
1.4
|
|
Jane Street Group
|
1.3
|
|
Talen Energy Supply
|
1.2
|
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.
202505-4461501
F539-053 1/26
High Yield Fund
I Class (PRHIX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Semi-Annual Shareholder Report
November 30, 2025
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, 2025 to November 30, 2025. 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)
|
$6,556,058
|
|
Number of Portfolio Holdings
|
444
|
|
Portfolio Turnover Rate
|
20.1%
|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
|
Corporate Bonds
|
90.2%
|
|
Bank Loans
|
4.0
|
|
Securities Lending Collateral
|
2.7
|
|
Convertible Preferred Stocks
|
0.7
|
|
Preferred Stocks
|
0.6
|
|
Municipal Securities
|
0.5
|
|
Convertible Bonds
|
0.4
|
|
Common Stocks
|
0.2
|
|
Short-Term and Other
|
0.7
|
Top Ten Holdings(as a % of Net Assets)
|
TransDigm
|
2.2%
|
|
Asurion
|
1.7
|
|
Cloud Software Group
|
1.7
|
|
LifePoint Health
|
1.6
|
|
Navient
|
1.5
|
|
CCO Holdings
|
1.5
|
|
HUB International
|
1.4
|
|
Vistra
|
1.4
|
|
Jane Street Group
|
1.3
|
|
Talen Energy Supply
|
1.2
|
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.
202505-4461501
F1254-053 1/26
High Yield Fund
Z Class (TRKZX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
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,
2025
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
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
5.92
$
5.82
$
5.60
$
5.98
$
6.65
$
6.19
Investment
activities
Net
investment
income
(1)(2)
0.20
0.39
0.38
0.35
0.33
0.33
Net
realized
and
unrealized
gain/
loss
0.07
0.10
0.22
(0.37)
(0.66)
0.46
Total
from
investment
activities
0.27
0.49
0.60
(0.02)
(0.33)
0.79
Distributions
Net
investment
income
(0.20)
(0.39)
(0.38)
(0.35)
(0.34)
(0.33)
Net
realized
gain
-
-
-
(0.01)
-
-
Total
distributions
(0.20)
(0.39)
(0.38)
(0.36)
(0.34)
(0.33)
NET
ASSET
VALUE
End
of
period
$
5.99
$
5.92
$
5.82
$
5.60
$
5.98
$
6.65
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
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
4.56%
8.66%
11.03%
(0.18)%
(5.23)%
13.07%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.83%
(4)
0.80%
0.79%
0.80%
0.73%
0.70%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.70%
(4)
0.70%
0.70%
0.70%
0.70%
0.70%
Net
investment
income
6.60%
(4)
6.65%
6.58%
6.24%
5.02%
5.13%
Portfolio
turnover
rate
20.1%
42.6%
37.9%
29.7%
45.5%
55.0%
Net
assets,
end
of
period
(in
millions)
$1,198
$1,214
$1,153
$1,080
$1,252
$2,394
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
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
5.90
$
5.80
$
5.59
$
5.96
$
6.64
$
6.17
Investment
activities
Net
investment
income
(1)(2)
0.19
0.37
0.36
0.33
0.32
0.31
Net
realized
and
unrealized
gain/
loss
0.07
0.10
0.21
(0.36)
(0.68)
0.47
Total
from
investment
activities
0.26
0.47
0.57
(0.03)
(0.36)
0.78
Distributions
Net
investment
income
(0.19)
(0.37)
(0.36)
(0.33)
(0.32)
(0.31)
Net
realized
gain
-
-
-
(0.01)
-
-
Total
distributions
(0.19)
(0.37)
(0.36)
(0.34)
(0.32)
(0.31)
NET
ASSET
VALUE
End
of
period
$
5.97
$
5.90
$
5.80
$
5.59
$
5.96
$
6.64
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
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
4.39%
8.32%
10.47%
(0.31)%
(5.67)%
12.89%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.03%
(4)
1.03%
1.03%
1.00%
0.99%
1.00%
Net
expenses
after
waivers/
payments
by
Price
Associates
1.03%
(4)
1.03%
1.03%
1.00%
0.99%
1.00%
Net
investment
income
6.27%
(4)
6.32%
6.25%
5.93%
4.92%
4.92%
Portfolio
turnover
rate
20.1%
42.6%
37.9%
29.7%
45.5%
55.0%
Net
assets,
end
of
period
(in
millions)
$14
$15
$17
$18
$24
$30
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
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
5.92
$
5.82
$
5.60
$
5.98
$
6.66
$
6.19
Investment
activities
Net
investment
income
(1)(2)
0.20
0.40
0.38
0.36
0.34
0.34
Net
realized
and
unrealized
gain/
loss
0.07
0.10
0.23
(0.37)
(0.67)
0.47
Total
from
investment
activities
0.27
0.50
0.61
(0.01)
(0.33)
0.81
Distributions
Net
investment
income
(0.20)
(0.40)
(0.39)
(0.36)
(0.35)
(0.34)
Net
realized
gain
-
-
-
(0.01)
-
-
Total
distributions
(0.20)
(0.40)
(0.39)
(0.37)
(0.35)
(0.34)
NET
ASSET
VALUE
End
of
period
$
5.99
$
5.92
$
5.82
$
5.60
$
5.98
$
6.66
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
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
4.60%
8.75%
11.11%
(0.09)%
(5.27)%
13.36%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.62%
(4)
0.62%
0.62%
0.62%
0.60%
0.60%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.62%
(4)
0.62%
0.62%
0.62%
0.60%
0.60%
Net
investment
income
6.68%
(4)
6.73%
6.66%
6.32%
5.21%
5.24%
Portfolio
turnover
rate
20.1%
42.6%
37.9%
29.7%
45.5%
55.0%
Net
assets,
end
of
period
(in
millions)
$2,309
$2,599
$2,287
$2,568
$2,880
$2,068
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
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
5.92
$
5.82
$
5.61
$
5.99
$
6.66
$
6.19
Investment
activities
Net
investment
income
(1)(2)
0.22
0.43
0.42
0.39
0.38
0.38
Net
realized
and
unrealized
gain/
loss
0.07
0.10
0.21
(0.37)
(0.66)
0.47
Total
from
investment
activities
0.29
0.53
0.63
0.02
(3)
(0.28)
0.85
Distributions
Net
investment
income
(0.22)
(0.43)
(0.42)
(0.39)
(0.39)
(0.38)
Net
realized
gain
-
-
-
(0.01)
-
-
Total
distributions
(0.22)
(0.43)
(0.42)
(0.40)
(0.39)
(0.38)
NET
ASSET
VALUE
End
of
period
$
5.99
$
5.92
$
5.82
$
5.61
$
5.99
$
6.66
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
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(4)
4.92%
9.42%
11.60%
0.53%
(4.55)%
14.03%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.59%
(5)
0.60%
0.60%
0.60%
0.59%
0.59%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.00%
(5)
0.00%
0.00%
0.00%
0.00%
0.00%
Net
investment
income
7.30%
(5)
7.34%
7.28%
6.95%
5.77%
5.84%
Portfolio
turnover
rate
20.1%
42.6%
37.9%
29.7%
45.5%
55.0%
Net
assets,
end
of
period
(in
millions)
$3,035
$3,002
$3,290
$3,186
$3,316
$3,970
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)
The
amount
presented
is
inconsistent
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.
(4)
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.
(5)
Annualized
T.
ROWE
PRICE
High
Yield
Fund
November
30,
2025
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)
7,670
7,930
Frontier
Issuer
Series 2024-1,
Class
C
11.16%,
6/20/54 (1)
605
678
Total
Asset-Backed
Securities
(Cost
$8,835)
8,608
BANK
LOANS
4.0%
(2)
Broadcasting
0.3%
E.W.
Scripps,
FRN,
1M
TSFR
+
3.35%,
7.423%,
11/30/29
8,829
8,595
Nielsen
Holdings,
FRN,
3M
TSFR
+
9.75%,
13.762%,
10/11/29 (3)
1,852
1,849
Townsquare
Media,
FRN,
3M
TSFR
+
5.00%,
8.878%,
2/19/30
9,843
8,475
18,919
Cable
Operators
0.4%
CSC
Holdings,
FRN,
3M
USD
PRIME
+
1.50%,
8.50%,
4/15/27
11,820
10,498
Radiate
Holdco,
FRN,
1M
TSFR
+
4.00%,
6/26/29 (4)
2,658
2,628
Radiate
Holdco,
FRN,
1M
TSFR
+
3.50%,
9.03%,
9/25/29
(1.50%
PIK
and
1M
TSFR
+
3.50%
Cash) (5)
15,713
11,487
24,613
Financial
0.4%
CRC
Insurance
Group,
FRN,
3M
TSFR
+
4.75%,
8.752%,
5/6/32
24,531
24,799
Edelman
Financial
Engines
Center,
FRN,
1M
TSFR
+
5.25%,
9.166%,
10/6/28
3,083
3,082
27,881
Information
Technology
1.1%
Central
Parent,
FRN,
3M
TSFR
+
3.25%,
7.252%,
7/6/29
6,731
5,580
Ellucian
Holdings,
FRN,
1M
TSFR
+
4.75%,
8.666%,
11/22/32
22,179
22,290
Project
Alpha
Intermediate
Holding,
FRN,
3M
TSFR
+
5.00%,
9.002%,
5/9/33
19,084
18,487
X,
9.50%,
10/26/29
25,505
25,261
71,618
Other
Telecommunications
0.1%
Zayo
Group
Holdings,
FRN,
1M
TSFR
+
3.00%,
14.803%,
3/11/30
(7.77%
PIK
and
1M
TSFR
+
3.00%
Cash) (5)
4,316
4,088
4,088
Wireless
Communications
1.7%
Asurion,
FRN,
1M
TSFR
+
5.25%,
9.28%,
1/31/28
70,532
67,403
T.
ROWE
PRICE
High
Yield
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
‡
Asurion,
FRN,
1M
TSFR
+
5.25%,
9.28%,
1/20/29 (4)
48,571
45,393
112,796
Total
Bank
Loans
(Cost
$269,341)
259,915
COMMON
STOCKS
0.2%
Gaming
0.0%
New
Cotai
Participation,
Class
B (1)(3)(6)
-
-
-
Hospital
Supplies/Hospital
Management
0.1%
Bausch
+
Lomb (3)(7)
575
9,317
9,317
Metals
&
Mining
0.1%
Constellium (3)
286
4,804
4,804
Total
Common
Stocks
(Cost
$14,662)
14,121
CONVERTIBLE
BONDS
0.4%
Automotive
0.1%
Rivian
Automotive,
4.625%,
3/15/29 (7)
7,185
7,922
7,922
Cable
Operators
0.1%
Cable
One,
1.125%,
3/15/28
7,780
6,382
6,382
Information
Technology
0.2%
Snap,
0.125%,
3/1/28
11,345
10,225
10,225
Total
Convertible
Bonds
(Cost
$23,996)
24,529
CONVERTIBLE
PREFERRED
STOCKS
0.7%
Aerospace
&
Defense
0.1%
Boeing,
6.00%,
10/15/27
139
8,760
8,760
Electric
Utilities
0.2%
Southern,
Series A,
7.125%,
12/15/28
197
10,042
10,042
T.
ROWE
PRICE
High
Yield
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
‡
Financial
0.1%
Ares
Management,
Series B,
6.75%,
10/1/27
168
8,326
8,326
Forest
Products
0.0%
Smurfit-Stone
Container,
Series A,
EC,
7.00%,
2/15/27,
Cost $16 (3)(6)(8)
49
-
-
Insurance
0.3%
Acrisure,
Series A-2,
Acquisition
Date:
5/20/25,
Cost $16,700 (3)
(6)(8)
694
16,700
16,700
Total
Convertible
Preferred
Stocks
(Cost
$41,169)
43,828
CORPORATE
BONDS
90.2%
Aerospace
&
Defense
2.4%
CACI
International,
6.375%,
6/15/33 (1)
9,355
9,729
TransDigm,
6.00%,
1/15/33 (1)
10,100
10,315
TransDigm,
6.25%,
1/31/34 (1)
6,000
6,210
TransDigm,
6.375%,
5/31/33 (1)
16,010
16,390
TransDigm,
6.625%,
3/1/32 (1)
23,870
24,735
TransDigm,
6.75%,
1/31/34 (1)
19,565
20,397
TransDigm,
6.875%,
12/15/30 (1)
45,708
47,651
TransDigm,
7.125%,
12/1/31 (1)
18,467
19,344
154,771
Airlines
0.3%
United
Airlines,
4.625%,
4/15/29 (1)
19,175
19,023
19,023
Automotive
3.5%
Adient
Global
Holdings,
8.25%,
4/15/31 (1)(7)
21,510
22,505
Advance
Auto
Parts,
7.00%,
8/1/30 (1)
19,260
19,635
Advance
Auto
Parts,
7.375%,
8/1/33 (1)
16,230
16,534
Belron
U.K.
Finance,
5.75%,
10/15/29 (1)
7,835
7,972
Benteler
International,
7.25%,
6/15/31
(EUR)
3,310
4,108
Clarios
Global,
6.75%,
9/15/32 (1)
19,740
20,332
Dana
Financing
Luxembourg,
8.50%,
7/15/31
(EUR) (1)
12,712
15,746
Dana
Financing
Luxembourg,
8.50%,
7/15/31
(EUR)
2,515
3,115
Nissan
Motor,
7.50%,
7/17/30 (1)
6,745
7,035
Nissan
Motor,
7.75%,
7/17/32 (1)
6,645
6,987
Nissan
Motor,
8.125%,
7/17/35 (1)
11,030
11,658
Nissan
Motor
Acceptance,
6.125%,
9/30/30 (1)
13,090
12,975
Nissan
Motor
Acceptance,
7.05%,
9/15/28 (1)
5,725
5,903
T.
ROWE
PRICE
High
Yield
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
‡
Rivian
Holdings,
10.00%,
1/15/31 (1)(7)
54,525
51,799
Tenneco,
8.00%,
11/17/28 (1)
505
502
Wand
NewCo
3,
7.625%,
1/30/32 (1)
23,225
24,415
231,221
Beverages
0.1%
Primo
Water
Holdings,
6.25%,
4/1/29 (1)
8,227
8,248
8,248
Broadcasting
4.9%
Clear
Channel
Outdoor
Holdings,
7.125%,
2/15/31 (1)
8,825
9,156
Clear
Channel
Outdoor
Holdings,
7.50%,
6/1/29 (1)(7)
13,350
13,183
Clear
Channel
Outdoor
Holdings,
7.50%,
3/15/33 (1)
8,820
9,250
Clear
Channel
Outdoor
Holdings,
7.75%,
4/15/28 (1)(7)
21,450
21,450
CMG
Media,
8.875%,
6/18/29 (1)(7)
19,775
16,314
E.W.
Scripps,
9.875%,
8/15/30 (1)
17,235
17,300
Gray
Media,
5.375%,
11/15/31 (1)(7)
10,549
7,938
Gray
Media,
9.625%,
7/15/32 (1)(7)
16,385
16,917
iHeartCommunications,
9.125%,
5/1/29 (1)
14,110
12,981
Lamar
Media,
4.00%,
2/15/30
1,845
1,776
Lamar
Media,
4.875%,
1/15/29
13,515
13,431
Neptune
Bidco
U.S.,
9.29%,
4/15/29 (1)
30,377
30,149
Neptune
Bidco
U.S.,
10.375%,
5/15/31 (1)
19,675
19,872
Outfront
Media
Capital,
7.375%,
2/15/31 (1)
3,440
3,638
Sirius
XM
Radio,
4.00%,
7/15/28 (1)
23,375
22,703
Stagwell
Global,
5.625%,
8/15/29 (1)
23,390
22,688
Univision
Communications,
8.00%,
8/15/28 (1)
490
505
Univision
Communications,
8.50%,
7/31/31 (1)
26,765
27,601
Univision
Communications,
9.375%,
8/1/32 (1)
18,956
20,093
Warnermedia
Holdings,
4.279%,
3/15/32 (7)
12,050
11,026
Warnermedia
Holdings,
5.05%,
3/15/42
30,870
24,619
322,590
Building
&
Real
Estate
1.0%
Cushman
&
Wakefield
U.S.
Borrower,
6.75%,
5/15/28 (1)
18,515
18,700
Howard
Hughes,
4.125%,
2/1/29 (1)
16,095
15,532
Howard
Hughes,
4.375%,
2/1/31 (1)
8,635
8,181
Howard
Hughes,
5.375%,
8/1/28 (1)
15,000
14,944
Miller
Homes
Group
Finco,
7.00%,
5/15/29
(GBP)
7,925
10,512
67,869
Building
Products
1.9%
Advanced
Drainage
Systems,
6.375%,
6/15/30 (1)
5,250
5,329
Builders
FirstSource,
6.375%,
6/15/32 (1)
6,235
6,476
Builders
FirstSource,
6.375%,
3/1/34 (1)
10,205
10,588
Builders
FirstSource,
6.75%,
5/15/35 (1)
6,680
7,056
CP
Atlas
Buyer,
9.75%,
7/15/30 (1)
3,085
3,116
T.
ROWE
PRICE
High
Yield
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
‡
Miter
Brands
Acquisition
Holdco,
6.75%,
4/1/32 (1)
15,870
16,167
New
Enterprise
Stone
&
Lime,
5.25%,
7/15/28 (1)
15,050
14,937
Quikrete
Holdings,
6.375%,
3/1/32 (1)
31,475
32,734
Quikrete
Holdings,
6.75%,
3/1/33 (1)
29,812
31,079
127,482
Cable
Operators
5.9%
C&W
Senior
Finance,
9.00%,
1/15/33 (1)
9,620
10,008
CCO
Holdings,
4.50%,
6/1/33 (1)
18,540
16,292
CCO
Holdings,
4.75%,
2/1/32 (1)
5,530
5,074
CCO
Holdings,
6.375%,
9/1/29 (1)
32,017
32,417
CCO
Holdings,
7.375%,
3/1/31 (1)
40,365
41,172
Charter
Communications
Operating,
6.484%,
10/23/45
44,525
42,453
CSC
Holdings,
6.50%,
2/1/29 (1)
10,641
6,651
CSC
Holdings,
7.50%,
4/1/28 (1)
18,505
11,103
CSC
Holdings,
11.25%,
5/15/28 (1)(7)
12,620
9,781
CSC
Holdings,
11.75%,
1/31/29 (1)
23,125
16,187
Directv
Financing,
10.00%,
2/15/31 (1)
26,485
26,286
DISH
DBS,
5.25%,
12/1/26 (1)
9,850
9,616
DISH
DBS,
5.75%,
12/1/28 (1)
26,762
25,758
DISH
DBS,
7.375%,
7/1/28
10,835
10,077
DISH
Network,
11.75%,
11/15/27 (1)
11,132
11,633
EchoStar,
10.75%,
11/30/29
42,255
46,586
Midcontinent
Communications,
8.00%,
8/15/32 (1)
13,030
13,063
Sable
International
Finance,
7.125%,
10/15/32 (1)
19,950
20,166
Vmed
O2
U.K.
Financing
I,
4.75%,
7/15/31 (1)
33,938
31,030
385,353
Chemicals
2.9%
Avient,
6.25%,
11/1/31 (1)
6,540
6,638
Avient,
7.125%,
8/1/30 (1)
26,290
27,046
Axalta
Coating
Systems
Dutch
Holding
B,
7.25%,
2/15/31 (1)
7,495
7,907
Celanese
U.S.
Holdings,
7.05%,
11/15/30
6,370
6,601
Celanese
U.S.
Holdings,
7.20%,
11/15/33
27,560
28,731
CVR
Partners,
6.125%,
6/15/28 (1)
30,244
30,131
GPD,
12.50%,
12/31/29,
(10.125%-12.50%
Cash
and
up
to
2.375%
PIK) (1)(5)
5,761
3,147
Methanex,
5.25%,
12/15/29
6,990
6,981
Methanex,
5.65%,
12/1/44
5,619
4,910
Methanex
U.S.
Operations,
6.25%,
3/15/32 (1)
7,675
7,848
Qnity
Electronics,
5.75%,
8/15/32 (1)
10,905
11,205
Qnity
Electronics,
6.25%,
8/15/33 (1)
4,630
4,781
Windsor
Holdings
III,
8.50%,
6/15/30 (1)
26,060
27,363
WR
Grace
Holdings,
5.625%,
8/15/29 (1)
13,910
13,075
WR
Grace
Holdings,
7.375%,
3/1/31 (1)
6,100
6,199
T.
ROWE
PRICE
High
Yield
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
‡
192,563
Consumer
Products
0.5%
Newell
Brands,
6.375%,
5/15/30 (7)
12,495
11,964
Newell
Brands,
8.50%,
6/1/28 (1)
15,228
15,818
Under
Armour,
7.25%,
7/15/30 (1)
6,545
6,512
34,294
Container
0.4%
Graham
Packaging,
7.125%,
8/15/28 (1)
3,209
3,173
Sealed
Air,
5.00%,
4/15/29 (1)
6,305
6,337
Sealed
Air,
6.125%,
2/1/28 (1)
2,785
2,827
Sealed
Air,
6.875%,
7/15/33 (1)
27
28
Sealed
Air,
7.25%,
2/15/31 (1)
240
249
Trident
TPI
Holdings,
12.75%,
12/31/28 (1)
6,490
6,522
Trivium
Packaging
Finance,
8.25%,
7/15/30 (1)
5,115
5,390
24,526
Energy
12.4%
Aethon
III,
10.077%,
1/10/27,
Acquisition
Date:
9/5/25,
Cost $15,093 (6)(8)
15,190
15,076
Aethon
United
BR,
7.50%,
10/1/29 (1)
15,335
15,929
AmeriGas
Partners,
9.375%,
6/1/28 (1)
9,479
9,834
AmeriGas
Partners,
9.50%,
6/1/30 (1)
9,035
9,532
Breakwater
Energy
Holdings,
9.25%,
11/15/30 (1)
13,335
13,812
Civitas
Resources,
8.375%,
7/1/28 (1)
6,705
6,906
Civitas
Resources,
8.625%,
11/1/30 (1)
16,281
17,014
Civitas
Resources,
8.75%,
7/1/31 (1)
10,040
10,417
Civitas
Resources,
9.625%,
6/15/33 (1)
12,630
13,609
Comstock
Resources,
5.875%,
1/15/30 (1)
13,385
12,950
Comstock
Resources,
6.75%,
3/1/29 (1)
23,315
23,198
Crescent
Energy
Finance,
7.375%,
1/15/33 (1)
31,658
29,996
Crescent
Energy
Finance,
7.625%,
4/1/32 (1)
24,320
23,651
Crescent
Energy
Finance,
9.25%,
2/15/28 (1)
8,746
9,008
Gulfport
Energy
Operating,
6.75%,
9/1/29 (1)
11,090
11,450
Hilcorp
Energy
I,
6.00%,
2/1/31 (1)
9,755
9,182
Hilcorp
Energy
I,
6.25%,
4/15/32 (1)
10,699
10,030
Hilcorp
Energy
I,
7.25%,
2/15/35 (1)
28,765
27,327
Hilcorp
Energy
I,
8.375%,
11/1/33 (1)
24,646
25,262
Kinetik
Holdings,
5.875%,
6/15/30 (1)
32,740
32,904
Magnolia
Oil
&
Gas
Operating,
6.875%,
12/1/32 (1)
13,445
13,764
Matador
Resources,
6.50%,
4/15/32 (1)
9,295
9,411
NGL
Energy
Operating,
8.125%,
2/15/29 (1)
7,300
7,510
NGL
Energy
Operating,
8.375%,
2/15/32 (1)
29,110
30,092
Occidental
Petroleum,
7.95%,
6/15/39
540
639
Permian
Resources
Operating,
6.25%,
2/1/33 (1)
10,835
11,065
T.
ROWE
PRICE
High
Yield
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
‡
Permian
Resources
Operating,
7.00%,
1/15/32 (1)
12,055
12,552
Permian
Resources
Operating,
9.875%,
7/15/31 (1)
7,948
8,564
Range
Resources,
4.75%,
2/15/30 (1)
6,765
6,647
Range
Resources,
8.25%,
1/15/29
5,510
5,613
Seadrill
Finance,
8.375%,
8/1/30 (1)
24,135
24,919
South
Bow
Canadian
Infrastructure
Holdings,
VR,
7.50%,
3/1/55 (7)(9)
12,605
13,361
South
Bow
Canadian
Infrastructure
Holdings,
VR,
7.625%,
3/1/55 (9)
4,725
4,896
Sunoco,
7.00%,
5/1/29 (1)
5,510
5,724
Sunoco,
7.25%,
5/1/32 (1)
21,748
22,917
Sunoco,
VR,
7.875% (1)(9)(10)
29,015
29,523
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (1)
14,750
14,695
Tallgrass
Energy
Partners,
6.00%,
9/1/31 (1)
16,170
15,948
Tallgrass
Energy
Partners,
7.375%,
2/15/29 (1)
13,270
13,701
Transocean
Aquila,
8.00%,
9/30/28 (1)
5,127
5,255
Transocean
International,
6.80%,
3/15/38
4,615
4,119
Transocean
International,
7.875%,
10/15/32 (1)
7,160
7,437
Transocean
International,
8.25%,
5/15/29 (1)
5,510
5,579
Transocean
International,
8.50%,
5/15/31 (1)
6,555
6,604
Transocean
International,
8.75%,
2/15/30 (1)
25,810
26,874
Valaris,
8.375%,
4/30/30 (1)
10,240
10,650
Venture
Global
LNG,
8.125%,
6/1/28 (1)
455
465
Venture
Global
LNG,
9.50%,
2/1/29 (1)
16,685
17,582
Venture
Global
LNG,
9.875%,
2/1/32 (1)
6,065
6,308
Venture
Global
LNG,
VR,
9.00% (1)(9)(10)
54,195
46,134
Venture
Global
Plaquemines
LNG,
6.50%,
1/15/34 (1)
22,810
23,494
Venture
Global
Plaquemines
LNG,
6.75%,
1/15/36 (1)
21,720
22,589
Venture
Global
Plaquemines
LNG,
7.50%,
5/1/33 (1)
5,425
5,900
Venture
Global
Plaquemines
LNG,
7.75%,
5/1/35 (1)
16,890
18,790
Vermilion
Energy,
6.875%,
5/1/30 (1)
14,555
14,246
WBI
Operating,
6.25%,
10/15/30 (1)
6,510
6,518
WBI
Operating,
6.50%,
10/15/33 (1)
6,510
6,510
813,682
Entertainment
&
Leisure
3.0%
Carnival,
6.125%,
2/15/33 (1)
11,890
12,202
Churchill
Downs,
5.75%,
4/1/30 (1)
19,390
19,438
Cinemark
USA,
5.25%,
7/15/28 (1)
13,670
13,619
Cinemark
USA,
7.00%,
8/1/32 (1)
8,080
8,403
Motion
Finco,
8.375%,
2/15/32 (1)
10,770
9,262
NCL,
6.25%,
9/15/33 (1)
12,665
12,475
NCL,
6.75%,
2/1/32 (1)
13,100
13,280
NCL,
7.75%,
2/15/29 (1)
11,375
12,058
NCL
Finance,
6.125%,
3/15/28 (1)
5,390
5,498
T.
ROWE
PRICE
High
Yield
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
‡
Royal
Caribbean
Cruises,
6.00%,
2/1/33 (1)
14,340
14,734
SeaWorld
Parks
&
Entertainment,
5.25%,
8/15/29 (1)(7)
24,540
23,681
Six
Flags
Entertainment,
5.25%,
7/15/29
13,516
12,502
Six
Flags
Entertainment,
6.625%,
5/1/32 (1)
7,050
7,015
Six
Flags
Entertainment,
7.25%,
5/15/31 (1)(7)
33,588
31,909
196,076
Financial
11.1%
Acrisure,
7.50%,
11/6/30 (1)
23,110
24,034
Acrisure,
8.25%,
2/1/29 (1)
11,040
11,495
Acrisure,
8.50%,
6/15/29 (1)
16,580
17,243
Alliant
Holdings
Intermediate,
5.875%,
11/1/29 (1)
8,065
7,944
Alliant
Holdings
Intermediate,
7.00%,
1/15/31 (1)
39,773
41,364
Alliant
Holdings
Intermediate,
7.375%,
10/1/32 (1)
16,300
16,769
Apollo
Commercial
Real
Estate
Finance,
4.625%,
6/15/29 (1)(7)
16,550
16,033
Blackstone
Mortgage
Trust,
7.75%,
12/1/29 (1)
3,840
4,022
Cobra
AcquisitionCo,
6.375%,
11/1/29 (1)
13,770
11,928
Cobra
AcquisitionCo,
12.25%,
11/1/29 (1)
5,985
6,030
Focus
Financial
Partners,
6.75%,
9/15/31 (1)
9,659
9,949
HUB
International,
5.625%,
12/1/29 (1)
15,941
15,901
HUB
International,
7.25%,
6/15/30 (1)
40,315
42,129
HUB
International,
7.375%,
1/31/32 (1)
32,295
33,546
Jane
Street
Group,
6.125%,
11/1/32 (1)
29,005
29,513
Jane
Street
Group,
6.75%,
5/1/33 (1)
32,335
33,709
Jane
Street
Group,
7.125%,
4/30/31 (1)
21,869
22,990
Jerrold
Finco,
7.50%,
6/15/31
(GBP) (1)
4,555
6,115
Jones
Deslauriers
Insurance
Management,
6.875%,
10/1/33 (1)
9,825
9,579
Jones
Deslauriers
Insurance
Management,
7.25%,
10/1/33
(CAD) (1)
7,635
5,464
Jones
Deslauriers
Insurance
Management,
8.50%,
3/15/30 (1)
19,315
20,208
Midcap
Financial
Issuer
Trust,
5.625%,
1/15/30 (1)
12,070
11,286
Midcap
Financial
Issuer
Trust,
6.50%,
5/1/28 (1)
36,735
36,230
Navient,
5.625%,
8/1/33
33,418
29,993
Navient,
7.875%,
6/15/32 (7)
12,985
13,375
Navient,
9.375%,
7/25/30
33,660
37,026
Navient,
11.50%,
3/15/31
18,310
20,347
OneMain
Finance,
6.125%,
5/15/30
6,350
6,437
OneMain
Finance,
7.125%,
11/15/31
9,710
10,074
OneMain
Finance,
7.50%,
5/15/31
18,435
19,357
OneMain
Finance,
7.875%,
3/15/30
325
343
Panther
Escrow
Issuer,
7.125%,
6/1/31 (1)
34,315
35,516
PennyMac
Financial
Services,
6.875%,
2/15/33 (1)
8,979
9,372
PennyMac
Financial
Services,
7.125%,
11/15/30 (1)
15,995
16,735
PennyMac
Financial
Services,
7.875%,
12/15/29 (1)
14,755
15,677
T.
ROWE
PRICE
High
Yield
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
‡
PROG
Holdings,
6.00%,
11/15/29 (1)
20,390
20,033
Rocket,
6.125%,
8/1/30 (1)
8,955
9,280
Rocket,
6.375%,
8/1/33 (1)
9,290
9,731
Ryan
Specialty,
5.875%,
8/1/32 (1)
6,015
6,105
USI,
7.50%,
1/15/32 (1)
11,000
11,426
UWM
Holdings,
6.25%,
3/15/31 (1)
11,685
11,700
UWM
Holdings,
6.625%,
2/1/30 (1)
13,200
13,365
729,373
Food
0.8%
Chobani,
7.625%,
7/1/29 (1)
12,945
13,463
Chobani
Holdco
II,
8.75%,
10/1/29,
(8.75%
Cash
or
9.5%
PIK) (1)(5)
7,887
8,245
Darling
Ingredients,
6.00%,
6/15/30 (1)
13,570
13,723
Post
Holdings,
6.25%,
2/15/32 (1)
7,975
8,214
TreeHouse
Foods,
4.00%,
9/1/28 (7)
7,090
7,054
50,699
Forest
Products
0.3%
Cascades,
5.375%,
1/15/28 (1)
10,925
10,911
Graphic
Packaging
International,
3.75%,
2/1/30 (1)(7)
9,085
8,529
19,440
Gaming
2.2%
Caesars
Entertainment,
6.50%,
2/15/32 (1)
9,045
9,169
Caesars
Entertainment,
7.00%,
2/15/30 (1)
13,410
13,896
Churchill
Downs,
6.75%,
5/1/31 (1)
14,040
14,426
Light
&
Wonder
International,
6.25%,
10/1/33 (1)
8,915
8,982
Light
&
Wonder
International,
7.25%,
11/15/29 (1)
29,020
29,709
Light
&
Wonder
International,
7.50%,
9/1/31 (1)
6,580
6,901
Midwest
Gaming
Borrower,
4.875%,
5/1/29 (1)
12,530
12,185
Ontario
Gaming
GTA,
8.00%,
8/1/30 (1)
6,880
6,725
Playtika
Holding,
4.25%,
3/15/29 (1)
11,805
10,684
Rivers
Enterprise
Lender,
6.25%,
10/15/30 (1)
6,495
6,560
Scientific
Games
Holdings,
6.625%,
3/1/30 (1)
6,580
5,758
Voyager
Parent,
9.25%,
7/1/32 (1)
18,915
20,003
144,998
Health
Care
7.7%
1261229
B.C.,
10.00%,
4/15/32 (1)
38,455
39,705
Amneal
Pharmaceuticals,
6.875%,
8/1/32 (1)
4,870
5,138
AthenaHealth
Group,
6.50%,
2/15/30 (1)
28,285
27,931
Bausch
+
Lomb,
8.375%,
10/1/28 (1)
12,065
12,578
CHS,
6.125%,
4/1/30 (1)
11,465
9,516
CHS,
10.875%,
1/15/32 (1)
20,890
22,483
Concentra
Health
Services,
6.875%,
7/15/32 (1)
6,305
6,597
DaVita,
6.875%,
9/1/32 (1)
19,360
20,086
T.
ROWE
PRICE
High
Yield
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
‡
IQVIA,
6.25%,
6/1/32 (1)
19,290
20,134
LifePoint
Health,
5.375%,
1/15/29 (1)(7)
9,817
9,498
LifePoint
Health,
9.875%,
8/15/30 (1)
2,210
2,373
LifePoint
Health,
10.00%,
6/1/32 (1)(7)
45,334
47,827
LifePoint
Health,
11.00%,
10/15/30 (1)
41,235
45,255
Medline
Borrower,
5.25%,
10/1/29 (1)
19,270
19,246
Medline
Borrower,
6.25%,
4/1/29 (1)
33,460
34,422
Molina
Healthcare,
4.375%,
6/15/28 (1)
4,446
4,323
Molina
Healthcare,
6.25%,
1/15/33 (1)
6,430
6,422
Molina
Healthcare,
6.50%,
2/15/31 (1)
13,100
13,346
MPT
Operating
Partnership,
8.50%,
2/15/32 (1)
10,435
10,983
Opal
Bidco,
6.50%,
3/31/32 (1)
23,950
24,519
Organon,
4.125%,
4/30/28 (1)
6,800
6,605
Organon,
5.125%,
4/30/31 (1)(7)
24,470
20,341
Star
Parent,
9.00%,
10/1/30 (1)
12,555
13,402
Tenet
Healthcare,
6.00%,
11/15/33 (1)
8,900
9,189
Tenet
Healthcare,
6.125%,
10/1/28
30,580
30,618
Tenet
Healthcare,
6.125%,
6/15/30
19,153
19,512
Tenet
Healthcare,
6.75%,
5/15/31
10,080
10,483
Tenet
Healthcare,
6.875%,
11/15/31
4,534
4,925
Teva
Pharmaceutical
Finance
Netherlands
III,
7.875%,
9/15/29
7,905
8,646
506,103
Health
Care
Services
0.1%
Perrigo
Finance
Unlimited,
6.125%,
9/30/32
6,235
6,066
6,066
Information
Technology
6.0%
Capstone
Borrower,
8.00%,
6/15/30 (1)
20,105
20,432
Carvana,
9.00%,
6/1/31,
(14.00%
PIK
until
8/15/25
then
9.00%
Cash
to
maturity) (1)(5)
42,885
48,246
Central
Parent,
7.25%,
6/15/29 (1)
5,225
4,311
Cloud
Software
Group,
6.50%,
3/31/29 (1)
25
25
Cloud
Software
Group,
8.25%,
6/30/32 (1)
15,640
16,500
Cloud
Software
Group,
9.00%,
9/30/29 (1)
90,015
92,940
Dye
&
Durham,
8.625%,
4/15/29 (1)
17,722
16,238
Entegris,
5.95%,
6/15/30 (1)
31,745
32,340
Gen
Digital,
7.125%,
9/30/30 (1)
20,500
21,141
Match
Group
Holdings
II,
3.625%,
10/1/31 (1)
12,690
11,580
Match
Group
Holdings
II,
4.125%,
8/1/30 (1)
22,635
21,390
Match
Group
Holdings
II,
4.625%,
6/1/28 (1)
7,650
7,554
Match
Group
Holdings
II,
5.625%,
2/15/29 (1)
3,888
3,888
Match
Group
Holdings
II,
6.125%,
9/15/33 (1)
13,960
14,100
McAfee,
7.375%,
2/15/30 (1)
42,000
36,645
SS&C
Technologies,
6.50%,
6/1/32 (1)
8,465
8,782
T.
ROWE
PRICE
High
Yield
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
‡
Twilio,
3.625%,
3/15/29
190
183
Twilio,
3.875%,
3/15/31
12,545
11,933
Wolfspeed,
13.875%,
6/23/30,
(9.875%
Cash
and
4.00%
PIK) (1)(5)
13,042
14,248
X.AI,
12.50%,
6/30/30
10,175
10,684
393,160
Lodging
1.0%
Hilton
Domestic
Operating,
4.00%,
5/1/31 (1)
11,865
11,346
Hilton
Domestic
Operating,
5.875%,
3/15/33 (1)(7)
8,825
9,079
Hilton
Domestic
Operating,
6.125%,
4/1/32 (1)
7,235
7,506
Park
Intermediate
Holdings,
5.875%,
10/1/28 (1)
8,225
8,204
Park
Intermediate
Holdings,
7.00%,
2/1/30 (1)
4,870
4,986
RHP
Hotel
Properties,
4.50%,
2/15/29 (1)
14,505
14,233
RHP
Hotel
Properties,
6.50%,
6/15/33 (1)
9,250
9,620
RHP
Hotel
Properties,
7.25%,
7/15/28 (1)
65
67
65,041
Manufacturing
1.4%
Arcosa,
6.875%,
8/15/32 (1)
4,680
4,890
Enpro,
6.125%,
6/1/33 (1)
9,660
9,950
Madison
IAQ,
4.125%,
6/30/28 (1)
14,890
14,536
Madison
IAQ,
5.875%,
6/30/29 (1)
16,510
16,304
Mueller
Water
Products,
4.00%,
6/15/29 (1)
18,165
17,575
Sensata
Technologies,
4.00%,
4/15/29 (1)
11,149
10,843
Sensata
Technologies,
5.875%,
9/1/30 (1)
11,490
11,597
Stevens
Holding,
6.125%,
10/1/26 (1)
7,410
7,336
93,031
Metals
&
Mining
1.9%
Arsenal
AIC
Parent,
8.00%,
10/1/30 (1)
20,285
21,477
Arsenal
AIC
Parent,
11.50%,
10/1/31 (1)
12,705
13,944
ATI,
7.25%,
8/15/30
6,067
6,401
Champion
Iron
Canada,
7.875%,
7/15/32 (1)
6,385
6,704
Cleveland-Cliffs,
7.375%,
5/1/33 (1)
10,355
10,691
Cleveland-Cliffs,
7.50%,
9/15/31 (1)
11,670
12,166
Constellium,
6.375%,
8/15/32 (1)
6,435
6,612
ERO
Copper,
6.50%,
2/15/30 (1)
230
232
Hecla
Mining,
7.25%,
2/15/28
15,473
15,531
Hudbay
Minerals,
6.125%,
4/1/29 (1)
14,335
14,514
Mineral
Resources,
7.00%,
4/1/31 (1)(7)
5,955
6,171
Novelis,
4.75%,
1/30/30 (1)
6,880
6,605
121,048
Other
Telecommunications
2.8%
Cipher
Compute,
7.125%,
11/15/30 (1)
17,197
17,412
Cogent
Communications
Group,
7.00%,
6/15/27 (1)
9,705
9,596
T.
ROWE
PRICE
High
Yield
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
‡
Frontier
Communications
Holdings,
6.00%,
1/15/30 (1)(7)
17,680
17,901
Frontier
Communications
Holdings,
8.75%,
5/15/30 (1)
12,325
12,849
Iliad
Holding,
8.50%,
4/15/31 (1)
3,020
3,239
Level
3
Financing,
4.00%,
4/15/31 (1)(7)
20,945
18,431
Level
3
Financing,
6.875%,
6/30/33 (1)
19,085
19,466
Level
3
Financing,
7.00%,
3/31/34 (1)
39,005
39,980
Windstream
Services,
7.50%,
10/15/33 (1)
12,990
13,250
WULF
Compute,
7.75%,
10/15/30 (1)
25,450
26,309
Zayo
Group
Holdings,
9.25%,
3/9/30,
(5.75%
Cash
and
up
to
0.5%
PIK) (1)(5)
4,744
4,377
182,810
Printing
&
Publishing
0.2%
Getty
Images,
10.50%,
11/15/30 (1)
10,705
10,785
10,785
Real
Estate
Investment
Trust
Securities
1.4%
Global
Net
Lease,
4.50%,
9/30/28 (1)
23,505
22,917
Service
Properties
Trust,
8.625%,
11/15/31 (1)
30,255
31,806
Service
Properties
Trust,
8.875%,
6/15/32
24,545
23,625
Service
Properties
Trust,
Zero
Coupon,
9/30/27 (1)
12,725
11,309
89,657
Restaurants
0.3%
Yum!
Brands,
5.35%,
11/1/43
7,468
7,272
Yum!
Brands,
6.875%,
11/15/37
13,700
15,190
22,462
Retail
1.3%
Bath
&
Body
Works,
6.625%,
10/1/30 (1)
15,430
15,661
Bath
&
Body
Works,
7.50%,
6/15/29
9,210
9,371
CVS
Health,
VR,
7.00%,
3/10/55 (9)
31,215
32,578
PetSmart,
7.50%,
9/15/32 (1)
16,380
16,523
Victra
Holdings,
8.75%,
9/15/29 (1)(7)
9,310
9,834
83,967
Satellites
0.2%
Connect
Finco,
9.00%,
9/15/29 (1)
13,355
14,140
Hughes
Satellite
Systems,
6.625%,
8/1/26 (7)
208
181
14,321
Services
5.5%
Albion
Financing
1,
7.00%,
5/21/30 (1)
18,635
19,334
Allied
Universal
Holdco,
6.875%,
6/15/30 (1)
13,125
13,519
Allied
Universal
Holdco,
7.875%,
2/15/31 (1)
19,736
20,723
Avis
Budget
Car
Rental,
8.00%,
2/15/31 (1)(7)
9,155
9,338
Avis
Budget
Car
Rental,
8.25%,
1/15/30 (1)(7)
9,490
9,775
Axon
Enterprise,
6.125%,
3/15/30 (1)
5,120
5,286
Axon
Enterprise,
6.25%,
3/15/33 (1)
3,810
3,953
T.
ROWE
PRICE
High
Yield
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
‡
Boost
Newco
Borrower,
7.50%,
1/15/31 (1)
35,592
37,772
EG
Global
Finance,
12.00%,
11/30/28 (1)
19,340
21,034
Fortress
Intermediate
3,
7.50%,
6/1/31 (1)
11,010
11,423
Herc
Holdings,
7.00%,
6/15/30 (1)
11,385
11,926
RB
Global
Holdings,
6.75%,
3/15/28 (1)
6,850
6,996
RB
Global
Holdings,
7.75%,
3/15/31 (1)
9,460
9,897
Sabre
Financial
Borrower,
11.125%,
6/15/29 (1)
9,515
9,705
Sabre
GLBL,
10.75%,
11/15/29 (1)
23,252
20,462
Sabre
GLBL,
11.125%,
7/15/30 (1)
4,649
4,004
Shift4
Payments,
5.50%,
5/15/33
(EUR) (1)
8,555
10,248
Shift4
Payments,
6.75%,
8/15/32 (1)
6,745
6,998
Staples,
10.75%,
9/1/29 (1)
7,005
6,882
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27 (1)
18,100
18,055
UKG,
6.875%,
2/1/31 (1)
62,215
64,081
United
Rentals
North
America,
3.75%,
1/15/32
5,210
4,878
United
Rentals
North
America,
3.875%,
2/15/31
14,160
13,505
United
Rentals
North
America,
6.125%,
3/15/34 (1)
6,895
7,214
Williams
Scotsman,
6.625%,
6/15/29 (1)
6,165
6,365
Williams
Scotsman,
7.375%,
10/1/31 (1)
8,022
8,353
361,726
Supermarkets
0.2%
Iceland
Bondco,
10.875%,
12/15/27
(GBP) (1)
2,098
2,934
Iceland
Bondco,
FRN,
3M
EURIBOR
+
5.50%,
7.564%,
12/15/27
(EUR) (1)
2,190
2,560
Performance
Food
Group,
6.125%,
9/15/32 (1)
10,165
10,432
15,926
Transportation
0.4%
Genesee
&
Wyoming,
6.25%,
4/15/32 (1)
10,650
10,916
Watco,
7.125%,
8/1/32 (1)
11,195
11,699
22,615
Utilities
5.7%
AES,
VR,
6.95%,
7/15/55 (9)
4,570
4,422
AES,
VR,
7.60%,
1/15/55 (9)
2,120
2,152
Alpha
Generation,
6.75%,
10/15/32 (1)
11,045
11,349
Edison
International,
Series A,
VR,
5.375% (9)(10)
580
576
HA
Sustainable
Infrastructure
Capital,
6.375%,
7/1/34
18,100
18,507
HA
Sustainable
Infrastructure
Capital,
VR,
8.00%,
6/1/56 (9)
8,778
8,932
HAT
Holdings
I,
8.00%,
6/15/27 (1)
13,082
13,573
NRG
Energy,
6.00%,
1/15/36 (1)
13,065
13,228
NRG
Energy,
6.25%,
11/1/34 (1)
6,195
6,365
NRG
Energy,
VR,
10.25% (1)(9)(10)
14,883
16,241
PG&E,
VR,
7.375%,
3/15/55 (9)
14,642
15,154
Talen
Energy
Supply,
6.25%,
2/1/34 (1)
16,065
16,367
T.
ROWE
PRICE
High
Yield
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
‡
Talen
Energy
Supply,
6.50%,
2/1/36 (1)
16,065
16,567
Talen
Energy
Supply,
8.625%,
6/1/30 (1)
45,487
48,159
TerraForm
Power
Operating,
5.00%,
1/31/28 (1)
19,412
19,339
TransAlta,
7.75%,
11/15/29
4,765
4,938
Vistra,
VR,
7.00% (1)(9)(10)
9,335
9,440
Vistra,
VR,
8.00% (1)(9)(10)
39,615
40,308
Vistra,
Series C,
VR,
8.875% (1)(7)(9)(10)
37,542
41,390
Vistra
Operations,
7.75%,
10/15/31 (1)
23,130
24,489
XPLR
Infrastructure
Operating
Partners,
7.25%,
1/15/29 (1)(7)
6,720
6,871
XPLR
Infrastructure
Operating
Partners,
7.75%,
4/15/34 (1)
16,535
16,783
XPLR
Infrastructure
Operating
Partners,
8.375%,
1/15/31 (1)(7)
11,785
12,330
XPLR
Infrastructure
Operating
Partners,
8.625%,
3/15/33 (1)
5,935
6,210
373,690
Wireless
Communications
0.5%
Rogers
Communications,
VR,
7.00%,
4/15/55 (9)
31,285
32,419
32,419
Total
Corporate
Bonds
(Cost
$5,826,472)
5,917,035
MUNICIPAL
SECURITIES
0.5%
Puerto
Rico
0.5%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (11)
49,809
31,878
Total
Municipal
Securities
(Cost
$27,508)
31,878
PREFERRED
STOCKS
0.6%
Financials
0.6%
AH
Parent,
Series A,
Acquisition
Date:
9/27/24,
Cost $39,715 (3)(6)(8)
40
40,497
Total
Preferred
Stocks
(Cost
$39,715)
40,497
SHORT-TERM
INVESTMENTS
1.7%
Money
Market
Funds
1.7%
T.
Rowe
Price
Government
Reserve
Fund,
4.02% (12)(13)
110,396
110,396
Total
Short-Term
Investments
(Cost
$110,396)
110,396
T.
ROWE
PRICE
High
Yield
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
‡
SECURITIES
LENDING
COLLATERAL
2.7%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 2.7%
Money
Market
Funds 2.7%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99% (12)(13)
175,300
175,300
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
175,300
Total
Securities
Lending
Collateral
(Cost
$175,300)
175,300
Total
Investments
in
Securities
101.1%
of
Net
Assets
(Cost
$6,537,394)
$
6,626,107
‡
Par/Shares
and
Notional
Amount
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
$5,179,859
and
represents
79.0%
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)
Non-income
producing
(4)
All
or
a
portion
of
this
loan
is
unsettled
as
of
November
30,
2025.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(5)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(6)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(7)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
November
30,
2025.
(8)
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
$72,273
and
represents
1.1%
of
net
assets.
T.
ROWE
PRICE
High
Yield
Fund
25
.
.
.
.
.
.
.
.
.
.
(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)
CAD
Canadian
Dollar
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
PIK
Payment-in-kind
PRIME
Prime
rate
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
High
Yield
Fund
26
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
**
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Goldman
Sachs,
Protection
Sold
(Relevant
Credit:
Carvana,
Caa1*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
*
505
64
40
24
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
Carvana,
Caa1*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
*
504
63
38
25
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
78
49
Total
Bilateral
Swaps
78
49
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Bought
0.0%
Protection
Bought
(Relevant
Credit:
Whirlpool),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/30
10,143
666
594
72
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
72
Total
Centrally
Cleared
Swaps
72
Net
payments
(receipts)
of
variation
margin
to
date
(81)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(9)
*
Credit
ratings
as
of
November
30,
2025.
Ratings
shown
are
from
Moody's
Investors
Service
and
if
Moody's
does
not
rate
a
security,
then
Standard
&
Poor's
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody's
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$2
T.
ROWE
PRICE
High
Yield
Fund
27
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
2/20/26
EUR
2,508
USD
2,921
$
2
Citibank
1/23/26
USD
20,858
GBP
15,585
228
JPMorgan
Chase
1/23/26
GBP
392
USD
514
4
JPMorgan
Chase
2/20/26
EUR
1,151
USD
1,338
3
Morgan
Stanley
2/20/26
USD
3,847
EUR
3,301
-
Societe
Generale
1/23/26
GBP
547
USD
723
1
Standard
Chartered
1/26/26
USD
5,482
CAD
7,635
2
Toronto-Dominion
Bank
2/20/26
USD
38,210
EUR
32,778
14
UBS
Investment
Bank
2/20/26
EUR
2,616
USD
3,039
10
UBS
Investment
Bank
2/20/26
USD
1,686
EUR
1,450
(4)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
260
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,
2025.
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,
4.02%
$
-
$
-
$
1,833++
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99%
-
-
-++
Totals
$
-#
$
-
$
1,833+
Supplementary
Investment
Schedule
Affiliate
Value
5/31/25
Purchase
Cost
Sales
Cost
Value
11/30/25
T.
Rowe
Price
Government
Reserve
Fund,
4.02%
$
410,458
¤
¤
$
110,396
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99%
-
¤
¤
175,300
Total
$
285,696^
#
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
$1,833
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
$285,696.
T.
ROWE
PRICE
High
Yield
Fund
November
30,
2025
Unaudited
Statement
of
Assets
and
Liabilities
29
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$6,537,394)
$
6,626,107
Interest
receivable
116,528
Receivable
for
investment
securities
sold
16,720
Cash
2,781
Receivable
for
shares
sold
1,858
Due
from
affiliates
1,426
Cash
deposits
on
centrally
cleared
swaps
407
Unrealized
gain
on
forward
currency
exchange
contracts
264
Bilateral
swap
premiums
paid
78
Unrealized
gain
on
bilateral
swaps
49
Foreign
currency
(cost
$2)
2
Other
assets
178
Total
assets
6,766,398
Liabilities
Obligation
to
return
securities
lending
collateral
175,300
Payable
for
investment
securities
purchased
23,270
Payable
for
shares
redeemed
6,457
Investment
management
fees
payable
3,121
Variation
margin
payable
on
centrally
cleared
swaps
9
Unrealized
loss
on
forward
currency
exchange
contracts
4
Payable
to
directors
3
Other
liabilities
2,176
Total
liabilities
210,340
Commitments
and
Contingent
Liabilities
(note
7
)
NET
ASSETS
$
6,556,058
T.
ROWE
PRICE
High
Yield
Fund
November
30,
2025
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)
$
(
1,299,226
)
Paid-in
capital
applicable
to
1,094,444,505
shares
of
$0.01
par
value
capital
stock
outstanding;
3,000,000,000
shares
authorized
7,855,284
NET
ASSETS
$
6,556,058
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,198,185;
Shares
outstanding:
200,140,595)
$
5.99
Advisor
Class
(Net
assets:
$14,451;
Shares
outstanding:
2,419,607)
$
5.97
I
Class
(Net
assets:
$2,308,544;
Shares
outstanding:
385,391,334)
$
5.99
Z
Class
(Net
assets:
$3,034,878;
Shares
outstanding:
506,492,969)
$
5.99
T.
ROWE
PRICE
High
Yield
Fund
Unaudited
Statement
of
Operations
31
($000s)
6
Months
Ended
11/30/25
Investment
Income
(Loss)
Income
.
Interest
$
239,477
Dividend
4,566
Securities
lending
919
Other
3
Total
income
244,965
Expenses
Investment
management
19,581
Shareholder
servicing
Investor
Class
$
1,394
Advisor
Class
14
I
Class
244
1,652
Rule
12b-1
fees
Advisor
Class
17
Prospectus
and
shareholder
reports
Investor
Class
25
Advisor
Class
1
I
Class
105
Z
Class
2
133
Custody
and
accounting
174
Legal
and
audit
117
Registration
64
Directors
11
Miscellaneous
23
Waived
/
paid
by
Price
Associates
(
9,677
)
Total
expenses
12,095
Net
investment
income
232,870
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
11/30/25
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
gain
(loss)
Securities
(
660
)
Swaps
(
26
)
Forward
currency
exchange
contracts
(
1,982
)
Foreign
currency
transactions
(
11
)
Net
realized
loss
(
2,679
)
Change
in
net
unrealized
gain
/
loss
Securities
81,754
Swaps
121
Forward
currency
exchange
contracts
1,122
Other
assets
and
liabilities
denominated
in
foreign
currencies
(
300
)
Change
in
net
unrealized
gain
/
loss
82,697
Net
realized
and
unrealized
gain
/
loss
80,018
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
312,888
T.
ROWE
PRICE
High
Yield
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
33
($000s)
6
Months
Ended
11/30/25
Year
Ended
5/31/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
232,870
$
477,696
Net
realized
loss
(2,679)
(92,041)
Change
in
net
unrealized
gain
/
loss
82,697
202,125
Increase
in
net
assets
from
operations
312,888
587,780
Distributions
to
shareholders
Net
earnings
Investor
Class
(40,335)
(77,703)
Advisor
Class
(464)
(1,033)
I
Class
(82,391)
(160,536)
Z
Class
(110,072)
(238,611)
Decrease
in
net
assets
from
distributions
(233,262)
(477,883)
Capital
share
transactions
*
Shares
sold
Investor
Class
70,048
164,214
Advisor
Class
308
1,366
I
Class
213,029
659,323
Z
Class
99,011
121,196
Shares
issued
in
connection
with
fund
acquisition
Investor
Class
-
193,771
Distributions
reinvested
Investor
Class
36,408
69,872
Advisor
Class
453
1,012
I
Class
73,928
137,101
Z
Class
109,471
237,891
Shares
redeemed
Investor
Class
(136,793)
(385,631)
Advisor
Class
(1,370)
(4,670)
I
Class
(608,232)
(525,302)
Z
Class
(210,061)
(696,879)
Decrease
in
net
assets
from
capital
share
transactions
(353,800)
(26,736)
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
11/30/25
Year
Ended
5/31/25
Net
Assets
Increase
(decrease)
during
period
(274,174)
83,161
Beginning
of
period
6,830,232
6,747,071
End
of
period
$
6,556,058
$
6,830,232
*Share
information
(000s)
Shares
sold
Investor
Class
11,706
27,792
Advisor
Class
51
231
I
Class
35,584
111,871
Z
Class
16,479
20,404
Shares
issued
in
connection
with
fund
acquisition
Investor
Class
-
33,010
Distributions
reinvested
Investor
Class
6,071
11,800
Advisor
Class
76
171
I
Class
12,325
23,146
Z
Class
18,245
40,134
Shares
redeemed
Investor
Class
(22,868)
(65,596)
Advisor
Class
(229)
(792)
I
Class
(101,505)
(88,926)
Z
Class
(35,042)
(118,772)
Decrease
in
shares
outstanding
(59,107)
(5,527)
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,
Inc.
(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,
Inc.
(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.
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
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
T.
ROWE
PRICE
High
Yield
Fund
36
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
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
T.
ROWE
PRICE
High
Yield
Fund
37
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 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.
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:
T.
ROWE
PRICE
High
Yield
Fund
38
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
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
are
generally 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
T.
ROWE
PRICE
High
Yield
Fund
39
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund's
closing
NAV
per
share
on
the
day
of
valuation.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
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
the
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.
ROWE
PRICE
High
Yield
Fund
40
Valuation
Inputs
The
following
table
summarizes
the
fund's
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2025
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund's
Level
3
holdings
for
the
six
months ended
November
30,
2025.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any,
and
is
included
on
the
accompanying
Statement
of
Operations.
The
change
in
unrealized
gain/loss
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
-
$
324,930
$
-
$
324,930
Common
Stocks
14,121
-
-
14,121
Convertible
Preferred
Stocks
27,128
-
16,700
43,828
Corporate
Bonds
-
5,901,959
15,076
5,917,035
Preferred
Stocks
-
-
40,497
40,497
Short-Term
Investments
110,396
-
-
110,396
Securities
Lending
Collateral
175,300
-
-
175,300
Total
Securities
326,945
6,226,889
72,273
6,626,107
Swaps*
-
199
-
199
Forward
Currency
Exchange
Contracts
-
264
-
264
Total
$
326,945
$
6,227,352
$
72,273
$
6,626,570
Liabilities
Forward
Currency
Exchange
Contracts
$
-
$
4
$
-
$
4
1
Includes
Asset-Backed
Securities,
Bank
Loans,
Convertible
Bonds
and
Municipal
Securities.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
High
Yield
Fund
41
on
Level
3
instruments
held
at
November
30,
2025,
totaled $81,000 for
the
six
months ended
November
30,
2025.
During
the
six
months,
transfers
out
of
Level
3
were
because
observable
market
data
became
available
for
the
security.
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
November
30,
2025,
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,
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
($000s)
Beginning
Balance
5/31/25
Gain
(Loss)
During
Period
Total
Purchases
Transfer
Out
of
Level
3
Ending
Balance
11/30/25
Investment
in
Securities
Bank
Loans
$
9,263
$
-
$
-
$
(9,263)
$
-
Convertible
Preferred
Stocks
16,700
-
-
-
16,700
Corporate
Bonds
-
(1)
15,077
-
15,076
Preferred
Stocks
40,399
98
-
-
40,497
Total
$
66,362
$
97
$
15,077
$
(9,263)
$
72,273
T.
ROWE
PRICE
High
Yield
Fund
42
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,
2025,
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
$
264
Credit
derivatives
Bilateral
Swaps
and
Premiums,
Centrally
Cleared
Swaps
199
*
Total
$
463
*
Liabilities
Foreign
exchange
derivatives
Forwards
$
4
Total
$
4
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
High
Yield
Fund
43
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
November
30,
2025,
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
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
non-cleared bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Foreign
exchange
derivatives
$
(1,982)
$
-
$
(1,982)
Credit
derivatives
-
(26)
(26)
Total
$
(1,982)
$
(26)
$
(2,008)
Change
in
Unrealized
Gain
(Loss)
Foreign
exchange
derivatives
$
1,122
$
-
$
1,122
Credit
derivatives
-
121
121
Total
$
1,122
$
121
$
1,243
T.
ROWE
PRICE
High
Yield
Fund
44
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), with
a
Credit
Support
Annex
(CSA),
if
any,
that
governs
the
collateralization
process, or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
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,
such
as
Additional
Termination
Events,
the
occurrence
of
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
settled.
ISDAs
typically
include
collateral
agreements,
such
as
a
CSA, whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
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,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared,
and
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,
2025,
no
collateral had
been
pledged
or
posted
by
the
fund
to
counterparties
for
bilateral
derivatives. As
of
T.
ROWE
PRICE
High
Yield
Fund
45
November
30,
2025,
collateral
pledged
by
counterparties
to
the
fund
for
bilateral
derivatives
consisted
of $70,000 cash
and
securities
valued
at
$275,000. As
of
November
30,
2025,
cash
of $407,000 had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
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
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,
2025,
the
volume
of
the
fund's
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
0%
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
T.
ROWE
PRICE
High
Yield
Fund
46
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
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. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets'
valuation
of
credit
quality.
As
of
November
30,
2025,
the
notional
amount
of
protection
sold
by
the
fund
totaled $1,009,000
(0.0%
of
net
assets),
which
reflects
the
maximum
potential
amount
the
fund
could
be
required
to
pay
under
such
contracts.
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
T.
ROWE
PRICE
High
Yield
Fund
47
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,
2025,
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
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
T.
ROWE
PRICE
High
Yield
Fund
48
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
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
T.
ROWE
PRICE
High
Yield
Fund
49
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,
2025,
the
value
of
loaned
securities
was
$173,278,000;
the
aggregate
value
of
collateral
was
$181,884,000
and
consisted
of
cash
collateral
and
related
investments
of
$175,300,000
and
U.S.
government
securities
of
$6,584,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $1,316,326,000 and
$1,702,137,000,
respectively,
for
the
six
months ended
November
30,
2025.
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
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,
2025,
the
fund
had
$1,432,341,000
of
available
capital
loss
carryforwards.
Capital
loss
carryforwards
acquired
through
tax-free
reorganizations
may
be
subject
to
certain
limitations
on
amount
or
timing
of
use.
At
November
30,
2025,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$6,542,851,000.
Net
unrealized
gain
aggregated
$84,652,000
at
period-end,
of
which
$175,845,000
related
to
appreciated
investments
and
$91,193,000
related
to
depreciated
investments.
T.
ROWE
PRICE
High
Yield
Fund
50
NOTE
6
-
ACQUISITION
On
March
31,
2025,
the
fund
acquired
substantially
all
of
the
assets
of
the
New
America
High
Income
Fund,
Inc.
(the
acquired
fund), a
third-party
closed-
end
fund,
pursuant
to
the
Agreement
and
Plan
of
Reorganization
dated
December
13,
2024. The
Board
and shareholders
of
the
acquired
fund,
and
the
Board
of
the
fund
approved
the
reorganization,
and
the
acquired
fund's
Board
and
shareholders
approved
the
liquidation
and
dissolution
of
the
acquired
fund.
The
acquisition
was
accomplished
by
a
tax-free
exchange
of 33,010,156
shares
of
the
fund's
Investor
Class
with
a
value
of
$193,771,000
for
all 23,374,744
shares
of
the
acquired
fund
then
outstanding,
with
the
same
value.
The
exchange
was
based
on
values
at
the
close
of
the
NYSE
on
the
immediately
preceding
business
day,
March
28,
2025.
The
net
assets
of
the
acquired
fund
at
that
date
included
$3,433,000
of
unrealized depreciation and
$43,919,000
of
net
realized
losses
carried
forward
for
tax
purposes
to
offset
distributable
gains
realized
by
the
fund
in
the
future.
Assets
of
the
acquired
fund,
including
securities
of
$180,652,000,
cash
of
$9,410,000,
receivables
and
other
assets
of
$4,500,000
and
payables
of
$791,000,
were
combined
with
those
of
the
fund,
resulting
in
aggregate
net
assets
of
$6,850,300,000
immediately
after
the
acquisition.
The
net
assets
received,
and
shares
issued
by
the
fund
were
recorded
at
fair
value;
however,
for
financial
reporting
purposes,
the
historical
cost
basis
of
the
investments
received
from
the
acquired
fund
will
be
carried
forward
to
align
ongoing
reporting
of
the
fund's
realized
and
unrealized
gains
and
losses
with
amounts
distributable
to
shareholders
for
tax
purposes.
Pro
forma
results
of
operations
of
the
combined
entity
for
the
entire
year ended May 31,
2025,
as
though
the
acquisition
had
occurred
as
of
the
beginning
of
the
year
(rather
than
on
the
actual
acquisition
date),
are
as
follows:
($000s)
Net
investment
income
$
485,942
Net
realized
gain
(loss)
(92,868)
Change
in
net
unrealized
gain/loss
207,620
Increase
(decrease)
in
net
assets
from
operations
$
600,694
T.
ROWE
PRICE
High
Yield
Fund
51
NOTE
7
-
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
0.26%
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,
2025,
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
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
T.
ROWE
PRICE
High
Yield
Fund
52
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,
2025 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $3,347,000 remain
subject
to
repayment
by
the
fund
at
November
30,
2025. 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
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
Investor
Class
Advisor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.70%
1.19%
0.05%
0.00%
Expense
limitation
date
07/31/27
07/31/27
07/31/27
N/A
(Waived)/repaid
during
the
period
($000s)
$(759)
$-
$-
$(8,918)
T.
ROWE
PRICE
High
Yield
Fund
53
accounts
invested
in
the
Investor
Class
and
Advisor
Class.
For
the
six
months
ended
November
30,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$61,000
for
Price
Associates;
$1,072,000
for
T.
Rowe
Price
Services,
Inc.;
and
$38,000
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,
2025,
the
fund
was
charged $3,000 for
shareholder
servicing
costs
related
to
the
college
savings
plans, of
which
$1,000
was
for
services
provided
by
Price.
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,
2025,
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,
2025, 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
T.
ROWE
PRICE
High
Yield
Fund
54
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Effective
November
12,
2025, cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund.
Prior
to
November
12,
2025,
cash
collateral
from
securities
lending,
if
any,
was
invested
in
the
T.
Rowe
Price
Government
Reserve
Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
As
of
November
30,
2025,
T.
Rowe
Price
Group,
Inc.,
or
its
wholly
owned
subsidiaries,
owned
3,758,389
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,
2025,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
T.
ROWE
PRICE
High
Yield
Fund
55
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
9
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
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.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
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
1/26
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) |
30a-2(a) |
|
| (b) |
30a-2(b) |
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 16, 2026 | |||
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 16, 2026 |
|||
| By |
/s/ Alan S. Dupski |
|||
| Alan S. Dupski | ||||
| Principal Financial Officer | ||||
| Date |
January 16, 2026 |
|||
T. Rowe Price High Yield Fund Inc published this content on January 22, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 22, 2026 at 14:51 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]