0000754915-23-000055.txt : 20230811 0000754915-23-000055.hdr.sgml : 20230811 20230811134319 ACCESSION NUMBER: 0000754915-23-000055 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230531 FILED AS OF DATE: 20230811 DATE AS OF CHANGE: 20230811 EFFECTIVENESS DATE: 20230811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price High Yield Fund, Inc. CENTRAL INDEX KEY: 0000754915 IRS NUMBER: 521371712 STATE OF INCORPORATION: MD FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-04119 FILM NUMBER: 231162969 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE HIGH YIELD FUND INC DATE OF NAME CHANGE: 19920703 0000754915 S000002132 T. Rowe Price High Yield Fund, Inc. C000005524 T. Rowe Price High Yield Fund, Inc. PRHYX C000005525 T. Rowe Price High Yield Fund-Advisor Class PAHIX C000159675 T. Rowe Price High Yield Fund-I Class PRHIX C000219342 T. Rowe Price High Yield Fund-Z Class TRKZX 0000754915 S000057617 T. Rowe Price U.S. High Yield Fund C000183992 T. Rowe Price U.S. High Yield Fund TUHYX C000183993 T. Rowe Price U.S. High Yield Fund-Advisor Class TUHAX C000183994 T. Rowe Price U.S. High Yield Fund-I Class TUHIX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0000754915 XXXXXXXX false false N-1A S000002132 C000005525 C000159675 C000005524 C000219342 S000057617 C000183993 C000183994 C000183992 T. ROWE PRICE HIGH YIELD FUND, INC. 811-04119 0000754915 549300V16MKJXZFY0080 100 East Pratt Street Baltimore 21202 US-MD US 410-345-2000 JPMorgan Chase Bank London Woolgate House, Coleman Street London GB EC2P 2HD 0 44 20 7742 4000 Records related to the custody of Registrant s portfolio securities which are purchased outside the United States. State Street Corporation 1776 Heritage Drive Quincy 02171 617-786-3000 Custodian records for the Registrant. T. ROWE PRICE HIGH YIELD FUND, INC. 100 East Pratt Street Baltimore 21202 410-345-2000 All accounts, books, and other documents required to be maintained by the Registrant under Section 31(a) of the Investment Company Act of 1940 and the rules thereunder. T. Rowe Price Services, Inc. 100 East Pratt Street Baltimore 21202 410-345-2000 Transfer, dividend disbursing, and shareholder service records The Bank of New York Mellon 103 Bellevue Parkway Wilmington 19809 1-800-441-9800 Fund accounting records N N N-1A 2 Y Bruce W. Duncan N/A N David Oestreicher 004594569 Y Eric L. Veiel 003269676 Y Kellye L. Walker N/A N Paul F. McBride N/A N Robert J. Gerrard, Jr. N/A N Teresa Bryce Bazemore N/A N Armando Capasso 007152939 100 East Pratt Street Baltimore 21202 XXXXXX N N N N N N T. Rowe Price Investment Services, Inc. 008-25130 000008348 N/A Y N PricewaterhouseCoopers LLP 238 5493002GVO7EO8RNNS37 N N N N N N N T. Rowe Price High Yield Fund, Inc. S000002132 2F9VPFCSWR3EU5WBPH73 N 4 0 0 N/A N N Y N N JPMorgan Chase Bank 7H6GLXDRUGQFU57RNE97 N N State Street Bank and Trust Company 571474TGEMMWANRLN572 N N Revenue sharing split Other Rebate 8182974.00 102158.00 Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-4 (17 CFR 270.12d1-4) Rule 18f-4 (17 CFR 270.18f-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Y Y Y N T. Rowe Price Associates, Inc. 801-00856 000105496 7HTL8AEQSEDX602FBU63 N T. Rowe Price Retirement Plan Services, Inc. 084-01917 N/A Y Y T. Rowe Price Services, Inc. 084-01079 N/A Y N N Bloomberg Finance L.P. 5493001KJTIIGC8Y1R12 N ICE Data Services 13-3668779 Tax ID Number N Markit North America, Inc. N/A N Refinitiv US Holdings Inc. 549300NF240HXJO7N016 N N BNP Paribas R0MUWSFPU8MPRO8K5P83 FR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banco Itau Uruguay S.A. 549300HU8OQS1VTVXN55 UY N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank del Peru S.A. MYTK5NHHP1G8TVFGT193 PE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank Aktiengesellschaft 7LTWFZYICNSX8D621K86 DE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) EUROCLEAR BANK SA/NV 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) J.P. Morgan Bank Luxembourg S.A. 7W1GMC6J4KGLBBUSYP52 LU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) JPMorgan Chase Bank, London 7H6GLXDRUGQFU57RNE97 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) JPMorgan Chase Bank, N.A. 7H6GLXDRUGQFU57RNE97 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) JPMorgan Chase Bank, N.A. - Sydney Branch 7H6GLXDRUGQFU57RNE97 AU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Mizuho Bank, Ltd. RB0PEZSDGCO3JS6CEU02 JP N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Royal Bank of Canada ES7IP3U3RHIGC71XBU11 CA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Helsinki Branch F3JS33DEI6XQ4ZBPTN86 FI N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB, Stockholm F3JS33DEI6XQ4ZBPTN86 SE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) State Street Bank and Trust Company 571474TGEMMWANRLN572 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) UBS Switzerland AG 549300WOIFUSNYH0FL22 CH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N T. Rowe Price Retirement Plan Services, Inc. N/A N/A Y Y T. Rowe Price Services, Inc. N/A N/A Y N N T. Rowe Price Associates, Inc. 7HTL8AEQSEDX602FBU63 N/A Y N N T. Rowe Price Investment Services, Inc. 008-25130 000008348 N/A 0.00 BMO Capital Markets Corp. N/A N/A NQQ6HPCNCCU6TUTQYE16 CA 821.00 CREDIT SUISSE SECURITIES (USA) LLC 008-00422 000000816 1V8Y6QCX6YMJ2OELII46 269.00 Citigroup Inc. N/A N/A 6SHGI4ZSSLCXXQSBB395 1905.00 Cowen and Company, LLC 008-22522 000007616 549300WR155U7DVMIW58 4790.00 J.P. MORGAN SECURITIES LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 4911.00 LUMINEX TRADING & ANALYTICS LLC 008-69476 000171752 254900ZBK50B4Y36MJ33 138.00 12834.00 BARCLAYS CAPITAL INC. 008-41342 000019714 AC28XWWI3WIBK2824319 293804469.00 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 448859801.00 CREDIT SUISSE SECURITIES (USA) LLC 008-00422 000000816 1V8Y6QCX6YMJ2OELII46 142364634.00 Citigroup Inc. N/A N/A 6SHGI4ZSSLCXXQSBB395 289110776.00 Deutsche Bank Aktiengesellschaft N/A N/A 7LTWFZYICNSX8D621K86 DE 151262438.00 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 353910698.00 J.P. MORGAN SECURITIES LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 355038516.00 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 243213098.00 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 217064493.00 RBC Capital Markets, LLC 008-45411 000031194 549300LCO2FLSSVFFR64 210519135.00 3916742216.00 N 6956435157.00 N N N N T. Rowe Price U.S. High Yield Fund S000057617 549300GCQXH1REFHC527 N 3 0 0 N/A N N Y N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4 (17 CFR 270.18f-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Y Y Y N T. Rowe Price Associates, Inc. 801-00856 000105496 7HTL8AEQSEDX602FBU63 N T. Rowe Price Investment Management, Inc. 801-121434 000314590 549300JB5MWIPVHMEH37 Y N T. Rowe Price Retirement Plan Services, Inc. 084-01917 N/A Y Y T. Rowe Price Services, Inc. 084-01079 N/A Y N N Bloomberg Finance L.P. 5493001KJTIIGC8Y1R12 N ICE Data Services 13-3668779 Tax ID Number N Markit North America, Inc. N/A N Refinitiv US Holdings Inc. 549300NF240HXJO7N016 N N Deutsche Bank Aktiengesellschaft 7LTWFZYICNSX8D621K86 DE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) EUROCLEAR BANK SA/NV 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) J.P. Morgan Bank Luxembourg S.A. 7W1GMC6J4KGLBBUSYP52 LU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) JPMorgan Chase Bank, London 7H6GLXDRUGQFU57RNE97 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) JPMorgan Chase Bank, N.A. 7H6GLXDRUGQFU57RNE97 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Royal Bank of Canada ES7IP3U3RHIGC71XBU11 CA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) State Street Bank and Trust Company 571474TGEMMWANRLN572 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N T. Rowe Price Retirement Plan Services, Inc. N/A N/A Y Y T. Rowe Price Services, Inc. N/A N/A Y N N T. Rowe Price Associates, Inc. 7HTL8AEQSEDX602FBU63 N/A Y N N T. Rowe Price Investment Services, Inc. 008-25130 000008348 N/A 0.00 0.00 BARCLAYS CAPITAL INC. 008-41342 000019714 AC28XWWI3WIBK2824319 29608629.00 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 59432689.00 Citigroup Inc. N/A N/A 6SHGI4ZSSLCXXQSBB395 33576520.00 Deutsche Bank Aktiengesellschaft N/A N/A 7LTWFZYICNSX8D621K86 DE 10316199.00 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 17786977.00 J.P. MORGAN SECURITIES LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 17696471.00 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 29832510.00 MARKETAXESS EUROPE LIMITED N/A N/A 549300TTHIODYMGND828 GB 9545800.00 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 34711044.00 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 14204899.00 310651649.00 N 439053664.00 N N N N true INTERNAL CONTROL RPT 2 g1aiii_trp_highyield.htm

 

 

Report of Independent Registered Public Accounting Firm

 

To the Board of Directors of T. Rowe Price High Yield Fund, Inc. and Shareholders of T. Rowe Price High Yield Fund and T. Rowe Price U.S. High Yield Fund

 

In planning and performing our audit of the financial statements of T. Rowe Price High Yield Fund and T. Rowe Price U.S. High Yield Fund (constituting T. Rowe Price High Yield Fund, Inc., hereafter collectively referred to as the “Funds”) as of and for the year ended May 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds’ internal control over financial reporting.

 

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

 

PricewaterhouseCoopers LLP, 100 East Pratt Street, Suite 2600, Baltimore, Maryland 21202-1096
T: 410 783 7600, www.pwc.com/us

 

 

 

 

 

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of May 31, 2023.

 

This report is intended solely for the information and use of the Board of Directors of T. Rowe Price High Yield Fund, Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

 

/s/ PricewaterhouseCoopers LLP

 

Baltimore, Maryland

July 20, 2023

 

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