UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04119

T. Rowe Price High Yield Fund, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: May 31

Date of reporting period: May 31, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

May

31,

2023

Annual

Report

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

HIGHLIGHTS

The

High

Yield

Fund

underperformed

the

benchmark

Credit

Suisse

High

Yield

Index

and

outperformed

the

Lipper

peer

group

average

for

the

12

months

ended

May

31,

2023.

The

portfolio’s

allocation

to

bank

loans

and

credit

selection

in

the

automotive

segment

were

meaningful

drivers

of

relative

performance.

We

participated

in

the

new

issuance

of

several

secured

BB

rated

bonds

that

our

analysts

deemed

attractive

and

opportunistically

purchased

discounted

paper

in

the

secondary

market

that

had

traded

lower

when

rate-sensitive

issues

sold

off.

The

high

yield

asset

class

continues

to

provide

extremely

attractive

yields,

and

we

believe

investors

will

be

fairly

compensated

for

accepting

marginally

higher

default

risk

due

to

the

challenging

macro

environment

and

tighter

financial

conditions.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

High

Yield

Fund

Market

Commentary

1

Dear

Shareholder

Major

global

stock

and

bond

indexes

produced

mixed

returns

during

your

fund’s

fiscal

year,

the

12-month

period

ended

May

31,

2023.

Rising

interest

rates

weighed

on

returns

in

the

first

half

of

the

period,

but

many

sectors

rebounded

over

the

past

six

months

as

growth

remained

positive

in

the

major

economies

and

corporate

earnings

results

came

in

stronger

than

expected.

For

the

12-month

period,

growth

stocks

outperformed

value

shares,

and

developed

market

shares

generally

outpaced

their

emerging

market

counterparts.

In

the

U.S.,

the

Russell

1000

Growth

Index

and

Nasdaq

Composite

Index

performed

the

best.

Most

currencies

weakened

versus

the

U.S.

dollar

over

the

period,

which

weighed

on

returns

for

U.S.

investors

in

international

securities.

Within

the

S&P

500

Index,

the

information

technology

sector

had,

by

far,

the

strongest

returns.

Big

tech

companies

rebounded

strongly

at

the

start

of

2023,

helped

in

part

by

growing

investor

enthusiasm

for

artificial

intelligence

applications.

Meanwhile,

falling

prices

for

various

commodities

weighed

on

returns

for

the

materials

and

energy

sectors,

and

turmoil

in

the

banking

sector,

which

included

the

failure

of

three

large

regional

banks,

hurt

the

financials

segment.

Real

estate

stocks

also

came

under

pressure

amid

concerns

about

the

ability

of

some

commercial

property

owners

to

refinance

their

debt.

Cheaper

oil

contributed

to

slowing

inflation

during

the

period,

although

core

inflation

readings—which

exclude

volatile

food

and

energy

prices—remained

stubbornly

high.

April’s

consumer

price

index

data

(the

latest

available

in

our

reporting

period)

showed

a

headline

inflation

rate

of

4.9%

on

a

12-month

basis,

down

from

more

than

8%

at

the

start

of

the

period

but

still

well

above

the

Fed’s

long-term

2%

inflation

target.

In

response

to

persistent

inflation,

the

Fed

raised

its

short-term

lending

benchmark

rate

from

around

1.00%

at

the

start

of

the

period

to

a

range

of

5.00%

to

5.25%

by

the

end

of

May,

the

highest

level

since

2007.

However,

Fed

officials

have

recently

suggested

that

they

might

soon

be

ready

to

pause

additional

rate

hikes

as

they

wait

to

see

how

the

economy

is

progressing.

Bond

yields

increased

considerably

across

the

U.S.

Treasury

yield

curve

as

the

Fed

tightened

monetary

policy,

with

the

yield

on

the

benchmark

10-year

note

climbing

from

2.85%

at

the

start

of

the

period

to

3.64%

at

the

end

of

May.

Significant

inversions

in

the

yield

curve,

which

are

often

considered

a

warning

sign

of

a

coming

recession,

occurred

during

the

period

as

shorter-maturity

Treasuries

experienced

the

largest

yield

increases.

At

the

end

of

May,

the

yield

T.

ROWE

PRICE

High

Yield

Fund

2

on

the

three-month

Treasury

bill

was

188

basis

points

(1.88

percentage

point)

higher

than

the

yield

on

the

10-year

Treasury

note.

Increasing

yields

led

to

weak

results

across

most

of

the

fixed

income

market,

although

high

yield

bonds,

which

are

less

sensitive

to

rising

rates,

held

up

relatively

well.

Global

economies

and

markets

showed

surprising

resilience

in

recent

months,

but,

moving

into

the

second

half

of

2023,

we

believe

investors

could

face

potential

challenges.

The

economic

impact

of

the

Fed’s

rate

hikes

has

yet

to

be

fully

felt

in

the

economy,

and

while

the

regional

banking

turmoil

appears

to

have

been

contained

by

the

swift

actions

of

regulators,

it

could

continue

to

have

an

impact

on

credit

conditions.

Moreover,

the

market

consensus

still

seems

to

forecast

a

global

recession

starting

later

this

year

or

in

early

2024,

although

it

could

be

a

mild

downturn.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

High

Yield

Fund

Management’s

Discussion

of

Fund

Performance

3

INVESTMENT

OBJECTIVE 

The

fund

seeks

high

current

income

and,

secondarily,

capital

appreciation.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

High

Yield

Fund

returned

-0.18%

in

the

12

months

ended

May

31,

2023,

underperforming

its

benchmark,

the

Credit

Suisse

High

Yield

Index,

while

outperforming

the

Lipper

peer

group

average.

(Returns

for

Advisor,

I,

and

Z

Class

shares

varied

slightly,

reflecting

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results.

)

What

factors

influenced

the

fund’s

performance?

The

portfolio’s

off-benchmark

allocation

to

bank

loans

(also

known

as

leveraged

loans)

was

a

top

contributor

to

relative

performance

over

the

past

year

as

the

Federal

Reserve

aggressively

raised

rates

due

to

elevated

inflation

and

the

strong

labor

market.

Against

this

backdrop,

the

floating

rate

feature

of

loans,

which

resets

coupons

higher

as

rates

increase,

is

an

important

consideration

as

it

buffers

the

asset

class

against

the

impact

of

a

rising

rate

environment,

making

it

less

vulnerable

to

price

declines

than

other

fixed

income

segments.

Credit

selection

in

the

automotive

segment

was

beneficial,

as

was

our

overweight

to

the

industry.

Our

investment

in

American

electric

vehicle

manufacturer

Rivian

was

a

notable

contributor

during

the

period.

The

company

is

developing

vehicles

primarily

targeting

the

light

truck,

SUV,

and

commercial

vehicle

end

market

segments.

Our

investment

in

the

issuer

includes

a

privately

negotiated

floating

rate

second-lien

note

on

which

the

rate

resets

every

six

months,

meaning

that

the

coupon

should

remain

extremely

attractive.

(Please

refer

to

the

portfolio

of

investments

for

a

complete

list

of

holdings

and

the

amount

each

represents

in

the

portfolio.)

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

5/31/23

6

Months

12

Months

High

Yield

Fund

–

.

3.01‌%

-0.18‌%

High

Yield

Fund–

.

Advisor  Class

2.86‌

-0.31‌

High

Yield

Fund–

.

I  Class

3.05‌

-0.09‌

High

Yield

Fund–

.

Z  Class

3.37‌

0.53‌

Credit

Suisse

High

Yield

Index

3.53‌

0.43‌

Lipper

Global

High

Yield

Funds

Average

2.70‌

-0.50‌

T.

ROWE

PRICE

High

Yield

Fund

4

Selection

in

the

entertainment

and

leisure

segment

added

value,

partly

due

to

Royal

Caribbean

and

Cinemark.

Global

vacation

company

and

cruise

line

operator

Royal

Caribbean

performed

well

as

its

strategy

of

engaging

with

customers

ahead

of

vacations

to

book

package

add-ons

has

resulted

in

structural

gains.

Additionally,

forward

booking

trends

and

management

guidance

continued

to

improve,

which

supported

credit

fundamentals.

Cinemark,

a

U.S.-based

cinema

operator

that

has

an

improving

balance

sheet

and

attracts

audiences

with

premium

experiences,

produced

solid

results

over

the

period.

Theater

operations

are

expected

to

continue

recovering

through

2023

given

the

pent-up

film

slate

and

longer

theatrical

exclusivity

windows

that

have

been

negotiated.

Security

selection

and

the

portfolio’s

overweight

among

cable

operators

dragged.

The

credit

selection

impact

was

partly

due

to

wireless

telecommunications

services

and

cable

provider

Altice

France.

The

issuer’s

underperformance

was

largely

the

result

of

its

split

CCC

rated

capital

structure

and

headwinds

in

the

European

high

yield

market

rather

than

credit-specific

issues.

Lower-quality

issuers

generally

fall

from

favor

when

the

European

markets

sell

off

and

experience

outflows.

Therefore,

even

though

Altice

France

has

reported

relatively

stable

results,

a

significant

lack

of

support

in

the

secondary

market

has

hindered

its

performance.

We

have

maintained

our

conviction

in

the

name,

however,

as

various

asset

sales

are

expected

to

be

positive

near-term

catalysts,

and

operational

performance

should

improve

in

the

year’s

second

half.

The

portfolio’s

overweight

allocation

and

credit

selection

in

the

broadcasting

segment

held

back

relative

gains.

In

terms

of

security

selection,

leading

audio

company

iHeartMedia

(IHRT)

was

a

meaningful

detractor,

partly

due

to

cyclical

pressures

in

the

radio

industry.

When

there

is

a

pullback

in

the

broader

economy,

advertising

spend

is

typically

one

of

the

first

expenses

that

companies

reduce

or

eliminate.

Therefore,

IHRT’s

results

are

highly

sensitive

to

the

macroeconomic

environment.

Terrestrial

radio

also

faces

a

difficult

secular

outlook

amid

significant

competition

in

digital

audio

from

large,

well-

capitalized

companies

including

Apple,

Amazon,

and

SiriusXM.

However,

we

believe

IHRT’s

scale

and breadth

of digital

assets

should

continue

to

support

significant

free

cash

flow

generation.

T.

ROWE

PRICE

High

Yield

Fund

5

How

is

the

fund

positioned?

Over

the

past

year,

we

reduced

the

portfolio’s

exposure

to

bank

loans

by

roughly

140

basis

points

(100

basis

points

equals

1.00%)

while

closing

its

underweight

to

higher-quality

bonds.

We

participated

in

the

new

issuance

of

several

secured

BB

rated

bonds

that

our

analysts

deemed

attractive

and

opportunistically

purchased

discounted

paper

in

the

secondary

market

that

had

traded

lower

when

rate-sensitive

issues

sold

off.

We

also

took

advantage

of

the

market’s

rally

in

recent

months

to

reduce

risk

in

the

portfolio

by

selling

a

few

CCC

rated

names.

These

positioning

shifts

have

brought

the

portfolio

closer

to

equal

weight

in

the

various

rating

components

relative

to

the

benchmark

than

it

was

a

year

ago.

At

the

industry

level,

our

efforts

to

close

the

portfolio’s

underweight

to

the

BB

rating

tier

is

most

evident

in

the

information

technology

segment

where

our

allocation

increased

by

230

basis

points.

Over

the

past

year,

we

participated

in

some

new

deals

and

found

value

in

many

of

the

discounted

BB

rated

bonds

from

information

technology

companies

we

had

avoided

at

new

issuance.

We

moderately

increased

the

portfolio’s

significant

overweight

to

the

automotive

industry.

Original

equipment

manufacturers

(OEMs)

finished

2022

with

30%

of

auto

sales

pricing

above

the

manufacturer’s

suggested

retail

price

(MSRP)

compared

with

a

historical

average

of

6%–8%

below

MSRP.

Additionally,

the

sector

has

endured

a

supply-constrained

recession

over

the

past

two

to

three

years

as

supply

chain

challenges

caused

auto

sales

volumes

to

decline

to

levels

consistent

with

those

in

economic

drawdowns.

As

supply

chain

pressures

ease,

there

should

be

some

pent-up

demand

within

the

industry.

We

CREDIT

QUALITY

DIVERSIFICATION

.....

Percent

of

Total

Assets

11/30/22

5/31/23

BBB/BB

Rated

and

Above

4.4‌%

5.1‌%

BB

Rated

28.6‌

26.2‌

BB/B

Rated

17.2‌

18.9‌

B

Rated

29.7‌

30.9‌

B/CCC

Rated

5.3‌

3.8‌

CCC

Rated

and

Below

9.4‌

9.6‌

Not

Rated

2.0‌

2.3‌

Equities

2.1‌

4.2‌

Default

0.0‌

0.0‌

Short-Term

Holdings*

1.3‌

-1.0‌

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s

and

Standard

&

Poor’s

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-rated

securities,

and

a

rating

of

D

represents

the

lowest-rated

securities.

Split

ratings

(e.g.,

BB/B

and

B/CCC)

are

assigned

when

Moody’s

and

S&P

differ.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

The

rating

of

the

underlying

investment

vehicle

is

used

to

determine

the

creditworthiness

of

credit

default

swaps

and

sovereign

securities.

The

fund

is

not

rated

by

any

agency.

*Short-term

holdings

are

not

rated.

Historical

weightings

reflect

current

ratings.

T.

ROWE

PRICE

High

Yield

Fund

6

believe

that

auto

suppliers,

in

particular,

as

well

as

OEMs

can

outperform

a

large

portion

of

the

high

yield

market

on

a

fundamental

basis

in

a

recessionary

environment

as

OEMs

build

back

inventories,

which

benefits

suppliers,

and

can

pull

incentive

and

volume

levers

to

keep

earnings

stable.

The

most

notable

reductions

during

the

period

were

in

the

health

care

and

cable

operators

segments.

The

portfolio’s

lower

allocation

to

health

care

is

the

result

of

our

decision

to

eliminate

our

holdings

in

pharmaceutical

and

medical

device

company

Bausch

Health.

Our

reduced

weighting

among

cable

operators

is

largely

due

to

the

lower

dollar

prices

of

our

holdings

amid

the

underperformance

of

the

industry

overall

rather

than

sales

within

the

portfolio.

What

is

portfolio

management’s

outlook?

Financial

conditions

and

lending

standards

have

been

tightening

for

over

a

year

as

the

Fed

and

most

developed

market

central

banks

aggressively

raised

short-

term

interest

rates

to

combat

inflation.

These

tighter

financial

conditions

have

resulted

in

historically

light

new

issuance,

which,

combined

with

manageable

flows,

has

created

positive

technical

conditions

in

the

high

yield

market.

Despite

modest

inflows,

the

need

to

reinvest

coupon

payments

has

fostered

strong

demand

for

new

deals

in

the

primary

space,

while

the

absence

of

significant

outflows

has

supported

prices

in

the

secondary

market.

As

a

result

of

the

challenging

macro

environment

and

tighter

financial

conditions,

we

anticipate

the

default

rate

could

continue

to

normalize

over

the

near

to

medium

term

toward

the

market’s

long-term

average

(3%–4%),

although

it

should

remain

well

below

levels

seen

during

previous

recessionary

periods.

Furthermore,

the

asset

class

continues

to

provide

extremely

attractive

yields,

and

we

believe

investors

will

be

fairly

compensated

for

accepting

marginally

higher

default

risk.

High

yield

bonds

have

never

produced

two

consecutive

years

of

negative

performance.

Years

in

which

the

asset

class

sells

off,

as

it

did

in

2022,

have

historically

been

followed

by

multiyear

periods

of

positive

returns.

Given

the

current

high-quality

nature

of

the

asset

class—roughly

60%

is

composed

of

BB

rated

bonds—we

firmly

believe

this

trend

will

continue.

The

views

expressed

reflect

the

opinions

of

T.

Rowe

Price

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic,

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

T.

ROWE

PRICE

High

Yield

Fund

7

RISKS

OF

BOND

INVESTING

Bonds

are

subject

to

interest

rate

risk,

the

decline

in

bond

prices

that

usually

accompanies

a

rise

in

interest

rates,

and

credit

risk,

the

chance

that

any

fund

holding

could

have

its

credit

rating

downgraded

or

that

a

bond

issuer

will

default

(fail

to

make

timely

payments

of

interest

or

principal),

potentially

reducing

the

fund’s

income

level

and

share

price.

High

yield

corporate

bonds

could

have

greater

price

declines

than

funds

that

invest

primarily

in

high-

quality

bonds.

Companies

issuing

high

yield

bonds

are

not

as

strong

financially

as

those

with

higher

credit

ratings,

so

the

bonds

are

usually

considered

to

be

speculative

investments.

Bank

loans

may

at

times

become

difficult

to

value

and

highly

illiquid;

they

are

subject

to

credit

risk

such

as

nonpayment

of

principal

or

interest,

and

risks

of

bankruptcy

and

insolvency.

Investing

in

the

securities

of

non-U.S.

issuers

involves

special

risks

not

typically

associated

with

investing

in

U.S.

issuers.

Foreign

securities

tend

to

be

more

volatile

and

less

liquid

than

investments

in

U.S.

securities

and

may

lose

value

because

of

adverse

local,

political,

social,

or

economic

developments

overseas

or

due

to

changes

in

the

exchange

rates

between

foreign

currencies

and

the

U.S.

dollar.

In

addition,

foreign

investments

are

subject

to

settlement

practices

and

regulatory

and

financial

reporting

standards

that

differ

from

those

of

the

U.S.

These

risks

are

heightened

for

the

fund’s

investments

in

emerging

markets,

which

are

more

susceptible

to

governmental

interference,

less

efficient

trading

markets,

and

the

imposition

of

local

taxes

or

restrictions

on

gaining

access

to

sales

proceeds

for

foreign

investors.

BENCHMARK

INFORMATION

Note:

Copyright

©

2023

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

Note:

©

2023,

Moody’s

Corporation, Moody’s

Investors

Service,

Inc.,

Moody’s

Analytics,

Inc.

and/or

their

licensors

and

affiliates

(collectively,

“Moody’s”).

All

rights

reserved.

Moody’s

ratings

and

other

information

(“Moody’s

Information”)

are

proprietary

to

Moody’s

and/or

its

licensors

and

are

protected

by

copyright

and

other

intellectual

property

laws.

Moody’s

Information

is

licensed

to

Client

by

Moody’s.

MOODY’S

INFORMATION

MAY

NOT

BE

COPIED

OR

OTHERWISE

REPRODUCED,

REPACKAGED,

FURTHER

TRANSMITTED,

TRANSFERRED,

DISSEMINATED,

REDISTRIBUTED

OR

RESOLD,

OR

STORED

FOR

SUBSEQUENT

USE

FOR

ANY

SUCH

PURPOSE,

IN

WHOLE

OR

IN

PART,

IN

ANY

FORM

OR

MANNER

OR

BY

ANY

MEANS

WHATSOEVER,

BY

ANY

PERSON

WITHOUT

MOODY’S

PRIOR

WRITTEN

CONSENT.

Moody's

®

is

a

registered

trademark.

T.

ROWE

PRICE

High

Yield

Fund

8

Note:

Copyright

©

2023,

S&P

Global

Market

Intelligence

(and

its

affiliates,

as

applicable).

Reproduction

of

any

information,

data

or

material,

including

ratings

("Content")

in

any

form

is

prohibited

except

with

the

prior

written

permission

of

the

relevant

party. Such

party,

its

affiliates

and

suppliers

("Content

Providers")

do

not

guarantee

the

accuracy,

adequacy,

completeness,

timeliness

or

availability

of

any

Content

and

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

or

for

the

results

obtained

from

the

use

of

such

Content.

In

no

event

shall

Content

Providers

be

liable

for

any

damages,

costs,

expenses,

legal

fees,

or

losses

(including

lost

income

or

lost

profit

and

opportunity

costs)

in

connection

with

any

use

of

the

Content.

A

reference

to

a

particular

investment

or

security,

a

rating

or

any

observation

concerning

an

investment

that

is

part

of

the

Content

is

not

a

recommendation

to

buy,

sell

or

hold

such

investment

or

security,

does

not

address

the

appropriateness

of

an

investment

or

security

and

should

not

be

relied

on

as

investment

advice.

Credit

ratings

are

statements

of

opinions

and

are

not

statements

of

fact.

Note:

Portions

of

the

mutual

fund

information

contained

in

this

report

was

supplied

by

Lipper,

a

Refinitiv

Company,

subject

to

the

following:

Copyright

2023

©

Refinitiv.

All

rights

reserved.

Any

copying,

republication

or

redistribution

of

Lipper

content

is

expressly

prohibited

without

the

prior

written

consent

of

Lipper.

Lipper

shall

not

be

liable

for

any

errors

or

delays

in

the

content,

or

for

any

actions

taken

in

reliance

thereon.

BENCHMARK

INFORMATION

(continued)

T.

ROWE

PRICE

High

Yield

Fund

9

PORTFOLIO

HIGHLIGHTS

TWENTY-FIVE

LARGEST

ISSUERS

Percent

of

Net

Assets

5/31/23

Ford

Motor

2.3‌%

Charter

Communications

2.3‌ 

Asurion

2.0‌ 

Occidental

Petroleum

1.9‌ 

Vistra

1.6‌ 

Venture

Global

1.6‌ 

TransDigm

Group

1.5‌ 

American

Airlines

1.5‌ 

Tenet

Healthcare

1.5‌ 

Rivian

Automotive

1.5‌ 

UKG

1.3‌ 

Teva

Pharmaceutical

1.2‌ 

DISH

Network

1.2‌ 

Royal

Caribbean

Cruises

1.1‌ 

Community

Health

Systems

1.0‌ 

Navient

1.0‌ 

Caesars

Entertainment

1.0‌ 

Sirius

XM

Radio

1.0‌ 

Carnival

1.0‌ 

Tallgrass

Energy

Partners

0.9‌ 

Goodyear

Tire

&

Rubber

0.9‌ 

Scientific

Games

0.9‌ 

Nustar

Energy

0.9‌ 

Clarios

Global

0.8‌ 

United

Airlines

0.8‌ 

Total

32.7‌%

Note:

The

information

shown

does

not

reflect

any

exchange-traded

funds

(ETFs),

cash

reserves,

or

collateral

for

securities

lending

that

may

be

held

in

the

portfolio.

Holdings

of

the

issuers

are

combined

and

may

be

shown

in

the

portfolio

of

investments

under

their

subsidiaries.

T.

ROWE

PRICE

High

Yield

Fund

10

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund returns

as

well

as

mutual fund

averages

and

indexes.

HIGH

YIELD

FUND 

Note:

Performance

for

the Advisor,

I,

and

Z Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table. 

T.

ROWE

PRICE

High

Yield

Fund

11

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

5/31/23

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

High

Yield

Fund

–

.

-0.18‌%

2.60‌%

3.48‌%

–‌

–

High

Yield

Fund–

.

Advisor  Class

-0.31‌

2.33‌

3.22‌

–‌

–

High

Yield

Fund–

.

I  Class

-0.09‌

2.71‌

–‌

3.86‌%

8/28/15

High

Yield

Fund–

.

Z  Class

0.53‌

–‌

–‌

5.63‌

3/16/20

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Past

performance

cannot

guarantee

future

results.

T.

ROWE

PRICE

High

Yield

Fund

12

EXPENSE

RATIO

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

four

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

Advisor

Class

shares

are

offered

only

through

unaffiliated

brokers

and

other

financial

intermediaries

and

charge

a

0.25%

12b-1

fee,

I

Class

shares

are

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment,

and

Z

Class

shares

are

offered

only

to

funds

advised

by

T.

Rowe

Price

and

other

advisory

clients

of

T.

Rowe

Price

or

its

affiliates

that

are

subject

to

a

contractual

fee

for

investment

management

services

and

impose

no

12b-1

fee

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period. 

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

High

Yield

Fund

0.73‌%

High

Yield

Fund–Advisor

Class

1.00‌ 

High

Yield

Fund–I

Class

0.60‌ 

High

Yield

Fund–Z

Class

0.59‌ 

The

expense

ratio

shown

is

as

of

the

fund’s

most

recent

prospectus.

This

number

may

vary

from

the

expense

ratio

shown

elsewhere

in

this

report

because

it

is

based

on

a

different

time

period

and,

if

applicable,

includes

acquired

fund

fees

and

expenses

but

does

not

include

fee

or

expense

waivers.

T.

ROWE

PRICE

High

Yield

Fund

13

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

HIGH

YIELD

FUND

Beginning

Account

Value

12/1/22

Ending

Account

Value

5/31/23

Expenses

Paid

During

Period*

12/1/22

to

5/31/23

Investor

Class

Actual

$1,000.00

$1,030.10

$3.54

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.44

  3.53

Advisor

Class

Actual

  1,000.00

  1,028.60

  5.01

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.00

  4.99

I

Class

Actual

  1,000.00

  1,030.50

  3.14

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.84

  3.13

Z

Class

Actual

  1,000.00

  1,033.70

  0.00

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,024.93

  0.00

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(182),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.70%,

the

2

Advisor Class

was

0.99%,

the

3

I Class

was

0.62%,

and

the

4

Z Class

was

0.00%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

High

Yield

Fund

14

QUARTER-END

RETURNS

Periods

Ended

3/31/23

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

High

Yield

Fund

–

.

-3.90‌%

2.65‌%

3.69‌%

–‌

–

High

Yield

Fund–

.

Advisor  Class

-4.04‌ 

2.38‌ 

3.43‌ 

–‌

–

High

Yield

Fund–

.

I  Class

-3.82‌ 

2.75‌ 

–‌

3.97‌%

8/28/15

High

Yield

Fund–

.

Z  Class

-3.22‌ 

–‌

–‌

5.90‌ 

3/16/20

The

fund’s

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

Share

price,

principal

value,

and

return

will

vary,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

For

the

most

recent

month-end

performance,

please

visit

our

website

(troweprice.com)

or

contact

a

T.

Rowe

Price

representative

at

1

-

800

-

225

-

5132

or,

for

2

Advisor

,

3

I

,

and

4

Z

Class

shares,

1-800-638-8790

.

This

table

provides

returns

through

the

most

recent

calendar

quarter-end

rather

than

through

the

end

of

the

fund’s

fiscal

period.

It

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

T.

ROWE

PRICE

High

Yield

Fund

Financial

Highlights

15

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

5/31/23

5/31/22

5/31/21

5/31/20

5/31/19

NET

ASSET

VALUE

Beginning

of

period

$

5

.98‌

$

6

.65‌

$

6

.19‌

$

6

.48‌

$

6

.53‌

Investment

activities

Net

investment

income

(1)(2)

0

.35‌

0

.33‌

0

.33‌

0

.36‌

0

.38‌

Net

realized

and

unrealized

gain/

loss

(

0

.37‌

)

(

0

.66‌

)

0

.46‌

(

0

.30‌

)

(

0

.04‌

)

Total

from

investment

activities

(

0

.02‌

)

(

0

.33‌

)

0

.79‌

0

.06‌

0

.34‌

Distributions

Net

investment

income

(

0

.35‌

)

(

0

.34‌

)

(

0

.33‌

)

(

0

.35‌

)

(

0

.39‌

)

Net

realized

gain

(

0

.01‌

)

—‌

—‌

—‌

—‌

Total

distributions

(

0

.36‌

)

(

0

.34‌

)

(

0

.33‌

)

(

0

.35‌

)

(

0

.39‌

)

NET

ASSET

VALUE

End

of

period

$

5

.60‌

$

5

.98‌

$

6

.65‌

$

6

.19‌

$

6

.48‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(

0

.18‌

)

%

(

5

.23‌

)

%

13

.07‌

%

0

.87‌

%

5

.39‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.80‌

%

0

.73‌

%

0

.70‌

%

0

.72‌

%

0

.72‌

%

Net

expenses

after

waivers/

payments

by

Price

Associates

0

.70‌

%

0

.70‌

%

0

.70‌

%

0

.71‌

%

0

.72‌

%

Net

investment

income

6

.24‌

%

5

.02‌

%

5

.13‌

%

5

.49‌

%

5

.95‌

%

Portfolio

turnover

rate

29

.7‌

%

45

.5‌

%

55

.0‌

%

42

.2‌

%

60

.6‌

%

Net

assets,

end

of

period

(in

millions)

$1,080

$1,252

$2,394

$3,317

$5,579

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

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.

T.

ROWE

PRICE

High

Yield

Fund

Financial

Highlights

16

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

..

Year

..

..

Ended

.

5/31/23

5/31/22

5/31/21

5/31/20

5/31/19

NET

ASSET

VALUE

Beginning

of

period

$

5

.96‌

$

6

.64‌

$

6

.17‌

$

6

.46‌

$

6

.51‌

Investment

activities

Net

investment

income

(1)(2)

0

.33‌

0

.32‌

0

.31‌

0

.34‌

0

.37‌

Net

realized

and

unrealized

gain/

loss

(

0

.36‌

)

(

0

.68‌

)

0

.47‌

(

0

.30‌

)

(

0

.05‌

)

Total

from

investment

activities

(

0

.03‌

)

(

0

.36‌

)

0

.78‌

0

.04‌

0

.32‌

Distributions

Net

investment

income

(

0

.33‌

)

(

0

.32‌

)

(

0

.31‌

)

(

0

.33‌

)

(

0

.37‌

)

Net

realized

gain

(

0

.01‌

)

—‌

—‌

—‌

—‌

Total

distributions

(

0

.34‌

)

(

0

.32‌

)

(

0

.31‌

)

(

0

.33‌

)

(

0

.37‌

)

NET

ASSET

VALUE

End

of

period

$

5

.59‌

$

5

.96‌

$

6

.64‌

$

6

.17‌

$

6

.46‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(

0

.31‌

)

%

(

5

.67‌

)

%

12

.89‌

%

0

.58‌

%

5

.10‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1

.00‌

%

0

.99‌

%

1

.00‌

%

0

.99‌

%

0

.99‌

%

Net

expenses

after

waivers/

payments

by

Price

Associates

1

.00‌

%

0

.99‌

%

1

.00‌

%

0

.99‌

%

0

.99‌

%

Net

investment

income

5

.93‌

%

4

.92‌

%

4

.92‌

%

5

.25‌

%

5

.72‌

%

Portfolio

turnover

rate

29

.7‌

%

45

.5‌

%

55

.0‌

%

42

.2‌

%

60

.6‌

%

Net

assets,

end

of

period

(in

millions)

$18

$24

$30

$285

$320

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

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.

T.

ROWE

PRICE

High

Yield

Fund

Financial

Highlights

17

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

5/31/23

5/31/22

5/31/21

5/31/20

5/31/19

NET

ASSET

VALUE

Beginning

of

period

$

5

.98‌

$

6

.66‌

$

6

.19‌

$

6

.48‌

$

6

.53‌

Investment

activities

Net

investment

income

(1)(2)

0

.36‌

0

.34‌

0

.34‌

0

.36‌

0

.39‌

Net

realized

and

unrealized

gain/

loss

(

0

.37‌

)

(

0

.67‌

)

0

.47‌

(

0

.29‌

)

(

0

.04‌

)

Total

from

investment

activities

(

0

.01‌

)

(

0

.33‌

)

0

.81‌

0

.07‌

0

.35‌

Distributions

Net

investment

income

(

0

.36‌

)

(

0

.35‌

)

(

0

.34‌

)

(

0

.36‌

)

(

0

.40‌

)

Net

realized

gain

(

0

.01‌

)

—‌

—‌

—‌

—‌

Total

distributions

(

0

.37‌

)

(

0

.35‌

)

(

0

.34‌

)

(

0

.36‌

)

(

0

.40‌

)

NET

ASSET

VALUE

End

of

period

$

5

.60‌

$

5

.98‌

$

6

.66‌

$

6

.19‌

$

6

.48‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(

0

.09‌

)

%

(

5

.27‌

)

%

13

.36‌

%

0

.98‌

%

5

.51‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.62‌

%

0

.60‌

%

0

.60‌

%

0

.60‌

%

0

.61‌

%

Net

expenses

after

waivers/

payments

by

Price

Associates

0

.62‌

%

0

.60‌

%

0

.60‌

%

0

.60‌

%

0

.61‌

%

Net

investment

income

6

.32‌

%

5

.21‌

%

5

.24‌

%

5

.61‌

%

6

.04‌

%

Portfolio

turnover

rate

29

.7‌

%

45

.5‌

%

55

.0‌

%

42

.2‌

%

60

.6‌

%

Net

assets,

end

of

period

(in

millions)

$2,568

$2,880

$2,068

$1,707

$1,970

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

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.

T.

ROWE

PRICE

High

Yield

Fund

Financial

Highlights

18

For

a

share

outstanding

throughout

each

period

Z

Class

(1)

..

Year

..

..

Ended

.

3/16/20

(1)

Through

5/31/20

5/31/23

5/31/22

5/31/21

NET

ASSET

VALUE

Beginning

of

period

$

5

.99‌

$

6

.66‌

$

6

.19‌

$

5

.76‌

Investment

activities

Net

investment

income

(2)(3)

0

.39‌

0

.38‌

0

.38‌

0

.08‌

Net

realized

and

unrealized

gain/loss

(

0

.37‌

)

(

0

.66‌

)

0

.47‌

0

.43‌

(4)

Total

from

investment

activities

0

.02‌

(5)

(

0

.28‌

)

0

.85‌

0

.51‌

Distributions

Net

investment

income

(

0

.39‌

)

(

0

.39‌

)

(

0

.38‌

)

(

0

.08‌

)

Net

realized

gain

(

0

.01‌

)

—‌

—‌

—‌

Total

distributions

(

0

.40‌

)

(

0

.39‌

)

(

0

.38‌

)

(

0

.08‌

)

NET

ASSET

VALUE

End

of

period

$

5

.61‌

$

5

.99‌

$

6

.66‌

$

6

.19‌

T.

ROWE

PRICE

High

Yield

Fund

Financial

Highlights

19

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Z

Class

(1)

..

Year

..

..

Ended

.

3/16/20

(1)

Through

5/31/20

5/31/23

5/31/22

5/31/21

Ratios/Supplemental

Data

Total

return

(3)(6)

0

.53‌

%

(

4

.55‌

)

%

14

.03‌

%

8

.93‌

%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0

.60‌

%

0

.59‌

%

0

.59‌

%

0

.60‌

%

(7)

Net

expenses

after

waivers/payments

by

Price

Associates

0

.00‌

%

0

.00‌

%

0

.00‌

%

0

.00‌

%

(7)

Net

investment

income

6

.95‌

%

5

.77‌

%

5

.84‌

%

6

.53‌

%

(7)

Portfolio

turnover

rate

29

.7‌

%

45

.5‌

%

55

.0‌

%

42

.2‌

%

Net

assets,

end

of

period

(in

millions)

$3,186

$3,316

$3,970

$2,547

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(4)

The

amount

presented

is

inconsistent

with

the

fund's

aggregate

gains

and

losses

because

of

the

timing

of

sales

and

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(5)

The

amount

presented

is

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.

(6)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(7)

Annualized

T.

ROWE

PRICE

High

Yield

Fund

May

31,

2023

20

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

BANK

LOANS

4.9%

(1)

Airlines

0.2%

Mileage

Plus

Holdings,

FRN,

3M

USD

LIBOR

+

5.25%,

10.213%,

6/21/27 

14,080‌

14,563‌

14,563‌

Automotive

0.2%

Wand

NewCo

3,

FRN,

1M

USD

LIBOR

+

2.75%,

7.904%,

2/5/26 

14,422‌

14,092‌

14,092‌

Broadcasting

0.2%

Diamond

Sports

Group,

FRN,

1M

TSFR

+

8.00%,

13.067%,

5/25/26 

5,496‌

4,131‌

Nielsen

Holdings,

FRN,

3M

TSFR

+

9.75%,

14.745%,

10/11/29  (2)

(3)

6,400‌

6,272‌

10,403‌

Energy

0.1%

Prairie

ECI

Acquiror,

FRN,

1M

USD

LIBOR

+

4.75%,

9.904%,

3/11/26 

10,070‌

9,852‌

9,852‌

Information

Technology

0.4%

Boxer

Parent,

FRN,

1M

USD

LIBOR

+

5.50%,

10.654%,

2/27/26 

10,925‌

10,521‌

RealPage,

FRN,

1M

USD

LIBOR

+

6.50%,

11.654%,

4/23/29 

15,551‌

14,527‌

25,048‌

Services

1.8%

Ascend

Learning,

FRN,

1M

USD

LIBOR

+

5.75%,

11.003%,

12/10/29 

31,260‌

26,675‌

CoreLogic,

FRN,

1M

USD

LIBOR

+

6.50%,

11.688%,

6/4/29 

7,980‌

6,140‌

UKG,

FRN,

3M

TSFR

+

5.25%,

10.271%,

5/3/27 

66,960‌

62,875‌

UKG,

FRN,

3M

USD

LIBOR

+

3.25%,

8.271%,

5/4/26 

28,271‌

27,119‌

122,809‌

Wireless

Communications

2.0%

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

10.404%,

1/31/28 

69,714‌

57,209‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

10.404%,

1/20/29 

100,360‌

81,815‌

139,024‌

Total

Bank

Loans

(Cost

$378,105)

335,791‌

COMMON

STOCKS

0.7%

Gaming

0.0%

New

Cotai

Participation,

Class

B  (2)(3)(4)

—‌

—‌

—‌

Health

Care

0.2%

Avantor (2)

817‌

16,294‌

16,294‌

T.

ROWE

PRICE

High

Yield

Fund

21

Par/Shares

$

Value

(Amounts

in

000s)

‡

Information

Technology

0.1%

TE

Connectivity 

54‌

6,651‌

6,651‌

Manufacturing

0.2%

Danaher 

53‌

12,116‌

12,116‌

Metals

&

Mining

0.2%

Constellium (2)

928‌

13,834‌

13,834‌

Total

Common

Stocks

(Cost

$44,023)

48,895‌

CONVERTIBLE

BONDS

0.2%

Automotive

0.1%

Rivian

Automotive,

4.625%,

3/15/29  (4)

6,910‌

6,958‌

6,958‌

Cable

Operators

0.1%

DISH

Network,

3.375%,

8/15/26 

8,735‌

3,935‌

3,935‌

Total

Convertible

Bonds

(Cost

$14,681)

10,893‌

CONVERTIBLE

PREFERRED

STOCKS

0.9%

Energy

0.6%

NuStar

Energy,

VR,

10.75%  (4)(5)

1,200‌

38,544‌

38,544‌

Forest

Products

0.0%

Smurfit-Stone

Container,

Series A,

EC,

7.00%,

2/15/27  (2)(3)

47‌

—‌

—‌

Health

Care

0.2%

Becton

Dickinson

&

Company,

Series B,

6.00%,

6/1/23 

289‌

14,041‌

14,041‌

Insurance

0.1%

Alliant

Services,

Series A,

Acquisition

Date:

11/6/20,

Cost $8,963  (2)(3)(6)

9‌

8,159‌

8,159‌

Total

Convertible

Preferred

Stocks

(Cost

$54,814)

60,744‌

T.

ROWE

PRICE

High

Yield

Fund

22

Par/Shares

$

Value

(Amounts

in

000s)

‡

CORPORATE

BONDS

91.0%

Aerospace

&

Defense

1.6%

Spirit

AeroSystems,

9.375%,

11/30/29  (4)

6,855‌

7,301‌

TransDigm,

5.50%,

11/15/27 

14,435‌

13,569‌

TransDigm,

6.25%,

3/15/26  (4)

49,085‌

48,655‌

TransDigm,

6.375%,

6/15/26 

18,145‌

17,941‌

TransDigm,

6.75%,

8/15/28  (4)

19,570‌

19,570‌

TransDigm,

7.50%,

3/15/27 

3,100‌

3,096‌

110,132‌

Airlines

2.4%

American

Airlines,

5.50%,

4/20/26  (4)

32,695‌

32,082‌

American

Airlines,

5.75%,

4/20/29  (4)

27,295‌

26,067‌

American

Airlines,

11.75%,

7/15/25  (4)

39,467‌

43,216‌

Delta

Air

Lines,

7.375%,

1/15/26  (7)

19,150‌

20,131‌

Mileage

Plus

Holdings,

6.50%,

6/20/27  (4)

21,437‌

21,410‌

United

Airlines,

4.625%,

4/15/29  (4)

20,425‌

18,459‌

VistaJet

Malta

Finance,

6.375%,

2/1/30  (4)

3,610‌

2,866‌

164,231‌

Automotive

7.4%

Adient

Global

Holdings,

8.25%,

4/15/31  (4)

20,590‌

20,538‌

Benteler

International,

10.50%,

5/15/28  (4)

6,870‌

6,973‌

Clarios

Global,

6.75%,

5/15/28  (4)

10,220‌

10,220‌

Clarios

Global,

8.50%,

5/15/27  (4)(7)

45,015‌

45,128‌

Dana,

4.25%,

9/1/30 

1,980‌

1,589‌

Dana,

5.625%,

6/15/28 

37,970‌

34,743‌

Dana

Financing

Luxembourg,

8.50%,

7/15/31

(EUR)  (4)

14,175‌

15,090‌

Dornoch

Debt

Merger

Sub,

6.625%,

10/15/29  (4)(7)

8,920‌

6,690‌

Ford

Motor,

6.10%,

8/19/32  (7)

81,660‌

76,203‌

Ford

Motor,

7.45%,

7/16/31 

1,725‌

1,799‌

Ford

Motor,

9.625%,

4/22/30 

12,640‌

14,407‌

Ford

Motor

Credit,

4.95%,

5/28/27 

17,635‌

16,470‌

Ford

Motor

Credit,

6.95%,

3/6/26 

9,010‌

9,002‌

Ford

Motor

Credit,

7.35%,

11/4/27 

22,265‌

22,521‌

Ford

Motor

Credit,

7.35%,

3/6/30 

15,470‌

15,531‌

Goodyear

Tire

&

Rubber,

5.00%,

7/15/29  (7)

8,185‌

7,346‌

Goodyear

Tire

&

Rubber,

5.25%,

4/30/31 

17,000‌

14,875‌

Goodyear

Tire

&

Rubber,

5.25%,

7/15/31  (7)

27,450‌

23,779‌

Goodyear

Tire

&

Rubber,

5.625%,

4/30/33  (7)

19,830‌

17,153‌

Jaguar

Land

Rover

Automotive,

5.875%,

1/15/28  (4)

8,600‌

7,740‌

Jaguar

Land

Rover

Automotive,

7.75%,

10/15/25  (4)

9,154‌

9,131‌

LCM

Investments

Holdings

II,

4.875%,

5/1/29  (4)

14,475‌

12,014‌

Metis

Merger

Sub,

6.50%,

5/15/29  (4)

17,185‌

14,371‌

Rivian

Holdings,

FRN,

6M

USD

LIBOR

+

5.625%,

10.931%,

10/15/26  (4)

94,485‌

92,595‌

T.

ROWE

PRICE

High

Yield

Fund

23

Par/Shares

$

Value

(Amounts

in

000s)

‡

ZF

North

America

Capital,

6.875%,

4/14/28  (4)

4,420‌

4,420‌

ZF

North

America

Capital,

7.125%,

4/14/30  (4)

5,865‌

5,894‌

506,222‌

Broadcasting

4.8%

Clear

Channel

Outdoor

Holdings,

7.50%,

6/1/29  (4)

14,825‌

10,526‌

Clear

Channel

Outdoor

Holdings,

7.75%,

4/15/28  (4)(7)

28,775‌

21,365‌

CMG

Media,

8.875%,

12/15/27  (4)

30,270‌

19,449‌

Gray

Escrow

II,

5.375%,

11/15/31  (4)

22,685‌

14,518‌

iHeartCommunications,

5.25%,

8/15/27  (4)

11,152‌

7,806‌

iHeartCommunications,

8.375%,

5/1/27  (7)

71,206‌

40,054‌

Lamar

Media,

4.00%,

2/15/30 

1,966‌

1,720‌

Lamar

Media,

4.875%,

1/15/29 

17,994‌

16,644‌

Neptune

Bidco

U.S.,

9.29%,

4/15/29  (4)

21,125‌

19,329‌

Outfront

Media

Capital,

4.25%,

1/15/29  (4)

3,940‌

3,201‌

Outfront

Media

Capital,

6.25%,

6/15/25  (4)

5,695‌

5,674‌

Scripps

Escrow,

5.875%,

7/15/27  (4)

23,615‌

18,184‌

Sirius

XM

Radio,

4.00%,

7/15/28  (4)

32,360‌

27,021‌

Sirius

XM

Radio,

4.125%,

7/1/30  (4)

31,305‌

24,418‌

Sirius

XM

Radio,

5.00%,

8/1/27  (4)

15,135‌

13,697‌

Stagwell

Global,

5.625%,

8/15/29  (4)

42,175‌

36,060‌

Townsquare

Media,

6.875%,

2/1/26  (4)

17,445‌

16,137‌

Univision

Communications,

4.50%,

5/1/29  (4)

4,385‌

3,672‌

Univision

Communications,

6.625%,

6/1/27  (4)

17,895‌

16,911‌

Univision

Communications,

7.375%,

6/30/30  (4)

15,625‌

14,531‌

330,917‌

Building

&

Real

Estate

1.1%

Brookfield

Residential

Properties,

6.25%,

9/15/27  (4)

8,075‌

7,207‌

Castle

U.K.

Finco,

7.00%,

5/15/29

(GBP)  (4)

4,675‌

4,630‌

Cushman

&

Wakefield

U.S.

Borrower,

6.75%,

5/15/28  (4)

29,010‌

25,855‌

Howard

Hughes,

4.125%,

2/1/29  (4)

17,145‌

13,888‌

Howard

Hughes,

4.375%,

2/1/31  (4)

9,185‌

7,279‌

Howard

Hughes,

5.375%,

8/1/28  (4)

19,485‌

17,293‌

76,152‌

Building

Products

1.4%

Advanced

Drainage

Systems,

6.375%,

6/15/30  (4)(7)

5,590‌

5,499‌

New

Enterprise

Stone

&

Lime,

5.25%,

7/15/28  (4)

16,005‌

14,165‌

PGT

Innovations,

4.375%,

10/1/29  (4)

10,880‌

9,928‌

Specialty

Building

Products

Holdings,

6.375%,

9/30/26  (4)

15,155‌

13,715‌

SRS

Distribution,

6.00%,

12/1/29  (4)

12,995‌

10,656‌

Summit

Materials,

5.25%,

1/15/29  (4)

24,640‌

23,069‌

Summit

Materials,

6.50%,

3/15/27  (4)

17,880‌

17,746‌

94,778‌

Cable

Operators

7.1%

Altice

Financing,

5.00%,

1/15/28  (4)

34,150‌

26,637‌

Altice

Financing,

5.75%,

8/15/29  (4)

21,665‌

16,519‌

T.

ROWE

PRICE

High

Yield

Fund

24

Par/Shares

$

Value

(Amounts

in

000s)

‡

Altice

France,

5.50%,

10/15/29  (4)

18,935‌

13,586‌

Altice

France

Holding,

6.00%,

2/15/28  (4)

62,220‌

30,488‌

Altice

France

Holding,

10.50%,

5/15/27  (4)

32,375‌

19,263‌

C&W

Senior

Financing,

6.875%,

9/15/27  (4)

21,285‌

18,332‌

CCO

Holdings,

4.50%,

8/15/30  (4)

21,590‌

17,758‌

CCO

Holdings,

4.50%,

6/1/33  (4)

29,195‌

22,188‌

CCO

Holdings,

5.375%,

6/1/29  (4)

7,733‌

6,940‌

CCO

Holdings,

6.375%,

9/1/29  (4)

74,500‌

69,285‌

CCO

Holdings,

7.375%,

3/1/31  (4)

36,835‌

35,177‌

CSC

Holdings,

5.75%,

1/15/30  (4)

20,960‌

9,170‌

CSC

Holdings,

6.50%,

2/1/29  (4)

34,835‌

27,432‌

CSC

Holdings,

7.50%,

4/1/28  (4)

24,805‌

13,333‌

DIRECTV

Financing,

5.875%,

8/15/27  (4)

12,670‌

11,118‌

DISH

DBS,

5.125%,

6/1/29 

15,475‌

6,964‌

DISH

DBS,

5.25%,

12/1/26  (4)

11,695‌

9,239‌

DISH

DBS,

5.75%,

12/1/28  (4)

16,650‌

12,030‌

DISH

DBS,

7.375%,

7/1/28 

12,155‌

6,077‌

DISH

DBS,

7.75%,

7/1/26 

25,315‌

14,366‌

DISH

Network,

11.75%,

11/15/27  (4)

26,755‌

25,618‌

GCI,

4.75%,

10/15/28  (4)

16,575‌

14,027‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27  (4)

4,977‌

4,604‌

Radiate

Holdco,

6.50%,

9/15/28  (4)

15,550‌

7,814‌

Vmed

O2

U.K.

Financing

I,

4.75%,

7/15/31  (4)

59,140‌

48,643‌

486,608‌

Chemicals

1.5%

Avient,

7.125%,

8/1/30  (4)

16,805‌

16,973‌

Compass

Minerals

International,

6.75%,

12/1/27  (4)

2,765‌

2,637‌

CVR

Partners,

6.125%,

6/15/28  (4)

23,275‌

20,278‌

GPD,

10.125%,

4/1/26  (4)

21,890‌

20,166‌

Methanex,

5.125%,

10/15/27 

8,088‌

7,502‌

Methanex,

5.25%,

12/15/29 

7,440‌

6,771‌

Methanex,

5.65%,

12/1/44 

6,149‌

4,896‌

Tronox,

4.625%,

3/15/29  (4)

12,575‌

10,170‌

WR

Grace

Holdings,

5.625%,

8/15/29  (4)

19,050‌

15,835‌

105,228‌

Consumer

Products

0.6%

Kontoor

Brands,

4.125%,

11/15/29  (4)

8,920‌

7,515‌

Life

Time,

5.75%,

1/15/26  (4)

14,956‌

14,507‌

Life

Time,

8.00%,

4/15/26  (4)

9,165‌

9,005‌

Wolverine

World

Wide,

4.00%,

8/15/29  (4)

17,155‌

13,660‌

44,687‌

Container

1.8%

Ardagh

Metal

Packaging

Finance

USA,

4.00%,

9/1/29  (4)

27,180‌

21,302‌

Ardagh

Metal

Packaging

Finance

USA,

6.00%,

6/15/27  (4)

14,395‌

14,107‌

Ball,

6.00%,

6/15/29 

27,675‌

27,606‌

T.

ROWE

PRICE

High

Yield

Fund

25

Par/Shares

$

Value

(Amounts

in

000s)

‡

Ball,

6.875%,

3/15/28 

23,845‌

24,352‌

Sealed

Air,

5.00%,

4/15/29  (4)

6,720‌

6,233‌

Sealed

Air,

6.125%,

2/1/28  (4)

7,795‌

7,717‌

Sealed

Air,

6.875%,

7/15/33  (4)

7,000‌

7,149‌

Trident

TPI

Holdings,

12.75%,

12/31/28  (4)

4,600‌

4,703‌

Trivium

Packaging

Finance,

8.50%,

8/15/27  (4)

14,240‌

13,386‌

126,555‌

Energy

11.2%

Aethon

United

BR,

8.25%,

2/15/26  (4)

14,150‌

13,672‌

AmeriGas

Partners,

5.50%,

5/20/25 

5,010‌

4,822‌

AmeriGas

Partners,

9.375%,

6/1/28  (4)

5,340‌

5,340‌

Antero

Resources,

7.625%,

2/1/29  (4)

3,402‌

3,453‌

Archrock

Partners,

6.875%,

4/1/27  (4)

7,035‌

6,745‌

Chesapeake

Energy,

6.75%,

4/15/29  (4)

31,105‌

30,366‌

CITGO

Petroleum,

7.00%,

6/15/25  (4)

22,285‌

21,839‌

Comstock

Resources,

5.875%,

1/15/30  (4)

14,255‌

11,867‌

Comstock

Resources,

6.75%,

3/1/29  (4)

9,155‌

8,034‌

Crescent

Energy

Finance,

7.25%,

5/1/26  (4)

30,380‌

28,253‌

Crescent

Energy

Finance,

9.25%,

2/15/28  (4)

7,200‌

6,948‌

Crestwood

Midstream

Partners,

6.00%,

2/1/29  (4)

6,010‌

5,544‌

Crestwood

Midstream

Partners,

7.375%,

2/1/31  (4)

13,848‌

13,571‌

DCP

Midstream

Operating,

6.75%,

9/15/37  (4)

17,875‌

18,724‌

DCP

Midstream

Operating,

8.125%,

8/16/30 

8,515‌

9,486‌

Endeavor

Energy

Resources,

5.75%,

1/30/28  (4)

14,198‌

14,092‌

Ferrellgas,

5.375%,

4/1/26  (4)

16,640‌

15,059‌

Ferrellgas,

5.875%,

4/1/29  (4)

17,310‌

14,367‌

Gulfport

Energy,

8.00%,

5/17/26  (4)

11,970‌

12,000‌

Hilcorp

Energy

I,

5.75%,

2/1/29  (4)

8,357‌

7,542‌

Hilcorp

Energy

I,

6.00%,

4/15/30  (4)

5,865‌

5,293‌

Hilcorp

Energy

I,

6.00%,

2/1/31  (4)

10,390‌

9,247‌

Hilcorp

Energy

I,

6.25%,

4/15/32  (4)

5,720‌

5,105‌

Kinetik

Holdings,

5.875%,

6/15/30  (4)

37,200‌

35,228‌

Magnolia

Oil

&

Gas

Operating,

6.00%,

8/1/26  (4)

41,585‌

40,130‌

NGL

Energy

Operating,

7.50%,

2/1/26  (4)

28,961‌

27,622‌

NuStar

Logistics,

5.625%,

4/28/27 

11,880‌

11,286‌

NuStar

Logistics,

5.75%,

10/1/25 

11,428‌

11,171‌

Occidental

Petroleum,

6.20%,

3/15/40 

26,120‌

25,500‌

Occidental

Petroleum,

6.375%,

9/1/28 

9,005‌

9,266‌

Occidental

Petroleum,

6.45%,

9/15/36 

2,310‌

2,345‌

Occidental

Petroleum,

6.625%,

9/1/30 

5,865‌

6,107‌

Occidental

Petroleum,

7.50%,

5/1/31 

7,500‌

8,147‌

Occidental

Petroleum,

7.875%,

9/15/31 

4,847‌

5,350‌

Occidental

Petroleum,

7.95%,

6/15/39 

19,810‌

22,138‌

Occidental

Petroleum,

8.50%,

7/15/27 

8,260‌

9,045‌

Occidental

Petroleum,

8.875%,

7/15/30 

32,395‌

37,173‌

Petroleos

Mexicanos,

6.625%,

6/15/35 

17,600‌

11,904‌

T.

ROWE

PRICE

High

Yield

Fund

26

Par/Shares

$

Value

(Amounts

in

000s)

‡

Range

Resources,

4.75%,

2/15/30  (4)

7,205‌

6,557‌

Range

Resources,

8.25%,

1/15/29 

5,870‌

6,097‌

Rockcliff

Energy

II,

5.50%,

10/15/29  (4)

8,625‌

7,892‌

Solaris

Midstream

Holdings,

7.625%,

4/1/26  (4)

8,490‌

8,235‌

Southwestern

Energy,

4.75%,

2/1/32 

11,155‌

9,649‌

Tallgrass

Energy

Partners,

5.50%,

1/15/28  (4)

7,230‌

6,489‌

Tallgrass

Energy

Partners,

6.00%,

3/1/27  (4)

9,025‌

8,461‌

Tallgrass

Energy

Partners,

6.00%,

12/31/30  (4)

15,270‌

13,209‌

Tallgrass

Energy

Partners,

6.00%,

9/1/31  (4)

17,225‌

14,727‌

Tallgrass

Energy

Partners,

7.50%,

10/1/25  (4)

10,935‌

10,921‌

Targa

Resources

Partners,

6.875%,

1/15/29 

10,878‌

11,011‌

Transocean,

8.75%,

2/15/30  (4)

9,800‌

9,776‌

Venture

Global

Calcasieu

Pass,

6.25%,

1/15/30  (4)

35,555‌

35,288‌

Venture

Global

LNG,

8.125%,

6/1/28  (4)

17,610‌

17,676‌

Venture

Global

LNG,

8.375%,

6/1/31  (4)

55,270‌

55,477‌

Vermilion

Energy,

6.875%,

5/1/30  (4)

15,500‌

14,066‌

769,312‌

Entertainment

&

Leisure

4.9%

Carnival,

6.00%,

5/1/29  (4)

1,210‌

1,001‌

Carnival,

7.625%,

3/1/26  (4)(7)

46,490‌

44,049‌

Carnival,

10.50%,

6/1/30  (4)(7)

18,255‌

18,255‌

CDI

Escrow

Issuer,

5.75%,

4/1/30  (4)

24,475‌

22,854‌

Cedar

Fair,

5.25%,

7/15/29 

8,370‌

7,700‌

Cedar

Fair,

5.375%,

4/15/27 

20,185‌

19,176‌

Cinemark

USA,

5.25%,

7/15/28  (4)(7)

35,845‌

31,364‌

Live

Nation

Entertainment,

4.75%,

10/15/27  (4)

15,880‌

14,689‌

Motion

Finco,

7.375%,

6/15/30

(EUR)  (4)

9,745‌

10,354‌

NCL,

5.875%,

3/15/26  (4)

19,710‌

17,936‌

NCL,

5.875%,

2/15/27  (4)

9,150‌

8,670‌

NCL,

7.75%,

2/15/29  (4)

8,615‌

7,711‌

NCL

Finance,

6.125%,

3/15/28  (4)

5,740‌

4,865‌

Royal

Caribbean

Cruises,

5.375%,

7/15/27  (4)

14,720‌

13,616‌

Royal

Caribbean

Cruises,

5.50%,

8/31/26  (4)

17,195‌

16,163‌

Royal

Caribbean

Cruises,

5.50%,

4/1/28  (4)

12,378‌

11,357‌

Royal

Caribbean

Cruises,

9.25%,

1/15/29  (4)(7)

16,740‌

17,807‌

Royal

Caribbean

Cruises,

11.625%,

8/15/27  (4)

15,285‌

16,584‌

SeaWorld

Parks

&

Entertainment,

5.25%,

8/15/29  (4)

26,145‌

23,400‌

Six

Flags

Entertainment,

5.50%,

4/15/27  (4)

18,435‌

17,421‌

Six

Flags

Entertainment,

7.25%,

5/15/31  (4)

13,595‌

13,068‌

338,040‌

Financial

7.6%

Acrisure,

7.00%,

11/15/25  (4)

22,025‌

20,841‌

Acrisure,

10.125%,

8/1/26  (4)

24,970‌

25,095‌

Alliant

Holdings

Intermediate,

5.875%,

11/1/29  (4)

8,595‌

7,349‌

Alliant

Holdings

Intermediate,

6.75%,

10/15/27  (4)

35,727‌

33,226‌

T.

ROWE

PRICE

High

Yield

Fund

27

Par/Shares

$

Value

(Amounts

in

000s)

‡

AmWINS

Group,

4.875%,

6/30/29  (4)

7,895‌

7,046‌

Apollo

Commercial

Real

Estate

Finance,

4.625%,

6/15/29  (4)

25,800‌

19,737‌

Cobra

AcquisitionCo,

6.375%,

11/1/29  (4)

13,230‌

7,872‌

Drawbridge

Special

Opportunities

Fund,

3.875%,

2/15/26  (4)

3,585‌

3,163‌

Enact

Holdings,

6.50%,

8/15/25  (4)

44,260‌

43,375‌

GTCR

AP

Finance,

8.00%,

5/15/27  (4)

19,525‌

18,939‌

HUB

International,

5.625%,

12/1/29  (4)

25,111‌

22,412‌

HUB

International,

7.00%,

5/1/26  (4)

19,230‌

18,941‌

Icahn

Enterprises,

6.25%,

5/15/26 

11,600‌

10,150‌

Jane

Street

Group,

4.50%,

11/15/29  (4)

13,465‌

11,479‌

Jones

Deslauriers

Insurance

Management,

8.50%,

3/15/30  (4)

20,855‌

20,829‌

LPL

Holdings,

4.00%,

3/15/29  (4)

13,290‌

11,662‌

LPL

Holdings,

4.375%,

5/15/31  (4)

2,150‌

1,868‌

Midcap

Financial

Issuer

Trust,

5.625%,

1/15/30  (4)

12,810‌

10,024‌

Midcap

Financial

Issuer

Trust,

6.50%,

5/1/28  (4)

24,890‌

21,841‌

Navient,

4.875%,

3/15/28 

18,380‌

15,209‌

Navient,

5.00%,

3/15/27 

12,240‌

10,633‌

Navient,

5.50%,

3/15/29 

17,480‌

14,465‌

Navient,

6.75%,

6/15/26 

12,250‌

11,591‌

Navient,

9.375%,

7/25/30 

18,320‌

17,587‌

OneMain

Finance,

3.50%,

1/15/27 

8,640‌

7,182‌

OneMain

Finance,

5.375%,

11/15/29 

8,060‌

6,579‌

OneMain

Finance,

6.625%,

1/15/28 

15,000‌

13,594‌

OneMain

Finance,

6.875%,

3/15/25 

18,550‌

17,854‌

OneMain

Finance,

7.125%,

3/15/26 

5,820‌

5,565‌

PennyMac

Financial

Services,

4.25%,

2/15/29  (4)

22,055‌

17,672‌

PennyMac

Financial

Services,

5.375%,

10/15/25  (4)

12,155‌

11,274‌

PROG

Holdings,

6.00%,

11/15/29  (4)

21,720‌

19,168‌

Ryan

Specialty,

4.375%,

2/1/30  (4)

6,195‌

5,506‌

Starwood

Property

Trust,

4.375%,

1/15/27  (4)

12,225‌

10,330‌

United

Wholesale

Mortgage,

5.50%,

4/15/29  (4)

8,485‌

7,085‌

United

Wholesale

Mortgage,

5.75%,

6/15/27  (4)

17,485‌

15,715‌

522,858‌

Food

0.8%

B&G

Foods,

5.25%,

4/1/25 

2,045‌

1,925‌

BellRing

Brands,

7.00%,

3/15/30  (4)

16,625‌

16,791‌

Chobani,

7.50%,

4/15/25  (4)

13,750‌

13,647‌

Darling

Ingredients,

6.00%,

6/15/30  (4)

17,950‌

17,658‌

Triton

Water

Holdings,

6.25%,

4/1/29  (4)

8,657‌

7,229‌

57,250‌

Forest

Products

0.3%

Cascades,

5.375%,

1/15/28  (4)

11,620‌

10,807‌

Graphic

Packaging

International,

3.75%,

2/1/30  (4)

9,685‌

8,498‌

19,305‌

T.

ROWE

PRICE

High

Yield

Fund

28

Par/Shares

$

Value

(Amounts

in

000s)

‡

Gaming

4.6%

Caesars

Entertainment,

7.00%,

2/15/30  (4)

14,270‌

14,252‌

Caesars

Entertainment,

8.125%,

7/1/27  (4)

50,295‌

51,238‌

Churchill

Downs,

6.75%,

5/1/31  (4)

14,940‌

14,735‌

Cirsa

Finance

International,

4.50%,

3/15/27

(EUR)  (4)

7,505‌

7,285‌

Cirsa

Finance

International,

10.375%,

11/30/27

(EUR)  (4)

2,580‌

2,962‌

International

Game

Technology,

4.125%,

4/15/26  (4)

6,700‌

6,315‌

International

Game

Technology,

5.25%,

1/15/29  (4)

25,335‌

23,973‌

International

Game

Technology,

6.25%,

1/15/27  (4)

17,023‌

16,980‌

Lottomatica,

7.125%,

6/1/28

(EUR)  (4)

3,325‌

3,575‌

MGM

China

Holdings,

4.75%,

2/1/27  (4)

10,685‌

9,507‌

MGM

Growth

Properties

Operating

Partnership,

3.875%,

2/15/29  (4)

12,700‌

11,335‌

MGM

Growth

Properties

Operating

Partnership,

5.75%,

2/1/27 

8,690‌

8,549‌

Midwest

Gaming

Borrower,

4.875%,

5/1/29  (4)

13,340‌

11,756‌

Playtika

Holding,

4.25%,

3/15/29  (4)

12,570‌

10,637‌

Sands

China,

4.875%,

6/18/30  (7)

8,915‌

7,821‌

Scientific

Games

Holdings,

6.625%,

3/1/30  (4)

14,995‌

13,158‌

Scientific

Games

International,

7.00%,

5/15/28  (4)

12,890‌

12,729‌

Scientific

Games

International,

7.25%,

11/15/29  (4)

36,995‌

36,764‌

Wynn

Macau,

5.50%,

1/15/26  (4)

21,915‌

20,071‌

Wynn

Macau,

5.50%,

10/1/27  (4)

23,082‌

20,054‌

Wynn

Resorts

Finance,

5.125%,

10/1/29  (4)

10,965‌

9,759‌

Wynn

Resorts

Finance,

7.125%,

2/15/31  (4)

610‌

607‌

314,062‌

Health

Care

6.6%

AdaptHealth,

5.125%,

3/1/30  (4)

19,745‌

15,253‌

AthenaHealth

Group,

6.50%,

2/15/30  (4)

33,940‌

27,831‌

Avantor

Funding,

4.625%,

7/15/28  (4)

37,850‌

34,964‌

Bausch

Health

Americas,

9.25%,

4/1/26  (4)

8,525‌

7,033‌

Catalent

Pharma

Solutions,

5.00%,

7/15/27  (4)

2,595‌

2,355‌

CHS,

5.25%,

5/15/30  (4)

21,825‌

16,314‌

CHS,

6.00%,

1/15/29  (4)

12,215‌

9,833‌

CHS,

6.125%,

4/1/30  (4)

31,730‌

17,134‌

CHS,

6.875%,

4/15/29  (4)

9,900‌

5,544‌

CHS,

8.00%,

12/15/27  (4)(7)

24,945‌

23,012‌

DaVita,

4.625%,

6/1/30  (4)

25,160‌

21,512‌

IQVIA,

6.50%,

5/15/30  (4)

7,175‌

7,265‌

Legacy

LifePoint

Health,

6.75%,

4/15/25  (4)

9,967‌

8,846‌

Medline

Borrower,

5.25%,

10/1/29  (4)(7)

24,205‌

20,695‌

Molina

Healthcare,

4.375%,

6/15/28  (4)

14,875‌

13,610‌

Organon,

5.125%,

4/30/31  (4)

19,215‌

16,309‌

Select

Medical,

6.25%,

8/15/26  (4)

20,080‌

19,528‌

Tenet

Healthcare,

4.375%,

1/15/30 

18,735‌

16,674‌

Tenet

Healthcare,

6.125%,

10/1/28 

45,700‌

43,301‌

Tenet

Healthcare,

6.125%,

6/15/30  (4)

20,178‌

19,472‌

T.

ROWE

PRICE

High

Yield

Fund

29

Par/Shares

$

Value

(Amounts

in

000s)

‡

Tenet

Healthcare,

6.75%,

5/15/31  (4)

10,730‌

10,703‌

Tenet

Healthcare,

6.875%,

11/15/31 

10,830‌

10,451‌

Teva

Pharmaceutical

Finance

Netherlands

III,

4.75%,

5/9/27 

14,880‌

13,652‌

Teva

Pharmaceutical

Finance

Netherlands

III,

5.125%,

5/9/29 

33,400‌

29,893‌

Teva

Pharmaceutical

Finance

Netherlands

III,

6.75%,

3/1/28 

24,880‌

24,320‌

Teva

Pharmaceutical

Finance

Netherlands

III,

7.875%,

9/15/29 

9,215‌

9,445‌

Teva

Pharmaceutical

Finance

Netherlands

III,

8.125%,

9/15/31 

4,820‌

5,001‌

449,950‌

Information

Technology

4.7%

Boxer

Parent,

7.125%,

10/2/25  (4)

8,905‌

8,950‌

Boxer

Parent,

9.125%,

3/1/26  (4)

10,800‌

10,530‌

Capstone

Borrower,

8.00%,

6/15/30  (4)

12,660‌

12,454‌

Central

Parent,

7.25%,

6/15/29  (4)

51,005‌

49,857‌

Cloud

Software

Group,

6.50%,

3/31/29  (4)(7)

16,435‌

14,545‌

Cloud

Software

Group,

9.00%,

9/30/29  (4)

13,035‌

11,047‌

Entegris

Escrow,

5.95%,

6/15/30  (4)

53,805‌

51,855‌

Gen

Digital,

6.75%,

9/30/27  (4)

21,335‌

21,308‌

Gen

Digital,

7.125%,

9/30/30  (4)(7)

18,002‌

17,957‌

Go

Daddy

Operating,

5.25%,

12/1/27  (4)

7,220‌

6,913‌

Match

Group

Holdings

II,

3.625%,

10/1/31  (4)(7)

13,540‌

11,018‌

Match

Group

Holdings

II,

4.125%,

8/1/30  (4)

24,050‌

20,262‌

Match

Group

Holdings

II,

4.625%,

6/1/28  (4)

8,145‌

7,432‌

Match

Group

Holdings

II,

5.00%,

12/15/27  (4)

8,265‌

7,790‌

Match

Group

Holdings

II,

5.625%,

2/15/29  (4)

7,940‌

7,454‌

McAfee,

7.375%,

2/15/30  (4)

16,590‌

13,915‌

ROBLOX,

3.875%,

5/1/30  (4)

12,490‌

10,695‌

Twilio,

3.875%,

3/15/31 

13,350‌

11,281‌

Viavi

Solutions,

3.75%,

10/1/29  (4)

6,480‌

5,468‌

ZipRecruiter,

5.00%,

1/15/30  (4)

6,800‌

5,720‌

ZoomInfo

Technologies,

3.875%,

2/1/29  (4)

15,027‌

13,017‌

319,468‌

Lodging

0.7%

Hilton

Domestic

Operating,

4.00%,

5/1/31  (4)

16,975‌

14,662‌

Park

Intermediate

Holdings,

4.875%,

5/15/29  (4)

10,160‌

8,712‌

Park

Intermediate

Holdings,

5.875%,

10/1/28  (4)

8,775‌

7,996‌

RHP

Hotel

Properties,

4.50%,

2/15/29  (4)

16,525‌

14,604‌

45,974‌

Manufacturing

1.5%

Emerald

Debt

Merger

Sub,

6.625%,

12/15/30  (4)

13,400‌

13,283‌

Gates

Global,

6.25%,

1/15/26  (4)

11,705‌

11,471‌

Hillenbrand,

3.75%,

3/1/31 

9,145‌

7,636‌

Hillenbrand,

5.00%,

9/15/26 

430‌

414‌

Madison

IAQ,

4.125%,

6/30/28  (4)

19,445‌

16,771‌

Madison

IAQ,

5.875%,

6/30/29  (4)

11,160‌

8,481‌

Mueller

Water

Products,

4.00%,

6/15/29  (4)

17,000‌

15,194‌

T.

ROWE

PRICE

High

Yield

Fund

30

Par/Shares

$

Value

(Amounts

in

000s)

‡

Sensata

Technologies,

4.00%,

4/15/29  (4)

15,515‌

13,789‌

Sensata

Technologies,

5.875%,

9/1/30  (4)

11,945‌

11,557‌

Stevens

Holding,

6.125%,

10/1/26  (4)

7,140‌

7,229‌

105,825‌

Metals

&

Mining

1.9%

Alcoa

Nederland

Holding,

6.125%,

5/15/28  (4)

11,935‌

11,711‌

ATI,

5.125%,

10/1/31 

7,935‌

6,983‌

Big

River

Steel,

6.625%,

1/31/29  (4)

19,532‌

19,385‌

ERO

Copper,

6.50%,

2/15/30  (4)

8,400‌

7,275‌

FMG

Resources,

4.50%,

9/15/27  (4)

12,295‌

11,619‌

FMG

Resources,

5.875%,

4/15/30  (4)

12,210‌

11,523‌

Hecla

Mining,

7.25%,

2/15/28 

29,735‌

29,215‌

Hudbay

Minerals,

6.125%,

4/1/29  (4)

15,290‌

13,752‌

Novelis,

4.75%,

1/30/30  (4)

18,235‌

16,183‌

127,646‌

Other

Telecommunications

0.2%

Embarq,

7.995%,

6/1/36 

10,315‌

5,106‌

Level

3

Financing,

3.75%,

7/15/29  (4)

12,780‌

6,837‌

11,943‌

Real

Estate

Investment

Trust

Securities

0.8%

Kilroy

Realty,

3.45%,

12/15/24 

2,320‌

2,213‌

Necessity

Retail,

4.50%,

9/30/28  (4)

25,045‌

18,283‌

Service

Properties

Trust,

4.35%,

10/1/24 

17,635‌

16,930‌

Service

Properties

Trust,

7.50%,

9/15/25 

15,380‌

15,072‌

52,498‌

Restaurants

0.8%

Dave

&

Buster's,

7.625%,

11/1/25  (4)

15,674‌

15,870‌

Yum!

Brands,

5.35%,

11/1/43 

19,590‌

17,165‌

Yum!

Brands,

6.875%,

11/15/37 

17,960‌

18,948‌

51,983‌

Retail

1.8%

At

Home

Cayman,

11.50%,

5/12/28  (4)

3,692‌

3,618‌

At

Home

Group,

4.875%,

7/15/28  (4)(7)

6,210‌

3,540‌

At

Home

Group,

7.125%,

5/12/28,

(7.125%

Cash

or

8.625%

PIK)  (4)(8)

7,616‌

7,192‌

Bath

&

Body

Works,

6.625%,

10/1/30  (4)

26,510‌

25,284‌

Bath

&

Body

Works,

6.694%,

1/15/27 

1,620‌

1,628‌

Bath

&

Body

Works,

6.95%,

3/1/33  (7)

7,052‌

6,303‌

Bath

&

Body

Works,

7.50%,

6/15/29  (7)

9,820‌

9,906‌

Bath

&

Body

Works,

9.375%,

7/1/25  (4)

7,301‌

7,757‌

Linens

'n

Things,

VR,

EC,

8.338%,

1/15/20  (2)(3)

9,800‌

—‌

LSF9

Atlantis

Holdings,

7.75%,

2/15/26  (4)

16,405‌

15,195‌

PetSmart,

4.75%,

2/15/28  (4)

3,065‌

2,839‌

PetSmart,

7.75%,

2/15/29  (4)

25,505‌

24,740‌

QVC,

4.45%,

2/15/25 

16,675‌

14,174‌

122,176‌

T.

ROWE

PRICE

High

Yield

Fund

31

Par/Shares

$

Value

(Amounts

in

000s)

‡

Satellites

1.2%

Connect

Finco,

6.75%,

10/1/26  (4)

20,000‌

19,300‌

Hughes

Satellite

Systems,

6.625%,

8/1/26 

28,605‌

26,353‌

Intelsat

Jackson

Holdings,

6.50%,

3/15/30  (4)

11,350‌

10,456‌

Telesat

Canada,

6.50%,

10/15/27  (4)

11,445‌

5,036‌

Viasat,

5.625%,

4/15/27  (4)

24,365‌

22,781‌

83,926‌

Services

6.3%

Adtalem

Global

Education,

5.50%,

3/1/28  (4)

12,012‌

11,171‌

Advantage

Sales

&

Marketing,

6.50%,

11/15/28  (4)(7)

12,485‌

10,441‌

Albion

Financing

1,

6.125%,

10/15/26  (4)

16,845‌

15,076‌

Albion

Financing

2,

8.75%,

4/15/27  (4)

7,065‌

6,041‌

Allied

Universal

Holdco,

6.00%,

6/1/29  (4)

12,370‌

9,154‌

Allied

Universal

Holdco,

9.75%,

7/15/27  (4)

33,680‌

29,302‌

Clarivate

Science

Holdings,

4.875%,

7/1/29  (4)(7)

11,855‌

10,136‌

eG

Global

Finance,

6.25%,

10/30/25

(EUR) 

730‌

750‌

eG

Global

Finance,

6.75%,

2/7/25  (4)

22,069‌

21,159‌

eG

Global

Finance,

8.50%,

10/30/25  (4)

15,759‌

15,168‌

Fair

Isaac,

4.00%,

6/15/28  (4)

19,945‌

18,324‌

Fair

Isaac,

5.25%,

5/15/26  (4)

19,800‌

19,528‌

Gartner,

3.625%,

6/15/29  (4)

27,715‌

24,597‌

Gartner,

4.50%,

7/1/28  (4)

5,740‌

5,403‌

H&E

Equipment

Services,

3.875%,

12/15/28  (4)

34,955‌

29,886‌

IPD

3,

5.50%,

12/1/25

(EUR)  (4)

3,355‌

3,513‌

Itelyum

Regeneration,

4.625%,

10/1/26

(EUR)  (4)

2,135‌

2,088‌

MSCI,

3.25%,

8/15/33  (4)

21,665‌

17,142‌

MSCI,

4.00%,

11/15/29  (4)

11,540‌

10,357‌

Presidio

Holdings,

8.25%,

2/1/28  (4)

19,285‌

17,742‌

Prime

Security

Services

Borrower,

5.75%,

4/15/26  (4)

12,180‌

11,891‌

Prime

Security

Services

Borrower,

6.25%,

1/15/28  (4)

18,475‌

16,928‌

Ritchie

Bros

Holdings,

6.75%,

3/15/28  (4)

7,280‌

7,371‌

Ritchie

Bros

Holdings,

7.75%,

3/15/31  (4)(7)

10,065‌

10,480‌

Sabre

GLBL,

7.375%,

9/1/25  (4)

9,470‌

8,049‌

Sabre

GLBL,

9.25%,

4/15/25  (4)

5,970‌

5,701‌

Sabre

GLBL,

11.25%,

12/15/27  (4)

6,080‌

4,674‌

Staples,

7.50%,

4/15/26  (4)

18,768‌

15,437‌

Staples,

10.75%,

4/15/27  (4)

8,333‌

5,083‌

TK

Elevator

Holdco,

7.625%,

7/15/28  (4)(7)

25,260‌

22,134‌

TK

Elevator

U.S.

Newco,

5.25%,

7/15/27  (4)

33,230‌

30,488‌

United

Rentals

North

America,

3.75%,

1/15/32 

5,125‌

4,292‌

United

Rentals

North

America,

3.875%,

2/15/31 

15,500‌

13,311‌

432,817‌

Supermarkets

0.6%

Albertsons,

4.875%,

2/15/30  (4)

12,940‌

11,970‌

Iceland

Bondco,

4.625%,

3/15/25

(GBP)  (7)

13,935‌

15,729‌

T.

ROWE

PRICE

High

Yield

Fund

32

Par/Shares

$

Value

(Amounts

in

000s)

‡

New

Albertsons,

7.45%,

8/1/29 

4,195‌

4,284‌

United

Natural

Foods,

6.75%,

10/15/28  (4)

11,785‌

10,975‌

42,958‌

Transportation

0.3%

Watco,

6.50%,

6/15/27  (4)

19,440‌

18,614‌

18,614‌

Utilities

4.1%

Calpine,

4.50%,

2/15/28  (4)

8,260‌

7,517‌

Calpine,

5.00%,

2/1/31  (4)

17,725‌

14,313‌

Calpine,

5.125%,

3/15/28  (4)

24,635‌

22,048‌

NextEra

Energy

Operating

Partners,

4.25%,

9/15/24  (4)

1,458‌

1,392‌

NextEra

Energy

Operating

Partners,

4.50%,

9/15/27  (4)

7,425‌

6,915‌

Pattern

Energy

Operations,

4.50%,

8/15/28  (4)

3,515‌

3,190‌

PG&E,

5.00%,

7/1/28 

28,447‌

26,242‌

PG&E,

5.25%,

7/1/30 

30,655‌

27,589‌

Pike,

5.50%,

9/1/28  (4)

13,733‌

12,240‌

Talen

Energy

Supply,

8.625%,

6/1/30  (4)

14,975‌

15,275‌

Terraform

Global

Operating,

6.125%,

3/1/26  (4)

19,029‌

18,458‌

TerraForm

Power

Operating,

5.00%,

1/31/28  (4)

14,455‌

13,533‌

TransAlta,

7.75%,

11/15/29 

5,070‌

5,254‌

Vistra,

VR,

7.00%  (4)(5)(9)

32,335‌

28,374‌

Vistra,

VR,

8.00%  (4)(5)(9)

41,780‌

38,960‌

Vistra

Operations,

4.375%,

5/1/29  (4)

46,345‌

40,436‌

281,736‌

Wireless

Communications

0.4%

Iliad

Holding

SASU,

6.50%,

10/15/26  (4)

25,855‌

24,304‌

24,304‌

Total

Corporate

Bonds

(Cost

$6,892,883)

6,238,155‌

MUNICIPAL

SECURITIES

0.3%

Puerto

Rico

0.3%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43  (10)

47,349‌

23,082‌

Total

Municipal

Securities

(Cost

$25,502)

23,082‌

SHORT-TERM

INVESTMENTS

0.2%

Money

Market

Funds

0.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.11%  (11)(12)

15,080‌

15,080‌

Total

Short-Term

Investments

(Cost

$15,080)

15,080‌

T.

ROWE

PRICE

High

Yield

Fund

33

Par/Shares

$

Value

(Amounts

in

000s)

‡

SECURITIES

LENDING

COLLATERAL

1.4%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.2%

Money

Market

Funds

0.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.11%  (11)(12)

15,480‌

15,480‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

15,480‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

1.2%

Money

Market

Funds

1.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.11%  (11)(12)

77,679‌

77,679‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

77,679‌

Total

Securities

Lending

Collateral

(Cost

$93,159)

93,159‌

Total

Investments

in

Securities

99.6%

of

Net

Assets

(Cost

$7,518,247)

$

6,825,799‌

‡

Par/Shares

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Bank

loan

positions

may

involve

multiple

underlying

tranches.

In

those

instances,

the

position

presented

reflects

the

aggregate

of

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

of

the

settled

positions.

(2)

Non-income

producing

(3)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(4)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$5,000,958

and

represents

73.0%

of

net

assets.

(5)

Perpetual

security

with

no

stated

maturity

date.

(6)

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

$8,159

and

represents

0.1%

of

net

assets.

T.

ROWE

PRICE

High

Yield

Fund

34

.

.

.

.

.

.

.

.

.

.

(7)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

May

31,

2023.

(8)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(9)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(10)

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.

(11)

Seven-day

yield

(12)

Affiliated

Companies

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

6M

USD

LIBOR

Six

month

USD

LIBOR

(London

interbank

offered

rate)

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

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

35

(Amounts

in

000s)

SWAPS

(0.0)%

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.0)%

Credit

Default

Swaps,

Protection

Sold

(0.0)%

Protection

Sold

(Relevant

Credit:

CHS/

Community

Health

Systems,

Caa3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/26

*

8,875

(2,756)

(355)

(

2,401‌

)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S39,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

*

34,155

876

574

302‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(

2,099‌

)

Total

Centrally

Cleared

Swaps

(

2,099‌

)

Net

payments

(receipts)

of

variation

margin

to

date

2,042‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(

57‌

)

*

Credit

ratings

as

of

May

31,

2023.

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.

T.

ROWE

PRICE

High

Yield

Fund

36

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

8/25/23

USD

16,473‌

EUR

15,051‌

$

305‌

HSBC

Bank

7/21/23

USD

19,760‌

GBP

15,855‌

18‌

HSBC

Bank

8/25/23

USD

15,905‌

EUR

14,697‌

117‌

JPMorgan

Chase

8/25/23

USD

3,585‌

EUR

3,325‌

13‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

453‌

T.

ROWE

PRICE

High

Yield

Fund

37

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

year

ended

May

31,

2023.

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,

5.11%

$

—‌

$

—‌

$

2,109‌

++

Totals

$

—‌

#

$

—‌

$

2,109‌

+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/22

Purchase

Cost

Sales

Cost

Value

05/31/23

T.

Rowe

Price

Government

Reserve

Fund,

5.11%

$

99,841‌

¤

¤

$

108,239‌

Total

$

108,239‌

^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4

.

+

Investment

income

comprised

$2,109

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

$108,239.

T.

ROWE

PRICE

High

Yield

Fund

May

31,

2023

Statement

of

Assets

and

Liabilities

38

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$7,518,247)

$

6,825,799‌

Interest

and

dividends

receivable

113,564‌

Receivable

for

investment

securities

sold

28,569‌

Cash

deposits

on

centrally

cleared

swaps

6,581‌

Cash

4,116‌

Receivable

for

shares

sold

2,889‌

Due

from

affiliates

1,517‌

Unrealized

gain

on

forward

currency

exchange

contracts

453‌

Foreign

currency

(cost

$1)

1‌

Other

assets

280‌

Total

assets

6,983,769‌

Liabilities

Obligation

to

return

securities

lending

collateral

93,159‌

Payable

for

investment

securities

purchased

28,148‌

Payable

for

shares

redeemed

4,056‌

Investment

management

fees

payable

3,420‌

Variation

margin

payable

on

centrally

cleared

swaps

57‌

Payable

to

directors

3‌

Other

liabilities

3,423‌

Total

liabilities

132,266‌

NET

ASSETS

$

6,851,503‌

T.

ROWE

PRICE

High

Yield

Fund

May

31,

2023

Statement

of

Assets

and

Liabilities

39

($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)

$

(

1,703,232‌

)

Paid-in

capital

applicable

to

1,222,534,572

shares

of

$0.01

par

value

capital

stock

outstanding;

3,000,000,000

shares

authorized

8,554,735‌

NET

ASSETS

$

6,851,503‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$1,080,291;

Shares

outstanding:

192,847,109)

$

5.60‌

Advisor

Class

(Net

assets:

$17,551;

Shares

outstanding:

3,140,809)

$

5.59‌

I

Class

(Net

assets:

$2,567,604;

Shares

outstanding:

458,234,421)

$

5.60‌

Z

Class

(Net

assets:

$3,186,057;

Shares

outstanding:

568,312,233)

$

5.61‌

T.

ROWE

PRICE

High

Yield

Fund

Statement

of

Operations

40

($000s)

Year

Ended

5/31/23

Investment

Income

(Loss)

Income

    Interest

$

476,334‌

Dividend

7,550‌

Securities

lending

102‌

Total

income

483,986‌

Expenses

Investment

management

40,876‌

Shareholder

servicing

Investor

Class

$

2,243‌

Advisor

Class

30‌

I

Class

386‌

2,659‌

Rule

12b-1

fees

Advisor

Class

47‌

Prospectus

and

shareholder

reports

Investor

Class

54‌

Advisor

Class

4‌

I

Class

224‌

Z

Class

3‌

285‌

Custody

and

accounting

319‌

Legal

and

audit

73‌

Proxy

and

annual

meeting

63‌

Registration

57‌

Directors

20‌

Miscellaneous

48‌

Waived

/

paid

by

Price

Associates

(

20,082‌

)

Total

expenses

24,365‌

Net

investment

income

459,621‌

T.

ROWE

PRICE

High

Yield

Fund

Statement

of

Operations

41

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

5/31/23

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(

279,780‌

)

Swaps

3,870‌

Options

written

1,048‌

Forward

currency

exchange

contracts

1,380‌

Foreign

currency

transactions

252‌

Net

realized

loss

(

273,230‌

)

Change

in

net

unrealized

gain

/

loss

Securities

(

198,684‌

)

Swaps

(

1,328‌

)

Forward

currency

exchange

contracts

156‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

116‌

Change

in

net

unrealized

gain

/

loss

(

199,740‌

)

Net

realized

and

unrealized

gain

/

loss

(

472,970‌

)

DECREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

(

13,349‌

)

T.

ROWE

PRICE

High

Yield

Fund

Statement

of

Changes

in

Net

Assets

42

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5/31/23

5/31/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

459,621‌

$

446,624‌

Net

realized

gain

(loss)

(

273,230‌

)

73,430‌

Change

in

net

unrealized

gain

/

loss

(

199,740‌

)

(

908,757‌

)

Decrease

in

net

assets

from

operations

(

13,349‌

)

(

388,703‌

)

Distributions

to

shareholders

Net

earnings

Investor

Class

(

71,801‌

)

(

108,060‌

)

Advisor

Class

(

1,233‌

)

(

1,383‌

)

I

Class

(

169,300‌

)

(

127,759‌

)

Z

Class

(

225,949‌

)

(

223,541‌

)

Decrease

in

net

assets

from

distributions

(

468,283‌

)

(

460,743‌

)

Capital

share

transactions

*

Shares

sold

Investor

Class

82,819‌

147,623‌

Advisor

Class

851‌

2,091‌

I

Class

368,281‌

1,310,719‌

Z

Class

283,325‌

250,121‌

Distributions

reinvested

Investor

Class

63,546‌

90,829‌

Advisor

Class

1,220‌

1,371‌

I

Class

144,058‌

110,890‌

Z

Class

225,949‌

223,534‌

Shares

redeemed

Investor

Class

(

240,057‌

)

(

1,191,007‌

)

Advisor

Class

(

7,137‌

)

(

6,355‌

)

I

Class

(

637,449‌

)

(

330,508‌

)

Z

Class

(

424,458‌

)

(

749,339‌

)

Decrease

in

net

assets

from

capital

share

transactions

(

139,052‌

)

(

140,031‌

)

T.

ROWE

PRICE

High

Yield

Fund

Statement

of

Changes

in

Net

Assets

43

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5/31/23

5/31/22

Net

Assets

Decrease

during

period

(

620,684‌

)

(

989,477‌

)

Beginning

of

period

7,472,187‌

8,461,664‌

End

of

period

$

6,851,503‌

$

7,472,187‌

*Share

information

(000s)

Shares

sold

Investor

Class

14,627‌

22,571‌

Advisor

Class

150‌

320‌

I

Class

64,999‌

205,424‌

Z

Class

49,550‌

37,953‌

Distributions

reinvested

Investor

Class

11,297‌

13,936‌

Advisor

Class

218‌

212‌

I

Class

25,606‌

17,238‌

Z

Class

40,126‌

34,457‌

Shares

redeemed

Investor

Class

(

42,467‌

)

(

186,922‌

)

Advisor

Class

(

1,268‌

)

(

982‌

)

I

Class

(

113,771‌

)

(

51,888‌

)

Z

Class

(

75,401‌

)

(

114,416‌

)

Decrease

in

shares

outstanding

(

26,334‌

)

(

22,097‌

)

T.

ROWE

PRICE

High

Yield

Fund

NOTES

TO

FINANCIAL

STATEMENTS

44

T.

Rowe

Price

High

Yield

Fund,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

High

Yield

Fund

(the

fund)

is a

diversified,

open-end

management

investment

company

established

by

the

corporation. The

fund

seeks

high

current

income

and,

secondarily,

capital

appreciation.

The

fund

has

four classes

of

shares:

the

High

Yield

Fund

(Investor

Class),

the

High

Yield

Fund–Advisor

Class

(Advisor

Class),

the

High

Yield

Fund–I

Class

(I

Class),

and

the

High

Yield

Fund–Z

Class

(Z

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

Prior

to

November

15,

2021,

the

initial

investment

minimum

was

$1

million

and

was

generally

waived

for

financial

intermediaries,

eligible

retirement

plans,

and

other

certain

accounts.

As

a

result

of

the

reduction

in

the

I

Class

minimum,

certain

assets

transferred

from

the

Investor

Class

to

the

I

Class.

This

transfer

of

shares

from

Investor

Class

to

I

Class

is

reflected

in

the

Statement

of

Changes

in

Net

Assets

within

the

Capital

shares

transactions

as

Shares

redeemed

and

Shares

sold,

respectively.

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.

T.

ROWE

PRICE

High

Yield

Fund

45

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis.

Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes.

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.

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.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

T.

ROWE

PRICE

High

Yield

Fund

46

New

Accounting

Guidance

 In

June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

clarifies

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

amendments

under

this

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

2023;

however,

the

fund

opted

to

early

adopt,

as

permitted,

effective

December

1,

2022. Adoption

of

the

guidance

did not

have

a

material

impact

on

the fund's

financial  statements.

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December

2022,

FASB

issued

ASU

2022-06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

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;

T.

ROWE

PRICE

High

Yield

Fund

47

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

T.

ROWE

PRICE

High

Yield

Fund

48

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

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

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

49

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

May

31,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

May

31,

2023,

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.

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

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

33,975‌

$

—‌

$

33,975‌

Bank

Loans

—‌

329,519‌

6,272‌

335,791‌

Common

Stocks

48,895‌

—‌

—‌

48,895‌

Convertible

Preferred

Stocks

—‌

52,585‌

8,159‌

60,744‌

Corporate

Bonds

—‌

6,238,155‌

—‌

6,238,155‌

Short-Term

Investments

15,080‌

—‌

—‌

15,080‌

Securities

Lending

Collateral

93,159‌

—‌

—‌

93,159‌

Total

Securities

157,134‌

6,654,234‌

14,431‌

6,825,799‌

Swaps*

—‌

302‌

—‌

302‌

Forward

Currency

Exchange

Contracts

—‌

453‌

—‌

453‌

Total

$

157,134‌

$

6,654,989‌

$

14,431‌

$

6,826,554‌

Liabilities

Swaps*

$

—‌

$

2,401‌

$

—‌

$

2,401‌

1

Includes

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

50

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

May

31,

2023,

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

$

453‌

Credit

derivatives

Centrally

Cleared

Swaps

302‌

*

Total

$

755‌

*

Liabilities

Credit

derivatives

Centrally

Cleared

Swaps

$

2,401‌

Total

$

2,401‌

*

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

51

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

May

31,

2023,

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

conditions

and,

for

certain

counterparties,

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Options

Written

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Foreign

exchange

derivatives

$

—‌

$

1,380‌

$

—‌

$

1,380‌

Credit

derivatives

1,048‌

—‌

3,870‌

4,918‌

Total

$

1,048‌

$

1,380‌

$

3,870‌

$

6,298‌

Change

in

Unrealized

Gain

(Loss)

Foreign

exchange

derivatives

$

—‌

$

156‌

$

—‌

$

156‌

Credit

derivatives

—‌

—‌

(1,328‌)

(1,328‌)

Total

$

—‌

$

156‌

$

(1,328‌)

$

(1,172‌)

T.

ROWE

PRICE

High

Yield

Fund

52

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

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,

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

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

May

31,

2023,

no

collateral had

been

pledged

or

posted

by

the

fund

to

counterparties

for

bilateral

derivatives. As

of

May

31,

2023,

collateral

pledged

by

counterparties

to

the

fund

for

bilateral

derivatives

consisted

of $280,000 cash

and

securities

valued

at

$293,000. As

of

May

31,

2023,

cash

of $6,581,000 had

been

posted

by

the

fund

for

exchange-traded

and/

or

centrally

cleared

derivatives.

T.

ROWE

PRICE

High

Yield

Fund

53

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.

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

year ended

May

31,

2023,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

Options 

 The

fund

is

subject

to credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risk.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss.

In

return

for

a

premium

paid,

options

on

swaps

give

the

holder

the

right,

but

not

the

obligation,

to

enter

a

specified

swap

contract

on

predefined

terms.

The

exercise

price

of

an

option

on

a

credit

default

swap

is

stated

in

terms

of

a

specified

spread

that

represents

the

cost

of

credit

protection

on

the

reference

asset,

including

both

the

upfront

premium

to

open

the

position

and

future

periodic

payments.

The

exercise

price

of

an

interest

rate

swap

is

stated

in

terms

of

a

fixed

interest

rate;

generally,

there

is

no

upfront

payment

to

open

the

position.

T.

ROWE

PRICE

High

Yield

Fund

54

Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

year ended

May

31,

2023,

the

volume

of

the

fund’s

activity

in

options,

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

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.

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

in

the

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

T.

ROWE

PRICE

High

Yield

Fund

55

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

May

31,

2023,

the

notional

amount

of

protection

sold

by

the

fund

totaled $43,030,000

(0.6%

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

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

year ended

May

31,

2023,

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.

T.

ROWE

PRICE

High

Yield

Fund

56

Bank

Loans

 The

fund

invests

in

bank

loans,

which

represent

an

interest

in

amounts

owed

by

a

borrower

to

a

syndicate

of

lenders.

Bank

loans

are

generally

noninvestment

grade

and

often

involve

borrowers

whose

financial

condition

is

highly

leveraged.

The

fund

may

invest

in

fixed

and

floating

rate

loans,

which

may

include

senior

floating

rate

loans;

secured

and

unsecured

loans,

second

lien

or

more

junior

loans;

and

bridge

loans

or

bridge

facilities.

Certain

bank

loans

may

be

revolvers

which

are

a

form

of

senior

bank

debt,

where

the

borrower

can

draw

down

the

credit

of

the

revolver

when

it

needs

cash

and

repays

the

credit

when

the

borrower

has

excess

cash.

Certain

loans

may

be

“covenant-lite”

loans,

which

means

the

loans

contain

fewer

maintenance

covenants

than

other

loans

(in

some

cases,

none)

and

do

not

include

terms

which

allow

the

lender

to

monitor

the

performance

of

the

borrower

and

declare

a

default

if

certain

criteria

are

breached.

As

a

result

of

these

risks,

the

fund’s

exposure

to

losses

may

be

increased.

Bank

loans

may

be

in

the

form

of

either

assignments

or

participations.

A

loan

assignment

transfers

all

legal,

beneficial,

and

economic

rights

to

the

buyer,

and

transfer

typically

requires

consent

of

both

the

borrower

and

agent.

In

contrast,

a

loan

participation

generally

entitles

the

buyer

to

receive

the

cash

flows

from

principal,

interest,

and

any

fee

payments

on

a

portion

of

a

loan;

however,

the

seller

continues

to

hold

legal

title

to

that

portion

of

the

loan.

As

a

result,

the

buyer

of

a

loan

participation

generally

has

no

direct

recourse

against

the

borrower

and

is

exposed

to

credit

risk

of

both

the

borrower

and

seller

of

the

participation.

Bank

loans

often

have

extended

settlement

periods,

generally

may

be

repaid

at

any

time

at

the

option

of

the

borrower,

and

may

require

additional

principal

to

be

funded

at

the

borrowers’

discretion

at

a

later

date

(e.g.

unfunded

commitments

and

revolving

debt

instruments).

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

unfunded

loan

commitments.

The

fund

reflects

both

the

funded

portion

of

a

bank

loan

as

well

as

its

unfunded

commitment

in

the

Portfolio

of

Investments.

However,

if

a

credit

agreement

provides

no

initial

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.

LIBOR

Transition

 The fund

may

invest

in

instruments

that

are

tied

to

reference

rates,

including

LIBOR.

Over

the

course

of

the

last

several

years,

global

regulators

have

indicated

an

intent

to

phase

out

the

use

of

LIBOR

and

similar

interbank

offered

rates

(IBOR). There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate.

Any

potential

effects

of

the

transition

away

from

LIBOR

on

the fund,

or

on

certain

instruments

in

which

the fund

invests,

cannot

yet

be

determined.

The

transition

process

may

result

in,

among

other

things,

an

increase

in

volatility

or

illiquidity

of

markets

for

instruments

that

currently

rely

on

LIBOR,

a

T.

ROWE

PRICE

High

Yield

Fund

57

reduction

in

the

value

of

certain

instruments

held

by

the fund,

or

a

reduction

in

the

effectiveness

of

related

fund

transactions

such

as

hedges.

Any

such

effects

could

have

an

adverse

impact

on

the fund's

performance.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

May

31,

2023,

the

value

of

loaned

securities

was

$88,947,000;

the

value

of

cash

collateral

and

related

investments

was

$93,159,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $2,027,990,000 and

$2,108,172,000,

respectively,

for

the

year ended

May

31,

2023.

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.

The fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required. The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

T.

ROWE

PRICE

High

Yield

Fund

58

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

the

character

of

market

discount

at

time

of

sale,

the

recharacterization

of

distributions

and

differences

between

book/tax

amortization

policies.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

May

31,

2023,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were

as

follows:

At

May

31,

2023,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

($000s)

May

31,

2023

May

31,

2022

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

468,283‌

$

460,743‌

($000s)

Cost

of

investments

$

7,517,792‌

Unrealized

appreciation

$

54,826‌

Unrealized

depreciation

(743,690‌)

Net

unrealized

appreciation

(depreciation)

$

(688,864‌)

($000s)

Undistributed

ordinary

income

$

26,557‌

Net

unrealized

appreciation

(depreciation)

(688,864‌)

Loss

carryforwards

and

deferrals

(1,040,925‌)

Total

distributable

earnings

(loss)

$

(1,703,232‌)

T.

ROWE

PRICE

High

Yield

Fund

59

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales.

The

loss

carryforwards

and

deferrals

primarily

relate

to

capital

loss

carryforwards

and

straddle

deferrals.

Capital

loss

carryforwards

are

available

indefinitely

to

offset

future

realized

capital

gains.

NOTE

6

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group).

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.30%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

May

31,

2023,

the

effective

annual

group

fee

rate

was

0.29%.

The Investor Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is

required

to

waive

its

management

fee

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.

The

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

T.

ROWE

PRICE

High

Yield

Fund

60

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class’

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund’s

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

year ended May

31,

2023

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $1,637,000 remain

subject

to

repayment

by

the

fund

at

May

31,

2023.

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

accounts

invested

in

the

Investor

Class

and

Advisor

Class.

For

the

year

ended

May

31,

2023,

expenses

incurred

pursuant

to

these

service

agreements

were

$111,000

for

Price

Associates;

$1,705,000

for

T.

Rowe

Price

Services,

Inc.;

and

$69,000

for

T.

Rowe

Investor

Class

I

Class

Z

Class

Expense

limitation/I

Class

Limit

0.70%

0.05%

0.00%

Expense

limitation

date

09/30/23

09/30/23

N/A

(Waived)/repaid

during

the

period

($000s)

$(1,103)

$—

$(18,979)

T.

ROWE

PRICE

High

Yield

Fund

61

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.

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

year ended

May

31,

2023,

the

fund

was

charged $11,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$6,000

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

May

31,

2023,

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

May

31,

2023,

approximately

100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

May

31,

2023,

T.

Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

2,575,460

shares

of

the

I

Class,

representing

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

T.

ROWE

PRICE

High

Yield

Fund

62

independent

current

market

price

of

the

security.

During

the

year

ended

May

31,

2023,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

7

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

T.

ROWE

PRICE

High

Yield

Fund

63

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

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

High

Yield

Fund

(one

of

the

funds

constituting

T.

Rowe

Price

High

Yield

Fund,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

May

31,

2023,

the

related

statement

of

operations

for

the

year

ended

May

31,

2023,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

May

31,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2023

and

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T.

ROWE

PRICE

High

Yield

Fund

64

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

May

31,

2023

by

correspondence

with

the

custodians,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.   

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

July

20,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

(continued)

T.

ROWE

PRICE

High

Yield

Fund

65

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 5/31/23

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund’s

distributions

to

shareholders

included

$6,444,000

from

short-term

capital

gains. 

For

taxable

non-corporate

shareholders,

$2,659,000 of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$2,567,000

of

the

fund's

income

qualifies

for

the

dividends-

received

deduction.  

For

nonresident

alien

shareholders,

$374,928,000

of

income

dividends

are

interest-

related

dividends.  

For

shareholders

subject

to

interest

expense

deduction

limitation

under

Section

163(j), $451,589,000 of

the

fund’s

income

qualifies

as

a

Section

163(j)

interest

dividend

and

can

be

treated

as

interest

income

for

purposes

of

Section

163(j),

subject

to

holding

period

requirements

and

other

limitations.

T.

ROWE

PRICE

High

Yield

Fund

66

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

T.

ROWE

PRICE

High

Yield

Fund

67

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

Each

year,

the

fund’s

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser).

In

that

regard,

at

a

meeting

held

on

March

6–7,

2023

(Meeting),

the

Board,

including

all

of

the

fund’s

independent

directors,

approved

the

continuation

of

the

fund’s

Advisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

the

approval

of

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T.

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

Services

Provided

by

the

Adviser

The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund’s

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser’s

senior

management

team

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract.

Investment

Performance

of

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T.

Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund’s

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

T.

ROWE

PRICE

High

Yield

Fund

68

various

periods

through

December

31,

2022. Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

as

of

September

30,

2022,

which

ranked

the

returns

of

the

fund’s

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

length

of

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund’s

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract.

Costs,

Benefits,

Profits,

and

Economies

of

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund.

In

considering

soft-

dollar

arrangements

pursuant

to

which

research

may

be

received

from

broker-dealers

that

execute

the

fund’s

portfolio

transactions,

the

Board

noted

that

the

Adviser

bears

the

cost

of

research

services

for

all

client

accounts

that

it

advises,

including

the

T.

Rowe

Price

funds.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T.

Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components—a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T.

Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund’s

average

daily

net

assets—and

the

fund

pays

its

own

expenses

of

operations.

The

group

fee

rate

decreases

as

total

T.

Rowe

Price

fund

assets

grow,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T.

Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

High

Yield

Fund

69

economies

of

scale.

The

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

cause

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class’s

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

The

fund

also

offers

a

Z

Class,

which

serves

as

an

underlying

investment

within

certain

T.

Rowe

Price

fund

of

fund

arrangements.

The

Adviser

waives

its

advisory

fee

on

the

Z

Class

and

waives

or

bears

the

Z

Class’s

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

advisory

fee

and

operating

expense

waivers

on

the

Z

Class

may

present

a

means

for

cross-subsidization

of

the

Z

Class

by

other

share

classes

of

the

fund.

In

that

regard,

the

Board

noted

that

the

Z

Class

operating

expenses

are

largely

covered

by

the

all-inclusive

fees

charged

by

the

investing

T.

Rowe

Price

fund

of

funds

and

that

any

Z

Class

operating

expenses

not

covered

by

the

investing

T.

Rowe

Price

funds

of

funds’

fees

are

paid

by

the

Adviser

and

not

by

shareholders

of

any

other

share

class

of

the

fund.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser’s

ongoing

investments

in

its

business

in

support

of

the

T.

Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-

party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii)

actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

High

Yield

Fund

70

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

in

the

second

quintile

(Investor

Class

Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

in

the

third

quintile

(Investor

Class

Expense

Group,

Advisor

Class

Expense

Group,

and

Expense

Universe),

and

the

fund’s

total

expenses

ranked

in

the

first

quintile

(Investor

Class

Expense

Group

and

Advisor

Class

Expense

Group)

and

second

quintile

(Expense

Universe).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

business

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

business.

The

Board

considered

information

showing

that

the

Adviser’s

mutual

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

institutional

account

business

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

mutual

fund

business.

In

assessing

the

reasonableness

of

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

mutual

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution’s

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T.

Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

Approval

of

the

Advisory

Contract

As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

High

Yield

Fund

71

ABOUT

THE

FUND'S

DIRECTORS

AND

OFFICERS

Your

fund

is

overseen

by

a

Board

of

Directors

(Board)

that

meets

regularly

to

review

a

wide

variety

of

matters

affecting

or

potentially

affecting

the

fund,

including

performance,

investment

programs,

compliance

matters,

advisory

fees

and

expenses,

service

providers,

and

business

and

regulatory

affairs.

The

Board

elects

the

fund’s

officers,

who

are

listed

in

the

final

table.

The

directors

who

are

also

employees

or

officers

of

T.

Rowe

Price

are

considered

to

be

“interested”

directors

as

defined

in

Section

2(a)(19)

of

the

1940

Act

because

of

their

relationships

with

T.

Rowe

Price

Associates,

Inc. (T.

Rowe

Price),

and

its

affiliates.

The

business

address

of

each

director

and

officer

is

100

East

Pratt

Street,

Baltimore,

Maryland

21202.

The

Statement

of

Additional

Information

includes

additional

information

about

the

fund

directors

and

is

available

without

charge

by

calling

a

T.

Rowe

Price

representative

at

1-800-638-5660.

INDEPENDENT

DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Teresa

Bryce

Bazemore

(1959)

2018

[210]

President

and

Chief

Executive

Officer,

Federal

Home

Loan

Bank

of

San

Francisco

(2021

to

present);

Chief

Executive

Officer,

Bazemore

Consulting

LLC

(2018

to

2021);

Director,

Chimera

Investment

Corporation

(2017

to

2021);

Director,

First

Industrial

Realty

Trust

(2020

to

present);

Director,

Federal

Home

Loan

Bank

of

Pittsburgh

(2017

to

2019)

Melody

Bianchetto

(1966)

2023

[210]

Advisory

Board

Member;

Vice

President

for

Finance,

University

of

Virginia

(2015

to

2023)

Bruce

W.

Duncan

(1951)

2013

[210]

President,

Chief

Executive

Officer,

and

Director,

CyrusOne,

Inc.

(2020

to

2021);

Chair

of

the

Board

(2016

to

2020)

and

President

(2009

to

2016),

First

Industrial

Realty

Trust,

owner

and

operator

of

industrial

properties;

Member,

Investment

Company

Institute

Board

of

Governors

(2017

to

2019);

Member,

Independent

Directors

Council

Governing

Board

(2017

to

2019);

Senior

Advisor,

KKR

(2018

to

2022);

Director,

Boston

Properties

(2016

to

present);

Director,

Marriott

International,

Inc.

(2016

to

2020)

Robert

J.

Gerrard,

Jr.

(1952)

2013

[210]

Chair

of

the

Board,

all

funds

(July

2018

to

present)

Paul

F.

McBride

(1956)

2013

[210]

Advisory

Board

Member,

Vizzia

Technologies

(2015

to

present);

Board

Member,

Dunbar

Armored

(2012

to

2018)

T.

ROWE

PRICE

High

Yield

Fund

72

INTERESTED  DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Mark

J.

Parrell

(1966)

2023

[210]

Advisory

Board

Member;

Board

of

Trustees

Member

and

Chief

Executive

Officer

(2019

to

present),

President

(2018

to

present),

Executive

Vice

President

and

Chief

Financial

Officer

(2007

to

2018),

and

Senior

Vice

President

and

Treasurer

(2005

to

2007),

EQR;

Member

and

Chair,

Nareit

Dividends

Through

Diversity,

Equity

&

Inclusion

CEO

Council,

Nareit

2021

Audit

and

Investment

Committee

(2021);

Advisory

Board,

Ross

Business

School

at

University

of

Michigan

(2015

to

2016);

Member

and

Chair

of

the

Finance

Committee,

National

Multifamily

Housing

Council

(2015

to

2016);

Member,

Economic

Club

of

Chicago;

Director,

Brookdale

Senior

Living,

Inc.

(2015

to

2017);

Director,

Aviv

REIT,

Inc.

(2013

to

2015);

Director,

Real

Estate

Roundtable

(July

2021

to

present)

and

the

2022

Executive

Board

Nareit

(November

2021

to

present);

Board

of

Directors

and

Chair

of

the

Finance

Committee,

Greater

Chicago

Food

Depository

(July

2017

to

present)  

Kellye

L.

Walker

(1966)

2021

[210]

Executive

Vice

President

and

Chief

Legal

Officer,

Eastman

Chemical

Company

(April

2020

to

present);

Executive

Vice

President

and

Chief

Legal

Officer,

Huntington

Ingalls

Industries,

Inc.

(January

2015

to

March

2020);

Director,

Lincoln

Electric

Company

(October

2020

to

present)

(a)

All

information

about

the

independent

directors

was

current

as

of

December

31,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

Oestreicher

(1967)

2018

[210]

Director,

Vice

President,

and

Secretary,

T.

Rowe

Price,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.;

Director

and

Secretary,

T.

Rowe

Price

Investment

Management,

Inc.

(Price

Investment

Management);

Vice

President

and

Secretary,

T.

Rowe

Price

International

(Price

International);

Vice

President,

T.

Rowe

Price

Hong

Kong

(Price

Hong

Kong),

T. Rowe

Price

Japan

(Price

Japan),

and

T.

Rowe

Price

Singapore

(Price

Singapore);

General

Counsel,

Vice

President,

and

Secretary,

T.

Rowe

Price

Group,

Inc.;

Chair

of

the

Board,

Chief

Executive

Officer,

President,

and

Secretary,

T.

Rowe

Price

Trust

Company;

Principal

Executive

Officer

and

Executive

Vice

President,

all

funds

INDEPENDENT

DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

High

Yield

Fund

73

OFFICERS

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Eric

L.

Veiel,

CFA

(1972)

2022

[210]

Director

and

Vice

President,

T.

Rowe

Price;

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company;

Vice

President,

Global

Funds

(a)

All

information

about

the

interested

directors

was

current

as

of

December

31,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

Name

(Year

of

Birth)

Position

Held

With

High

Yield

Fund

Principal

Occupation(s) 

Jason

A.

Bauer

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Armando

(Dino)

Capasso

(1974)

Chief

Compliance

Officer

Chief

Compliance

Officer

and

Vice

President,

T.

Rowe

Price

and

Price

Investment

Management;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

formerly,

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

AST

Investment

Services,

Inc.

(ASTIS)

(to

2022);

Chief

Compliance

Officer,

PGIM

Retail

Funds

complex

and

Prudential

Insurance

Funds

(to

2022);

Vice

President

and

Deputy

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

ASTIS

(to

2019)

Michael

F.

Connelly,

CFA

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Michael

Della

Vedova

(1969)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Alan

S.

Dupski,

CPA

(1982)

Principal

Financial

Officer,

Vice

President,

and

Treasurer

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Stephen

M.

Finamore,

CFA

(1976)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Daniel

Fox,

CFA

(1985)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Justin

T.

Gerbereux,

CFA

(1975)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

INTERESTED  DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

High

Yield

Fund

74

Name

(Year

of

Birth)

Position

Held

With

High

Yield

Fund

Principal

Occupation(s) 

Gary

J.

Greb

(1961)

Vice

President

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

Price

International,

and

T.

Rowe

Price

Trust

Company

Cheryl

Hampton,

CPA

(1969)

Vice

President

Vice

President,

T.

Rowe

Price;

formerly,

Tax

Director,

Invesco

Ltd.

(to

2021);

Vice

President,

Oppenheimer

Funds,

Inc.

(to

2019)

Michael

T.

Hyland

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Benjamin

Kersse,

CPA

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

Paul

J.

Krug,

CPA

(1964)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Paul

M.

Massaro,

CFA

(1975)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Andrew

C.

McCormick

(1960)

Co-president 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Fran

M.

Pollack-Matz

(1961)

Vice

President

and

Secretary 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Investment

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.

Shannon

H.

Rauser

(1987)

Assistant

Secretary 

Assistant

Vice

President,

T.

Rowe

Price

Rodney

M.

Rayburn,

CFA

(1970)

Executive

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Brian

A.

Rubin,

CPA

(1974)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Richard

Sennett,

CPA

(1970)

Assistant

Treasurer

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Reena

Tilva,

CFA

(1981)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Michael

J.

Trivino

(1981)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Megan

Warren

(1968)

Vice

President

OFAC

Sanctions

Compliance

Officer

and

Vice

President,

Price

Investment

Management;

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

T.

Rowe

Price

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

202307

-

2916499

F57-050

7/23

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted 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. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d)    Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

	2023		2022
Audit Fees	$	45,097	$	41,169
Audit-Related Fees		-		-
Tax Fees		-		2,381
All Other Fees		-		-

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.

(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,521,000 and $2,959,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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 11. 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-CSR was 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.
(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price High Yield Fund, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	July 20, 2023

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	July 20, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	July 20, 2023