UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04119

T. Rowe Price High Yield Fund, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

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

November

30,

2022

SemiAnnual

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

performed

in

line

with

the

benchmark

Credit

Suisse

High

Yield

Index

and

the

Lipper

peer

group

average

for

the

six

months

ended

November

30,

2022.

The

portfolio’s

positioning

in

the

information

technology

and

automotive

segments

were

meaningful

drivers

of

relative

performance.

We

sought

to

take

advantage

of

dollar

discounts

among

BB

rated

bonds,

funding

those

purchases

with

a

tactical

reduction

in

the

portfolio’s

bank

loan

allocation.

Although

higher

interest

rates

and

concerns

about

the

possibility

of

a

recession

have

created

a

more

challenging

macro

environment,

we

believe

fundamental

conditions

in

the

high

yield

asset

class

and

its

underlying

credit

quality

remain

solid.

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

Global

stock

markets

generally

produced

negative

returns

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

November

30,

2022,

while

rising

bond

yields

weighed

on

returns

for

fixed

income

investors.

Investors

contended

with

tightening

financial

conditions

and

slowing

economic

and

corporate

earnings

growth,

but

hopes

that

persistently

high

inflation

might

be

easing

helped

spark

a

rally

late

in

the

period

that

partially

offset

earlier

losses.

In

the

U.S.,

equity

results

were

mixed.

The

Dow

Jones

Industrial

Average

recorded

positive

results

and

mid-cap

growth

stocks

also

performed

well,

while

most

other

benchmarks

finished

in

negative

territory.

The

S&P

500

Index

was

modestly

negative

for

the

period,

but

results

varied

widely

at

the

sector

level,

with

industrials

and

energy

shares

delivering

strong

gains

while

communication

services

stocks

struggled.

Outside

the

U.S.,

most

major

country

and

regional

benchmarks

lost

ground.

Emerging

markets

stocks

generally

underperformed

shares

in

developed

markets.

Meanwhile,

the

U.S.

dollar

strengthened

versus

most

currencies

during

the

period,

which

weighed

on

returns

for

U.S.

investors

in

international

securities.

Elevated

inflation

remained

a

leading

concern

for

investors

throughout

the

period,

although

hopes

that

inflation

may

have

peaked

led

to

rallies

during

the

summer

and

again

in

November.

The

October

consumer

price

index

report,

which

was

released

in

mid-November,

was

better

than

expected

and

showed

price

increases

easing

from

recent

40-year

highs.

However,

the

7.7%

year-over-

year

increase

in

the

headline

inflation

number

remained

well

above

the

Fed’s

2%

target.

In

response

to

the

high

inflation

readings,

global

central

banks

continued

to

tighten

monetary

policy,

and

investors

focused

on

communications

from

central

bank

officials

on

how

high

rates

would

have

to

go.

The

Federal

Reserve

delivered

four

historically

large

75-basis-point

(0.75

percentage

point)

rate

hikes

during

the

period,

which

lifted

its

short-term

lending

benchmark

to

a

target

range

of

3.75%

to

4.00%

by

early

November,

the

highest

level

since

2008.

As

our

reporting

period

came

to

an

end,

Fed

officials

signaled

that

they

were

likely

to

dial

back

the

pace

of

rate

increases.

Bond

yields

increased

considerably

across

the

Treasury

yield

curve

as

the

Fed

tightened

monetary

policy,

with

the

yield

on

the

benchmark

10-year

U.S.

Treasury

note

climbing

from

2.85%

at

the

start

of

the

period

to

3.68%

at

the

end

of

November.

Significant

inversions

in

the

Treasury

curve,

which

are

often

considered

a

warning

sign

of

a

coming

recession,

occurred

during

the

period

T.

ROWE

PRICE

High

Yield

Fund

2

as

shorter-maturity

Treasuries

experienced

the

largest

yield

increases.

The

sharp

increase

in

yields

led

to

generally

negative

results

across

the

fixed

income

market

as

bond

prices

and

yields

move

in

opposite

directions.

On

a

positive

note,

the

U.S.

jobs

market

remained

resilient

during

the

period,

and

overall

economic

growth

turned

positive

in

the

third

quarter

after

two

slightly

negative

quarters.

However,

recession

fears

also

grew

as

corporate

earnings

slowed

and

manufacturing

gauges

drifted

toward

contraction

levels.

In

addition,

the

housing

market

began

to

weaken

as

mortgage

rates

climbed

to

the

highest

level

in

more

than

20

years.

The

past

year

has

been

a

trying

time

for

investors

as

few

sectors

remained

untouched

by

the

broad

headwinds

that

markets

faced,

and

volatility

may

continue

in

the

near

term

as

central

banks

tighten

policy

amid

slowing

economic

growth.

However,

in

our

view,

valuations

have

become

more

attractive

across

many

market

sectors

during

the

downturn,

which

provides

potential

opportunities

for

selective

investors

focused

on

fundamentals.

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 six

months?

The

High

Yield

Fund

returned

-3.09%

in

the

six

months

ended

November

30,

2022,

performing

in

line

with

its

benchmark,

the

Credit

Suisse

High

Yield

Index,

and

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?

Security

selection

and

the

portfolio’s

underweight

allocation

in

the

information

technology

segment—composed

of

many

issuers

of

low-coupon,

longer-

duration

BB

rated

bonds

we

avoided

at

new

issuance—added

value.

The

credit

selection

impact

was

partly

due

to

the

portfolio’s

zero

weight

in

online

used

car

retailer

Carvana.

The

company

is

experiencing

somewhat

of

an

existential

crisis

as

the

decline

in

used

car

prices

from

elevated

levels

in

2021

has

fostered

concerns

about

its

profitability

and

ability

to

survive.

The

bonds

also

came

under

pressure

as

Carvana

encountered

headwinds

from

cost-cutting

measures,

overcapacity

issues

in

the

wake

of

its

acquisition

of

ADESA’s

auction

business,

and

an

over-leveraged

balance

sheet.

(Please

refer

to

the

portfolio

of

investments

for

a

complete

list

of

holdings

and

the

amount

each

represents

in

the

portfolio.)

Credit

selection

in

the

automotive

segment

was

beneficial,

as

was

our

overweight

to

the

industry,

which

we

believe

has

already

experienced

its

downturn

over

the

past

two

years.

Our

roughly

100-basis-point

(100

basis

points

equals

1.00%)

position

in

Tenneco—a

company

that

designs,

manufactures,

and

markets

emission-control

and

ride-control

products

and

systems

for

the

automotive

PERFORMANCE

COMPARISON

Six-Month

Period

Ended

11/30/22

Total

Return

High

Yield

Fund

–

.

-3.09‌%

High

Yield

Fund–

.

Advisor  Class

-3.09‌

High

Yield

Fund–

.

I  Class

-3.05‌

High

Yield

Fund–

.

Z

Class

-2.74‌

Credit

Suisse

High

Yield

Index

-2.99‌

Lipper

Global

High

Yield

Funds

Average

-3.11‌

T.

ROWE

PRICE

High

Yield

Fund

4

original

equipment

market

and

the

aftermarket—was

a

notable

contributor

over

the

past

six

months.

The

bonds

were

redeemed

at

a

premium—a

positive

outcome

and

meaningful

driver

of

relative

performance

in

the

midst

of

a

bond

market

sell-off—after

Tenneco

was

acquired

by

Apollo

Global

Management.

The

portfolio’s

positioning

in

the

cable

operators

segment

was

a

drag

on

relative

results.

Despite

some

growing

concerns

about

the

competitive

landscape,

we

are

maintaining

our

overweight

allocation

due

to

the

industry’s

strong

free

cash

flow

profile.

In

terms

of

credit

selection,

Charter

Communications,

a

leading

broadband

communications

company

and

the

second-largest

U.S.

cable

operator,

detracted.

Charter

remains

a

high-conviction

name

and

is

one

of

the

portfolio’s

largest

holdings.

It

appears

to

have

a

decent

runway

for

broadband

subscriber

growth

even

with

potential

increased

competition.

However,

this

split

BB

rated

company

has

some

longer-duration

bonds

in

its

capital

structure

that

were

negatively

impacted

by

the

rates

sell-off.

In

the

wireless

communications

segment,

a

second-lien

loan

position

in

Asurion—the

world’s

leading

provider

of

mobile

protection

services—

detracted.

Second

liens

are

a

step

lower

in

the

capital

structure

and,

likewise,

tend

to

be

lower

in

credit

quality.

But

these

loans

generally

pay

higher

interest

to

compensate

for

the

additional

risk.

Furthermore,

they

often

come

with

hard

call

protection,

an

attractive

feature

not

often

seen

in

the

bank

loan

(also

known

as

leveraged

loans)

market.

Asurion’s

somewhat

disappointing

second-

quarter

financial

results,

some

concerns

about

increasing

competition,

as

well

as

its

large

liquid

loan

capital

structure

contributed

to

weakness

during

a

period

of

loan

market

outflows.

After

recently

visiting

the

company,

however,

we

are

confident

in

Asurion’s

ability

to

renew

key

customer

contracts

and

retain

its

dominant

share

while

producing

sizable

free

cash

flow.

Security

selection

in

the

health

care

segment

weighed,

partly

due

to

for-profit

hospital

system

Community

Health

Systems

(CYH).

The

bonds

traded

down

as

the

expected

non-COVID

volume

recovery

post

omicron

variant

did

not

materialize

in

the

second

quarter

as

revenue

and

EBITDA

(earnings

before

interest,

taxes,

depreciation,

and

amortization)

declined.

Management

also

lowered

guidance

for

full-year

adjusted

earnings

due

to

higher

labor

cost

estimates.

However,

CYH

remains

a

high-conviction

holding

that

continues

to

generate

positive

free

cash

flow,

the

company

has

no

maturities

until

2026,

and

management

is

committed

to

further

reducing

leverage.

T.

ROWE

PRICE

High

Yield

Fund

5

How

is

the

fund

positioned?

We

sought

to

take

advantage

of

dollar

discounts

among

BB

rated

bonds,

funding

those

purchases

with

a

tactical

reduction

in

the

portfolio’s

leveraged

loan

allocation,

which

had

outperformed

bonds

by

over

800

basis

points.

Volatility-induced

periods

of

dislocation

provided

opportunities

to

purchase

higher-

quality

names

that

we

believe

offer

a

compelling

risk/reward

trade-off.

Through

these

moves,

we

reduced

our

exposure

to

bank

loans

by

about

80

basis

points

while

increasing

the

portfolio’s

weight

in

the

BB

rating

tier

by

roughly

250

basis

points.

The

98

basis

point

reduction

in

our

allocation

to

the

CCC

rated

bucket

was

largely

the

result

of

our

Tenneco

bonds

being

refinanced.

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

last

six

months,

we

found

attractive

value

in

many

of

the

discounted

BB

rated

bonds

from

information

technology

companies

we

had

avoided

at

new

issuance.

Energy

has

been

a

standout

among

below

investment-grade

industries

over

the

past

two

years.

The

significant

free

cash

flow

energy

companies

generated

amid

the

spike

in

oil

prices

allowed

them

to

pay

off

debt

and

reduced

the

need

to

seek

funding

by

bringing

new

deals

to

the

primary

market.

Therefore,

the

portfolio’s

lower

energy

sector

exposure

has

largely

been

the

result

of

debt

repayment

and

a

lack

of

meaningful

new

issuance.

CREDIT

QUALITY

DIVERSIFICATION

.....

Percent

of

Total

Assets

5/31/22

11/30/22

BBB/BB

Rated

and

Above

4.5‌%

4.4‌%

BB

Rated

26.0‌ 

28.6‌ 

BB/B

Rated

16.8‌ 

17.2‌ 

B

Rated

31.3‌ 

29.6‌ 

B/CCC

Rated

5.2‌ 

5.3‌ 

CCC

Rated

and

Below

10.3‌ 

9.4‌ 

Not

Rated

2.2‌ 

2.0‌ 

Equities

2.5‌ 

2.1‌ 

Credit

Default

Swaps

0.0‌

0.0‌

Default

0.0‌

0.0‌

Short-Term

Holdings

1.2‌ 

1.4‌ 

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

What

is

portfolio

management’s

outlook?

Although

higher

interest

rates

and

concerns

about

the

possibility

of

a

recession

have

created

a

more

challenging

macro

environment,

we

believe

fundamental

conditions

in

the

high

yield

asset

class

and

its

underlying

credit

quality

remain

solid.

Higher

interest

costs

will

likely

be

onerous

for

some

below

investment-

grade

companies,

particularly

those

with

large

floating

rate

debt

obligations.

While

we

do

anticipate

an

increase

in

the

market’s

default

rate

from

what

has

essentially

been

0%,

we

expect

it

to

remain

below

the

long-term

average

of

roughly

3.5%

over

the

medium

term

despite

the

challenging

performance

environment.

The

high

yield

market’s

performance

is

strongly

correlated

with

that

of

other

risk

assets.

Therefore,

we

anticipate

that

events

in

the

broader

market,

such

as

equity

sell-offs

in

response

to

Federal

Reserve

policy,

could

lead

to

additional

credit

spread

widening.

We

believe

active

management

that

is

deeply

rooted

in

bottom-up

fundamental

credit

analysis

becomes

increasingly

important

as

central

banks

continue

to

tighten

financial

conditions.

Historically,

when

dollar

prices

and

yields

in

our

market

have

reached

current

levels,

we

have

seen

strong

forward

returns

in

the

high

yield

asset

class.

This

bodes

well

for

its

performance

in

2023,

although

past

performance

does

not

guarantee

future

results.

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:

Portions

of

the

mutual

fund

information

contained

in

this

report

were

supplied

by

Lipper,

a

Refinitiv

Company,

subject

to

the

following:

Copyright

2022

©

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.

Note:

©

2022,

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

T.

ROWE

PRICE

High

Yield

Fund

8

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.

Note:

Copyright

©

2022,

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.

BENCHMARK

INFORMATION

(continued)

T.

ROWE

PRICE

High

Yield

Fund

9

PORTFOLIO

HIGHLIGHTS

TWENTY-FIVE

LARGEST

ISSUERS

Percent

of

Net

Assets

11/30/22

Asurion

2.2‌%

Charter

Communications

2.1‌ 

Ford

Motor

2.0‌ 

Occidental

Petroleum

2.0‌ 

American

Airlines

1.6‌ 

Vistra

1.6‌ 

DISH

Network

1.5‌ 

Teva

Pharmaceutical

1.4‌ 

Rivian

Automotive

1.3‌ 

UKG

1.3‌ 

iHeartMedia

1.3‌ 

Tenet

Healthcare

1.3‌ 

TransDigm

Group

1.2‌ 

Sirius

XM

Radio

1.1‌ 

Goodyear

Tire

&

Rubber

1.0‌ 

Royal

Caribbean

Cruises

1.0‌ 

Navient

1.0‌ 

United

Airlines

1.0‌ 

Community

Health

Systems

1.0‌ 

Altice

USA

1.0‌ 

Tallgrass

Energy

Partners

1.0‌ 

Entegris

0.9‌ 

Medline

Industries

0.9‌ 

Scientific

Games

0.9‌ 

Altice

France

Holding

SA

0.9‌ 

Total

32.5‌%

Note:

The

information

shown

does

not

reflect

any

exchange-traded

funds,

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. 

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

11/30/22

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

High

Yield

Fund

–

.

-9.02‌%

1.86‌%

3.91‌%

–‌

–

High

Yield

Fund–

.

Advisor  Class

-9.17‌

1.59‌

3.65‌

–‌

–

High

Yield

Fund–

.

I  Class

-8.93‌

1.97‌

–‌

3.70‌%

8/28/15

High

Yield

Fund–

.

Z  Class

-8.36‌

–‌

–‌

5.40‌

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

11

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

12

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

6/1/22

Ending

Account

Value

11/30/22

Expenses

Paid

During

Period*

6/1/22

to

11/30/22

Investor

Class

Actual

$1,000.00

$969.10

$3.46

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.56

  3.55

Advisor

Class

Actual

  1,000.00

  969.10

  4.94

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.05

  5.06

I

Class

Actual

  1,000.00

  969.50

  3.06

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.96

  3.14

Z

Class

Actual

  1,000.00

  972.60

  0.00

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,025.07

  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

(183),

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

1.00%,

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

13

QUARTER-END

RETURNS

Periods

Ended

9/30/22

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

High

Yield

Fund

–

.

-14.44‌%

0.91‌%

3.55‌%

–‌

–

High

Yield

Fund–

.

Advisor  Class

-14.60‌ 

0.64‌ 

3.30‌ 

–‌

–

High

Yield

Fund–

.

I  Class

-14.36‌ 

1.02‌ 

–‌

3.05‌%

8/28/15

High

Yield

Fund–

.

Z  Class

-13.81‌ 

–‌

–‌

3.65‌ 

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

each

class

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

(Unaudited)

Financial

Highlights

14

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

NET

ASSET

VALUE

Beginning

of

period

$

5.98‌

$

6.65‌

$

6.19‌

$

6.48‌

$

6.53‌

$

6.79‌

Investment

activities

Net

investment

income

(1)(2)

0.17‌

0.33‌

0.33‌

0.36‌

0.38‌

0.37‌

Net

realized

and

unrealized

gain/loss

(0.36‌)

(0.66‌)

0.46‌

(0.30‌)

(0.04‌)

(0.26‌)

Total

from

investment

activities

(0.19‌)

(0.33‌)

0.79‌

0.06‌

0.34‌

0.11‌

Distributions

Net

investment

income

(0.17‌)

(0.34‌)

(0.33‌)

(0.35‌)

(0.39‌)

(0.37‌)

NET

ASSET

VALUE

End

of

period

$

5.62‌

$

5.98‌

$

6.65‌

$

6.19‌

$

6.48‌

$

6.53‌

T.

ROWE

PRICE

High

Yield

Fund

(Unaudited)

Financial

Highlights

15

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

(3.09‌)%

(5.23‌)%

13.07‌%

0.87‌%

5.39‌%

1.62‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.81‌%

(4)

0.73‌%

0.70‌%

0.72‌%

0.72‌%

0.73‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.70‌%

(4)

0.70‌%

0.70‌%

0.71‌%

0.72‌%

0.73‌%

Net

investment

income

6.05‌%

(4)

5.02‌%

5.13‌%

5.49‌%

5.95‌%

5.56‌%

Portfolio

turnover

rate

16.5‌%

45.5‌%

55.0‌%

42.2‌%

60.6‌%

62.7‌%

Net

assets,

end

of

period

(in

millions)

$1,119

$1,252

$2,394

$3,317

$5,579

$5,606

0‌%

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

High

Yield

Fund

(Unaudited)

Financial

Highlights

16

For

a

share

outstanding

throughout

each

period

Advisor

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

NET

ASSET

VALUE

Beginning

of

period

$

5.96‌

$

6.64‌

$

6.17‌

$

6.46‌

$

6.51‌

$

6.77‌

Investment

activities

Net

investment

income

(1)(2)

0.16‌

0.32‌

0.31‌

0.34‌

0.37‌

0.36‌

Net

realized

and

unrealized

gain/loss

(0.35‌)

(0.68‌)

0.47‌

(0.30‌)

(0.05‌)

(0.27‌)

Total

from

investment

activities

(0.19‌)

(0.36‌)

0.78‌

0.04‌

0.32‌

0.09‌

Distributions

Net

investment

income

(0.16‌)

(0.32‌)

(0.31‌)

(0.33‌)

(0.37‌)

(0.35‌)

NET

ASSET

VALUE

End

of

period

$

5.61‌

$

5.96‌

$

6.64‌

$

6.17‌

$

6.46‌

$

6.51‌

T.

ROWE

PRICE

High

Yield

Fund

(Unaudited)

Financial

Highlights

17

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

(3.09‌)%

(5.67‌)%

12.89‌%

0.58‌%

5.10‌%

1.34‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1.00‌%

(4)

0.99‌%

1.00‌%

0.99‌%

0.99‌%

1.01‌%

Net

expenses

after

waivers/payments

by

Price

Associates

1.00‌%

(4)

0.99‌%

1.00‌%

0.99‌%

0.99‌%

1.01‌%

Net

investment

income

5.75‌%

(4)

4.92‌%

4.92‌%

5.25‌%

5.72‌%

5.30‌%

Portfolio

turnover

rate

16.5‌%

45.5‌%

55.0‌%

42.2‌%

60.6‌%

62.7‌%

Net

assets,

end

of

period

(in

millions)

$22

$24

$30

$285

$320

$54

0‌%

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

High

Yield

Fund

(Unaudited)

Financial

Highlights

18

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

NET

ASSET

VALUE

Beginning

of

period

$

5.98‌

$

6.66‌

$

6.19‌

$

6.48‌

$

6.53‌

$

6.79‌

Investment

activities

Net

investment

income

(1)(2)

0.17‌

0.34‌

0.34‌

0.36‌

0.39‌

0.38‌

Net

realized

and

unrealized

gain/loss

(0.36‌)

(0.67‌)

0.47‌

(0.29‌)

(0.04‌)

(0.26‌)

Total

from

investment

activities

(0.19‌)

(0.33‌)

0.81‌

0.07‌

0.35‌

0.12‌

Distributions

Net

investment

income

(0.17‌)

(0.35‌)

(0.34‌)

(0.36‌)

(0.40‌)

(0.38‌)

NET

ASSET

VALUE

End

of

period

$

5.62‌

$

5.98‌

$

6.66‌

$

6.19‌

$

6.48‌

$

6.53‌

T.

ROWE

PRICE

High

Yield

Fund

(Unaudited)

Financial

Highlights

19

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

(3.05‌)%

(5.27‌)%

13.36‌%

0.98‌%

5.51‌%

1.75‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.62‌%

(4)

0.60‌%

0.60‌%

0.60‌%

0.61‌%

0.61‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.62‌%

(4)

0.60‌%

0.60‌%

0.60‌%

0.61‌%

0.61‌%

Net

investment

income

6.14‌%

(4)

5.21‌%

5.24‌%

5.61‌%

6.04‌%

5.69‌%

Portfolio

turnover

rate

16.5‌%

45.5‌%

55.0‌%

42.2‌%

60.6‌%

62.7‌%

Net

assets,

end

of

period

(in

millions)

$2,511

$2,880

$2,068

$1,707

$1,970

$1,779

0‌%

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

High

Yield

Fund

(Unaudited)

Financial

Highlights

20

For

a

share

outstanding

throughout

each

period

Z

Class

(1)

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

3/16/20

(1)

Through

5/31/20

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)

0.19‌

0.38‌

0.38‌

0.08‌

Net

realized

and

unrealized

gain/loss

(0.36‌)

(0.66‌)

0.47‌

0.43‌

(4)

Total

from

investment

activities

(0.17‌)

(0.28‌)

0.85‌

0.51‌

Distributions

Net

investment

income

(0.19‌)

(0.39‌)

(0.38‌)

(0.08‌)

NET

ASSET

VALUE

End

of

period

$

5.63‌

$

5.99‌

$

6.66‌

$

6.19‌

T.

ROWE

PRICE

High

Yield

Fund

(Unaudited)

Financial

Highlights

21

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Z

Class

(1)

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

3/16/20

(1)

Through

5/31/20

5/31/22

5/31/21

Ratios/Supplemental

Data

Total

return

(3)(5)

(2.74‌)%

(4.55‌)%

14.03‌%

8.93‌%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.59‌%

(6)

0.59‌%

0.59‌%

0.60‌%

(6)

Net

expenses

after

waivers/payments

by

Price

Associates

0.00‌%

(6)

0.00‌%

0.00‌%

0.00‌%

(6)

Net

investment

income

6.76‌%

(6)

5.77‌%

5.84‌%

6.53‌%

(6)

Portfolio

turnover

rate

16.5‌%

45.5‌%

55.0‌%

42.2‌%

Net

assets,

end

of

period

(in

millions)

$3,204

$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)

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.

(6)

Annualized

T.

ROWE

PRICE

High

Yield

Fund

November

30,

2022

(Unaudited)

22

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

BANK

LOANS

5.5%

(1)

Airlines

0.5%

AAdvantage

Loyalty

IP,

FRN,

1M

USD

LIBOR

+

4.75%,

7.46%,

4/20/28 

9,195‌

9,131‌

Mileage

Plus

Holdings,

FRN,

1M

USD

LIBOR

+

5.25%,

8.777%,

6/21/27 

15,737‌

16,170‌

United

Airlines,

FRN,

1M

USD

LIBOR

+

3.75%,

8.108%,

4/21/28 

9,426‌

9,295‌

34,596‌

Broadcasting

0.1%

Nielsen

Holdings,

FRN,

3M

TSFR

+

9.75%,

13.472%,

10/11/29  (2)

6,400‌

6,208‌

6,208‌

Energy

0.1%

Prairie

ECI

Acquiror,

FRN,

3M

USD

LIBOR

+

4.75%,

8.821%,

3/11/26 

10,070‌

9,731‌

9,731‌

Information

Technology

0.5%

Boxer

Parent,

FRN,

1M

USD

LIBOR

+

5.50%,

9.571%,

2/27/26 

3,800‌

3,486‌

Proofpoint,

FRN,

1M

USD

LIBOR

+

3.25%,

6.32%,

8/31/28 

12,466‌

11,979‌

Proofpoint,

FRN,

3M

USD

LIBOR

+

6.25%,

9.32%,

8/31/29 

5,065‌

4,837‌

RealPage,

FRN,

1M

USD

LIBOR

+

6.50%,

10.571%,

4/23/29 

15,551‌

14,880‌

35,182‌

Services

2.1%

Ascend

Learning,

FRN,

1M

USD

LIBOR

+

3.50%,

7.571%,

12/11/28 

20,570‌

19,433‌

Ascend

Learning,

FRN,

1M

USD

LIBOR

+

5.75%,

9.821%,

12/10/29 

31,260‌

26,493‌

CoreLogic,

FRN,

1M

USD

LIBOR

+

6.50%,

10.625%,

6/4/29 

7,980‌

5,416‌

UKG,

FRN,

1M

USD

LIBOR

+

3.25%,

6.998%,

5/4/26 

28,415‌

27,408‌

UKG,

FRN,

1M

USD

LIBOR

+

5.25%,

8.998%,

5/3/27 

66,960‌

61,268‌

140,018‌

Wireless

Communications

2.2%

Asurion,

FRN,

1M

USD

LIBOR

+

3.25%,

7.321%,

7/31/27 

23,069‌

19,949‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

9.321%,

1/31/28 

69,714‌

53,610‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

9.321%,

1/20/29 

100,360‌

76,859‌

150,418‌

Total

Bank

Loans

(Cost

$433,138)

376,153‌

COMMON

STOCKS

0.5%

Gaming

0.0%

New

Cotai

Participation,

Class

B  (2)(3)(4)

—‌

—‌

—‌

T.

ROWE

PRICE

High

Yield

Fund

23

Par/Shares

$

Value

(Amounts

in

000s)

‡

Health

Care

0.2%

Avantor (4)

626‌

13,938‌

13,938‌

Information

Technology

0.1%

TE

Connectivity 

54‌

6,848‌

6,848‌

Metals

&

Mining

0.2%

Constellium (4)

928‌

11,559‌

11,559‌

Total

Common

Stocks

(Cost

$29,523)

32,345‌

CONVERTIBLE

BONDS

0.1%

Cable

Operators

0.1%

DISH

Network,

3.375%,

8/15/26 

8,735‌

5,669‌

Total

Convertible

Bonds

(Cost

$7,765)

5,669‌

CONVERTIBLE

PREFERRED

STOCKS

1.6%

Energy

Services

0.5%

NuStar

Energy,

VR,

10.75%  (3)(5)

1,200‌

35,389‌

35,389‌

Forest

Products

0.0%

Smurfit-Stone

Container,

Series A,

EC,

7.00%,

2/15/27  (2)(4)

47‌

—‌

—‌

Health

Care

0.2%

Becton

Dickinson

&

Company,

Series B,

6.00%,

6/1/23 

289‌

14,323‌

14,323‌

Insurance

0.1%

Alliant

Services,

Series A,

Acquisition

Date:

11/6/20,

Cost $8,963  (4)(6)

9‌

8,531‌

8,531‌

Manufacturing

0.3%

Danaher,

Series B,

5.00%,

4/15/23 

16‌

21,905‌

21,905‌

Utilities

0.5%

American

Electric

Power,

6.125%,

8/15/23 

214‌

11,339‌

T.

ROWE

PRICE

High

Yield

Fund

24

Par/Shares

$

Value

(Amounts

in

000s)

‡

NextEra

Energy,

5.279%,

3/1/23 

408‌

20,942‌

32,281‌

Total

Convertible

Preferred

Stocks

(Cost

$100,574)

112,429‌

CORPORATE

BONDS

89.1%

Aerospace

&

Defense

1.3%

Spirit

AeroSystems,

9.375%,

11/30/29  (3)

6,855‌

7,155‌

TransDigm,

5.50%,

11/15/27 

14,435‌

13,605‌

TransDigm,

6.25%,

3/15/26  (3)

49,085‌

48,533‌

TransDigm,

6.375%,

6/15/26 

18,145‌

17,737‌

TransDigm,

7.50%,

3/15/27 

3,100‌

3,080‌

90,110‌

Airlines

2.6%

American

Airlines,

5.50%,

4/20/26  (3)

32,695‌

31,633‌

American

Airlines,

5.75%,

4/20/29  (3)

27,295‌

25,316‌

American

Airlines,

11.75%,

7/15/25  (3)

39,467‌

43,611‌

Delta

Air

Lines,

7.375%,

1/15/26 

19,150‌

19,725‌

Mileage

Plus

Holdings,

6.50%,

6/20/27  (3)

23,959‌

23,839‌

United

Airlines,

4.625%,

4/15/29  (3)

20,425‌

18,076‌

VistaJet

Malta

Finance,

6.375%,

2/1/30  (3)

7,855‌

6,441‌

VistaJet

Malta

Finance,

7.875%,

5/1/27  (3)

8,000‌

7,240‌

175,881‌

Automotive

6.2%

Clarios

Global,

8.50%,

5/15/27  (3)

43,135‌

42,272‌

Dana,

4.25%,

9/1/30 

1,980‌

1,584‌

Dana,

5.625%,

6/15/28 

37,970‌

34,885‌

Dornoch

Debt

Merger

Sub,

6.625%,

10/15/29  (3)

8,920‌

5,932‌

Ford

Motor,

6.10%,

8/19/32 

81,660‌

78,587‌

Ford

Motor,

7.45%,

7/16/31 

1,725‌

1,824‌

Ford

Motor,

9.625%,

4/22/30 

12,640‌

14,524‌

Ford

Motor

Credit,

4.95%,

5/28/27 

17,635‌

16,725‌

Ford

Motor

Credit,

5.125%,

6/16/25 

3,730‌

3,626‌

Ford

Motor

Credit,

7.35%,

11/4/27 

22,265‌

23,151‌

Goodyear

Tire

&

Rubber,

5.00%,

7/15/29 

18,255‌

15,699‌

Goodyear

Tire

&

Rubber,

5.25%,

4/30/31 

17,000‌

14,535‌

Goodyear

Tire

&

Rubber,

5.25%,

7/15/31 

27,450‌

23,333‌

Goodyear

Tire

&

Rubber,

5.625%,

4/30/33 

19,830‌

16,905‌

Jaguar

Land

Rover

Automotive,

5.875%,

1/15/28  (3)

8,600‌

6,622‌

Jaguar

Land

Rover

Automotive,

7.75%,

10/15/25  (3)

12,245‌

11,082‌

LCM

Investments

Holdings

II,

4.875%,

5/1/29  (3)

14,475‌

12,087‌

Metis

Merger

Sub,

6.50%,

5/15/29  (3)

17,185‌

13,920‌

Rivian

Holdings,

FRN,

6M

USD

LIBOR

+

5.625%,

10.164%,

10/15/26  (3)

94,485‌

90,233‌

427,526‌

T.

ROWE

PRICE

High

Yield

Fund

25

Par/Shares

$

Value

(Amounts

in

000s)

‡

Broadcasting

5.9%

Clear

Channel

Outdoor

Holdings,

7.50%,

6/1/29  (3)

14,825‌

10,971‌

Clear

Channel

Outdoor

Holdings,

7.75%,

4/15/28  (3)

28,775‌

21,437‌

CMG

Media,

8.875%,

12/15/27  (3)

30,270‌

23,308‌

Diamond

Sports

Group,

6.625%,

8/15/27  (3)

20,835‌

729‌

Gray

Escrow

II,

5.375%,

11/15/31  (3)

33,935‌

25,663‌

iHeartCommunications,

8.375%,

5/1/27 

98,614‌

87,397‌

Lamar

Media,

4.00%,

2/15/30 

1,966‌

1,706‌

Lamar

Media,

4.875%,

1/15/29 

17,994‌

16,554‌

Lions

Gate

Capital

Holdings,

5.50%,

4/15/29  (3)

8,220‌

5,343‌

Neptune

Bidco

U.S.,

9.29%,

4/15/29  (3)

21,125‌

20,095‌

Outfront

Media

Capital,

4.25%,

1/15/29  (3)

3,940‌

3,270‌

Outfront

Media

Capital,

6.25%,

6/15/25  (3)

5,695‌

5,652‌

Scripps

Escrow,

5.875%,

7/15/27  (3)

23,615‌

21,017‌

Sirius

XM

Radio,

3.875%,

9/1/31  (3)

13,145‌

10,713‌

Sirius

XM

Radio,

4.00%,

7/15/28  (3)

32,360‌

28,315‌

Sirius

XM

Radio,

4.125%,

7/1/30  (3)

31,305‌

26,374‌

Sirius

XM

Radio,

5.00%,

8/1/27  (3)

10,570‌

9,857‌

Stagwell

Global,

5.625%,

8/15/29  (3)

42,175‌

36,165‌

Townsquare

Media,

6.875%,

2/1/26  (3)

17,445‌

16,137‌

Univision

Communications,

4.50%,

5/1/29  (3)

7,945‌

6,793‌

Univision

Communications,

6.625%,

6/1/27  (3)

15,540‌

15,152‌

Univision

Communications,

7.375%,

6/30/30  (3)

15,625‌

15,352‌

408,000‌

Building

&

Real

Estate

1.3%

Brookfield

Residential

Properties,

6.25%,

9/15/27  (3)

8,075‌

7,177‌

Castle

U.K.

Finco,

7.00%,

5/15/29

(GBP)  (3)

4,675‌

3,933‌

Castle

U.K.

Finco,

FRN,

3M

EURIBOR

+

5.25%,

7.222%,

5/15/28

(EUR)  (3)

5,465‌

4,275‌

Cushman

&

Wakefield

U.S.

Borrower,

6.75%,

5/15/28  (3)

36,100‌

34,476‌

Howard

Hughes,

4.125%,

2/1/29  (3)

17,145‌

14,187‌

Howard

Hughes,

4.375%,

2/1/31  (3)

9,185‌

7,543‌

Howard

Hughes,

5.375%,

8/1/28  (3)

19,485‌

17,390‌

88,981‌

Building

Products

1.3%

Advanced

Drainage

Systems,

6.375%,

6/15/30  (3)

5,590‌

5,345‌

New

Enterprise

Stone

&

Lime,

5.25%,

7/15/28  (3)

16,005‌

14,405‌

PGT

Innovations,

4.375%,

10/1/29  (3)

21,325‌

17,886‌

Specialty

Building

Products

Holdings,

6.375%,

9/30/26  (3)

15,155‌

12,882‌

SRS

Distribution,

6.00%,

12/1/29  (3)

12,995‌

10,623‌

Summit

Materials,

5.25%,

1/15/29  (3)

12,080‌

11,159‌

Summit

Materials,

6.50%,

3/15/27  (3)

17,880‌

17,433‌

89,733‌

Cable

Operators

7.9%

Altice

Financing,

5.00%,

1/15/28  (3)

34,150‌

27,832‌

T.

ROWE

PRICE

High

Yield

Fund

26

Par/Shares

$

Value

(Amounts

in

000s)

‡

Altice

Financing,

5.75%,

8/15/29  (3)

21,665‌

17,657‌

Altice

France,

5.50%,

10/15/29  (3)

18,935‌

14,817‌

Altice

France

Holding,

6.00%,

2/15/28  (3)

62,220‌

41,765‌

Altice

France

Holding,

10.50%,

5/15/27  (3)

20,540‌

16,227‌

C&W

Senior

Financing,

6.875%,

9/15/27  (3)

21,285‌

18,997‌

CCO

Holdings,

4.50%,

8/15/30  (3)

32,520‌

27,398‌

CCO

Holdings,

4.50%,

6/1/33  (3)

29,195‌

23,137‌

CCO

Holdings,

5.375%,

6/1/29  (3)

17,950‌

16,245‌

CCO

Holdings,

6.375%,

9/1/29  (3)

74,500‌

70,775‌

CSC

Holdings,

5.75%,

1/15/30  (3)

20,960‌

14,253‌

CSC

Holdings,

6.50%,

2/1/29  (3)

34,835‌

31,351‌

CSC

Holdings,

7.50%,

4/1/28  (3)

24,805‌

19,286‌

DIRECTV

Financing,

5.875%,

8/15/27  (3)

12,670‌

11,530‌

DISH

DBS,

5.125%,

6/1/29 

15,475‌

10,059‌

DISH

DBS,

5.25%,

12/1/26  (3)

24,605‌

20,791‌

DISH

DBS,

5.75%,

12/1/28  (3)

16,650‌

13,403‌

DISH

DBS,

7.375%,

7/1/28 

12,155‌

8,964‌

DISH

DBS,

7.75%,

7/1/26 

25,315‌

20,758‌

DISH

Network,

11.75%,

11/15/27  (3)

17,135‌

17,542‌

GCI,

4.75%,

10/15/28  (3)

16,575‌

14,130‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27  (3)

4,977‌

4,691‌

Netflix,

6.375%,

5/15/29 

19,710‌

20,326‌

Radiate

Holdco,

6.50%,

9/15/28  (3)

15,550‌

8,591‌

Vmed

O2

U.K.

Financing

I,

4.75%,

7/15/31  (3)

59,140‌

48,495‌

539,020‌

Chemicals

1.6%

Avient,

7.125%,

8/1/30  (3)

16,805‌

16,364‌

Compass

Minerals

International,

6.75%,

12/1/27  (3)

2,765‌

2,599‌

CVR

Partners,

6.125%,

6/15/28  (3)

23,275‌

20,977‌

GPD,

10.125%,

4/1/26  (3)

21,890‌

18,743‌

Methanex,

5.125%,

10/15/27 

9,363‌

8,661‌

Methanex,

5.25%,

12/15/29 

7,440‌

6,547‌

Methanex,

5.65%,

12/1/44 

6,149‌

4,624‌

Univar

Solutions

USA,

5.125%,

12/1/27  (3)

19,935‌

19,038‌

WR

Grace

Holdings,

5.625%,

8/15/29  (3)

19,050‌

15,526‌

113,079‌

Consumer

Products

0.3%

Kontoor

Brands,

4.125%,

11/15/29  (3)

8,920‌

7,314‌

Wolverine

World

Wide,

4.00%,

8/15/29  (3)

17,155‌

12,781‌

20,095‌

Container

1.3%

Ardagh

Metal

Packaging

Finance

USA,

4.00%,

9/1/29  (3)

27,180‌

21,608‌

Ardagh

Metal

Packaging

Finance

USA,

6.00%,

6/15/27  (3)

14,395‌

13,945‌

Ball,

6.875%,

3/15/28 

23,845‌

24,143‌

Pactiv,

7.95%,

12/15/25 

4,305‌

4,047‌

T.

ROWE

PRICE

High

Yield

Fund

27

Par/Shares

$

Value

(Amounts

in

000s)

‡

Sealed

Air,

5.00%,

4/15/29  (3)

6,720‌

6,249‌

Sealed

Air,

6.875%,

7/15/33  (3)

7,000‌

6,834‌

Trivium

Packaging

Finance,

8.50%,

8/15/27  (3)

14,240‌

13,350‌

90,176‌

Energy

9.7%

Aethon

United

BR,

8.25%,

2/15/26  (3)

7,350‌

7,313‌

Antero

Resources,

7.625%,

2/1/29  (3)

3,402‌

3,478‌

Archrock

Partners,

6.875%,

4/1/27  (3)

11,435‌

11,063‌

Cheniere

Energy

Partners,

4.00%,

3/1/31 

24,850‌

21,713‌

Chesapeake

Energy,

6.75%,

4/15/29  (3)

31,105‌

30,638‌

CITGO

Petroleum,

7.00%,

6/15/25  (3)

22,285‌

21,895‌

Comstock

Resources,

5.875%,

1/15/30  (3)

14,255‌

12,972‌

Comstock

Resources,

6.75%,

3/1/29  (3)

9,155‌

8,812‌

Crescent

Energy

Finance,

7.25%,

5/1/26  (3)

30,380‌

28,861‌

Crestwood

Midstream

Partners,

6.00%,

2/1/29  (3)

3,685‌

3,409‌

DCP

Midstream,

Series A,

VR,

7.375%  (5)(7)

11,294‌

11,294‌

DCP

Midstream

Operating,

6.75%,

9/15/37  (3)

17,875‌

18,255‌

DCP

Midstream

Operating,

8.125%,

8/16/30 

8,515‌

9,441‌

Endeavor

Energy

Resources,

5.75%,

1/30/28  (3)

14,198‌

13,808‌

Ferrellgas,

5.375%,

4/1/26  (3)

16,640‌

15,309‌

Ferrellgas,

5.875%,

4/1/29  (3)

17,310‌

14,584‌

Gulfport

Energy,

8.00%,

5/17/26  (3)

11,970‌

11,850‌

Hilcorp

Energy

I,

5.75%,

2/1/29  (3)

8,357‌

7,668‌

Hilcorp

Energy

I,

6.00%,

4/15/30  (3)

5,865‌

5,396‌

Hilcorp

Energy

I,

6.00%,

2/1/31  (3)

10,390‌

9,429‌

Hilcorp

Energy

I,

6.25%,

4/15/32  (3)

5,720‌

5,248‌

Kinetik

Holdings,

5.875%,

6/15/30  (3)

37,200‌

34,926‌

Magnolia

Oil

&

Gas

Operating,

6.00%,

8/1/26  (3)

41,585‌

40,337‌

NGL

Energy

Operating,

7.50%,

2/1/26  (3)

37,501‌

33,751‌

NuStar

Logistics,

5.75%,

10/1/25 

11,428‌

11,142‌

Occidental

Petroleum,

6.20%,

3/15/40 

26,120‌

25,206‌

Occidental

Petroleum,

6.375%,

9/1/28 

9,005‌

9,163‌

Occidental

Petroleum,

6.45%,

9/15/36 

2,310‌

2,316‌

Occidental

Petroleum,

6.625%,

9/1/30 

5,865‌

6,100‌

Occidental

Petroleum,

7.50%,

5/1/31 

7,500‌

8,137‌

Occidental

Petroleum,

7.875%,

9/15/31 

4,847‌

5,307‌

Occidental

Petroleum,

7.95%,

6/15/39 

19,810‌

21,494‌

Occidental

Petroleum,

8.50%,

7/15/27 

16,975‌

18,503‌

Occidental

Petroleum,

8.875%,

7/15/30 

32,395‌

37,011‌

Range

Resources,

4.75%,

2/15/30  (3)

7,205‌

6,412‌

Range

Resources,

8.25%,

1/15/29 

5,870‌

6,061‌

Rockcliff

Energy

II,

5.50%,

10/15/29  (3)

8,625‌

7,859‌

Solaris

Midstream

Holdings,

7.625%,

4/1/26  (3)

8,490‌

8,384‌

Southwestern

Energy,

4.75%,

2/1/32 

11,155‌

9,788‌

Tallgrass

Energy

Partners,

5.50%,

1/15/28  (3)

7,230‌

6,579‌

Tallgrass

Energy

Partners,

6.00%,

3/1/27  (3)

9,025‌

8,574‌

T.

ROWE

PRICE

High

Yield

Fund

28

Par/Shares

$

Value

(Amounts

in

000s)

‡

Tallgrass

Energy

Partners,

6.00%,

12/31/30  (3)

15,270‌

13,781‌

Tallgrass

Energy

Partners,

6.00%,

9/1/31  (3)

17,225‌

15,330‌

Tallgrass

Energy

Partners,

7.50%,

10/1/25  (3)

10,935‌

11,072‌

Targa

Resources

Partners,

6.875%,

1/15/29 

10,878‌

11,096‌

Venture

Global

Calcasieu

Pass,

3.875%,

8/15/29  (3)

10,930‌

9,509‌

Venture

Global

Calcasieu

Pass,

4.125%,

8/15/31  (3)

13,950‌

12,032‌

Vermilion

Energy,

6.875%,

5/1/30  (3)

15,500‌

14,299‌

666,605‌

Entertainment

&

Leisure

3.9%

Carnival,

6.00%,

5/1/29  (3)

1,210‌

835‌

Carnival,

7.625%,

3/1/26  (3)

30,000‌

25,200‌

Carnival,

10.50%,

6/1/30  (3)

18,255‌

15,608‌

CDI

Escrow

Issuer,

5.75%,

4/1/30  (3)

24,475‌

22,701‌

Cedar

Fair,

5.25%,

7/15/29 

8,370‌

7,324‌

Cedar

Fair,

5.375%,

4/15/27 

20,185‌

19,226‌

Cinemark

USA,

5.25%,

7/15/28  (3)

35,845‌

28,766‌

Live

Nation

Entertainment,

4.75%,

10/15/27  (3)

15,880‌

14,133‌

NCL,

5.875%,

3/15/26  (3)

19,710‌

16,211‌

NCL,

5.875%,

2/15/27  (3)

9,150‌

8,098‌

NCL,

7.75%,

2/15/29  (3)

8,615‌

6,892‌

NCL

Finance,

6.125%,

3/15/28  (3)

5,740‌

4,448‌

Royal

Caribbean

Cruises,

5.375%,

7/15/27  (3)

14,720‌

12,144‌

Royal

Caribbean

Cruises,

5.50%,

8/31/26  (3)

17,195‌

14,745‌

Royal

Caribbean

Cruises,

5.50%,

4/1/28  (3)

12,378‌

10,088‌

Royal

Caribbean

Cruises,

9.25%,

1/15/29  (3)

16,740‌

17,117‌

Royal

Caribbean

Cruises,

11.625%,

8/15/27  (3)

15,285‌

15,552‌

SeaWorld

Parks

&

Entertainment,

5.25%,

8/15/29  (3)

26,145‌

22,713‌

Six

Flags

Entertainment,

5.50%,

4/15/27  (3)

8,025‌

7,233‌

269,034‌

Financial

6.9%

Acrisure,

7.00%,

11/15/25  (3)

15,255‌

14,206‌

Acrisure,

10.125%,

8/1/26  (3)

21,370‌

20,943‌

Alliant

Holdings

Intermediate,

5.875%,

11/1/29  (3)

8,595‌

7,316‌

Alliant

Holdings

Intermediate,

6.75%,

10/15/27  (3)

32,027‌

29,465‌

AmWINS

Group,

4.875%,

6/30/29  (3)

7,895‌

6,829‌

Apollo

Commercial

Real

Estate

Finance,

4.625%,

6/15/29  (3)

25,800‌

20,511‌

Cobra

AcquisitionCo,

6.375%,

11/1/29  (3)

13,230‌

8,484‌

Drawbridge

Special

Opportunities

Fund,

3.875%,

2/15/26  (3)

5,705‌

5,229‌

Enact

Holdings,

6.50%,

8/15/25  (3)

38,917‌

37,798‌

GTCR

AP

Finance,

8.00%,

5/15/27  (3)

19,525‌

18,842‌

Home

Point

Capital,

5.00%,

2/1/26  (3)

13,060‌

7,869‌

HUB

International,

5.625%,

12/1/29  (3)

25,111‌

22,035‌

HUB

International,

7.00%,

5/1/26  (3)

19,230‌

19,014‌

Jane

Street

Group,

4.50%,

11/15/29  (3)

13,465‌

11,815‌

LPL

Holdings,

4.00%,

3/15/29  (3)

13,290‌

11,562‌

T.

ROWE

PRICE

High

Yield

Fund

29

Par/Shares

$

Value

(Amounts

in

000s)

‡

LPL

Holdings,

4.375%,

5/15/31  (3)

2,150‌

1,833‌

Midcap

Financial

Issuer

Trust,

5.625%,

1/15/30  (3)

12,810‌

10,120‌

Midcap

Financial

Issuer

Trust,

6.50%,

5/1/28  (3)

24,890‌

21,716‌

Navient,

4.875%,

3/15/28 

18,380‌

14,980‌

Navient,

5.00%,

3/15/27 

12,240‌

10,588‌

Navient,

5.50%,

3/15/29 

17,480‌

14,246‌

Navient,

6.75%,

6/25/25 

16,535‌

16,101‌

Navient,

6.75%,

6/15/26 

12,250‌

11,576‌

OneMain

Finance,

3.50%,

1/15/27 

8,640‌

7,085‌

OneMain

Finance,

5.375%,

11/15/29 

8,060‌

6,730‌

OneMain

Finance,

6.625%,

1/15/28 

5,755‌

5,280‌

OneMain

Finance,

6.875%,

3/15/25 

18,550‌

17,970‌

OneMain

Finance,

7.125%,

3/15/26 

5,820‌

5,624‌

PennyMac

Financial

Services,

4.25%,

2/15/29  (3)

22,055‌

17,258‌

PennyMac

Financial

Services,

5.375%,

10/15/25  (3)

12,155‌

11,107‌

PROG

Holdings,

6.00%,

11/15/29  (3)

21,720‌

18,923‌

Ryan

Specialty

Group,

4.375%,

2/1/30  (3)

6,195‌

5,297‌

SLM,

4.20%,

10/29/25 

2,290‌

2,101‌

Starwood

Property

Trust,

4.375%,

1/15/27  (3)

12,225‌

10,957‌

United

Wholesale

Mortgage,

5.50%,

4/15/29  (3)

8,485‌

7,021‌

United

Wholesale

Mortgage,

5.75%,

6/15/27  (3)

17,485‌

15,474‌

473,905‌

Food

0.7%

BellRing

Brands,

7.00%,

3/15/30  (3)

16,625‌

16,002‌

Chobani,

7.50%,

4/15/25  (3)

8,200‌

8,005‌

Cosan

Luxembourg,

7.00%,

1/20/27  (3)

3,066‌

3,023‌

Darling

Ingredients,

6.00%,

6/15/30  (3)

15,930‌

15,512‌

Triton

Water

Holdings,

6.25%,

4/1/29  (3)

8,657‌

6,709‌

49,251‌

Foreign

Govt

&

Muni

(Excl

Canadian)

0.4%

Petroleos

Mexicanos,

6.625%,

6/15/35 

17,600‌

12,442‌

Petroleos

Mexicanos,

7.69%,

1/23/50 

17,830‌

12,303‌

24,745‌

Forest

Products

0.1%

Graphic

Packaging

International,

3.75%,

2/1/30  (3)

9,685‌

8,233‌

Mercer

International,

5.50%,

1/15/26 

2,170‌

2,045‌

10,278‌

Gaming

4.3%

Caesars

Entertainment,

8.125%,

7/1/27  (3)

50,295‌

50,358‌

Cirsa

Finance

International,

4.50%,

3/15/27

(EUR)  (3)

7,505‌

6,754‌

Cirsa

Finance

International,

10.375%,

11/30/27

(EUR)  (3)

2,580‌

2,786‌

International

Game

Technology,

4.125%,

4/15/26  (3)

6,700‌

6,290‌

International

Game

Technology,

5.25%,

1/15/29  (3)

25,335‌

23,562‌

International

Game

Technology,

6.25%,

1/15/27  (3)

17,023‌

16,917‌

MGM

China

Holdings,

4.75%,

2/1/27  (3)

10,685‌

9,374‌

T.

ROWE

PRICE

High

Yield

Fund

30

Par/Shares

$

Value

(Amounts

in

000s)

‡

MGM

China

Holdings,

5.25%,

6/18/25  (3)

2,455‌

2,290‌

MGM

China

Holdings,

5.375%,

5/15/24  (3)

275‌

270‌

MGM

China

Holdings,

5.875%,

5/15/26  (3)

7,510‌

6,904‌

MGM

Growth

Properties

Operating

Partnership,

3.875%,

2/15/29  (3)

12,700‌

10,287‌

MGM

Growth

Properties

Operating

Partnership,

5.75%,

2/1/27 

8,690‌

8,429‌

Midwest

Gaming

Borrower,

4.875%,

5/1/29  (3)

13,340‌

11,522‌

Playtika

Holding,

4.25%,

3/15/29  (3)

12,570‌

9,867‌

Sands

China,

4.875%,

6/18/30 

8,915‌

7,707‌

Sands

China,

5.90%,

8/8/28 

16,125‌

15,058‌

Scientific

Games

Holdings,

6.625%,

3/1/30  (3)

14,995‌

12,633‌

Scientific

Games

International,

7.00%,

5/15/28  (3)

12,890‌

12,777‌

Scientific

Games

International,

7.25%,

11/15/29  (3)

36,995‌

36,163‌

Studio

City

Finance,

5.00%,

1/15/29  (3)

9,590‌

6,803‌

Wynn

Macau,

5.50%,

1/15/26  (3)

12,005‌

10,827‌

Wynn

Macau,

5.50%,

10/1/27  (3)

23,082‌

19,522‌

Wynn

Resorts

Finance,

5.125%,

10/1/29  (3)

10,965‌

9,498‌

296,598‌

Health

Care

7.2%

AdaptHealth,

5.125%,

3/1/30  (3)

6,645‌

5,632‌

Avantor

Funding,

4.625%,

7/15/28  (3)

37,850‌

34,822‌

Bausch

Health

Americas,

8.50%,

1/31/27  (3)

2,695‌

1,280‌

Bausch

Health

Americas,

9.25%,

4/1/26  (3)

22,921‌

14,440‌

Catalent

Pharma

Solutions,

5.00%,

7/15/27  (3)

9,045‌

8,548‌

CHS,

5.25%,

5/15/30  (3)

21,825‌

16,532‌

CHS,

6.00%,

1/15/29  (3)

12,215‌

10,139‌

CHS,

6.125%,

4/1/30  (3)

31,730‌

16,024‌

CHS,

6.875%,

4/15/29  (3)

9,900‌

5,198‌

CHS,

8.00%,

12/15/27  (3)

24,945‌

22,014‌

DaVita,

4.625%,

6/1/30  (3)

17,095‌

13,676‌

Embecta,

5.00%,

2/15/30  (3)

9,025‌

7,626‌

IQVIA,

5.00%,

10/15/26  (3)

2,900‌

2,791‌

Medline

Borrower,

3.875%,

4/1/29  (3)

12,535‌

10,529‌

Medline

Borrower,

5.25%,

10/1/29  (3)

63,930‌

52,103‌

Minerva

Merger

Sub,

6.50%,

2/15/30  (3)

33,940‌

25,370‌

Molina

Healthcare,

4.375%,

6/15/28  (3)

14,875‌

13,499‌

Option

Care

Health,

4.375%,

10/31/29  (3)

15,055‌

12,834‌

Organon,

5.125%,

4/30/31  (3)

19,215‌

16,861‌

Radiology

Partners,

9.25%,

2/1/28  (3)

10,888‌

6,533‌

Select

Medical,

6.25%,

8/15/26  (3)

20,080‌

19,076‌

Tenet

Healthcare,

4.375%,

1/15/30  (3)

18,735‌

16,018‌

Tenet

Healthcare,

6.125%,

10/1/28  (3)

45,700‌

40,159‌

Tenet

Healthcare,

6.125%,

6/15/30  (3)

20,178‌

19,169‌

Tenet

Healthcare,

6.875%,

11/15/31 

10,830‌

9,503‌

Teva

Pharmaceutical

Finance

Netherlands

III,

4.75%,

5/9/27 

14,880‌

13,373‌

Teva

Pharmaceutical

Finance

Netherlands

III,

5.125%,

5/9/29 

33,400‌

29,476‌

T.

ROWE

PRICE

High

Yield

Fund

31

Par/Shares

$

Value

(Amounts

in

000s)

‡

Teva

Pharmaceutical

Finance

Netherlands

III,

6.75%,

3/1/28 

24,880‌

24,445‌

Teva

Pharmaceutical

Finance

Netherlands

III,

7.125%,

1/31/25 

24,760‌

24,636‌

492,306‌

Information

Technology

4.5%

Arches

Buyer,

4.25%,

6/1/28  (3)

13,170‌

10,799‌

Boxer

Parent,

7.125%,

10/2/25  (3)

7,175‌

7,031‌

Central

Parent,

7.25%,

6/15/29  (3)

51,005‌

49,220‌

Condor

Merger

Sub,

7.375%,

2/15/30  (3)

16,590‌

13,562‌

Entegris

Escrow,

5.95%,

6/15/30  (3)

68,145‌

63,375‌

Gen

Digital,

6.75%,

9/30/27  (3)

21,335‌

21,415‌

Gen

Digital,

7.125%,

9/30/30  (3)

18,002‌

18,137‌

Go

Daddy

Operating,

5.25%,

12/1/27  (3)

7,220‌

6,859‌

Match

Group

Holdings

II,

3.625%,

10/1/31  (3)

13,540‌

10,392‌

Match

Group

Holdings

II,

4.125%,

8/1/30  (3)

24,050‌

20,052‌

Match

Group

Holdings

II,

4.625%,

6/1/28  (3)

8,145‌

7,290‌

Match

Group

Holdings

II,

5.00%,

12/15/27  (3)

8,265‌

7,686‌

Match

Group

Holdings

II,

5.625%,

2/15/29  (3)

7,940‌

7,325‌

NCR,

5.75%,

9/1/27  (3)

2,270‌

2,208‌

Picard

Midco,

6.50%,

3/31/29  (3)

14,085‌

12,324‌

ROBLOX,

3.875%,

5/1/30  (3)

12,490‌

10,211‌

Twilio,

3.875%,

3/15/31 

13,350‌

10,930‌

Viavi

Solutions,

3.75%,

10/1/29  (3)

6,480‌

5,346‌

ZipRecruiter,

5.00%,

1/15/30  (3)

12,655‌

10,298‌

ZoomInfo

Technologies,

3.875%,

2/1/29  (3)

15,027‌

12,717‌

307,177‌

Lodging

0.7%

Hilton

Domestic

Operating,

4.00%,

5/1/31  (3)

16,975‌

14,238‌

Park

Intermediate

Holdings,

4.875%,

5/15/29  (3)

10,160‌

8,687‌

Park

Intermediate

Holdings,

5.875%,

10/1/28  (3)

8,775‌

8,106‌

RHP

Hotel

Properties,

4.50%,

2/15/29  (3)

16,525‌

14,418‌

45,449‌

Manufacturing

1.3%

Gates

Global,

6.25%,

1/15/26  (3)

11,705‌

11,251‌

Hillenbrand,

3.75%,

3/1/31 

9,145‌

7,430‌

Hillenbrand,

5.00%,

9/15/26 

430‌

412‌

Madison

IAQ,

4.125%,

6/30/28  (3)

19,445‌

16,723‌

Madison

IAQ,

5.875%,

6/30/29  (3)

11,160‌

8,258‌

Mueller

Water

Products,

4.00%,

6/15/29  (3)

14,840‌

12,762‌

Sensata

Technologies,

4.00%,

4/15/29  (3)

15,515‌

13,440‌

Sensata

Technologies,

5.875%,

9/1/30  (3)

11,945‌

11,348‌

Stevens

Holding,

6.125%,

10/1/26  (3)

7,140‌

7,158‌

88,782‌

Metals

&

Mining

2.7%

Alcoa

Nederland

Holding,

6.125%,

5/15/28  (3)

11,935‌

11,592‌

Arconic,

6.125%,

2/15/28  (3)

20,499‌

19,064‌

T.

ROWE

PRICE

High

Yield

Fund

32

Par/Shares

$

Value

(Amounts

in

000s)

‡

ATI,

5.125%,

10/1/31 

7,935‌

6,665‌

Big

River

Steel,

6.625%,

1/31/29  (3)

19,532‌

18,726‌

ERO

Copper,

6.50%,

2/15/30  (3)

8,400‌

6,474‌

FMG

Resources,

4.50%,

9/15/27  (3)

12,295‌

11,281‌

FMG

Resources,

5.875%,

4/15/30  (3)

12,210‌

11,401‌

Freeport-McMoRan,

5.40%,

11/14/34 

29,279‌

27,303‌

Freeport-McMoRan,

5.45%,

3/15/43 

12,466‌

11,126‌

Hecla

Mining,

7.25%,

2/15/28 

29,735‌

28,992‌

Hudbay

Minerals,

6.125%,

4/1/29  (3)

15,290‌

13,708‌

Novelis,

4.75%,

1/30/30  (3)

18,235‌

16,411‌

182,743‌

Other

Telecommunications

0.3%

Embarq,

7.995%,

6/1/36 

10,315‌

4,384‌

Level

3

Financing,

3.75%,

7/15/29  (3)

12,780‌

9,265‌

Lumen

Technologies,

4.50%,

1/15/29  (3)

9,105‌

6,146‌

19,795‌

Petroleum

0.3%

Ecopetrol,

5.875%,

5/28/45 

9,690‌

6,686‌

Ecopetrol,

6.875%,

4/29/30 

16,065‌

14,414‌

21,100‌

Real

Estate

Investment

Trust

Securities

0.7%

Necessity

Retail,

4.50%,

9/30/28  (3)

25,045‌

19,159‌

Service

Properties

Trust,

4.35%,

10/1/24 

17,635‌

16,467‌

Service

Properties

Trust,

7.50%,

9/15/25 

15,380‌

14,880‌

50,506‌

Restaurants

0.9%

Dave

&

Buster's,

7.625%,

11/1/25  (3)

15,674‌

15,752‌

Yum!

Brands,

5.35%,

11/1/43 

19,590‌

15,770‌

Yum!

Brands,

5.375%,

4/1/32 

15,620‌

14,448‌

Yum!

Brands,

6.875%,

11/15/37 

17,960‌

17,691‌

63,661‌

Retail

1.2%

At

Home

Group,

7.125%,

7/15/29  (3)

8,250‌

4,826‌

Bath

&

Body

Works,

6.625%,

10/1/30  (3)

12,280‌

11,436‌

Bath

&

Body

Works,

6.694%,

1/15/27 

1,620‌

1,579‌

Bath

&

Body

Works,

6.95%,

3/1/33 

7,052‌

6,065‌

Bath

&

Body

Works,

7.50%,

6/15/29 

9,820‌

9,697‌

Bath

&

Body

Works,

9.375%,

7/1/25  (3)

7,301‌

7,630‌

Linens

'n

Things,

EC,

8.338%,

1/15/20  (2)(4)

9,800‌

—‌

LSF9

Atlantis

Holdings,

7.75%,

2/15/26  (3)

16,405‌

15,052‌

PetSmart,

4.75%,

2/15/28  (3)

3,320‌

2,988‌

PetSmart,

7.75%,

2/15/29  (3)

25,505‌

23,560‌

82,833‌

Satellites

1.5%

Connect

Finco,

6.75%,

10/1/26  (3)

20,000‌

18,900‌

T.

ROWE

PRICE

High

Yield

Fund

33

Par/Shares

$

Value

(Amounts

in

000s)

‡

Hughes

Satellite

Systems,

6.625%,

8/1/26 

28,605‌

26,603‌

Intelsat

Jackson

Holdings,

6.50%,

3/15/30  (3)

7,915‌

7,282‌

Maxar

Technologies,

7.75%,

6/15/27  (3)

22,000‌

21,560‌

Telesat

Canada,

6.50%,

10/15/27  (3)

11,445‌

3,519‌

Viasat,

5.625%,

4/15/27  (3)

24,365‌

22,263‌

100,127‌

Services

6.7%

Adtalem

Global

Education,

5.50%,

3/1/28  (3)

12,012‌

11,171‌

Advantage

Sales

&

Marketing,

6.50%,

11/15/28  (3)

20,920‌

16,318‌

Albion

Financing

1,

6.125%,

10/15/26  (3)

16,845‌

14,403‌

Albion

Financing

2,

8.75%,

4/15/27  (3)

7,065‌

5,864‌

Allied

Universal

Holdco,

9.75%,

7/15/27  (3)

16,065‌

14,499‌

Black

Knight

InfoServ,

3.625%,

9/1/28  (3)

15,475‌

13,908‌

Clarivate

Science

Holdings,

4.875%,

7/1/29  (3)

11,855‌

10,151‌

eG

Global

Finance,

6.25%,

10/30/25

(EUR) 

730‌

664‌

eG

Global

Finance,

6.75%,

2/7/25  (3)

22,069‌

19,917‌

eG

Global

Finance,

8.50%,

10/30/25  (3)

15,759‌

14,892‌

Fair

Isaac,

4.00%,

6/15/28  (3)

19,945‌

18,250‌

Fair

Isaac,

5.25%,

5/15/26  (3)

19,800‌

19,379‌

Gartner,

3.625%,

6/15/29  (3)

27,715‌

24,285‌

Gartner,

4.50%,

7/1/28  (3)

5,740‌

5,396‌

GFL

Environmental,

4.75%,

6/15/29  (3)

32,070‌

28,061‌

GFL

Environmental,

5.125%,

12/15/26  (3)

1,110‌

1,068‌

H&E

Equipment

Services,

3.875%,

12/15/28  (3)

34,955‌

30,236‌

IPD

3,

5.50%,

12/1/25

(EUR)  (3)

3,355‌

3,333‌

Millennium

Escrow,

6.625%,

8/1/26  (3)

8,495‌

6,116‌

MSCI,

3.25%,

8/15/33  (3)

21,665‌

17,061‌

MSCI,

4.00%,

11/15/29  (3)

11,540‌

10,213‌

Presidio

Holdings,

8.25%,

2/1/28  (3)

19,285‌

17,260‌

Prime

Security

Services

Borrower,

5.75%,

4/15/26  (3)

12,180‌

12,058‌

Prime

Security

Services

Borrower,

6.25%,

1/15/28  (3)

18,475‌

17,182‌

Sabre

GLBL,

7.375%,

9/1/25  (3)

11,250‌

10,702‌

Sabre

GLBL,

9.25%,

4/15/25  (3)

7,385‌

7,367‌

Sabre

GLBL,

11.25%,

12/15/27  (3)

6,080‌

6,194‌

Staples,

7.50%,

4/15/26  (3)

26,818‌

23,633‌

Staples,

10.75%,

4/15/27  (3)

8,333‌

6,062‌

TK

Elevator

Holdco,

7.625%,

7/15/28  (3)

25,260‌

20,966‌

TK

Elevator

U.S.

Newco,

5.25%,

7/15/27  (3)

33,230‌

30,156‌

United

Rentals

North

America,

3.75%,

1/15/32 

5,125‌

4,228‌

United

Rentals

North

America,

3.875%,

2/15/31 

15,500‌

13,349‌

Verde

Bidco,

4.625%,

10/1/26

(EUR)  (3)

2,135‌

1,898‌

456,240‌

Supermarkets

0.6%

Albertsons,

4.875%,

2/15/30  (3)

12,940‌

11,533‌

Iceland

Bondco,

4.625%,

3/15/25

(GBP) 

13,935‌

13,919‌

T.

ROWE

PRICE

High

Yield

Fund

34

Par/Shares

$

Value

(Amounts

in

000s)

‡

New

Albertsons,

7.45%,

8/1/29 

4,195‌

4,237‌

United

Natural

Foods,

6.75%,

10/15/28  (3)

11,785‌

11,431‌

41,120‌

Transportation

0.3%

Watco,

6.50%,

6/15/27  (3)

19,440‌

18,565‌

18,565‌

Utilities

4.1%

Calpine,

4.50%,

2/15/28  (3)

8,260‌

7,465‌

Calpine,

5.00%,

2/1/31  (3)

17,725‌

15,155‌

Calpine,

5.125%,

3/15/28  (3)

24,635‌

22,141‌

NextEra

Energy

Operating

Partners,

4.25%,

9/15/24  (3)

1,458‌

1,380‌

NextEra

Energy

Operating

Partners,

4.50%,

9/15/27  (3)

7,425‌

6,989‌

NiSource,

VR,

5.65%  (5)(7)

12,860‌

11,928‌

Pattern

Energy

Operations,

4.50%,

8/15/28  (3)

3,515‌

3,172‌

PG&E,

5.00%,

7/1/28 

28,447‌

25,958‌

PG&E,

5.25%,

7/1/30 

30,655‌

27,743‌

Pike,

5.50%,

9/1/28  (3)

13,733‌

12,154‌

Terraform

Global

Operating,

6.125%,

3/1/26  (3)

19,029‌

17,744‌

TerraForm

Power

Operating,

5.00%,

1/31/28  (3)

14,455‌

13,443‌

TransAlta,

7.75%,

11/15/29 

5,070‌

5,209‌

Vistra,

VR,

7.00%  (3)(5)(7)

32,335‌

28,899‌

Vistra,

VR,

8.00%  (3)(5)(7)

41,780‌

39,900‌

Vistra

Operations,

4.375%,

5/1/29  (3)

46,345‌

40,783‌

280,063‌

Wireless

Communications

0.4%

Iliad

Holding

SASU,

6.50%,

10/15/26  (3)

25,855‌

24,562‌

24,562‌

Total

Corporate

Bonds

(Cost

$6,831,190)

6,108,046‌

MUNICIPAL

SECURITIES

0.3%

Puerto

Rico

0.3%

Puerto

Rico

Commonwealth,

GO,VR,

11/1/43  (4)(8)

47,349‌

21,544‌

Total

Municipal

Securities

(Cost

$25,502)

21,544‌

SHORT-TERM

INVESTMENTS

1.2%

Money

Market

Funds

1.1%

T.

Rowe

Price

Government

Reserve

Fund,

3.86%  (9)(10)

75,848‌

75,848‌

75,848‌

T.

ROWE

PRICE

High

Yield

Fund

35

Par/Shares

$

Value

(Amounts

in

000s)

‡

U.S.

Treasury

Obligations

0.1%

U.S.

Treasury

Bills,

3.70%,

3/23/23  (11)

9,580‌

9,453‌

9,453‌

Total

Short-Term

Investments

(Cost

$85,320)

85,301‌

Total

Investments

in

Securities

98.3%

of

Net

Assets

(Cost

$7,513,012)

$

6,741,487‌

‡

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)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(3)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$4,769,327

and

represents

69.6%

of

net

assets.

(4)

Non-income

producing

(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

$8,531

and

represents

0.1%

of

net

assets.

(7)

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.

(8)

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.

(9)

Seven-day

yield

(10)

Affiliated

Companies

(11)

At

November

30,

2022,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

T.

ROWE

PRICE

High

Yield

Fund

36

.

.

.

.

.

.

.

.

.

.

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

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

37

(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,

Caa2*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/26

*

8,875

(4,337)

(354)

(3,983‌)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S38,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/21/27

*

36,284

1,548

78

1,470‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(2,513‌)

Total

Centrally

Cleared

Swaps

(2,513‌)

Net

payments

(receipts)

of

variation

margin

to

date

2,823‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

310‌

*

Credit

ratings

as

of

November

30,

2022.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

T.

ROWE

PRICE

High

Yield

Fund

38

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Barclays

Bank

1/20/23

USD

18,171‌

GBP

16,089‌

$

(1,254‌)

BNP

Paribas

1/20/23

USD

1,142‌

GBP

969‌

(28‌)

HSBC

Bank

1/20/23

GBP

628‌

USD

752‌

6‌

JPMorgan

Chase

1/20/23

USD

977‌

GBP

844‌

(42‌)

Morgan

Stanley

1/20/23

GBP

409‌

USD

460‌

33‌

Morgan

Stanley

2/24/23

USD

6,365‌

EUR

6,108‌

(33‌)

State

Street

2/24/23

USD

12,911‌

EUR

12,401‌

(79‌)

UBS

Investment

Bank

1/20/23

GBP

1,832‌

USD

2,201‌

11‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(1,386‌)

T.

ROWE

PRICE

High

Yield

Fund

39

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

six

months

ended

November

30,

2022.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

3.86%

$

—‌

$

—‌

$

859‌++

Totals

$

—‌#

$

—‌

$

859‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/22

Purchase

Cost

Sales

Cost

Value

11/30/22

T.

Rowe

Price

Government

Reserve

Fund,

3.86%

$

99,841‌

 ¤

  ¤

$

75,848‌

Total

$

75,848‌^

#

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

$859

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

$75,848.

T.

ROWE

PRICE

High

Yield

Fund

November

30,

2022

(Unaudited)

Statement

of

Assets

and

Liabilities

40

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$7,513,012)

$

6,741,487‌

Interest

and

dividends

receivable

112,795‌

Receivable

for

investment

securities

sold

24,701‌

Receivable

for

shares

sold

2,479‌

Due

from

affiliates

1,435‌

Cash

502‌

Variation

margin

receivable

on

centrally

cleared

swaps

310‌

Unrealized

gain

on

forward

currency

exchange

contracts

50‌

Foreign

currency

(cost

$1)

1‌

Other

assets

53‌

Total

assets

6,883,813‌

Liabilities

Payable

for

investment

securities

purchased

12,131‌

Payable

for

shares

redeemed

7,285‌

Investment

management

fees

payable

3,297‌

Unrealized

loss

on

forward

currency

exchange

contracts

1,436‌

Payable

to

directors

3‌

Other

liabilities

3,174‌

Total

liabilities

27,326‌

NET

ASSETS

$

6,856,487‌

T.

ROWE

PRICE

High

Yield

Fund

November

30,

2022

(Unaudited)

Statement

of

Assets

and

Liabilities

41

($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)

$

(1,679,539‌)

Paid-in

capital

applicable

to

1,218,992,508

shares

of

$0.01

par

value

capital

stock

outstanding;

3,000,000,000

shares

authorized

8,536,026‌

NET

ASSETS

$

6,856,487‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

($1,119,017,298

/

199,035,765

shares

outstanding)

$

5.62‌

Advisor

Class

($21,847,051

/

3,896,204

shares

outstanding)

$

5.61‌

I

Class

($2,511,408,001

/

446,582,942

shares

outstanding)

$

5.62‌

Z

Class

($3,204,214,641

/

569,477,597

shares

outstanding)

$

5.63‌

T.

ROWE

PRICE

High

Yield

Fund

(Unaudited)

Statement

of

Operations

42

($000s)

6

Months

Ended

11/30/22

Investment

Income

(Loss)

Income

    Interest

$

233,331‌

Dividend

5,768‌

Securities

lending

25‌

Total

income

239,124‌

Expenses

Investment

management

20,758‌

Shareholder

servicing

Investor

Class

$

1,200‌

Advisor

Class

18‌

I

Class

218‌

1,436‌

Rule

12b-1

fees

Advisor

Class

26‌

Prospectus

and

shareholder

reports

Investor

Class

26‌

Advisor

Class

1‌

I

Class

110‌

Z

Class

1‌

138‌

Custody

and

accounting

168‌

Registration

51‌

Legal

and

audit

40‌

Directors

9‌

Miscellaneous

17‌

Waived

/

paid

by

Price

Associates

(10,094‌)

Total

expenses

12,549‌

Net

investment

income

226,575‌

T.

ROWE

PRICE

High

Yield

Fund

(Unaudited)

Statement

of

Operations

43

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/22

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(180,821‌)

Swaps

2,078‌

Options

written

855‌

Forward

currency

exchange

contracts

3,825‌

Foreign

currency

transactions

(79‌)

Net

realized

loss

(174,142‌)

Change

in

net

unrealized

gain

/

loss

Securities

(277,761‌)

Swaps

(1,742‌)

Forward

currency

exchange

contracts

(1,683‌)

Other

assets

and

liabilities

denominated

in

foreign

currencies

25‌

Change

in

net

unrealized

gain

/

loss

(281,161‌)

Net

realized

and

unrealized

gain

/

loss

(455,303‌)

DECREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

(228,728‌)

T.

ROWE

PRICE

High

Yield

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

44

($000s)

6

Months

Ended

11/30/22

Year

Ended

5/31/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

226,575‌

$

446,624‌

Net

realized

gain

(loss)

(174,142‌)

73,430‌

Change

in

net

unrealized

gain

/

loss

(281,161‌)

(908,757‌)

Decrease

in

net

assets

from

operations

(228,728‌)

(388,703‌)

Distributions

to

shareholders

Net

earnings

Investor

Class

(35,043‌)

(108,060‌)

Advisor

Class

(647‌)

(1,383‌)

I

Class

(83,681‌)

(127,759‌)

Z

Class

(108,364‌)

(223,541‌)

Decrease

in

net

assets

from

distributions

(227,735‌)

(460,743‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

39,314‌

147,623‌

Advisor

Class

304‌

2,091‌

I

Class

169,493‌

1,310,719‌

Z

Class

200,363‌

250,121‌

Distributions

reinvested

Investor

Class

30,950‌

90,829‌

Advisor

Class

641‌

1,371‌

I

Class

71,567‌

110,890‌

Z

Class

108,364‌

223,534‌

Shares

redeemed

Investor

Class

(128,916‌)

(1,191,007‌)

Advisor

Class

(1,749‌)

(6,355‌)

I

Class

(432,389‌)

(330,508‌)

Z

Class

(217,179‌)

(749,339‌)

Decrease

in

net

assets

from

capital

share

transactions

(159,237‌)

(140,031‌)

T.

ROWE

PRICE

High

Yield

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

45

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/22

Year

Ended

5/31/22

Net

Assets

Decrease

during

period

(615,700‌)

(989,477‌)

Beginning

of

period

7,472,187‌

8,461,664‌

End

of

period

$

6,856,487‌

$

7,472,187‌

*Share

information

(000s)

Shares

sold

Investor

Class

6,962‌

22,571‌

Advisor

Class

54‌

320‌

I

Class

29,949‌

205,424‌

Z

Class

34,928‌

37,953‌

Distributions

reinvested

Investor

Class

5,532‌

13,936‌

Advisor

Class

115‌

212‌

I

Class

12,787‌

17,238‌

Z

Class

19,340‌

34,457‌

Shares

redeemed

Investor

Class

(22,848‌)

(186,922‌)

Advisor

Class

(314‌)

(982‌)

I

Class

(77,553‌)

(51,888‌)

Z

Class

(38,828‌)

(114,416‌)

Decrease

in

shares

outstanding

(29,876‌)

(22,097‌)

T.

ROWE

PRICE

High

Yield

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

46

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.

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PRICE

High

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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

mutual

fund

investments

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.

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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,

early

adoption

is

permitted.

Management

expects

that

the

adoption

of

the

guidance

will

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.

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;

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.

T.

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PRICE

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Fund

49

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

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

T.

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PRICE

High

Yield

Fund

50

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.

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High

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Fund

51

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

November

30,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

November

30,

2022,

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

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

27,213‌

$

—‌

$

27,213‌

Bank

Loans

—‌

369,945‌

6,208‌

376,153‌

Common

Stocks

32,345‌

—‌

—‌

32,345‌

Convertible

Preferred

Stocks

—‌

112,429‌

—‌

112,429‌

Corporate

Bonds

—‌

6,108,046‌

—‌

6,108,046‌

Short-Term

Investments

75,848‌

9,453‌

—‌

85,301‌

Total

Securities

108,193‌

6,627,086‌

6,208‌

6,741,487‌

Swaps*

—‌

1,470‌

—‌

1,470‌

Forward

Currency

Exchange

Contracts

—‌

50‌

—‌

50‌

Total

$

108,193‌

$

6,628,606‌

$

6,208‌

$

6,743,007‌

Liabilities

Swaps*

$

—‌

$

3,983‌

$

—‌

$

3,983‌

Forward

Currency

Exchange

Contracts

—‌

1,436‌

—‌

1,436‌

Total

$

—‌

$

5,419‌

$

—‌

$

5,419‌

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.

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PRICE

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Fund

52

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

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

November

30,

2022,

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

$

50‌

Credit

derivatives

Centrally

Cleared

Swaps

1,470‌

*

Total

$

1,520‌

*

Liabilities

Foreign

exchange

derivatives

Forwards

$

1,436‌

Credit

derivatives

Centrally

Cleared

Swaps

3,983‌

Total

$

5,419‌

*

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.

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Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

November

30,

2022,

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

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,

also

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Options

Written

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Foreign

exchange

derivatives

$

—‌

$

3,825‌

$

—‌

$

3,825‌

Credit

derivatives

855‌

—‌

2,078‌

2,933‌

Total

$

855‌

$

3,825‌

$

2,078‌

$

6,758‌

Change

in

Unrealized

Gain

(Loss)

Foreign

exchange

derivatives

$

—‌

$

(1,683‌)

$

—‌

$

(1,683‌)

Credit

derivatives

—‌

—‌

(1,742‌)

(1,742‌)

Total

$

—‌

$

(1,683‌)

$

(1,742‌)

$

(3,425‌)

T.

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PRICE

High

Yield

Fund

54

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

November

30,

2022,

securities

valued

at $1,268,000 had

been

pledged

or

posted

by

the

fund

to

counterparties

for

bilateral

derivatives. As

of

November

30,

2022,

no

collateral

was

pledged

by

counterparties

to

the

fund

for

bilateral

derivatives. As

of

November

30,

2022,

securities

valued

at $5,314,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

T.

ROWE

PRICE

High

Yield

Fund

55

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

six

months ended

November

30,

2022,

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.

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PRICE

High

Yield

Fund

56

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

six

months ended

November

30,

2022,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

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

T.

ROWE

PRICE

High

Yield

Fund

57

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets’

valuation

of

credit

quality.

As

of

November

30,

2022,

the

notional

amount

of

protection

sold

by

the

fund

totaled $45,159,000

(0.7%

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

six

months ended

November

30,

2022,

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

58

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

London

Interbank

Offered

Rate

(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).

While

publication

for

most

LIBOR

currencies

and

lesser-used

USD

LIBOR

settings

ceased

immediately

after

December

31,

2021,

remaining

USD

LIBOR

settings

will

continue

to

be

published

until

June

30,

2023.

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

T.

ROWE

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High

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59

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

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

November

30,

2022,

there

were

no

securities

on

loan. 

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $1,140,029,000 and

$1,296,700,000,

respectively,

for

the

six

months ended

November

30,

2022.

NOTE

5

-

FEDERAL

INCOME

TAXES

No

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

T.

ROWE

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High

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60

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

May

31,

2022,

the

fund

had

$755,457,000 of

available

capital

loss

carryforwards.

At

November

30,

2022,

the

cost

of

investments

for

federal

income

tax

purposes

was

$7,514,289,000.

Net

unrealized

loss

aggregated

$776,964,000

at

period-end,

of

which $48,337,000

related

to

appreciated

investments

and $825,301,000

related

to

depreciated

investments.

NOTE

6

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group).

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.30%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

November

30,

2022,

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

T.

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High

Yield

Fund

61

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class’

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund’s

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

six

months ended November

30,

2022

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $1,148,000 remain

subject

to

repayment

by

the

fund

at

November

30,

2022.

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

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)

$(614)

$—

$(9,480)

T.

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High

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62

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor Class.

For

the

six

months ended

November

30,

2022,

expenses

incurred

pursuant

to

these

service

agreements

were

$50,000 for

Price

Associates;

$888,000 for

T.

Rowe

Price

Services,

Inc.;

and

$36,000 for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates may

invest.

As

approved

by

the

fund’s

Board

of

Directors,

shareholder

servicing

costs

associated

with

each

college

savings

plan

are

borne

by

the

fund

in

proportion

to

the

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Price

has

agreed

to waive/reimburse

shareholder

servicing

costs in

excess

of

0.05%

of

the

fund’s

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Any

amounts

waived/paid

by

Price

under

this

voluntary

agreement

are

not

subject

to

repayment

by

the

fund.

Price

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

six

months ended

November

30,

2022,

the

fund

was

charged $3,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$3,000

was

for

services

provided

by

Price.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities. At

November

30,

2022,

approximately 1%

of

the

outstanding

shares

of

the

I

Class

were

held

by

college

savings

plans.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

November

30,

2022,

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

T.

ROWE

PRICE

High

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Fund

63

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

November

30,

2022,

T.

Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

2,173,331

shares

of

the

I

Class,

representing

less

than

1%

of

the

I

Class's

net

assets. 

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months ended

November

30,

2022,

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

a

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

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.

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

64

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

65

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In

accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

25,

2022,

the

Board

was

presented

with

an

annual

assessment

prepared

by

the

LRC,

on

behalf

of

the

Adviser,

that

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

ROWE

PRICE

High

Yield

Fund

66

For

the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2021,

through

March

31,

2022.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

T.

Rowe

Price

Investment

Services,

Inc.

|

100

East

Pratt

Street

|

Baltimore,

MD

21202-1009

You

have

many

investment

goals.

Explore

products

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Whether

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RETIREMENT

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T.

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Gifts

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Trust

Transfer

on

Death

COLLEGE

SAVINGS

T.

Rowe

Price-managed

529

plans

offer

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advantaged

solutions

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families

saving

money

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college

tuition

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expenses

Visit

troweprice.com/broadrange

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.

All

mutual

funds

are

subject

to

market

risk,

including

possible

loss

of

principal.

Investing

internationally

involves

special

risks

including

economic

and

political

uncertainty

and

currency

fluctuation.

1

The

T.

Rowe

Price

®

ActivePlus

Portfolios

is

a

discretionary

investment

management

program

provided

by

T.

Rowe

Price

Advisory

Services,

Inc.,

a

registered

investment

adviser

under

the

Investment

Advisers

Act

of

1940.

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

T.

Rowe

Price

Advisory

Services,

Inc.,

and

T.

Rowe

Price

Investment

Services,

Inc.,

are

affiliated

companies.

2

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

202301-2568112

F57-051

1/23

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

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 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 filed with the registrant’s annual Form N-CSR.
(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	January 19, 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	January 19, 2023
By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	January 19, 2023