T. Rowe Price High Yield Fund, Inc.
T. Rowe Price Investment Services, Inc., principal underwriter
100 East Pratt Street
Baltimore, Maryland 21202
April 20, 2017
VIA EDGAR
James E. O’Connor, Esq.
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Re: T. Rowe Price High Yield Fund, Inc. (the “Registrant”)
T. Rowe Price U.S. High Yield Fund (the “Fund”) on behalf of the following classes:
T. Rowe Price U.S. High Yield Fund—Advisor Class
T. Rowe Price U.S. High Yield Fund—I Class
File No.: 333-216513
Pre-Effective Amendment No. 1
Dear Mr. O’Connor:
Pursuant to Rule 461 under the Securities Act of 1933, the Registrant, on behalf of the Fund and its classes, requests acceleration of the effective date of Pre-Effective Amendment No. 1 to its Registration Statement on Form N-14 (Accession No. 0000754915-17-000021) (the “Amendment”) so that the Amendment is declared effective on April 21, 2017, or as soon as practicable thereafter.
We request that we be notified of such effectiveness by a telephone call to Brian Poole at 410-345- 6646, or Vicki Horwitz at 410-577-5024, both of T. Rowe Price Associates, Inc., and that such effectiveness also be confirmed in writing.
The Registrant hereby acknowledges that, if the Securities and Exchange Commission (or its staff, acting pursuant to delegated authority), declares the filing effective, such action:
(i) does not foreclose the Commission from taking any action with respect to the filing;
(ii) does not relieve the Registrant from its full responsibility for the adequacy and accuracy of the disclosure in the filing; and
(iii) may not be asserted by the Registrant as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
Very truly yours,
T. Rowe Price High Yield Fund, Inc., on behalf of
T. Rowe Price U.S. High Yield Fund
/s/David Oestreicher
By: _________________________
Name: David Oestreicher
Title: Vice President
T. Rowe Price Investment Services, Inc.,
principal underwriter
/s/Brian Poole
By: _________________________
Name: Brian Poole
Title: Vice President