T. Rowe Price High Yield Fund (PRHYX) N-CSRS Certified semi-annual shareholder report (management investment company)

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

TUHYX

U.S.

High

Yield

Fund

–

.

TUHAX

U.S.

High

Yield

Fund–

.

Advisor  Class

TUHIX

U.S.

High

Yield

Fund–

.

I Class

T.

ROWE

PRICE

U.S.

High

Yield

Fund

HIGHLIGHTS

The

U.S.

High

Yield

Fund

generated

negative

returns

and

underperformed

its

benchmark,

the

ICE

BofA

US

High

Yield

Constrained

Index,

and

its

Lipper

peer

group

average

over

the

six-month

period

ended

November

30,

2022.

Strained

liquidity

and

risk-off

sentiment

weighed

on

the

CCC

rating

bucket.

As

a

result,

our

overweight

allocation

to

bonds

rated

CCC,

coupled

with

security

selection

within

the

quality

bucket,

detracted

from

relative

performance.

Conversely,

our

selection

among

B

and

BB

rated

bonds

generated

relative

gains,

as

did

our

out-of-benchmark

allocation

to

leveraged

loans

(also

known

as

bank

debt).

In

terms

of

industry

positioning,

we

continued

to

hold

a

sizable

overweight

to

the

energy

sector,

which

represented

our

largest

absolute

position

and

benefited

performance.

However,

we

began

to

reduce

our

overweight

based

on

richer

valuations

and

as

credit

spreads

within

the

sector

tightened

following

a

sustained

period

of

outperformance.

We

believe

we

have

seen

peak

inflation

and

Treasury

rates

but

acknowledge

that

macro

risks

remain.

Given

continued

risks

around

the

potential

and

likelihood

of

a

recession,

we

continue

to

stress-test

credits

for

resiliency

in

such

an

environment,

and

we

have

upgraded

the

overall

quality

of

our

portfolio

since

the

start

of

the

year.

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

U.S.

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

U.S.

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

U.S.

High

Yield

Fund

Management’s

Discussion

of

Fund

Performance

3

INVESTMENT

OBJECTIVE 

The

fund

seeks

total

return,

and

secondarily,

current

income.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past six

months?

The

U.S.

High

Yield

Fund

returned

-4.55%

in

the

six-month

period

ended

November

30,

2022.

The

fund

underperformed

its

benchmark,

the

ICE

BofA

US

High

Yield

Constrained

Index,

and

the

Lipper

peer

group

average.

(Returns

for

Advisor

and

I

Class

shares

varied

slightly,

reflecting

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results

.

)

What

factors

influenced

the

fund’s

performance?

The

high

yield

bond

market

was

adversely

impacted

by

macro-

and

rate-driven

volatility

during

the

reporting

period.

Macroeconomic

sentiment

was

mixed

as

expectations

for

smaller

rate

hikes

supported

risk

assets

before

these

hopes

were

dashed

by

the

Federal

Reserve’s

hawkish

rhetoric

in

response

to

stubborn

inflation

and

tightness

in

the

labor

market,

further

spurring

recession

fears.

From

a

technical

perspective,

primary

issuance

remained

subdued

amid

volatility

and

higher

rates,

and

liquidity

remained

challenged.

Strained

liquidity

and

risk-off

sentiment

weighed

on

the

CCC

rating

bucket.

As

a

result,

our

overweight

allocation

to

bonds

rated

CCC,

coupled

with

security

selection

within

the

quality

bucket,

detracted

from

relative

performance.

Conversely,

our

selection

among

B

and

BB

rated

bonds

generated

relative

gains.

An

out-of-benchmark

allocation

to

leveraged

loans,

which

we

selectively

and

opportunistically

allocate

to

given

their

relatively

attractive

yields

and

limited

duration,

was

another

contributor

to

relative

performance

as

the

asset

class

significantly

outperformed

high

yield

bonds

amid

rising

rates.

The

industries

that

weighed

on

relative

results

included

basic

industry,

media,

and

automotive.

The

largest

detractors

among

individual

issuers

included

chemical

manufacturing

company

Venator

Materials,

which

traded

lower

due

to

its

exposure

to

Europe

as

mounting

concerns

about

a

potential

recession

PERFORMANCE

COMPARISON

Six-Month

Period

Ended

11/30/22

Total

Return

U.S.

High

Yield

Fund

–

.

-4.55‌%

U.S.

High

Yield

Fund–

.

Advisor  Class

-4.52‌

U.S.

High

Yield

Fund–

.

I  Class

-4.41‌

ICE

BofA

US

High

Yield

Constrained

Index

-3.03‌

Lipper

High

Yield

Funds

Average

-2.83‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

4

and

energy

crisis

weakened

sentiment

surrounding

the

region.

SI

Group,

which

produces

performance

additives

to

enhance

product

durability,

also

underperformed,

in

large

part

because

of

its

European

exposure.

Wheel

Pros,

which

designs

and

distributes

aftermarket

vehicle

enhancements,

also

traded

lower

given

the

discretionary

nature

of

its

products,

elevated

freight

costs,

and

a

reduced

liquidity

position

in

the

wake

of

recent

merger

and

acquisition

activity.

Radio

company

Audacy

was

another

detractor

as

the

company

experienced

a

slow

post-pandemic

recovery

due

to

a

slowdown

in

auto

advertising.

(Please

refer

to

the

fund’s

portfolio

of

investments

for

a

complete

list

of

holdings

and

the

amount

each

represents

in

the

portfolio.)

The

fund's

top

relative

performance

contributors

on

an

industry

basis

were

retail,

energy,

and

consumer

goods.

Our

best

individual

company

contributors

included

Victra

Finance,

the

largest

authorized

retailer

for

Verizon

Wireless.

The

company

renewed

its

contracts

with

Verizon

for

another

five

years,

and

its

recession-resistant

business

profile

further

boosted

sentiment.

Studio

City

Finance,

a

Macau-based

casino

operator,

rallied

after

the

company's

casino

licenses

were

extended

and

the

Chinese

government

eased

its

zero-COVID

policy.

Granite

US

Holdings,

a

provider

of

air

and

gas

handling

products

and

services,

was

another

top

contributor

after

rising

on

news

that

it

will

be

acquired

by

Chart

Industries.

Weatherford

International,

one

of

the

world's

largest

multinational

oil

and

natural

gas

service

companies,

outperformed

the

broader

sector

given

its

relative

insulation

to

oil

price

volatility

when

compared

with

its

exploration

and

production

peers.

How

is

the

fund

positioned?

We

continued

to

upgrade

the

credit

quality

of

the

fund.

The

reduction

of

our

underweight

to

the

BB

ratings

bucket,

which

began

in

the

first

quarter

of

2022

after

BB

rated

bonds

underperformed

alongside

an

upward

move

in

rates,

continued

over

the

reporting

period.

We

capitalized

on

this

underperformance

by

investing

in

what

we

believe

are

good

companies

at

attractive

dollar

prices,

which

has

also

worked

to

position

the

portfolio

more

defensively.

We

increased

our

allocation

to

BB

rated

bonds

from

approximately

17%

of

the

fund's

net

assets

at

the

start

of

the

reporting

period

to

around

24%

by

period-end,

and

we

will

likely

continue

to

increase

this

allocation

given

our

view

that

we

are

likely

past

peak

Treasury

rates.

We

decreased

our

allocation

to

B

and

CCC

rated

bonds

over

the

period

as

part

of

our

overall

credit

quality

upgrade

exercise.

Roughly

a

quarter

of

the

fund's

net

assets

remains

invested

in

CCC

rated

bonds,

which

provides

a

yield

and

spread

premium

relative

to

the

benchmark.

Within

the

CCC

bucket,

we

tend

to

tilt

our

positioning

to

the

higher-quality

portion

of

the

market

and/or

to

issuers

that

we

believe

are

mis-rated.

As

such,

the

names

we

do

hold

have

been

heavily

T.

ROWE

PRICE

U.S.

High

Yield

Fund

5

researched

and

generally

offer

long

maturity

runways

and

healthy

liquidity,

in

our

view.

We

also

reduced

our

allocation

to

loans

over

the

reporting

period

and

anticipate

further

reductions

given

the

asset

class's

notable

outperformance

over

high

yield

bonds

year-to-date.

In

terms

of

industry

positioning,

we

held

a

sizable

overweight

to

the

energy

sector

throughout

the

reporting

period,

which

benefited

performance

and

represented

our

largest

absolute

position.

However,

we

began

to

reduce

our

overweight

based

on

richer

valuations

and

as

credit

spreads

within

the

sector

tightened

following

a

sustained

period

of

outperformance.

We

also

held

an

overweight

to

consumer

goods

as

we

have

focused

on

credits

with

solid

balance

sheets,

long

debt

runways,

and

robust

liquidity.

In

addition,

certain

credits

offer

exposure

to

categories

that

have

been

resilient,

including

beauty

and

personal

care

products.

Insurance

was

another

overweight,

in

line

with

our

view

that

recurring

cash

flows,

strong

organic

revenue

growth,

and

robust

margins

have

positioned

the

sector

for

outperformance

amid

market

volatility.

Our

largest

underweights

are

to

health

care,

leisure,

and

services,

reflecting

our

view

that

more

attractive

valuations

can

be

found

in

other

segments

of

the

high

yield

market.

What

is

portfolio

management’s

outlook?

Despite

the

year-to-date

sell-off

and

the

increasing

likelihood

of

a

recession,

we

maintain

a

constructive

outlook

for

high

yield

bonds.

Spreads

remain

close

to

their

historical

averages,

while

defaults

remain

well

below

their

long-term

averages

as

many

companies

have

refinanced

their

debt

and

extended

their

maturity

walls.

While

default

rates

may

tick

somewhat

higher

from

here

due

to

slower

economic

growth

and

continued

monetary

tightening,

we

expect

they

will

remain

manageable

in

2023

based

on

an

overall

higher-quality

index

today

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

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.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

CREDIT

QUALITY

DIVERSIFICATION

U.S.

High

Yield

Fund

T.

ROWE

PRICE

U.S.

High

Yield

Fund

6

than

in

the

past

and

as

maturity

walls

have

been

extended

to

2025

and

2026.

In

addition,

technical

conditions

appear

favorable

as

net

supply

has

shrunk,

which

has

created

a

supply/demand

imbalance

for

cash

bonds,

particularly

in

the

lower

credit

quality

tiers

in

our

market.

We

believe

we

have

seen

peak

inflation

and

Treasury

rates

but

acknowledge

that

macro

risks

remain.

Given

continued

risks

around

the

potential

and

likelihood

of

a

recession,

we

continue

to

stress-test

credits

for

resiliency

in

such

an

environment,

and

we

have

upgraded

the

overall

quality

of

our

portfolio

since

the

start

of

the

year.

The

year-to-date

sell-off

has

created

more

total

return

opportunities

in

our

market.

Historical

periods

of

negative

performance

for

the

asset

class

have

typically

been

followed

by

periods

of

outsized

returns,

and

we

believe

there

is

considerable

opportunity

for

future

capital

appreciation

currently

built

into

our

market.

Additionally,

as

rates

have

materially

risen

year-to-date,

the

yield

profile

on

high

yield

bonds

is

attractive,

and

prospects

for

income

have

improved.

Credit

selection

remains

the

cornerstone

of

our

process

and

portfolio

construction,

and

we

expect

it

will

be

the

primary

driver

of

alpha

in

the

year

ahead,

as

it

has

been

for

us

over

the

long

term.

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

U.S.

High

Yield

Fund

7

RISKS

OF

INVESTING

An

issuer

of

a

debt

instrument

could

suffer

an

adverse

change

in

financial

condition

that

results

in

a

payment

default

(failure

to

make

scheduled

interest

or

principal

payments),

rating

downgrade,

or

inability

to

meet

a

financial

obligation.

Investments

in

bonds

that

are

rated

below

investment

grade,

commonly

referred

to

as

junk

bonds,

and

loans

that

are

rated

below

investment

grade

expose

the

fund

to

greater

volatility

and

credit

risk

than

investments

in

securities

that

are

rated

investment

grade.

Securities

that

are

rated

below

investment

grade

carry

greater

risk

of

default

and

should

be

considered

speculative.

Investments

in

bank

loans

expose

the

fund

to

additional

risks

beyond

those

normally

associated

with

more

traditional

debt

instruments.

The

value

of

the

fund’s

investments

may

decrease,

sometimes

rapidly

or

unexpectedly,

due

to

factors

affecting

an

issuer

held

by

the

fund,

particular

industries,

or

the

overall

securities

markets.

The

prices

of,

and

the

income

generated

by,

debt

instruments

held

by

the

fund

may

be

affected

by

changes

in

interest

rates.

Investments

in

the

securities

of

non-U.S.

issuers

may

be

adversely

affected

by

local,

political,

social,

and

economic

conditions

overseas;

greater

volatility;

reduced

liquidity;

or

decreases

in

foreign

currency

values

relative

to

the

U.S.

dollar.

The

risks

of

investing

outside

the

U.S.

are

heightened

for

any

investments

in

emerging

markets,

which

are

susceptible

to

greater

volatility

than

investments

in

developed

markets.

BENCHMARK

INFORMATION

Note:

ICE

Data

Indices,

LLC

(“ICE

DATA”),

is

used

with

permission.

ICE

DATA,

ITS

AFFILIATES

AND

THEIR

RESPECTIVE

THIRD-

PARTY

SUPPLIERS

DISCLAIM

ANY

AND

ALL

WARRANTIES

AND

REPRESENTATIONS,

EXPRESS

AND/OR

IMPLIED,

INCLUDING

ANY

WARRANTIES

OF

MERCHANTABILITY

OR

FITNESS

FOR

A

PARTICULAR

PURPOSE

OR

USE,

INCLUDING

THE

INDICES,

INDEX

DATA

AND

ANY

DATA

INCLUDED

IN,

RELATED

TO,

OR

DERIVED

THEREFROM.

NEITHER

ICE

DATA,

ITS

AFFILIATES

NOR

THEIR

RESPECTIVE

THIRD-PARTY

SUPPLIERS

SHALL

BE

SUBJECT

TO

ANY

DAMAGES

OR

LIABILITY

WITH

RESPECT

TO

THE

ADEQUACY,

ACCURACY,

TIMELINESS

OR

COMPLETENESS

OF

THE

INDICES

OR

THE

INDEX

DATA

OR

ANY

COMPONENT

THEREOF,

AND

THE

INDICES

AND

INDEX

DATA

AND

ALL

COMPONENTS

THEREOF

ARE

PROVIDED

ON

AN

“AS

IS”

BASIS

AND

YOUR

USE

IS

AT

YOUR

OWN

RISK.

ICE

DATA,

ITS

AFFILIATES

AND

THEIR

RESPECTIVE

THIRD-PARTY

SUPPLIERS

DO

NOT

SPONSOR,

ENDORSE,

OR

RECOMMEND

T.

ROWE

PRICE

OR

ANY

OF

ITS

PRODUCTS

OR

SERVICES.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

8

ICE

Benchmark

Administration

Limited

makes

no

warranty,

express

or

implied,

either

as

to

the

results

to

be

obtained

from

the

use

of

ICE

LIBOR

and/or

the

figure

at

which

ICE

LIBOR

stands

at

any

particular

time

on

any

particular

day

or

otherwise.

ICE

Benchmark

Administration

Limited

makes

no

express

or

implied

warranties

of

merchantability

or

fitness

for

a

particular

purpose

in

respect

of

any

use

of

ICE

LIBOR.

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:

Copyright

©

2022

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

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

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OR

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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

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availability

of

any

Content

and

are

not

responsible

for

any

errors

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omissions

(negligent

or

otherwise),

regardless

of

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cause,

or

for

the

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the

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In

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Providers

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liable

for

any

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costs,

expenses,

legal

fees,

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losses

(including

lost

income

or

lost

profit

and

opportunity

costs)

in

connection

with

any

use

of

the

Content.

A

reference

to

a

particular

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a

rating

or

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observation

concerning

an

investment

that

is

part

of

the

Content

is

not

BENCHMARK

INFORMATION

(continued)

T.

ROWE

PRICE

U.S.

High

Yield

Fund

9

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

U.S.

High

Yield

Fund

10

PORTFOLIO

HIGHLIGHTS

TWENTY-FIVE

LARGEST

ISSUERS

Percent

of

Net

Assets

11/30/22

Carnival

1.7‌%

Tutor

Perini

1.6‌ 

Sigma

Holdco

BV

1.5‌ 

eG

Global

Finance

1.5‌ 

Staples

1.4‌ 

LSF9

Atlantis

Holdings

LLC

/

Victra

Finance

1.4‌ 

HUB

International

1.3‌ 

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

1.3‌ 

VistaJet

Malta

Finance

PLC

/

XO

Management

Holding

1.3‌ 

DISH

DBS

1.3‌ 

ARD

Finance

1.3‌ 

ERO

Copper

1.3‌ 

Occidental

Petroleum

1.3‌ 

White

Cap

Parent

1.3‌ 

Citgo

Holding

1.2‌ 

Granite

US

Holdings

1.2‌ 

BroadStreet

Partners

1.2‌ 

SCIH

Salt

Holdings

1.2‌ 

Hess

Midstream

Partners

1.2‌ 

Ford

Motor

Credit

1.2‌ 

Deluxe

1.1‌ 

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

1.1‌ 

Weatherford

International

1.1‌ 

Coty

Inc/HFC

Prestige

Products

Inc/HFC

Prestige

International

US

1.1‌ 

Pike

1.1‌ 

Total

32.2‌%

Note:

The

information

shown

does

not

reflect

any

exchange-traded

funds

(ETFs),

cash

reserves,

or

collateral

for

securities

lending

that

may

be

held

in

the

portfolio.

Holdings

of

the

issuers

are

combined

and

may

be

shown

in

the

portfolio

of

investments

under

their

subsidiaries.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

11

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.

U.S.

HIGH

YIELD

FUND–ADVISOR

CLASS 

Note:

Performance

for

the

Investor

and

I

Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

12

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

11/30/22

1

Year

5

Years

Since

Inception

Inception

Date

U.S.

High

Yield

Fund

–

.

-12.47‌%

1.56‌%

2.01‌%

5/19/17

U.S.

High

Yield

Fund–

.

Advisor  Class

-12.62‌

1.38‌

3.93‌

4/30/13

U.S.

High

Yield

Fund–

.

I  Class

-12.24‌

1.69‌

4.22‌

4/30/13

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.

The

T.

Rowe

Price

U.S.

High

Yield

Fund

commenced

operations

on

May

19,

2017.

At

that

time,

the

fund

received

all

of

the

assets

and

liabilities

of

the

Henderson

High

Yield

Opportunities

Fund

(the

Predecessor

Fund)

and

adopted

its

performance

and

accounting

history.

The

fund

and

the

Predecessor

Fund

have

substantially

similar

investment

objectives

and

strategies.

The

Predecessor

Fund

was

managed

by

the

same

portfolio

manager

as

the

fund.

Performance

prior

to

May

19,

2017,

reflects

the

performance

of

Class

A

of

the

Predecessor

Fund

(Advisor

Class)

and

the

performance

of

Class

I

of

the

Predecessor

Fund

(I

Class).

The

Predecessor

Fund's

performance

reflects

its

actual

operating

expense

at

the

time

and

was

not

adjusted

to

reflect

the

impact

of

the

fund's

current

fees.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

13

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

three

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

the

Advisor

Class

shares

are

offered

only

through

unaffiliated

brokers

and

other

financial

intermediaries

and

charge

a

0.25%

12b-1

fee,

and

I

Class

shares

are

available

to

institutionally

oriented

clients

and

impose

no

12b-1

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.

Gross

Net

U.S.

High

Yield

Fund

0.78%

0.75‌%

U.S.

High

Yield

Fund–Advisor

Class

1.05 

0.90‌ 

U.S.

High

Yield

Fund–I

Class

0.65 

0.61‌ 

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.

The

fund

operates

under

a

contractual

expense

limitation

that

expires

on

September

30,

2023.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

14

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.

U.S.

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

$954.50

$3.67

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.31

  3.80

Advisor

Class

Actual

  1,000.00

  954.80

  4.41

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.56

  4.56

I

Class

Actual

  1,000.00

  955.90

  2.99

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.01

  3.09

*

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

0.75%,

the

2

Advisor Class

was

0.90%,

and

the

3

I Class

was

0.61%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

U.S.

High

Yield

Fund

15

QUARTER-END

RETURNS

Periods

Ended

9/30/22

1

Year

5

Years

Since

Inception

Inception

Date

U.S.

High

Yield

Fund

–

.

-17.07‌%

0.79‌%

1.29‌%

5/19/17

U.S.

High

Yield

Fund–

.

Advisor  Class

-17.30‌ 

0.61‌ 

3.55‌ 

4/30/13

U.S.

High

Yield

Fund–

.

I  Class

-16.96‌ 

0.92‌ 

3.84‌ 

4/30/13

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

and

3

I

Class

shares,

1-800-638-8790

.

This

table

provides

returns

through

the

most

recent

calendar

quarter-end

rather

than

through

the

end

of

the

fund’s

fiscal

period.

It

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

The

T.

Rowe

Price

U.S.

High

Yield

Fund

commenced

operations

on

May

19,

2017.

At

that

time,

the

fund

received

all

of

the

assets

and

liabilities

of

the

Henderson

High

Yield

Opportunities

Fund

(the

Predecessor

Fund)

and

adopted

its

performance

and

accounting

history.

The

fund

and

the

Predecessor

Fund

have

substantially

similar

investment

objectives

and

strategies.

The

Predecessor

Fund

was

managed

by

the

same

portfolio

manager

as

the

fund.

Performance

prior

to

May

19,

2017,

reflects

the

performance

of

Class

A

of

the

Predecessor

Fund

(Advisor

Class)

and

the

performance

of

Class

I

of

the

Predecessor

Fund

(I

Class).

The

Predecessor

Fund's

performance

reflects

its

actual

operating

expense

at

the

time

and

was

not

adjusted

to

reflect

the

impact

of

the

fund's

current

fees.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

(Unaudited)

Financial

Highlights

16

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

$

8

.73‌

$

10

.11‌

$

9

.39‌

$

9

.61‌

$

9

.77‌

$

10

.16‌

Investment

activities

Net

investment

income

(1)(2)

0

.29‌

0

.55‌

0

.56‌

0

.55‌

0

.62‌

0

.53‌

Net

realized

and

unrealized

gain/loss

(

0

.69‌

)

(

1

.30‌

)

0

.72‌

(

0

.22‌

)

(

0

.16‌

)

(

0

.29‌

)

Total

from

investment

activities

(

0

.40‌

)

(

0

.75‌

)

1

.28‌

0

.33‌

0

.46‌

0

.24‌

Distributions

Net

investment

income

(

0

.29‌

)

(

0

.55‌

)

(

0

.56‌

)

(

0

.55‌

)

(

0

.62‌

)

(

0

.54‌

)

Net

realized

gain

—‌

(

0

.08‌

)

—‌

—‌

—‌

(

0

.09‌

)

Total

distributions

(

0

.29‌

)

(

0

.63‌

)

(

0

.56‌

)

(

0

.55‌

)

(

0

.62‌

)

(

0

.63‌

)

NET

ASSET

VALUE

End

of

period

$

8

.04‌

$

8

.73‌

$

10

.11‌

$

9

.39‌

$

9

.61‌

$

9

.77‌

T.

ROWE

PRICE

U.S.

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.

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)

(

4

.55‌

)

%

(

7

.87‌

)

%

13

.94‌

%

3

.43‌

%

4

.91‌

%

2

.31‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.88‌

%

(4)

0

.78‌

%

0

.79‌

%

0

.87‌

%

0

.93‌

%

1

.13‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.75‌

%

(4)

0

.77‌

%

0

.79‌

%

0

.79‌

%

0

.80‌

%

0

.79‌

%

Net

investment

income

7

.10‌

%

(4)

5

.62‌

%

5

.60‌

%

5

.75‌

%

6

.38‌

%

5

.25‌

%

Portfolio

turnover

rate

11

.7‌

%

73

.4‌

%

135

.3‌

%

156

.7‌

%

134

.3‌

%

194

.2‌

%

Net

assets,

end

of

period

(in

thousands)

$224,689

$266,157

$437,017

$276,480

$174,818

$75,903

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

5

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

U.S.

High

Yield

Fund

(Unaudited)

Financial

Highlights

18

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

$

8

.71‌

$

10

.10‌

$

9

.38‌

$

9

.61‌

$

9

.77‌

$

10

.16‌

Investment

activities

Net

investment

income

(1)(2)

0

.28‌

0

.54‌

0

.55‌

0

.54‌

0

.60‌

0

.52‌

Net

realized

and

unrealized

gain/loss

(

0

.68‌

)

(

1

.31‌

)

0

.71‌

(

0

.24‌

)

(

0

.15‌

)

(

0

.30‌

)

Total

from

investment

activities

(

0

.40‌

)

(

0

.77‌

)

1

.26‌

0

.30‌

0

.45‌

0

.22‌

Distributions

Net

investment

income

(

0

.28‌

)

(

0

.54‌

)

(

0

.54‌

)

(

0

.53‌

)

(

0

.61‌

)

(

0

.52‌

)

Net

realized

gain

—‌

(

0

.08‌

)

—‌

—‌

—‌

(

0

.09‌

)

Total

distributions

(

0

.28‌

)

(

0

.62‌

)

(

0

.54‌

)

(

0

.53‌

)

(

0

.61‌

)

(

0

.61‌

)

NET

ASSET

VALUE

End

of

period

$

8

.03‌

$

8

.71‌

$

10

.10‌

$

9

.38‌

$

9

.61‌

$

9

.77‌

T.

ROWE

PRICE

U.S.

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.

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)

(

4

.52‌

)

%

(

8

.13‌

)

%

13

.78‌

%

3

.17‌

%

4

.76‌

%

2

.14‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1

.02‌

%

(4)

0

.99‌

%

0

.97‌

%

0

.98‌

%

1

.05‌

%

1

.41‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.90‌

%

(4)

0

.92‌

%

0

.94‌

%

0

.94‌

%

0

.95‌

%

0

.94‌

%

Net

investment

income

6

.96‌

%

(4)

5

.49‌

%

5

.52‌

%

5

.60‌

%

6

.25‌

%

5

.14‌

%

Portfolio

turnover

rate

11

.7‌

%

73

.4‌

%

135

.3‌

%

156

.7‌

%

134

.3‌

%

194

.2‌

%

Net

assets,

end

of

period

(in

thousands)

$5,414

$6,873

$13,815

$14,497

$10,963

$10,910

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

5

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

U.S.

High

Yield

Fund

(Unaudited)

Financial

Highlights

20

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

$

8

.68‌

$

10

.06‌

$

9

.35‌

$

9

.57‌

$

9

.73‌

$

10

.12‌

Investment

activities

Net

investment

income

(1)(2)

0

.30‌

0

.57‌

0

.57‌

0

.56‌

0

.63‌

0

.55‌

Net

realized

and

unrealized

gain/loss

(

0

.69‌

)

(

1

.31‌

)

0

.71‌

(

0

.22‌

)

(

0

.15‌

)

(

0

.30‌

)

Total

from

investment

activities

(

0

.39‌

)

(

0

.74‌

)

1

.28‌

0

.34‌

0

.48‌

0

.25‌

Distributions

Net

investment

income

(

0

.29‌

)

(

0

.56‌

)

(

0

.57‌

)

(

0

.56‌

)

(

0

.64‌

)

(

0

.55‌

)

Net

realized

gain

—‌

(

0

.08‌

)

—‌

—‌

—‌

(

0

.09‌

)

Total

distributions

(

0

.29‌

)

(

0

.64‌

)

(

0

.57‌

)

(

0

.56‌

)

(

0

.64‌

)

(

0

.64‌

)

NET

ASSET

VALUE

End

of

period

$

8

.00‌

$

8

.68‌

$

10

.06‌

$

9

.35‌

$

9

.57‌

$

9

.73‌

T.

ROWE

PRICE

U.S.

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.

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)

(

4

.41‌

)

%

(

7

.79‌

)

%

14

.04‌

%

3

.58‌

%

5

.06‌

%

2

.45‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.69‌

%

(4)

0

.65‌

%

0

.68‌

%

0

.72‌

%

0

.81‌

%

1

.00‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.61‌

%

(4)

0

.61‌

%

0

.63‌

%

0

.64‌

%

0

.64‌

%

0

.64‌

%

Net

investment

income

7

.25‌

%

(4)

6

.04‌

%

5

.78‌

%

5

.86‌

%

6

.59‌

%

5

.48‌

%

Portfolio

turnover

rate

11

.7‌

%

73

.4‌

%

135

.3‌

%

156

.7‌

%

134

.3‌

%

194

.2‌

%

Net

assets,

end

of

period

(in

thousands)

$201,123

$228,946

$55,120

$44,469

$29,428

$39,821

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

5

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

U.S.

High

Yield

Fund

November

30,

2022

(Unaudited)

22

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

BANK

LOANS

5.4%

(1)

Basic

Industry

1.0%

Tutor

Perini,

FRN,

1M

USD

LIBOR

+

4.75%,

8.821%,

8/18/27  (2)

4,433‌

4,167‌

4,167‌

Consumer

Goods

1.6%

Journey

Personal

Care,

FRN,

1M

USD

LIBOR

+

4.25%,

7.924%,

3/1/28 

5,901‌

4,220‌

Naked

Juice,

FRN,

1M

TSFR

+

6.10%,

9.653%,

1/20/30 

3,230‌

2,806‌

7,026‌

Health

Care

1.0%

Bausch

Health,

FRN,

1M

TSFR

+

5.25%,

9.146%,

2/1/27 

5,861‌

4,349‌

4,349‌

Retail

1.1%

KNS

Midco,

FRN,

1M

USD

LIBOR

+

6.25%,

10.42%,

4/21/27 

5,232‌

4,779‌

4,779‌

Services

0.7%

Staples,

FRN,

3M

USD

LIBOR

+

5.00%,

7.782%,

4/16/26 

3,365‌

2,996‌

2,996‌

Total

Bank

Loans

(Cost

$27,845)

23,317‌

CORPORATE

BONDS

87.3%

Automotive

4.3%

Adient

Global

Holdings,

4.875%,

8/15/26  (3)

4,727‌

4,325‌

Allison

Transmission,

3.75%,

1/30/31  (3)

3,360‌

2,789‌

Ford

Motor

Credit,

4.00%,

11/13/30 

3,195‌

2,730‌

Ford

Motor

Credit,

5.113%,

5/3/29 

2,420‌

2,237‌

Jaguar

Land

Rover

Automotive,

5.50%,

7/15/29  (3)

5,890‌

4,182‌

Wheel

Pros,

6.50%,

5/15/29  (3)

6,255‌

2,252‌

18,515‌

Basic

Industry

6.2%

Element

Solutions,

3.875%,

9/1/28  (3)

2,540‌

2,169‌

ERO

Copper,

6.50%,

2/15/30  (3)

6,940‌

5,348‌

Novelis,

3.875%,

8/15/31  (3)

4,910‌

4,026‌

Pike,

5.50%,

9/1/28  (3)

5,360‌

4,744‌

Polar

U.S.

Borrower,

6.75%,

5/15/26  (3)

6,250‌

2,570‌

SCIH

Salt

Holdings,

6.625%,

5/1/29  (3)

6,095‌

5,051‌

Tutor

Perini,

6.875%,

5/1/25  (3)

3,250‌

2,803‌

26,711‌

Capital

Goods

6.5%

ARD

Finance,

(6.500%

Cash

or

7.250%

PIK),

6.50%,

6/30/27  (3)(4)

7,238‌

5,356‌

Bombardier,

7.875%,

4/15/27  (3)

4,410‌

4,311‌

Dornoch

Debt

Merger

Sub,

6.625%,

10/15/29  (3)

6,370‌

4,236‌

GrafTech

Finance,

4.625%,

12/15/28  (3)

5,572‌

4,646‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

22

T.

ROWE

PRICE

U.S.

High

Yield

Fund

23

Par/Shares

$

Value

(Amounts

in

000s)

‡

Granite

U.S.

Holdings,

11.00%,

10/1/27  (3)

4,944‌

5,154‌

Spirit

AeroSystems,

4.60%,

6/15/28 

5,825‌

4,544‌

28,247‌

Consumer

Goods

6.2%

Coty,

4.75%,

1/15/29  (3)

5,355‌

4,726‌

Coty,

6.50%,

4/15/26  (3)

615‌

587‌

HLF

Financing,

4.875%,

6/1/29  (3)

5,644‌

4,021‌

MajorDrive

Holdings

IV,

6.375%,

6/1/29  (3)

5,985‌

4,609‌

Sigma

Holdco,

7.875%,

5/15/26  (3)

9,398‌

6,649‌

Tempur

Sealy

International,

3.875%,

10/15/31  (3)

2,503‌

1,921‌

Triton

Water

Holdings,

6.25%,

4/1/29  (3)

5,520‌

4,278‌

26,791‌

Energy

15.5%

Ascent

Resources

Utica

Holdings,

5.875%,

6/30/29  (3)

2,595‌

2,329‌

Ascent

Resources

Utica

Holdings,

8.25%,

12/31/28  (3)

2,515‌

2,496‌

Citgo

Holding,

9.25%,

8/1/24  (3)

5,105‌

5,111‌

Colgate

Energy

Partners

III,

5.875%,

7/1/29  (3)

4,215‌

3,878‌

Comstock

Resources,

6.75%,

3/1/29  (3)

1,530‌

1,473‌

Encino

Acquisition

Partners

Holdings,

8.50%,

5/1/28  (3)

4,307‌

4,135‌

EQM

Midstream

Partners,

4.50%,

1/15/29  (3)

685‌

600‌

EQM

Midstream

Partners,

4.75%,

1/15/31  (3)

1,735‌

1,466‌

Gulfport

Energy,

8.00%,

5/17/26  (3)

4,210‌

4,168‌

Harvest

Midstream

I,

7.50%,

9/1/28  (3)

4,270‌

4,110‌

Hess

Midstream

Operations,

4.25%,

2/15/30  (3)

4,525‌

3,880‌

Hess

Midstream

Operations,

5.50%,

10/15/30  (3)

1,140‌

1,049‌

Howard

Midstream

Energy

Partners,

6.75%,

1/15/27  (3)

4,920‌

4,576‌

NGL

Energy

Operating,

7.50%,

2/1/26  (3)

4,945‌

4,451‌

Occidental

Petroleum,

6.375%,

9/1/28 

2,410‌

2,452‌

Occidental

Petroleum,

6.45%,

9/15/36 

1,000‌

1,002‌

Occidental

Petroleum,

8.50%,

7/15/27 

1,740‌

1,897‌

Sunoco,

4.50%,

5/15/29 

2,700‌

2,349‌

Sunoco,

4.50%,

4/30/30 

2,775‌

2,407‌

Tallgrass

Energy

Partners,

6.00%,

12/31/30  (3)

6,200‌

5,596‌

USA

Compression

Partners,

6.875%,

9/1/27 

2,795‌

2,655‌

Weatherford

International,

8.625%,

4/30/30  (3)

4,943‌

4,714‌

66,794‌

Financial

Services

3.7%

Advisor

Group

Holdings,

10.75%,

8/1/27  (3)

3,595‌

3,658‌

AG

TTMT

Escrow

Issuer,

8.625%,

9/30/27  (3)

1,016‌

1,024‌

FirstCash,

5.625%,

1/1/30  (3)

4,810‌

4,377‌

PennyMac

Financial

Services,

4.25%,

2/15/29  (3)

4,615‌

3,611‌

Rocket

Mortgage,

4.00%,

10/15/33  (3)

4,455‌

3,268‌

15,938‌

Health

Care

2.8%

Bausch

Health

Americas,

9.25%,

4/1/26  (3)

2,295‌

1,446‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

24

Par/Shares

$

Value

(Amounts

in

000s)

‡

CHS,

5.25%,

5/15/30  (3)

2,275‌

1,723‌

CHS,

6.875%,

4/1/28  (3)

6,311‌

2,966‌

Pediatrix

Medical

Group,

5.375%,

2/15/30  (3)

4,305‌

3,638‌

U.S.

Renal

Care,

10.625%,

7/15/27  (3)

5,585‌

2,234‌

12,007‌

Insurance

3.9%

Alliant

Holdings

Intermediate,

5.875%,

11/1/29  (3)

3,080‌

2,622‌

BroadStreet

Partners,

5.875%,

4/15/29  (3)

6,005‌

5,097‌

HUB

International,

5.625%,

12/1/29  (3)

6,385‌

5,603‌

Ryan

Specialty

Group,

4.375%,

2/1/30  (3)

4,130‌

3,531‌

16,853‌

Leisure

4.7%

Carnival,

5.75%,

3/1/27  (3)

9,220‌

7,007‌

Carnival

Holdings

Bermuda,

10.375%,

5/1/28  (3)

1,220‌

1,269‌

Hilton

Domestic

Operating,

3.625%,

2/15/32  (3)

3,765‌

3,045‌

Life

Time,

5.75%,

1/15/26  (3)

4,399‌

4,179‌

Six

Flags

Entertainment,

5.50%,

4/15/27  (3)

356‌

321‌

Studio

City

Finance,

5.00%,

1/15/29  (3)

6,340‌

4,497‌

20,318‌

Media

7.1%

CCO

Holdings,

4.50%,

5/1/32 

5,410‌

4,382‌

CMG

Media,

8.875%,

12/15/27  (3)

4,717‌

3,632‌

Deluxe,

8.00%,

6/1/29  (3)

5,710‌

4,718‌

DISH

DBS,

7.375%,

7/1/28 

7,345‌

5,417‌

Radiate

Holdco,

6.50%,

9/15/28  (3)

6,350‌

3,508‌

Sinclair

Television

Group,

4.125%,

12/1/30  (3)

5,595‌

4,280‌

Urban

One,

7.375%,

2/1/28  (3)

5,155‌

4,485‌

30,422‌

Real

Estate

3.2%

Brookfield

Property

REIT,

4.50%,

4/1/27  (3)

4,770‌

4,174‌

Millennium

Escrow,

6.625%,

8/1/26  (3)

2,975‌

2,142‌

Outfront

Media

Capital,

4.25%,

1/15/29  (3)

5,040‌

4,183‌

VICI

Properties,

4.125%,

8/15/30  (3)

3,995‌

3,481‌

13,980‌

Retail

6.4%

Bath

&

Body

Works,

5.25%,

2/1/28 

3,605‌

3,290‌

Bath

&

Body

Works,

6.625%,

10/1/30  (3)

1,146‌

1,067‌

eG

Global

Finance,

6.75%,

2/7/25  (3)

6,985‌

6,304‌

LSF9

Atlantis

Holdings,

7.75%,

2/15/26  (3)

6,410‌

5,881‌

Michaels,

7.875%,

5/1/29  (3)

6,195‌

3,663‌

NMG

Holding,

7.125%,

4/1/26  (3)

3,355‌

3,221‌

Yum!

Brands,

3.625%,

3/15/31 

4,855‌

4,060‌

27,486‌

Services

2.8%

PECF

USS

Intermediate

Holding

III,

8.00%,

11/15/29  (3)

5,955‌

3,521‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

25

Par/Shares

$

Value

(Amounts

in

000s)

‡

Staples,

7.50%,

4/15/26  (3)

3,580‌

3,155‌

White

Cap

Parent,

(8.250%

PIK),

8.25%,

3/15/26  (3)(4)

6,225‌

5,291‌

11,967‌

Technology

&

Electronics

3.7%

CommScope,

8.25%,

3/1/27  (3)

5,271‌

4,513‌

Entegris,

3.625%,

5/1/29  (3)

4,708‌

3,961‌

ION

Trading

Technologies,

5.75%,

5/15/28  (3)

4,685‌

3,765‌

Veritas

U.S.,

7.50%,

9/1/25  (3)

5,355‌

3,829‌

16,068‌

Telecommunications

6.5%

Consolidated

Communications,

6.50%,

10/1/28  (3)

5,680‌

4,672‌

DKT

Finance,

9.375%,

6/17/23  (3)

2,955‌

2,874‌

Frontier

Communications

Holdings,

5.875%,

11/1/29 

2,615‌

2,079‌

Frontier

Communications

Holdings,

6.00%,

1/15/30  (3)

2,480‌

2,028‌

Frontier

Communications

Holdings,

6.75%,

5/1/29  (3)

505‌

422‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27  (3)

1,823‌

1,718‌

Level

3

Financing,

3.625%,

1/15/29  (3)

5,800‌

4,263‌

Northwest

Fiber,

4.75%,

4/30/27  (3)

5,215‌

4,563‌

Telesat

Canada,

6.50%,

10/15/27  (3)

3,900‌

1,199‌

Viasat,

6.50%,

7/15/28  (3)

5,650‌

4,329‌

28,147‌

Transportation

2.3%

American

Airlines,

5.75%,

4/20/29  (3)

4,615‌

4,280‌

VistaJet

Malta

Finance,

6.375%,

2/1/30  (3)

6,795‌

5,572‌

9,852‌

Utility

1.5%

Clearway

Energy

Operating,

3.75%,

2/15/31  (3)

5,035‌

4,229‌

Vistra

Operations,

5.625%,

2/15/27  (3)

2,381‌

2,298‌

6,527‌

Total

Corporate

Bonds

(Cost

$454,330)

376,623‌

PREFERRED

STOCKS

1.2%

Energy

0.6%

Crestwood

Equity

Partners,

9.25%  (5)

301‌

2,720‌

2,720‌

Financial

Services

0.6%

Ladenburg

Thalmann

Financial

Services,

6.50%,

11/30/27 

152‌

2,394‌

2,394‌

Total

Preferred

Stocks

(Cost

$4,842)

5,114‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

26

Par/Shares

$

Value

(Amounts

in

000s)

‡

SHORT-TERM

INVESTMENTS

4.1%

Money

Market

Funds

4.1%

T.

Rowe

Price

Government

Reserve

Fund,

3.86%  (6)(7)

17,514‌

17,514‌

Total

Short-Term

Investments

(Cost

$17,514)

17,514‌

Total

Investments

in

Securities

98.0%

of

Net

Assets

(Cost

$504,531)

$

422,568‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

27

‡

Par/Shares

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

$335,122

and

represents

77.7%

of

net

assets.

(4)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(5)

Perpetual

security

with

no

stated

maturity

date.

(6)

Seven-day

yield

(7)

Affiliated

Companies

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

FRN

Floating

Rate

Note

PIK

Payment-in-kind

T.

ROWE

PRICE

U.S.

High

Yield

Fund

28

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

six

months

ended

November

30,

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%

$

—‌

#

$

—‌

$

119‌

+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/22

Purchase

Cost

Sales

Cost

Value

11/30/22

T.

Rowe

Price

Government

Reserve

Fund,

3.86%

$

9,350‌

¤

¤

$

17,514‌

^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$119

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

$17,514.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

November

30,

2022

(Unaudited)

Statement

of

Assets

and

Liabilities

29

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$504,531)

$

422,568‌

Interest

receivable

7,995‌

Receivable

for

investment

securities

sold

2,576‌

Cash

349‌

Receivable

for

shares

sold

207‌

Other

assets

38‌

Total

assets

433,733‌

Liabilities

Payable

for

shares

redeemed

1,105‌

Payable

for

investment

securities

purchased

865‌

Investment

management

fees

payable

193‌

Due

to

affiliates

8‌

Other

liabilities

336‌

Total

liabilities

2,507‌

NET

ASSETS

$

431,226‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

November

30,

2022

(Unaudited)

Statement

of

Assets

and

Liabilities

30

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

(

109,917‌

)

Paid-in

capital

applicable

to

53,771,939

shares

of

$0.01

par

value

capital

stock

outstanding;

3,000,000,000

shares

of

the

Corporation

authorized

541,143‌

NET

ASSETS

$

431,226‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

($224,689,270

/

27,945,065

shares

outstanding)

$

8.04‌

Advisor

Class

($5,413,325

/

674,070

shares

outstanding)

$

8.03‌

I

Class

($201,122,984

/

25,152,804

shares

outstanding)

$

8.00‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

(Unaudited)

Statement

of

Operations

31

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/22

Investment

Income

(Loss)

Income

    Interest

$

17,879‌

Dividend

54‌

Total

income

17,933‌

Expenses

Investment

management

1,271‌

Shareholder

servicing

Investor

Class

$

273‌

Advisor

Class

5‌

I

Class

55‌

333‌

Rule

12b-1

fees

Advisor

Class

6‌

Prospectus

and

shareholder

reports

Investor

Class

22‌

I

Class

4‌

26‌

Custody

and

accounting

99‌

Registration

43‌

Legal

and

audit

18‌

Directors

1‌

Miscellaneous

9‌

Waived

/

paid

by

Price

Associates

(

241‌

)

Total

expenses

1,565‌

Net

investment

income

16,368‌

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

loss

on

securities

(

20,424‌

)

Change

in

net

unrealized

gain

/

loss

Securities

(

18,875‌

)

Other

assets

and

liabilities

denominated

in

foreign

currencies

(

9‌

)

Change

in

net

unrealized

gain

/

loss

(

18,884‌

)

Net

realized

and

unrealized

gain

/

loss

(

39,308‌

)

DECREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

(

22,940‌

)

T.

ROWE

PRICE

U.S.

High

Yield

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

32

($000s)

.

6

Months

Ended

11/30/22

Year

Ended

5/31/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

16,368‌

$

31,644‌

Net

realized

loss

(

20,424‌

)

(

4,168‌

)

Change

in

net

unrealized

gain

/

loss

(

18,884‌

)

(

74,201‌

)

Decrease

in

net

assets

from

operations

(

22,940‌

)

(

46,725‌

)

Distributions

to

shareholders

Net

earnings

Investor

Class

(

8,429‌

)

(

26,894‌

)

Advisor

Class

(

212‌

)

(

853‌

)

I

Class

(

7,640‌

)

(

8,628‌

)

Decrease

in

net

assets

from

distributions

(

16,281‌

)

(

36,375‌

)

Capital

share

transactions

*

Shares

sold

Investor

Class

49,775‌

174,704‌

Advisor

Class

342‌

3,724‌

I

Class

29,506‌

253,540‌

Distributions

reinvested

Investor

Class

7,980‌

24,341‌

Advisor

Class

212‌

853‌

I

Class

6,441‌

7,514‌

Shares

redeemed

Investor

Class

(

78,792‌

)

(

316,300‌

)

Advisor

Class

(

1,467‌

)

(

9,740‌

)

I

Class

(

45,526‌

)

(

59,512‌

)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

(

31,529‌

)

79,124‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

33

($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

(

70,750‌

)

(

3,976‌

)

Beginning

of

period

501,976‌

505,952‌

End

of

period

$

431,226‌

$

501,976‌

*Share

information

(000s)

Shares

sold

Investor

Class

6,130‌

17,787‌

Advisor

Class

42‌

384‌

I

Class

3,591‌

26,468‌

Distributions

reinvested

Investor

Class

988‌

2,489‌

Advisor

Class

26‌

87‌

I

Class

802‌

797‌

Shares

redeemed

Investor

Class

(

9,678‌

)

(

32,996‌

)

Advisor

Class

(

183‌

)

(

1,050‌

)

I

Class

(

5,625‌

)

(

6,359‌

)

Increase

(decrease)

in

shares

outstanding

(

3,907‌

)

7,607‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

34

T.

Rowe

Price

High

Yield

Fund,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

U.S.

High

Yield

Fund

(the

fund)

is a

diversified,

open-end

management

investment

company

established

by

the

corporation. The

fund

seeks

total

return,

and

secondarily,

current

income.

The

fund

has

three classes

of

shares:

the

U.S.

High

Yield

Fund

(Investor

Class),

the

U.S.

High

Yield

Fund–Advisor

Class

(Advisor

Class),

and

the

U.S.

High

Yield

Fund–I

Class

(I

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

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

and

I

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

35

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.

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.

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.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

36

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.

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)

T.

ROWE

PRICE

U.S.

High

Yield

Fund

37

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

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.

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

T.

ROWE

PRICE

U.S.

High

Yield

Fund

38

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.

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

-

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

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Corporate

Bonds

$

—‌

$

376,623‌

$

—‌

$

376,623‌

Bank

Loans

—‌

19,150‌

4,167‌

23,317‌

Preferred

Stocks

2,720‌

2,394‌

—‌

5,114‌

Short-Term

Investments

17,514‌

—‌

—‌

17,514‌

Total

$

20,234‌

$

398,167‌

$

4,167‌

$

422,568‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

39

suffer

an

adverse

change

in

financial

condition

that

would

result

in

the

inability

to

meet

a

financial

obligation.

The

noninvestment-grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

to

a

variety

of

factors

that

may

decrease

the

ability

of

issuers

to

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Accordingly,

securities

issued

by

such

companies

carry

a

higher

risk

of

default

and

should

be

considered

speculative. 

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Bank

Loans

 The

fund

invests

in

bank

loans,

which

represent

an

interest

in

amounts

owed

by

a

borrower

to

a

syndicate

of

lenders.

Bank

loans

are

generally

noninvestment

grade

and

often

involve

borrowers

whose

financial

condition

is

highly

leveraged.

The

fund

may

invest

in

fixed

and

floating

rate

loans,

which

may

include

senior

floating

rate

loans;

secured

and

unsecured

loans,

second

lien

or

more

junior

loans;

and

bridge

loans

or

bridge

facilities.

Certain

bank

loans

may

be

revolvers

which

are

a

form

of

senior

bank

debt,

where

the

borrower

can

draw

down

the

credit

of

the

revolver

when

it

needs

cash

and

repays

the

credit

when

the

borrower

has

excess

cash.

Certain

loans

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

T.

ROWE

PRICE

U.S.

High

Yield

Fund

40

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

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.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $51,479,000 and

$94,792,000,

respectively,

for

the

six

months ended

November

30,

2022.

NOTE

4

-

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

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.

At

November

30,

2022,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$504,721,000.

Net

unrealized

loss

aggregated

$82,171,000

at

period-end,

of

which $1,698,000

related

to

appreciated

investments

and $83,869,000

related

to

depreciated

investments.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

41

NOTE

5

-

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). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

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

0.27%

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

and Advisor Class

are

each

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

dates

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.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver. 

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

T.

ROWE

PRICE

U.S.

High

Yield

Fund

42

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.

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 $560,000 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.

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;

$215,000 for

T.

Rowe

Price

Services,

Inc.;

and

less

than

$1,000 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.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

Investor

Class

Advisor

Class

I

Class

Expense

limitation/I

Class

Limit

0.75%

0.90%

0.05%

Expense

limitation

date

09/30/23

09/30/23

09/30/23

(Waived)/repaid

during

the

period

($000s)

$(152)

$(4)

$(85)

T.

ROWE

PRICE

U.S.

High

Yield

Fund

43

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

6

-

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

U.S.

High

Yield

Fund

44

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

U.S.

High

Yield

Fund

45

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

U.S.

High

Yield

Fund

46

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

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All

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Investing

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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

-

2568593

F1106-051

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