T. Rowe Price High Yield Fund (PRHYX) N-CSR Certified 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: May 31, 2024

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual Shareholder Report

May 31, 2024

U.S. High Yield Fund

Investor Class (TUHYX)

This annual shareholder report contains important information about U.S. High Yield Fund (the "fund") for the period of June 1, 2023 to May 31, 2024. You can find the fund’s prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
U.S. High Yield Fund - Investor Class	$80	0.75%

What drove fund performance during the past 12 months?

• High yield bonds strongly advanced in the 12-month period ended May 31, 2024, as a pause in rate hikes, receding recession fears, healthy risk appetite, and favorable technical conditions—a pickup in primary issuance and improved market liquidity—supported performance.

• Compared with the style-specific ICE BofA US High Yield Constrained Index, the fund’s strongest relative results were in the media, consumer goods, and services segments. By credit quality, our selection in the B and BB rating tiers provided meaningful relative contributions. Our underweight to BBs was also beneficial as lower qualities outperformed. The fund’s off-benchmark allocation to bank loans added relative value as they outperformed high yield bonds for the year.

• Relative to the style-specific benchmark, the fund’s weakest results were in the capital goods, technology and electronic, and automotive industries. Our selection among CCC rated bonds also detracted. The fund’s cash position, necessary for liquidity purposes, held back relative gains in the strong performance environment.

• The fund seeks total return and, secondarily, current income by investing primarily in U.S. below investment-grade corporate debt securities. We utilized the market’s rally to trim/exit names that we believed to be fully valued and redeployed proceeds into higher-conviction ideas, selectively taking advantage of stronger primary issuance. We expect more income-like returns from here given tight spread levels. We significantly increased the credit quality of the fund and sought to maintain a current yield advantage versus the index by exchanging lower-coupon COVID-era bonds for higher-coupon paper and increasing bank loan exposure.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of May 31, 2024

	Investor Class	Regulatory Benchmark	Strategy Benchmark
5/19/17	10,000	10,000	10,000
5/31/17	10,036	10,032	10,044
8/31/17	10,198	10,156	10,168
11/30/17	10,334	10,100	10,272
2/28/18	10,374	9,935	10,271
5/31/18	10,268	9,995	10,274
8/31/18	10,498	10,049	10,500
11/30/18	10,290	9,965	10,294
2/28/19	10,641	10,250	10,708
5/31/19	10,772	10,635	10,825
8/31/19	11,151	11,071	11,191
11/30/19	11,348	11,040	11,283
2/29/20	11,412	11,447	11,341
5/31/20	11,141	11,636	10,858
8/31/20	11,833	11,788	11,596
11/30/20	12,224	11,844	11,990
2/28/21	12,485	11,605	12,308
5/31/21	12,694	11,589	12,501
8/31/21	12,889	11,778	12,786
11/30/21	12,754	11,708	12,634
2/28/22	12,530	11,299	12,407
5/31/22	11,695	10,636	11,875
8/31/22	11,298	10,422	11,452
11/30/22	11,163	10,204	11,515
2/28/23	11,526	10,200	11,723
5/31/23	11,565	10,408	11,855
8/31/23	12,151	10,298	12,257
11/30/23	12,209	10,325	12,507
2/29/24	12,757	10,540	13,010
5/31/24	12,988	10,544	13,181

202405-3565004, 202407-3567727

F1106-052 7/24

Average Annual Total Returns

	1 Year	5 Years	Since Inception 5/19/2017
U.S. High Yield Fund (Investor Class)	12.31%	3.81%	3.79%
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)	1.31	- 0.17	0.76
ICE BofA US High Yield Constrained Index (Strategy Benchmark)	11.18	4.02	4.01

The preceding line graph 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 fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares. The fund’s past performance is not a good predictor of the fund’s future performance. Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$474,187
Number of Portfolio Holdings	104

Investment Advisory Fees Paid (000s)	$2,174
Portfolio Turnover Rate	87.0%

What did the fund invest in?

Credit Quality Allocation* (as a % of Net Assets)

BB Rated	22.8%
B Rated	48.9
CCC Rated	9.9
Bank Debt	13.5
D Rated	0.2
Reserves	4.7

*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. When a rating is available from all three agencies, the median rating is used. If there are two ratings, the lower rating is used, and if only one rating is available, that rating is used. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.

Top Ten Holdings (as a % of Net Assets)

Energy Transfer	2.3%
Osaic Holdings	2.3
Aretec Group	2.0
Vistra	2.0
Victra Holdings	1.9
Six Flags Entertainment	1.9
Enbridge	1.7
Heartland Dental	1.7
Sigma Holdco	1.6
Civitas Resources	1.5

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Bloomberg and ICE do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

U.S. High Yield Fund 

Investor Class (TUHYX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

May 31, 2024

U.S. High Yield Fund

Advisor Class (TUHAX)

This annual shareholder report contains important information about U.S. High Yield Fund (the "fund") for the period of June 1, 2023 to May 31, 2024. You can find the fund’s prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
U.S. High Yield Fund - Advisor Class	$95	0.90%

What drove fund performance during the past 12 months?

• High yield bonds strongly advanced in the 12-month period ended May 31, 2024, as a pause in rate hikes, receding recession fears, healthy risk appetite, and favorable technical conditions—a pickup in primary issuance and improved market liquidity—supported performance.

• Compared with the style-specific ICE BofA US High Yield Constrained Index, the fund’s strongest relative results were in the media, consumer goods, and services segments. By credit quality, our selection in the B and BB rating tiers provided meaningful relative contributions. Our underweight to BBs was also beneficial as lower qualities outperformed. The fund’s off-benchmark allocation to bank loans added relative value as they outperformed high yield bonds for the year.

• Relative to the style-specific benchmark, the fund’s weakest results were in the capital goods, technology and electronic, and automotive industries. Our selection among CCC rated bonds also detracted. The fund’s cash position, necessary for liquidity purposes, held back relative gains in the strong performance environment.

• The fund seeks total return and, secondarily, current income by investing primarily in U.S. below investment-grade corporate debt securities. We utilized the market’s rally to trim/exit names that we believed to be fully valued and redeployed proceeds into higher-conviction ideas, selectively taking advantage of stronger primary issuance. We expect more income-like returns from here given tight spread levels. We significantly increased the credit quality of the fund and sought to maintain a current yield advantage versus the index by exchanging lower-coupon COVID-era bonds for higher-coupon paper and increasing bank loan exposure.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of May 31, 2024

	Advisor Class	Regulatory Benchmark	Strategy Benchmark
2014	10,000	10,000	10,000
2014	10,084	10,090	10,104
2014	9,955	10,192	9,933
2015	10,073	10,318	10,089
2015	10,263	10,303	10,186
2015	9,903	10,247	9,793
2015	9,760	10,291	9,582
2016	9,604	10,473	9,230
2016	10,195	10,612	10,096
2016	10,754	10,859	10,696
2016	10,924	10,514	10,756
2017	11,485	10,621	11,288
2017	11,697	10,780	11,493
2017	11,877	10,912	11,635
2017	12,033	10,852	11,754
2018	12,074	10,674	11,753
2018	11,946	10,739	11,757
2018	12,209	10,798	12,016
2018	11,963	10,707	11,780
2019	12,354	11,013	12,254
2019	12,515	11,426	12,388
2019	12,937	11,896	12,806
2019	13,161	11,862	12,912
2020	13,230	12,299	12,978
2020	12,911	12,502	12,425
2020	13,709	12,666	13,270
2020	14,156	12,726	13,720
2021	14,453	12,470	14,084
2021	14,690	12,452	14,305
2021	14,909	12,655	14,631
2021	14,748	12,579	14,458
2022	14,483	12,140	14,198
2022	13,496	11,428	13,589
2022	13,063	11,198	13,105
2022	12,886	10,964	13,177
2023	13,300	10,960	13,415
2023	13,340	11,183	13,566
2023	14,011	11,064	14,025
2023	14,073	11,094	14,312
2024	14,699	11,324	14,887
2024	14,960	11,329	15,083

202405-3565004, 202407-3567727

F1107-052 7/24

Average Annual Total Returns

	1 Year	5 Years	10 Years
U.S. High Yield Fund (Advisor Class)	12.14%	3.63%	4.11%
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)	1.31	- 0.17	1.26
ICE BofA US High Yield Constrained Index (Strategy Benchmark)	11.18	4.02	4.20

The preceding line graph 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 fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares. The fund’s past performance is not a good predictor of the fund’s future performance. Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$474,187
Number of Portfolio Holdings	104

Investment Advisory Fees Paid (000s)	$2,174
Portfolio Turnover Rate	87.0%

What did the fund invest in?

Credit Quality Allocation* (as a % of Net Assets)

BB Rated	22.8%
B Rated	48.9
CCC Rated	9.9
Bank Debt	13.5
D Rated	0.2
Reserves	4.7

*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. When a rating is available from all three agencies, the median rating is used. If there are two ratings, the lower rating is used, and if only one rating is available, that rating is used. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.

Top Ten Holdings (as a % of Net Assets)

Energy Transfer	2.3%
Osaic Holdings	2.3
Aretec Group	2.0
Vistra	2.0
Victra Holdings	1.9
Six Flags Entertainment	1.9
Enbridge	1.7
Heartland Dental	1.7
Sigma Holdco	1.6
Civitas Resources	1.5

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Bloomberg and ICE do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

U.S. High Yield Fund 

Advisor Class (TUHAX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

May 31, 2024

U.S. High Yield Fund

I Class (TUHIX)

This annual shareholder report contains important information about U.S. High Yield Fund (the "fund") for the period of June 1, 2023 to May 31, 2024. You can find the fund’s prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
U.S. High Yield Fund - I Class	$65	0.61%

What drove fund performance during the past 12 months?

• High yield bonds strongly advanced in the 12-month period ended May 31, 2024, as a pause in rate hikes, receding recession fears, healthy risk appetite, and favorable technical conditions—a pickup in primary issuance and improved market liquidity—supported performance.

• Compared with the style-specific ICE BofA US High Yield Constrained Index, the fund’s strongest relative results were in the media, consumer goods, and services segments. By credit quality, our selection in the B and BB rating tiers provided meaningful relative contributions. Our underweight to BBs was also beneficial as lower qualities outperformed. The fund’s off-benchmark allocation to bank loans added relative value as they outperformed high yield bonds for the year.

• Relative to the style-specific benchmark, the fund’s weakest results were in the capital goods, technology and electronic, and automotive industries. Our selection among CCC rated bonds also detracted. The fund’s cash position, necessary for liquidity purposes, held back relative gains in the strong performance environment.

• The fund seeks total return and, secondarily, current income by investing primarily in U.S. below investment-grade corporate debt securities. We utilized the market’s rally to trim/exit names that we believed to be fully valued and redeployed proceeds into higher-conviction ideas, selectively taking advantage of stronger primary issuance. We expect more income-like returns from here given tight spread levels. We significantly increased the credit quality of the fund and sought to maintain a current yield advantage versus the index by exchanging lower-coupon COVID-era bonds for higher-coupon paper and increasing bank loan exposure.

How has the fund performed?

Cumulative Returns of a Hypothetical $500,000 Investment as of May 31, 2024

	I Class	Regulatory Benchmark	Strategy Benchmark
2014	500,000	500,000	500,000
2014	504,483	504,512	505,175
2014	498,835	509,603	496,626
2015	504,448	515,879	504,434
2015	514,350	515,171	509,286
2015	496,715	512,359	489,630
2015	489,896	514,547	479,114
2016	482,542	523,631	461,513
2016	511,917	530,599	504,786
2016	540,269	542,926	534,798
2016	549,185	525,721	537,810
2017	577,867	531,041	564,408
2017	588,989	538,976	574,663
2017	598,563	545,600	581,766
2017	606,915	542,619	587,704
2018	609,489	533,724	587,666
2018	603,431	536,956	587,840
2018	617,210	539,875	600,781
2018	605,111	535,337	588,977
2019	626,055	550,642	612,690
2019	633,993	571,324	619,376
2019	656,606	594,794	640,301
2019	667,768	593,106	645,582
2020	671,801	614,971	648,889
2020	656,660	625,117	621,250
2020	697,127	633,297	663,480
2020	720,500	636,307	686,003
2021	736,167	623,480	704,219
2021	748,834	622,586	715,245
2021	760,649	632,763	731,542
2021	752,129	628,967	722,890
2022	739,817	606,994	709,880
2022	690,468	571,397	679,452
2022	667,883	559,895	655,227
2022	660,044	548,211	658,837
2023	680,912	547,983	670,764
2023	684,257	559,153	678,303
2023	719,315	553,214	701,268
2023	722,056	554,678	715,617
2024	754,829	566,215	744,365
2024	769,729	566,453	754,162

202405-3565004, 202407-3567727

F1108-052 7/24

Average Annual Total Returns

	1 Year	5 Years	10 Years
U.S. High Yield Fund (I Class)	12.49%	3.96%	4.41%
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)	1.31	- 0.17	1.26
ICE BofA US High Yield Constrained Index (Strategy Benchmark)	11.18	4.02	4.20

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares. The fund’s past performance is not a good predictor of the fund’s future performance. Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$474,187
Number of Portfolio Holdings	104

Investment Advisory Fees Paid (000s)	$2,174
Portfolio Turnover Rate	87.0%

What did the fund invest in?

Credit Quality Allocation* (as a % of Net Assets)

BB Rated	22.8%
B Rated	48.9
CCC Rated	9.9
Bank Debt	13.5
D Rated	0.2
Reserves	4.7

*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. When a rating is available from all three agencies, the median rating is used. If there are two ratings, the lower rating is used, and if only one rating is available, that rating is used. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.

Top Ten Holdings (as a % of Net Assets)

Energy Transfer	2.3%
Osaic Holdings	2.3
Aretec Group	2.0
Vistra	2.0
Victra Holdings	1.9
Six Flags Entertainment	1.9
Enbridge	1.7
Heartland Dental	1.7
Sigma Holdco	1.6
Civitas Resources	1.5

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Bloomberg and ICE do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

U.S. High Yield Fund 

I Class (TUHIX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

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

Not applicable.

Item 2.  Code of Ethics.

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3.  Audit Committee Financial Expert.

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

Item 4.  Principal Accountant Fees and Services.

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

		2024		2023
	Audit Fees	$	33,841	$	33,192
	Audit-Related Fees		-		-
	Tax Fees		-		-
	All Other Fees		-		-

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

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

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

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

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,230,000 and $1,521,000, respectively.

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

(i) Not applicable.

(j) Not applicable.

Item 5.  Audit Committee of Listed Registrants.

Not applicable.

Item 6.  Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7.  Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

May

31,

2024

Financial

Statements

and

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T.

ROWE

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TUHYX

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High

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TUHIX

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T.

ROWE

PRICE

U.S.

High

Yield

Fund

Financial

Highlights

3

For

a

share

outstanding

throughout

each

period

Investor

Class

..

Year

..

..

Ended

.

5/31/24

5/31/23

5/31/22

5/31/21

5/31/20

NET

ASSET

VALUE

Beginning

of

period

$

8.02‌

$

8.73‌

$

10.11‌

$

9.39‌

$

9.61‌

Investment

activities

Net

investment

income

(1)(2)

0.62‌

0.60‌

0.55‌

0.56‌

0.55‌

Net

realized

and

unrealized

gain/loss

0.34‌

(0.71‌)

(1.30‌)

0.72‌

(0.22‌)

Total

from

investment

activities

0.96‌

(0.11‌)

(0.75‌)

1.28‌

0.33‌

Distributions

Net

investment

income

(0.63‌)

(0.60‌)

(0.55‌)

(0.56‌)

(0.55‌)

Net

realized

gain

—‌

—‌

(0.08‌)

—‌

—‌

Total

distributions

(0.63‌)

(0.60‌)

(0.63‌)

(0.56‌)

(0.55‌)

NET

ASSET

VALUE

End

of

period

$

8.35‌

$

8.02‌

$

8.73‌

$

10.11‌

$

9.39‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

Financial

Highlights

4

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

5/31/24

5/31/23

5/31/22

5/31/21

5/31/20

Ratios/Supplemental

Data

Total

return

(2)(3)

12.31‌%

(1.11‌)%

(7.87‌)%

13.94‌%

3.43‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.83‌%

0.87‌%

0.78‌%

0.79‌%

0.87‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.75‌%

0.75‌%

0.77‌%

0.79‌%

0.79‌%

Net

investment

income

7.57‌%

7.34‌%

5.62‌%

5.60‌%

5.75‌%

Portfolio

turnover

rate

87.0‌%

31.6‌%

73.4‌%

135.3‌%

156.7‌%

Net

assets,

end

of

period

(in

thousands)

$254,953

$216,586

$266,157

$437,017

$276,480

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

Financial

Highlights

5

For

a

share

outstanding

throughout

each

period

Advisor

Class

..

Year

..

..

Ended

.

5/31/24

5/31/23

5/31/22

5/31/21

5/31/20

NET

ASSET

VALUE

Beginning

of

period

$

8.01‌

$

8.71‌

$

10.10‌

$

9.38‌

$

9.61‌

Investment

activities

Net

investment

income

(1)(2)

0.61‌

0.58‌

0.54‌

0.55‌

0.54‌

Net

realized

and

unrealized

gain/loss

0.33‌

(0.70‌)

(1.31‌)

0.71‌

(0.24‌)

Total

from

investment

activities

0.94‌

(0.12‌)

(0.77‌)

1.26‌

0.30‌

Distributions

Net

investment

income

(0.61‌)

(0.58‌)

(0.54‌)

(0.54‌)

(0.53‌)

Net

realized

gain

—‌

—‌

(0.08‌)

—‌

—‌

Total

distributions

(0.61‌)

(0.58‌)

(0.62‌)

(0.54‌)

(0.53‌)

NET

ASSET

VALUE

End

of

period

$

8.34‌

$

8.01‌

$

8.71‌

$

10.10‌

$

9.38‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

Financial

Highlights

6

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

..

Year

..

..

Ended

.

5/31/24

5/31/23

5/31/22

5/31/21

5/31/20

Ratios/Supplemental

Data

Total

return

(2)(3)

12.14‌%

(1.16‌)%

(8.13‌)%

13.78‌%

3.17‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

1.13‌%

1.01‌%

0.99‌%

0.97‌%

0.98‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.90‌%

0.90‌%

0.92‌%

0.94‌%

0.94‌%

Net

investment

income

7.43‌%

7.17‌%

5.49‌%

5.52‌%

5.60‌%

Portfolio

turnover

rate

87.0‌%

31.6‌%

73.4‌%

135.3‌%

156.7‌%

Net

assets,

end

of

period

(in

thousands)

$2,940

$4,178

$6,873

$13,815

$14,497

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

Financial

Highlights

7

For

a

share

outstanding

throughout

each

period

I

Class

..

Year

..

..

Ended

.

5/31/24

5/31/23

5/31/22

5/31/21

5/31/20

NET

ASSET

VALUE

Beginning

of

period

$

7.98‌

$

8.68‌

$

10.06‌

$

9.35‌

$

9.57‌

Investment

activities

Net

investment

income

(1)(2)

0.63‌

0.61‌

0.57‌

0.57‌

0.56‌

Net

realized

and

unrealized

gain/loss

0.34‌

(0.70‌)

(1.31‌)

0.71‌

(0.22‌)

Total

from

investment

activities

0.97‌

(0.09‌)

(0.74‌)

1.28‌

0.34‌

Distributions

Net

investment

income

(0.64‌)

(0.61‌)

(0.56‌)

(0.57‌)

(0.56‌)

Net

realized

gain

—‌

—‌

(0.08‌)

—‌

—‌

Total

distributions

(0.64‌)

(0.61‌)

(0.64‌)

(0.57‌)

(0.56‌)

NET

ASSET

VALUE

End

of

period

$

8.31‌

$

7.98‌

$

8.68‌

$

10.06‌

$

9.35‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

Financial

Highlights

8

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

5/31/24

5/31/23

5/31/22

5/31/21

5/31/20

Ratios/Supplemental

Data

Total

return

(2)(3)

12.49‌%

(0.90‌)%

(7.79‌)%

14.04‌%

3.58‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.67‌%

0.69‌%

0.65‌%

0.68‌%

0.72‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.61‌%

0.61‌%

0.61‌%

0.63‌%

0.64‌%

Net

investment

income

7.71‌%

7.49‌%

6.04‌%

5.78‌%

5.86‌%

Portfolio

turnover

rate

87.0‌%

31.6‌%

73.4‌%

135.3‌%

156.7‌%

Net

assets,

end

of

period

(in

thousands)

$216,294

$191,390

$228,946

$55,120

$44,469

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

May

31,

2024

9

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

BANK

LOANS

 13.5%

(1)

Consumer

Goods

 2.0%

Journey

Personal

Care,

FRN,

3M

TSFR

+

4.25%,

9.694%,

3/1/28 

4,874‌

4,853‌

Naked

Juice,

FRN,

3M

TSFR

+

6.00%,

11.402%,

1/24/30 

5,596‌

4,678‌

9,531‌

Energy

 0.8%

GIP

III

Stetson

I,

FRN,

1M

TSFR

+

3.50%,

8.829%,

10/31/28 

3,931‌

3,947‌

3,947‌

Financial

Services

 0.5%

Osaic

Holdings,

FRN,

1M

TSFR

+

4.00%,

9.329%,

8/17/28 

2,291‌

2,308‌

2,308‌

Health

Care

 1.5%

Endo

Finance

Holdings,

FRN,

1M

TSFR

+

4.50%,

9.826%,

4/23/31 

2,340‌

2,337‌

Surgery

Center

Holdings,

FRN,

1M

TSFR

+

3.50%,

8.821%,

12/5/30 

4,440‌

4,459‌

6,796‌

Leisure

 1.5%

Caesars

Entertainment,

FRN,

1M

TSFR

+

2.75%,

8.097%,

2/6/31 

5,880‌

5,889‌

Life

Time,

FRN,

1M

TSFR

+

4.00%,

9.591%,

1/15/26 

1,095‌

1,099‌

6,988‌

Media

 1.0%

Magnite,

FRN,

1M

TSFR

+

4.50%,

9.793%,

2/6/31 

4,590‌

4,616‌

4,616‌

Retail

 0.6%

Victra

Holdings,

FRN,

3M

TSFR

+

6.50%,

11.829%,

3/31/29 (2)

(3)

2,952‌

2,996‌

2,996‌

Services

 1.7%

KNS

Midco,

FRN,

1M

TSFR

+

6.25%,

11.694%,

4/21/27 

4,002‌

3,432‌

Vestis,

FRN,

1M

TSFR

+

2.25%,

7.577%,

2/22/31 

4,750‌

4,729‌

8,161‌

Technology

&

Electronics

 2.0%

Applied

Systems,

FRN,

1M

TSFR

+

3.50%,

8.809%,

2/24/31 

4,755‌

4,793‌

UKG,

FRN,

1M

TSFR

+

3.50%,

8.82%,

2/10/31 

4,745‌

4,779‌

9,572‌

Transportation

 1.9%

Mileage

Plus

Holdings,

FRN,

3M

TSFR

+

5.25%,

10.733%,

6/21/27 

3,567‌

3,646‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

‡

WestJet

Loyalty,

FRN,

1M

TSFR

+

3.75%,

9.052%,

2/14/31 

5,390‌

5,416‌

9,062‌

Total

Bank

Loans

(Cost

$64,683)

63,977‌

CORPORATE

BONDS

 81.2%

Automotive

 2.8%

Adient

Global

Holdings,

4.875%,

8/15/26 (4)

1,512‌

1,465‌

Adient

Global

Holdings,

8.25%,

4/15/31 (4)

1,005‌

1,045‌

Aston

Martin

Capital

Holdings,

10.00%,

3/31/29 (4)

4,848‌

4,666‌

Clarios

Global,

8.50%,

5/15/27 (4)

4,835‌

4,853‌

Jaguar

Land

Rover

Automotive,

5.50%,

7/15/29 (4)

1,045‌

992‌

13,021‌

Basic

Industry

 5.5%

Camelot

Return

Merger

Sub,

8.75%,

8/1/28 (4)

4,455‌

4,399‌

ERO

Copper,

6.50%,

2/15/30 (4)

5,075‌

4,917‌

First

Quantum

Minerals,

6.875%,

10/15/27 (4)

4,575‌

4,508‌

LGI

Homes,

8.75%,

12/15/28 (4)

4,425‌

4,569‌

Miter

Brands

Acquisition

Holdco,

6.75%,

4/1/32 (4)

2,015‌

1,992‌

White

Cap

Parent,

(8.250%

Cash

or

9.00%

PIK),

8.25%,

3/15/26 (4)(5)

5,760‌

5,688‌

26,073‌

Capital

Goods

 4.6%

AAR

Escrow

Issuer,

6.75%,

3/15/29 (4)

4,815‌

4,869‌

Bombardier,

7.25%,

7/1/31 (4)

4,645‌

4,715‌

GrafTech

Finance,

4.625%,

12/15/28 (4)

2,220‌

1,438‌

GrafTech

Global

Enterprises,

9.875%,

12/15/28 (4)

2,177‌

1,638‌

TransDigm,

6.75%,

8/15/28 (4)

4,570‌

4,621‌

Trivium

Packaging

Finance,

8.50%,

8/15/27 (4)

4,670‌

4,664‌

21,945‌

Consumer

Goods

 3.4%

Coty,

6.625%,

7/15/30 (4)

4,653‌

4,688‌

HLF

Financing,

12.25%,

4/15/29 (4)

3,774‌

3,708‌

Sigma

Holdco,

7.875%,

5/15/26 (4)

8,013‌

7,793‌

16,189‌

Energy

 19.1%

Ascent

Resources

Utica

Holdings,

8.25%,

12/31/28 (4)

4,505‌

4,584‌

Civitas

Resources,

8.75%,

7/1/31 (4)

6,490‌

6,912‌

Comstock

Resources,

6.75%,

3/1/29 (4)

5,175‌

4,994‌

CVR

Energy,

8.50%,

1/15/29 (4)

5,005‌

5,024‌

Enbridge,

Series NC5,

VR,

8.25%,

1/15/84 (6)

7,920‌

8,196‌

Encino

Acquisition

Partners

Holdings,

8.75%,

5/1/31 (4)

4,805‌

4,943‌

Energy

Transfer,

VR,

8.00%,

5/15/54 (6)

5,075‌

5,286‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

‡

Energy

Transfer,

Series F,

VR,

6.75% (6)(7)

760‌

748‌

Energy

Transfer,

Series H,

VR,

6.50% (6)(7)

5,090‌

4,982‌

Harvest

Midstream

I,

7.50%,

9/1/28 (4)

2,540‌

2,569‌

Howard

Midstream

Energy

Partners,

6.75%,

1/15/27 (4)

4,655‌

4,649‌

Kinetik

Holdings,

6.625%,

12/15/28 (4)

4,620‌

4,655‌

Matador

Resources,

6.50%,

4/15/32 (4)

4,845‌

4,821‌

NGL

Energy

Operating,

8.125%,

2/15/29 (4)

4,825‌

4,909‌

PBF

Holding,

7.875%,

9/15/30 (4)

4,740‌

4,852‌

Permian

Resources

Operating,

7.00%,

1/15/32 (4)

4,650‌

4,737‌

Sunoco,

7.00%,

5/1/29 (4)

4,725‌

4,808‌

Tallgrass

Energy

Partners,

7.375%,

2/15/29 (4)

4,125‌

4,135‌

Weatherford

International,

8.625%,

4/30/30 (4)

4,503‌

4,655‌

90,459‌

Financial

Services

 10.2%

Aretec

Group,

10.00%,

8/15/30 (4)

8,730‌

9,527‌

Credit

Acceptance,

9.25%,

12/15/28 (4)

5,010‌

5,273‌

Encore

Capital

Group,

9.25%,

4/1/29 (4)

4,835‌

5,028‌

FirstCash,

6.875%,

3/1/32 (4)

4,893‌

4,838‌

OneMain

Finance,

7.875%,

3/15/30 

4,850‌

4,941‌

Osaic

Holdings,

10.75%,

8/1/27 (4)

8,275‌

8,513‌

PennyMac

Financial

Services,

7.875%,

12/15/29 (4)

5,047‌

5,167‌

PRA

Group,

8.375%,

2/1/28 (4)

4,855‌

4,812‌

48,099‌

Health

Care

 5.3%

CHS,

8.00%,

3/15/26 (4)

2,496‌

2,502‌

CHS,

8.00%,

12/15/27 (4)

3,125‌

3,110‌

Endo

Finance

Holdings,

8.50%,

4/15/31 (4)

2,410‌

2,461‌

Heartland

Dental,

10.50%,

4/30/28 (4)

7,528‌

8,008‌

IQVIA,

6.50%,

5/15/30 (4)

4,810‌

4,846‌

Tenet

Healthcare,

6.25%,

2/1/27 

4,366‌

4,355‌

25,282‌

Insurance

 2.0%

Alliant

Holdings

Intermediate,

7.00%,

1/15/31 (4)

4,660‌

4,672‌

Panther

Escrow

Issuer,

7.125%,

6/1/31 (4)

4,800‌

4,830‌

9,502‌

Leisure

 5.6%

Carnival,

6.00%,

5/1/29 (4)

4,690‌

4,567‌

Carnival

Holdings

Bermuda,

10.375%,

5/1/28 (4)

4,265‌

4,601‌

Life

Time,

5.75%,

1/15/26 (4)

3,674‌

3,651‌

NCL,

8.375%,

2/1/28 (4)

4,395‌

4,582‌

Six

Flags

Entertainment,

7.25%,

5/15/31 (4)

8,978‌

8,933‌

26,334‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

‡

Media

 2.9%

CCO

Holdings,

4.50%,

5/1/32 

5,950‌

4,700‌

DISH

Network,

11.75%,

11/15/27 (4)

4,406‌

4,406‌

Outfront

Media

Capital,

7.375%,

2/15/31 (4)

4,665‌

4,817‌

13,923‌

Real

Estate

 1.0%

Brookfield

Property

REIT,

4.50%,

4/1/27 (4)

5,315‌

4,910‌

4,910‌

Retail

 2.9%

Cougar

JV

Subsidiary,

8.00%,

5/15/32 (4)

2,760‌

2,843‌

eG

Global

Finance,

12.00%,

11/30/28 (4)

4,605‌

4,749‌

Victra

Holdings,

7.75%,

2/15/26 (4)

6,067‌

5,991‌

13,583‌

Services

 4.0%

Avis

Budget

Car

Rental,

8.00%,

2/15/31 (4)

4,845‌

4,772‌

Ritchie

Bros

Holdings,

6.75%,

3/15/28 (4)

2,475‌

2,500‌

Ritchie

Bros

Holdings,

7.75%,

3/15/31 (4)

2,045‌

2,129‌

Sabre

GLBL,

11.25%,

12/15/27 (4)

5,060‌

4,921‌

Williams

Scotsman,

7.375%,

10/1/31 (4)

4,565‌

4,685‌

19,007‌

Technology

&

Electronics

 3.9%

Cloud

Software

Group,

8.25%,

6/30/32 (4)

4,820‌

4,844‌

McAfee,

7.375%,

2/15/30 (4)

4,825‌

4,469‌

Open

Text,

6.90%,

12/1/27 (4)

4,571‌

4,674‌

Seagate

HDD

Cayman,

8.25%,

12/15/29 (4)

2,285‌

2,445‌

Seagate

HDD

Cayman,

8.50%,

7/15/31 (4)

1,970‌

2,093‌

18,525‌

Telecommunications

 2.0%

Level

3

Financing,

10.50%,

4/15/29 (4)

4,645‌

4,633‌

Telesat

Canada,

6.50%,

10/15/27 (4)

4,080‌

1,183‌

Viasat,

6.50%,

7/15/28 (4)

5,050‌

3,712‌

9,528‌

Transportation

 1.9%

American

Airlines,

5.75%,

4/20/29 (4)

4,855‌

4,685‌

VistaJet

Malta

Finance,

6.375%,

2/1/30 (4)

4,130‌

3,314‌

VistaJet

Malta

Finance,

9.50%,

6/1/28 (4)

1,055‌

960‌

8,959‌

Utility

 4.1%

NRG

Energy,

VR,

10.25% (4)(6)(7)

4,730‌

5,144‌

Talen

Energy

Supply,

8.625%,

6/1/30 (4)

4,635‌

4,971‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

‡

Vistra,

VR,

8.00% (4)(6)(7)

9,286‌

9,379‌

19,494‌

Total

Corporate

Bonds

(Cost

$386,117)

384,833‌

PREFERRED

STOCKS

 0.6%

Financial

Services

 0.6%

Osaic

Financial

Services,

6.50%,

11/30/27 

152‌

2,955‌

Total

Preferred

Stocks

(Cost

$2,727)

2,955‌

SHORT-TERM

INVESTMENTS

 2.2%

Money

Market

Funds

 2.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (8)(9)

10,444‌

10,444‌

Total

Short-Term

Investments

(Cost

$10,444)

10,444‌

Total

Investments

in

Securities

97.5%

of

Net

Assets

(Cost

$463,971)

$

462,209‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

14

‡

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)

All

or

a

portion

of

this

loan

is

unsettled

as

of

May

31,

2024.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(4)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$351,625

and

represents

74.2%

of

net

assets.

(5)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(6)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(7)

Perpetual

security

with

no

stated

maturity

date.

(8)

Seven-day

yield

(9)

Affiliated

Companies

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

FRN

Floating

Rate

Note

PIK

Payment-in-kind

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

15

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

year

ended

May

31,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

—‌#

$

—‌

$

1,134‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/23

Purchase

Cost

Sales

Cost

Value

05/31/24

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

10,724‌

 ¤

 ¤

$

10,444‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$1,134

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

$10,444.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

May

31,

2024

Statement

of

Assets

and

Liabilities

16

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$463,971)

$

462,209‌

Interest

receivable

7,792‌

Receivable

for

investment

securities

sold

6,348‌

Receivable

for

shares

sold

184‌

Cash

115‌

Other

assets

50‌

Total

assets

476,698‌

Liabilities

Payable

for

investment

securities

purchased

1,230‌

Payable

for

shares

redeemed

801‌

Investment

management

fees

payable

221‌

Due

to

affiliates

16‌

Other

liabilities

243‌

Total

liabilities

2,511‌

Commitments

and

Contingent

Liabilities

(note

5

)

NET

ASSETS

$

474,187‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

May

31,

2024

Statement

of

Assets

and

Liabilities

17

($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)

$

(93,877‌)

Paid-in

capital

applicable

to

56,920,371

shares

of

$0.01

par

value

capital

stock

outstanding;

3,000,000,000

shares

of

the

Corporation

authorized

568,064‌

NET

ASSETS

$

474,187‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$254,953;

Shares

outstanding:

30,526,574)

$

8.35‌

Advisor

Class

(Net

assets:

$2,940;

Shares

outstanding:

352,428)

$

8.34‌

I

Class

(Net

assets:

$216,294;

Shares

outstanding:

26,041,369)

$

8.31‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

Statement

of

Operations

18

($000s)

Year

Ended

5/31/24

Investment

Income

(Loss)

Income

    Interest

$

36,128‌

Dividend

1,194‌

Other

1‌

Total

income

37,323‌

Expenses

Investment

management

2,492‌

Shareholder

servicing

Investor

Class

$

437‌

Advisor

Class

9‌

I

Class

76‌

522‌

Rule

12b-1

fees

Advisor

Class

10‌

Prospectus

and

shareholder

reports

Investor

Class

35‌

Advisor

Class

1‌

I

Class

10‌

46‌

Custody

and

accounting

179‌

Registration

80‌

Legal

and

audit

39‌

Proxy

and

annual

meeting

10‌

Directors

2‌

Miscellaneous

26‌

Waived

/

paid

by

Price

Associates

(318‌)

Total

expenses

3,088‌

Net

investment

income

34,235‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

Statement

of

Operations

19

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

5/31/24

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

loss

on

securities

(49,215‌)

Change

in

net

unrealized

gain

/

loss

Securities

66,317‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

5‌

Change

in

net

unrealized

gain

/

loss

66,322‌

Net

realized

and

unrealized

gain

/

loss

17,107‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

51,342‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

Statement

of

Changes

in

Net

Assets

20

($000s)

.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5/31/24

5/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

34,235‌

$

32,596‌

Net

realized

loss

(49,215‌)

(35,410‌)

Change

in

net

unrealized

gain

/

loss

66,322‌

(4,990‌)

Increase

(decrease)

in

net

assets

from

operations

51,342‌

(7,804‌)

Distributions

to

shareholders

Net

earnings

Investor

Class

(18,275‌)

(16,896‌)

Advisor

Class

(295‌)

(393‌)

I

Class

(15,665‌)

(15,194‌)

Decrease

in

net

assets

from

distributions

(34,235‌)

(32,483‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

118,318‌

104,416‌

Advisor

Class

888‌

852‌

I

Class

64,814‌

58,729‌

Distributions

reinvested

Investor

Class

17,412‌

15,963‌

Advisor

Class

295‌

392‌

I

Class

13,121‌

12,773‌

Shares

redeemed

Investor

Class

(106,516‌)

(148,928‌)

Advisor

Class

(2,601‌)

(3,398‌)

I

Class

(60,805‌)

(90,334‌)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

44,926‌

(49,535‌)

T.

ROWE

PRICE

U.S.

High

Yield

Fund

Statement

of

Changes

in

Net

Assets

21

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5/31/24

5/31/23

Net

Assets

Increase

(decrease)

during

period

62,033‌

(89,822‌)

Beginning

of

period

412,154‌

501,976‌

End

of

period

$

474,187‌

$

412,154‌

*Share

information

(000s)

Shares

sold

Investor

Class

14,322‌

12,826‌

Advisor

Class

109‌

104‌

I

Class

7,896‌

7,195‌

Distributions

reinvested

Investor

Class

2,110‌

1,973‌

Advisor

Class

36‌

48‌

I

Class

1,599‌

1,587‌

Shares

redeemed

Investor

Class

(12,904‌)

(18,305‌)

Advisor

Class

(314‌)

(420‌)

I

Class

(7,444‌)

(11,177‌)

Increase

(decrease)

in

shares

outstanding

5,410‌

(6,169‌)

T.

ROWE

PRICE

U.S.

High

Yield

Fund

NOTES

TO

FINANCIAL

STATEMENTS

22

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.

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.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

T.

ROWE

PRICE

U.S.

High

Yield

Fund

23

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class’s

average

daily

net

assets.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

T.

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U.S.

High

Yield

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24

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)

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

T.

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PRICE

U.S.

High

Yield

Fund

25

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques

Debt

securities

generally

are

traded

in

the over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

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

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

T.

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PRICE

U.S.

High

Yield

Fund

26

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

May

31,

2024

(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

suffer

an

adverse

change

in

financial

condition

that

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Corporate

Bonds

$

—‌

$

384,833‌

$

—‌

$

384,833‌

Bank

Loans

—‌

60,981‌

2,996‌

63,977‌

Preferred

Stocks

—‌

2,955‌

—‌

2,955‌

Short-Term

Investments

10,444‌

—‌

—‌

10,444‌

Total

$

10,444‌

$

448,769‌

$

2,996‌

$

462,209‌

T.

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PRICE

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High

Yield

Fund

27

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

T.

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PRICE

U.S.

High

Yield

Fund

28

both

the

funded

portion

of

a

bank

loan

as

well

as

its

unfunded

commitment

in

the

Portfolio

of

Investments.

However,

if

a

credit

agreement

provides

no

initial

funding

of

a

tranche,

and

funding

of

the

full

commitment

at

a

future

date(s)

is

at

the

borrower’s

discretion

and

considered

uncertain,

a

loan

is

reflected

in

the

Portfolio

of

Investments

only

if,

and

only

to

the

extent

that,

the

fund

has

actually

settled

a

funding

commitment.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $406,180,000 and

$369,667,000,

respectively,

for

the

year ended

May

31,

2024.

NOTE

4

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

($000s)

May

31,

2024

May

31,

2023

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

34,235‌

$

32,483‌

T.

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PRICE

U.S.

High

Yield

Fund

29

At

May

31,

2024,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

May

31,

2024,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales.

The

loss

carryforwards

and

deferrals

primarily

relate

to

capital

loss

carryforwards.

Capital

loss

carryforwards

are

available

indefinitely

to

offset

future

realized

capital

gains.

Other

temporary

differences

relate

primarily

to

amortization

of

organizational

costs.

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%

($000s)

Cost

of

investments

$

463,973‌

Unrealized

appreciation

$

6,754‌

Unrealized

depreciation

(8,521‌)

Net

unrealized

appreciation

(depreciation)

$

(1,767‌)

($000s)

Undistributed

ordinary

income

$

270‌

Net

unrealized

appreciation

(depreciation)

(1,767‌)

Loss

carryforwards

and

deferrals

(92,379‌)

Other

temporary

differences

(1‌)

Total

distributable

earnings

(loss)

$

(93,877‌)

T.

ROWE

PRICE

U.S.

High

Yield

Fund

30

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

May

31,

2024,

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.

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.

During

the

limitation

period,

Price

Associates

is required

to

waive

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

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.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

31

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

year ended May

31,

2024

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $920,000 remain

subject

to

repayment

by

the

fund

at

May

31,

2024.

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

year

ended

May

31,

2024,

expenses

incurred

pursuant

to

these

service

agreements

were

$106,000

for

Price

Associates;

$336,000

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.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

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

Investor

Class

Advisor

Class

I

Class

Expense

limitation/I

Class

Limit

0.75%

0.90%

0.05%

Expense

limitation

date

09/30/25

09/30/25

09/30/25

(Waived)/repaid

during

the

period

($000s)

$(177)

$(9)

$(132)

T.

ROWE

PRICE

U.S.

High

Yield

Fund

32

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.

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

year

ended

May

31,

2024,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

6

-

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

33

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

of

T.

Rowe

Price

High

Yield

Fund,

Inc.

and

Shareholders

of

T.

Rowe

Price

U.S.

High

Yield

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

U.S.

High

Yield

Fund

(one

of

the

funds

constituting

T.

Rowe

Price

High

Yield

Fund,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

May

31,

2024,

the

related

statement

of

operations

for

the

year

ended

May

31,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

May

31,

2024

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

May

31,

2024,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2024

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

May

31,

2024

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

34

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

May

31,

2024

by

correspondence

with

the

custodians,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.   

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

July

18,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

(continued)

T.

ROWE

PRICE

U.S.

High

Yield

Fund

35

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 5/31/24

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

For

taxable

non-corporate

shareholders,

$185,000

of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$185,000

of

the

fund's

income

qualifies

for

the

dividends-received

deduction.

For

shareholders

subject

to

interest

expense

deduction

limitation

under

Section

163(j),

$33,079,000

of

the

fund’s

income

qualifies

as

a

Section

163(j)

interest

dividend

and

can

be

treated

as

interest

income

for

purposes

of

Section

163(j),

subject

to

holding

period

requirements

and

other

limitations.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

36

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

Each

year,

the

fund’s

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

well

as

the

investment

subadvisory

agreement

(Subadvisory

Contract)

that

the

Adviser

has

entered

into

with

T.

Rowe

Price

Investment

Management,

Inc.

(Subadviser)

on

behalf

of

the

fund.

In

that

regard,

at

a

meeting

held

on

March

11–12,

2024

(Meeting),

the

Board,

including

all

of

the

fund’s

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

fund’s

Advisory

Contract

and

Subadvisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

Subadviser

and

the

approval

of

the

Advisory

Contract

and

Subadvisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

and

Subadvisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting,

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadviser

about

various

topics.

The

Board

also

considered

that

the

Subadviser

has

its

own

investment

platform

and

investment

management

leadership,

and

the

Adviser

and

Subadviser

have

implemented

information

barriers

restricting

the

sharing

of

investment

information

and

voting

activity.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T.

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

Services

Provided

by

the

Adviser

and

Subadviser

The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser

and

Subadviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund’s

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

However,

the

Board

noted

that

there

are

information

barriers

between

investment

personnel

of

the

Adviser

and

Subadviser

that

restrict

the

sharing

of

certain

information,

such

as

investment

research,

trading,

and

proxy

T.

ROWE

PRICE

U.S.

High

Yield

Fund

37

voting.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser’s

and

Subadviser’s

senior

management

teams

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser

and

Subadviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

Investment

Performance

of

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T.

Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund’s

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2023.

Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

as

of

September

30,

2023,

which

ranked

the

returns

of

the

fund’s

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

the

length

of

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund’s

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

Costs,

Benefits,

Profits,

and

Economies

of

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates,

including

the

Subadviser)

may

have

realized

from

its

relationship

with

the

fund.

In

considering

soft-dollar

arrangements

pursuant

to

which

research

may

be

received

from

broker-dealers

that

execute

the

fund’s

portfolio

transactions,

the

Board

noted

that

during

2023

the

Adviser

paid

the

costs

of

research

services

for

all

client

accounts

that

it

advises,

including

the

T.

Rowe

Price

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

T.

ROWE

PRICE

U.S.

High

Yield

Fund

38

funds.

However,

effective

January

1,

2024,

the

Adviser

will

begin

using

brokerage

commissions

in

connection

with

certain

T.

Rowe

Price

funds’

securities

transactions

to

pay

for

research

when

permissible.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T.

Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components—a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T.

Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund’s

average

daily

net

assets—and

the

fund

pays

its

own

expenses

of

operations.

Under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

group

fee

rate

decreases

as

total

T.

Rowe

Price

fund

assets

grow,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T.

Rowe

Price

funds,

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund’s

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

However,

the

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class’s

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser’s

and

Subadviser’s

ongoing

investments

in

their

business

in

support

of

the

T.

Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund’s

investors.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

T.

ROWE

PRICE

U.S.

High

Yield

Fund

39

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii)

actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

in

the

second

quintile

(Investor

Class

Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

in

the

first

quintile

(Investor

Class

Expense

Group)

and

second

quintile

(Advisor

Class

Expense

Group

and

Expense

Universe),

and

the

fund’s

total

expenses

ranked

in

the

third

quintile

(Investor

Class

Expense

Group),

first

quintile

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

business

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

business.

The

Board

considered

information

showing

that

the

Adviser’s

mutual

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

institutional

account

business

and

considered

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

T.

ROWE

PRICE

U.S.

High

Yield

Fund

40

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

mutual

fund

business.

In

assessing

the

reasonableness

of

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

mutual

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution’s

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T.

Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

Approval

of

the

Advisory

Contract

and

Subadvisory

Contract

As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F1106-050

7/24

Item 8.  Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9.  Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10.  Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11.  Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15.  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 16.  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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18.  Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19.  Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.
(2)	Listing standards relating to recovery of erroneously awarded compensation: not applicable.
(3)	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.
(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 U.S. High Yield Fund

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	July 18, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	July 18, 2024
By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	July 18, 2024