noodls browser compatibility check

The security settings of your browser are blocking the execution of scripts.

To use noodls, javascript support must be enabled. Please change your browser's security settings to enable javascript.

If you have changed your browser's security settings, you can click here.

related announcements

Company News

Economy, Business and Finance

T. Rowe Price High Yield Fund Inc

08/01/2024 | Press release | Distributed by Public on 08/01/2024 13:36

Annual Report by Investment Company Form N CSR

High Yield Fund_HYF_F57-050

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

High Yield Fund

Z Class(TRKZX)

This annual shareholder report contains important information about 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 [email protected]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
High Yield Fund - Z Class	$0	0.00%

What drove fund performance during the past 12 months?

The high yield market posted solid gains in the year ended May 31, 2024, despite diminished expectations for Federal Reserve rate cuts in 2024. The resilient economy, strong equity returns, and supportive technical conditions bolstered the asset class's performance.
Compared with the style-specific Credit Suisse High Yield Index, the fund's off-benchmark allocation to bank loans-which outpaced high yield bonds over the past year-was a leading contributor to relative results, driven by holdings in Asurion and Ascend Learning. Credit selection in the services segment added value, partly due to Allied Universal, whose scale, attractive services characteristics, and expectation of improving results support our conviction.
Selection among cable operators was a notable detractor, largely due to Altice France. In March, the company aggressively moved pending asset sales to an unrestricted subsidiary and threatened to withhold them from creditors unless bondholders took a haircut to their claims. The fund's zero weight in Carvana throughout most of the past year held back gains relative to the style-specific benchmark in the information technology sector.
The fund seeks to provide high current income and some capital appreciation through the identification of issues with above-average yield and the potential for price improvement. Over the past year, we increased the fund's energy sector exposure. Following a period of conservative capital decisions by many energy management teams, the sector may be poised to benefit from falling productivity among U.S. onshore drilling companies as more offshore drilling operations come online.

How has the fund performed?

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

	Z Class	Regulatory Benchmark	Strategy Benchmark	Previous Benchmark
3/16/20	10,000	10,000	10,000	10,000
5/31/20	10,893	10,215	10,773	10,765
8/31/20	11,535	10,349	11,491	11,485
11/30/20	11,894	10,398	11,882	11,869
2/28/21	12,186	10,188	12,191	12,209
5/31/21	12,421	10,173	12,378	12,424
8/31/21	12,708	10,340	12,656	12,662
11/30/21	12,583	10,278	12,508	12,521
2/28/22	12,412	9,919	12,268	12,333
5/31/22	11,856	9,337	11,725	11,830
8/31/22	11,451	9,149	11,314	11,452
11/30/22	11,531	8,958	11,388	11,476
2/28/23	11,807	8,954	11,599	11,704
5/31/23	11,919	9,137	11,731	11,881
8/31/23	12,376	9,040	12,127	12,285
11/30/23	12,674	9,064	12,378	12,523
2/29/24	13,145	9,252	12,876	13,026
5/31/24	13,302	9,256	13,048	13,201

202405-3565004, 202407-3567256

F1254-052 7/24

Average Annual Total Returns

	1 Year	Since Inception 3/16/2020
High Yield Fund (Z Class)	11.60%	7.02%
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)	1.31	- 1.82
Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index (Strategy Benchmark)	11.23	6.53
Credit Suisse High Yield Index (Previous Benchmark)	11.11	6.82

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)	$6,747,071
Number of Portfolio Holdings	440

Investment Advisory Fees Paid (000s)	$20,129
Portfolio Turnover Rate	37.9%

What did the fund invest in?

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

BBB/BB Rated and Above	2.8%
BB Rated	27.3
BB/B Rated	21.4
B Rated	27.6
B/CCC Rated	5.1
CCC Rated and Below	9.5
Not Rated	3.0
Short-Term Holdings	3.3

*Credit ratings for the securities held in the Fund are provided by Moody's and Standard & Poor's and are converted to the Standard & Poor's nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. Split ratings (e.g., BB/B and B/CCC) are assigned when Moody's and S&P differ. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.

Top Ten Holdings(as a % of Net Assets)

TransDigm	1.9%
CCO Holdings	1.8
Asurion	1.5
Tenet Healthcare	1.5
Cloud Software Group	1.5
HUB International	1.5
Navient	1.4
OneMain Finance	1.4
Venture Global LNG	1.4
Rivian Holdings	1.2

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 Credit Suisse 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-disclosuresfor additional legal notices & disclaimers.

High Yield Fund

Z Class(TRKZX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

May 31, 2024

High Yield Fund

Investor Class(PRHYX)

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
High Yield Fund - Investor Class	$74	0.70%

What drove fund performance during the past 12 months?

The high yield market posted solid gains in the year ended May 31, 2024, despite diminished expectations for Federal Reserve rate cuts in 2024. The resilient economy, strong equity returns, and supportive technical conditions bolstered the asset class's performance.
Compared with the style-specific Credit Suisse High Yield Index, the fund's off-benchmark allocation to bank loans-which outpaced high yield bonds over the past year-was a leading contributor to relative results, driven by holdings in Asurion and Ascend Learning. Credit selection in the services segment added value, partly due to Allied Universal, whose scale, attractive services characteristics, and expectation of improving results support our conviction.
Selection among cable operators was a notable detractor, largely due to Altice France. In March, the company aggressively moved pending asset sales to an unrestricted subsidiary and threatened to withhold them from creditors unless bondholders took a haircut to their claims. The fund's zero weight in Carvana throughout most of the past year held back gains relative to the style-specific benchmark in the information technology sector.
The fund seeks to provide high current income and some capital appreciation through the identification of issues with above-average yield and the potential for price improvement. Over the past year, we increased the fund's energy sector exposure. Following a period of conservative capital decisions by many energy management teams, the sector may be poised to benefit from falling productivity among U.S. onshore drilling companies as more offshore drilling operations come online.

How has the fund performed?

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

	Investor Class	Regulatory Benchmark	Strategy Benchmark	Previous Benchmark
2014	10,000	10,000	10,000	10,000
2014	10,095	10,090	10,108	10,101
2014	9,892	10,192	9,941	9,901
2015	10,012	10,318	10,099	10,035
2015	10,201	10,303	10,196	10,163
2015	9,802	10,247	9,812	9,753
2015	9,617	10,291	9,605	9,549
2016	9,310	10,473	9,265	9,139
2016	10,028	10,612	10,118	10,006
2016	10,506	10,859	10,707	10,617
2016	10,578	10,514	10,768	10,744
2017	11,073	10,621	11,288	11,260
2017	11,277	10,780	11,491	11,442
2017	11,416	10,912	11,630	11,570
2017	11,535	10,852	11,754	11,698
2018	11,520	10,674	11,760	11,710
2018	11,460	10,739	11,761	11,714
2018	11,637	10,798	12,026	11,967
2018	11,417	10,707	11,797	11,725
2019	11,863	11,013	12,266	12,165
2019	12,078	11,426	12,409	12,299
2019	12,506	11,896	12,814	12,696
2019	12,633	11,862	12,938	12,791
2020	12,608	12,299	13,014	12,822
2020	12,182	12,502	12,571	12,260
2020	12,878	12,666	13,410	13,079
2020	13,256	12,726	13,866	13,517
2021	13,558	12,470	14,226	13,904
2021	13,775	12,452	14,445	14,148
2021	14,067	12,655	14,769	14,420
2021	13,905	12,579	14,597	14,259
2022	13,692	12,140	14,316	14,045
2022	13,054	11,428	13,683	13,473
2022	12,585	11,198	13,203	13,041
2022	12,651	10,964	13,289	13,070
2023	12,954	10,960	13,535	13,329
2023	13,031	11,183	13,689	13,531
2023	13,508	11,064	14,152	13,991
2023	13,809	11,094	14,444	14,262
2024	14,297	11,324	15,026	14,834
2024	14,468	11,329	15,226	15,034

202405-3565004, 202407-3567256

F57-052 7/24

Average Annual Total Returns

	1 Year	5 Years	10 Years
High Yield Fund (Investor Class)	11.03%	3.68%	3.76%
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)	1.31	- 0.17	1.26
Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index (Strategy Benchmark)	11.23	4.18	4.29
Credit Suisse High Yield Index (Previous Benchmark)	11.11	4.10	4.16

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$6,747,071
Number of Portfolio Holdings	440

Investment Advisory Fees Paid (000s)	$20,129
Portfolio Turnover Rate	37.9%

What did the fund invest in?

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

BBB/BB Rated and Above	2.8%
BB Rated	27.3
BB/B Rated	21.4
B Rated	27.6
B/CCC Rated	5.1
CCC Rated and Below	9.5
Not Rated	3.0
Short-Term Holdings	3.3

Top Ten Holdings(as a % of Net Assets)

TransDigm	1.9%
CCO Holdings	1.8
Asurion	1.5
Tenet Healthcare	1.5
Cloud Software Group	1.5
HUB International	1.5
Navient	1.4
OneMain Finance	1.4
Venture Global LNG	1.4
Rivian Holdings	1.2

High Yield Fund

Investor Class(PRHYX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

May 31, 2024

High Yield Fund

Advisor Class(PAHIX)

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
High Yield Fund - Advisor Class	$108	1.03%

What drove fund performance during the past 12 months?

The high yield market posted solid gains in the year ended May 31, 2024, despite diminished expectations for Federal Reserve rate cuts in 2024. The resilient economy, strong equity returns, and supportive technical conditions bolstered the asset class's performance.
Compared with the style-specific Credit Suisse High Yield Index, the fund's off-benchmark allocation to bank loans-which outpaced high yield bonds over the past year-was a leading contributor to relative results, driven by holdings in Asurion and Ascend Learning. Credit selection in the services segment added value, partly due to Allied Universal, whose scale, attractive services characteristics, and expectation of improving results support our conviction.
Selection among cable operators was a notable detractor, largely due to Altice France. In March, the company aggressively moved pending asset sales to an unrestricted subsidiary and threatened to withhold them from creditors unless bondholders took a haircut to their claims. The fund's zero weight in Carvana throughout most of the past year held back gains relative to the style-specific benchmark in the information technology sector.
The fund seeks to provide high current income and some capital appreciation through the identification of issues with above-average yield and the potential for price improvement. Over the past year, we increased the fund's energy sector exposure. Following a period of conservative capital decisions by many energy management teams, the sector may be poised to benefit from falling productivity among U.S. onshore drilling companies as more offshore drilling operations come online.

How has the fund performed?

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

	Advisor Class	Regulatory Benchmark	Strategy Benchmark	Previous Benchmark
2014	10,000	10,000	10,000	10,000
2014	10,089	10,090	10,108	10,101
2014	9,879	10,192	9,941	9,901
2015	9,994	10,318	10,099	10,035
2015	10,177	10,303	10,196	10,163
2015	9,771	10,247	9,812	9,753
2015	9,580	10,291	9,605	9,549
2016	9,257	10,473	9,265	9,139
2016	9,970	10,612	10,118	10,006
2016	10,444	10,859	10,707	10,617
2016	10,513	10,514	10,768	10,744
2017	11,003	10,621	11,288	11,260
2017	11,200	10,780	11,491	11,442
2017	11,348	10,912	11,630	11,570
2017	11,441	10,852	11,754	11,698
2018	11,436	10,674	11,760	11,710
2018	11,350	10,739	11,761	11,714
2018	11,517	10,798	12,026	11,967
2018	11,291	10,707	11,797	11,725
2019	11,725	11,013	12,266	12,165
2019	11,930	11,426	12,409	12,299
2019	12,345	11,896	12,814	12,696
2019	12,481	11,862	12,938	12,791
2020	12,427	12,299	13,014	12,822
2020	11,999	12,502	12,571	12,260
2020	12,677	12,666	13,410	13,079
2020	13,034	12,726	13,866	13,517
2021	13,321	12,470	14,226	13,904
2021	13,545	12,452	14,445	14,148
2021	13,804	12,655	14,769	14,420
2021	13,633	12,579	14,597	14,259
2022	13,414	12,140	14,316	14,045
2022	12,777	11,428	13,683	13,473
2022	12,328	11,198	13,203	13,041
2022	12,383	10,964	13,289	13,070
2023	12,650	10,960	13,535	13,329
2023	12,737	11,183	13,689	13,531
2023	13,192	11,064	14,152	13,991
2023	13,476	11,094	14,444	14,262
2024	13,941	11,324	15,026	14,834
2024	14,071	11,329	15,226	15,034

202405-3565004, 202407-3567256

F257-052 7/24

Average Annual Total Returns

	1 Year	5 Years	10 Years
High Yield Fund (Advisor Class)	10.47%	3.36%	3.47%
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)	1.31	- 0.17	1.26
Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index (Strategy Benchmark)	11.23	4.18	4.29
Credit Suisse High Yield Index (Previous Benchmark)	11.11	4.10	4.16

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$6,747,071
Number of Portfolio Holdings	440

Investment Advisory Fees Paid (000s)	$20,129
Portfolio Turnover Rate	37.9%

What did the fund invest in?

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

BBB/BB Rated and Above	2.8%
BB Rated	27.3
BB/B Rated	21.4
B Rated	27.6
B/CCC Rated	5.1
CCC Rated and Below	9.5
Not Rated	3.0
Short-Term Holdings	3.3

Top Ten Holdings(as a % of Net Assets)

TransDigm	1.9%
CCO Holdings	1.8
Asurion	1.5
Tenet Healthcare	1.5
Cloud Software Group	1.5
HUB International	1.5
Navient	1.4
OneMain Finance	1.4
Venture Global LNG	1.4
Rivian Holdings	1.2

High Yield Fund

Advisor Class(PAHIX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

May 31, 2024

High Yield Fund

I Class(PRHIX)

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
High Yield Fund - I Class	$65	0.62%

What drove fund performance during the past 12 months?

The high yield market posted solid gains in the year ended May 31, 2024, despite diminished expectations for Federal Reserve rate cuts in 2024. The resilient economy, strong equity returns, and supportive technical conditions bolstered the asset class's performance.
Compared with the style-specific Credit Suisse High Yield Index, the fund's off-benchmark allocation to bank loans-which outpaced high yield bonds over the past year-was a leading contributor to relative results, driven by holdings in Asurion and Ascend Learning. Credit selection in the services segment added value, partly due to Allied Universal, whose scale, attractive services characteristics, and expectation of improving results support our conviction.
Selection among cable operators was a notable detractor, largely due to Altice France. In March, the company aggressively moved pending asset sales to an unrestricted subsidiary and threatened to withhold them from creditors unless bondholders took a haircut to their claims. The fund's zero weight in Carvana throughout most of the past year held back gains relative to the style-specific benchmark in the information technology sector.
The fund seeks to provide high current income and some capital appreciation through the identification of issues with above-average yield and the potential for price improvement. Over the past year, we increased the fund's energy sector exposure. Following a period of conservative capital decisions by many energy management teams, the sector may be poised to benefit from falling productivity among U.S. onshore drilling companies as more offshore drilling operations come online.

How has the fund performed?

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

	I Class	Regulatory Benchmark	Strategy Benchmark	Previous Benchmark
8/28/15	500,000	500,000	500,000	500,000
8/31/15	500,083	499,700	500,568	500,344
11/30/15	490,771	501,835	490,014	489,883
2/29/16	475,285	510,694	472,686	468,885
5/31/16	512,105	517,490	516,190	513,355
8/31/16	536,700	529,513	546,219	544,691
11/30/16	540,551	512,733	549,362	551,215
2/28/17	566,003	517,921	575,876	577,652
5/31/17	576,628	525,659	586,257	586,995
8/31/17	583,916	532,121	593,327	593,591
11/30/17	590,176	529,213	599,664	600,127
2/28/18	589,643	520,537	599,941	600,745
5/31/18	586,709	523,690	600,034	600,980
8/31/18	595,955	526,537	613,508	613,942
11/30/18	584,852	522,110	601,833	601,523
2/28/19	607,854	537,037	625,796	624,126
5/31/19	619,031	557,208	633,049	630,979
8/31/19	641,175	580,098	653,733	651,351
11/30/19	647,853	578,452	660,073	656,209
2/29/20	646,733	599,778	663,953	657,804
5/31/20	625,115	609,672	641,339	628,963
8/31/20	660,983	617,651	684,133	670,995
11/30/20	680,534	620,586	707,391	693,476
2/28/21	696,195	608,076	725,760	713,305
5/31/21	708,607	607,204	736,928	725,858
8/31/21	722,798	617,130	753,476	739,794
11/30/21	714,640	613,428	744,672	731,540
2/28/22	703,881	591,997	730,376	720,551
5/31/22	671,260	557,280	698,051	691,199
8/31/22	648,402	546,062	673,564	669,071
11/30/22	650,795	534,666	677,990	670,521
2/28/23	666,542	534,444	690,538	683,832
5/31/23	670,631	545,338	698,384	694,168
8/31/23	696,500	539,546	721,980	717,775
11/30/23	710,940	540,974	736,915	731,695
2/29/24	736,217	552,226	766,591	761,051
5/31/24	745,129	552,458	776,809	771,286

202405-3565004, 202407-3567256

F539-052 7/24

Average Annual Total Returns

	1 Year	5 Years	Since Inception 8/28/2015
High Yield Fund (I Class)	11.11%	3.78%	4.66%
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)	1.31	- 0.17	1.15
Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index (Strategy Benchmark)	11.23	4.18	5.16
Credit Suisse High Yield Index (Previous Benchmark)	11.11	4.10	5.07

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)	$6,747,071
Number of Portfolio Holdings	440

Investment Advisory Fees Paid (000s)	$20,129
Portfolio Turnover Rate	37.9%

What did the fund invest in?

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

BBB/BB Rated and Above	2.8%
BB Rated	27.3
BB/B Rated	21.4
B Rated	27.6
B/CCC Rated	5.1
CCC Rated and Below	9.5
Not Rated	3.0
Short-Term Holdings	3.3

Top Ten Holdings(as a % of Net Assets)

TransDigm	1.9%
CCO Holdings	1.8
Asurion	1.5
Tenet Healthcare	1.5
Cloud Software Group	1.5
HUB International	1.5
Navient	1.4
OneMain Finance	1.4
Venture Global LNG	1.4
Rivian Holdings	1.2

High Yield Fund

I Class(PRHIX)

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	$46,029		$45,097
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-ratashare 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-auditservices 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-approvalin advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approvalmay be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approvalfor audit or non-auditservices 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 2-01of 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-auditservices 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-auditservices rendered in (g) above were pre-approvedby 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-EndManagement Investment Companies.

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

Financial

Highlights

Portfolio

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

May

31,

2024

Financial

Statements

and

Other

Information

For

insights

from

Rowe

Price

investment

professionals,

troweprice.com

ROWE

PRICE

PRHYX

High

Yield

Fund

PAHIX

High

Yield

Fund-

Advisor Class

PRHIX

High

Yield

Fund-

I Class

TRKZX

High

Yield

Fund-

Z Class

ROWE

PRICE

High

Yield

Fund

Paperless

Going

paperless

offers

host

benefits,

which

include:

Timely

delivery

important

documents

Convenient

access

your

documents

anytime,

anywhere

Strong

security

protocols

safeguard

sensitive

data

Waive

your

account

service

fee

going

paperless.*

Enroll:

you

invest

directly

with

Rowe

Price,

troweprice.com/paperless

you

invest

through

financial

intermediary

such

investment

advisor,

bank,

brokerage

firm,

please

contact

that

organization

and

ask

can

provide

electronic

documentation.

Log

your

account

troweprice.com

for

information.

account

service

fee

will

charged

annually

for

each

Rowe

Price

mutual

fund

account

unless

you

meet

criteria

for

fee

waiver.

troweprice.com/personal-investing/

help/fees-and-minimums.html

learn

about

this

account

service

fee,

including

other

ways

waive

it.

ROWE

PRICE

High

Yield

Fund

Financial

Highlights

For

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

period

5.60‌

5.98‌

6.65‌

6.19‌

6.48‌

Investment

activities

Net

investment

income

(1)(2)

0.38‌

0.35‌

0.33‌

0.36‌

Net

realized

and

unrealized

gain/loss

0.22‌

(0.37‌)

(0.66‌)

0.46‌

(0.30‌)

Total

from

investment

activities

0.60‌

(0.02‌)

(0.33‌)

0.79‌

0.06‌

Distributions

Net

investment

income

(0.38‌)

(0.35‌)

(0.34‌)

(0.33‌)

(0.35‌)

Net

realized

gain

-‌

(0.01‌)

-‌

Total

distributions

(0.38‌)

(0.36‌)

(0.34‌)

(0.33‌)

(0.35‌)

NET

ASSET

VALUE

End

period

5.82‌

5.60‌

5.98‌

6.65‌

6.19‌

ROWE

PRICE

High

Yield

Fund

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

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)

11.03‌%

(0.18‌)%

(5.23‌)%

13.07‌%

0.87‌%

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

Price

Associates

0.79‌%

0.80‌%

0.73‌%

0.70‌%

0.72‌%

Net

expenses

after

waivers/

payments

Price

Associates

0.70‌%

0.71‌%

Net

investment

income

6.58‌%

6.24‌%

5.02‌%

5.13‌%

5.49‌%

Portfolio

turnover

rate

37.9‌%

29.7‌%

45.5‌%

55.0‌%

42.2‌%

Net

assets,

end

period

(in

millions)

$1,153

$1,080

$1,252

$2,394

$3,317

0‌%

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

ROWE

PRICE

High

Yield

Fund

Financial

Highlights

For

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

period

5.59‌

5.96‌

6.64‌

6.17‌

6.46‌

Investment

activities

Net

investment

income

(1)(2)

0.36‌

0.33‌

0.32‌

0.31‌

0.34‌

Net

realized

and

unrealized

gain/loss

0.21‌

(0.36‌)

(0.68‌)

0.47‌

(0.30‌)

Total

from

investment

activities

0.57‌

(0.03‌)

(0.36‌)

0.78‌

0.04‌

Distributions

Net

investment

income

(0.36‌)

(0.33‌)

(0.32‌)

(0.31‌)

(0.33‌)

Net

realized

gain

-‌

(0.01‌)

-‌

Total

distributions

(0.36‌)

(0.34‌)

(0.32‌)

(0.31‌)

(0.33‌)

NET

ASSET

VALUE

End

period

5.80‌

5.59‌

5.96‌

6.64‌

6.17‌

ROWE

PRICE

High

Yield

Fund

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

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)

10.47‌%

(0.31‌)%

(5.67‌)%

12.89‌%

0.58‌%

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

Price

Associates

1.03‌%

1.00‌%

0.99‌%

1.00‌%

0.99‌%

Net

expenses

after

waivers/

payments

Price

Associates

1.03‌%

1.00‌%

0.99‌%

1.00‌%

0.99‌%

Net

investment

income

6.25‌%

5.93‌%

4.92‌%

5.25‌%

Portfolio

turnover

rate

37.9‌%

29.7‌%

45.5‌%

55.0‌%

42.2‌%

Net

assets,

end

period

(in

millions)

$17

$18

$24

$30

$285

0‌%

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

ROWE

PRICE

High

Yield

Fund

Financial

Highlights

For

outstanding

throughout

each

period

Class

Year

Ended

5/31/24

5/31/23

5/31/22

5/31/21

5/31/20

NET

ASSET

VALUE

Beginning

period

5.60‌

5.98‌

6.66‌

6.19‌

6.48‌

Investment

activities

Net

investment

income

(1)(2)

0.38‌

0.36‌

0.34‌

0.36‌

Net

realized

and

unrealized

gain/loss

0.23‌

(0.37‌)

(0.67‌)

0.47‌

(0.29‌)

Total

from

investment

activities

0.61‌

(0.01‌)

(0.33‌)

0.81‌

0.07‌

Distributions

Net

investment

income

(0.39‌)

(0.36‌)

(0.35‌)

(0.34‌)

(0.36‌)

Net

realized

gain

-‌

(0.01‌)

-‌

Total

distributions

(0.39‌)

(0.37‌)

(0.35‌)

(0.34‌)

(0.36‌)

NET

ASSET

VALUE

End

period

5.82‌

5.60‌

5.98‌

6.66‌

6.19‌

ROWE

PRICE

High

Yield

Fund

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

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)

11.11‌%

(0.09‌)%

(5.27‌)%

13.36‌%

0.98‌%

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

Price

Associates

0.62‌%

0.60‌%

Net

expenses

after

waivers/

payments

Price

Associates

0.62‌%

0.60‌%

Net

investment

income

6.66‌%

6.32‌%

5.21‌%

5.24‌%

5.61‌%

Portfolio

turnover

rate

37.9‌%

29.7‌%

45.5‌%

55.0‌%

42.2‌%

Net

assets,

end

period

(in

millions)

$2,287

$2,568

$2,880

$2,068

$1,707

0‌%

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

ROWE

PRICE

High

Yield

Fund

Financial

Highlights

For

outstanding

throughout

each

period

Class

(1)

Year

Ended

3/16/20

(1)

Through

5/31/20

5/31/24

5/31/23

5/31/22

5/31/21

NET

ASSET

VALUE

Beginning

period

5.61‌

5.99‌

6.66‌

6.19‌

5.76‌

Investment

activities

Net

investment

income

(2)(3)

0.42‌

0.39‌

0.38‌

0.08‌

Net

realized

and

unrealized

gain/loss

0.21‌

(0.37‌)

(0.66‌)

0.47‌

0.43‌

(4)

Total

from

investment

activities

0.63‌

0.02‌

(5)

(0.28‌)

0.85‌

0.51‌

Distributions

Net

investment

income

(0.42‌)

(0.39‌)

(0.38‌)

(0.08‌)

Net

realized

gain

-‌

(0.01‌)

-‌

Total

distributions

(0.42‌)

(0.40‌)

(0.39‌)

(0.38‌)

(0.08‌)

NET

ASSET

VALUE

End

period

5.82‌

5.61‌

5.99‌

6.66‌

6.19‌

ROWE

PRICE

High

Yield

Fund

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Class

(1)

Year

Ended

3/16/20

(1)

Through

5/31/20

5/31/24

5/31/23

5/31/22

5/31/21

Ratios/Supplemental

Data

Total

return

(3)(6)

11.60‌%

0.53‌%

(4.55‌)%

14.03‌%

8.93‌%

Ratios

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

Price

Associates

0.60‌%

0.59‌%

0.60‌%

(7)

Net

expenses

after

waivers/

payments

Price

Associates

0.00‌%

(7)

Net

investment

income

7.28‌%

6.95‌%

5.77‌%

5.84‌%

6.53‌%

(7)

Portfolio

turnover

rate

37.9‌%

29.7‌%

45.5‌%

55.0‌%

42.2‌%

Net

assets,

end

period

(in

millions)

$3,290

$3,186

$3,316

$3,970

$2,547

0‌%

(1)

Inception

date

(2)

Per

amounts

calculated

using

average

outstanding

method.

(3)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(4)

The

amount

presented

inconsistent

with

the

fund's

aggregate

gains

and

losses

because

the

timing

sales

and

redemptions

fund

relation

fluctuating

market

values

for

the

investment

portfolio.

(5)

The

amount

presented

inconsistent

with

the

fund's

results

operations

because

the

timing

redemptions

fund

relation

fluctuating

market

values

for

the

investment

portfolio.

(6)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(7)

Annualized

ROWE

PRICE

High

Yield

Fund

May

31,

2024

Portfolio

Investments

‡

Par/Shares

Value

(Amounts

000s)

‡

BANK

LOANS

4.5%

(1)

Airlines

0.2%

Mileage

Plus

Holdings,

RN,

TSFR

5.25%,

10.733%,

6/21/27

10,767‌

11,007‌

Broadcasting

0.1%

Nielsen

Holdings,

FRN,

TSFR

9.75%,

15.156%,

10/11/29 (2)

6,400‌

6,272‌

Cable

Operators

0.3%

CSC

Holdings,

FRN,

TSFR

4.50%,

9.817%,

1/18/28 (3)

10,257‌

9,851‌

Radiate

Holdco,

FRN,

TSFR

3.25%,

8.694%,

9/25/26

16,406‌

12,912‌

22,763‌

Chemicals

0.2%

Vibrantz

Technologies,

FRN,

TSFR

4.25%,

9.706%,

4/23/29

16,465‌

16,242‌

Energy

0.2%

Prairie

ECI

Acquiror

FRN,

TSFR

4.75%,

10.079%,

8/1/29

12,802‌

12,833‌

Financial

0.7%

Truist

Insurance

Holdings,

FRN,

TSFR

4.75%,

10.086%,

3/8/32

49,335‌

50,342‌

Information

Technology

0.5%

RealPage

FRN,

TSFR

6.50%,

11.944%,

4/23/29

32,296‌

31,650‌

Manufacturing

0.2%

LTI

Holdings,

FRN,

TSFR

3.50%,

8.944%,

9/6/25

11,001‌

10,819‌

Services

0.6%

Ascend

Learning,

FRN,

TSFR

5.75%,

11.179%,

12/10/29

31,260‌

30,650‌

CoreLogic

FRN,

TSFR

6.50%,

6/4/29 (3)

8,448‌

8,068‌

38,718‌

Wireless

Communications

1.5%

Asurion

FRN,

TSFR

5.25%,

10.694%,

1/31/28

69,714‌

65,423‌

Asurion

FRN,

TSFR

5.25%,

10.694%,

1/20/29

39,880‌

37,051‌

102,474‌

Total

Bank

Loans

(Cost

$310,202)

303,120‌

ROWE

PRICE

High

Yield

Fund

Par/Shares

Value

(Amounts

000s)

‡

COMMON

STOCKS

0.8%

Gaming

0.0%

New

Cotai

Participation,

Class

B (2)(4)(5)

-‌

Health

Care

0.2%

Becton

Dickinson

Company

57‌

13,295‌

Manufacturing

0.1%

Enpro

43‌

6,663‌

Metals

Mining

0.4%

Constellium

(2)

928‌

20,120‌

Freeport-McMoRan

135‌

7,119‌

27,239‌

Other

Telecommunications

0.1%

Ciena

(2)

186‌

8,982‌

Total

Common

Stocks

(Cost

$51,970)

56,179‌

CONVERTIBLE

BONDS

0.1%

Automotive

0.1%

Rivian

Automotive,

4.625%,

3/15/29

9,770‌

7,612‌

Total

Convertible

Bonds

(Cost

$10,184)

7,612‌

CONVERTIBLE

PREFERRED

STOCKS

0.0%

Forest

Products

0.0%

Smurfit-Stone

Container,

Series A,

EC,

7.00%,

2/15/27 (2)(5)

47‌

-‌

Total

Convertible

Preferred

Stocks

(Cost

$16)

-‌

CORPORATE

BONDS

91.1%

Aerospace

Defense

2.0%

Spirit

AeroSystems

9.75%,

11/15/30 (4)

9,920‌

10,825‌

TransDigm

5.50%,

11/15/27

3,335‌

3,243‌

TransDigm

6.375%,

3/1/29 (4)

12,545‌

12,482‌

TransDigm

6.625%,

3/1/32 (4)

25,395‌

25,459‌

TransDigm

6.75%,

8/15/28 (4)

19,570‌

19,790‌

ROWE

PRICE

High

Yield

Fund

Par/Shares

Value

(Amounts

000s)

‡

TransDigm

6.875%,

12/15/30 (4)

47,753‌

48,171‌

TransDigm

7.125%,

12/1/31 (4)

16,725‌

17,081‌

137,051‌

Airlines

0.6%

American

Airlines,

5.75%,

4/20/29 (4)

23,665‌

22,837‌

United

Airlines,

4.625%,

4/15/29 (4)

20,425‌

18,842‌

41,679‌

Automotive

4.9%

Adient

Global

Holdings,

8.25%,

4/15/31 (4)(6)

20,590‌

21,414‌

Benteler

International,

10.50%,

5/15/28 (4)

6,870‌

7,420‌

Clarios

Global,

8.50%,

5/15/27 (4)

31,075‌

31,191‌

Dana,

5.625%,

6/15/28 (6)

25,506‌

24,549‌

Dana

Financing

Luxembourg,

8.50%,

7/15/31

(EUR) (4)

14,175‌

16,707‌

Ford

Motor,

9.625%,

4/22/30

12,640‌

14,642‌

Global

Auto

Holdings,

8.375%,

1/15/29 (4)(6)

5,440‌

5,283‌

Global

Auto

Holdings,

8.75%,

1/15/32 (4)

12,880‌

12,365‌

Goodyear

Tire

Rubber,

5.25%,

4/30/31 (6)

7,450‌

6,742‌

Goodyear

Tire

Rubber,

5.625%,

4/30/33 (6)

7,515‌

6,707‌

Jaguar

Land

Rover

Automotive,

5.875%,

1/15/28 (4)

3,172‌

3,085‌

Mavis

Tire

Express

Services

Topco,

6.50%,

5/15/29 (4)(6)

17,095‌

15,685‌

Phinia

6.75%,

4/15/29 (4)

7,520‌

7,548‌

Rivian

Holdings,

FRN,

TSFR

6.028%,

11.31%,

10/15/26 (4)(6)

81,660‌

80,027‌

Tenneco,

8.00%,

11/17/28 (4)(6)

17,000‌

15,470‌

Velocity

Vehicle

Group,

8.00%,

6/1/29 (4)

7,110‌

7,217‌

Wand

NewCo

7.625%,

1/30/32 (4)

21,900‌

22,420‌

North

America

Capital,

6.75%,

4/23/30 (4)

10,220‌

10,322‌

North

America

Capital,

6.875%,

4/14/28 (4)

4,420‌

4,481‌

North

America

Capital,

6.875%,

4/23/32 (4)

13,300‌

13,566‌

North

America

Capital,

7.125%,

4/14/30 (4)(6)

5,865‌

6,034‌

332,875‌

Broadcasting

4.1%

Clear

Channel

Outdoor

Holdings,

7.50%,

6/1/29 (4)(6)

14,825‌

12,082‌

Clear

Channel

Outdoor

Holdings,

7.75%,

4/15/28 (4)(6)

28,775‌

24,782‌

Clear

Channel

Outdoor

Holdings,

7.875%,

4/1/30 (4)

11,380‌

11,295‌

Clear

Channel

Outdoor

Holdings,

9.00%,

9/15/28 (4)(6)

21,380‌

22,182‌

CMG

Media,

8.875%,

12/15/27 (4)

30,270‌

15,211‌

Gray

Television,

5.375%,

11/15/31 (4)

19,109‌

10,510‌

Gray

Television,

7.00%,

5/15/27 (4)

453‌

400‌

Lamar

Media,

4.00%,

2/15/30

1,966‌

1,760‌

Lamar

Media,

4.875%,

1/15/29

14,284‌

13,516‌

Neptune

Bidco

U.S.,

9.29%,

4/15/29 (4)

17,355‌

16,574‌

Outfront

Media

Capital,

7.375%,

2/15/31 (4)

5,030‌

5,193‌

ROWE

PRICE

High

Yield

Fund

Par/Shares

Value

(Amounts

000s)

‡

Sirius

Radio,

4.00%,

7/15/28 (4)

32,360‌

28,800‌

Sirius

Radio,

4.125%,

7/1/30 (4)

22,040‌

18,459‌

Sirius

Radio,

5.00%,

8/1/27 (4)(6)

14,300‌

13,531‌

Stagwell

Global,

5.625%,

8/15/29 (4)

37,860‌

34,547‌

Townsquare

Media,

6.875%,

2/1/26 (4)(6)

6,530‌

6,367‌

Univision

Communications,

7.375%,

6/30/30 (4)(6)

15,625‌

14,785‌

Univision

Communications,

8.00%,

8/15/28 (4)

17,190‌

16,932‌

Univision

Communications,

8.50%,

7/31/31 (4)

6,575‌

6,444‌

273,370‌

Building

Real

Estate

0.9%

Cushman

Wakefield

U.S.

Borrower,

6.75%,

5/15/28 (4)

19,725‌

19,602‌

Howard

Hughes,

4.125%,

2/1/29 (4)

17,145‌

15,130‌

Howard

Hughes,

4.375%,

2/1/31 (4)

9,185‌

7,807‌

Howard

Hughes,

5.375%,

8/1/28 (4)

15,510‌

14,599‌

Miller

Homes

Group

Finco

7.00%,

5/15/29

(GBP) (4)

4,675‌

5,483‌

62,621‌

Building

Products

1.7%

Advanced

Drainage

Systems,

6.375%,

6/15/30 (4)(6)

5,590‌

5,569‌

Beacon

Roofing

Supply,

6.50%,

8/1/30 (4)

4,765‌

4,759‌

Builders

FirstSource

6.375%,

6/15/32 (4)(6)

6,625‌

6,584‌

Builders

FirstSource

6.375%,

3/1/34 (4)

10,865‌

10,648‌

Miter

Brands

Acquisition

Holdco,

6.75%,

4/1/32 (4)

6,820‌

6,743‌

New

Enterprise

Stone

Lime,

5.25%,

7/15/28 (4)

16,005‌

15,005‌

Specialty

Building

Products

Holdings,

6.375%,

9/30/26 (4)

15,155‌

14,776‌

Summit

Materials,

5.25%,

1/15/29 (4)

24,640‌

23,654‌

Summit

Materials,

6.50%,

3/15/27 (4)

14,375‌

14,339‌

Summit

Materials,

7.25%,

1/15/31 (4)

9,330‌

9,586‌

111,663‌

Cable

Operators

4.8%

Altice

Financing,

5.75%,

8/15/29 (4)(6)

21,665‌

16,086‌

Altice

Financing,

9.625%,

7/15/27 (4)(6)

5,274‌

4,865‌

Altice

France

Holding,

6.00%,

2/15/28 (4)

49,505‌

15,408‌

Altice

France

Holding,

10.50%,

5/15/27 (4)

42,405‌

15,584‌

C&W

Senior

Finance,

6.875%,

9/15/27 (4)

17,520‌

16,719‌

CCO

Holdings,

4.50%,

6/1/33 (4)

29,195‌

22,517‌

CCO

Holdings,

6.375%,

9/1/29 (4)

69,003‌

64,431‌

CCO

Holdings,

7.375%,

3/1/31 (4)

36,835‌

35,546‌

CSC

Holdings,

6.50%,

2/1/29 (4)

10,675‌

7,206‌

CSC

Holdings,

7.50%,

4/1/28 (4)

11,585‌

6,459‌

CSC

Holdings,

11.25%,

5/15/28 (4)(6)

7,105‌

5,737‌

CSC

Holdings,

11.75%,

1/31/29 (4)

24,180‌

19,163‌

DIRECTV

Financing,

5.875%,

8/15/27 (4)

14,595‌

13,701‌

DISH

DBS,

5.25%,

12/1/26 (4)

18,045‌

14,391‌

ROWE

PRICE

High

Yield

Fund

Par/Shares

Value

(Amounts

000s)

‡

DISH

DBS,

7.375%,

7/1/28

12,155‌

5,409‌

DISH

DBS,

7.75%,

7/1/26

18,370‌

11,711‌

GCI,

4.75%,

10/15/28 (4)

12,675‌

11,487‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27 (4)

4,977‌

4,653‌

Midcontinent

Communications,

5.375%,

8/15/27 (4)

4,567‌

4,361‌

Vmed

U.K.

Financing

4.75%,

7/15/31 (4)

33,550‌

27,763‌

323,197‌

Chemicals

2.9%

Avient

7.125%,

8/1/30 (4)

27,994‌

28,379‌

Axalta

Coating

Systems

Dutch

Holding

7.25%,

2/15/31 (4)

7,945‌

8,203‌

Celanese

U.S.

Holdings,

6.55%,

11/15/30

6,785‌

7,084‌

Celanese

U.S.

Holdings,

6.70%,

11/15/33

24,665‌

25,926‌

CVR

Partners,

6.125%,

6/15/28 (4)

23,275‌

22,257‌

GPD,

10.125%,

4/1/26 (4)(6)

21,890‌

20,960‌

Methanex

5.125%,

10/15/27

4,403‌

4,238‌

Methanex

5.25%,

12/15/29 (6)

7,440‌

7,096‌

Methanex

5.65%,

12/1/44

6,149‌

5,349‌

Vibrantz

Technologies,

9.00%,

2/15/30 (4)(6)

19,050‌

17,621‌

Windsor

Holdings

III,

8.50%,

6/15/30 (4)

24,005‌

25,025‌

Grace

Holdings,

5.625%,

8/15/29 (4)(6)

22,885‌

21,054‌

Grace

Holdings,

7.375%,

3/1/31 (4)(6)

2,380‌

2,416‌

195,608‌

Consumer

Products

0.5%

Kontoor

Brands,

4.125%,

11/15/29 (4)

8,920‌

8,039‌

Life

Time,

5.75%,

1/15/26 (4)

11,371‌

11,300‌

Life

Time,

8.00%,

4/15/26 (4)

17,289‌

17,419‌

36,758‌

Container

1.3%

Ball,

6.00%,

6/15/29

24,050‌

24,020‌

Ball,

6.875%,

3/15/28

23,845‌

24,262‌

Clydesdale

Acquisition

Holdings,

8.75%,

4/15/30 (4)(6)

11,200‌

10,780‌

Sealed

Air,

5.00%,

4/15/29 (4)

6,720‌

6,359‌

Sealed

Air,

6.125%,

2/1/28 (4)(6)

2,825‌

2,797‌

Sealed

Air,

6.875%,

7/15/33 (4)

7,000‌

7,201‌

Sealed

Air,

7.25%,

2/15/31 (4)(6)

9,125‌

9,353‌

Trident

TPI

Holdings,

12.75%,

12/31/28 (4)

4,600‌

4,991‌

89,763‌

Energy

14.4%

Aethon

United

BR,

8.25%,

2/15/26 (4)

33,850‌

34,146‌

AmeriGas

Partners,

9.375%,

6/1/28 (4)

16,159‌

16,523‌

Antero

Resources,

7.625%,

2/1/29 (4)

3,402‌

3,500‌

Chesapeake

Energy,

6.75%,

4/15/29 (4)

27,570‌

Civitas

Resources,

8.375%,

7/1/28 (4)

7,140‌

7,479‌

ROWE

PRICE

High

Yield

Fund

Par/Shares

Value

(Amounts

000s)

‡

Civitas

Resources,

8.625%,

11/1/30 (4)

7,880‌

8,392‌

Civitas

Resources,

8.75%,

7/1/31 (4)

10,700‌

11,395‌

Comstock

Resources,

5.875%,

1/15/30 (4)

14,255‌

13,115‌

Comstock

Resources,

6.75%,

3/1/29 (4)

24,765‌

23,898‌

Crescent

Energy

Finance,

7.625%,

4/1/32 (4)

15,670‌

15,925‌

Crescent

Energy

Finance,

9.25%,

2/15/28 (4)

26,840‌

28,316‌

DCP

Midstream

Operating,

6.75%,

9/15/37 (4)

17,875‌

19,082‌

Diamond

Foreign

Asset,

8.50%,

10/1/30 (4)

14,375‌

15,022‌

Endeavor

Energy

Resources,

5.75%,

1/30/28 (4)

10,603‌

10,682‌

Energy

Transfer,

7.375%,

2/1/31 (4)

13,848‌

14,333‌

Ferrellgas

5.875%,

4/1/29 (4)

17,310‌

16,293‌

Gulfport

Energy,

8.00%,

5/17/26 (4)

11,970‌

12,120‌

Hilcorp

Energy

5.75%,

2/1/29 (4)(6)

8,357‌

8,044‌

Hilcorp

Energy

6.00%,

4/15/30 (4)

5,865‌

5,660‌

Hilcorp

Energy

6.00%,

2/1/31 (4)

10,390‌

9,883‌

Hilcorp

Energy

6.25%,

4/15/32 (4)

11,395‌

10,925‌

Hilcorp

Energy

6.875%,

5/15/34 (4)

11,005‌

10,840‌

Hilcorp

Energy

8.375%,

11/1/33 (4)

21,846‌

23,266‌

Kinetik

Holdings,

5.875%,

6/15/30 (4)

37,200‌

36,223‌

Kinetik

Holdings,

6.625%,

12/15/28 (4)

25,690‌

25,883‌

Magnolia

Oil

Gas

Operating,

6.00%,

8/1/26 (4)

41,585‌

40,857‌

Matador

Resources,

6.50%,

4/15/32 (4)

9,890‌

9,841‌

NGL

Energy

Operating,

8.125%,

2/15/29 (4)

7,760‌

7,896‌

NGL

Energy

Operating,

8.375%,

2/15/32 (4)

23,160‌

23,594‌

Northriver

Midstream

Finance,

5.625%,

2/15/26 (4)

11,205‌

11,037‌

NuStar

Logistics,

5.625%,

4/28/27

6,115‌

6,008‌

Occidental

Petroleum,

6.20%,

3/15/40

19,860‌

19,934‌

Occidental

Petroleum,

7.95%,

6/15/39

16,520‌

18,895‌

Permian

Resources

Operating,

7.00%,

1/15/32 (4)

12,825‌

13,065‌

Permian

Resources

Operating,

9.875%,

7/15/31 (4)

12,880‌

14,248‌

Prairie

Acquiror

9.00%,

8/1/29 (4)

7,880‌

8,087‌

Range

Resources,

4.75%,

2/15/30 (4)

7,205‌

6,656‌

Range

Resources,

8.25%,

1/15/29

5,870‌

6,090‌

Seadrill

Finance,

8.375%,

8/1/30 (4)

21,400‌

22,470‌

SilverBow

Resources,

FRN,

TSFR

7.75%,

13.079%,

12/15/28 (4)

17,187‌

17,875‌

Solaris

Midstream

Holdings,

7.625%,

4/1/26 (4)

8,490‌

8,511‌

Southwestern

Energy,

4.75%,

2/1/32

36,035‌

32,567‌

Southwestern

Energy,

5.375%,

3/15/30

12,685‌

12,162‌

Sunoco,

7.00%,

5/1/29 (4)(6)

14,395‌

14,647‌

Sunoco,

7.25%,

5/1/32 (4)

9,843‌

10,040‌

Tallgrass

Energy

Partners,

6.00%,

3/1/27 (4)

5,400‌

5,285‌

Tallgrass

Energy

Partners,

6.00%,

12/31/30 (4)

15,270‌

14,392‌

ROWE

PRICE

High

Yield

Fund

Par/Shares

Value

(Amounts

000s)

‡

Tallgrass

Energy

Partners,

6.00%,

9/1/31 (4)

17,225‌

16,170‌

Tallgrass

Energy

Partners,

7.375%,

2/15/29 (4)

14,105‌

14,140‌

Transocean,

6.80%,

3/15/38

18,630‌

15,323‌

Transocean,

8.25%,

5/15/29 (4)

5,865‌

Transocean,

8.50%,

5/15/31 (4)

8,355‌

8,313‌

Transocean,

8.75%,

2/15/30 (4)

18,454‌

19,215‌

Transocean

Aquila,

8.00%,

9/30/28 (4)

7,550‌

7,673‌

Valaris

8.375%,

4/30/30 (4)

10,905‌

11,273‌

Venture

Global

Calcasieu

Pass,

6.25%,

1/15/30 (4)

32,005‌

31,965‌

Venture

Global

LNG,

8.125%,

6/1/28 (4)

17,610‌

17,984‌

Venture

Global

LNG,

8.375%,

6/1/31 (4)

55,270‌

56,997‌

Venture

Global

LNG,

9.50%,

2/1/29 (4)

17,310‌

18,716‌

Vermilion

Energy,

6.875%,

5/1/30 (4)(6)

15,500‌

15,190‌

971,496‌

Entertainment

Leisure

5.1%

Carnival,

6.00%,

5/1/29 (4)(6)

1,210‌

1,178‌

Carnival,

7.00%,

8/15/29 (4)

9,545‌

9,796‌

Carnival,

7.625%,

3/1/26 (4)

23,010‌

23,096‌

Carnival,

10.50%,

6/1/30 (4)

32,475‌

35,154‌

Cedar

Fair,

5.25%,

7/15/29

14,395‌

13,495‌

Churchill

Downs,

5.75%,

4/1/30 (4)

20,555‌

19,656‌

Cinemark

USA,

5.25%,

7/15/28 (4)(6)

14,525‌

13,563‌

Inter

Media

Communication,

6.75%,

2/9/27

(EUR)

9,635‌

10,240‌

Live

Nation

Entertainment,

4.75%,

10/15/27 (4)(6)

12,075‌

11,411‌

Merlin

Entertainments

Group

U.S.

Holdings,

7.375%,

2/15/31 (4)

8,712‌

8,799‌

Motion

Finco

7.375%,

6/15/30

(EUR) (4)

9,745‌

10,997‌

NCL,

5.875%,

3/15/26 (4)

16,095‌

15,813‌

NCL,

5.875%,

2/15/27 (4)

9,150‌

8,990‌

NCL,

7.75%,

2/15/29 (4)(6)

22,090‌

22,560‌

NCL,

8.125%,

1/15/29 (4)

6,568‌

6,855‌

NCL

Finance,

6.125%,

3/15/28 (4)(6)

5,740‌

5,597‌

Royal

Caribbean

Cruises,

5.50%,

4/1/28 (4)

12,378‌

12,084‌

Royal

Caribbean

Cruises,

6.25%,

3/15/32 (4)(6)

9,490‌

9,407‌

Royal

Caribbean

Cruises,

8.25%,

1/15/29 (4)

13,750‌

14,506‌

Royal

Caribbean

Cruises,

9.25%,

1/15/29 (4)

16,740‌

17,807‌

SeaWorld

Parks

Entertainment,

5.25%,

8/15/29 (4)

26,145‌

24,413‌

Six

Flags

Entertainment,

5.50%,

4/15/27 (4)

14,795‌

14,462‌

Six

Flags

Entertainment,

6.625%,

5/1/32 (4)

9,780‌

9,743‌

Six

Flags

Entertainment,

7.25%,

5/15/31 (4)

26,478‌

26,346‌

345,968‌

Financial

10.4%

Acrisure

8.25%,

2/1/29 (4)

12,105‌

12,120‌

ROWE

PRICE

High

Yield

Fund

Par/Shares

Value

(Amounts

000s)

‡

Acrisure

10.125%,

8/1/26 (4)(6)

19,565‌

20,127‌

Alliant

Holdings

Intermediate,

5.875%,

11/1/29 (4)(6)

8,595‌

7,972‌

Alliant

Holdings

Intermediate,

6.75%,

10/15/27 (4)

28,287‌

27,580‌

Alliant

Holdings

Intermediate,

7.00%,

1/15/31 (4)

28,435‌

28,506‌

AmWINS

Group,

4.875%,

6/30/29 (4)

7,895‌

7,234‌

AmWINS

Group,

6.375%,

2/15/29 (4)

7,100‌

7,047‌

Apollo

Commercial

Real

Estate

Finance,

4.625%,

6/15/29 (4)

13,815‌

11,535‌

AssuredPartners

7.50%,

2/15/32 (4)

18,068‌

17,955‌

Cobra

AcquisitionCo

6.375%,

11/1/29 (4)(6)

13,230‌

10,667‌

GTCR

Finance,

8.00%,

5/15/27 (4)

15,965‌

15,985‌

HUB

International,

5.625%,

12/1/29 (4)(6)

25,111‌

23,228‌

HUB

International,

7.25%,

6/15/30 (4)

42,120‌

42,804‌

HUB

International,

7.375%,

1/31/32 (4)

33,140‌

Jane

Street

Group,

4.50%,

11/15/29 (4)(6)

13,465‌

12,421‌

Jane

Street

Group,

7.125%,

4/30/31 (4)

20,250‌

20,554‌

Jones

Deslauriers

Insurance

Management,

8.50%,

3/15/30 (4)

20,555‌

21,583‌

Midcap

Financial

Issuer

Trust,

5.625%,

1/15/30 (4)

12,810‌

10,920‌

Midcap

Financial

Issuer

Trust,

6.50%,

5/1/28 (4)

24,890‌

23,179‌

Navient

4.875%,

3/15/28

18,380‌

16,818‌

Navient

5.50%,

3/15/29 (6)

17,480‌

15,776‌

Navient

5.625%,

8/1/33

15,607‌

12,564‌

Navient

6.75%,

6/15/26

2,319‌

2,307‌

Navient

9.375%,

7/25/30

28,765‌

29,880‌

Navient

11.50%,

3/15/31

16,405‌

18,004‌

OneMain

Finance,

3.50%,

1/15/27

8,640‌

7,970‌

OneMain

Finance,

5.375%,

11/15/29

8,060‌

7,476‌

OneMain

Finance,

6.625%,

1/15/28

16,230‌

16,047‌

OneMain

Finance,

7.50%,

5/15/31

9,925‌

9,900‌

OneMain

Finance,

7.875%,

3/15/30

12,180‌

12,408‌

OneMain

Finance,

9.00%,

1/15/29

39,595‌

41,525‌

Panther

Escrow

Issuer,

7.125%,

6/1/31 (4)

35,825‌

36,049‌

PennyMac

Financial

Services,

4.25%,

2/15/29 (4)

22,055‌

19,739‌

PennyMac

Financial

Services,

7.125%,

11/15/30 (4)

17,000‌

16,724‌

PennyMac

Financial

Services,

7.875%,

12/15/29 (4)

15,693‌

16,066‌

PROG

Holdings,

6.00%,

11/15/29 (4)

21,720‌

20,362‌

Ryan

Specialty,

4.375%,

2/1/30 (4)

6,195‌

5,715‌

SLM,

4.20%,

10/29/25

4,711‌

4,576‌

Starwood

Property

Trust,

4.375%,

1/15/27 (4)

12,225‌

11,446‌

United

Wholesale

Mortgage,

5.50%,

4/15/29 (4)

8,485‌

7,944‌

United

Wholesale

Mortgage,

5.75%,

6/15/27 (4)

17,485‌

16,917‌

700,770‌

Food

1.0%

B&G

Foods,

8.00%,

9/15/28 (4)

7,330‌

7,422‌

ROWE

PRICE

High

Yield

Fund

Par/Shares

Value

(Amounts

000s)

‡

BellRing

Brands,

7.00%,

3/15/30 (4)

13,170‌

13,417‌

Chobani

7.625%,

7/1/29 (4)(6)

13,750‌

13,973‌

Darling

Ingredients,

6.00%,

6/15/30 (4)(6)

14,350‌

13,991‌

Post

Holdings,

6.25%,

2/15/32 (4)

8,490‌

8,416‌

Triton

Water

Holdings,

6.25%,

4/1/29 (4)

8,657‌

7,997‌

65,216‌

Forest

Products

0.3%

Cascades,

5.375%,

1/15/28 (4)

11,620‌

11,083‌

Graphic

Packaging

International,

3.75%,

2/1/30 (4)

9,685‌

8,571‌

19,654‌

Gaming

4.3%

Caesars

Entertainment,

6.50%,

2/15/32 (4)

9,620‌

9,512‌

Caesars

Entertainment,

7.00%,

2/15/30 (4)

14,270‌

14,413‌

Caesars

Entertainment,

8.125%,

7/1/27 (4)

43,320‌

44,078‌

Churchill

Downs,

6.75%,

5/1/31 (4)

14,940‌

14,865‌

Cirsa

Finance

International,

4.50%,

3/15/27

(EUR) (4)

7,505‌

8,009‌

Cirsa

Finance

International,

6.50%,

3/15/29

(EUR) (4)

2,900‌

3,241‌

Cirsa

Finance

International,

10.375%,

11/30/27

(EUR) (4)

2,322‌

2,701‌

International

Game

Technology,

5.25%,

1/15/29 (4)

25,335‌

24,258‌

International

Game

Technology,

6.25%,

1/15/27 (4)

13,478‌

Light

Wonder

International,

7.00%,

5/15/28 (4)

9,365‌

9,424‌

Light

Wonder

International,

7.25%,

11/15/29 (4)

36,995‌

37,457‌

Light

Wonder

International,

7.50%,

9/1/31 (4)

7,005‌

7,180‌

Lottomatica

7.125%,

6/1/28

(EUR) (4)

3,325‌

3,804‌

MGM

Growth

Properties

Operating

Partnership,

3.875%,

2/15/29 (4)

12,700‌

11,668‌

MGM

Growth

Properties

Operating

Partnership,

5.75%,

2/1/27 (6)

8,690‌

8,647‌

Midwest

Gaming

Borrower,

4.875%,

5/1/29 (4)

13,340‌

12,323‌

Ontario

Gaming

GTA,

8.00%,

8/1/30 (4)

7,320‌

7,503‌

Playtika

Holding,

4.25%,

3/15/29 (4)

12,570‌

10,967‌

Scientific

Games

Holdings,

6.625%,

3/1/30 (4)

14,995‌

14,189‌

Wynn

Macau,

5.50%,

10/1/27 (4)(6)

23,082‌

22,003‌

Wynn

Resorts

Finance,

5.125%,

10/1/29 (4)(6)

10,965‌

10,307‌

Wynn

Resorts

Finance,

7.125%,

2/15/31 (4)

610‌

624‌

290,651‌

Health

Care

7.4%

AthenaHealth

Group,

6.50%,

2/15/30 (4)(6)

30,040‌

27,186‌

Avantor

Funding,

4.625%,

7/15/28 (4)

11,060‌

10,383‌

Bausch

Lomb,

8.375%,

10/1/28 (4)

22,930‌

23,331‌

CHS,

5.25%,

5/15/30 (4)

8,505‌

7,038‌

CHS,

6.00%,

1/15/29 (4)

12,215‌

10,917‌

CHS,

6.125%,

4/1/30 (4)

12,215‌

8,703‌

CHS,

8.00%,

12/15/27 (4)

20,452‌

20,350‌

ROWE

PRICE

High

Yield

Fund

Par/Shares

Value

(Amounts

000s)

‡

CHS,

10.875%,

1/15/32 (4)

13,900‌

14,369‌

IQVIA,

6.50%,

5/15/30 (4)

7,175‌

7,229‌

LifePoint

Health,

9.875%,

8/15/30 (4)

2,351‌

2,515‌

LifePoint

Health,

10.00%,

6/1/32 (4)(6)

13,440‌

13,373‌

LifePoint

Health,

11.00%,

10/15/30 (4)

37,025‌

40,820‌

Medline

Borrower,

5.25%,

10/1/29 (4)

45,740‌

43,110‌

Medline

Borrower,

6.25%,

4/1/29 (4)(6)

17,990‌

17,967‌

Molina

Healthcare,

4.375%,

6/15/28 (4)

14,875‌

13,852‌

MPT

Operating

Partnership,

5.00%,

10/15/27 (6)

13,235‌

10,820‌

Organon

5.125%,

4/30/31 (4)(6)

16,810‌

14,835‌

Select

Medical,

6.25%,

8/15/26 (4)(6)

16,525‌

Star

Parent,

9.00%,

10/1/30 (4)

17,927‌

18,711‌

Tenet

Healthcare,

4.375%,

1/15/30

14,875‌

13,685‌

Tenet

Healthcare,

6.125%,

10/1/28 (6)

45,700‌

45,129‌

Tenet

Healthcare,

6.125%,

6/15/30

20,178‌

19,951‌

Tenet

Healthcare,

6.75%,

5/15/31 (4)

10,730‌

10,824‌

Tenet

Healthcare,

6.875%,

11/15/31

10,830‌

11,277‌

Teva

Pharmaceutical

Finance

Netherlands

III,

4.75%,

5/9/27

7,005‌

6,725‌

Teva

Pharmaceutical

Finance

Netherlands

III,

5.125%,

5/9/29

33,400‌

31,939‌

Teva

Pharmaceutical

Finance

Netherlands

III,

6.75%,

3/1/28

24,880‌

25,253‌

Teva

Pharmaceutical

Finance

Netherlands

III,

7.875%,

9/15/29

9,215‌

9,791‌

Teva

Pharmaceutical

Finance

Netherlands

III,

8.125%,

9/15/31

4,820‌

5,260‌

501,868‌

Information

Technology

6.2%

Boxer

Parent,

7.125%,

10/2/25 (4)

8,905‌

Boxer

Parent,

9.125%,

3/1/26 (4)(6)

14,650‌

Capstone

Borrower,

8.00%,

6/15/30 (4)

21,410‌

21,731‌

Carvana

13.00%,

6/1/30,

(13.00%

PIK) (4)(7)

6,650‌

6,833‌

Central

Parent,

7.25%,

6/15/29 (4)

38,685‌

38,830‌

Central

Parent,

8.00%,

6/15/29 (4)

13,585‌

13,925‌

Cloud

Software

Group,

6.50%,

3/31/29 (4)(6)

24,390‌

23,110‌

Cloud

Software

Group,

8.25%,

6/30/32 (4)

16,610‌

16,693‌

Cloud

Software

Group,

9.00%,

9/30/29 (4)

62,590‌

60,243‌

Dye

Durham,

8.625%,

4/15/29 (4)

18,046‌

18,249‌

Entegris

5.95%,

6/15/30 (4)

33,090‌

32,470‌

Gen

Digital,

6.75%,

9/30/27 (4)

17,780‌

17,869‌

Gen

Digital,

7.125%,

9/30/30 (4)(6)

21,835‌

22,135‌

Daddy

Operating,

5.25%,

12/1/27 (4)

7,220‌

7,030‌

Match

Group

Holdings

II,

3.625%,

10/1/31 (4)(6)

13,540‌

11,238‌

Match

Group

Holdings

II,

4.125%,

8/1/30 (4)(6)

24,050‌

20,863‌

Match

Group

Holdings

II,

4.625%,

6/1/28 (4)(6)

8,145‌

7,554‌

Match

Group

Holdings

II,

5.00%,

12/15/27 (4)

4,540‌

4,302‌

Match

Group

Holdings

II,

5.625%,

2/15/29 (4)(6)

4,150‌

3,927‌

ROWE

PRICE

High

Yield

Fund

Par/Shares

Value

(Amounts

000s)

‡

McAfee,

7.375%,

2/15/30 (4)

28,805‌

26,681‌

ROBLOX,

3.875%,

5/1/30 (4)

12,490‌

10,851‌

SS&C

Technologies,

6.50%,

6/1/32 (4)

8,980‌

Twilio

3.625%,

3/15/29

7,365‌

6,564‌

Twilio

3.875%,

3/15/31 (6)

13,350‌

11,614‌

415,247‌

Lodging

0.8%

Hilton

Domestic

Operating,

4.00%,

5/1/31 (4)

12,990‌

11,415‌

Hilton

Domestic

Operating,

6.125%,

4/1/32 (4)

7,690‌

7,575‌

Park

Intermediate

Holdings,

4.875%,

5/15/29 (4)

10,160‌

9,423‌

Park

Intermediate

Holdings,

5.875%,

10/1/28 (4)(6)

8,775‌

8,600‌

Park

Intermediate

Holdings,

7.00%,

2/1/30 (4)

5,170‌

5,189‌

RHP

Hotel

Properties,

4.50%,

2/15/29 (4)

14,995‌

13,870‌

RHP

Hotel

Properties,

7.25%,

7/15/28 (4)

15‌

56,087‌

Manufacturing

1.3%

Hillenbrand,

3.75%,

3/1/31

9,145‌

7,831‌

Madison

IAQ,

4.125%,

6/30/28 (4)

19,445‌

17,938‌

Madison

IAQ,

5.875%,

6/30/29 (4)

11,160‌

10,253‌

Mueller

Water

Products,

4.00%,

6/15/29 (4)

19,320‌

17,581‌

Sensata

Technologies,

4.00%,

4/15/29 (4)

19,135‌

17,341‌

Sensata

Technologies,

5.875%,

9/1/30 (4)

11,945‌

11,587‌

Stevens

Holding,

6.125%,

10/1/26 (4)

7,140‌

89,671‌

Metals

Mining

1.9%

Arsenal

AIC

Parent,

8.00%,

10/1/30 (4)

8,000‌

8,320‌

Arsenal

AIC

Parent,

11.50%,

10/1/31 (4)

13,525‌

15,046‌

ATI,

5.125%,

10/1/31

7,935‌

7,231‌

ATI,

7.25%,

8/15/30

5,695‌

5,809‌

Big

River

Steel,

6.625%,

1/31/29 (4)

19,532‌

19,410‌

ERO

Copper,

6.50%,

2/15/30 (4)(6)

10,911‌

10,571‌

Hecla

Mining,

7.25%,

2/15/28

29,735‌

29,809‌

Hudbay

Minerals,

6.125%,

4/1/29 (4)

15,290‌

15,094‌

Mineral

Resources,

9.25%,

10/1/28 (4)

3,198‌

3,362‌

Novelis

4.75%,

1/30/30 (4)

14,150‌

13,036‌

127,688‌

Other

Telecommunications

0.5%

Frontier

Communications

Holdings,

8.75%,

5/15/30 (4)

13,095‌

13,504‌

Iliad

Holding,

8.50%,

4/15/31 (4)

3,220‌

3,260‌

Iliad

Holding

SASU,

6.50%,

10/15/26 (4)

10,733‌

10,639‌

Level

Financing,

3.75%,

7/15/29 (4)

12,780‌

4,218‌

31,621‌

ROWE

PRICE

High

Yield

Fund

Par/Shares

Value

(Amounts

000s)

‡

Real

Estate

Investment

Trust

Securities

0.7%

Necessity

Retail,

4.50%,

9/30/28 (4)

25,045‌

21,789‌

Service

Properties

Trust,

8.625%,

11/15/31 (4)

23,760‌

24,859‌

46,648‌

Restaurants

0.5%

Yum!

Brands,

5.35%,

11/1/43

19,590‌

18,316‌

Yum!

Brands,

6.875%,

11/15/37

14,435‌

15,572‌

33,888‌

Retail

0.9%

Home

Cayman,

11.50%,

5/12/28 (4)

3,692‌

2,843‌

Home

Group,

4.875%,

7/15/28 (4)

6,210‌

2,857‌

Home

Group,

7.125%,

5/12/28,

(7.125%

Cash

8.625%

PIK) (4)(7)

8,293‌

3,815‌

Bath

Body

Works,

6.625%,

10/1/30 (4)

26,510‌

26,543‌

Bath

Body

Works,

6.694%,

1/15/27

1,620‌

1,632‌

Bath

Body

Works,

6.95%,

3/1/33

6,295‌

6,090‌

Bath

Body

Works,

7.50%,

6/15/29 (6)

9,820‌

10,102‌

Linens

Things,

VR,

EC,

8.338%,

1/15/20 (2)(5)

9,800‌

-‌

PetSmart,

7.75%,

2/15/29 (4)

10,150‌

9,643‌

63,525‌

Satellites

0.7%

Connect

Finco

6.75%,

10/1/26 (4)

14,485‌

13,652‌

Hughes

Satellite

Systems,

6.625%,

8/1/26

7,502‌

3,038‌

Intelsat

Jackson

Holdings,

6.50%,

3/15/30 (4)

10,575‌

9,967‌

Viasat

5.625%,

4/15/27 (4)

13,539‌

12,067‌

Viasat

7.50%,

5/30/31 (4)(6)

10,670‌

7,256‌

45,980‌

Services

5.9%

Adtalem

Global

Education,

5.50%,

3/1/28 (4)

12,012‌

11,411‌

Advantage

Sales

Marketing,

6.50%,

11/15/28 (4)

4,590‌

4,120‌

Albion

Financing

6.125%,

10/15/26 (4)

13,245‌

13,113‌

Albion

Financing

8.75%,

4/15/27 (4)(6)

7,065‌

7,136‌

Allied

Universal

Holdco,

6.00%,

6/1/29 (4)(6)

13,933‌

11,860‌

Allied

Universal

Holdco,

7.875%,

2/15/31 (4)

26,098‌

26,000‌

Allied

Universal

Holdco,

9.75%,

7/15/27 (4)

37,590‌

37,214‌

Boost

Newco

Borrower,

7.50%,

1/15/31 (4)

24,697‌

25,531‌

Global

Finance,

12.00%,

11/30/28 (4)

13,900‌

14,334‌

Fair

Isaac,

4.00%,

6/15/28 (4)

16,140‌

14,889‌

Fortress

Intermediate

7.50%,

6/1/31 (4)

11,695‌

11,841‌

GFL

Environmental,

6.75%,

1/15/31 (4)

10,465‌

10,674‌

H&E

Equipment

Services,

3.875%,

12/15/28 (4)

30,820‌

27,584‌

Itelyum

Regeneration,

4.625%,

10/1/26

(EUR) (4)

2,135‌

2,260‌

Loxam

6.375%,

5/31/29

(EUR) (4)

4,175‌

4,706‌

ROWE

PRICE

High

Yield

Fund

Par/Shares

Value

(Amounts

000s)

‡

Ritchie

Bros

Holdings,

6.75%,

3/15/28 (4)

7,280‌

7,353‌

Ritchie

Bros

Holdings,

7.75%,

3/15/31 (4)

10,065‌

10,480‌

Sabre

GLBL,

11.25%,

12/15/27 (4)(6)

7,640‌

7,430‌

Elevator

Holdco,

6.625%,

7/15/28

(EUR) (6)

21,330‌

22,238‌

Elevator

U.S.

Newco

5.25%,

7/15/27 (4)

25,605‌

24,645‌

UKG,

6.875%,

2/1/31 (4)

68,870‌

69,300‌

United

Rentals

North

America,

3.75%,

1/15/32

5,125‌

4,376‌

United

Rentals

North

America,

3.875%,

2/15/31

15,500‌

13,718‌

United

Rentals

North

America,

6.125%,

3/15/34 (4)

7,345‌

7,180‌

Williams

Scotsman,

7.375%,

10/1/31 (4)

9,541‌

9,791‌

399,184‌

Supermarkets

0.1%

Iceland

Bondco

4.625%,

3/15/25

(GBP)

712‌

899‌

Iceland

Bondco

10.875%,

12/15/27

(GBP) (4)

2,400‌

3,183‌

Iceland

Bondco

FRN,

EURIBOR

5.50%,

9.328%,

12/15/27

(EUR) (4)

2,390‌

2,612‌

6,694‌

Transportation

0.5%

Genesee

Wyoming,

6.25%,

4/15/32 (4)

11,320‌

11,179‌

Watco

6.50%,

6/15/27 (4)

20,631‌

20,244‌

31,423‌

Utilities

4.4%

Calpine,

4.50%,

2/15/28 (4)

4,385‌

4,105‌

Calpine,

5.00%,

2/1/31 (4)

17,725‌

16,307‌

Calpine,

5.125%,

3/15/28 (4)

31,435‌

29,942‌

HAT

Holdings

8.00%,

6/15/27 (4)

13,914‌

14,384‌

NRG

Energy,

VR,

10.25% (4)(8)(9)

5,393‌

5,865‌

PG&E,

5.00%,

7/1/28

20,917‌

20,028‌

PG&E,

5.25%,

7/1/30

30,655‌

29,143‌

Talen

Energy

Supply,

8.625%,

6/1/30 (4)

47,492‌

50,935‌

Terraform

Global

Operating,

6.125%,

3/1/26 (4)

14,379‌

14,127‌

TerraForm

Power

Operating,

5.00%,

1/31/28 (4)

21,566‌

20,515‌

TransAlta

7.75%,

11/15/29

5,070‌

5,273‌

Vistra

VR,

7.00% (4)(8)(9)

18,255‌

18,095‌

Vistra

VR,

8.00% (4)(8)(9)

41,780‌

42,198‌

Vistra

Series C,

VR,

8.875% (4)(8)(9)

13,365‌

13,833‌

Vistra

Operations,

7.75%,

10/15/31 (4)

12,240‌

12,699‌

297,449‌

Wireless

Communications

0.1%

U.S.

Cellular,

6.70%,

12/15/33

6,455‌

6,794‌

Total

Corporate

Bonds

(Cost

$6,342,195)

6,152,107‌

ROWE

PRICE

High

Yield

Fund

Par/Shares

Value

(Amounts

000s)

‡

MUNICIPAL

SECURITIES

0.5%

Puerto

Rico

0.5%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (10)

55,455‌

34,382‌

Total

Municipal

Securities

(Cost

$30,481)

34,382‌

SHORT-TERM

INVESTMENTS

1.5%

Money

Market

Funds

1.5%

Rowe

Price

Government

Reserve

Fund,

5.39% (11)(12)

98,013‌

Total

Short-Term

Investments

(Cost

$98,013)

98,013‌

SECURITIES

LENDING

COLLATERAL

4.0%

INVESTMENTS

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 0.1%

Money

Market

Funds 0.1%

Rowe

Price

Government

Reserve

Fund,

5.39% (11)(12)

5,456‌

Total

Investments

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

5,456‌

INVESTMENTS

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 3.9%

Money

Market

Funds 3.9%

Rowe

Price

Government

Reserve

Fund,

5.39% (11)(12)

261,153‌

Total

Investments

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

261,153‌

Total

Securities

Lending

Collateral

(Cost

$266,609)

266,609‌

Total

Investments

Securities

102.5%

Net

Assets

(Cost

$7,109,670)

6,918,022‌

ROWE

PRICE

High

Yield

Fund

‡

Par/Shares

and

Notional

Amount

are

denominated

U.S.

dollars

unless

otherwise

noted.

(1)

Bank

loan

positions

may

involve

multiple

underlying

tranches.

those

instances,

the

position

presented

reflects

the

aggregate

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

the

settled

positions.

(2)

Non-income

producing

(3)

All

portion

this

loan

unsettled

May

31,

2024.

The

interest

rate

for

unsettled

loans

will

determined

upon

settlement

after

period

end.

(4)

Security

was

purchased

pursuant

Rule

144A

under

the

Securities

Act

1933

and

may

resold

transactions

exempt

from

registration

only

qualified

institutional

buyers.

Total

value

such

securities

period-end

amounts

$5,221,334

and

represents

77.4%

net

assets.

(5)

See

Note

Level

fair

value

hierarchy.

(6)

See

Note

All

portion

this

security

loan

May

31,

2024.

(7)

Security

has

the

ability

pay

in-kind

pay

cash.

When

applicable,

separate

rates

such

payments

are

disclosed.

(8)

Perpetual

security

with

stated

maturity

date.

(9)

Security

fix-to-float

security,

which

carries

fixed

coupon

until

certain

date,

upon

which

switches

floating

rate.

Reference

rate

and

spread

are

provided

the

rate

currently

floating.

(10)

Contingent

value

instrument

that

only

pays

out

portion

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

the

Oversight

Board's

Certified

Fiscal

Plan.

(11)

Seven-day

yield

(12)

Affiliated

Companies

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

TSFR

Six

month

Term

SOFR

(Secured

overnight

financing

rate)

Escrow

CUSIP;

represents

beneficial

interest

residual

pool

assets;

the

amount

and

timing

future

distributions,

any,

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

the

original

security.

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

General

Obligation

PIK

Payment-in-kind

USD

U.S.

Dollar

Variable

Rate;

rate

shown

effective

rate

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

based

current

market

conditions.

ROWE

PRICE

High

Yield

Fund

(Amounts

000s)

SWAPS

(0.0)%

Description

Notional

Amount

Value

Initial

Value

Unrealized

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.0)%

Credit

Default

Swaps,

Protection

Sold

(0.0)%

Protection

Sold

(Relevant

Credit:

CHS/

Community

Health

Systems,

Ca*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/26

8,875

(615)

(355)

(260‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(260‌)

Total

Centrally

Cleared

Swaps

(260‌)

Net

payments

(receipts)

variation

margin

date

214‌

Variation

margin

receivable

(payable)

centrally

cleared

swaps

(46‌)

Credit

ratings

May

31,

2024.

Ratings

shown

are

from

Moody's

Investors

Service

and

Moody's

does

not

rate

security,

then

Standard

Poor's

(S&P)

used.

Fitch

used

for

securities

that

are

not

rated

either

Moody's

S&P.

ROWE

PRICE

High

Yield

Fund

(Amounts

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Morgan

Stanley

7/19/24

GBP

294‌

USD

373‌

2‌

RBC

Dominion

Securities

7/19/24

GBP

282‌

USD

352‌

8‌

State

Street

7/19/24

USD

10,013‌

GBP

8,041‌

(236‌)

UBS

Investment

Bank

8/23/24

USD

88,834‌

EUR

81,399‌

173‌

Net

unrealized

gain

(loss)

open

forward

currency

exchange

contracts

(53‌)

ROWE

PRICE

High

Yield

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

1940

Act,

affiliated

company

one

which

the

fund

owns

the

outstanding

voting

securities,

company

that

under

common

ownership

control.

The

following

securities

were

considered

affiliated

companies

for

all

some

portion

the

year

ended

May

31,

2024.

Net

realized

gain

(loss),

investment

income,

change

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

Net

Unrealized

Gain/Loss

Investment

Income

Rowe

Price

Government

Reserve

Fund,

5.39%

-‌

4,154‌++

Totals

-‌#

-‌

4,154‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/23

Purchase

Cost

Sales

Cost

Value

05/31/24

Rowe

Price

Government

Reserve

Fund,

5.39%

108,239‌

364,622‌

Total

364,622‌^

Capital

gain

distributions

from

underlying

Price

funds

represented

the

net

realized

gain

(loss).

Excludes

earnings

securities

lending

collateral,

which

are

subject

rebates

and

fees

described

Note

Investment

income

comprised

$4,154

dividend

income

and

interest

income.

Purchase

and

sale

information

not

shown

for

cash

management

funds.

The

cost

basis

investments

affiliated

companies

was

$364,622.

ROWE

PRICE

High

Yield

Fund

May

31,

2024

Statement

Assets

and

Liabilities

($000s,

except

and

per

amounts)

Assets

Investments

securities,

value

(cost

$7,109,670)

6,918,022‌

Interest

receivable

120,886‌

Receivable

for

investment

securities

sold

13,335‌

Cash

deposits

centrally

cleared

swaps

6,272‌

Receivable

for

sold

5,208‌

Due

from

affiliates

1,599‌

Restricted

cash

pledged

for

bilateral

derivatives

410‌

Cash

328‌

Unrealized

gain

forward

currency

exchange

contracts

183‌

Foreign

currency

(cost

$1)

1‌

Other

assets

218‌

Total

assets

7,066,462‌

Liabilities

Obligation

return

securities

lending

collateral

266,609‌

Payable

for

investment

securities

purchased

40,094‌

Payable

for

redeemed

8,098‌

Investment

management

fees

payable

3,334‌

Unrealized

loss

forward

currency

exchange

contracts

236‌

Variation

margin

payable

centrally

cleared

swaps

46‌

Payable

directors

4‌

Other

liabilities

970‌

Total

liabilities

319,391‌

Commitments

and

Contingent

Liabilities

(note

)

NET

ASSETS

6,747,071‌

ROWE

PRICE

High

Yield

Fund

May

31,

2024

Statement

Assets

and

Liabilities

($000s,

except

and

per

amounts)

The

accompanying

notes

are

integral

part

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

(1,446,363‌)

Paid-in

capital

applicable

1,159,079,702

$0.01

par

value

capital

stock

outstanding;

3,000,000,000

authorized

8,193,434‌

NET

ASSETS

6,747,071‌

NET

ASSET

VALUE

PER

Investor

Class

(Net

assets:

$1,153,295;

outstanding:

198,226,495)

5.82‌

Advisor

Class

(Net

assets:

$16,898;

outstanding:

2,911,654)

5.80‌

Class

(Net

assets:

$2,286,674;

outstanding:

392,896,408)

5.82‌

Class

(Net

assets:

$3,290,204;

outstanding:

565,045,145)

5.82‌

ROWE

PRICE

High

Yield

Fund

Statement

Operations

($000s)

Year

Ended

5/31/24

Investment

Income

(Loss)

Income

Interest

503,805‌

Dividend

2,814‌

Securities

lending

1,372‌

Total

income

507,991‌

Expenses

Investment

management

40,841‌

Shareholder

servicing

Investor

Class

2,102‌

Advisor

Class

30‌

Class

362‌

2,494‌

Rule

12b-1

fees

Advisor

Class

42‌

Prospectus

and

shareholder

reports

Investor

Class

76‌

Advisor

Class

6‌

Class

332‌

Class

4‌

418‌

Custody

and

accounting

325‌

Proxy

and

annual

meeting

163‌

Registration

140‌

Legal

and

audit

48‌

Directors

25‌

Miscellaneous

81‌

Waived

paid

Price

Associates

(20,712‌)

Total

expenses

23,865‌

Net

investment

income

484,126‌

ROWE

PRICE

High

Yield

Fund

Statement

Operations

($000s)

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

5/31/24

Realized

and

Unrealized

Gain

Loss

Net

realized

gain

(loss)

Securities

(249,866‌)

Swaps

2,128‌

Options

written

265‌

Forward

currency

exchange

contracts

120‌

Foreign

currency

transactions

164‌

Net

realized

loss

(247,189‌)

Change

net

unrealized

gain

loss

Securities

500,800‌

Swaps

1,839‌

Forward

currency

exchange

contracts

(506‌)

Other

assets

and

liabilities

denominated

foreign

currencies

(96‌)

Change

net

unrealized

gain

loss

502,037‌

Net

realized

and

unrealized

gain

loss

254,848‌

INCREASE

NET

ASSETS

FROM

OPERATIONS

738,974‌

ROWE

PRICE

High

Yield

Fund

Statement

Changes

Net

Assets

($000s)

Year

Ended

5/31/24

5/31/23

Increase

(Decrease)

Net

Assets

Operations

Net

investment

income

484,126‌

459,621‌

Net

realized

loss

(247,189‌)

(273,230‌)

Change

net

unrealized

gain

loss

502,037‌

(199,740‌)

Increase

(decrease)

net

assets

from

operations

738,974‌

(13,349‌)

Distributions

shareholders

Net

earnings

Investor

Class

(74,398‌)

(71,801‌)

Advisor

Class

(1,119‌)

(1,233‌)

Class

(168,356‌)

(169,300‌)

Class

(241,235‌)

(225,949‌)

Decrease

net

assets

from

distributions

(485,108‌)

(468,283‌)

Capital

transactions

sold

Investor

Class

212,204‌

82,819‌

Advisor

Class

1,224‌

851‌

Class

438,123‌

368,281‌

Class

366,789‌

283,325‌

Distributions

reinvested

Investor

Class

66,965‌

63,546‌

Advisor

Class

1,112‌

1,220‌

Class

141,690‌

144,058‌

Class

242,554‌

225,949‌

redeemed

Investor

Class

(248,197‌)

(240,057‌)

Advisor

Class

(3,679‌)

(7,137‌)

Class

(947,261‌)

(637,449‌)

Class

(629,822‌)

(424,458‌)

Decrease

net

assets

from

capital

transactions

(358,298‌)

(139,052‌)

ROWE

PRICE

High

Yield

Fund

Statement

Changes

Net

Assets

($000s)

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

5/31/24

5/31/23

Net

Assets

Decrease

during

period

(104,432‌)

(620,684‌)

Beginning

period

6,851,503‌

7,472,187‌

End

period

6,747,071‌

6,851,503‌

*Share

information

(000s)

sold

Investor

Class

36,759‌

14,627‌

Advisor

Class

214‌

150‌

Class

76,064‌

64,999‌

Class

64,380‌

49,550‌

Distributions

reinvested

Investor

Class

11,624‌

11,297‌

Advisor

Class

194‌

218‌

Class

24,617‌

25,606‌

Class

42,083‌

40,126‌

redeemed

Investor

Class

(43,004‌)

(42,467‌)

Advisor

Class

(637‌)

(1,268‌)

Class

(166,019‌)

(113,771‌)

Class

(109,730‌)

(75,401‌)

Decrease

outstanding

(63,455‌)

(26,334‌)

ROWE

PRICE

High

Yield

Fund

NOTES

FINANCIAL

STATEMENTS

Rowe

Price

High

Yield

Fund,

Inc. (the

corporation) is

registered

under

the

Investment

Company

Act

1940

(the

1940

Act).

The

High

Yield

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

the

corporation.

The

fund

seeks

high

current

income

and,

secondarily,

capital

appreciation.

The

fund

has four classes

the

High

Yield

Fund

(Investor

Class),

the

High

Yield

Fund-Advisor

Class

(Advisor

Class),

the

High

Yield

Fund-I

Class

Class)

and

the

High

Yield

Fund-Z

Class

Class).

Advisor

Class

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

Class

require

$500,000

initial

investment

minimum,

although

the

minimum

generally

waived

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Class

only

available

funds

advised

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

contractual

fee

for

investment

management

services.

The

Advisor

Class

operates

under

Board-approved

Rule

12b-1

plan

pursuant

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor,

and

Classes

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

matters

solely

that

class;

separate

voting

rights

matters

that

relate

all

classes;

and,

all

other

respects,

the

same

rights

and

obligations

the

other

classes.

NOTE

SIGNIFICANT

ACCOUNTING

POLICIES

Basis

Preparation

The fund

investment

company

and

follows

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

estimates

made

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

the

trade

date

basis.

Income

and

expenses

are

recorded

the

accrual

basis.

Realized

gains

and

losses

are

reported

the

identified

cost

basis. Premiums

and

discounts

debt

securities

are

ROWE

PRICE

High

Yield

Fund

amortized

for

financial

reporting

purposes. Income

tax-related

interest

and

penalties,

incurred,

are

recorded

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

dividend income;

capital

gain

distributions

are

reflected

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

the

ex-dividend

date. Earnings

investments

recognized

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

such

earnings. Non-cash

dividends,

any,

are

recorded

the

fair

market

value

the

asset

received. Proceeds

from

litigation

payments,

any,

are

included

either

net

realized

gain

(loss)

change

net

unrealized

gain/loss

from

securities. Distributions

shareholders

are

recorded

the

ex-dividend

date. Income

distributions,

any, are

declared

each

class daily

and

paid

monthly. A

capital

gain

distribution,

any, may

also

declared

and

paid

the

fund

annually.

Currency

Translation

Assets,

including

investments,

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

the

prevailing

exchange

rate,

using

the

mean

the

bid

and

asked

prices

such

currencies

against

U.S.

dollars

provided

outside

pricing

service.

Purchases

and

sales

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

the

prevailing

exchange

rate

the

respective

date

such

transaction.

The

effect

changes

foreign

currency

exchange

rates

realized

and

unrealized

security

gains

and

losses

not

bifurcated

from

the

portion

attributable

changes

market

prices.

Class

Accounting

Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

each

class

are

charged

directly

the

class

which

they

relate.

Expenses

common

all

classes

and

investment

income

are

allocated

the

classes

based

upon

the

relative

daily

net

assets

each

class's

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

each

class's

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

amount

not

exceeding

0.25%

the

class's

average

daily

net

assets.

Capital

Transactions

Each

investor's

interest

the

net

assets

of the

fund

represented

fund

shares. The

fund's

net

asset

value

(NAV)

per

computed

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

ET,

each

day

the

NYSE

open

for

business.

However,

the

NAV

per

may

calculated

time

other

than

the

normal

the

NYSE

trading

the

NYSE

restricted,

the

NYSE

closes

earlier,

may

permitted

ROWE

PRICE

High

Yield

Fund

the

SEC.

Purchases

and

redemptions

fund

are

transacted

the

next-computed

NAV

per

share,

after

receipt

the

transaction

order

Rowe

Price

Associates,

Inc.,

its

agents.

Indemnification

the

normal

course

business, the

fund

may

provide

indemnification

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

unknown;

however,

the

risk

material

loss

currently

considered

remote.

NOTE

VALUATION

Fair

Value

The

fund's

financial

instruments

are

valued

the

NYSE

and

are

reported

fair

value,

which

GAAP

defines

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date. The fund's

Board

Directors

(the

Board)

has

designated

Rowe

Price

Associates,

Inc.

the

fund's

valuation

designee

(Valuation

Designee).

Subject

oversight

the

Board,

the

Valuation

Designee

performs

the

following

functions

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

the

Valuation

Designee

are

performed

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

the

Board

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

determine

the

fair

value

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

measure

fair

value:

Level

quoted

prices

(unadjusted)

active

markets

for

identical

financial

instruments

that

the

fund

can

access

the

reporting

date

Level

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

active

markets,

quoted

prices

for

identical

similar

financial

instruments

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

unobservable

inputs

(including

the Valuation

Designee's assumptions

determining

fair

value)

ROWE

PRICE

High

Yield

Fund

Observable

inputs

are

developed

using

market

data,

such

publicly

available

information

about

actual

events

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

price

the

financial

instrument.

GAAP

requires

valuation

techniques

maximize

the

use

relevant

observable

inputs

and

minimize

the

use

unobservable

inputs.

When

multiple

inputs

are

used

derive

fair

value,

the

financial

instrument

assigned

the

level

within

the

fair

value

hierarchy

based

the

lowest-level

input

that

significant

the

fair

value

the

financial

instrument.

Input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level

but

rather

the

degree

judgment

used

determining

those

values.

Valuation

Techniques

Debt

securities

generally

are

traded

the over-the-

counter

(OTC)

market

and

are

valued

prices

furnished

independent

pricing

services

broker

dealers

who

make

markets

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

price

bonds

comparable

quality,

coupon,

maturity,

and

type,

well

prices

quoted

dealers

who

make

markets

such

securities.

Equity

securities,

including

exchange-traded

funds, listed

regularly

traded

securities

exchange

the

over-the-counter

(OTC)

market

are

valued

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

the

mean

the

closing

bid

and

asked

prices.

security

that

listed

traded

than

one

exchange

valued

the

quotation

the

exchange

determined

the

primary

market

for

such

security.

Listed

securities

not

traded

particular

day

are

valued

the

mean

the

closing

bid

and

asked

prices

for

domestic

securities.

Investments

mutual

funds

are

valued

the

mutual

fund's

closing

NAV

per

the

day

valuation.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

prices

furnished

independent

pricing

service

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

cost,

estimated

realizable

value,

less,

which

approximates

fair

value.

ROWE

PRICE

High

Yield

Fund

Investments

for

which

market

quotations are

not

readily

available

deemed

unreliable

are

valued

fair

value

determined

good

faith

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

investments

for

which

market

quotations

are

not

readily

available

deemed

unreliable,

including

the

use

other

pricing

sources.

Factors

used

determining

fair

value

vary

type

investment

and

may

include

market

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

actual

prices

arm's

length

transactions,

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

reliably

obtained,

and

prices

are

deemed

representative

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

market-based

valuation

multiples;

discount

premium

from

market

value

similar,

freely

traded

security

the

same

issuer;

discounted

cash

flows;

yield

maturity;

some

combination.

Fair

value

determinations

are

reviewed

regular

basis.

Because

any

fair

value

determination

involves

significant

amount

judgment,

there

degree

subjectivity

inherent

such

pricing

decisions. Fair

value

prices

determined

the

Valuation

Designee could

differ

from

those

other

market

participants,

and

possible

that

the

fair

value

determined

for

security

may

materially

different

from

the

value

that

could

realized

upon

the

sale

that

security.

ROWE

PRICE

High

Yield

Fund

Valuation

Inputs

The

following

table

summarizes

the

fund's

financial

instruments,

based

the

inputs

used

determine

their

fair

values

May

31,

2024

(for

further

detail

category,

please

refer

the

accompanying

Portfolio

Investments):

NOTE

DERIVATIVE

INSTRUMENTS

During

the

year ended

May

31,

2024,

the

fund

invested

derivative

instruments.

defined

GAAP,

derivative

financial

instrument

whose

value

derived

from

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

prices

rates,

other

variable;

requires

little

($000s)

Level

Total

Value

Assets

Fixed

Income

Securities

-‌

345,114‌

-‌

345,114‌

Common

Stocks

56,179‌

-‌

56,179‌

Convertible

Preferred

Stocks

-‌

Corporate

Bonds

-‌

6,152,107‌

-‌

6,152,107‌

Short-Term

Investments

98,013‌

-‌

98,013‌

Securities

Lending

Collateral

266,609‌

-‌

266,609‌

Total

Securities

420,801‌

6,497,221‌

-‌

6,918,022‌

Forward

Currency

Exchange

Contracts

-‌

183‌

-‌

183‌

Total

420,801‌

6,497,404‌

-‌

6,918,205‌

Liabilities

Swaps*

-‌

260‌

-‌

260‌

Forward

Currency

Exchange

Contracts

-‌

236‌

-‌

236‌

Total

-‌

496‌

-‌

496‌

Includes

Bank

Loans,

Convertible

Bonds

and

Municipal

Securities.

The

fair

value

presented

includes

cumulative

gain

(loss)

centrally

cleared

swaps;

however,

the

net

value

reflected

the

accompanying

Portfolio

Investments

only

the

unsettled

variation

margin

receivable

(payable)

that

date.

ROWE

PRICE

High

Yield

Fund

initial

investment

and

permits

requires

net

settlement.

The

fund

invests

derivatives

only

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

described

its

prospectus

and

Statement

Additional

Information.

The

fund

may

use

derivatives

for

variety

purposes

and

may

use

them

establish

both

long

and

short

positions

within

the

fund's

portfolio.

Potential

uses

include

hedge

against

declines

principal

value,

increase

yield,

invest

asset

with

greater

efficiency

and

lower

cost

than

possible

through

direct

investment,

enhance

return,

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

the

instruments

which

the

derivatives

are

based.

The

fund

values

its

derivatives

fair

value

and

recognizes

changes

fair

value

currently

its

results

operations.

Accordingly,

the

fund

does

not

hedge

accounting,

even

for

derivatives

employed

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

gross

basis.

does

not

offset

the

fair

value

derivative

liabilities

against

the

fair

value

derivative

assets

its

financial

statements,

nor

does

offset

the

fair

value

derivative

instruments

against

the

right

reclaim

obligation

return

collateral.

The

following

table

summarizes

the

fair

value

the

fund's

derivative

instruments

held

May

31,

2024,

and

the

location

the

accompanying

Statement

Assets

and

Liabilities,

presented

primary

underlying

risk

exposure:

($000s)

Location

Statement

Assets

and

Liabilities

Fair

Value*

Assets

Foreign

exchange

derivatives

Forwards

183‌

Total

183‌

Liabilities

Foreign

exchange

derivatives

Forwards

236‌

Credit

derivatives

Centrally

Cleared

Swaps

260‌

Total

496‌

The

fair

value

presented

includes

cumulative

gain

(loss)

centrally

cleared

swaps;

however,

the

value

reflected

the

accompanying

Statement

Assets

and

Liabilities

only

the

unsettled

variation

margin

receivable

(payable)

that

date.

ROWE

PRICE

High

Yield

Fund

Additionally,

the

amount

gains

and

losses

derivative

instruments

recognized

fund

earnings

during

the

year ended

May

31,

2024,

and

the

location

the

accompanying

Statement

Operations

summarized

the

following

table

primary

underlying

risk

exposure:

Counterparty

Risk

and

Collateral

The

fund

invests

derivatives

various

markets,

which

expose

differing

levels

counterparty

risk.

Counterparty

risk

exchange-traded

and

centrally

cleared

derivative

contracts,

such

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

required

deposit

collateral

amount

specified

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

maintained

over

the

life

the

contract.

Each

clearinghouse

and

clearing

firm,

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

the

fund.

Derivatives,

such

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

counterparty

(bilateral

derivatives)

may

expose

the

fund

greater

counterparty

risk.

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

($000s)

Location

Gain

(Loss)

Statement

Operations

Options

Written

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Foreign

exchange

derivatives

-‌

120‌

-‌

120‌

Credit

derivatives

265‌

-‌

2,128‌

2,393‌

Total

265‌

120‌

2,128‌

2,513‌

Change

Unrealized

Gain

(Loss)

Foreign

exchange

derivatives

-‌

(506‌)

-‌

(506‌)

Credit

derivatives

-‌

1,839‌

Total

-‌

(506‌)

1,839‌

1,333‌

ROWE

PRICE

High

Yield

Fund

conditions

and,

for

certain

counterparties,

also

require

the

exchange

collateral

cover

mark-to-market

exposure.

MNAs

may

the

form

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

offset

amounts

the

fund

owes

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

letters

generally

allow

termination

transactions

and

net

settlement

upon

the

occurrence

contractually

specified

events,

such

failure

pay

bankruptcy.

addition,

ISDAs

specify

other

events,

the

occurrence

which

would

allow

one

the

parties

terminate.

For

example,

downgrade

credit

rating

counterparty

below

specified

rating

would

allow

the

fund

terminate,

while

decline

the

fund's

net

assets

than

specified

percentage

would

allow

the

counterparty

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

liquidated

and

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

letters

not.

Collateral

requirements

are

determined

daily

based

the

net

aggregate

unrealized

gain

loss

all

bilateral

derivatives

with

counterparty,

subject

minimum

transfer

amounts

that

typically

range

from

$100,000

$250,000.

Any

additional

collateral

required

due

changes

security

values

typically

transferred

the

business

day.

Collateral

may

the

form

cash

debt

securities

issued

the

U.S.

government

agencies,

although

other

securities

may

used

depending

the

terms

outlined

the

applicable

MNA.

Cash

posted

the

fund

reflected

cash

deposits

the

accompanying

financial

statements

and

generally

restricted

from

withdrawal

the

fund;

securities

posted

the

fund

are

noted

the

accompanying

Portfolio

Investments;

both

remain

the

fund's

assets.

Collateral

pledged

counterparties

not

included

the

fund's

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

received

the

fund

held

segregated

account

the

fund's

custodian.

While

typically

not

sold

the

same

manner

equity

fixed

income

securities,

exchange-traded

centrally

cleared

derivatives

may

closed

out

only

the

exchange

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

unwound

with

counterparties

transactions

assigned

other

counterparties

allow

the

fund

exit

the

transaction.

This

ability

subject

the

liquidity

underlying

positions. As

May

31,

2024,

cash

of $410,000 had

been

pledged

posted

the

fund

counterparties

for

bilateral

derivatives. As

May

31,

2024,

collateral

pledged

counterparties

the

fund

for

bilateral

derivatives

ROWE

PRICE

High

Yield

Fund

consisted

securities

valued

$576,000. As

May

31,

2024,

cash

of $6,272,000 had

been

posted

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

Forward

Currency

Exchange

Contracts

The

fund

subject

foreign

currency

exchange

rate

risk

the

normal

course

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

increase

exposure

particular

foreign

currency,

shift

the

fund's

foreign

currency

exposure

from

one

country

another,

enhance

the

fund's

return.

forward

involves

obligation

purchase

sell

fixed

amount

specific

currency

future

date

price

set

the

time

the

contract.

Although

certain

forwards

may

settled

exchanging

only

the

net

gain

loss

the

contract,

most

forwards

are

settled

with

the

exchange

the

underlying

currencies

accordance

with

the

specified

terms.

Forwards

are

valued

the

unrealized

gain

loss

the

contract,

which

reflects

the

net

amount

the

fund

either

entitled

receive

obligated

deliver,

measured

the

difference

between

the

forward

exchange

rates

the

date

entry

into

the

contract

and

the

forward

rates

the

reporting

date.

Appreciated

forwards

are

reflected

assets

and

depreciated

forwards

are

reflected

liabilities

the

accompanying

Statement

Assets

and

Liabilities.

When

contract

closed,

realized

gain

loss

recorded

the

accompanying

Statement

Operations.

Risks

the

use

forwards

include

the

possible

failure

counterparties

meet

the

terms

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund's

total

return;

and

the

potential

for

losses

excess

the

fund's

initial

investment.

During

the

year ended

May

31,

2024,

the

volume

the

fund's

activity

forwards,

based

underlying

notional

amounts,

was

generally

between

and

net

assets.

Options

The

fund

subject

to credit

risk in

the

normal

course

pursuing

its

investment

objectives

and

uses

options

help

manage

such

risk.

The

fund

may

use

options

manage

exposure

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

efficient

means

adjusting

exposure

all

part

target

market;

enhance

income;

cash

management

tool;

adjust

credit

exposure.

The

fund

may

buy

sell

options

that

can

settled

either

directly

with

the

counterparty

(OTC

option)

through

central

clearinghouse

(exchange-traded

option).

Options

are

included

net

assets

fair

value,

options

purchased

are

included

Investments

Securities,

and

options

written

are

separately

reflected

liability

the

accompanying

Statement

Assets

and

Liabilities.

Premiums

unexercised,

expired

options

ROWE

PRICE

High

Yield

Fund

are

recorded

realized

gains

losses

the

accompanying

Statement

Operations;

premiums

exercised

options

are

recorded

adjustment

the

proceeds

from

the

sale

cost

the

purchase.

The

difference

between

the

premium

and

the

amount

received

paid

closing

transaction

also

treated

realized

gain

loss

the

accompanying

Statement

Operations.

return

for

premium

paid,

options

swaps

give

the

holder

the

right,

but

not

the

obligation,

enter

specified

swap

contract

predefined

terms.

The

exercise

price

option

credit

default

swap

stated

terms

specified

spread

that

represents

the

cost

credit

protection

the

reference

asset,

including

both

the

upfront

premium

open

the

position

and

future

periodic

payments.

The

exercise

price

interest

rate

swap

stated

terms

fixed

interest

rate;

generally,

there

upfront

payment

open

the

position. Risks related

the

use

options

include

possible

illiquidity

the

options

markets;

trading

restrictions

imposed

exchange

counterparty;

possible

failure

counterparties

meet

the

terms

the

agreements;

movements

the

underlying

asset

values

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

exceed

any

premium

received

the

fund.

During

the

year ended

May

31,

2024,

the

volume

the

fund's

activity

options,

based

underlying

notional

amounts,

was

generally

less

than

net

assets.

Swaps

The

fund

subject

credit

risk in

the

normal

course

pursuing

its

investment

objectives

and

uses

swap

contracts

help

manage

such

risk.

The

fund

may

use

swaps

effort

manage

both

long

and

short

exposure

changes

interest

rates,

inflation

rates,

and

credit

quality;

adjust

overall

exposure

certain

markets;

enhance

total

return

protect

the

value

portfolio

securities;

serve

cash

management

tool;

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

settled

either

directly

with

the

counterparty

(bilateral

swap)

through

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

the

fair

value

contract

are

reflected

unrealized

gain

loss

and

are

reclassified

realized

gain

loss

the

accompanying

Statement

Operations upon

contract

termination

cash

settlement.

Net

periodic

receipts

payments

required

contract

increase

decrease,

respectively,

the

value

the

contract

until

the

contractual

payment

date,

which

time

such

amounts

are

reclassified

from

unrealized

realized

gain

loss

the

accompanying

Statement

Operations.

For

bilateral

swaps,

cash

payments

are

made

received

the

fund

periodic

basis

accordance

with

contract

terms;

unrealized

gain

contracts

and

premiums

paid

are

reflected

assets

and

unrealized

loss

contracts

and

premiums

received

are

reflected

liabilities

the

accompanying

Statement

Assets

ROWE

PRICE

High

Yield

Fund

and

Liabilities.

For

bilateral

swaps,

premiums

paid

received

are

amortized

over

the

life

the

swap

and

are

recognized

realized

gain

loss

the

accompanying

Statement

Operations.

For

centrally

cleared

swaps,

payments

are

made

received

the

fund

each

day

settle

the

daily

fluctuation

the

value

the

contract

(variation

margin).

Accordingly,

the

value

centrally

cleared

swap

included

net

assets

the

unsettled

variation

margin;

net

variation

margin

receivable

reflected

asset

and

net

variation

margin

payable

reflected

liability

the

accompanying

Statement

Assets

and

Liabilities.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

make

periodic

payments

another

party

(the

protection

seller)

exchange

for

protection

against

specified

credit

events,

such

certain

defaults

and

bankruptcies

underlying

credit

instrument,

issuer

index

such

instruments.

Upon

occurrence

specified

credit

event,

the

protection

seller

required

pay

the

buyer

the

difference

between

the

notional

amount

the

swap

and

the

value

the

underlying

credit,

either

the

form

net

cash

settlement

paying

the

gross

notional

amount

and

accepting

delivery

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

index,

specified

credit

event

may

affect

all

individual

underlying

securities

included

the

index

and

will

settled

based

upon

the

relative

weighting

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

protection

inversely

the

current

market

price

credit

rating

the

underlying

credit

the

market

value

the

contract

relative

the

notional

amount,

which

are

indicators

the

markets'

valuation

credit

quality.

May

31,

2024,

the

notional

amount

protection

sold

the

fund

totaled $8,875,000

(0.1%

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

required

pay

under

such

contracts.

Risks

the

use

credit

default

swaps

include

the

possible

inability

the

fund

accurately

assess

the

current

and

future

creditworthiness

underlying

issuers,

the

possible

failure

counterparty

perform

accordance

with

the

terms

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

excess

the

fund's

initial

investment.

During

the

year ended

May

31,

2024,

the

volume

the

fund's

activity

swaps,

based

underlying

notional

amounts,

was

generally

less

than

net

assets.

ROWE

PRICE

High

Yield

Fund

NOTE

OTHER

INVESTMENT

TRANSACTIONS

Consistent

with

its

investment

objective, the

fund

engages

the

following

practices

manage

exposure

certain

risks

and/or

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

fully

in the

fund's prospectus

and

Statement

Additional

Information.

Noninvestment-Grade

Debt

The

fund

invests,

either

directly

through

its

investment

other

Rowe

Price

funds,

noninvestment-grade

debt,

including

"high

yield"

"junk"

bonds

leveraged

loans.

Noninvestment-grade

debt

issuers

are

likely

suffer

adverse

change

financial

condition

that

would

result

the

inability

meet

financial

obligation.

The

noninvestment-

grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

variety

factors

that

may

decrease

the

ability

issuers

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

value,

both,

such

securities.

Accordingly,

securities

issued

such

companies

carry

higher

risk

default

and

should

considered

speculative.

Restricted

Securities

The

fund

invests

securities

that

are

subject

legal

contractual

restrictions

resale.

Prompt

sale

such

securities

acceptable

price

may

difficult

and

may

involve

substantial

delays

and

additional

costs.

Bank

Loans

The

fund

invests

bank

loans,

which

represent

interest

amounts

owed

borrower

syndicate

lenders.

Bank

loans

are

generally

noninvestment

grade

and

often

involve

borrowers

whose

financial

condition

highly

leveraged.

The

fund

may

invest

fixed

and

floating

rate

loans,

which

may

include

senior

floating

rate

loans;

secured

and

unsecured

loans,

second

lien

junior

loans;

and

bridge

loans

bridge

facilities.

Certain

bank

loans

may

revolvers

which

are

form

senior

bank

debt,

where

the

borrower

can

draw

down

the

credit

the

revolver

when

needs

cash

and

repays

the

credit

when

the

borrower

has

excess

cash.

Certain

loans

may

"covenant-lite"

loans,

which

means

the

loans

contain

fewer

maintenance

covenants

than

other

loans

(in

some

cases,

none)

and

not

include

terms

which

allow

the

lender

monitor

the

performance

the

borrower

and

declare

default

certain

criteria

are

breached.

result

these

risks,

the

fund's

exposure

losses

may

increased.

Bank

loans

may

the

form

either

assignments

participations.

loan

assignment

transfers

all

legal,

beneficial,

and

economic

rights

the

buyer,

and

transfer

typically

requires

consent

both

the

borrower

and

agent.

ROWE

PRICE

High

Yield

Fund

contrast,

loan

participation

generally

entitles

the

buyer

receive

the

cash

flows

from

principal,

interest,

and

any

fee

payments

portion

loan;

however,

the

seller

continues

hold

legal

title

that

portion

the

loan.

result,

the

buyer

loan

participation

generally

has

direct

recourse

against

the

borrower

and

exposed

credit

risk

both

the

borrower

and

seller

the

participation.

Bank

loans

often

have

extended

settlement

periods,

generally

may

repaid

any

time

the

option

the

borrower,

and

may

require

additional

principal

funded

the

borrowers'

discretion

later

date

(e.g.

unfunded

commitments

and

revolving

debt

instruments).

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

settle

its

unfunded

loan

commitments.

The

fund

reflects

both

the

funded

portion

bank

loan

well

its

unfunded

commitment

the

Portfolio

Investments.

However,

credit

agreement

provides

initial

funding

tranche,

and

funding

the

full

commitment

future

date(s)

the

borrower's

discretion

and

considered

uncertain,

loan

reflected

the

Portfolio

Investments

only

if,

and

only

the

extent

that,

the

fund

has

actually

settled

funding

commitment.

Securities

Lending

The fund

may

lend

its

securities

approved

borrowers

earn

additional

income.

Its

securities

lending

activities

are

administered

lending

agent

accordance

with

securities

lending

agreement.

Security

loans

generally

not

have

stated

maturity

dates,

and

the

fund

may

recall

security

any

time.

The

fund

receives

collateral

the

form

cash

U.S.

government

securities.

Collateral

maintained

over

the

life

the

loan

amount

not

less

than

the

value

loaned

securities;

any

additional

collateral

required

due

changes

security

values

delivered

the

fund

the

business

day.

Cash

collateral

invested

accordance

with

investment

guidelines

approved

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

mitigated

the

collateral

and

indemnification,

the

fund

could

experience

delay

recovering

its

securities

and

possible

loss

income

value

the

borrower

fails

return

the

securities,

collateral

investments

decline

value,

and

the

lending

agent

fails

perform.

Securities

lending

revenue

consists

earnings

invested

collateral

and

borrowing

fees,

net

any

rebates

the

borrower,

compensation

the

lending

agent,

and

other

administrative

costs.

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

the

accompanying

financial

statements,

but

collateral

received

the

form

securities

not.

May

31,

2024,

the

value

loaned

securities

was

$259,792,000;

the

value

cash

collateral

and

investments

was

$266,609,000.

ROWE

PRICE

High

Yield

Fund

Other

Purchases

and

sales

portfolio

securities

other

than

in-kind

transactions,

any,

and short-term securities

aggregated $2,585,196,000 and

$3,009,443,000,

respectively,

for

the

year ended

May

31,

2024.

NOTE

FEDERAL

INCOME

TAXES

Generally,

provision

for

federal

income

taxes

required

since

the

fund

intends

to continue

qualify

regulated

investment

company

under

Subchapter

the

Internal

Revenue

Code

and

distribute

shareholders

all

its taxable

income

and

gains.

Distributions

determined

accordance

with

federal

income

tax

regulations

may

differ

amount

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

required.

The

fund's

tax

returns

are

subject

examination

the

relevant

tax

authorities

until

expiration

the

applicable

statute

limitations,

which

generally

three

years

after

the

filing

the

tax

return

but

which

can

extended

six

years

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

uncertain

tax

positions

that

require

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

any,

have

impact

results

operations

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

the

character

market

discount

time

sale

and

differences

between

book/tax

amortization

policies.

The

tax

character

distributions

paid

for

the

periods

presented

was

follows:

($000s)

May

31,

2024

May

31,

2023

Ordinary

income

(including

short-term

capital

gains,

any)

485,108‌

468,283‌

ROWE

PRICE

High

Yield

Fund

May

31,

2024,

the

tax-basis

cost

investments

(including

derivatives,

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

May

31,

2024,

the

tax-basis

components

accumulated

net

earnings

(loss)

were

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

total

distributable

earnings

(loss)

arise

when

certain

items

income,

gain,

loss

are

recognized

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

subsequent

reporting

period.

The

temporary

differences

relate

primarily

the

deferral

losses

from

wash

sales,

the

recognition

market

discount

and

premium

amortization

and

the

character

income

certain

derivatives

contracts.

The

loss

carryforwards

and

deferrals

primarily

relate

capital

loss

carryforwards

and

straddle

deferrals.

Capital

loss

carryforwards

are

available

indefinitely

offset

future

realized

capital

gains.

NOTE

PARTY

TRANSACTIONS

The

fund

managed

Rowe

Price

Associates,

Inc.

(Price

Associates),

wholly

owned

subsidiary

Rowe

Price

Group,

Inc.

(Price

Group).

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

annual

investment

management

fee,

which

computed

daily

and

paid

monthly. The

fee

consists

individual

fund

fee,

equal

0.30%

the

fund's

average

daily

net

assets,

and

group

fee.

The

group

fee

rate

calculated

based

the

combined

net

assets

certain

mutual

funds

Sharing and Personal Tools

Please select the service you want to use:

Back

View original format


(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.


T. Rowe Price High Yield Fund

By		/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer

Date		July 18, 2024


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