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Form N-CEN T. Rowe Price High Yield For: May 31

August 8, 2022 2:47 PM EDT

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  X0404
  
    N-CEN
    
      LIVE
      
        
          0000754915
          XXXXXXXX
        
        811-04119
      
      
        false
        false
        false
      
      N-1A
    
    
      
        true
      
    
  
  
    
    
      T. ROWE PRICE HIGH YIELD FUND, INC.
      811-04119
      0000754915
      549300V16MKJXZFY0080
      100 East Pratt Street
      Baltimore
      21202
      US-MD
      US
      410-345-2000
      
        
      
      
        
          State Street Corporation
          1776 Heritage Drive
          Quincy
          
          02171
          617-786-3000
          Custodian records for the Registrant.
        
        
          JPMorgan Chase Bank, London
          Woolgate House, Coleman Street
          London
          GB
          EC2P 2HD
          0 44 20 7742 4000
          Records related to the custody of Registrant's portfolio securities which are purchased outside the United States.
        
        
          T. Rowe Price High Yield Fund, Inc.
          100 East Pratt Street
          Baltimore
          
          21202
          410-345-2000
          All accounts, books, and other documents required to be maintained by the Registrant under Section 31(a) of the Investment Company Act of 1940 and the rules thereunder.
        
        
          The Bank of New York Mellon
          103 Bellevue Parkway
          Wilmington
          
          19809
          800-441-9800
          Fund accounting records.
        
        
          T. Rowe Price Services, Inc.
          100 East Pratt Street
          Baltimore
          
          21202
          410-345-2000
          Transfer, dividend disbursing, and shareholder service records.
        
      
      N
      N
      
      N-1A
      2
      Y
      
        
          Bruce W. Duncan
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Teresa Bryce Bazemore
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Paul F. McBride
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Kellye L. Walker
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Robert J. Gerrard, Jr.
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Eric L. Veiel
          003269676
          Y
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          David Oestreicher
          004594569
          Y
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
      
      
        
          Armando Capasso
          007152939
          100 East Pratt Street
          Baltimore
          
          21202
          XXXXXX
          Y
          
            
          
        
      
      N
      N
      N
      N
      
      N
      
        
      
      
        
          T. Rowe Price Investment Services, Inc.
          008-25130
          000008348
          N/A
          
          Y
        
      
      N
      
        
          PricewaterhouseCoopers LLP
          238
          5493002GVO7EO8RNNS37
          
        
      
      N
      N
      N
      N
      N
      N
      N
    
    
      
        T. Rowe Price U.S. High Yield Fund
        S000057617
        549300GCQXH1REFHC527
        N
        3
        0
        0
        
          
          
          
        
        N/A
        N
        N
        Y
        N
        N/A
        N/A
        N/A
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
          Rule 32a-4 (17 CFR 270.32a-4)
        
        Y
        Y
        Y
        N
        
          
            T. Rowe Price Associates, Inc.
            801-00856
            000105496
            7HTL8AEQSEDX602FBU63
            
            N
          
        
        
          
            T. ROWE PRICE INVESTMENT MANAGEMENT, INC.
            801-121434
            000314590
            549300JB5MWIPVHMEH37
            Y
            
            
          
        
        
          
            T. Rowe Price Services, Inc.
            084-01079
            N/A
            
            Y
            N
          
          
            T. Rowe Price Retirement Plan Services, Inc.
            084-01917
            N/A
            
            Y
            Y
          
        
        N
        
          
            Refinitiv US Holdings Inc.
            549300NF240HXJO7N016
            
            N
          
          
            Bloomberg Finance L.P.
            5493001KJTIIGC8Y1R12
            
            N
          
          
            ICE Data Services
            13-3668779
            Tax ID
            
            N
          
          
            Markit North America, Inc.
            N/A
            
            N
          
        
        N
        
          
            EUROCLEAR BANK SA/NV
            549300OZ46BRLZ8Y6F65
            BE
            N
            Y
            Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)
          
          
            JPMorgan Chase Bank, N.A.
            7H6GLXDRUGQFU57RNE97
            
            N
            Y
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            State Street Bank and Trust Company
            571474TGEMMWANRLN572
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            JPMorgan Chase Bank, London
            7H6GLXDRUGQFU57RNE97
            GB
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Deutsche Bank Aktiengesellschaft
            7LTWFZYICNSX8D621K86
            DE
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Royal Bank of Canada
            ES7IP3U3RHIGC71XBU11
            CA
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            J.P. Morgan Bank Luxembourg S.A.
            7W1GMC6J4KGLBBUSYP52
            LU
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
        
        N
        
          
            T. Rowe Price Retirement Plan Services, Inc.
            N/A
            
            Y
            Y
          
          
            T. Rowe Price Services, Inc.
            N/A
            
            Y
            N
          
        
        N
        
          
            T. Rowe Price Associates, Inc.
            7HTL8AEQSEDX602FBU63
            
            Y
            N
          
        
        N
        
          
            T. Rowe Price Investment Services, Inc.
            008-25130
            000008348
            N/A
            
            0.00000000
          
        
        0.00000000
        
          
            The Goldman Sachs Group, Inc.
            N/A
            N/A
            784F5XWPLTWKTBV3E584
            
            60494477.00000000
          
          
            Jefferies Financial Group Inc.
            N/A
            N/A
            549300HOF34RGOJ5YL07
            
            54981478.00000000
          
          
            Credit Suisse Group AG
            N/A
            N/A
            549300506SI9CRFV9Z86
            CH
            81767600.00000000
          
          
            BARCLAYS PLC
            N/A
            N/A
            213800LBQA1Y9L22JB70
            GB
            68214919.00000000
          
          
            JP MORGAN CHASE & CO.
            N/A
            N/A
            8I5DZWZKVSZI1NUHU748
            
            72968064.00000000
          
          
            Bank of America Corporation
            N/A
            N/A
            9DJT3UXIJIZJI4WXO774
            
            106998367.00000000
          
          
            Morgan Stanley
            N/A
            N/A
            IGJSJL3JD5P30I6NJZ34
            
            35438043.00000000
          
          
            Wells Fargo & Company
            N/A
            N/A
            PBLD0EJDB5FWOLXP3B76
            
            65361979.00000000
          
          
            Citigroup Inc.
            N/A
            N/A
            6SHGI4ZSSLCXXQSBB395
            
            65443252.00000000
          
          
            UBS Group AG
            N/A
            N/A
            549300SZJ9VS8SGXAN81
            CH
            26469499.00000000
          
        
        745663094.00000000
        N
        551656162.00000000
        0.00000000
        N
        N
        N
        N
      
      
        T. Rowe Price High Yield Fund, Inc.
        S000002132
        2F9VPFCSWR3EU5WBPH73
        N
        4
        0
        0
        
          
          
          
          
        
        N/A
        N
        N
        Y
        N
        
          
            State Street Bank and Trust Company
            571474TGEMMWANRLN572
            N
            
              
                
              
              N
            
          
          
            JPMorgan Chase Bank
            7H6GLXDRUGQFU57RNE97
            N
            
              
                
              
              N
            
          
        
        
          Revenue sharing split
          Other
          Rebate
        
        10900013.00000000
        309028.00000000
        
          Rule 32a-4 (17 CFR 270.32a-4)
          Rule 12d1-1 (17 CFR 270.12d1-1)
          Rule 12d1-4 (17 CFR 270.12d1-4)
        
        Y
        Y
        Y
        N
        
          
            T. Rowe Price Associates, Inc.
            801-00856
            000105496
            7HTL8AEQSEDX602FBU63
            
            N
          
        
        
          
            T. Rowe Price Services, Inc.
            084-01079
            N/A
            
            Y
            N
          
          
            T. Rowe Price Retirement Plan Services, Inc.
            084-01917
            N/A
            
            Y
            Y
          
        
        N
        
          
            ICE Data Services
            13-3668779
            Tax ID
            
            N
          
          
            Refinitiv US Holdings Inc.
            549300NF240HXJO7N016
            
            N
          
          
            Bloomberg Finance L.P.
            5493001KJTIIGC8Y1R12
            
            N
          
          
            Markit North America, Inc.
            N/A
            
            N
          
        
        N
        
          
            Bank Handlowy w Warszawie Spolka Akcyjna
            XLEZHWWOI4HFQDGL4793
            PL
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            J.P. Morgan Bank Luxembourg S.A.
            7W1GMC6J4KGLBBUSYP52
            LU
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            JPMorgan Chase Bank, N.A.
            7H6GLXDRUGQFU57RNE97
            
            N
            Y
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            Skandinaviska Enskilda Banken AB, Helsinki Branch
            F3JS33DEI6XQ4ZBPTN86
            FI
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            State Street Bank and Trust Company
            571474TGEMMWANRLN572
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            EUROCLEAR BANK SA/NV
            549300OZ46BRLZ8Y6F65
            BE
            N
            Y
            Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)
          
          
            Skandinaviska Enskilda Banken AB, Stockholm
            F3JS33DEI6XQ4ZBPTN86
            SE
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Royal Bank of Canada
            ES7IP3U3RHIGC71XBU11
            CA
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Citibank del Peru S.A.
            MYTK5NHHP1G8TVFGT193
            PE
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            JPMorgan Chase Bank, London
            7H6GLXDRUGQFU57RNE97
            GB
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Mizuho Bank, Ltd.
            RB0PEZSDGCO3JS6CEU02
            JP
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            JPMorgan Chase Bank, N.A. - Sydney Branch
            7H6GLXDRUGQFU57RNE97
            AU
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Deutsche Bank Aktiengesellschaft
            7LTWFZYICNSX8D621K86
            DE
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            UBS Switzerland AG
            549300WOIFUSNYH0FL22
            CH
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Banco Itau Uruguay S.A.
            549300HU8OQS1VTVXN55
            UY
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            BNP Paribas Securities Services S.C.A. - Milan Branch
            549300WCGB70D06XZS54
            IT
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
        
        N
        
          
            T. Rowe Price Services, Inc.
            N/A
            
            Y
            N
          
          
            T. Rowe Price Retirement Plan Services, Inc.
            N/A
            
            Y
            Y
          
        
        N
        
          
            T. Rowe Price Associates, Inc.
            7HTL8AEQSEDX602FBU63
            
            Y
            N
          
        
        N
        
          
            T. Rowe Price Investment Services, Inc.
            008-25130
            000008348
            N/A
            
            0.00000000
          
        
        
          
            The Goldman Sachs Group, Inc.
            N/A
            N/A
            784F5XWPLTWKTBV3E584
            
            26062.00000000
          
          
            Virtu Financial Capital Markets LLC
            N/A
            N/A
            5493001OPW2K42CH3884
            
            752.00000000
          
          
            EVERCORE GROUP L.L.C.
            008-49830
            000042405
            5493008F0LRLS5N8LZ81
            
            158.00000000
          
          
            LUMINEX TRADING & ANALYTICS LLC
            008-69476
            000171752
            254900ZBK50B4Y36MJ33
            
            1.00000000
          
          
            Raymond James Financial, Inc.
            N/A
            N/A
            RGUZHJ05YTITL6D76949
            
            7.00000000
          
          
            STIFEL NICOLAUS EUROPE LIMITED
            N/A
            N/A
            213800BVEFNZ8UYPKL03
            GB
            43.00000000
          
        
        27022.00000000
        
          
            Wells Fargo & Company
            N/A
            N/A
            PBLD0EJDB5FWOLXP3B76
            
            291414268.00000000
          
          
            BARCLAYS PLC
            N/A
            N/A
            213800LBQA1Y9L22JB70
            GB
            476596798.00000000
          
          
            JP MORGAN CHASE & CO.
            N/A
            N/A
            8I5DZWZKVSZI1NUHU748
            
            724339256.00000000
          
          
            Credit Suisse Group AG
            N/A
            N/A
            549300506SI9CRFV9Z86
            CH
            544358231.00000000
          
          
            Morgan Stanley
            N/A
            N/A
            IGJSJL3JD5P30I6NJZ34
            
            420312263.00000000
          
          
            Citigroup Inc.
            N/A
            N/A
            6SHGI4ZSSLCXXQSBB395
            
            433848920.00000000
          
          
            Jefferies Financial Group Inc.
            N/A
            N/A
            549300HOF34RGOJ5YL07
            
            214101330.00000000
          
          
            Deutsche Bank Aktiengesellschaft
            N/A
            N/A
            7LTWFZYICNSX8D621K86
            DE
            269128282.00000000
          
          
            The Goldman Sachs Group, Inc.
            N/A
            N/A
            784F5XWPLTWKTBV3E584
            
            644869184.00000000
          
          
            Bank of America Corporation
            N/A
            N/A
            9DJT3UXIJIZJI4WXO774
            
            692591385.00000000
          
        
        6630268480.00000000
        N
        8226392607.00000000
        0.00000000
        N
        N
        N
        N
      
    
    
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Report of Independent Registered Public Accounting Firm

To the Board of Directors of T. Rowe Price High Yield Fund, Inc. and Shareholders of T. Rowe Price High Yield Fund and T. Rowe Price U.S. High Yield Fund

In planning and performing our audit of the financial statements of T. Rowe Price High Yield Fund and T. Rowe Price U.S. High Yield Fund (constituting T. Rowe Price High Yield Fund, Inc., hereafter collectively referred to as the "Funds") as of and for the year ended May 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds' internal control over financial reporting.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of May 31, 2022.

This report is intended solely for the information and use of the Board of Directors of T. Rowe Price High Yield Fund, Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

July 20, 2022

 

PricewaterhouseCoopers LLP, 100 East Pratt Street, Suite 2600, Baltimore, Maryland 21202-1096 T: 410 783 7600, www.pwc.com/us




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