0000949820-12-000130.txt : 20121018 0000949820-12-000130.hdr.sgml : 20121018 20121018073832 ACCESSION NUMBER: 0000949820-12-000130 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121018 DATE AS OF CHANGE: 20121018 EFFECTIVENESS DATE: 20121018 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price High Yield Fund, Inc. CENTRAL INDEX KEY: 0000754915 IRS NUMBER: 521371712 STATE OF INCORPORATION: MD FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-93707 FILM NUMBER: 121149509 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE HIGH YIELD FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price High Yield Fund, Inc. CENTRAL INDEX KEY: 0000754915 IRS NUMBER: 521371712 STATE OF INCORPORATION: MD FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04119 FILM NUMBER: 121149510 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE HIGH YIELD FUND INC DATE OF NAME CHANGE: 19920703 0000754915 S000002132 T. Rowe Price High Yield Fund, Inc. C000005524 T. Rowe Price High Yield Fund, Inc. PRHYX C000005525 T. Rowe Price High Yield Fund-Advisor Class PAHIX 485BPOS 1 hyfxbrlptc.htm Untitled Document

Registration Nos. 002-93707/811-4119

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933   /X/

 

 Post-Effective Amendment No. 42     /X/

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/

 Amendment No. 39      /X/

T. ROWE PRICE HIGH YIELD FUND, INC.

Exact Name of Registrant as Specified in Charter

100 East Pratt Street, Baltimore, Maryland 21202
Address of Principal Executive Offices

410-345-2000
Registrant’s Telephone Number, Including Area Code

David Oestreicher

100 East Pratt Street, Baltimore, Maryland 21202
Name and Address of Agent for Service

 It is proposed that this filing will become effective (check appropriate box):

/X/ Immediately upon filing pursuant to paragraph (b)

// On (date) pursuant to paragraph (b)

// 60 days after filing pursuant to paragraph (a)(1)

// On (date) pursuant to paragraph (a)(1)

// 75 days after filing pursuant to paragraph (a)(2)

// On (date) pursuant to paragraph (a)(2) of Rule 485

 If appropriate, check the following box:

// This post-effective amendment designates a new effective date for a previously filed post-effective amendment.


Page 2

EXHIBITS

  

Exhibit

Exhibit No.

XBRL Instance Document

EX-101.INS

XBRL Taxonomy Extension Schema Document

EX-101.SCH

XBRL Taxonomy Extension Calculation Linkbase Document

EX-101.CAL

XBRL Taxonomy Extension Definition Linkbase Document

EX-101.DEF

XBRL Taxonomy Extension Labels Linkbase Document

EX-101.LAB

XBRL Taxonomy Extension Presentation Linkbase Document

EX-101.PRE


Page 3

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Baltimore, State of Maryland, this October 18, 2012.

 T. ROWE PRICE HIGH YIELD FUND, INC.

 /s/Edward C. Bernard

By: Edward C. Bernard

 Chairman of the Board

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

   

Signature

Title

Date

   
   

/s/Edward C. Bernard

Chairman of the Board

October 18, 2012

Edward C. Bernard

(Chief Executive Officer)

 
   
   

/s/Gregory K. Hinkle

Treasurer (Chief

October 18, 2012

Gregory K. Hinkle

Financial Officer)

 
   
   

*

Director

October 18, 2012

William R. Brody

  
   
   

*

Director

October 18, 2012

Jeremiah E. Casey

  
   
   

*

Director

October 18, 2012

Anthony W. Deering

  
   
   

*

Director

October 18, 2012

Donald W. Dick, Jr.

  
   
   
   

/s/Michael C. Gitlin

Director

October 18, 2012

Michael C. Gitlin

  
   
   

*

Director

October 18, 2012

Karen N. Horn

  
   
   

*

Director

October 18, 2012

Theo C. Rodgers

  
   
   

*

Director

October 18, 2012

John G. Schreiber

  


Page 4

   
   
   

*

Director

October 18, 2012

Mark. R. Tercek

  
   
   

*/s/David Oestreicher

Vice President and

October 18, 2012

David Oestreicher

Attorney-In-Fact

 


Page 5

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. ROWE PRICE INTERNATIONAL SERIES, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND
T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.

T. ROWE PRICE STATE TAX-FREE INCOME TRUST


Page 6

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.

T. ROWE PRICE VALUE FUND, INC.

POWER OF ATTORNEY

 RESOLVED, that the Corporation does hereby constitute and authorize Edward C. Bernard, Margery K. Neale and David Oestreicher, and each of them individually, their true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation/Trust to comply with the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the United States Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of 1933, as amended, of shares of the Corporation/Trust, to be offered by the Corporation/Trust, and the registration of the Corporation/Trust under the Investment Company Act of 1940, as amended, including specifically, but without limitation of the foregoing, power and authority to sign the name of the Corporation/Trust on its behalf, and to sign the names of each of such directors/trustees and officers on his behalf as such director/trustee or officer to any (i) Registration Statement on Form N-1A or N-14 of the Corporation/Trust filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended; (ii) Registration Statement on Form N-1A or N-14 of the Corporation/Trust under the Investment Company Act of 1940, as amended; (iii) amendment or supplement (including, but not limited to, Post-Effective Amendments adding additional series or classes of the Corporation/ Trust) to said Registration Statement; and (iv) instruments or documents filed or to be filed as a part of or in connection with such Registration Statement, including Articles Supplementary, Articles of Amendment, and other instruments with respect to the Articles of Incorporation or Master Trust Agreement of the Corporation/Trust.

 IN WITNESS WHEREOF, the above named Corporations/Trusts have caused these presents to be signed and the same attested by its Secretary, each thereunto duly authorized by its Board of Directors/Trustees, and each of the undersigned has hereunto set his hand and seal as of the day set opposite his name.


Page 7

   

ALL CORPORATIONS/TRUSTS

  

/s/Edward C. Bernard

Edward C. Bernard

Chairman of the Board (Principal Executive Officer)

Director/Trustee

April 24, 2012

/s/Gregory K. Hinkle

Gregory K. Hinkle

Treasurer (Principal Financial Officer)

April 24, 2012

/s/William R. Brody

William R. Brody

Director/Trustee

April 24, 2012

/s/Jeremiah E. Casey

Jeremiah E. Casey

Director/Trustee

April 24, 2012

/s/Anthony W. Deering

Anthony W. Deering

Director/Trustee

April 24, 2012

/s/Donald W. Dick, Jr.

Donald W. Dick, Jr.

Director/Trustee

April 24, 2012

/s/Karen N. Horn

Karen N. Horn

Director/Trustee

April 24, 2012

/s/Theo C. Rodgers

Theo C. Rodgers

Director/Trustee

April 24, 2012

/s/John G. Schreiber

John G. Schreiber

Director/Trustee

April 24, 2012

/s/Mark R. Tercek

Mark R. Tercek

Director/Trustee

April 24, 2012

(Signatures Continued)


Page 8

MICHAEL C. GITLIN, Director/Trustee


T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE STATE TAX-FREE INCOME TRUST

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.

MICHAEL C. GITLIN, Director and President

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.

  

/s/Michael C. Gitlin

Michael C. Gitlin

April 24, 2012

(Signatures Continued)


Page 9

JOHN H. LAPORTE, Director/Trustee

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE EQUITY SERIES, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

JOHN H. LAPORTE, Director and Vice President

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

  

/s/John H. Laporte

John H. Laporte

April 24, 2012

(Signatures Continued)


Page 10

BRIAN C. ROGERS, Director/Trustee

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE INDEX TRUST, INC.

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. ROWE PRICE INTERNATIONAL SERIES, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

BRIAN C. ROGERS, Director/Trustee and President

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.

BRIAN C. ROGERS, Director/Trustee and Vice President

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. ROWE PRICE SPECTRUM FUND, INC.

T. ROWE PRICE VALUE FUND, INC.

   

/s/Brian C. Rogers

Brian C. Rogers

 

April 24, 2012

(Signatures Continued)


Page 11

ATTEST:

/s/Patricia B. Lippert

Patricia B. Lippert, Secretary


Page 12

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. ROWE PRICE INTERNATIONAL SERIES, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND
T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE VALUE FUND, INC.

POWER OF ATTORNEY

 RESOLVED, that the Corporation does hereby constitute and authorize Edward C. Bernard, Margery K. Neale and David Oestreicher, and each of them individually, their true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation/Trust to comply with the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the United States Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of 1933, as amended, of shares of the Corporation/Trust, to be offered by the Corporation/Trust, and the registration of the Corporation/Trust under the Investment Company Act of 1940, as amended, including specifically, but without limitation of the foregoing, power and authority to sign the name of the Corporation/Trust on its behalf, and to sign


Page 13

the names of each of such directors/trustees and officers on his behalf as such director/trustee or officer to any (i) Registration Statement on Form N-1A or N-14 of the Corporation/Trust filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended; (ii) Registration Statement on Form N-1A or N-14 of the Corporation/Trust under the Investment Company Act of 1940, as amended; (iii) amendment or supplement (including, but not limited to, Post-Effective Amendments adding additional series or classes of the Corporation/ Trust) to said Registration Statement; and (iv) instruments or documents filed or to be filed as a part of or in connection with such Registration Statement, including Articles Supplementary, Articles of Amendment, and other instruments with respect to the Articles of Incorporation or Master Trust Agreement of the Corporation/Trust.

 IN WITNESS WHEREOF, the above named Corporations/Trusts have caused these presents to be signed and the same attested by its Secretary, each thereunto duly authorized by its Board of Directors/Trustees, and each of the undersigned has hereunto set his hand and seal as of the day set opposite his name.

   

/s/Robert J. Gerrard, Jr.

Robert J. Gerrard, Jr.

Director/Trustee

May 2, 2012

/s/Cecilia E. Rouse

Cecilia E. Rouse

Director/Trustee

May 2, 2012

ATTEST:

/s/Patricia B. Lippert

Patricia B. Lippert, Secretary


EX-101.INS 3 trphyf-20120927.xml 0000754915 trphyf:S000002132Member trphyf:InvestorClassMember trphyf:C000005524Member 2011-10-02 2012-10-01 0000754915 trphyf:S000002132Member trphyf:AdviosrClassMember trphyf:C000005525Member 2011-10-02 2012-10-01 0000754915 trphyf:S000002132Member trphyf:AdviosrClassMember 2011-10-02 2012-10-01 0000754915 trphyf:S000002132Member trphyf:InvestorClassMember 2011-10-02 2012-10-01 0000754915 2011-10-02 2012-10-01 0000754915 trphyf:S000002132Member trphyf:InvestorClassMember rr:AfterTaxesOnDistributionsMember trphyf:C000005524Member 2011-10-02 2012-10-01 0000754915 trphyf:S000002132Member trphyf:InvestorClassMember rr:AfterTaxesOnDistributionsAndSalesMember trphyf:C000005524Member 2011-10-02 2012-10-01 0000754915 trphyf:S000002132Member trphyf:InvestorClassMember trphyf:CreditSuisseHighYieldIndexMember 2011-10-02 2012-10-01 0000754915 trphyf:S000002132Member trphyf:InvestorClassMember trphyf:LipperHighYieldBondFundsAverageMember 2011-10-02 2012-10-01 0000754915 trphyf:S000002132Member trphyf:AdviosrClassMember rr:AfterTaxesOnDistributionsMember trphyf:C000005525Member 2011-10-02 2012-10-01 0000754915 trphyf:S000002132Member trphyf:AdviosrClassMember rr:AfterTaxesOnDistributionsAndSalesMember trphyf:C000005525Member 2011-10-02 2012-10-01 0000754915 trphyf:S000002132Member trphyf:AdviosrClassMember trphyf:CreditSuisseHighYieldIndexMember 2011-10-02 2012-10-01 0000754915 trphyf:S000002132Member trphyf:AdviosrClassMember trphyf:LipperHighYieldBondFundsAverageMember 2011-10-02 2012-10-01 pure iso4217:USD 2012-06-30 2012-06-30 <font style="FONT-FAMILY: Sans-Serif; FONT-SIZE: 9.5pt; FONT-WEIGHT: bold">Example</font> <font style="font-family: sans-serif; font-size: 9.5pt; font-weight: bold; ">Example </font> <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesTRowePriceHighYieldFundIncAdvisorClass column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesTRowePriceHighYieldFundInc column period compact * ~</div> 417 0.2253 <font style="font-family: serif; font-size: 10pt; ">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 63.0% of the average value of its portfolio. </font> <font style="font-family: serif; font-size: 10pt; "> The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 63.0% of the average value of its portfolio.</font> <font style="font-family: serif; font-size: 10pt; ">troweprice.com</font> <font style="font-family: serif; font-size: 10pt; ">troweprice.com</font> 552 0.2212 <font style="font-family: sans-serif; margin-left: 9.35pt; font-size: 15pt; ">T. Rowe Price</font><br/><br/><font style="font-family: sans-serif; color: rgb(0, 79, 124); margin-left: 9pt; font-size: 24pt; ">High Yield Fund&#8211;Advisor Class</font><br /><br /><font style="font-family: Times New Roman; color: rgb(0, 79, 124); margin-left: 9pt; font-size: 16pt; "><b>SUMMARY</b></font> 0 77 <font style="font-style: italic; font-family: sans-serif; color: rgb(0, 79, 124); font-size: 8pt; font-weight: bold; ">Fees and Expenses of the Fund&#8217;s Advisor Class</font><br/><br/><font style="font-style: italic; font-family: sans-serif; color: rgb(0, 79, 124); font-size: 8pt; font-weight: bold; "><center>Shareholder fees (fees paid directly from your investment)</center></font> <p style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: Sans-Serif; COLOR: #004f7c; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Annual fund operating expenses<br/>(expenses that you pay each year as a<br/>percentage of the value of your investment)</p> <font style="font-family: sans-serif; margin-left: 9.35pt; font-size: 15pt; ">T. Rowe Price</font><br/><br/><font style="font-family: sans-serif; color: rgb(0, 79, 124); margin-left: 9pt; font-size: 24pt; ">High Yield Fund</font><br /><br/><font style="font-family: Times New Roman; color: rgb(0, 79, 124); margin-left: 9pt; font-size: 16pt; "><b>SUMMARY</b></font> <font style="font-style: italic; font-family: sans-serif; color: rgb(0, 79, 124); font-size: 8pt; font-weight: bold; ">Fees and Expenses of the Fund</font><br/><br/><font style="font-style: italic; font-family: sans-serif; color: rgb(0, 79, 124); font-size: 8pt; font-weight: bold; "><center>Shareholder fees (fees paid directly from your investment)</center></font> <font style="font-style: italic; font-family: sans-serif; color: rgb(0, 79, 124); font-size: 8pt; font-weight: bold; "><center>Annual fund operating expenses<br/>(expenses that you pay each year as a<br/> percentage of the value of your investment)</center></font> <font style="font-family: serif; font-size: 10pt; ">The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index.</font> 0.0691 <font style="font-family: serif; font-size: 10pt; ">The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. </font> <div> <div class="MetaData"><b><i> </i></b> <div><font class="_mt" style="font-family: Calibri;"> </font>&nbsp;</div> <div> <div style="text-align: center; text-indent: -5.75pt; margin: 1pt 0in 1pt 5.75pt;" align="center"> <div align="left"> <center><table style="width: 195pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="260"><tr style="height: 15pt;"> <td style="background-color: transparent; width: 48pt; height: 15pt;" height="20" width="64">&nbsp;</td> <td style="background-color: transparent; width: 48pt;" width="64">&nbsp;</td> <td style="background-color: transparent; width: 51pt;" class="xl65" width="68"><em><strong><font class="_mt" style="font-family: Calibri;">Quarter</font></strong></em></td> <td style="background-color: transparent; width: 48pt;" class="xl65" width="64"><em><strong><font class="_mt" style="font-family: Calibri;">&nbsp;Total</font></strong></em></td></tr> <tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" height="20">&nbsp;</td> <td style="background-color: transparent;">&nbsp;</td> <td style="background-color: transparent;" class="xl65"><em><strong><font class="_mt" style="font-family: Calibri;">&nbsp;Ended</font></strong></em></td> <td style="background-color: transparent;" class="xl65"><em><strong><font class="_mt" style="font-family: Calibri;">Return</font></strong></em></td></tr> <tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" class="xl66" height="20" colspan="2"><strong><font class="_mt" style="font-family: Calibri;">Best Quarter</font></strong></td> <td style="background-color: transparent;" class="xl67"><strong><font class="_mt" style="font-family: Calibri;">6/30/09</font></strong></td> <td style="background-color: transparent;" class="xl68"><strong><font class="_mt" style="font-family: Calibri;">19.26%</font></strong></td></tr> <tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" class="xl66" height="20" colspan="2"><strong><font class="_mt" style="font-family: Calibri;">Worst Quarter</font></strong></td> <td style="background-color: transparent;" class="xl67"><strong><font class="_mt" style="font-family: Calibri;">12/31/08</font></strong></td> <td style="background-color: transparent;" class="xl68"><strong><font class="_mt" style="font-family: Calibri;">-18.39%</font></strong></td></tr></table></center></div></div></div><p style="margin-top: 0px; margin-bottom: 0px;" align="left"><font color="#008080" class="_mt" style="font-family: Times;"> </font>&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 0px;" align="center"><font color="#008080" class="_mt" style="font-family: Times;">&nbsp;<font color="#000000" size="1" class="_mt" style="font-family: Times New Roman;">The fund's return for the six months ended 6/30/12 was 6.62%.</font><font color="#008080" class="_mt" style="font-family: Times;">&nbsp;&nbsp;&nbsp;</font></font></p></div> </div> 102 0.0662 <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesTRowePriceHighYieldFundIncAdvisorClass column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesTRowePriceHighYieldFundInc column period compact * ~</div> 485BPOS T. Rowe Price High Yield Fund, Inc. 2012-05-31 2012-09-27 240 0.0308 0.032 <font style="font-family: serif; font-size: 10pt; ">This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.</font> 0.0805 0.0506 0.0509 <font style="font-family: serif; font-size: 10pt; ">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Sans-Serif; COLOR: #004f7c; FONT-WEIGHT: bold">Investments, Risks, and Performance</font><br/><br/><font style="FONT-FAMILY: Sans-Serif; FONT-SIZE: 9.5pt; FONT-WEIGHT: bold">Principal Investment Strategies</font> <font style="font-family: sans-serif; color: rgb(0, 79, 124); font-size: 11pt; font-weight: bold; ">Investments, Risks, and Performance </font><br/><br/><font style="font-family: sans-serif; font-size: 9.5pt; font-weight: bold; ">Principal Investment Strategies</font> <font style="font-style: italic; font-family: sans-serif; color: rgb(0, 79, 124); font-size: 8pt; font-weight: bold; ">Average Annual Total Returns<center>Periods ended<br/> December 31, 2011</center></font> <font style="font-family: serif; font-size: 10pt; ">This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.</font> <font style="font-family: serif; font-size: 10pt; ">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> <font style="font-family: serif; font-size: 10pt; ">In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account.</font> 1-800-225-5132 0.1953 <font style="font-family: serif; font-size: 10pt; ">After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account.</font> 1-800-638-8790 <font style="font-style: italic; font-family: sans-serif; color: rgb(0, 79, 124); font-size: 8pt; font-weight: bold; ">Average Annual Total Returns<center>Periods ended<br/> December 31, 2011</center></font> <font style="font-family: serif; font-size: 10pt; ">After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. </font> <font style="font-family: serif; font-size: 10pt; ">In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. </font> 318 0.0288 0.0297 0.1926 <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsTRowePriceHighYieldFundIncAdvisorClassBarChart column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsTRowePriceHighYieldFundIncBarChart column period compact * ~</div> <div> <div class="MetaData"><b><i> </i></b> <div><font class="_mt" style="font-family: Calibri;"> </font>&nbsp;</div> <div> <div style="text-align: center; text-indent: -5.75pt; margin: 1pt 0in 1pt 5.75pt;" align="center"> <div align="left"> <center><table style="width: 195pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="260"><tr style="height: 15pt;"> <td style="background-color: transparent; width: 48pt; height: 15pt;" height="20" width="64">&nbsp;</td> <td style="background-color: transparent; width: 48pt;" width="64">&nbsp;</td> <td style="background-color: transparent; width: 51pt;" class="xl65" width="68"><em><strong><font class="_mt" style="font-family: Calibri;">Quarter</font></strong></em></td> <td style="background-color: transparent; width: 48pt;" class="xl65" width="64"><em><strong><font class="_mt" style="font-family: Calibri;">&nbsp;Total</font></strong></em></td></tr> <tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" height="20">&nbsp;</td> <td style="background-color: transparent;">&nbsp;</td> <td style="background-color: transparent;" class="xl65"><em><strong><font class="_mt" style="font-family: Calibri;">&nbsp;Ended</font></strong></em></td> <td style="background-color: transparent;" class="xl65"><em><strong><font class="_mt" style="font-family: Calibri;">Return</font></strong></em></td></tr> <tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" class="xl66" height="20" colspan="2"><strong><font class="_mt" style="font-family: Calibri;">Best Quarter</font></strong></td> <td style="background-color: transparent;" class="xl67"><strong><font class="_mt" style="font-family: Calibri;">6/30/09</font></strong></td> <td style="background-color: transparent;" class="xl68"><strong><font class="_mt" style="font-family: Calibri;">19.53%</font></strong></td></tr> <tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" class="xl66" height="20" colspan="2"><strong><font class="_mt" style="font-family: Calibri;">Worst Quarter</font></strong></td> <td style="background-color: transparent;" class="xl67"><strong><font class="_mt" style="font-family: Calibri;">12/31/08</font></strong></td> <td style="background-color: transparent;" class="xl68"><strong><font class="_mt" style="font-family: Calibri;">-18.45%</font></strong></td></tr></table></center></div></div></div><p style="margin-top: 0px; margin-bottom: 0px;" align="left"><font color="#008080" class="_mt" style="font-family: Times;"> </font>&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 0px;" align="center"><font color="#008080" class="_mt" style="font-family: Times;">&nbsp;<font color="#000000" size="1" class="_mt" style="font-family: Times New Roman;">The fund's return for the six months ended 6/30/12 was 6.91%.</font><font color="#008080" class="_mt" style="font-family: Times;">&nbsp;&nbsp;&nbsp;</font></font></p></div> </div> 0000754915 false 2012-10-01 0 20 0 0.0015 0.0075 <font style="FONT-FAMILY: Sans-Serif; COLOR: #004f7c; FONT-WEIGHT: bold">Investment Objective</font> <font style="FONT-FAMILY: Sans-Serif; COLOR: #004f7c; FONT-WEIGHT: bold">Fees and Expenses </font> 0.0341 -0.2445 0.4914 0.032 0.0055 0.021 0.0547 0.028 0.0907 0.0699 <font style="FONT-FAMILY: Sans-Serif; FONT-SIZE: 9.5pt; FONT-WEIGHT: bold">Portfolio Turnover</font> <font style="font-family: sans-serif; color: rgb(0, 79, 124); font-size: 11pt; font-weight: bold; ">Investment Objective</font> <font style="font-family: sans-serif; color: rgb(0, 79, 124); font-size: 11pt; font-weight: bold; ">Fees and Expenses </font> <font style="font-family: serif; font-size: 10pt; ">The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in a widely diversified portfolio of high yield corporate bonds, often called &#8220;junk&#8221; bonds, as well as income-producing convertible securities and preferred stocks that are rated below investment-grade or not rated by any major credit rating agency but deemed to be below investment-grade by T. Rowe Price. High yield bonds are rated below investment grade (BB and lower, or an equivalent rating). They generally provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments. High yield bond issuers include small or relatively new companies lacking the history or capital to merit investment-grade status, former blue chip companies downgraded because of financial problems, companies electing to borrow heavily to finance or avoid a takeover or buyout, and firms with heavy debt loads.</font><br/><br/><font style="font-family: serif; font-size: 10pt; ">The fund&#8217;s weighted average maturity generally is expected to be in the 5- to 10-year range, but will vary with market conditions. In selecting investments, we rely extensively on T. Rowe Price research analysts. The fund intends to focus primarily on the higher-quality range (BB and B, or an equivalent rating) of the high yield market.</font><br/><br/><font style="font-family: serif; font-size: 10pt; ">While most assets will typically be invested in U.S. dollar-denominated bonds, the fund may also invest in bonds of foreign issuers as well as use forward currency exchange contracts and credit default swaps in keeping with the fund&#8217;s objectives. Forward currency exchange contracts would typically be used to protect the fund&#8217;s foreign bond holdings from adverse currency movements relative to the U.S. dollar and credit default swaps would typically be used to protect the value of certain portfolio holdings or to manage the fund&#8217;s overall exposure to changes in credit quality.</font><br/><br/><font style="font-family: serif; font-size: 10pt; ">The fund may sell holdings for a variety of reasons, such as to adjust the portfolio&#8217;s average maturity or credit quality, to shift assets into and out of higher-yielding securities, or to reduce its exposure to certain securities.</font> <font style="FONT-FAMILY: Sans-Serif; FONT-SIZE: 9.5pt; FONT-WEIGHT: bold">Portfolio Turnover</font> <font style="font-family: sans-serif; color: rgb(0, 79, 124); font-size: 9.5pt; font-weight: bold; "><center>High Yield Fund</font><br/><font style="font-family: sans-serif; font-size: 8.5pt; font-weight: bold; "><i>Calendar Year Returns</i></center></font> <font style="font-family: serif; font-size: 10pt; ">As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:</font><br/><br/><font style="FONT-STYLE: italic; FONT-FAMILY: Serif; FONT-WEIGHT: bold">Active management risk </font><font style="font-family: serif; font-size: 10pt; "> The fund is subject to the risk that the investment adviser&#8217;s judgments about the attractiveness, value, or potential appreciation of the fund&#8217;s investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies.</font><br/><br/><font style="FONT-STYLE: italic; FONT-FAMILY: Serif; FONT-WEIGHT: bold">Interest rate risk </font><font style="font-family: serif; font-size: 10pt; "> This is the risk that a rise in interest rates will cause the price of a fixed rate debt security to fall. Generally, securities with longer maturities and funds with longer weighted average maturities carry greater interest rate risk. </font><br/><br/><font style="FONT-STYLE: italic; FONT-FAMILY: Serif; FONT-WEIGHT: bold">Credit risk </font><font style="font-family: serif; font-size: 10pt; "> This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. The fund is exposed to greater credit risk than other bond funds because companies issuing high yield bonds are usually not as strong financially and the securities they issue carry a higher risk of default.</font><br/><br/><font style="FONT-STYLE: italic; FONT-FAMILY: Serif; FONT-WEIGHT: bold">Liquidity risk </font><font style="font-family: serif; font-size: 10pt; "> This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price.</font><br/><br/><font style="FONT-STYLE: italic; FONT-FAMILY: Serif; FONT-WEIGHT: bold">Foreign investing risk </font><font style="font-family: serif; font-size: 10pt; "> This is the risk that the fund&#8217;s investments in foreign securities may be adversely affected by political and economic conditions overseas, reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar.</font><br/><br/><font style="FONT-STYLE: italic; FONT-FAMILY: Serif; FONT-WEIGHT: bold">Derivatives risk </font><font style="font-family: serif; font-size: 10pt; "> To the extent the fund uses forward currency exchange contracts and credit default swaps, it is exposed to additional volatility in comparison to investing directly in bonds and other debt securities. These instruments can be illiquid and difficult to value, may involve leverage so that small changes produce disproportionate losses for the fund, and instruments not traded on an exchange are subject to the risk that a counterparty to the transaction will fail to meet its obligations under the derivatives contract. The fund&#8217;s principal use of derivatives involves the risk that anticipated changes in currency values, currency exchange rates, or the creditworthiness of an issuer will not be accurately predicted, which could significantly harm the fund&#8217;s performance.</font> <font style="font-family: serif; font-size: 10pt; ">The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund.</font> <font style="font-family: serif; font-size: 10pt; "> The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in a widely diversified portfolio of high yield corporate bonds, often called &#8220;junk&#8221; bonds, as well as income-producing convertible securities and preferred stocks that are rated below investment-grade or not rated by any major credit rating agency but deemed to be below investment-grade by T. Rowe Price. High yield bonds are rated below investment grade (BB and lower, or an equivalent rating). They generally provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments. High yield bond issuers include small or relatively new companies lacking the history or capital to merit investment-grade status, former blue chip companies downgraded because of financial problems, companies electing to borrow heavily to finance or avoid a takeover or buyout, and firms with heavy debt loads. </font><br/><br/><font style="font-family: serif; font-size: 10pt; ">The fund&#8217;s weighted average maturity generally is expected to be in the 5- to 10-year range, but will vary with market conditions. In selecting investments, we rely extensively on T. Rowe Price research analysts. The fund intends to focus primarily on the higher-quality range (BB and B, or an equivalent rating) of the high yield market. </font><br/><br/><font style="font-family: serif; font-size: 10pt; ">While most assets will typically be invested in U.S. dollar-denominated bonds, the fund may also invest in bonds of foreign issuers as well as use forward currency exchange contracts and credit default swaps in keeping with the fund&#8217;s objectives. Forward currency exchange contracts would typically be used to protect the fund&#8217;s foreign bond holdings from adverse currency movements relative to the U.S. dollar and credit default swaps would typically be used to protect the value of certain portfolio holdings or to manage the fund&#8217;s overall exposure to changes in credit quality. </font><br/><br/><font style="font-family: serif; font-size: 10pt; ">The fund may sell holdings for a variety of reasons, such as to adjust the portfolio&#8217;s average maturity or credit quality, to shift assets into and out of higher-yielding securities, or to reduce its exposure to certain securities. </font> <font style="font-family: serif; font-size: 10pt; ">As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:</font><br/><br/><font style="FONT-STYLE: italic; FONT-FAMILY: Serif; FONT-WEIGHT: bold">Active management risk</font><font style="FONT-FAMILY: Sans-Serif; FONT-SIZE: 9.5pt; FONT-WEIGHT: bold"> </font>The fund is subject to the risk that the investment adviser&#8217;s judgments about the attractiveness, value, or potential appreciation of the fund&#8217;s investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies.<br/><br/><font style="FONT-STYLE: italic; FONT-FAMILY: Serif; FONT-WEIGHT: bold">Interest rate risk</font> This is the risk that a rise in interest rates will cause the price of a fixed rate debt security to fall. Generally, securities with longer maturities and funds with longer weighted average maturities carry greater interest rate risk. <br/><br/><font style="FONT-STYLE: italic; FONT-FAMILY: Serif; FONT-WEIGHT: bold">Credit risk</font> This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. The fund is exposed to greater credit risk than other bond funds because companies issuing high yield bonds are usually not as strong financially and the securities they issue carry a higher risk of default. <br/><br/><font style="FONT-STYLE: italic; FONT-FAMILY: Serif; FONT-WEIGHT: bold">Liquidity risk </font>This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price.<br/><br/><font style="FONT-STYLE: italic; FONT-FAMILY: Serif; FONT-WEIGHT: bold">Foreign investing risk</font> This is the risk that the fund&#8217;s investments in foreign securities may be adversely affected by political and economic conditions overseas, reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar. <br/><br/><font style="FONT-STYLE: italic; FONT-FAMILY: Serif; FONT-WEIGHT: bold">Derivatives risk</font><font style="FONT-STYLE: normal; FONT-FAMILY: Serif; FONT-WEIGHT: normal"> To the extent the fund uses forward currency exchange contracts and credit default swaps, it is exposed to additional volatility in comparison to investing directly in bonds and other debt securities. These instruments can be illiquid and difficult to value, may involve leverage so that small changes produce disproportionate losses for the fund, and instruments not traded on an exchange are subject to the risk that a counterparty to the transaction will fail to meet its obligations under the derivatives contract. The fund&#8217;s principal use of derivatives involves the risk that anticipated changes in currency values, currency exchange rates, or the creditworthiness of an issuer will not be accurately predicted, which could significantly harm the fund&#8217;s performance.</font> <font style="font-family: serif; font-size: 10pt; ">Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132.</font> <font style="font-family: serif; font-size: 10pt; ">The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund.</font> <font style="font-family: serif; font-size: 10pt; ">The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance.</font> <font style="font-family: serif; font-size: 10pt; ">The fund's return for the six months ended</font> 2009-06-30 <font style="font-family: serif; font-size: 10pt; ">Worst Quarter</font> 2008-12-31 <font style="font-family: serif; font-size: 10pt; ">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family: serif; font-size: 10pt; ">The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance. </font> <center><font style="font-family: sans-serif; color: rgb(0, 79, 124); font-size: 9.5pt; font-weight: bold; ">High Yield Fund&#8210Advisor class</font><br/><font style="font-family: sans-serif; font-size: 8.5pt; font-weight: bold; "><i>Calendar Year Returns</i></font></center> <font style="font-family: serif; font-size: 10pt; ">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </font> <font style="font-family: serif; font-size: 10pt; ">Updated performance information is available through troweprice.com or may be obtained by calling 1-800-638-8790. </font> 0.0025 0.0015 0.01 0.032 -0.2465 0.4892 2009-06-30 <strong><font class="_mt" style="font-family: Calibri;">Worst Quarter</font></strong> 2008-12-31 <font color="#000000" size="1" class="_mt" style="font-family: Times New Roman;">The fund's return for the six months ended</font> 0.0297 0.0041 0.0196 0.0547 0.028 0.0783 0.0491 0.0495 0.0907 0.0699 <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedTRowePriceHighYieldFundIncAdvisorClass column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedTRowePriceHighYieldFundInc column period compact * ~</div> 2012-10-01 -0.02 0.006 930 <font style="font-family: serif; font-size: 10pt; ">The fund seeks high current income and,</font> <font style="font-family: serif; font-size: 10pt; ">secondarily, capital appreciation.</font> 0.1033 0.0975 0.0315 0.1437 0.0653 0.0363 0.0382 0.0712 0.051 0.63 <font style="FONT-FAMILY: Sans-Serif; FONT-SIZE: 9.5pt; FONT-WEIGHT: bold">Principal Risks</font> <font style="font-family: sans-serif; font-size: 9.5pt; font-weight: bold; ">Principal Risks</font> <font style="font-family: sans-serif; font-size: 9.5pt; font-weight: bold; ">Performance</font> <font style="font-family: serif; font-size: 10pt; ">The fund seeks high current income and, </font> <font style="font-family: serif; font-size: 10pt; "> secondarily, capital appreciation.</font> <font style="font-family: serif; font-size: 10pt; ">The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance.<br/><br/>The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. </font> <font style="FONT-FAMILY: Sans-Serif; FONT-SIZE: 9.5pt; FONT-WEIGHT: bold">Performance</font> 0.63 <font style="font-family: serif; font-size: 10pt; ">Best Quarter</font> -0.1845 <font style="font-family: serif; font-size: 10pt; ">The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance.</font><br/><br/><font style="font-family: serif; font-size: 10pt; ">The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted.</font> -0.02 0.006 1225 0.1024 0.0938 0.0307 0.1412 <strong><font class="_mt" style="font-family: Calibri;">Best Quarter</font></strong> -0.1839 0.0633 0.0352 0.037 0.0712 0.051 <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedTRowePriceHighYieldFundIncAdvisorClass column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedTRowePriceHighYieldFundInc column period compact * ~</div> Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. 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