# EDGAR Filing Document

**Accession Number:** 0000754915
**File Stem:** 0001999371-26-011731
**Filing Date:** 2026-6
**Character Count:** 3190
**Document Hash:** 197bad6834b0027e53dbee1c817898ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-011731.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001999371-26-011731

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price High Yield Fund, Inc.
- **CENTRAL INDEX KEY:** 0000754915

**ORGANIZATION NAME:**
- **EIN:** 521371712
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-93707
- **FILM NUMBER:** 261047416

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE HIGH YIELD FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### T. Rowe Price High Yield Fund, Inc. (Series ID: S000002132)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000005524 | T. Rowe Price High Yield Fund, Inc.         | PRHYX           |
| C000005525 | T. Rowe Price High Yield Fund-Advisor Class | PAHIX           |
| C000159675 | T. Rowe Price High Yield Fund-I Class       | PRHIX           |
| C000219342 | T. Rowe Price High Yield Fund-Z Class       | TRKZX           |

**T. Rowe Price High Yield Fund**

 **T. Rowe Price Institutional High Yield Fund**

Supplement to Prospectuses and Summary Prospectuses dated August 1, 2025

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In the Summary Prospectus and Section 1 of the Prospectus, the disclosure under "Management" is supplemented as follows:

Effective immediately, David Yatzeck will join Rodney Rayburn as the fund's co-portfolio manager and cochair of the fund's Investment Advisory Committee. Effective December 31, 2026, Mr. Rayburn will step down from his role on the fund and Jason Bauer will join Mr. Yatzeck as the fund's co-portfolio manager and cochair of the fund's Investment Advisory Committee. Mr. Yatzeck joined T. Rowe Price in 2011 and Mr. Bauer joined T. Rowe Price in 2008.

In Section 2 of the Prospectus, the disclosure under "Portfolio Management" is supplemented as follows:

Effective immediately, David Yatzeck will join Rodney Rayburn as the fund's co-portfolio manager and cochair of the fund's Investment Advisory Committee. Effective December 31, 2026, Mr. Rayburn will step down from his role on the fund and Jason Bauer will join Mr. Yatzeck as the fund's co-portfolio manager and cochair of the fund's Investment Advisory Committee. Mr. Yatzeck joined the Firm in 2011, and his investment experience dates from 2006. During the past five years, he has served as a high yield credit analyst and associate portfolio manager. Mr. Bauer joined the Firm in 2008, and his investment experience dates from 2003. During the past five years, he has served as a high yield credit analyst and portfolio manager.

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The date of this supplement is June 1, 2026.

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G77-041 6/1/26