******************************* FORM N-Px REPORT *******************************
ICA File Number: 811-04119
Reporting Period: 07/01/2003 - 06/30/2004
T. Rowe Price High Yield Fund, Inc.
FORM N-PX
ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-4119
T. Rowe Price High Yield Fund, Inc.
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(Exact name of registrant as specified in charter)
100 East Pratt Street Baltimore, Maryland 21202
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(Address of principal executive offices)
Stephen V. Booth
100 East Pratt Street
Baltimore, Maryland 21202
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(Name and address of agent for service)
Registrant's telephone number, including area code: (410) 345-4762
Date of fiscal year end: 5/31
Date of reporting period: 7/1/03 to 6/30/04
SIGNATURES
Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
(Registrant) T. Rowe Price High Yield Fund, Inc.
By (Signature and Title) /s/ Stephen V. Booth
Stephen V. Booth, Vice-President
Date August 11, 2004
=============================== HIGH YIELD FUND ================================
ALAMOSA DELAWARE, INC 12.50%
Ticker: Security ID: 011588AB6
Meeting Date: SEP 30, 2003 Meeting Type: Bondholders
Record Date:
# Proposal Mgt Rec Vote Cast Sponsor
1 Accept the prepackaged plan and vote for For For Management
the release provisions contained in
section 10.5 of the prepackaged plan.
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ALAMOSA DELAWARE, INC 13.625%
Ticker: Security ID: 011588AD2
Meeting Date: SEP 30, 2003 Meeting Type: Bondholders
Record Date:
# Proposal Mgt Rec Vote Cast Sponsor
1 Accept the prepackaged plan and vote for For For Management
the release provisions contained in
section 10.5 of the prepackaged plan.
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ALAMOSA HOLDINGS, INC.
Ticker: APCS Security ID: 011589207
Meeting Date: JUN 2, 2004 Meeting Type: Annual
Record Date: APR 16, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Ray M. Clapp, Jr. For For Management
1.2 Elect Director John F. Otto, Jr. For For Management
1.3 Elect Director Jimmy R. White For For Management
2 Amend Employee Stock Purchase Plan For For Management
3 Ratify Auditors For For Management
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AMIS HOLDINGS INC
Ticker: AMIS.2 Security ID: 031538101
Meeting Date: JUN 10, 2004 Meeting Type: Annual
Record Date: APR 19, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Dipanjan Deb For Withhold Management
1.2 Elect Director Christine King For Withhold Management
1.3 Elect Director David M. Rickey For For Management
1.4 Elect Director Paul C. Schorr Iv For Withhold Management
1.5 Elect Director Colin L. Slade For For Management
1.6 Elect Director David Stanton For Withhold Management
1.7 Elect Director James A. Urry For Withhold Management
1.8 Elect Director Gregory L. Williams For For Management
1.9 Elect Director S. Atiq Raza For For Management
2 Ratify Auditors For For Management
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ANVIL HOLDINGS 13% PFD SERIES B
Ticker: Security ID: 037344702
Meeting Date: NOV 6, 2003 Meeting Type: Bondholders
Record Date:
# Proposal Mgt Rec Vote Cast Sponsor
1 Vote for the directors For For Management
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AT&T CORP.
Ticker: T Security ID: 001957505
Meeting Date: MAY 19, 2004 Meeting Type: Annual
Record Date: MAR 25, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Directors William F. Aldinger For For Management
1.2 Elect Directors Kenneth T. Derr For For Management
1.3 Elect Directors David W. Dorman For For Management
1.4 Elect Directors M. Kathryn Eickhoff For For Management
1.5 Elect Directors Herbet L. Henkel For For Management
1.6 Elect Directors Frank C. Herringer For For Management
1.7 Elect Directors Shirley Ann Jackson For For Management
1.8 Elect Directors Jon C. Madonna For For Management
1.9 Elect Directors Donald F. McHenry For For Management
1.10 Elect Directors Tony L. White For For Management
2 Ratify Auditors For For Management
3 Approve Omnibus Stock Plan For For Management
4 Establish Term Limits for Directors Against Against Shareholder
5 Submit Shareholder Rights Plan (Poison Against For Shareholder
Pill) to Shareholder Vote
6 Separate Chairman and CEO Positions Against For Shareholder
7 Report on Executive Compensation Against Against Shareholder
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BETHLEHEM STEEL CORP 10.375%
Ticker: Security ID: 087509AL9
Meeting Date: OCT 15, 2003 Meeting Type: Bondholders
Record Date:
# Proposal Mgt Rec Vote Cast Sponsor
1 Accept the plan. For For Management
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COMCAST CORP.
Ticker: CMCSA Security ID: 20030N101
Meeting Date: MAY 26, 2004 Meeting Type: Annual
Record Date: MAR 15, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director S. Decker Anstrom For For Management
1.2 Elect Director C. Michael Armstrong For For Management
1.3 Elect Director Kenneth J. Bacon For For Management
1.4 Elect Director Sheldon M. Bonovitz For For Management
1.5 Elect Director Julian A. Brodsky For For Management
1.6 Elect Director Joseph L. Castle, II For For Management
1.7 Elect Director J. Michael Cook For For Management
1.8 Elect Director Brian L. Roberts For For Management
1.9 Elect Director Ralph J. Roberts For For Management
1.10 Elect Director Dr. Judith Rodin For For Management
1.11 Elect Director Michael I. Sovern For For Management
2 Ratify Auditors For For Management
3 Amend Restricted Stock Plan For For Management
4 Amend Articles/Bylaws/Charter-Non-Routine For For Management
5 Require Two-Thirds Majority of Against Against Shareholder
Independent Directors on Board
6 Political Contributions/Activities Against Against Shareholder
7 Nominate Two Directors for every open Against Against Shareholder
Directorships
8 Limit Executive Compensation Against Against Shareholder
9 Adopt a Recapitalization Plan Against For Shareholder
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DUKE ENERGY CORP.
Ticker: DUK Security ID: 264399106
Meeting Date: MAY 13, 2004 Meeting Type: Annual
Record Date: MAR 15, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Paul M. Anderson For For Management
1.2 Elect Director Ann M. Gray For For Management
1.3 Elect Director Michael E.J. Phelps For For Management
1.4 Elect Director James T. Rhodes For For Management
2 Ratify Auditors For For Management
3 Declassify the Board of Directors Against For Shareholder
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FIRSTENERGY CORPORATION
Ticker: FE Security ID: 337932107
Meeting Date: MAY 18, 2004 Meeting Type: Annual
Record Date: MAR 23, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Paul T. Addison For For Management
1.2 Elect Director Ernest J. Novak, Jr. For For Management
1.3 Elect Director John M. Pietruski For For Management
1.4 Elect Director Catherine A. Rein For For Management
1.5 Elect Director Robert C. Savage For For Management
2 Ratify Auditors For For Management
3 Declassify the Board of Directors For For Management
4 Reduce Supermajority Vote Requirement For For Management
5 Approve Deferred Compensation Plan For For Management
6 Approve Deferred Compensation Plan For For Management
7 Expense Stock Options Against Against Shareholder
8 Submit Shareholder Rights Plan (Poison Against For Shareholder
Pill) to Shareholder Vote
9 Report on Political Against Against Shareholder
Contributions/Activities
10 Submit Severance Agreement Against For Shareholder
(Change-in-Control) to Shareholder Vote
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GLOBIX CORP.
Ticker: GBIXQ Security ID: 37957F200
Meeting Date: FEB 24, 2004 Meeting Type: Annual
Record Date: JAN 16, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Peter K. Stevenson For For Management
1.2 Elect Director Peter S. Brodsky For For Management
1.3 Elect Director Peter L. Herzig For Withhold Management
1.4 Elect Director Steven Lampe For For Management
1.5 Elect Director Steven G. Singer For For Management
1.6 Elect Director Raymond Steele For For Management
1.7 Elect Director Steven A. Van Dyke For For Management
2 Amend Stock Option Plan For For Management
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INTERNATIONAL STEEL GROUP, INC
Ticker: ISG Security ID: 460377104
Meeting Date: MAY 26, 2004 Meeting Type: Annual
Record Date: APR 5, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Wilbur L. Ross, Jr. For For Management
1.2 Elect Director Rodney B. Mott For For Management
2 Ratify Auditors For For Management
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LAKES ENTERTAINMENT, INC.
Ticker: LACO Security ID: 51206P109
Meeting Date: JUN 11, 2004 Meeting Type: Annual
Record Date: APR 16, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Lyle Berman For Withhold Management
1.2 Elect Director Timothy J. Cope For Withhold Management
1.3 Elect Director Morris Goldfarb For For Management
1.4 Elect Director Ronald J. Kramer For For Management
1.5 Elect Director Ray Moberg For For Management
1.6 Elect Director Neil I. Sell For Withhold Management
2 Amend Omnibus Stock Plan For For Management
3 Amend Non-Employee Director Stock Option For For Management
Plan
4 Ratify Auditors For For Management
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LUKENS INC 7.625%
Ticker: Security ID: 549866AA9
Meeting Date: OCT 15, 2003 Meeting Type: Bondholders
Record Date:
# Proposal Mgt Rec Vote Cast Sponsor
1 Accept the plan. For For Management
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MARINER HEALTH CARE, INC.
Ticker: MHCA Security ID: 56845X108
Meeting Date: JUL 30, 2003 Meeting Type: Annual
Record Date: JUN 16, 2003
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Victor L. Lund For For Management
1.2 Elect Director C. Christian Winkle For For Management
1.3 Elect Director Patrick H. Daugherty For Withhold Management
1.4 Elect Director Earl P. Holland For For Management
1.5 Elect Director Philip L. Maslowe For For Management
1.6 Elect Director Mohsin Y. Meghji For For Management
1.7 Elect Director M. Edward Stearns For For Management
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MICROCELL TELECOMMUNICATION
Ticker: MT.B Security ID: 59501T882
Meeting Date: MAY 5, 2004 Meeting Type: Annual/Special
Record Date: MAR 15, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1 Ratify Ernst & Young as Auditors and For For Management
Authorise Board to Fix Remuneration of
Auditors.
2 The Resolution to Confirm the General For For Management
By-Law of the Corporation.
3 Confirm the Expiration Time Under the For For Management
Shareholder Rights Plan of the
Corporation.
4 Amend Stock Option Plan For For Management
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NEXTEL COMMUNICATIONS, INC.
Ticker: NXTL Security ID: 65332V103
Meeting Date: MAY 27, 2004 Meeting Type: Annual
Record Date: APR 2, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Keith J. Bane For For Management
1.2 Elect Director V. Janet Hill For For Management
2 Ratify Auditors For For Management
3 Amend Employee Stock Purchase Plan For For Management
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NEXTEL PARTNERS, INC.
Ticker: NXTP Security ID: 65333F107
Meeting Date: MAY 18, 2004 Meeting Type: Annual
Record Date: APR 2, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Adam Aron For For Management
1.2 Elect Director John Chapple For For Management
1.3 Elect Director Steven B. Dodge For For Management
1.4 Elect Director Timothy Donahue For For Management
1.5 Elect Director Caroline H. Rapking For For Management
1.6 Elect Director James N. Perry, Jr. For For Management
1.7 Elect Director Dennis M. Weibling For For Management
2 Ratify Auditors For For Management
3 Amend Stock Option Plan For Against Management
4 Increase Authorized Common Stock For For Management
5 Permit Board to Amend Bylaws Without For Against Management
Shareholder Consent
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NISOURCE INC.
Ticker: NI Security ID: 65473P105
Meeting Date: MAY 11, 2004 Meeting Type: Annual
Record Date: MAR 16, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Steven C. Beering For For Management
1.2 Elect Director Dennis E. Foster For For Management
1.3 Elect Director Richard L. Thompson For For Management
1.4 Elect Director Carolyn Y. Woo For For Management
2 Ratify Auditors For For Management
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ORBITAL IMAGING CORP. 11.625%
Ticker: Security ID: 68556FAH4
Meeting Date: OCT 16, 2003 Meeting Type: Bondholders
Record Date:
# Proposal Mgt Rec Vote Cast Sponsor
1 Accept the plan. For For Management
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PATHMARK STORES, INC. (NEW)
Ticker: PTMK Security ID: 70322A101
Meeting Date: JUN 11, 2004 Meeting Type: Annual
Record Date: APR 19, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director William J. Begley For For Management
1.2 Elect Director Daniel H. Fitzgerald For For Management
1.3 Elect Director Eugene M. Freedman For For Management
1.4 Elect Director Bruce Hartman For For Management
1.5 Elect Director James L. Moody, Jr. For For Management
1.6 Elect Director Eileen R. Scott For For Management
1.7 Elect Director Frank G. Vitrano For For Management
2 Ratify Auditors For For Management
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PINNACLE WEST CAPITAL CORP.
Ticker: PNW Security ID: 723484101
Meeting Date: MAY 19, 2004 Meeting Type: Annual
Record Date: MAR 19, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Roy A. Herberger, Jr. For For Management
1.2 Elect Director Humberto S. Lopez For For Management
1.3 Elect Director Kathryn L. Munro For For Management
1.4 Elect Director William L. Stewart For For Management
2 Ratify Auditors For For Management
3 Report on Nuclear Fuel Storage Risks Against Against Shareholder
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R.H. DONNELLEY CORP.
Ticker: RHD Security ID: 74955W307
Meeting Date: MAY 5, 2004 Meeting Type: Annual
Record Date: MAR 8, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Kenneth G. Campbell For For Management
1.2 Elect Director Carol J. Parry For For Management
1.3 Elect Director Barry Lawson Williams For For Management
2 Ratify Auditors For For Management
3 Submit Shareholder Rights Plan (Poison Against For Shareholder
Pill) to Shareholder Vote
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RADIO UNICA CORP 11.75%
Ticker: Security ID: 750408AC0
Meeting Date: OCT 20, 2003 Meeting Type: Bondholders
Record Date:
# Proposal Mgt Rec Vote Cast Sponsor
1 Accept the plan. For For Management
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STEEL DYNAMICS, INC.
Ticker: STLD Security ID: 858119100
Meeting Date: MAY 20, 2004 Meeting Type: Annual
Record Date: MAR 15, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Keith E. Busse For For Management
1.2 Elect Director Mark D. Millett For For Management
1.3 Elect Director Richard P. Teets, Jr. For For Management
1.4 Elect Director John C. Bates For For Management
1.5 Elect Director Paul B. Edgerley For For Management
1.6 Elect Director Richard J. Freeland For Withhold Management
1.7 Elect Director Naoki Hidaka For For Management
1.8 Elect Director James E. Kelley For For Management
1.9 Elect Director Dr. Jurgen Kolb For For Management
1.10 Elect Director Joseph D. Ruffolo For For Management
2 Ratify Auditors For For Management
3 Approve Employee Stock Purchase Plan For For Management
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TECO ENERGY, INC.
Ticker: TE Security ID: 872375100
Meeting Date: APR 28, 2004 Meeting Type: Annual
Record Date: FEB 18, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Tom L. Rankin For For Management
1.2 Elect Director William D. Rockford For For Management
1.3 Elect Director J. Thomas Touchton For For Management
2 Approve Omnibus Stock Plan For For Management
3 Ratify Auditors For For Management
4 Limit Executive Compensation Against Against Shareholder
5 Expense Stock Options Against Against Shareholder
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TIME WARNER INC
Ticker: TWX Security ID: 887317105
Meeting Date: MAY 21, 2004 Meeting Type: Annual
Record Date: MAR 23, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director James L. Barksdale For For Management
1.2 Elect Director Stephen F. Bollenbach For For Management
1.3 Elect Director Stephen M. Case For For Management
1.4 Elect Director Frank J. Caufield For For Management
1.5 Elect Director Robert C. Clark For For Management
1.6 Elect Director Miles R. Gilburne For For Management
1.7 Elect Director Carla A. Hills For For Management
1.8 Elect Director Reuben Mark For For Management
1.9 Elect Director Michael A. Miles For For Management
1.10 Elect Director Kenneth J. Novack For For Management
1.11 Elect Director Richard D. Parsons For For Management
1.12 Elect Director R. E. Turner For For Management
1.13 Elect Director Francis T. Vincent, Jr. For For Management
2 Ratify Auditors For For Management
3 Adopt China Principles Against Against Shareholder
4 Report on Pay Disparity Against Against Shareholder
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TYCO INTERNATIONAL LTD.
Ticker: TYC Security ID: 902124106
Meeting Date: MAR 25, 2004 Meeting Type: Annual
Record Date: MAR 25, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Dennis C. Blair For For Management
1.2 Elect Director Edward D. Breen For For Management
1.3 Elect Director George W. Buckley For For Management
1.4 Elect Director Brian Duperreault For For Management
1.5 Elect Director Bruce S. Gordon For For Management
1.6 Elect Director John A. Krol For For Management
1.7 Elect Director Mackey J. Mcdonald For For Management
1.8 Elect Director H. Carl Mccall For For Management
1.9 Elect Director Brendan R. O'Neill For For Management
1.10 Elect Director Sandra S. Wijnberg For For Management
1.11 Elect Director Jerome B. York For For Management
2 Ratify Auditors For For Management
3 ADOPTION OF THE AMENDED AND RESTATED For For Management
BYE-LAWS.
4 APPROVAL OF TYCO 2004 STOCK AND INCENTIVE For For Management
PLAN.
5 SHAREHOLDER PROPOSAL REGARDING For For Shareholder
ENVIRONMENTAL REPORTING.
6 SHAREHOLDER PROPOSAL TO CHANGE TYCO S Against Against Shareholder
JURISDICTION OF INCORPORATION FROM
BERMUDA TO A U.S. STATE.
7 SHAREHOLDER PROPOSAL ON COMMON SENSE Against Against Shareholder
EXECUTIVE COMPENSATION.
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VOLUME SERVICES AMERICA HOLDINGS, INC
Ticker: CVP Security ID: 92873P204
Meeting Date: MAY 20, 2004 Meeting Type: Annual
Record Date: APR 8, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director David M. Williams For For Management
2 Ratify Auditors For For Management
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WASHINGTON GROUP INTERNATIONAL INC
Ticker: WGII Security ID: 938862208
Meeting Date: MAY 7, 2004 Meeting Type: Annual
Record Date: MAR 12, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1 Declassify the Board of Directors For For Management
2.1 Elect Director Stephen G. Hanks For For Management
2.2 Elect Director Michael P. Monaco For For Management
2.3 Elect Director Cordell Reed For For Management
2.4 Elect Director Bettina M. Whyte For For Management
3 Ratify Auditors For For Management
4 Approve Omnibus Stock Plan For For Management
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WEIRTON STEET CORP 10%
Ticker: Security ID: 948774AH7
Meeting Date: DEC 8, 2003 Meeting Type: Bondholders
Record Date:
# Proposal Mgt Rec Vote Cast Sponsor
1 Do not Consent and Reject the Plan of For For Management
Reorganization - Take no action.
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WYNN RESORTS LTD
Ticker: WYNN Security ID: 983134107
Meeting Date: MAY 4, 2004 Meeting Type: Annual
Record Date: MAR 31, 2004
# Proposal Mgt Rec Vote Cast Sponsor
1.1 Elect Director Stephen A. Wynn For For Management
1.2 Elect Director Alvin V. Shoemaker For For Management
1.3 Elect Director D. Boone Wayson For For Management
1.4 Elect Director Stanley R. Zax For For Management
2 Approve Executive Incentive Bonus Plan For For Management
3 Ratify Auditors For For Management