T. Rowe Price International Discovery and High Yield Funds are reopening to new investors

TheShadow

https://www.sec.gov/Archives/edgar/data/754915/000174177323002524/c497k.htm

497K 1 c497k.htm
T. Rowe Price High Yield Fund
T. Rowe Price Institutional High Yield Fund

Supplement to Prospectuses and Summary Prospectuses dated October 1, 2022
T. Rowe Price International Discovery Fund

Supplement to Prospectus and Summary Prospectus dated March 1, 2023
Effective September 1, 2023, the funds will resume accepting new accounts and purchases from most investors who invest directly with T. Rowe Price.

Accordingly, effective September 1, 2023, the first sentence under “Purchase and Sale of Fund Shares” in each summary prospectus and section 1 of each prospectus is deleted in its entirety. In addition, the section entitled “Closed to New Investors” in Section 2 of the prospectus is deleted in its entirety.

The date of this supplement is August 7, 2023.
G49-041 8/7/23


Recent email I received:


T. Rowe Price Log in to your account T. Rowe Price
Fund Name Ticker CUSIP


T. Rowe Price High Yield Fund — Investor Class PRHYX 741481105


T. Rowe Price High Yield Fund — I Class PRHIX 741481303


T. Rowe Price International Discovery Fund — Investor Class PRIDX 77956H302


T. Rowe Price International Discovery Fund — I Class TIDDX 77956H377

Dear Client,

We’re writing to inform you that effective September 1, 2023, the purchase restrictions on the T. Rowe Price High Yield Fund and the T. Rowe Price International Discovery Fund will be removed. As a result of this change, investors who trade directly with T. Rowe Price can open new accounts in the funds.

The fund(s) had previously been restricted for all investors over concerns that significant cash flows could make it difficult to identify securities that fit our investment process. In addition to this, market conditions have changed, and following a thorough review of net inflows and other factors related to the strategy, we believe that we can accommodate controlled asset growth over time.

Thank you for investing with T. Rowe Price. If you have any questions about these changes, please contact us.

For more information, please download a prospectus for the T. Rowe Price High Yield Fund and T. Rowe Price International Discovery Fund.

All funds are subject to market risk including possible loss of principal.

This communication does not undertake to give investment advice in a fiduciary capacity. T. Rowe Price Associates, Inc., and/or its affiliates receive revenue from T. Rowe Price investment products and services.

This email may be considered advertising under federal law.

msf

Important point:
investors who trade directly with T. Rowe Price can open new accounts in the funds.

Don't look for these funds to be open via brokerages.

hank

msf said:

Important point:
investors who trade directly with T. Rowe Price can open new accounts in the funds.

Don't look for these funds to be open via brokerages.

+1 @msf

I held PRHYX many years. When they announced the fund’s (second) closing over a decade ago, I sold 100%, believing they knew something I didn’t. I really thought it would reopen within a year or two after it had suffered a loss. Oops - it kept going strong, and they never did reopen it until now. At this stage of my life. I’ve got enough ”irons in the fire”. Somebody else can buy it now.

Smart move by TRP. Obviously they’re trying to retain existing or draw in new direct investors.

And nice catch by @msf to notice the limitation!

Crash

This is indeed an interesting development.. Due diligence required.....

Edit to add: my other two TRP junk funds look better to me. TUHYX and PRCPX.