(PUB) Investing 2015

6

Data through October 31, 2015 FINRA members: For internal or institutional use only. T. Rowe Price High Yield

Ticker PRHYX

Yield 6.1%

SEC Yield 6.26%

Total Assets $9,553 mil

Mstar Category High Yield Bond

Benchmark 1: BofAML US HY Master II TR USD Benchmark 2: Barclays US Agg Bond TR USD Morningstar Analyst Rating 10-09-15 Œ

Investment Style Fixed Income

Historical Profile Return Risk Rating Above Avg Above Avg QQQQ Above Avg

6 6 6 6 6 3 3 3

12.5 15.0 17.5 20.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ∞ Positive ∞ Positive

Performance

10.0

People Parent

Performance Quartile (within Category)

& ( & * * * ( * & * ( 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 10-15 6.91 7.04 6.74 4.69 6.42 6.78 6.49 6.98 7.15 6.78 6.47 3.41 9.75 3.15 -24.45 49.16 14.37 3.20 15.21 9.07 2.00 0.25 0.68 -1.97 0.91 1.94 -8.35 -0.83 -1.18 -0.38 1.65 -0.50 0.12 0.99 5.41 -3.82 -29.69 43.23 7.82 -4.64 10.99 11.09 -3.97 -0.90 7.53 7.73 7.67 7.43 10.78 8.37 7.70 7.45 6.43 6.19 5.01 -4.11 2.02 -4.52 -31.89 38.38 6.00 -4.50 7.76 2.64 -4.20 -4.76 0.52 0.52 0.52 0.48 0.48 0.52 0.50 0.47 0.44 0.43 0.33 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.09 0.00 0.77 0.77 0.77 0.76 0.80 0.76 0.74 0.75 0.74 0.75 0.74 7.18 7.29 7.15 7.53 9.40 8.59 7.70 7.40 6.40 5.96 5.79 24 56 16 45 42 40 54 38 14 34 52

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 10-31-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

3.84 0.64 -7.53 6.79 3.20 5.70 1.15 4.43 3.19 15.21 3.74 -1.16 2.57 3.71 9.07 2.92 2.63 -1.95 -1.51 2.00

67

65

72

69

54

82

75

63

80

56

59 .

3,175 3,943 4,033 3,280 5,162 6,297 6,897 7,902 8,865 8,379

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 09-30-15

2.51 0.88 -5.19

— —

Date of Maturity

Amount 000

Value $000

% Assets

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Total Fixed Income: 498

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

First Data 12.625%

01-15-21 83,050 94,262 0.98 03-31-20 42,125 68,775 0.72 02-01-22 65,350 66,902 0.70

1 Yr 3 Yr 5 Yr

-2.06 4.49 5.99 6.99 8.29

3 Mo 6 Mo

-2.56 -0.86 -3.11 -3.66 -0.15 -3.56 -2.06 -0.01 -4.02 4.49 0.38 2.84 5.99 -0.02 2.96 6.99 -0.49 2.27 7.38 -0.19 1.74

82 9,744 68 9,634 55 9,794 19 11,407 23 13,373 19 19,654 12 29,079

Arqiva Broadcast Holdins Chs / Cmnty Health Sys 6.

+Avg QQQQ +Avg QQQQ Avg QQQQ

+Avg +Avg +Avg

1 Yr

T Mobile Usa 6% 03-01-23 66,500 64,339 0.67 Neptune Finco 144A 10.125 01-15-23 62,975 63,605 0.66 Sirius Xm Radio 144A 5.75 08-01-21 62,535 62,691 0.65 Wind Acquisition Fin Sa 1 04-23-21 63,150 61,887 0.65 Sprint 7.125% 06-15-24 78,375 60,349 0.63 Noble Engy 5.875% 06-01-24 52,700 53,196 0.56 Engy Future Inter Hldg Co 03-01-22 51,513 51,069 0.53 Matador Res 144A 6.875% 04-15-23 52,500 50,925 0.53 Vpi Escrow 144A 6.375% 10-15-20 49,950 49,888 0.52 Formula One Tl B Bankdebt 07-30-21 50,228 49,192 0.51 Family Tree Escrow 144A 5 03-01-23 46,025 47,693 0.50 Sprint Nextel 2% 11-15-21 47,328 47,328 0.49 Asurion Llc Tl 2l Bankdeb 02-18-21 50,300 45,069 0.47 Onex Wizard Acquisition T 02-03-22 44,774 44,653 0.47 Targa Res Partners / Targ 11-15-23 53,930 44,762 0.47 Jc Penney Corp Inc Tl 1l 04-29-18 44,655 44,348 0.46 Vrx Escrow 144A 5.375% 03-15-20 44,800 43,456 0.45

10 Yr Incept

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Other Measures

Standard Index

Best Fit Index

Alpha

3.7

0.3

Beta

0.49

1.01

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

R-Squared

8

97

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

1.67 3.17 4.12

19 24 19

2.70 2.65 2.68

68 70 59

Standard Deviation

5.08 4.49 0.88

Mean

Sharpe Ratio

Potential Capital Gain Exposure: -7% of assets

Morningstar's Take by Cara Esser, CFA 10-09-15 Longtime lead manager Mark Vaselkiv has proved adept at navigating T. Rowe Price High Yield through choppy waters, and his experienced high-yield team has shown aknack forsecurityselection,whichhascontributedmost positively to the fund’s returns over the long term. The firm and this team put shareholders first in a number of ways, including closing the fund to new investors in April 2012 (the second time during Vaselkiv's tenure). In addition,the fund’s74-basis-pointexpenseratio isamong the lowest of its similarly distributed peers. The experienced team, strong and stable process, shareholder-friendly moves, low fees, and strong returns earned the fund an upgrade to a Morningstar Analyst Rating of Gold from Silver. Vaselkiv and his team's valuation-focused process has led the fund to a more conservative stance recently, as he anticipates continued volatility in the high-yield market. Vaselkiv has brought the fund’s CCC allocation down a bit, though he still had a slight overweighting to the benchmark as of June 2015. That said, CCCs have performedpoorly recently,butVaselkivandhis teamhave done a good job of picking credits. Those bonds have

added 31 basis points in return based on credit selection versus the Credit Suisse High Yield Index over the trailing 12 months through June 2015. Over the long term, Vaselkiv and his team have built a strong track record. The fund’s 10-year return as of September 2015 was better than 80% of its high-yield peers, but the ride hasn’t always been smooth. Vaselkiv took a more aggressive stance coming out of the 2008 market crash, and the fund lost nearly 100 basis points more than its average peer during the third quarter of 2011 when the bond market quickly sold off. Cutting back on some of the fund’s more aggressive positions at the start of 2014, including a years-long underweighting to energy firms, led to a smaller-than-average loss during the brief high-yield sell-off in July. As the high-yield market shows signs of stress, Vaselkiv is becoming more defensive in both quality and sector allocation, which has helped returns for the year to date.

Current Investment Style

Sector Breakdown

% Assets

Government

2 0

Duration Ltd Mod Ext

Government Related

Quality High Med Low

Corporate

90

Agency MBS 0 Non-Agency Residential MBS 0 Commercial MBS 1 Covered Bond 0 Asset Backed 0 Municipal 0 Cash & Equivalents 5 Other 2

1 figure provided by fund

3.8 Yrs 6.3 Yrs

Avg Eff Duration 1 Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon

B

6.60%

Avg Wtd Price

96.48% of par

Composition - Net Cash

Coupon Range

% of Bonds

4.8 Bonds 0.7 Other

89.5

0% PIK

0.0 5.8

Stocks

5.0

0% to 4% 4% to 6% 6% to 8% 8% to 10%

33.7 40.7 14.9

Special Securities Restricted/Illiquid Secs Emerging-Markets Secs Options/Futures/Warrants

44

0 0

More than 10%

4.8

Address:

T. Rowe Price High Yield Fund, Inc.

Minimum Purchase: Min Auto Inv Plan:

$2500 $2500

Add: $100 IRA: $1000

Baltimore MD 21202

Add: $100

Credit Analysis

% bonds 09-30-15

800-638-5660

Sales Fees:

No-load, 2.00%R 0.30%, 0.15%A

AAA

3 BB 0 B

26 47

Web Address:

www.troweprice.com

Management Fee:

AA

Inception:

12-31-84

Actual Fees:

Mgt:0.59% Dist:0.00%

A

0 Below B 20 2 Not Rated 3

Advisor:

T. Rowe Price Associates, Inc.

Expense Projections: Income Distribution:

3Yr:$237 5Yr:$411 10Yr:$918

BBB

Subadvisor:

None

Monthly

D

ß ® Mutual Funds

©2015Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, call 312-696-6100.