T. Rowe Price High Yield Fund (PRHYX) NPORT-P T. Rowe Price U.S. High Yield Fund (Aug 2024 report)

T.

ROWE

PRICE

U.S.

High

Yield

Fund

August

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

BANK

LOANS

 11.9%

(1)

Consumer

Goods

 2.8%

Journey

Personal

Care,

FRN,

1M

TSFR

+

4.25%,

9.616%,

3/1/28 

4,861‌

4,841‌

Naked

Juice,

FRN,

3M

TSFR

+

6.00%,

11.435%,

1/24/30 

5,596‌

4,117‌

Varsity

Brands,

FRN,

3M

TSFR

+

3.75%,

8/26/31 (2)

4,835‌

4,812‌

13,770‌

Energy

 0.9%

GIP

III

Stetson

I,

FRN,

1M

TSFR

+

3.50%,

8.747%,

10/31/28 

4,483‌

4,492‌

4,492‌

Financial

Services

 0.5%

Osaic

Holdings,

FRN,

1M

TSFR

+

4.00%,

9.247%,

8/17/28 

2,291‌

2,268‌

2,268‌

Health

Care

 1.4%

Endo

Finance

Holdings,

FRN,

3M

TSFR

+

4.50%,

9.783%,

4/23/31 

2,340‌

2,334‌

Surgery

Center

Holdings,

FRN,

1M

TSFR

+

2.75%,

8.061%,

12/19/30 

4,429‌

4,433‌

6,767‌

Leisure

 1.3%

Caesars

Entertainment,

FRN,

1M

TSFR

+

2.75%,

7.997%,

2/6/31 

5,865‌

5,856‌

Life

Time,

FRN,

3M

TSFR

+

4.00%,

9.514%,

1/15/26 

706‌

708‌

6,564‌

Media

 0.9%

Magnite,

FRN,

1M

TSFR

+

4.50%,

9.747%,

2/6/31 

4,579‌

4,604‌

4,604‌

Retail

 0.7%

Victra

Holdings,

FRN,

3M

TSFR

+

6.50%,

11.835%,

3/31/29 (2)

3,460‌

3,477‌

3,477‌

Technology

&

Electronics

 2.3%

Applied

Systems,

FRN,

1M

TSFR

+

3.50%,

8.286%,

2/24/31 

4,755‌

4,773‌

Cloud

Software

Group,

FRN,

3M

TSFR

+

4.50%,

9.835%,

3/21/31 

2,080‌

2,088‌

UKG,

FRN,

3M

TSFR

+

3.25%,

8.555%,

2/10/31 

4,745‌

4,755‌

11,616‌

Transportation

 1.1%

WestJet

Loyalty,

FRN,

3M

TSFR

+

3.75%,

9.082%,

2/14/31 

5,377‌

5,349‌

5,349‌

Total

Bank

Loans

(Cost

$59,854)

58,907‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

‡

CORPORATE

BONDS

 81.2%

Automotive

 2.8%

Adient

Global

Holdings,

8.25%,

4/15/31 (3)

3,595‌

3,820‌

Aston

Martin

Capital

Holdings,

10.00%,

3/31/29 (3)

4,848‌

4,933‌

Clarios

Global,

8.50%,

5/15/27 (3)

4,835‌

4,883‌

13,636‌

Basic

Industry

 5.3%

Camelot

Return

Merger

Sub,

8.75%,

8/1/28 (3)

4,455‌

4,388‌

ERO

Copper,

6.50%,

2/15/30 (3)

5,075‌

4,970‌

First

Quantum

Minerals,

6.875%,

10/15/27 (3)

4,575‌

4,542‌

LGI

Homes,

8.75%,

12/15/28 (3)

4,425‌

4,701‌

Miter

Brands

Acquisition

Holdco,

6.75%,

4/1/32 (3)

2,015‌

2,060‌

White

Cap

Parent,

(8.250%

Cash

or

9.00%

PIK),

8.25%,

3/15/26 (3)(4)

5,760‌

5,717‌

26,378‌

Capital

Goods

 3.9%

AAR

Escrow

Issuer,

6.75%,

3/15/29 (3)

4,815‌

4,972‌

Bombardier,

7.25%,

7/1/31 (3)

4,645‌

4,871‌

TransDigm,

6.75%,

8/15/28 (3)

4,570‌

4,690‌

Trivium

Packaging

Finance,

8.50%,

8/15/27 (3)

4,670‌

4,641‌

19,174‌

Consumer

Goods

 3.0%

Coty,

6.625%,

7/15/30 (3)

4,653‌

4,804‌

HLF

Financing,

12.25%,

4/15/29 (3)

4,954‌

4,929‌

Sigma

Holdco,

7.875%,

5/15/26 (3)

4,891‌

4,818‌

14,551‌

Energy

 20.0%

Ascent

Resources

Utica

Holdings,

8.25%,

12/31/28 (3)

4,505‌

4,623‌

Civitas

Resources,

8.75%,

7/1/31 (3)

6,490‌

7,001‌

Comstock

Resources,

6.75%,

3/1/29 (3)

5,175‌

5,072‌

CVR

Energy,

8.50%,

1/15/29 (3)

5,005‌

5,080‌

Enbridge,

Series NC5,

VR,

8.25%,

1/15/84 (5)

7,920‌

8,246‌

Encino

Acquisition

Partners

Holdings,

8.75%,

5/1/31 (3)

4,805‌

5,093‌

Energy

Transfer,

VR,

8.00%,

5/15/54 (5)

5,075‌

5,394‌

Energy

Transfer,

Series F,

VR,

6.75% (5)(6)

760‌

754‌

Energy

Transfer,

Series H,

VR,

6.50% (5)(6)

5,090‌

5,052‌

Harvest

Midstream

I,

7.50%,

9/1/28 (3)

2,540‌

2,591‌

Howard

Midstream

Energy

Partners,

7.375%,

7/15/32 (3)

4,080‌

4,213‌

Kinetik

Holdings,

6.625%,

12/15/28 (3)

4,620‌

4,753‌

Matador

Resources,

6.50%,

4/15/32 (3)

1,145‌

1,159‌

NGL

Energy

Operating,

8.125%,

2/15/29 (3)

4,825‌

4,915‌

PBF

Holding,

7.875%,

9/15/30 (3)

4,740‌

4,918‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

‡

Permian

Resources

Operating,

7.00%,

1/15/32 (3)

4,650‌

4,871‌

SM

Energy,

7.00%,

8/1/32 (3)

3,238‌

3,311‌

South

Bow

Canadian

Infrastructure

Holdings,

VR,

7.50%,

3/1/55 (3)(5)

4,740‌

4,882‌

Sunoco,

7.00%,

5/1/29 (3)

4,725‌

4,933‌

Tallgrass

Energy

Partners,

7.375%,

2/15/29 (3)

2,540‌

2,591‌

Venture

Global

LNG,

7.00%,

1/15/30 (3)

4,850‌

4,953‌

Weatherford

International,

8.625%,

4/30/30 (3)

4,503‌

4,661‌

99,066‌

Financial

Services

 10.3%

Aretec

Group,

10.00%,

8/15/30 (3)

8,730‌

9,341‌

Credit

Acceptance,

9.25%,

12/15/28 (3)

5,010‌

5,367‌

Encore

Capital

Group,

9.25%,

4/1/29 (3)

4,835‌

5,137‌

FirstCash,

6.875%,

3/1/32 (3)

4,893‌

5,015‌

OneMain

Finance,

7.875%,

3/15/30 

4,850‌

5,056‌

Osaic

Holdings,

10.75%,

8/1/27 (3)

10,440‌

10,675‌

PennyMac

Financial

Services,

7.875%,

12/15/29 (3)

5,047‌

5,344‌

PRA

Group,

8.375%,

2/1/28 (3)

4,855‌

4,940‌

50,875‌

Health

Care

 5.8%

CHS,

8.00%,

12/15/27 (3)

7,150‌

7,150‌

Endo

Finance

Holdings,

8.50%,

4/15/31 (3)

2,410‌

2,555‌

Heartland

Dental,

10.50%,

4/30/28 (3)

8,942‌

9,568‌

IQVIA,

6.50%,

5/15/30 (3)

4,810‌

4,972‌

Tenet

Healthcare,

6.25%,

2/1/27 

4,366‌

4,366‌

28,611‌

Insurance

 2.3%

Alliant

Holdings

Intermediate,

7.00%,

1/15/31 (3)

4,660‌

4,806‌

Panther

Escrow

Issuer,

7.125%,

6/1/31 (3)

6,090‌

6,341‌

11,147‌

Leisure

 5.0%

Carnival,

6.00%,

5/1/29 (3)

4,690‌

4,701‌

Carnival

Holdings

Bermuda,

10.375%,

5/1/28 (3)

4,265‌

4,601‌

Life

Time,

5.75%,

1/15/26 (3)

1,634‌

1,634‌

NCL,

8.375%,

2/1/28 (3)

4,395‌

4,615‌

Six

Flags

Entertainment,

7.25%,

5/15/31 (3)

8,978‌

9,292‌

24,843‌

Media

 3.3%

CCO

Holdings,

4.50%,

5/1/32 

5,950‌

5,058‌

DISH

Network,

11.75%,

11/15/27 (3)

4,406‌

4,461‌

Midcontinent

Communications,

8.00%,

8/15/32 (3)

2,032‌

2,022‌

Outfront

Media

Capital,

7.375%,

2/15/31 (3)

4,665‌

4,933‌

16,474‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

‡

Real

Estate

 0.9%

Brookfield

Property

REIT,

4.50%,

4/1/27 (3)

4,630‌

4,468‌

4,468‌

Retail

 3.7%

Cougar

JV

Subsidiary,

8.00%,

5/15/32 (3)

4,073‌

4,292‌

eG

Global

Finance,

12.00%,

11/30/28 (3)

4,605‌

4,951‌

LCM

Investments

Holdings

II,

8.25%,

8/1/31 (3)

2,830‌

2,996‌

Victra

Holdings,

7.75%,

2/15/26 (3)

6,067‌

6,082‌

18,321‌

Services

 4.5%

Avis

Budget

Car

Rental,

8.00%,

2/15/31 (3)

4,845‌

4,796‌

Ritchie

Bros

Holdings,

6.75%,

3/15/28 (3)

2,475‌

2,543‌

Ritchie

Bros

Holdings,

7.75%,

3/15/31 (3)

2,045‌

2,168‌

Sabre

GLBL,

11.25%,

12/15/27 (3)

5,060‌

5,136‌

Williams

Scotsman,

7.375%,

10/1/31 (3)

7,404‌

7,756‌

22,399‌

Technology

&

Electronics

 3.0%

Cloud

Software

Group,

8.25%,

6/30/32 (3)

4,820‌

5,037‌

McAfee,

7.375%,

2/15/30 (3)

4,825‌

4,614‌

NCR

Atleos,

9.50%,

4/1/29 (3)

400‌

439‌

Open

Text,

6.90%,

12/1/27 (3)

4,571‌

4,788‌

14,878‌

Telecommunications

 1.5%

Level

3

Financing,

10.50%,

4/15/29 (3)

5,675‌

6,086‌

Telesat

Canada,

6.50%,

10/15/27 (3)

4,080‌

1,270‌

7,356‌

Transportation

 1.9%

American

Airlines,

5.75%,

4/20/29 (3)

4,855‌

4,758‌

VistaJet

Malta

Finance,

9.50%,

6/1/28 (3)

4,820‌

4,531‌

9,289‌

Utility

 4.0%

NRG

Energy,

VR,

10.25% (3)(5)(6)

4,730‌

5,256‌

Talen

Energy

Supply,

8.625%,

6/1/30 (3)

4,635‌

4,995‌

Vistra,

VR,

8.00% (3)(5)(6)

9,286‌

9,576‌

19,827‌

Total

Corporate

Bonds

(Cost

$391,911)

401,293‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

‡

PREFERRED

STOCKS

 0.6%

Financial

Services

 0.6%

Osaic

Financial

Services,

6.50%,

11/30/27 

152‌

3,029‌

Total

Preferred

Stocks

(Cost

$2,727)

3,029‌

SHORT-TERM

INVESTMENTS

 5.7%

Money

Market

Funds

 5.7%

T.

Rowe

Price

Government

Reserve

Fund,

5.34% (7)(8)

28,274‌

28,274‌

Total

Short-Term

Investments

(Cost

$28,274)

28,274‌

Total

Investments

in

Securities 99.4%

(Cost

$482,766)

$

491,503‌

Other

Assets

Less

Liabilities

0.6%

3,183‌

Net

Assets

100.0%

$

494,686‌

T.

ROWE

PRICE

U.S.

High

Yield

Fund

6

‡

Par/Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Bank

loan

positions

may

involve

multiple

underlying

tranches.

In

those

instances,

the

position

presented

reflects

the

aggregate

of

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

of

the

settled

positions.

(2)

All

or

a

portion

of

this

loan

is

unsettled

as

of

August

31,

2024.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$367,367

and

represents

74.3%

of

net

assets.

(4)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(5)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(6)

Perpetual

security

with

no

stated

maturity

date.

(7)

Seven-day

yield

(8)

Affiliated

Companies

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

FRN

Floating

Rate

Note

PIK

Payment-in-kind

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

7

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

August

31,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.34%

$

—‌#

$

—‌

$

282‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/24

Purchase

Cost

Sales

Cost

Value

08/31/24

T.

Rowe

Price

Government

Reserve

Fund,

5.34%

$

10,444‌

 ¤

 ¤

$

28,274‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$282

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$28,274.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

Unaudited

Notes

to

Portfolio

of

Investments

8

T.

Rowe

Price

U.S.

High

Yield

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

T.

ROWE

PRICE

U.S.

High

Yield

Fund

9

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

T.

ROWE

PRICE

U.S.

High

Yield

Fund

10

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

August

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

460,200‌

$

—‌

$

460,200‌

Preferred

Stocks

—‌

3,029‌

—‌

3,029‌

Short-Term

Investments

28,274‌

—‌

—‌

28,274‌

Total

$

28,274‌

$

463,229‌

$

—‌

$

491,503‌

1

Includes

Bank

Loans

and

Corporate

Bonds.

T.

ROWE

PRICE

U.S.

High

Yield

Fund

11

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

F1106-054Q1

08/24