T. Rowe Price High Yield Fund Inc
01/23/2025 | Press release | Distributed by Public on 01/23/2025 08:42
Semi-Annual Report by Investment Company (Form N-CSRS)
U.S. High Yield Fund_UHY_F1106-051
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-04119
T. Rowe Price High Yield Fund, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant's telephone number, including area code: (410) 345-2000
Date of fiscal year end: May 31
Date of reporting period: November 30, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
November 30, 2024
U.S. High Yield Fund
Investor Class (TUHYX)
This semi-annual shareholder report contains important information about U.S. High Yield Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
U.S. High Yield Fund - Investor Class
|
$39
|
0.75%
|
What are some fund statistics?
Fund Statistics
|
Total Net Assets (000s)
|
$509,151
|
|
Number of Portfolio Holdings
|
97
|
|
Portfolio Turnover Rate
|
52.1%
|
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
|
BBB Rated
|
3.7%
|
|
BB Rated
|
29.4
|
|
B Rated
|
44.3
|
|
CCC Rated
|
10.4
|
|
Bank Debt
|
6.3
|
|
D Rated
|
0.2
|
|
Reserves
|
5.7
|
*Credit ratings for the securities held in the Fund are provided by Moody's, Standard & Poor's, and Fitch and are converted to the Standard & Poor's nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. When a rating is available from all three agencies, the median rating is used. If there are two ratings, the lower rating is used, and if only one rating is available, that rating is used. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings(as a % of Net Assets)
|
Cloud Software Group
|
2.2%
|
|
Osaic Holdings
|
2.1
|
|
Enbridge
|
2.0
|
|
Six Flags Entertainment
|
1.9
|
|
DISH Network
|
1.9
|
|
CCO Holdings
|
1.9
|
|
Aretec Group
|
1.9
|
|
Heartland Dental
|
1.9
|
|
eG Global Finance
|
1.6
|
|
Sabre GLBL
|
1.6
|
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202407-3695801
F1106-053 1/25
U.S. High Yield Fund
Investor Class (TUHYX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
November 30, 2024
U.S. High Yield Fund
Advisor Class (TUHAX)
This semi-annual shareholder report contains important information about U.S. High Yield Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
U.S. High Yield Fund - Advisor Class
|
$46
|
0.90%
|
What are some fund statistics?
Fund Statistics
|
Total Net Assets (000s)
|
$509,151
|
|
Number of Portfolio Holdings
|
97
|
|
Portfolio Turnover Rate
|
52.1%
|
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
|
BBB Rated
|
3.7%
|
|
BB Rated
|
29.4
|
|
B Rated
|
44.3
|
|
CCC Rated
|
10.4
|
|
Bank Debt
|
6.3
|
|
D Rated
|
0.2
|
|
Reserves
|
5.7
|
*Credit ratings for the securities held in the Fund are provided by Moody's, Standard & Poor's, and Fitch and are converted to the Standard & Poor's nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. When a rating is available from all three agencies, the median rating is used. If there are two ratings, the lower rating is used, and if only one rating is available, that rating is used. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings(as a % of Net Assets)
|
Cloud Software Group
|
2.2%
|
|
Osaic Holdings
|
2.1
|
|
Enbridge
|
2.0
|
|
Six Flags Entertainment
|
1.9
|
|
DISH Network
|
1.9
|
|
CCO Holdings
|
1.9
|
|
Aretec Group
|
1.9
|
|
Heartland Dental
|
1.9
|
|
eG Global Finance
|
1.6
|
|
Sabre GLBL
|
1.6
|
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202407-3695801
F1107-053 1/25
U.S. High Yield Fund
Advisor Class (TUHAX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
November 30, 2024
U.S. High Yield Fund
I Class (TUHIX)
This semi-annual shareholder report contains important information about U.S. High Yield Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
U.S. High Yield Fund - I Class
|
$31
|
0.60%
|
What are some fund statistics?
Fund Statistics
|
Total Net Assets (000s)
|
$509,151
|
|
Number of Portfolio Holdings
|
97
|
|
Portfolio Turnover Rate
|
52.1%
|
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
|
BBB Rated
|
3.7%
|
|
BB Rated
|
29.4
|
|
B Rated
|
44.3
|
|
CCC Rated
|
10.4
|
|
Bank Debt
|
6.3
|
|
D Rated
|
0.2
|
|
Reserves
|
5.7
|
*Credit ratings for the securities held in the Fund are provided by Moody's, Standard & Poor's, and Fitch and are converted to the Standard & Poor's nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. When a rating is available from all three agencies, the median rating is used. If there are two ratings, the lower rating is used, and if only one rating is available, that rating is used. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings(as a % of Net Assets)
|
Cloud Software Group
|
2.2%
|
|
Osaic Holdings
|
2.1
|
|
Enbridge
|
2.0
|
|
Six Flags Entertainment
|
1.9
|
|
DISH Network
|
1.9
|
|
CCO Holdings
|
1.9
|
|
Aretec Group
|
1.9
|
|
Heartland Dental
|
1.9
|
|
eG Global Finance
|
1.6
|
|
Sabre GLBL
|
1.6
|
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202407-3695801
F1108-053 1/25
U.S. High Yield Fund
I Class (TUHIX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR,applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR.No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies.
(a - b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
November
30,
2024
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
TUHYX
U.S.
High
Yield
Fund
TUHAX
U.S.
High
Yield
Fund-
.
Advisor Class
TUHIX
U.S.
High
Yield
Fund-
.
I Class
T.
ROWE
PRICE
U.S.
High
Yield
Fund
(Unaudited)
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
8
.35
$
8
.02
$
8
.73
$
10
.11
$
9
.39
$
9
.61
Investment
activities
Net
investment
income
(1)(2)
0
.31
0
.62
0
.60
0
.55
0
.56
0
.55
Net
realized
and
unrealized
gain/
loss
0
.14
0
.34
(
0
.71
)
(
1
.30
)
0
.72
(
0
.22
)
Total
from
investment
activities
0
.45
0
.96
(
0
.11
)
(
0
.75
)
1
.28
0
.33
Distributions
Net
investment
income
(
0
.31
)
(
0
.63
)
(
0
.60
)
(
0
.55
)
(
0
.56
)
(
0
.55
)
Net
realized
gain
-
-
-
(
0
.08
)
-
-
Total
distributions
(
0
.31
)
(
0
.63
)
(
0
.60
)
(
0
.63
)
(
0
.56
)
(
0
.55
)
NET
ASSET
VALUE
End
of
period
$
8
.49
$
8
.35
$
8
.02
$
8
.73
$
10
.11
$
9
.39
T.
ROWE
PRICE
U.S.
High
Yield
Fund
(Unaudited)
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
5
.43
%
12
.31
%
(
1
.11
)
%
(
7
.87
)
%
13
.94
%
3
.43
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.81
%
(4)
0
.83
%
0
.87
%
0
.78
%
0
.79
%
0
.87
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.75
%
(4)
0
.75
%
0
.75
%
0
.77
%
0
.79
%
0
.79
%
Net
investment
income
7
.32
%
(4)
7
.57
%
7
.34
%
5
.62
%
5
.60
%
5
.75
%
Portfolio
turnover
rate
52
.1
%
87
.0
%
31
.6
%
73
.4
%
135
.3
%
156
.7
%
Net
assets,
end
of
period
(in
thousands)
$271,945
$254,953
$216,586
$266,157
$437,017
$276,480
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
U.S.
High
Yield
Fund
(Unaudited)
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
8
.34
$
8
.01
$
8
.71
$
10
.10
$
9
.38
$
9
.61
Investment
activities
Net
investment
income
(1)(2)
0
.30
0
.61
0
.58
0
.54
0
.55
0
.54
Net
realized
and
unrealized
gain/
loss
0
.14
0
.33
(
0
.70
)
(
1
.31
)
0
.71
(
0
.24
)
Total
from
investment
activities
0
.44
0
.94
(
0
.12
)
(
0
.77
)
1
.26
0
.30
Distributions
Net
investment
income
(
0
.30
)
(
0
.61
)
(
0
.58
)
(
0
.54
)
(
0
.54
)
(
0
.53
)
Net
realized
gain
-
-
-
(
0
.08
)
-
-
Total
distributions
(
0
.30
)
(
0
.61
)
(
0
.58
)
(
0
.62
)
(
0
.54
)
(
0
.53
)
NET
ASSET
VALUE
End
of
period
$
8
.48
$
8
.34
$
8
.01
$
8
.71
$
10
.10
$
9
.38
T.
ROWE
PRICE
U.S.
High
Yield
Fund
(Unaudited)
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
5
.36
%
12
.14
%
(
1
.16
)
%
(
8
.13
)
%
13
.78
%
3
.17
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1
.14
%
(4)
1
.13
%
1
.01
%
0
.99
%
0
.97
%
0
.98
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.90
%
(4)
0
.90
%
0
.90
%
0
.92
%
0
.94
%
0
.94
%
Net
investment
income
7
.18
%
(4)
7
.43
%
7
.17
%
5
.49
%
5
.52
%
5
.60
%
Portfolio
turnover
rate
52
.1
%
87
.0
%
31
.6
%
73
.4
%
135
.3
%
156
.7
%
Net
assets,
end
of
period
(in
thousands)
$2,603
$2,940
$4,178
$6,873
$13,815
$14,497
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
U.S.
High
Yield
Fund
(Unaudited)
Financial
Highlights
6
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
8
.31
$
7
.98
$
8
.68
$
10
.06
$
9
.35
$
9
.57
Investment
activities
Net
investment
income
(1)(2)
0
.31
0
.63
0
.61
0
.57
0
.57
0
.56
Net
realized
and
unrealized
gain/
loss
0
.13
0
.34
(
0
.70
)
(
1
.31
)
0
.71
(
0
.22
)
Total
from
investment
activities
0
.44
0
.97
(
0
.09
)
(
0
.74
)
1
.28
0
.34
Distributions
Net
investment
income
(
0
.31
)
(
0
.64
)
(
0
.61
)
(
0
.56
)
(
0
.57
)
(
0
.56
)
Net
realized
gain
-
-
-
(
0
.08
)
-
-
Total
distributions
(
0
.31
)
(
0
.64
)
(
0
.61
)
(
0
.64
)
(
0
.57
)
(
0
.56
)
NET
ASSET
VALUE
End
of
period
$
8
.44
$
8
.31
$
7
.98
$
8
.68
$
10
.06
$
9
.35
T.
ROWE
PRICE
U.S.
High
Yield
Fund
(Unaudited)
Financial
Highlights
7
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
5
.39
%
12
.49
%
(
0
.90
)
%
(
7
.79
)
%
14
.04
%
3
.58
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.66
%
(4)
0
.67
%
0
.69
%
0
.65
%
0
.68
%
0
.72
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.60
%
(4)
0
.61
%
0
.61
%
0
.61
%
0
.63
%
0
.64
%
Net
investment
income
7
.47
%
(4)
7
.71
%
7
.49
%
6
.04
%
5
.78
%
5
.86
%
Portfolio
turnover
rate
52
.1
%
87
.0
%
31
.6
%
73
.4
%
135
.3
%
156
.7
%
Net
assets,
end
of
period
(in
thousands)
$234,603
$216,294
$191,390
$228,946
$55,120
$44,469
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
U.S.
High
Yield
Fund
November
30,
2024
(Unaudited)
8
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
BANK
LOANS
6.3%
(1)
Consumer
Goods
1.0%
Naked
Juice,
FRN,
3M
TSFR
+
6.00%,
10.704%,
1/24/30
455
196
Varsity
Brands,
FRN,
3M
TSFR
+
3.75%,
8.271%,
8/26/31
4,835
4,838
5,034
Energy
1.0%
WaterBridge
Midstream
Operating,
FRN,
3M
TSFR
+
4.75%,
6/27/29 (2)
5,095
5,057
5,057
Health
Care
1.0%
Endo
Finance
Holdings,
FRN,
1M
TSFR
+
4.00%,
8.573%,
4/23/31 (2)
4,895
4,909
4,909
Insurance
0.3%
TIH
Insurance
Holdings,
FRN,
3M
TSFR
+
4.75%,
9.354%,
5/6/32
1,368
1,396
1,396
Media
0.4%
Magnite,
FRN,
1M
TSFR
+
3.75%,
8.323%,
2/6/31 (3)
2,223
2,245
2,245
Retail
0.9%
Victra
Holdings,
FRN,
3M
TSFR
+
5.25%,
9.854%,
3/31/29
4,760
4,806
4,806
Technology
&
Electronics
1.7%
Ellucian
Holdings,
FRN,
1M
TSFR
+
4.75%,
11/14/32 (2)
5,170
5,196
Icon
Parent,
FRN,
1M
TSFR
+
5.00%,
9/11/32 (2)
3,440
3,502
8,698
Total
Bank
Loans
(Cost
$32,105)
32,145
CORPORATE
BONDS
87.4%
Automotive
2.9%
Adient
Global
Holdings,
8.25%,
4/15/31 (4)
2,865
2,987
Aston
Martin
Capital
Holdings,
10.00%,
3/31/29 (4)
7,043
6,920
Clarios
Global,
8.50%,
5/15/27 (4)
4,835
4,859
14,766
Basic
Industry
5.8%
Camelot
Return
Merger
Sub,
8.75%,
8/1/28 (4)
4,965
4,878
ERO
Copper,
6.50%,
2/15/30 (4)
6,575
6,481
First
Quantum
Minerals,
8.625%,
6/1/31 (4)
4,928
5,076
LGI
Homes,
8.75%,
12/15/28 (4)
4,915
5,198
Miter
Brands
Acquisition
Holdco,
6.75%,
4/1/32 (4)
2,015
2,045
T.
ROWE
PRICE
U.S.
High
Yield
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
‡
White
Cap
Parent,
8.25%,
3/15/26,
(8.250%
Cash
or
9.00%
PIK) (4)(5)
5,760
5,745
29,423
Capital
Goods
2.8%
AAR
Escrow
Issuer,
6.75%,
3/15/29 (4)
4,815
4,930
Bombardier,
7.25%,
7/1/31 (4)
4,645
4,790
Trivium
Packaging
Finance,
8.50%,
8/15/27 (4)
4,670
4,664
14,384
Consumer
Goods
3.2%
Coty,
6.625%,
7/15/30 (4)
4,653
4,752
HLF
Financing,
12.25%,
4/15/29 (4)
4,954
5,208
Sigma
Holdco,
7.875%,
5/15/26 (4)
6,221
6,158
16,118
Energy
19.9%
Aethon
United
BR,
7.50%,
10/1/29 (4)
5,105
5,277
Ascent
Resources
Utica
Holdings,
8.25%,
12/31/28 (4)
4,980
5,098
CVR
Energy,
8.50%,
1/15/29 (4)
5,005
4,917
Diamond
Foreign
Asset,
8.50%,
10/1/30 (4)
545
569
Enbridge,
Series NC5,
VR,
8.25%,
1/15/84 (6)
9,495
10,027
Encino
Acquisition
Partners
Holdings,
8.75%,
5/1/31 (4)
4,805
5,069
Energy
Transfer,
VR,
8.00%,
5/15/54 (6)
5,075
5,384
Energy
Transfer,
Series F,
VR,
6.75% (6)(7)
760
758
Harvest
Midstream
I,
7.50%,
9/1/28 (4)
2,540
2,591
Howard
Midstream
Energy
Partners,
7.375%,
7/15/32 (4)
4,080
4,192
Ithaca
Energy
North
Sea,
8.125%,
10/15/29 (4)
6,245
6,245
Kinetik
Holdings,
6.625%,
12/15/28 (4)
2,895
2,960
NGL
Energy
Operating,
8.125%,
2/15/29 (4)
4,825
4,916
PBF
Holding,
7.875%,
9/15/30 (4)
5,255
5,367
Permian
Resources
Operating,
7.00%,
1/15/32 (4)
4,650
4,766
SM
Energy,
7.00%,
8/1/32 (4)
5,290
5,317
South
Bow
Canadian
Infrastructure
Holdings,
VR,
7.50%,
3/1/55 (4)(6)
4,740
4,959
Sunoco,
7.00%,
5/1/29 (4)
4,725
4,890
TGS,
8.50%,
1/15/30 (4)
2,290
2,350
Venture
Global
LNG,
VR,
9.00% (4)(6)(7)
5,455
5,653
Vital
Energy,
7.875%,
4/15/32 (4)
5,385
5,277
Weatherford
International,
8.625%,
4/30/30 (4)
4,503
4,678
101,260
Financial
Services
10.1%
APH
Somerset
Investor
2,
7.875%,
11/1/29 (4)
5,145
5,158
Aretec
Group,
10.00%,
8/15/30 (4)
8,730
9,625
Encore
Capital
Group,
9.25%,
4/1/29 (4)
4,835
5,186
FirstCash,
6.875%,
3/1/32 (4)
4,893
4,972
OneMain
Finance,
7.875%,
3/15/30
4,850
5,117
T.
ROWE
PRICE
U.S.
High
Yield
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
‡
Osaic
Holdings,
10.75%,
8/1/27 (4)
10,440
10,766
PennyMac
Financial
Services,
7.875%,
12/15/29 (4)
5,047
5,325
PRA
Group,
8.875%,
1/31/30 (4)
4,965
5,188
51,337
Health
Care
4.3%
CHS,
8.00%,
12/15/27 (4)
7,150
7,114
Heartland
Dental,
10.50%,
4/30/28 (4)
8,942
9,479
IQVIA,
6.50%,
5/15/30 (4)
5,235
5,372
21,965
Insurance
1.0%
Alliant
Holdings
Intermediate,
7.00%,
1/15/31 (4)
4,910
4,971
4,971
Leisure
3.7%
Carnival
Holdings
Bermuda,
10.375%,
5/1/28 (4)
4,265
4,564
NCL,
8.375%,
2/1/28 (4)
4,395
4,593
Six
Flags
Entertainment,
7.25%,
5/15/31 (4)
9,578
9,865
19,022
Media
7.3%
CCO
Holdings,
6.375%,
9/1/29 (4)
4,820
4,832
CCO
Holdings,
7.375%,
3/1/31 (4)
4,840
5,009
CSC
Holdings,
11.25%,
5/15/28 (4)
2,615
2,582
Deluxe,
8.125%,
9/15/29 (4)
5,190
5,255
DISH
Network,
11.75%,
11/15/27 (4)
9,301
9,859
Midcontinent
Communications,
8.00%,
8/15/32 (4)
4,922
5,150
Outfront
Media
Capital,
7.375%,
2/15/31 (4)
4,450
4,684
37,371
Real
Estate
1.8%
Blackstone
Mortgage
Trust,
7.75%,
12/1/29 (4)
2,540
2,585
Brookfield
Property
REIT,
4.50%,
4/1/27 (4)
6,685
6,434
9,019
Retail
3.5%
Cougar
JV
Subsidiary,
8.00%,
5/15/32 (4)
4,658
4,885
eG
Global
Finance,
12.00%,
11/30/28 (4)
7,350
8,189
LCM
Investments
Holdings
II,
8.25%,
8/1/31 (4)
4,720
4,933
18,007
Services
5.7%
Avis
Budget
Car
Rental,
8.25%,
1/15/30 (4)
7,760
8,031
Ritchie
Bros
Holdings,
7.75%,
3/15/31 (4)
4,710
4,963
Sabre
GLBL,
10.75%,
11/15/29 (4)
8,027
8,095
Williams
Scotsman,
7.375%,
10/1/31 (4)
7,404
7,682
28,771
Technology
&
Electronics
5.9%
Cloud
Software
Group,
8.25%,
6/30/32 (4)
7,250
7,540
T.
ROWE
PRICE
U.S.
High
Yield
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
‡
Cloud
Software
Group,
9.00%,
9/30/29 (4)
3,765
3,803
McAfee,
7.375%,
2/15/30 (4)
5,460
5,303
NCR
Atleos,
9.50%,
4/1/29 (4)
4,535
4,949
Open
Text,
6.90%,
12/1/27 (4)
3,221
3,334
UKG,
6.875%,
2/1/31 (4)
4,810
4,942
29,871
Telecommunications
3.8%
Iliad
Holding,
7.00%,
4/15/32 (4)
4,400
4,439
Level
3
Financing,
10.50%,
4/15/29 (4)
6,850
7,663
Telesat
Canada,
6.50%,
10/15/27 (4)
3,835
1,227
Uniti
Group,
6.50%,
2/15/29 (4)
1,435
1,256
Uniti
Group,
10.50%,
2/15/28 (4)
3,595
3,815
Zayo
Group
Holdings,
6.125%,
3/1/28 (4)
1,270
1,168
19,568
Transportation
2.9%
JetBlue
Airways
Corp.,
9.875%,
9/20/31 (4)
4,750
4,987
Latam
Airlines
Group,
7.875%,
4/15/30 (4)
4,890
5,017
VistaJet
Malta
Finance,
9.50%,
6/1/28 (4)
4,820
4,768
14,772
Utility
2.8%
NRG
Energy,
VR,
10.25% (4)(6)(7)
3,405
3,771
Talen
Energy
Supply,
8.625%,
6/1/30 (4)
4,635
4,982
Vistra,
VR,
8.00% (4)(6)(7)
5,321
5,461
14,214
Total
Corporate
Bonds
(Cost
$437,180)
444,839
PREFERRED
STOCKS
0.6%
Financial
Services
0.6%
Osaic
Financial
Services,
6.50%,
11/30/27
152
3,031
Total
Preferred
Stocks
(Cost
$2,727)
3,031
T.
ROWE
PRICE
U.S.
High
Yield
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
‡
SHORT-TERM
INVESTMENTS
9.3%
Money
Market
Funds
9.3%
T.
Rowe
Price
Government
Reserve
Fund,
4.67% (8)(9)
47,352
47,352
Total
Short-Term
Investments
(Cost
$47,352)
47,352
Total
Investments
in
Securities
103.6%
of
Net
Assets
(Cost
$519,364)
$
527,367
T.
ROWE
PRICE
U.S.
High
Yield
Fund
13
‡
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
November
30,
2024.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(4)
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
$423,553
and
represents
83.2%
of
net
assets.
(5)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(6)
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.
(7)
Perpetual
security
with
no
stated
maturity
date.
(8)
Seven-day
yield
(9)
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
14
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
six
months
ended
November
30,
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,
4.67%
$
-
#
$
-
$
603
+
Supplementary
Investment
Schedule
Affiliate
Value
5/31/24
Purchase
Cost
Sales
Cost
Value
11/30/24
T.
Rowe
Price
Government
Reserve
Fund,
4.67%
$
10,444
¤
¤
$
47,352
^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$603
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
$47,352.
T.
ROWE
PRICE
U.S.
High
Yield
Fund
November
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
15
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$519,364)
$
527,367
Interest
receivable
8,684
Receivable
for
investment
securities
sold
3,464
Receivable
for
shares
sold
177
Cash
94
Other
assets
39
Total
assets
539,825
Liabilities
Payable
for
investment
securities
purchased
29,282
Payable
for
shares
redeemed
875
Investment
management
fees
payable
229
Due
to
affiliates
30
Other
liabilities
258
Total
liabilities
30,674
Commitments
and
Contingent
Liabilities
(note
5
)
NET
ASSETS
$
509,151
T.
ROWE
PRICE
U.S.
High
Yield
Fund
November
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
16
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
85,889
)
Paid-in
capital
applicable
to
60,121,346
shares
of
$0.01
par
value
capital
stock
outstanding;
3,000,000,000
shares
of
the
Corporation
authorized
595,040
NET
ASSETS
$
509,151
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$271,945;
Shares
outstanding:
32,029,484)
$
8.49
Advisor
Class
(Net
assets:
$2,603;
Shares
outstanding:
306,940)
$
8.48
I
Class
(Net
assets:
$234,603;
Shares
outstanding:
27,784,922)
$
8.44
T.
ROWE
PRICE
U.S.
High
Yield
Fund
(Unaudited)
Statement
of
Operations
17
($000s)
6
Months
Ended
11/30/24
Investment
Income
(Loss)
Income
.
Interest
$
18,999
Dividend
788
Total
income
19,787
Expenses
Investment
management
1,357
Shareholder
servicing
Investor
Class
$
232
Advisor
Class
3
I
Class
37
272
Rule
12b-1
fees
Advisor
Class
4
Prospectus
and
shareholder
reports
Investor
Class
13
I
Class
3
16
Custody
and
accounting
106
Registration
37
Legal
and
audit
18
Directors
1
Miscellaneous
11
Waived
/
paid
by
Price
Associates
(
145
)
Total
expenses
1,677
Net
investment
income
18,110
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
loss
on
securities
(
1,808
)
Change
in
net
unrealized
gain
/
loss
Securities
9,765
Other
assets
and
liabilities
denominated
in
foreign
currencies
2
Change
in
net
unrealized
gain
/
loss
9,767
Net
realized
and
unrealized
gain
/
loss
7,959
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
26,069
T.
ROWE
PRICE
U.S.
High
Yield
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
18
($000s)
.
6
Months
Ended
11/30/24
Year
Ended
5/31/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
18,110
$
34,235
Net
realized
loss
(
1,808
)
(
49,215
)
Change
in
net
unrealized
gain
/
loss
9,767
66,322
Increase
in
net
assets
from
operations
26,069
51,342
Distributions
to
shareholders
Net
earnings
Investor
Class
(
9,533
)
(
18,275
)
Advisor
Class
(
99
)
(
295
)
I
Class
(
8,449
)
(
15,665
)
Decrease
in
net
assets
from
distributions
(
18,081
)
(
34,235
)
Capital
share
transactions
*
Shares
sold
Investor
Class
59,896
118,318
Advisor
Class
330
888
I
Class
35,175
64,814
Distributions
reinvested
Investor
Class
9,099
17,412
Advisor
Class
98
295
I
Class
7,067
13,121
Shares
redeemed
Investor
Class
(
56,250
)
(
106,516
)
Advisor
Class
(
812
)
(
2,601
)
I
Class
(
27,627
)
(
60,805
)
Increase
in
net
assets
from
capital
share
transactions
26,976
44,926
T.
ROWE
PRICE
U.S.
High
Yield
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
19
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/24
Year
Ended
5/31/24
Net
Assets
Increase
during
period
34,964
62,033
Beginning
of
period
474,187
412,154
End
of
period
$
509,151
$
474,187
*Share
information
(000s)
Shares
sold
Investor
Class
7,094
14,322
Advisor
Class
39
109
I
Class
4,198
7,896
Distributions
reinvested
Investor
Class
1,078
2,110
Advisor
Class
12
36
I
Class
842
1,599
Shares
redeemed
Investor
Class
(
6,670
)
(
12,904
)
Advisor
Class
(
96
)
(
314
)
I
Class
(
3,296
)
(
7,444
)
Increase
in
shares
outstanding
3,201
5,410
T.
ROWE
PRICE
U.S.
High
Yield
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
20
T.
Rowe
Price
High
Yield
Fund,
Inc. (the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
U.S.
High
Yield
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks total
return,
and
secondarily,
current
income.
The
fund
has three classes
of
shares:
the
U.S.
High
Yield
Fund
(Investor
Class),
the
U.S.
High
Yield
Fund-Advisor
Class
(Advisor
Class)
and
the
U.S.
High
Yield
Fund-I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
T.
ROWE
PRICE
U.S.
High
Yield
Fund
21
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class's
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class's
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class's
average
daily
net
assets.
Capital
Transactions
Each
investor's
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund's
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In
November
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures,
which
improves
reportable
segment
disclosure
requirements,
primarily
through
enhanced
disclosures
about
T.
ROWE
PRICE
U.S.
High
Yield
Fund
22
segment
expenses.
In
addition,
the
ASU
clarifies
that
a
public
entity
with
a
single
reportable
segment
provide
all
disclosures
required
by
the
ASU
and
all
existing
segment
disclosures
in
Topic
280.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund's
financial
statements.
In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
-
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund's
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund's
financial
instruments
are
valued
at
the
close
of
the
NYSE
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.
T.
ROWE
PRICE
U.S.
High
Yield
Fund
23
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)
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
T.
ROWE
PRICE
U.S.
High
Yield
Fund
24
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.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
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
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
November
30,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
T.
ROWE
PRICE
U.S.
High
Yield
Fund
25
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund's prospectus
and
Statement
of
Additional
Information.
Noninvestment-Grade
Debt
The
fund
invests,
either
directly
or
through
its
investment
in
other
T.
Rowe
Price
funds,
in
noninvestment-grade
debt,
including
"high
yield"
or
"junk"
bonds
or
leveraged
loans.
Noninvestment-grade
debt
issuers
are
more
likely
to
suffer
an
adverse
change
in
financial
condition
that
would
result
in
the
inability
to
meet
a
financial
obligation.
The
noninvestment-
grade
debt
market
may
experience
sudden
and
sharp
price
swings
due
to
a
variety
of
factors
that
may
decrease
the
ability
of
issuers
to
make
principal
and
interest
payments
and
adversely
affect
the
liquidity
or
value,
or
both,
of
such
securities.
Accordingly,
securities
issued
by
such
companies
carry
a
higher
risk
of
default
and
should
be
considered
speculative.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Bank
Loans
The
fund
invests
in
bank
loans,
which
represent
an
interest
in
amounts
owed
by
a
borrower
to
a
syndicate
of
lenders.
Bank
loans
are
generally
noninvestment
grade
and
often
involve
borrowers
whose
financial
condition
is
highly
leveraged.
The
fund
may
invest
in
fixed
and
floating
rate
loans,
which
may
include
senior
floating
rate
loans;
secured
and
unsecured
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Corporate
Bonds
$
-
$
444,839
$
-
$
444,839
Bank
Loans
-
29,900
2,245
32,145
Preferred
Stocks
-
3,031
-
3,031
Short-Term
Investments
47,352
-
-
47,352
Total
$
47,352
$
477,770
$
2,245
$
527,367
T.
ROWE
PRICE
U.S.
High
Yield
Fund
26
loans,
second
lien
or
more
junior
loans;
and
bridge
loans
or
bridge
facilities.
Certain
bank
loans
may
be
revolvers
which
are
a
form
of
senior
bank
debt,
where
the
borrower
can
draw
down
the
credit
of
the
revolver
when
it
needs
cash
and
repays
the
credit
when
the
borrower
has
excess
cash.
Certain
loans
may
be
"covenant-lite"
loans,
which
means
the
loans
contain
fewer
maintenance
covenants
than
other
loans
(in
some
cases,
none)
and
do
not
include
terms
which
allow
the
lender
to
monitor
the
performance
of
the
borrower
and
declare
a
default
if
certain
criteria
are
breached.
As
a
result
of
these
risks,
the
fund's
exposure
to
losses
may
be
increased.
Bank
loans
may
be
in
the
form
of
either
assignments
or
participations.
A
loan
assignment
transfers
all
legal,
beneficial,
and
economic
rights
to
the
buyer,
and
transfer
typically
requires
consent
of
both
the
borrower
and
agent.
In
contrast,
a
loan
participation
generally
entitles
the
buyer
to
receive
the
cash
flows
from
principal,
interest,
and
any
fee
payments
on
a
portion
of
a
loan;
however,
the
seller
continues
to
hold
legal
title
to
that
portion
of
the
loan.
As
a
result,
the
buyer
of
a
loan
participation
generally
has
no
direct
recourse
against
the
borrower
and
is
exposed
to
credit
risk
of
both
the
borrower
and
seller
of
the
participation.
Bank
loans
often
have
extended
settlement
periods,
generally
may
be
repaid
at
any
time
at
the
option
of
the
borrower,
and
may
require
additional
principal
to
be
funded
at
the
borrowers'
discretion
at
a
later
date
(e.g.
unfunded
commitments
and
revolving
debt
instruments).
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
unfunded
loan
commitments.
The
fund
reflects
both
the
funded
portion
of
a
bank
loan
as
well
as
its
unfunded
commitment
in
the
Portfolio
of
Investments.
However,
if
a
credit
agreement
provides
no
initial
funding
of
a
tranche,
and
funding
of
the
full
commitment
at
a
future
date(s)
is
at
the
borrower's
discretion
and
considered
uncertain,
a
loan
is
reflected
in
the
Portfolio
of
Investments
only
if,
and
only
to
the
extent
that,
the
fund
has
actually
settled
a
funding
commitment.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $261,460,000 and
$241,580,000,
respectively,
for
the
six
months ended
November
30,
2024.
T.
ROWE
PRICE
U.S.
High
Yield
Fund
27
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
May
31,
2024,
the
fund
had
$92,379,000
of
available
capital
loss
carryforwards.
At
November
30,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$519,366,000.
Net
unrealized
gain
aggregated
$8,000,000
at
period-end,
of
which
$11,240,000
related
to
appreciated
investments
and
$3,240,000
related
to
depreciated
investments.
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund.
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.27%
of
the
fund's
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund's
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund's
average
daily
net
assets. At
November
30,
2024,
the
effective
annual
group
fee
rate
was
0.28%.
T.
ROWE
PRICE
U.S.
High
Yield
Fund
28
The Investor
Class and Advisor
Class are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class's ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class's net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class's net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class's
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class's
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class's
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended November
30,
2024 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $1,029,000 remain
subject
to
repayment
by
the
fund
at
November
30,
2024. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
T.
ROWE
PRICE
U.S.
High
Yield
Fund
29
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund's
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class
and
Advisor
Class.
For
the
six
months
ended
November
30,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$63,000
for
Price
Associates;
$157,000
for
T.
Rowe
Price
Services,
Inc.;
and
less
than
$1,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund's
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
0.75%
0.90%
0.05%
Expense
limitation
date
09/30/25
09/30/25
09/30/25
(Waived)/repaid
during
the
period
($000s)
$(80)
$(3)
$(62)
T.
ROWE
PRICE
U.S.
High
Yield
Fund
30
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
November
30,
2024,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
6
-
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
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.
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F1106-051
1/25
Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSRwas recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (a)(1) |
The registrant's code of ethics pursuant to Item 2 of Form N-CSRis filed with the registrant's annual Form N-CSR. |
|
| (2) |
Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
|
| (3) |
Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached. |
| (b) |
A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and 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.
T. Rowe Price High Yield Fund, Inc.
|
By |
/s/ David Oestreicher |
|
| David Oestreicher | ||
| Principal Executive Officer | ||
|
Date |
January 17, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By |
/s/ David Oestreicher |
|
| David Oestreicher | ||
| Principal Executive Officer | ||
|
Date |
January 17, 2025 |
|
By |
/s/ Alan S. Dupski |
|
| Alan S. Dupski | ||
| Principal Financial Officer | ||
|
Date |
January 17, 2025 |