US High Yield Bond Fund | T. Rowe Price

SICAV

US High Yield Bond Fund

A high-conviction portfolio, primarily focused on the traditional US high yield investment opportunity set. Our approach is more concentrated than those of many competitors. The fund seeks to capitalise on price inefficiencies that create attractive relative value opportunities across issuers.

ISIN LU1697877279

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FACTSHEET

KIID

Average
Coupon

6.29%

Data as of: 31-Dec-2020

Average
Maturity

6.15 yrs

Data as of: 31-Dec-2020

Average
Duration

3.02 yrs

Data as of: 31-Dec-2020

Fund Size
(USD)

$237.2m

Data as of: 31-Dec-2020

Perf Chg
(Daily)

-0.25%

Data as of: 27-Jan-2021

Since
Inception

7.25%

Data as of: 31-Dec-2020

Risk & Reward
(SRRI)?

1 2 3 4 5 6 7 Data as of: 31-Dec-2020

NAV
(USD)

$12.08

Data as of: 27-Jan-2021

1 YR Return
(Annualised)

8.53%

Data as of: 31-Dec-2020

Overview

Manager's Outlook

Due to the coronavirus pandemic as well as the oil price drop during the first quarter of 2020, our outlook and positioning at the end of the third quarter are starting to revert to where we began the year. At the beginning of 2020, we were cognizant that we were in the later stages of an extended credit expansion cycle, but the overall economy and corporate access to capital were at all-time highs. We believed it prudent to be neutral relative to the benchmark as measured by yield and spread; as such, we would rely on credit selection to provide alpha for 2020 as opposed to beta to generate relative performance. We had a benign default outlook except for a few industries such as energy and retail. However, by the end of the third quarter, credit spreads have rebounded to 550 basis points after surpassing 1,000 basis points in late March.

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We expect money to flow into the asset class for the foreseeable future so long as credit spreads remain at above-average levels. One of the biggest contributors to this trend has come from fixed income asset allocation strategies. Liquidity remains challenging, and we expect this to be the case until credit spreads normalize. It is important to note that liquidity is challenging on both the bid side and the offer side. The new issue market is much less attractive at the end of the third quarter as far as valuation, covenants and leverage. We expect the quality and the volume of new issuance to decline during the last quarter of 2020.

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The U.S. Treasury has been much more aggressive in providing bailout funding and liquidity facilities than we would have expected at the outset. While our investment process dictates that we review all new issues, we are now finding better value in the secondary market. While the second and third quarters provided an historic opportunity to earn an outsized total return through price appreciation in the asset class, we expect income to be the primary driver of returns for remainder of 2020. ��

Strategy

Fund Summary

Our approach is to use an independent, fundamental, bottom-up credit selection process, combined with forward-looking research to identify potential total return ideas. We have the flexibility to search across the full capital structure to uncover high-conviction ideas and access smaller, under-researched credit issuers.

Read the 19/11/2020 press release regarding a proposal to launch a new investment adviser.

LIMITED

MODERATE

EXTENSIVE

117
Holdings

Average
Quality
B

Risk & Reward Data

Risk return statistics are not available until 3 years of data is available.

Performance - Net of Fees

Current Year Performance

MTD

-0.08%

Benchmark*

0.33%

Excess Return

-0.41%

QTD

-0.08%

Benchmark*

0.33%

Excess Return

-0.41%

YTD

-0.08%

Benchmark*

0.33%

Excess Return

-0.41%

Data as of 27-Jan-2021

1 Month

1.51%

Benchmark*

1.91%

Excess Return

-0.40%

3 Months

6.61%

Benchmark*

6.47%

Excess Return

0.14%

Data as of 31-Dec-2020

Annualised Performance

1 YR

8.53%

Benchmark*

6.07%

Excess Return

2.46%

3 YR

N/A

Benchmark*

N/A

Excess Return

N/A

5 YR

N/A

Benchmark*

N/A

Excess Return

N/A

Inception

7.25%

Benchmark*

6.36%

Excess Return

0.89%

Manager Inception

7.25%

Benchmark*

6.36%

Excess Return

0.89%

Data as of 31-Dec-2020

Indicative Benchmark : ICE BofAML US High Yield Constrained Index

Fund Inception: 16-Apr-2018

Manager Inception: 16-Apr-2018

Important Information

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Holdings

Total
Holdings

117

Top 10

16.65%

Largest

Targa Resources Partners LP / Targa Resources Partners Finance

1.77%

Was ( 30-Sep-2020 )

1.96%

Data as of 31-Dec-2020

Duration

Maturity

Quality

Average
3.02 yrs

Average
6.15 yrs

Average
B

Top
1-3 Years
41.74%

Was ( 30-Nov-2020 )

41.67%

Top
5-7 Years
32.68%

Was ( 30-Nov-2020 )

32.32%

Top
BB Rated
34.23%

Was ( 30-Nov-2020 )

26.78%

Over
Cash Holdings
By 4.77%

Fund

4.77%

Benchmark*

0.00%

Over
7-10 Years
By 6.89%

Fund

28.62%

Benchmark*

21.73%

Over
BB/B Rated
By 14.57%

Fund

14.57%

Benchmark*

0.00%

Under
Under 1 Year
By -7.02%

Fund

9.42%

Benchmark*

16.44%

Under
10+ Years
By -6.05%

Fund

2.97%

Benchmark*

9.03%

Under
BB Rated
By -20.23%

Fund

34.23%

Benchmark*

54.45%

Industry

Total
Industries

Largest

Energy

17.06%

Was ( 30-Nov-2020 )

14.77%

Over
Cash

By 4.77%

Fund

4.77%

Benchmark*

0.00%

Under
Healthcare

By -3.21%

Fund

5.68%

Benchmark*

8.89%

Data as of 31-Dec-2020

Indicative Benchmark: ICE BofAML US High Yield Constrained Index

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Regions

Data as of

Countries

Total
Countries

Largest

United States

85.03%

Was ( 30-Nov-2020 )

81.00%

Over

Denmark

By 0.78%

Fund

0.82%

Benchmark*

0.05%

Under

United States

By -2.48%

Fund

85.03%

Benchmark*

87.50%

Data as of 31-Dec-2020

Indicative Benchmark: ICE BofAML US High Yield Constrained Index

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Team

Kevin Loome,
Portfolio Manager

Kevin Loome is a portfolio manager in the Fixed Income Division. He has lead portfolio management responsibilities for the US High Yield Bond Strategy.

Portfolio Manager since

2018

Years at T. Rowe Price

Years investment experience

Gregor Dannacher,
Global Fixed Income Portfolio Specialist

Gregor Dannacher is a portfolio specialist in the Fixed Income division. He supports the Credit Opportunities, Global High Income, Global High Yield, US High Yield and US Investment Grade Corporate strategies.

Years at T. Rowe Price

Years investment experience

How to Invest

Fees	Minimum Initial Investment and Holding Amount	Minimum Subsequent Investment	Sales Charge (up to)	Investment Management Fee	Ongoing Charges¹
Class A	$1,000	$100	5.00%	115 basis points	1.32%
Class Q	$1,000	$100	N/A	60 basis points	0.77%
Class I	$2,500,000	$100,000	N/A	60 basis points	0.70%

2018	2019	2020
-4.80%	17.02%	8.53%	Fund
-2.62%	14.41%	6.07%	Indicative Benchmark
-2.18%	+2.61%	+2.46%	Value added

Company	% of Fund	Prev Qtr Change	Value (USD)	Sector	Industry	Country	Coupon Rate (%)	Quality	Maturity Date	Duration (Yrs)
Targa Resources Part...	1.77	-0.19%	$4,201,695.56	Corporate	Energy	United Sta...	6.50	Ba3	15-Ju...	N/A
Sinclair Television	1.51	N/A	$3,583,272.65	Corporate	Media	United Sta...	4.13	Ba2	01-De...	N/A
Nexstar Broadcasting	1.48	0.05%	$3,509,007.98	Corporate	Media	United Sta...	5.63	B3	15-Ju...	N/A
Macy s	1.47	0.51%	$3,483,597.69	Corporate	Retail	United Sta...	8.38	Ba1	15-Ju...	N/A
Ard Finance	1.43	0.45%	$3,403,881.25	Corporate	Capital Go...	Luxembourg	6.50	Caa3	30-Ju...	N/A
iHeartCommunications	1.35	-0.04%	$3,206,370.67	Corporate	Media	United Sta...	8.38	Caa1	01-Ma...	N/A
Level 3 Financing	1.32	0.52%	$3,138,091.46	Corporate	Telecommun...	United Sta...	3.63	Ba3	15-Ja...	N/A
Rolls-Royce	1.28	N/A	$3,034,578.96	Corporate	Capital Go...	United Kin...	5.75	Ba3	15-Oc...	N/A
Veritas US Inc / Ver...	1.27	0.23%	$3,018,277.17	Corporate	Technology...	United Sta...	7.50	B2	01-Se...	N/A
Comstock Resources	1.27	0.35%	$3,006,497.08	Corporate	Energy	United Sta...	9.75	Caa1	15-Au...	N/A
Ball	1.26	N/A	$2,978,823.96	Corporate	Capital Go...	United Sta...	2.88	Ba1	15-Au...	N/A
CSC Holdings	1.25	N/A	$2,966,355.94	Corporate	Media	United Sta...	4.13	Ba3	01-De...	N/A
Xhr	1.25	0.24%	$2,965,772.35	Corporate	Real Estat...	United Sta...	6.38	B1	15-Au...	N/A
Seagate HDD Cayman	1.25	N/A	$2,960,783.16	Corporate	Technology...	United Sta...	3.13	Ba1	15-Ju...	N/A
Sigma Holdco BV	1.24	-0.26%	$2,944,493.70	Corporate	Consumer G...	Netherland...	7.88	Caa1	15-Ma...	N/A
Clarios Global Lp / ...	1.24	0.28%	$2,931,289.84	Corporate	Automotive	United Sta...	8.50	Caa1	15-Ma...	N/A
IRB Holding	1.23	-0.73%	$2,929,160.00	Corporate	Retail	United Sta...	6.75	Caa1	15-Fe...	N/A
Service Properties T...	1.23	N/A	$2,927,132.31	Corporate	Real Estat...	United Sta...	3.95	Ba2	15-Ja...	N/A
PetSmart	1.23	N/A	$2,918,464.27	Corporate	Retail	United Sta...	7.13	Caa1	15-Ma...	N/A
Ortho-Clinical Diagn...	1.20	-0.02%	$2,842,722.92	Corporate	Healthcare	United Sta...	7.25	Caa2	01-Fe...	N/A
CNX Resources	1.18	0.29%	$2,803,079.74	Corporate	Energy	United Sta...	7.25	B3	14-Ma...	N/A
Calpine	1.17	N/A	$2,779,446.94	Corporate	Utility	United Sta...	3.75	Ba2	01-Ma...	N/A
GrafTech Finance	1.16	N/A	$2,752,076.72	Corporate	Capital Go...	United Sta...	4.63	B1	15-De...	N/A
DaVita	1.13	0.18%	$2,687,886.77	Corporate	Healthcare	United Sta...	3.75	Ba3	15-Fe...	N/A
Lions Gate Capital H...	1.12	0.74%	$2,654,594.97	Corporate	Media	United Sta...	6.38	B3	01-Fe...	N/A
Rockpoint Gas Storag...	1.11	0.15%	$2,625,603.75	Corporate	Energy	Canada	7.00	NR	31-Ma...	N/A
Six Flags Entertainm...	1.05	0.81%	$2,490,548.44	Corporate	Leisure	United Sta...	4.88	B3	31-Ju...	N/A
Legacy LifePoint Hea...	1.04	-0.24%	$2,463,970.83	Corporate	Healthcare	United Sta...	4.38	B1	15-Fe...	N/A
Gap	1.03	0.10%	$2,441,667.15	Corporate	Retail	United Sta...	8.63	Ba2	15-Ma...	N/A
Element Solutions	1.02	0.33%	$2,429,487.76	Corporate	Basic Indu...	United Sta...	3.88	B2	01-Se...	N/A
Tutor Perini	1.02	N/A	$2,412,281.25	Corporate	Basic Indu...	United Sta...	6.88	B3	01-Ma...	N/A
LCPR Senior Secured ...	1.01	-0.36%	$2,395,979.69	Corporate	Telecommun...	United Sta...	6.75	B1	15-Oc...	N/A
Avaya	1.01	-0.02%	$2,387,380.80	Corporate	Technology...	United Sta...	6.13	B2	15-Se...	N/A
CVR Partners LP / CV...	1.00	-0.50%	$2,375,106.62	Corporate	Basic Indu...	United Sta...	9.25	B2	15-Ju...	N/A
Univision Communicat...	1.00	-0.00%	$2,374,333.33	Corporate	Media	United Sta...	9.50	B2	01-Ma...	N/A
PDC Energy	0.99	-0.07%	$2,359,500.84	Corporate	Energy	United Sta...	5.75	Ba3	15-Ma...	N/A
MGM Resorts Internat...	0.99	-0.03%	$2,356,002.26	Corporate	Leisure	United Sta...	6.75	Ba3	01-Ma...	N/A
SeaWorld Parks & Ent...	0.99	-0.05%	$2,354,704.32	Corporate	Leisure	United Sta...	9.50	Caa2	01-Au...	N/A
TransDigm	0.99	-0.06%	$2,344,542.30	Corporate	Capital Go...	United Sta...	6.38	B3	15-Ju...	N/A
Allegheny Technologi...	0.99	-0.05%	$2,340,817.65	Corporate	Basic Indu...	United Sta...	7.88	B3	15-Au...	N/A
Carnival	0.99	-0.03%	$2,339,986.16	Corporate	Leisure	United Sta...	11.50	Ba2	01-Ap...	N/A
Spirit AeroSystems	0.97	N/A	$2,298,029.77	Corporate	Capital Go...	United Sta...	4.60	Caa1	15-Ju...	N/A
IAMGOLD	0.97	-0.01%	$2,295,628.30	Corporate	Basic Indu...	Canada	5.75	B2	15-Oc...	N/A
H&E Equipment Servic...	0.96	N/A	$2,265,687.29	Corporate	Services	United Sta...	3.88	B2	15-De...	N/A
Cheniere Energy Part...	0.94	N/A	$2,237,386.80	Corporate	Energy	United Sta...	4.50	Ba2	01-Oc...	N/A
AssuredPartners	0.94	-0.30%	$2,235,574.83	Corporate	Insurance	United Sta...	7.00	Caa2	15-Au...	N/A
Emergent BioSolution...	0.94	-0.06%	$2,230,808.13	Corporate	Healthcare	United Sta...	3.88	Ba3	15-Au...	N/A
eG Global Finance	0.92	-0.10%	$2,194,268.13	Corporate	Retail	United Kin...	6.75	B3	07-Fe...	N/A
Silversea Cruise Fin...	0.90	-0.01%	$2,126,175.03	Corporate	Leisure	United Sta...	7.25	Ba2	01-Fe...	N/A
Cleveland-Cliffs	0.89	-0.14%	$2,116,164.38	Corporate	Basic Indu...	United Sta...	6.75	B2	15-Ma...	N/A
Herc Holdings	0.89	-0.09%	$2,109,238.06	Corporate	Services	United Sta...	5.50	B3	15-Ju...	N/A
CCO Holdings LLC / C...	0.87	0.15%	$2,068,091.67	Corporate	Media	United Sta...	5.00	B1	01-Fe...	N/A
Asbury Automotive	0.87	N/A	$2,059,312.50	Corporate	Retail	United Sta...	4.75	B1	01-Ma...	N/A
Ford Motor Credit	0.86	0.11%	$2,044,201.45	Corporate	Automotive	United Sta...	5.11	Ba2	03-Ma...	N/A
Caesars Resort Colle...	0.86	-0.07%	$2,040,861.73	Corporate	Leisure	United Sta...	5.25	Caa1	15-Oc...	N/A
Tallgrass Energy Par...	0.86	-0.07%	$2,032,800.00	Corporate	Energy	United Sta...	6.00	B1	01-Ma...	N/A
Ford Motor Credit	0.83	0.05%	$1,978,048.26	Corporate	Automotive	United Sta...	3.82	Ba2	02-No...	N/A
Western Midstream Op...	0.83	N/A	$1,962,130.50	Corporate	Energy	United Sta...	4.65	Ba2	01-Ju...	N/A
DKT Finance ApS	0.82	-0.34%	$1,956,748.02	Corporate	Telecommun...	Denmark	9.38	Caa1	17-Ju...	N/A
Sunoco LP / Sunoco F...	0.79	N/A	$1,883,700.00	Corporate	Energy	United Sta...	4.50	B1	15-Ma...	N/A
Tenet Healthcare	0.78	-0.01%	$1,852,700.69	Corporate	Healthcare	United Sta...	6.13	Caa1	01-Oc...	N/A
Telesat Canada / Tel...	0.77	-0.27%	$1,825,530.47	Corporate	Telecommun...	Canada	6.50	B3	15-Oc...	N/A
Granite US Holdings	0.75	-0.24%	$1,776,587.50	Corporate	Capital Go...	United Sta...	11.00	Caa1	01-Oc...	N/A
Iron Mountain	0.74	0.14%	$1,762,287.96	Corporate	Real Estat...	United Sta...	4.88	Ba3	15-Se...	N/A
MGM Resorts Internat...	0.74	N/A	$1,758,925.13	Corporate	Leisure	United Sta...	5.50	Ba3	15-Ap...	N/A
Hilton domestic Oper...	0.74	N/A	$1,750,082.80	Corporate	Leisure	United Sta...	5.13	Ba2	01-Ma...	N/A
USA Compression Part...	0.74	-0.18%	$1,747,498.67	Corporate	Energy	United Sta...	6.88	B3	01-Se...	N/A
Core & Main Holdings	0.73	-0.24%	$1,723,109.04	Corporate	Basic Indu...	United Sta...	8.63	Caa2	15-Se...	N/A
NCR	0.72	-0.24%	$1,701,160.42	Corporate	Technology...	United Sta...	5.75	B3	01-Se...	N/A
Sunoco LP / Sunoco F...	0.70	-0.23%	$1,657,953.69	Corporate	Energy	United Sta...	5.50	B1	15-Fe...	N/A
Warrior Met Coal	0.69	-0.27%	$1,648,215.20	Corporate	Basic Indu...	United Sta...	8.00	B2	01-No...	N/A
Hilcorp Energy I Lp ...	0.69	-0.19%	$1,635,267.62	Corporate	Energy	United Sta...	5.00	Ba3	01-De...	N/A
Welbilt	0.68	0.16%	$1,623,025.40	Corporate	Capital Go...	United Sta...	9.50	Caa3	15-Fe...	N/A
ViaSat	0.67	-0.18%	$1,596,464.61	Corporate	Telecommun...	United Sta...	6.50	Caa1	15-Ju...	N/A
Rite Aid	0.67	N/A	$1,581,216.50	Corporate	Retail	United Sta...	7.50	Caa1	01-Ju...	N/A
Lithia Motors	0.66	-0.30%	$1,567,217.22	Corporate	Retail	United Sta...	4.63	Ba2	15-De...	N/A
Pra	0.65	-0.20%	$1,550,188.89	Corporate	Financial ...	United Sta...	7.38	Ba2	01-Se...	N/A
WW International	0.63	-0.26%	$1,485,871.95	Corporate	Services	United Sta...	8.63	B2	01-De...	N/A
Scripps Escrow II	0.62	N/A	$1,462,801.70	Corporate	Media	United Sta...	3.88	Ba3	15-Ja...	N/A
JBS Investments II G...	0.60	-0.21%	$1,428,150.40	Corporate	Consumer G...	United Sta...	7.00	Ba2	15-Ja...	N/A
CenturyLink	0.59	N/A	$1,402,366.26	Corporate	Telecommun...	United Sta...	4.50	B2	15-Ja...	N/A
Transocean Pontus	0.59	-0.38%	$1,396,661.93	Corporate	Energy	United Sta...	6.13	Caa1	01-Au...	N/A
Albertsons Cos Inc /...	0.58	N/A	$1,365,968.37	Corporate	Retail	United Sta...	3.50	B1	15-Ma...	N/A
Parkland Corp/Canada	0.57	-0.19%	$1,363,397.12	Corporate	Retail	Canada	5.88	Ba3	15-Ju...	N/A
Hilcorp Energy I Lp ...	0.56	N/A	$1,338,051.00	Corporate	Energy	United Sta...	5.75	Ba3	01-Oc...	N/A
Atotech Alpha 2 BV	0.56	-0.53%	$1,334,828.41	Corporate	Basic Indu...	Germany	8.75	Caa2	01-Ju...	N/A
Ford Motor Credit	0.55	N/A	$1,315,446.25	Corporate	Automotive	United Sta...	4.00	Ba2	13-No...	N/A
CNX Resources	0.55	N/A	$1,304,670.40	Corporate	Energy	United Sta...	6.00	B3	15-Ja...	N/A
Iron Mountain	0.55	0.12%	$1,299,648.00	Corporate	Real Estat...	United Sta...	5.00	Ba3	15-Ju...	N/A
Harvest Midstream I	0.55	0.41%	$1,293,871.88	Corporate	Energy	United Sta...	7.50	B1	01-Se...	N/A
Occidental Petroleum	0.55	0.28%	$1,293,733.49	Corporate	Energy	United Sta...	6.38	Ba2	01-Se...	N/A
Clear Channel Intern...	0.54	0.04%	$1,281,557.39	Corporate	Media	United Sta...	6.63	B2	01-Au...	N/A
Maxim Crane Works Ho...	0.53	-0.17%	$1,265,239.52	Corporate	Services	United Sta...	10.13	Caa1	01-Au...	N/A
Sable International ...	0.52	-0.18%	$1,231,809.69	Corporate	Telecommun...	Panama	5.75	Ba3	07-Se...	N/A
Tenet Healthcare	0.49	0.03%	$1,165,837.38	Corporate	Healthcare	United Sta...	7.00	Caa1	01-Au...	N/A
Western Midstream Op...	0.48	N/A	$1,139,977.78	Corporate	Energy	United Sta...	4.75	Ba2	15-Au...	N/A
United Airlines Hold...	0.47	-0.10%	$1,120,054.69	Corporate	Transporta...	United Sta...	4.88	Ba3	15-Ja...	N/A
Occidental Petroleum	0.47	0.19%	$1,110,253.47	Corporate	Energy	United Sta...	6.63	Ba2	01-Se...	N/A
Crestwood Equity Par...	0.46	-0.07%	$1,089,756.40	Corporate	Energy	United Sta...	9.25	B2	13-No...	N/A
Ladenburg Thalmann F...	0.45	-0.18%	$1,060,139.46	Corporate	Financial ...	United Sta...	6.50	N/A	30-No...	N/A
G-Iii Apparel	0.45	-0.11%	$1,057,735.00	Corporate	Retail	United Sta...	7.88	Ba3	15-Au...	N/A
Advisor Group Holdin...	0.43	-0.64%	$1,031,690.37	Corporate	Financial ...	United Sta...	10.75	Caa2	01-Au...	N/A
Occidental Petroleum	0.43	-0.08%	$1,010,274.97	Corporate	Energy	United Sta...	8.50	Ba2	15-Ju...	N/A
Consolidated Communi...	0.42	-0.12%	$1,000,563.89	Corporate	Telecommun...	United Sta...	6.50	B2	01-Oc...	N/A
Delta Air Lines	0.42	-0.10%	$998,674.85	Corporate	Transporta...	United Sta...	7.38	Baa3	15-Ja...	N/A
Tallgrass Energy Par...	0.41	N/A	$971,969.40	Corporate	Energy	United Sta...	6.00	B1	31-De...	N/A
Royal Caribbean Crui...	0.39	-0.12%	$927,887.02	Corporate	Leisure	United Sta...	10.88	Ba2	01-Ju...	N/A
Delta Air Lines Inc ...	0.34	-0.10%	$797,707.44	Corporate	Transporta...	United Sta...	4.50	Baa1	20-Oc...	N/A
NCR	0.30	0.11%	$720,296.53	Corporate	Technology...	United Sta...	5.00	B3	01-Oc...	N/A
Level 3 Financing	0.30	N/A	$704,598.06	Corporate	Telecommun...	United Sta...	4.25	Ba3	01-Ju...	N/A
Unisys	0.29	N/A	$691,775.18	Corporate	Technology...	United Sta...	6.88	B2	01-No...	N/A
RHP Hotel Properties...	0.29	-0.42%	$677,116.56	Corporate	Real Estat...	United Sta...	4.75	B1	15-Oc...	N/A
Spirit AeroSystems	0.17	N/A	$413,124.83	Corporate	Capital Go...	United Sta...	3.95	Caa1	15-Ju...	N/A
Allegheny Technologi...	0.17	-0.37%	$397,226.57	Corporate	Basic Indu...	United Sta...	5.88	B3	01-De...	N/A
Novelis	0.16	N/A	$376,625.01	Corporate	Basic Indu...	United Sta...	4.75	B2	30-Ja...	N/A
Occidental Petroleum	0.15	N/A	$360,570.97	Corporate	Energy	United Sta...	6.13	Ba2	01-Ja...	N/A
Tenet Healthcare	0.09	-0.03%	$221,519.49	Corporate	Healthcare	United Sta...	6.88	Caa1	15-No...	N/A

Bond Maturity	% of Fund	% of Indicative Benchmark
5-7 Years	32.68	28.82
7-10 Years	28.62	21.73
3-5 Years	23.64	27.96
1-3 Years	7.30	12.30
Cash Equivalents	4.79	0.00
10+ Years	2.97	9.03
0-1 Years	0.00	0.17

Duration	% of Fund	% of Indicative Benchmark
1-3 Years	41.74	39.48
3-5 Years	25.63	27.15
5-7 Years	13.06	8.31
Under 1 Year	9.42	16.44
Cash Holdings	4.77	0.00
7-10 Years	4.48	4.01
Equity	0.91	0.00
Over 10 Years	0.00	4.60

Industry	% of Fund	% of Indicative Benchmark
Energy	17.06	13.56
Media	9.74	9.21
Retail	9.68	4.93
Capital Goods	8.69	6.69
Basic Industry	8.20	9.35
Leisure	7.65	6.15
Telecommunications	6.43	7.03
Healthcare	5.68	8.89
Technology & Electronics	4.84	4.91
Cash	4.77	0.00
Real Estate	4.06	4.40
Automotive	3.49	4.04
Services	3.00	4.51
Consumer Goods	1.84	4.99
Financial Services	1.54	4.26
Transportation	1.23	1.52
Utility	1.17	3.17
Insurance	0.94	1.10
Banking	0.00	1.29

Country	% of Fund	% of Indicative Benchmark
United States	85.03	87.50
Canada	3.42	4.20
United Kingdom	2.20	1.62
Luxembourg	1.43	0.82
Netherlands	1.24	0.60
Denmark	0.82	0.05
Germany	0.56	0.75
Panama	0.52	0.17
Moldova, Republic of	0.00	0.02
Congo, Democratic Republic Of	0.00	0.07
New Zealand	0.00	0.02
Austria	0.00	0.03
Spain	0.00	0.03
Norway	0.00	0.04
Greece	0.00	0.04
China	0.00	0.04
Russia	0.00	0.03
Puerto Rico	0.00	0.05
Brazil	0.00	0.04
Finland	0.00	0.11
Cayman Islands	0.00	0.11
Jersey	0.00	0.08
Peru	0.00	0.09
Ireland	0.00	0.17
Morocco	0.00	0.03
Australia	0.00	0.36
South Korea	0.00	0.02
Italy	0.00	1.34
France	0.00	1.17
Colombia	0.00	0.19

Indicative Benchmark Data Source: ICE BofA Merrill Lynch

Past performance is not a reliable indicator of future performance.

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.

Daily performance data is based on the latest available NAV.

Please note that the Fund typically has a risk of high volatility.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.

¹ Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

Lower-Quality Allocation Augmented

Risks

Typical Investor