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false 485BPOS 2026-07-27 0000754915 N-1A T. Rowe Price High Yield Fund, Inc. 2026-08-01 SUMMARY Investment Objective(s) The fund seeks high current income and, secondarily, capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zYrKcPAXegMc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-top: Black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"> </td> <td colspan="2" id="xdx_494_20260727__20260727__oef--ClassAxis__custom--C000005524Member_zcxlueVAWTHb" style="border-top: Black 1pt solid; text-align: center">Investor Class</td> <td colspan="2" id="xdx_49E_20260727__20260727__oef--ClassAxis__custom--C000159675Member_zeoqREblB7xk" style="border-top: Black 1pt solid; text-align: center">I Class</td> <td colspan="2" id="xdx_494_20260727__20260727__oef--ClassAxis__custom--C000005525Member_zrAIqrEyk8wf" style="border-top: Black 1pt solid; text-align: center">Advisor Class</td> <td colspan="2" id="xdx_49B_20260727__20260727__oef--ClassAxis__custom--C000219342Member_zoeoOxMusAce" style="border-top: Black 1pt solid; border-right: black 1pt solid; text-align: center">Z Class</td></tr> <tr style="vertical-align: bottom"> <td colspan="10" id="xdx_987_eoef--ShareholderFeesCaption_c20260727__20260727__dei--LegalEntityAxis__custom--S000002132Member_zEbceM4J8Dm9" style="border-left: black 1pt solid; text-align: center">Shareholder fees (fees paid directly from your investment)</td></tr> <tr id="xdx_406_eoef--MaximumAccountFee_d0_ztkzLTkgPyq3" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt">Maximum account fee</td> <td style="background-color: #E6E6E6; text-align: right">$20</td> <td style="background-color: #E6E6E6">a </td> <td style="background-color: #E6E6E6; text-align: right">—</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right">—</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right">—</td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr> <td style="width: 2%"> </td> <td style="width: 45%"> </td> <td style="width: 7%"> </td> <td style="vertical-align: bottom; width: 7%"> </td> <td style="width: 7%"> </td> <td style="vertical-align: bottom; width: 7%"> </td> <td style="width: 7%"> </td> <td style="vertical-align: bottom; width: 7%"> </td> <td style="width: 7%"> </td> <td style="vertical-align: bottom; width: 4%"> </td></tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zkPvQqkyDNm7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z4YLmSDEZXVh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt"> </td> <td id="xdx_49D_20260727__20260727__oef--ClassAxis__custom--C000005524Member_z7HNNe0vZjNe" style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_492_20260727__20260727__oef--ClassAxis__custom--C000159675Member_zUHc44b9eW11" style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_496_20260727__20260727__oef--ClassAxis__custom--C000005525Member_zDShhZFOUjg8" style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_49B_20260727__20260727__oef--ClassAxis__custom--C000219342Member_zmnTFPwJcWWl" style="background-color: #E6E6E6; text-align: right"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp0_zzZwLbFVLVXh" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt">Management fees</td> <td style="background-color: #E6E6E6; text-align: right"> 0.58</td> <td style="background-color: #E6E6E6">%</td> <td style="background-color: #E6E6E6; text-align: right"> 0.58</td> <td style="background-color: #E6E6E6">%</td> <td style="background-color: #E6E6E6; text-align: right"> 0.58</td> <td style="background-color: #E6E6E6">%</td> <td style="background-color: #E6E6E6; text-align: right"> 0.58</td> <td style="border-right: black 1pt solid; background-color: #E6E6E6">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; text-align: left; width: 2%"> </td> <td style="width: 45%"> </td> <td style="width: 7%; background-color: #E6E6E6"> </td> <td style="width: 7%; background-color: #E6E6E6"> </td> <td style="width: 7%; background-color: #E6E6E6; text-align: right"> </td> <td style="width: 7%; background-color: #E6E6E6"> </td> <td style="width: 7%; background-color: #E6E6E6; text-align: right"> </td> <td style="width: 7%; background-color: #E6E6E6"> </td> <td style="width: 7%; background-color: #E6E6E6; text-align: right"> </td> <td style="border-right: black 1pt solid; width: 4%; background-color: #E6E6E6"> </td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dp0_zWn69UM9Js0d" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt">Distribution and service (12b-1) fees</td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> 0.25</td> <td style="background-color: #E6E6E6">b </td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; text-align: left"> </td> <td> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp0_zz1AJ8bQSHLk" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt">Other expenses</td> <td style="background-color: #E6E6E6; text-align: right"> 0.24</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> 0.04</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> 0.21</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> 0.01</td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; text-align: left"> </td> <td> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zy8VRUBTaGj" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt">Total annual fund operating expenses</td> <td style="background-color: #E6E6E6; text-align: right"> 0.82</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> 0.62</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> 1.04</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> 0.59</td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; text-align: left"> </td> <td> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zGM9FkYE5kAh" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt">Fee waiver/expense reimbursement</td> <td style="background-color: #E6E6E6; text-align: right"> (0.12</td> <td style="background-color: #E6E6E6">)c </td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> —</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> (0.59</td> <td style="border-right: black 1pt solid; background-color: #E6E6E6">)d </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; text-align: left"> </td> <td> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp0_zQUNzhbDCFT4" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">Total annual fund operating expenses after fee waiver/expense reimbursement</td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6; text-align: right"> 0.70</td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6">c </td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6; text-align: right"> 0.62</td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6; text-align: right"> 1.04</td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6; text-align: right">0.00</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E6E6E6">d </td></tr> <tr> <td style="text-align: left"> </td> <td> </td> <td> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom"> </td></tr> </table> 0.0058 0.0058 0.0058 0.0058 0 0 0.0025 0 0.0024 0.0004 0.0021 0.0001 0.0082 0.0062 0.0104 0.0059 -0.0012 0 0 -0.0059 0.0070 0.0062 0.0104 0.0000 <div id="xdx_A8D_eoef--ExpenseFootnotesTextBlock_zzik5RYZ6fEe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; text-align: left">a </td> <td style="vertical-align: bottom">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td></tr> <tr> <td style="vertical-align: top; text-align: left">b </td> <td colspan="9" style="vertical-align: bottom">Restated to show maximum 12b-1 fee rate of 0.25%. Actual rate for the prior fiscal year was 0.23%.</td></tr> <tr> <td style="vertical-align: top; text-align: left">c </td> <td colspan="9" style="vertical-align: bottom">T. Rowe Price Associates, Inc., has contractually agreed (through July 31, 2027) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.70%. The agreement may only be terminated at any time after July 31, 2027, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.70%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid).</td></tr> <tr> <td style="vertical-align: top; text-align: left">d </td> <td colspan="9" style="vertical-align: bottom">T. Rowe Price Associates, Inc., has contractually agreed to waive and/or bear all the Z Class’ expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) in their entirety. T. Rowe Price Associates, Inc., expects this fee waiver and/or expense reimbursement arrangement to remain in place indefinitely, and the agreement may only be amended or terminated with approval by the fund’s Board of Directors.</td></tr> </table> July 31, 2027 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvgNzpDTZnN9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zT9zHd8I61Ff" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid"> </td> <td colspan="2" id="xdx_486_eoef--ExpenseExampleYear01_z6y7DTseii0h" style="border-top: black 1pt solid; text-align: center">1 Year</td> <td colspan="2" id="xdx_48E_eoef--ExpenseExampleYear03_zVDpy3Yp1ewi" style="border-top: black 1pt solid; text-align: center">3 Years</td> <td colspan="2" id="xdx_482_eoef--ExpenseExampleYear05_zU4TTOKfLeS2" style="border-top: black 1pt solid; text-align: center">5 Years</td> <td colspan="2" id="xdx_480_eoef--ExpenseExampleYear10_zV1gr4X2yC2l" style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center">10 Years</td> </tr> <tr id="xdx_41E_20260727__20260727__oef--ClassAxis__custom--C000005524Member_z9FLgSZIPJ8a"> <td style="border-left: black 1pt solid; width: 48%; background-color: #D9D9D9"> Investor Class </td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">72</td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">250</td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">443</td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="border-right: black 1pt solid; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">1,002</td> </tr> <tr id="xdx_41A_20260727__20260727__oef--ClassAxis__custom--C000159675Member_zQ1SEnQf14h4"> <td style="border-left: black 1pt solid; background-color: #D9D9D9"> I Class </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center">63</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center">199</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center">346</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #D9D9D9; text-align: center">774</td> </tr> <tr id="xdx_41C_20260727__20260727__oef--ClassAxis__custom--C000005525Member_zgVJQDOeyuui"> <td style="border-left: black 1pt solid; background-color: #D9D9D9"> Advisor Class </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="background-color: #D9D9D9; text-align: center">106</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="background-color: #D9D9D9; text-align: center">331</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="background-color: #D9D9D9; text-align: center">574</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; background-color: #D9D9D9; text-align: center">1,271</td> </tr> <tr id="xdx_41F_20260727__20260727__oef--ClassAxis__custom--C000219342Member_z8WXNJCtq6Fa"> <td style="border-left: black 1pt solid; background-color: #D9D9D9"> Z Class </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="background-color: #D9D9D9; text-align: center">0</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="background-color: #D9D9D9; text-align: center">0</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="background-color: #D9D9D9; text-align: center">0</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; background-color: #D9D9D9; text-align: center">0</td> </tr> <tr> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> </tr> </table> 72 250 443 1002 63 199 346 774 106 331 574 1271 0 0 0 0 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 42.3% of the average value of its portfolio. 0.423 Principal Investment Strategies The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in a widely diversified portfolio of high yield corporate bonds, often called “junk” bonds, as well as income-producing convertible securities and preferred stocks that are rated below investment grade or not rated by any major credit rating agency but deemed by the adviser to be below investment grade. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. High yield bonds are rated below investment grade (BB and lower, or an equivalent rating), and tend to provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments. If a holding is split rated (i.e., rated investment grade by at least one credit rating agency and below investment grade by another credit rating agency), the lower rating will be used for purposes of the fund’s 80% investment policy. High yield bond issuers include small or relatively new companies lacking the history or capital to merit investment-grade status, former blue chip companies downgraded because of financial problems, companies electing to borrow heavily to finance or avoid a takeover or buyout, and firms with heavy debt loads. The fund may invest up to 15% of its total assets in bank loans. While high yield corporate bonds are typically issued with a fixed interest rate, bank loans have floating interest rates that reset periodically (typically quarterly or monthly). Bank loans represent amounts borrowed by companies or other entities from banks and other lenders. In many cases, the borrowing companies have significantly more debt than equity and the loans have been issued in connection with recapitalizations, acquisitions, leveraged buyouts, or refinancings. The loans held by the fund may be senior or subordinate obligations of the borrower. The fund may purchase securities of any maturity and its weighted average maturity will vary with market conditions. In selecting investments, the fund relies extensively on the adviser’s credit research analysts. The fund focuses primarily on the higher-quality range (BB and B, or an equivalent rating) of the high yield market. While most assets are typically invested in U.S. dollar-denominated bonds, the fund may also invest in bonds of foreign issuers (including securities of issuers in emerging markets). The fund may invest up to 20% of its total assets in non-U.S. dollar-denominated securities and may invest without limitation in U.S. dollar-denominated bonds of foreign issuers. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in a widely diversified portfolio of high yield corporate bonds, often called “junk” bonds, as well as income-producing convertible securities and preferred stocks that are rated below investment grade or not rated by any major credit rating agency but deemed by the adviser to be below investment grade. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Credit quality: An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative. Junk bonds: Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, and loans that are rated below investment grade, expose the fund to greater volatility and credit risk than investments in securities that are rated investment grade. As a result, bonds and loans rated below investment grade carry a higher risk of default and should be considered speculative. Fixed income markets: Economic and other market developments can adversely affect the fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Bank loans: Investments in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. The fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Transactions involving bank loans may have significantly longer settlement periods than more traditional investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities. Covenant lite loans: Because covenant lite loans contain few or no financial maintenance covenants, they may not include terms that permit the lender of the loan to monitor the borrower’s financial performance and, if certain criteria are breached, declare a default, which would allow the lender to restructure the loan or take other action intended to help mitigate losses. As a result, the fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans or securities with financial maintenance covenants, which may result in losses, especially during a downturn in the credit cycle. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests. Callable bonds: While a rise in interest rates is the principal source of interest rate risk for bond funds, falling rates bring the possibility that a bond may be “called,” or redeemed before maturity, and that the proceeds may need to be reinvested in lower-yielding securities. Foreign investing: Non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Liquidity: The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price. Convertible securities and preferred stocks: Convertible securities and preferred stocks carry credit and interest rate risk, along with other risks associated with both equity and fixed income securities, and convertible securities may be called back by the issuer prior to maturity at a price that is disadvantageous to the fund. Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. <div></div> The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Years Returns <div id="xdx_A8D_eoef--BarChartTableTextBlock_ziAmkV7waWgi" style="display: none; visibility: hidden"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zlUA9vm1y6w2" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Years</td> <td style="display: none; width: 50%; visibility: hidden">Returns</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td id="xdx_984_eoef--AnnlRtrPct_pid_dp_uRatio_c20160101__20161231__oef--ClassAxis__custom--C000005524Member_zwsn0NHfV6th" style="display: none; visibility: hidden">14.49</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td id="xdx_987_eoef--AnnlRtrPct_pid_dp_uRatio_c20170101__20171231__oef--ClassAxis__custom--C000005524Member_z7uyOjvimw0k" style="display: none; visibility: hidden">7.37</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td id="xdx_981_eoef--AnnlRtrPct_pid_dp_uRatio_c20180101__20181231__oef--ClassAxis__custom--C000005524Member_zQEFefDLNqLe" style="display: none; visibility: hidden">-3.33</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td id="xdx_98D_eoef--AnnlRtrPct_pid_dp_uRatio_c20190101__20191231__oef--ClassAxis__custom--C000005524Member_zaPQBzz4BNHf" style="display: none; visibility: hidden">14.66</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td id="xdx_98C_eoef--AnnlRtrPct_pid_dp_uRatio_c20200101__20201231__oef--ClassAxis__custom--C000005524Member_zhpeqYsL7vBf" style="display: none; visibility: hidden">4.95</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td id="xdx_984_eoef--AnnlRtrPct_pid_dp_uRatio_c20210101__20211231__oef--ClassAxis__custom--C000005524Member_zmd2agw97nF3" style="display: none; visibility: hidden">5.18</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td id="xdx_986_eoef--AnnlRtrPct_pid_dp_uRatio_c20220101__20221231__oef--ClassAxis__custom--C000005524Member_zzSJJrQZlItk" style="display: none; visibility: hidden">-11.14</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td id="xdx_98B_eoef--AnnlRtrPct_pid_dp_uRatio_c20230101__20231231__oef--ClassAxis__custom--C000005524Member_zG3yRSiMeuSf" style="display: none; visibility: hidden">13.65</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_pid_dp_uRatio_c20240101__20241231__oef--ClassAxis__custom--C000005524Member_zbpyOTe6idV8" style="display: none; visibility: hidden">6.59</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td id="xdx_98B_eoef--AnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000005524Member_zPQTDTkpr9z6" style="display: none; visibility: hidden">8.59</td></tr> </table> <img alt="" src="hyfpros003.jpg" style="height: 352px; width: 650px"/> 0.1449 0.0737 -0.0333 0.1466 0.0495 0.0518 -0.1114 0.1365 0.0659 0.0859 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: top; background-color: white"> <td style="width: 15%; text-align: center"> </td> <td style="width: 24%; text-align: center">Quarter Ended</td> <td style="width: 14%"> Total Return</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 16%; text-align: center"> </td> <td style="width: 16%; text-align: center">Quarter Ended</td> <td style="width: 14%"> Total Return</td> </tr> <tr style="vertical-align: top"> <td id="xdx_987_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000002132Member_zoJk831vK0ta" style="background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="background-color: #E6E6E6; text-align: center">6/30/20</td> <td id="xdx_986_eoef--BarChartHighestQuarterlyReturn_c20260727__20260727__dei--LegalEntityAxis__custom--S000002132Member_zTy50DWfJwlh" style="background-color: #E6E6E6; text-align: center">10.07%</td> <td style="text-align: center"> </td> <td id="xdx_98D_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000002132Member_zOS0ffpBUcY1" style="background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="background-color: #E6E6E6; text-align: center">3/31/20</td> <td id="xdx_984_eoef--BarChartLowestQuarterlyReturn_c20260727__20260727__dei--LegalEntityAxis__custom--S000002132Member_zAhEztJ24mD4" style="background-color: #E6E6E6; text-align: center">-13.48%</td> </tr> </table> The fund’s return for the six months ended 6/30/26 was 1.75%. Best Quarter 2020-06-30 0.1007 Worst Quarter 2020-03-31 -0.1348 The fund’s return for the six months ended 2026-06-30 0.0175 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns  <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zf8mUFuD5CM3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: black 1pt solid"> </td> <td style="border-top: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid"> </td> <td colspan="12" style="border-top: Black 1pt solid; text-align: center">Periods ended </td> <td style="border-top: Black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td colspan="12" style="text-align: center">December 31, 2025</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Since</td> <td style="text-align: center">Inception</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="text-align: right">1 Year </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: right">5 Years </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: right">10 Years </td> <td> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">inception</td> <td style="text-align: center">date</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2">Investor Class</td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: center">12/31/1984</td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 31%">Returns before taxes</td> <td id="xdx_980_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000005524Member_z68sFZq5zvt6" style="width: 10%; background-color: #E6E6E6; text-align: right">8.59</td> <td style="width: 2%; background-color: #E6E6E6">%</td> <td style="width: 1%; background-color: #E6E6E6"> </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--ClassAxis__custom--C000005524Member_zzHvXGzavI78" style="width: 10%; background-color: #E6E6E6; text-align: right">4.22</td> <td style="width: 2%; background-color: #E6E6E6">%</td> <td style="width: 1%; background-color: #E6E6E6"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--ClassAxis__custom--C000005524Member_zcn8rEbqLS14" style="width: 11%; background-color: #E6E6E6; text-align: right">5.80</td> <td style="width: 2%; background-color: #E6E6E6">%</td> <td style="width: 1%; background-color: #E6E6E6"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c19841231__20251231__oef--ClassAxis__custom--C000005524Member_z57ZuBTqRWG8" style="width: 10%; background-color: #E6E6E6; text-align: right">—</td> <td style="width: 2%; background-color: #E6E6E6">%</td> <td style="width: 14%; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; width: 1%; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td>Returns after taxes on distributions</td> <td id="xdx_982_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000005524Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z8yJitKtFYc8" style="background-color: #E6E6E6; text-align: right">5.67</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_982_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--ClassAxis__custom--C000005524Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zJEOiZC4vO37" style="background-color: #E6E6E6; text-align: right">1.65</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--ClassAxis__custom--C000005524Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zfBh9PpkvzWj" style="background-color: #E6E6E6; text-align: right">3.26</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c19841231__20251231__oef--ClassAxis__custom--C000005524Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_ztpRhxmpMiU9" style="background-color: #E6E6E6; text-align: right">—</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td>Returns after taxes on distributions and sale</td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top">of fund shares</td> <td id="xdx_989_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000005524Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z3r0w0Pq6UK5" style="vertical-align: top; background-color: #E6E6E6; text-align: right">5.04</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--ClassAxis__custom--C000005524Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z7Xp2sVSfSCc" style="vertical-align: top; background-color: #E6E6E6; text-align: right">2.07</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--ClassAxis__custom--C000005524Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zYYSSC0WYz19" style="vertical-align: top; background-color: #E6E6E6; text-align: right">3.33</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_986_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c19841231__20251231__oef--ClassAxis__custom--C000005524Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zJb5NoT9Mt46" style="vertical-align: top; background-color: #E6E6E6; text-align: right">—</td> <td style="vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2">I Class</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: center">08/28/2015</td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">Returns before taxes</td> <td id="xdx_989_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000159675Member_znBRP3f8LXgf" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">8.86</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_988_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--ClassAxis__custom--C000159675Member_zGvbpOI9xVB1" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">4.35</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--ClassAxis__custom--C000159675Member_z1u82Wh3Qgyl" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">5.93</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_984_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20150828__20251231__oef--ClassAxis__custom--C000159675Member_z4B8uly5fi48" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">—</td> <td style="vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2">Advisor Class</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: center">03/31/2000</td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td>Returns before taxes</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000005525Member_zzh2SghzNB2i" style="background-color: #E6E6E6; text-align: right">8.43</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--ClassAxis__custom--C000005525Member_zNOZUMgLnKk6" style="background-color: #E6E6E6; text-align: right">3.93</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_984_eoef--AvgAnnlRtrPct_pid_dp0_uRatio_c20160101__20251231__oef--ClassAxis__custom--C000005525Member_zcVVIL11Tfad" style="background-color: #E6E6E6; text-align: right">5.53</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_982_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20000331__20251231__oef--ClassAxis__custom--C000005525Member_zxNlT5NUwuZc" style="background-color: #E6E6E6; text-align: right">—</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2">Z Class</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: center">03/16/2020</td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td>Returns before taxes</td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000219342Member_zbVxuFNHsOyk" style="background-color: #E6E6E6; text-align: right">9.53</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--ClassAxis__custom--C000219342Member_z2cizUlxsTeb" style="background-color: #E6E6E6; text-align: right">4.98</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--ClassAxis__custom--C000219342Member_zUS7uxREu7oi" style="background-color: #E6E6E6; text-align: right">—</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_pid_dp0_uRatio_c20200316__20251231__oef--ClassAxis__custom--C000219342Member_z0sHRJpvOhgj" style="background-color: #E6E6E6; text-align: right">7.78</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="13"> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom"> </td> <td colspan="13" style="vertical-align: top">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2"> </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zszs0k1aJ6ij" style="background-color: #E6E6E6; text-align: right">7.30</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zUPsdHr2Y1V9" style="background-color: #E6E6E6; text-align: right">-0.36</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zfxRp3CG6eag" style="background-color: #E6E6E6; text-align: right">2.01</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20200316__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_fYQ_____ze3rjpCn6Pje" style="background-color: #E6E6E6; text-align: right">0.38</td> <td style="background-color: #E6E6E6">a </td> <td style="background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="13"> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom"> </td> <td colspan="13" style="vertical-align: top">Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2"> </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSHighYield2IssuerCappedBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zptY6DH4Lwig" style="background-color: #E6E6E6; text-align: right">8.62</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_982_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSHighYield2IssuerCappedBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zJgFvNaXMTkk" style="background-color: #E6E6E6; text-align: right">4.50</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSHighYield2IssuerCappedBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zluhX1Uy5YIh" style="background-color: #E6E6E6; text-align: right">6.52</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20200316__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSHighYield2IssuerCappedBondIndexreflectsnodeductionforfeesexpensesortaxesMember_fYQ_____zOKrr596ayNb" style="background-color: #E6E6E6; text-align: right">7.36</td> <td style="background-color: #E6E6E6">a </td> <td style="background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom"> </td> <td colspan="13" style="vertical-align: top">Lipper High Yield Funds Average</td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2"> </td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--PerformanceMeasureAxis__custom--LipperGlobalHighYieldFundsAverageMember_z9mFEUS4vvKf" style="background-color: #E6E6E6; text-align: right">8.02</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--PerformanceMeasureAxis__custom--LipperGlobalHighYieldFundsAverageMember_zoWUvf0Qlz0f" style="background-color: #E6E6E6; text-align: right">4.14</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--PerformanceMeasureAxis__custom--LipperGlobalHighYieldFundsAverageMember_zEXES58MLcQ2" style="background-color: #E6E6E6; text-align: right">5.65</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20200331__20251231__oef--PerformanceMeasureAxis__custom--LipperGlobalHighYieldFundsAverageMember_fYg_____zYswT80JRmT5" style="background-color: #E6E6E6; text-align: right">7.10</td> <td style="background-color: #E6E6E6">b </td> <td style="background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="vertical-align: top; width: 10pt; text-align: left">a </td><td style="vertical-align: bottom; text-align: left">Return since 3/16/20.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="vertical-align: top; width: 10pt; text-align: left">b </td><td style="vertical-align: bottom; text-align: left">Return since 3/31/20.</td> </tr></table> Average Annual Total Returns Periods ended December 31, 2025 1984-12-31 0.0859 0.0422 0.0580 0.0567 0.0165 0.0326 0.0504 0.0207 0.0333 2015-08-28 0.0886 0.0435 0.0593 2000-03-31 0.0843 0.0393 0.0553 2020-03-16 0.0953 0.0498 0.0778 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0038 0.0862 0.0450 0.0652 0.0736 0.0802 0.0414 0.0565 0.0710 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks total return, and secondarily, current income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zSiurKZjgGvl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-top: Black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"> </td> <td colspan="2" style="border-top: Black 1pt solid; text-align: center">Investor Class</td> <td colspan="2" style="border-top: Black 1pt solid; text-align: center">I Class</td> <td colspan="2" style="border-top: Black 1pt solid; text-align: center">Advisor Class</td> <td style="border-top: Black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="9" id="xdx_980_eoef--ShareholderFeesCaption_c20260727__20260727__dei--LegalEntityAxis__custom--S000057617Member_zeYQeM9Rk57l" style="border-left: black 1pt solid; text-align: center">Shareholder fees (fees paid directly from your investment)</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt">Maximum account fee</td> <td id="xdx_989_eoef--MaximumAccountFee_c20260727__20260727__oef--ClassAxis__custom--C000183992Member_fYQ_____zfjVKjZegxv2" style="background-color: #E6E6E6; text-align: right">$20</td> <td style="background-color: #E6E6E6">a </td> <td id="xdx_98D_eoef--MaximumAccountFee_d0_c20260727__20260727__oef--ClassAxis__custom--C000183994Member_zhALvom4WHie" style="background-color: #E6E6E6; text-align: right">—</td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_98C_eoef--MaximumAccountFee_d0_c20260727__20260727__oef--ClassAxis__custom--C000183993Member_znknNgd2l8Z" style="background-color: #E6E6E6; text-align: right">—</td> <td style="background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr> <td style="text-align: left; width: 2%"> </td> <td style="width: 46%"> </td> <td style="width: 8%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="width: 8%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="width: 8%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="vertical-align: bottom; width: 4%"> </td></tr> </table> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zqgAjpK38od"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zzwrF1VIIn57" style="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt; line-height: 115%"> </td> <td id="xdx_499_20260727__20260727__oef--ClassAxis__custom--C000183992Member_zror3etZt5gc" style="text-align: right; background-color: #E6E6E6; line-height: 115%"> </td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td id="xdx_491_20260727__20260727__oef--ClassAxis__custom--C000183994Member_z7b0k4e31LJk" style="text-align: right; background-color: #E6E6E6; line-height: 115%"> </td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td id="xdx_495_20260727__20260727__oef--ClassAxis__custom--C000183993Member_zPYDjw66LEGh" style="text-align: right; background-color: #E6E6E6; line-height: 115%"> </td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zJDP8ODrlt49" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt; line-height: 115%">Management fees</td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> 0.55</td> <td style="background-color: #E6E6E6; line-height: 115%">%</td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> 0.55</td> <td style="background-color: #E6E6E6; line-height: 115%">%</td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> 0.55</td> <td style="background-color: #E6E6E6; line-height: 115%">%</td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; width: 1%; line-height: 115%"> </td> <td style="width: 48%; line-height: 115%"> </td> <td style="text-align: right; width: 8%; background-color: #E6E6E6; line-height: 115%"> </td> <td style="width: 8%; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; width: 8%; background-color: #E6E6E6; line-height: 115%"> </td> <td style="width: 8%; background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; width: 8%; background-color: #E6E6E6; line-height: 115%"> </td> <td style="width: 8%; background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; width: 3%; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dp0_zTKhYZlpC6R3" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt; line-height: 115%">Distribution and service (12b-1) fees</td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> —</td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> —</td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> 0.25</td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> </td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> </td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> </td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dp0_zcZpwsmK4Jxi" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt; line-height: 115%">Other expenses</td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> 0.27</td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> 0.11</td> <td style="background-color: #E6E6E6; line-height: 115%">b </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> 0.33</td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> </td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> </td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> </td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dp0_zkeBuqWBzzx1" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt; line-height: 115%">Total annual fund operating expenses</td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> 0.82</td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> 0.66</td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> 1.13</td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> </td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> </td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> </td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp0_z8gXsYIEE1x8" style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt; line-height: 115%">Fee waiver/expense reimbursement</td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> (0.07</td> <td style="background-color: #E6E6E6; line-height: 115%">)c </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> (0.06</td> <td style="background-color: #E6E6E6; line-height: 115%">)b </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> (0.23</td> <td style="background-color: #E6E6E6; line-height: 115%">)d </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> </td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> </td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="text-align: right; background-color: #E6E6E6; line-height: 115%"> </td> <td style="background-color: #E6E6E6; line-height: 115%"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6; line-height: 115%"> </td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dp0_zSTyqWVScFS7" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt; line-height: 115%">Total annual fund operating expenses after fee waiver/expense reimbursement</td> <td style="border-bottom: black 1pt solid; text-align: right; background-color: #E6E6E6; line-height: 115%"> 0.75</td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6; line-height: 115%">c </td> <td style="border-bottom: black 1pt solid; text-align: right; background-color: #E6E6E6; line-height: 115%"> 0.60</td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6; line-height: 115%">b </td> <td style="border-bottom: black 1pt solid; text-align: right; background-color: #E6E6E6; line-height: 115%"> 0.90</td> <td style="border-bottom: black 1pt solid; background-color: #E6E6E6; line-height: 115%">d </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E6E6E6; line-height: 115%"> </td></tr> </table> 0.0055 0.0055 0.0055 0 0 0.0025 0.0027 0.0011 0.0033 0.0082 0.0066 0.0113 -0.0007 -0.0006 -0.0023 0.0075 0.0060 0.0090 <div id="xdx_A86_eoef--ExpenseFootnotesTextBlock_zRALBeYePgg7"></div> <table cellpadding="0" cellspacing="0" style="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; line-height: 115%; width: 3%">a </td> <td style="vertical-align: bottom; line-height: 115%; width: 97%">Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">b </td> <td style="vertical-align: bottom; line-height: 115%">T. Rowe Price Associates, Inc., has contractually agreed (through July 31, 2027) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may only be terminated at any time after July 31, 2027, with approval by the fund’s Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid).</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">c </td> <td style="vertical-align: bottom; line-height: 115%">T. Rowe Price Associates, Inc., has contractually agreed (through July 31, 2027) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.75%. The agreement may only be terminated at any time after July 31, 2027, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.75%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid).</td></tr> <tr> <td style="vertical-align: top; line-height: 115%">d </td> <td style="vertical-align: bottom; line-height: 115%">T. Rowe Price Associates, Inc., has contractually agreed (through July 31, 2027) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.90%. The agreement may only be terminated at any time after July 31, 2027, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.90%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid).</td></tr> </table> July 31, 2027 July 31, 2027 July 31, 2027 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zwm4GB8F5gnj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z3oEwGepKZ8d" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid"> </td> <td colspan="2" id="xdx_488_eoef--ExpenseExampleYear01_zIh7fTXIpn0d" style="border-top: black 1pt solid; text-align: center">1 Year</td> <td colspan="2" id="xdx_48B_eoef--ExpenseExampleYear03_zM1AgGiCVlNf" style="border-top: black 1pt solid; text-align: center">3 Years</td> <td colspan="2" id="xdx_48F_eoef--ExpenseExampleYear05_zknPKonkRLsa" style="border-top: black 1pt solid; text-align: center">5 Years</td> <td colspan="2" id="xdx_483_eoef--ExpenseExampleYear10_zbOBCgl6g2Z8" style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center">10 Years</td> </tr> <tr id="xdx_41F_20260727__20260727__oef--ClassAxis__custom--C000183992Member_zJUc7oizWlI"> <td style="border-left: black 1pt solid; width: 48%; background-color: #D9D9D9"> Investor Class </td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">77</td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">255</td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">448</td> <td style="vertical-align: bottom; width: 5%; background-color: #D9D9D9; text-align: right">$</td> <td style="border-right: black 1pt solid; vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: center">1,007</td> </tr> <tr id="xdx_415_20260727__20260727__oef--ClassAxis__custom--C000183994Member_zyrmy8RzXOy1"> <td style="border-left: black 1pt solid; background-color: #D9D9D9"> I Class </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center">61</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center">205</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center">362</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #D9D9D9; text-align: center"> 817</td> </tr> <tr id="xdx_410_20260727__20260727__oef--ClassAxis__custom--C000183993Member_zXFrNJJ0Wwz7"> <td style="border-left: black 1pt solid; background-color: #D9D9D9"> Advisor Class </td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="background-color: #D9D9D9; text-align: center">92</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="background-color: #D9D9D9; text-align: center">336</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="background-color: #D9D9D9; text-align: center">600</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; background-color: #D9D9D9; text-align: center">1,354</td> </tr> <tr> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: right"> </td> </tr> </table> 77 255 448 1007 61 205 362 817 92 336 600 1354 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 86.6% of the average value of its portfolio. 0.866 Principal Investment Strategies The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. high yield instruments. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. U.S. high yield instruments, commonly referred to as “junk” bonds, are debt instruments that are, at the time of purchase, rated below investment grade by a credit rating agency (i.e., Baa3 by Moody’s Investors Service, Inc. or below BBB- by S&P Global Ratings or Fitch Ratings, Inc.), or, if not rated by any credit rating agency, deemed by the adviser to be below investment grade. The fund generally relies on a classification by Bloomberg or another unaffiliated data provider to determine whether a holding is economically tied to the U.S. Most assets are typically invested in U.S. issued instruments and U.S. dollar-denominated instruments. The fund may also invest up to 20% of its total assets in non-U.S. dollar-denominated foreign instruments. The fund focuses its investments on high yield corporate bonds but may also invest in other income producing instruments including bank loans, convertible securities, and preferred stocks. The fund may purchase securities of any maturity or duration, and its weighted average maturity and duration will vary with market conditions. In selecting investments, the fund relies extensively on rigorous credit research and analysis. In selecting bonds, the portfolio manager generally evaluates the income provided by the bond and the bond’s appreciation potential, as well as the issuer’s ability to make income and principal payments. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. high yield instruments. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Credit quality: An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative. Junk bonds: Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, and loans that are rated below investment grade, expose the fund to greater volatility and credit risk than investments in securities that are rated investment grade. As a result, bonds and loans rated below investment grade carry a higher risk of default and should be considered speculative. Fixed income markets: Economic and other market developments can adversely affect the fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Covenant lite loans: Because covenant lite loans contain few or no financial maintenance covenants, they may not include terms that permit the lender of the loan to monitor the borrower’s financial performance and, if certain criteria are breached, declare a default, which would allow the lender to restructure the loan or take other action intended to help mitigate losses. As a result, the fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans or securities with financial maintenance covenants, which may result in losses, especially during a downturn in the credit cycle. Bank loans: Investments in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. The fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Transactions involving bank loans may have significantly longer settlement periods than more traditional investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests. Callable bonds: While a rise in interest rates is the principal source of interest rate risk for bond funds, falling rates bring the possibility that a bond may be “called,” or redeemed before maturity, and that the proceeds may need to be reinvested in lower-yielding securities. Foreign investing: Non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Liquidity: The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price. Convertible securities and preferred stocks: Convertible securities and preferred stocks carry credit and interest rate risk, along with other risks associated with both equity and fixed income securities, and convertible securities may be called back by the issuer prior to maturity at a price that is disadvantageous to the fund. Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund by showing its performance history, which includes performance information from when the fund operated as the Henderson High Yield Opportunities Fund (Predecessor Fund). On May 22, 2017, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (Reorganization). As a result of the Reorganization, shareholders of the Predecessor Fund’s Class A and Class C shares received Advisor Class shares of the fund, and shareholders of the Predecessor Fund’s Class I and Class R6 shares received I Class shares of the fund. In addition, as a result of the Reorganization, the fund’s Advisor Class adopted the Predecessor Fund’s Class A performance and accounting history, and the fund’s I Class adopted the Predecessor Fund’s Class I performance and accounting history. The fund has substantially similar investment objectives and strategies as the Predecessor Fund, and the fund is managed by the same portfolio manager as the Predecessor Fund. The performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the Advisor Class (and, prior to the Reorganization, the Predecessor Fund’s Class A). The returns in the bar chart may have been different if the expenses for the fund’s Advisor Class had been in effect during the periods prior to the Reorganization. In addition, the performance information presented prior to the Reorganization was calculated using the Predecessor Fund’s valuation methodologies, which differ in some respects from those of the fund. Returns for the fund’s Investor Class and I Class vary since they have different expenses (returns for the Predecessor Fund’s other share classes also varied since they had different expenses). The following performance information provides some indication of the risks of investing in the fund by showing its performance history, which includes performance information from when the fund operated as the Henderson High Yield Opportunities Fund (Predecessor Fund). On May 22, 2017, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (Reorganization). As a result of the Reorganization, shareholders of the Predecessor Fund’s Class A and Class C shares received Advisor Class shares of the fund, and shareholders of the Predecessor Fund’s Class I and Class R6 shares received I Class shares of the fund. In addition, as a result of the Reorganization, the fund’s Advisor Class adopted the Predecessor Fund’s Class A performance and accounting history, and the fund’s I Class adopted the Predecessor Fund’s Class I performance and accounting history. The fund has substantially similar investment objectives and strategies as the Predecessor Fund, and the fund is managed by the same portfolio manager as the Predecessor Fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the Advisor Class (and, prior to the Reorganization, the Predecessor Fund’s Class A). The returns in the bar chart may have been different if the expenses for the fund’s Advisor Class had been in effect during the periods prior to the Reorganization. In addition, the performance information presented prior to the Reorganization was calculated using the Predecessor Fund’s valuation methodologies, which differ in some respects from those of the fund. Returns for the fund’s Investor Class and I Class vary since they have different expenses (returns for the Predecessor Fund’s other share classes also varied since they had different expenses). The performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <div id="xdx_A8D_eoef--BarChartTableTextBlock_zrc1XtfM3fbc" style="display: none; visibility: hidden"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zuKwjf7nks55" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Years</td> <td style="display: none; width: 50%; visibility: hidden">Returns</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td id="xdx_98B_eoef--AnnlRtrPct_pid_dp_uRatio_c20160101__20161231__oef--ClassAxis__custom--C000183993Member_zo4DHTOO1sU1" style="display: none; visibility: hidden">16.09</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td id="xdx_98D_eoef--AnnlRtrPct_pid_dp_uRatio_c20170101__20171231__oef--ClassAxis__custom--C000183993Member_zPJP5wDXJrzh" style="display: none; visibility: hidden">8.63</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td id="xdx_984_eoef--AnnlRtrPct_pid_dp_uRatio_c20180101__20181231__oef--ClassAxis__custom--C000183993Member_zDBmksYWwLVj" style="display: none; visibility: hidden">-4.07</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td id="xdx_984_eoef--AnnlRtrPct_pid_dp_uRatio_c20190101__20191231__oef--ClassAxis__custom--C000183993Member_zAUwNGZcKIBk" style="display: none; visibility: hidden">15.88</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td id="xdx_98D_eoef--AnnlRtrPct_pid_dp_uRatio_c20200101__20201231__oef--ClassAxis__custom--C000183993Member_z07DBeF1PYxe" style="display: none; visibility: hidden">6.81</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td id="xdx_98B_eoef--AnnlRtrPct_pid_dp_uRatio_c20210101__20211231__oef--ClassAxis__custom--C000183993Member_zApdgbMcd95k" style="display: none; visibility: hidden">4.66</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td id="xdx_982_eoef--AnnlRtrPct_pid_dp_uRatio_c20220101__20221231__oef--ClassAxis__custom--C000183993Member_zo8LPS10Xie6" style="display: none; visibility: hidden">-14.88</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_pid_dp_uRatio_c20230101__20231231__oef--ClassAxis__custom--C000183993Member_zaT8USTiydl" style="display: none; visibility: hidden">13.96</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td id="xdx_988_eoef--AnnlRtrPct_pid_dp_uRatio_c20240101__20241231__oef--ClassAxis__custom--C000183993Member_zQTCFHEuEzac" style="display: none; visibility: hidden">8.11</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000183993Member_zBoaF3UULWRd" style="display: none; visibility: hidden">7.88</td></tr> </table> <img alt="" src="uhypros003.jpg" style="height: 355px; width: 650px"/> 0.1609 0.0863 -0.0407 0.1588 0.0681 0.0466 -0.1488 0.1396 0.0811 0.0788 <div id="xdx_A8C_eoef--BarChartClosingTextBlock_zcPU7fhjGp6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: top; background-color: white"> <td style="width: 15%; text-align: center"> </td> <td style="width: 24%; text-align: center">Quarter Ended</td> <td style="width: 14%"> Total Return</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 16%; text-align: center"> </td> <td style="width: 16%; text-align: center">Quarter Ended</td> <td style="width: 14%"> Total Return</td> </tr> <tr style="vertical-align: top"> <td id="xdx_98E_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000057617Member_zeRcBbrUBuD7" style="background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="background-color: #E6E6E6; text-align: center">6/30/20</td> <td id="xdx_984_eoef--BarChartHighestQuarterlyReturn_c20260727__20260727__dei--LegalEntityAxis__custom--S000057617Member_zrzK4gHbTNv1" style="background-color: #E6E6E6; text-align: center">12.51%</td> <td style="text-align: center"> </td> <td id="xdx_982_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000057617Member_zwthJFFYyp49" style="background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="background-color: #E6E6E6; text-align: center">3/31/20</td> <td id="xdx_98A_eoef--BarChartLowestQuarterlyReturn_c20260727__20260727__dei--LegalEntityAxis__custom--S000057617Member_zz2n4wxlwGrf" style="background-color: #E6E6E6; text-align: center">-14.55%</td> </tr> </table> The fund’s return for the six months ended 6/30/26 was 1.80%. Best Quarter 2020-06-30 0.1251 Worst Quarter 2020-03-31 -0.1455 The fund’s return for the six months ended 2026-06-30 0.0180 The following table shows the average annual total returns of the fund (including information prior to May 22, 2017, when the fund operated as the Predecessor Fund). The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy. The performance information for the fund’s Advisor Class and I Class includes performance information for the Predecessor Fund’s Class A and Class I, respectively, and has not been adjusted to reflect the fees and expenses of the Advisor Class or I Class. The returns presented in the table may have been different if the expenses for each of the fund’s Advisor Class and I Class had been in effect during the periods prior to the Reorganization. The fund’s Investor Class performance information does not include performance information prior to the Reorganization since the Investor Class commenced operations in 2017 and did not assume the performance history of the Predecessor Fund. The Investor Class would have had similar performance to the fund’s Advisor Class because they share the same portfolio; however, its performance, had it existed over the periods shown, would have been higher since the Investor Class has had lower expenses than the Advisor Class for the periods presented. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Advisor Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Advisor Class and will differ for other share classes. <div></div> Average Annual Total Returns  <table cellpadding="0" cellspacing="0" id="xdx_A5E_zTrL2IgRwHre" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: black 1pt solid"> </td> <td style="border-top: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid"> </td> <td colspan="12" style="border-top: Black 1pt solid; text-align: center">Periods ended </td> <td style="border-top: Black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td colspan="12" style="text-align: center">December 31, 2025</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Since</td> <td style="text-align: center">Inception</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="text-align: right">1 Year </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: right">5 Years </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: right">10 Years </td> <td> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">inception</td> <td style="text-align: center">date</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2">Advisor Class</td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: center">04/30/2013</td> <td style="border-right: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 31%">Returns before taxes</td> <td id="xdx_986_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000183993Member_zM7xXSnRK932" style="width: 10%; background-color: #E6E6E6; text-align: right">7.88</td> <td style="width: 2%; background-color: #E6E6E6">%</td> <td style="width: 1%; background-color: #E6E6E6"> </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--ClassAxis__custom--C000183993Member_z3CetpdtZfs4" style="width: 10%; background-color: #E6E6E6; text-align: right">3.44</td> <td style="width: 2%; background-color: #E6E6E6">%</td> <td style="width: 1%; background-color: #E6E6E6"> </td> <td id="xdx_988_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--ClassAxis__custom--C000183993Member_z3a6Vqrp3Lbg" style="width: 11%; background-color: #E6E6E6; text-align: right">5.89</td> <td style="width: 2%; background-color: #E6E6E6">%</td> <td style="width: 1%; background-color: #E6E6E6"> </td> <td id="xdx_985_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20130430__20251231__oef--ClassAxis__custom--C000183993Member_zjwzulM3c06g" style="width: 10%; background-color: #E6E6E6; text-align: right">—</td> <td style="width: 2%; background-color: #E6E6E6">%</td> <td style="width: 14%; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; width: 1%; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td>Returns after taxes on distributions</td> <td id="xdx_988_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000183993Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zCclL5uivGpf" style="background-color: #E6E6E6; text-align: right">4.80</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--ClassAxis__custom--C000183993Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zEv1F5o81X2f" style="background-color: #E6E6E6; text-align: right">0.61</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember__oef--ClassAxis__custom--C000183993Member_zlrGv69peI9b" style="background-color: #E6E6E6; text-align: right">3.16</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_982_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20130430__20251231__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember__oef--ClassAxis__custom--C000183993Member_ziXW7YzYGMO1" style="background-color: #E6E6E6; text-align: right">—</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td>Returns after taxes on distributions and sale</td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: right"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top">of fund shares</td> <td id="xdx_980_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000183993Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z4SJtRYr6aT4" style="vertical-align: top; background-color: #E6E6E6; text-align: right">4.60</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_988_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--ClassAxis__custom--C000183993Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z3f0MEHA57M7" style="vertical-align: top; background-color: #E6E6E6; text-align: right">1.36</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_986_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember__oef--ClassAxis__custom--C000183993Member_zlmUnPjFIu27" style="vertical-align: top; background-color: #E6E6E6; text-align: right">3.33</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20130430__20251231__oef--ClassAxis__custom--C000183993Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zD3JTegv0nz5" style="vertical-align: top; background-color: #E6E6E6; text-align: right">—</td> <td style="vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: top; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2">Investor Class</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: center">05/19/2017</td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">Returns before taxes</td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000183992Member_zfiJG5wPYpTk" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">8.04</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_985_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--ClassAxis__custom--C000183992Member_zzzjZmwM0Hcb" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">3.59</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_985_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--ClassAxis__custom--C000183992Member_zHuu7F3U4LI4" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">—</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_988_eoef--AvgAnnlRtrPct_pid_dp0_uRatio_c20170519__20251231__oef--ClassAxis__custom--C000183992Member_zoSuspJyk9qf" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">4.65</td> <td style="vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2">I Class</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: center">04/30/2013</td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">Returns before taxes</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000183994Member_zW9HUToBmaKi" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">8.20</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--ClassAxis__custom--C000183994Member_zFfeOByEXSl9" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">3.73</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--ClassAxis__custom--C000183994Member_z15QUawJev24" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">6.20</td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td style="vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_985_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20130430__20251231__oef--ClassAxis__custom--C000183994Member_zAAgIXeelFZ6" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">—</td> <td style="vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom"> </td> <td colspan="13" style="vertical-align: top">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zma4ocSmHMY6" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">7.30</td> <td style="vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6"> </td> <td id="xdx_986_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zp6FKYhyfFMg" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">-0.36</td> <td style="vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_z5L3XZrIFjUj" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">2.01</td> <td style="vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="vertical-align: bottom; background-color: #E6E6E6"> </td> <td id="xdx_985_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20170519__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_fYQ_____znqKBDk1b1q6" style="vertical-align: bottom; background-color: #E6E6E6; text-align: right">1.78</td> <td style="vertical-align: top; background-color: #E6E6E6">a </td> <td style="vertical-align: bottom; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="13"> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom"> </td> <td colspan="13" style="vertical-align: top">ICE BofA US High Yield Constrained Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td colspan="2"> </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--PerformanceMeasureAxis__custom--ICEBofAUSHighYieldConstrainedIndexreflectsnodeductionforfeesexpensesortaxesMember_zhXJzhc1pLD1" style="background-color: #E6E6E6; text-align: right">8.50</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_984_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--PerformanceMeasureAxis__custom--ICEBofAUSHighYieldConstrainedIndexreflectsnodeductionforfeesexpensesortaxesMember_z6sZJNJj9sJh" style="background-color: #E6E6E6; text-align: right">4.50</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_984_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--PerformanceMeasureAxis__custom--ICEBofAUSHighYieldConstrainedIndexreflectsnodeductionforfeesexpensesortaxesMember_zHPjjrFQQ9zl" style="background-color: #E6E6E6; text-align: right">6.44</td> <td style="background-color: #E6E6E6"> </td> <td style="background-color: #E6E6E6"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20170519__20251231__oef--PerformanceMeasureAxis__custom--ICEBofAUSHighYieldConstrainedIndexreflectsnodeductionforfeesexpensesortaxesMember_fYQ_____zE0jyIybXKBh" style="background-color: #E6E6E6; text-align: right">5.00</td> <td style="background-color: #E6E6E6">a </td> <td style="background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid"> </td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="vertical-align: top; width: 10pt; text-align: left">a </td><td style="vertical-align: bottom; text-align: left">Return since 5/19/17.</td> </tr></table> Average Annual Total Returns Periods ended December 31, 2025 2013-04-30 0.0788 0.0344 0.0589 0.0480 0.0061 0.0316 0.0460 0.0136 0.0333 2017-05-19 0.0804 0.0359 0.0465 2013-04-30 0.0820 0.0373 0.0620 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0178 0.0850 0.0450 0.0644 0.0500 Updated performance information is available through troweprice.com. troweprice.com Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. Restated to show maximum 12b-1 fee rate of 0.25%. Actual rate for the prior fiscal year was 0.23%. T. Rowe Price Associates, Inc., has contractually agreed (through July 31, 2027) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.70%. The agreement may only be terminated at any time after July 31, 2027, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.70%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed to waive and/or bear all the Z Class’ expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) in their entirety. T. Rowe Price Associates, Inc., expects this fee waiver and/or expense reimbursement arrangement to remain in place indefinitely, and the agreement may only be amended or terminated with approval by the fund’s Board of Directors. Return since 3/16/20. Return since 3/31/20. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. T. Rowe Price Associates, Inc., has contractually agreed (through July 31, 2027) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may only be terminated at any time after July 31, 2027, with approval by the fund’s Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through July 31, 2027) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.75%. The agreement may only be terminated at any time after July 31, 2027, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.75%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through July 31, 2027) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.90%. The agreement may only be terminated at any time after July 31, 2027, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.90%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). Return since 5/19/17.