Description

This fund primarily allocates a minimum of 80% of its total capital (including any borrowed funds used for investment) to fixed-income securities. Its investment objective is to construct a diversified portfolio consisting of higher-yielding debt, often referred to as "junk" bonds, along with other instruments designed to generate substantial income. Within this context, "junk" bonds are defined as those carrying a credit rating of BB or lower (or an equivalent assessment) from recognized credit rating agencies, or, if unrated, are determined by T. Rowe Price to be below investment grade.