The fund's main objective is to generate overall total return, with a secondary aim of providing current income. It typically commits at least 80% of its net assets, which includes any funds borrowed for investment, to U.S. high-yield debt instruments, commonly known as "junk bonds." These securities are, at the time of acquisition, either rated below investment grade by a credit rating agency or, if lacking a major agency rating, are considered to be of comparable sub-investment grade quality by T. Rowe Price.
