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<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"><b>Example</b></font>
455
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"><b>Example</b></font>
<div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesTRowePriceStrategicIncomeFundInc column period compact * ~</div>
<font style="font-family:Sans-Serif; font-size:15pt; font-weight:normal"> T. Rowe Price </font><br/><br/> <font style="Serif;color:#004f7c; font-size:24.0pt; font-style:normal; font-weight:normal; text-align:left">Strategic Income Fund</font><br/><br/><font style="Serif;color:#004f7c; font-size:14.0pt; font-style:normal; font-weight:bold; text-align:left">SUMMARY</font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"> 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 fund 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 94.4% of the average value of its portfolio.</font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">troweprice.com</font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">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 fund 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 94.4% of the average value of its portfolio. </font>
725
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">troweprice.com</font>
0.0483
0.0491
<font style="Serif; color:#004f7c; font-family: font-size:12.0pt; font-style:normal; font-weight:bold; text-align:left"><i>Fees and Expenses of the Fund</i></font><br/><br/><center><font style="Serif;color:#004f7c; font-size:10.0pt; font-style:normal; font-weight:bold;"><i>Shareholder fees (fees paid directly from your investment)</i></font></center>
<center><font style="Serif;color:#004f7c;font-size:10.0pt; font-style:normal; font-weight:bold;"><i>Annual fund operating expenses<br>(expenses that you pay each year as a<br>percentage of the value of your investment)</i></font></center>
0
84
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index.</font>
<font style="font-family:Sans-Serif; font-size:15pt; font-weight:normal"> T. Rowe Price </font><br/><br/> <font style="Serif;color:#004f7c; font-size:24.0pt; font-style:normal; font-weight:normal; text-align:left">Strategic Income Fund<b>–</b>Advisor Class</font><br/><br/><font style="Serif;color:#004f7c; font-size:14.0pt; font-style:normal; font-weight:bold; text-align:left">SUMMARY</font>
<font style="Serif; color:#004f7c; font-family: font-size:12.0pt; font-style:normal; font-weight:bold; text-align:left"><i>Fees and Expenses of the Fund’s Advisor Class</i></font><br/><br/><center><font style="Serif;color:#004f7c;font-size:10.0pt; font-style:normal; font-weight:bold;"><i>Annual fund operating expenses<br/>(expenses that you pay each year as a<br/>percentage of the value of your investment)</i></font></center>
99
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index.</font>
2008-12-15
2008-12-15
2008-12-15
2008-12-31
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2008-12-15
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485BPOS
T. Rowe Price Strategic Income Fund, Inc.
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.</font>
-0.0012
<font style="Serif; color:#004f7c; font-size:13.0pt; font-style:normal; font-weight:bold; text-align:left">Investments, Risks, and Performance<br/><br/></font><font style="Serif;font-size:13.0pt; font-style:normal; font-weight:bold; text-align:left">Principal Investment Strategies </font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">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. The example also assumes that your investment has a 5% return each year the fund’s operating expenses remain the same, and the expense limitation currently in place is not renewed. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font>
262
1 -800-225-5132
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. </font>
<font style="Serif; color:#004f7c; font-size:13.0pt; font-style:normal; font-weight:bold; text-align:left">Investments, Risks, and Performance<br/><br/></font><font style="Serif;font-size:13.0pt; font-style:normal; font-weight:bold; text-align:left">Principal Investment Strategies </font>
<center><table><tr><td></td><td align="center"><b><i>Quarter<br/>Ended</i></b></td><td align="center"><b><i>Total<br/>Return</i></b></td></tr><tr><td><b>Best Quarter</b></td><td><b> 6/30/09</b></td><td> <b>9.71%</b></td></tr><tr><td><b>Worst Quarter</b></td> <td><b> 9/30/11</b></td><td> <b>-3.32%</b></td></tr></table><br/><font style="FONT-STYLE: normal; FONT-FAMILY: Sans-Serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal">The fund’s return for the six months ended 6/30/12 was 4.91%.</font></center>
<font style="color:#004f7c; font-family:Sans-Serif; font-size:8.0pt; font-style:italic; font-weight:bold;"><i> Average Annual Total Returns<br/><br/><center>Periods ended<br/>December 31, 2011</center></i></font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">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 individual retirement account.</font>
0.0193
-0.0055
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"> 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. The example also assumes that your investment has a 5% return each year, the fund’s operating expenses remain the same, and the expense limitation currently in place is not renewed. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font>
401
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">1-800-638-8790</font>
<center><table><tr><td></td><td align="center"><b><i>Quarter<br/>Ended</i></b></td><td align="center"><b><i>Total<br/>Return</i></b></td></tr><tr><td><b>Best Quarter</b></td><td><b> 6/30/09</b></td><td> <b>9.67%</b></td></tr><tr><td><b>Worst Quarter</b></td> <td><b> 9/30/11</b></td><td> <b>-3.37%</b></td></tr></table><br/><font style="FONT-STYLE: normal; FONT-FAMILY: Sans-Serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal">The fund’s return for the six months ended 6/30/12 was 4.83%.</font></center>
<font style="color:#004f7c; font-family:Sans-Serif; font-size:8.0pt; font-style:italic; font-weight:bold;"><i> Average Annual Total Returns<br/><br/><center>Periods ended<br/>December 31, 2011</center></i></font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">In addition, the average annual total returns table shows hypothetical after-tax returns to suggest 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 individual retirement account.</font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">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 individual retirement account.</font>
0.0178
0.0967
2008-12-15
2008-12-15
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2008-12-31
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">In addition, the average annual total returns table shows hypothetical after-tax returns to suggest 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 individual retirement account.</font>
2012-09-27
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<font style="Serif;color:#004f7c;font-size:13.0pt; font-style:normal; font-weight:bold; text-align:left">Investment Objective</font>
<font style="Serif;color:#004f7c; font-size:13.0pt; font-style:normal; font-weight:bold; text-align:left">Fees and Expenses</font>
<font style="font-family:Sans-Serif; font-size:7.5pt; font-weight:normal">September 30, 2013</FONT>
<font style="Serif;font-size:13.0pt; font-style:normal; font-weight:bold; text-align:left">Portfolio Turnover</font>
0
20
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<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"> As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows: </font><br/><br/><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"><b><i>Active management risk</i></b> The fund is subject to the risk that the investment adviser’s judgments about the attractiveness, value, or potential appreciation of the fund’s investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies.</font><br/><br/><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"><b><i>Interest rate risk </i></b> This is the risk that a rise in interest rates will cause the price of a fixed rate debt security to fall. Generally, securities with longer maturities and funds with longer weighted average maturities carry greater interest rate risk.</font><br/><br/><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"><b><i>Credit risk </i></b>This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. The fund is exposed to greater credit risk than other bond funds because it may invest a significant portion of its assets in noninvestment-grade securities, which are issued by companies that are usually not as strong financially and carry a higher risk of default.</font><br/><br/><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"><b><i>Liquidity risk </i></b>This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price.</font><br/><br/><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"><b><i>Convertible securities risk </i></b>To the extent the fund invests in convertible securities, it is subject to market risk, credit and interest rate risk, and other risks associated with both equity and fixed income securities, depending on the price of the underlying security and the conversion price. A convertible security may be called back by the issuer prior to maturity at a price that is disadvantageous to the fund. In addition, convertible securities are typically issued by smaller capitalized companies whose stock prices are more volatile than companies that have access to more conventional means of raising capital.</font><br/><br/><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"><b><i>Bank loan risk </i></b>To the extent the fund invests in bank loans, it is exposed to additional risks beyond those normally associated with more traditional debt securities. The fund’s ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. Even with secured loans, there is no assurance that the collateral securing the 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.</font><br/><br/><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"><b><i>Foreign investing risk </i></b>This is the risk that the fund’s investments in foreign securities may be adversely affected by political and economic conditions overseas, reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar. These risks are heightened for the fund’s investments in emerging markets. To the extent the fund purchases and sells currencies, it is subject to the additional risk that its effort at hedging will not succeed.</font><br/><br/><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"><b><i>Prepayment risk and extension risk </i></b>Prepayment risk is the risk that the principal on mortgage-backed securities, other asset-backed securities or any debt security with an embedded call option may be prepaid at any time, which could reduce yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt securities more volatile.</font><br/><br/><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"><b><i>Derivatives risk </i></b>To the extent the fund uses forward currency exchange contracts, interest rate futures, and credit default swaps, it is exposed to additional volatility in comparison to investing directly in bonds and other debt securities. These instruments can be illiquid and difficult to value, may involve leverage so that small changes produce disproportionate losses for the fund, and instruments not traded on an exchange are subject to the risk that a counterparty to the transaction will fail to meet its obligations under the derivatives contract. The fund’s principal use of derivatives involves the risk that anticipated interest rate movements, changes in currency values and currency exchange rates, or the creditworthiness of an issuer will not be accurately predicted, which could significantly harm the fund’s performance.</font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">The fund’s past performance (before and after taxes) is not necessarily an indication of future performance.</font>
<font style="Serif;color:#004f7c;font-size:13.0pt; font-style:normal; font-weight:bold; text-align:left">Investment Objective</font>
<font style="Serif;color:#004f7c; font-size:13.0pt; font-style:normal; font-weight:bold; text-align:left">Fees and Expenses</font>
<font style="Serif;font-size:13.0pt; font-style:normal; font-weight:bold; text-align:left">Portfolio Turnover</font>
<center><font style="font-family:Sans-Serif; font-size:8.5pt; color:#339933; font-weight:bold">Strategic Income Fund</font></center><center><font style="font-family:Sans-Serif; font-size:8.5pt; font-weight:bold"><i>Calendar Year Returns</i></font></center>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">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.</font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132.</font>
0.1987
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">The fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in income-producing securities or other income-producing instruments. The fund may invest in a variety of securities in an effort to enhance income and achieve some capital growth. The fund shifts its investments among the following sectors based on market conditions and the investment adviser’s outlook: </font><br /><br /><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal">·</font><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal"><font style="word-spacing:5.325pt"> </font></font><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Government and agency obligations of the U.S. and foreign countries (including emerging market countries);</font><br /><br /><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal">·</font><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal"><font style="word-spacing:5.325pt"> </font></font><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Corporate bonds of issuers in the U.S. and foreign countries (including emerging market countries);</font><br /><br /><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal">·</font><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal"><font style="word-spacing:5.325pt"> </font></font><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">U.S. dollar and non-U.S. dollar-denominated debt securities of issuers located in foreign countries (including emerging market countries);</font><br /><br /><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal">·</font><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal"><font style="word-spacing:5.325pt"> </font></font><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Mortgage-backed, commercial mortgage-backed, and asset-backed securities (including collateralized mortgage obligations); </font><br /><br /><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal">·</font><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal"><font style="word-spacing:5.325pt"> </font></font><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Bank loans (including loan participations and assignments); </font><br /><br /><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal">·</font><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal"><font style="word-spacing:5.325pt"> </font></font><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Convertible bonds and other convertible securities; and</font><br /><br /><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal">·</font><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal"><font style="word-spacing:5.325pt"> </font></font><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Preferred stocks.</font><br /><br /><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Up to 50% of the fund’s net assets can be invested in non-U.S. dollar-denominated foreign debt securities. The fund may hold non-U.S. currencies without holding any bonds or other income-producing securities denominated in those currencies. There is no limit on the fund’s investments in U.S. dollar-denominated foreign debt securities. <br /><br />Up to 65% of the fund’s net assets can be invested in securities and other holdings that are rated noninvestment-grade (BB and lower, or an equivalent rating). The noninvestment-grade portion of the fund’s portfolio may consist of the following: noninvestment-grade corporate bonds (also called high yield or “junk” bonds) issued by companies in the U.S. and other developed market countries (not to exceed 40% of the fund’s net assets); U.S. dollar-denominated debt securities in emerging markets (not to exceed 25% of the fund’s net assets); non-U.S. dollar-denominated debt securities in emerging markets (not to exceed 20% of the fund’s net assets); bank loans (not to exceed 25% of the fund’s net assets); and convertible securities and preferred stocks (not to exceed 15% of the fund’s net assets). Ratings will be determined, at the time of purchase, by at least one major credit rating agency or, if not so rated, a comparable rating by T. Rowe Price. If a security is split-rated (i.e., rated investment grade by at least one rating agency, but below investment grade by another rating agency), the higher rating will be used. Although there are no maturity restrictions, under normal conditions the fund's weighted average maturity is expected to be between 4 and 15 years.<br /><br />While most assets will typically be invested in bonds and other debt instruments, the fund also uses interest rate futures, forward currency exchange contracts, and credit default swaps in keeping with the fund’s objectives. Interest rate futures would typically be used to manage the fund’s exposure to interest rate changes or to adjust portfolio duration. Forward currency exchange contracts would be used to gain exposure to certain currencies expected to increase or decrease in value relative to other currencies or to protect the fund’s foreign bond holdings from adverse currency movements relative to the U.S. dollar. Credit default swaps would be used to protect the value of certain portfolio holdings or to manage the fund’s overall exposure to changes in credit quality.<br /><br />The fund may sell holdings for a variety of reasons, such as to adjust the portfolio’s average maturity, duration, or credit quality or to shift assets into and out of higher-yielding or lower-yielding securities or different sectors.</font>
0.0025
0.0063
0.0152
<font style="font-family:Sans-Serif; font-size:7.5pt; font-weight:normal">September 30, 2013</font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">The fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in income-producing securities or other income-producing instruments. The fund may invest in a variety of securities in an effort to enhance income and achieve some capital growth. The fund shifts its investments among the following sectors based on market conditions and the investment adviser’s outlook: </font><br /><br /><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal">·</font><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal"><font style="word-spacing:5.325pt"> </font></font><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Government and agency obligations of the U.S. and foreign countries (including emerging market countries);</font><br /><br /><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal">·</font><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal"><font style="word-spacing:5.325pt"> </font></font><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Corporate bonds of issuers in the U.S. and foreign countries (including emerging market countries);</font><br /><br /><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal">·</font><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal"><font style="word-spacing:5.325pt"> </font></font><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">U.S. dollar and non-U.S. dollar-denominated debt securities of issuers located in foreign countries (including emerging market countries);</font><br /><br /><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal">·</font><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal"><font style="word-spacing:5.325pt"> </font></font><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Mortgage-backed, commercial mortgage-backed, and asset-backed securities (including collateralized mortgage obligations); </font><br /><br /><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal">·</font><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal"><font style="word-spacing:5.325pt"> </font></font><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Bank loans (including loan participations and assignments); </font><br /><br /><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal">·</font><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal"><font style="word-spacing:5.325pt"> </font></font><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Convertible bonds and other convertible securities; and</font><br /><br /><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal">·</font><font style="font-family:Symbol; font-size:7.0pt; font-weight:normal"><font style="word-spacing:5.325pt"> </font></font><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Preferred stocks.</font><br /><br /><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Up to 50% of the fund’s net assets can be invested in non-U.S. dollar-denominated foreign debt securities. The fund may hold non-U.S. currencies without holding any bonds or other income-producing securities denominated in those currencies. There is no limit on the fund’s investments in U.S. dollar-denominated foreign debt securities. <br /><br />Up to 65% of the fund’s net assets can be invested in securities and other holdings that are rated noninvestment-grade (BB and lower, or an equivalent rating). The noninvestment-grade portion of the fund’s portfolio may consist of the following: noninvestment-grade corporate bonds (also called high yield or “junk” bonds) issued by companies in the U.S. and other developed market countries (not to exceed 40% of the fund’s net assets); U.S. dollar-denominated debt securities in emerging markets (not to exceed 25% of the fund’s net assets); non-U.S. dollar-denominated debt securities in emerging markets (not to exceed 20% of the fund’s net assets); bank loans (not to exceed 25% of the fund’s net assets); and convertible securities and preferred stocks (not to exceed 15% of the fund’s net assets). Ratings will be determined, at the time of purchase, by at least one major credit rating agency or, if not so rated, a comparable rating by T. Rowe Price. If a security is split-rated (i.e., rated investment grade by at least one rating agency, but below investment grade by another rating agency), the higher rating will be used. Although there are no maturity restrictions, under normal conditions the fund's weighted average maturity is expected to be between 4 and 15 years.<br /><br />While most assets will typically be invested in bonds and other debt instruments, the fund also uses interest rate futures, forward currency exchange contracts, and credit default swaps in keeping with the fund’s objectives. Interest rate futures would typically be used to manage the fund’s exposure to interest rate changes or to adjust portfolio duration. Forward currency exchange contracts would be used to gain exposure to certain currencies expected to increase or decrease in value relative to other currencies or to protect the fund’s foreign bond holdings from adverse currency movements relative to the U.S. dollar. Credit default swaps would be used to protect the value of certain portfolio holdings or to manage the fund’s overall exposure to changes in credit quality.<br /><br />The fund may sell holdings for a variety of reasons, such as to adjust the portfolio’s average maturity, duration, or credit quality or to shift assets into and out of higher-yielding or lower-yielding securities or different sectors.</font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:<br/><br/><b><i>Active management risk</i></b> The fund is subject to the risk that the investment adviser’s judgments about the attractiveness, value, or potential appreciation of the fund’s investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies.<br/><br/><b><i>Interest rate risk</i></b> This is the risk that a rise in interest rates will cause the price of a fixed rate debt security to fall. Generally, securities with longer maturities and funds with longer weighted average maturities carry greater interest rate risk.<br/><br/><b><i>Credit risk</i></b> This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. The fund is exposed to greater credit risk than other bond funds because it may invest a significant portion of its assets in noninvestment-grade securities, which are issued by companies that are usually not as strong financially and carry a higher risk of default.<br/><br/><b><i>Liquidity risk</i></b> This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price.<br/><br/><b><i>Convertible securities risk</i></b> To the extent the fund invests in convertible securities, it is subject to market risk, credit and interest rate risk, and other risks associated with both equity and fixed income securities, depending on the price of the underlying security and the conversion price. A convertible security may be called back by the issuer prior to maturity at a price that is disadvantageous to the fund. In addition, convertible securities are typically issued by smaller capitalized companies whose stock prices are more volatile than companies that have access to more conventional means of raising capital.<br/><br/><b><i>Bank loan risk </i></b> To the extent the fund invests in bank loans, it is exposed to additional risks beyond those normally associated with more traditional debt securities. The fund’s ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. Even with secured loans, there is no assurance that the collateral securing the 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.<br/><br/><b><i>Foreign investing risk </i></b> This is the risk that the fund’s investments in foreign securities may be adversely affected by political and economic conditions overseas, reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar. These risks are heightened for the fund’s investments in emerging markets. To the extent the fund purchases and sells currencies, it is subject to the additional risk that its effort at hedging will not succeed.<br/><br/><b><i>Prepayment risk and extension risk </i></b> Prepayment risk is the risk that the principal on mortgage-backed securities, other asset-backed securities or any debt security with an embedded call option may be prepaid at any time, which could reduce yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt securities more volatile.<br/><br/><b><i>Derivatives risk</i></b> To the extent the fund uses forward currency exchange contracts, interest rate futures, and credit default swaps, it is exposed to additional volatility in comparison to investing directly in bonds and other debt securities. These instruments can be illiquid and difficult to value, may involve leverage so that small changes produce disproportionate losses for the fund, and instruments not traded on an exchange are subject to the risk that a counterparty to the transaction will fail to meet its obligations under the derivatives contract. The fund’s principal use of derivatives involves the risk that anticipated interest rate movements, changes in currency values and currency exchange rates, or the creditworthiness of an issuer will not be accurately predicted, which could significantly harm the fund’s performance.</font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"> The fund’s share price fluctuates, which means you could lose money by investing in the fund.</font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">The fund’s past performance (before and after taxes) is not necessarily an indication of future performance.</font>
0.0193
0.0147
0.0525
0.0368
0.1151
0.0851
0.0906
0.0711
0.0869
<center><font style="font-family:Sans-Serif; font-size:8.5pt; color:#339933; font-weight:bold">Strategic Income Fund—Advisor Class</font></center><center><font style="font-family:Sans-Serif; font-size:8.5pt; font-weight:bold"><i>Calendar Year Returns</i></font></center>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">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.</font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">Updated performance information is available through troweprice.com or may be obtained by calling 1-800-638-8790.</font>
0.1969
2009-06-30
<b>Worst Quarter</b>
2011-09-30
0.0178
-0.004
0.0137
0.0525
0.0368
0.1134
0.0895
0.084
0.0711
0.0869
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2012-10-01
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">The fund’s share price fluctuates, which means you could lose money by investing in the fund.</font>
2009-06-30
2011-09-30
<b>Worst Quarter</b>
-0.003
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal"> The fund seeks to provide high income and some capital appreciation.</font>
0
0.005
0.0014
0.0082
0.944
<font style="Serif;font-size:13.0pt; font-style:normal; font-weight:bold; text-align:left">Principal Risks</font>
<font style="Serif;font-size:13.0pt; font-style:normal; font-weight:bold; text-align:left">Performance </font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund’s past performance (before and after taxes) is not necessarily an indication of future performance.</font><br/><br/><font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted.</font>
1014
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">The fund seeks to provide high income and some capital appreciation.</font>
0.1042
0.944
0.005
0.0014
0.0097
<font style="Serif;font-size:13.0pt; font-style:normal; font-weight:bold; text-align:left">Principal Risks</font>
1643
<font style="Serif;font-size:13.0pt; font-style:normal; font-weight:bold; text-align:left">Performance</font>
<font style="font-family:Sans-Serif; font-size:9.5pt; font-weight:normal">The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund’s past performance (before and after taxes) is not necessarily an indication of future performance.<br/><br/>The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted.</font>
0.1025
<b>Best Quarter</b>
-0.0337
The fund’s return for the six months ended
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2012-10-01
-0.0332
The fund's return for the six months ended
<b>Best Quarter</b>