In the first three months of 2012, the High Yield Fund had $266 million in new cash flows, and the Institutional High Yield Fund had $361 million. During 2011, the High Yield Fund had $112 million in new cash flows, and the Institutional High Yield Fund had $709 million.
The High Yield Fund's average annual total returns were 5.05%, 7.06%, and 8.40% for the 1-, 5-, and 10-year periods, respectively, as of March 31, 2012 . The fund's expense ratio was 0.74% as of its fiscal year ended May 31, 2011.
Click here for the High Yield Fund's most recent performance. Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, yield, and return will vary, and you may have a gain or loss when you sell your shares.
The performance information shown does not reflect the deduction of a 2.00% redemption fee on shares held for 90 days or less; if it did, the performance would be lower.The funds' prospectuses, which are available at troweprice.com or by calling 1-800-541-8803, include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. T. Rowe Price Investment Services, Inc., Distributor. High yield bonds carry a greater default risk than higher-rated bonds. The funds are also subject to interest rate risk and, potentially, liquidity risk. Founded in 1937, Baltimore-based T. Rowe Price is a global investment management organization with $554.8 billion in assets under management as of March 31, 2012. The firm provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The organization also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. SOURCE T. Rowe Price Group