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T. Rowe closes its high-yield bond funds to new investors

T. Rowe Price Group closed its high-yield bond funds to new investors as of Monday, the Baltimore money manager announced Tuesday.

They include the investor class shares and advisor class shares of the $9.2 billion High Yield Fund as well as the $2.5 billion Institutional High Yield Fund.

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While Price will not accept new investors, existing shareholders can continue to invest in the funds.

The funds were last closed in February 2004 and reopened three years ago.

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Investors have poured hundreds of millions of dollars into both funds in the last year. Mark Vaselkiv, High Yield Fund's portfolio manager and head of the taxable high-yield bond team, said that if the trend continued "it could eventually strain our ability to invest efficiently and result in an over-diversified fund with a less effective investment strategy."

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