T. Rowe Price gives ticker for Institutional Long Duration Credit Fund

By Toni Weeks

San Luis Obispo, Calif., June 5 - T. Rowe Price Institutional Income Funds, Inc. released the ticker symbol for its new investment-grade fund in a 497K filing with the Securities and Exchange Commission.

The T. Rowe Price Institutional Long Duration Credit Fund will trade under the symbol "RPLCX."

The fund seeks high income through investments in longer-duration investment-grade debt securities.

Available only to institutional investors, the fund will normally focus on debt securities issued by corporations but may also invest in securities of some non-corporate issuers, including those issued by supranational organizations and U.S. and foreign governments and government agencies.

Non-dollar-denominated holdings are limited to 10% of the fund's total assets. The fund will normally invest at least 85% of its net assets in securities rated investment grade at the time of purchase. Up to 15% of the securities may be rated high yield, but these must be rated above B for inclusion in the fund.

David A. Tiberii is the portfolio manager.

Total annual fund operating expenses are expected to be 0.45% and consist entirely of a 0.45% management fee. Shareholder fees were not listed in the filing.

Baltimore-based T. Rowe Price Associates, Inc. will serve as the fund's investment adviser.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.