T. Rowe Price Associates Inc. is seeking approval from the Securities and Exchange Commission to offer two new index funds, and rename an existing fund.
The Baltimore-based mutual fund company hopes to offer to the public the Extended Equity Market Index Fund and the Total Equity Market Index Fund next month, said Steven Norwitz, a Price spokesman.
"It is just to offer another alternative to investors who prefer to supplement their actively managed funds with index funds," Norwitz said.
"This just broadens it out a little more for people who want a broader index."
Extended Equity Market is designed to replicate the Wilshire 4,500 stock index, which tracks all actively traded small- and mid-cap stocks.
"Extended Equity Market Index represents the highest level of potential risk and reward," according to the proxy statement filed with the SEC last month.
The Total Equity Market Index Fund is designed to match the performance of the entire U.S. stock market. Its benchmark is the Wilshire 5,000, a broader index of U.S. stocks.
Price, the country's 11th largest mutual fund company, is also seeking approval to change the name of the Equity Index Fund to the Equity Index 500 Fund. It attempts to match the performance of the Standard & Poor's 500 stock index.
Since the fund was started in March 31, 1990, it has had an annualized return of 17.2 percent. It returned 32.8 percent last year.
Pub Date: 1/07/98