Principal Mutual Fund has launched a new fund named as Principal Pnb Fixed Maturity Plan - 91 Days - Series XXIII, a close ended debt scheme offering Fixed Maturity Plan. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue is open for subscription from 1 September and closes on 8 September 2010.
The investment objective of the scheme is to build an income oriented portfolio and generate returns through investment in debt/money market instruments and government securities.
The scheme offers two options viz. growth and dividend option. The dividend option will have the facility of payout and sweep.
The scheme would allocate up to 100% of assets in debt securities (including securitized debt) & money market instruments and government securities. Investment in securitized debt may be up to 100% of the net assets of the scheme.
Entry and exit load charge will not be applicable for the scheme.
The minimum application amount is Rs 5000 and any amount thereafter.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 35 crore under the scheme during the NFO period.
Benchmark index for the scheme is Crisil Liquid Fund Index.
The fund manager of the scheme will be Shobit Gupta.
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