Fortis Mutual Fund has introduces the additional plan viz. Institutional plan under the Fortis Interval Fund Series 2 – Quarterly Plan M & Fortis Interval Fund Series 2 – Quarterly Plan N with effect from 29 December 2008 and 5 January 2009, respectively. The institutional plan under Fortis Interval Fund Series 2 – Quarterly Plan M will open and close for subscription on 29 December 2008 and institutional plan under Fortis Interval Fund Series 2 – Quarterly Plan N will open and close for subscription on 05 January 2009.
The details of the Institutional plan under Schemes:
The institutional plan will offer growth and dividend options with two facilities viz. automatic renewal and automatic redemption facility with the default facility as automatic renewal. Dividend option will have calendar monthly dividend, calendar quarterly dividend and quarterly dividend frequency.
The minimum application amount under the institutional plan is Rs 1 crore and in multiples of Re 1 thereafter.
The Plan will not ask any entry load. However, there may be an exit load 4% at all time, except the interval periods.
Fortis Interval Fund Series 2 – Quarterly Plan is a debt oriented interval fund with an investment objective to generate steady returns through investments made in a basket of fixed income securities, with a provision to offer liquidity at periodic interval.
The benchmark for the scheme is CRISIL Liquid Fund Index.