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Wednesday, January 07, 2009

Fortis MF introduces additional plan under Interval Fund

With effect from 13 January 2009 & 20 January 2009

Fortis Mutual Fund has introduces the additional plan viz. Institutional plan under the Fortis Interval Fund – Quarterly Plan K & Fortis Interval Fund – Quarterly Plan L with effect from 13 January 2009 and 20 January 2009, respectively. The institutional plan under Fortis Interval Fund – Quarterly Plan K shall open and close for subscription on 13 January 2009 and institutional plan under Fortis Interval Fund – Quarterly Plan L will open and close for subscription on 20 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 payable at end of each interval period 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 – Quarterly Plan K & Fortis Interval Fund – Quarterly Plan L are debt oriented interval funds 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.

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