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Monday, July 13, 2009

Principal MF announces changes in PCBF

With effect from 13 July 2009

Principal Mutual Fund has announced changes in certain key features of Principal Child Benefit Fund (PCBF) with effect from 13 July 2009 on the back of merger of Principal Child Benefit Fund-Future Guard Plan into Principal Child Benefit Fund-Career Builder Plan. The changes are:

Features of PCBF post merger:

Investment objective: To generate regular returns and/or capital appreciation/accretion with the aim of giving lumpsum capital growth to the beneficiary.

Asset Allocation: Under normal circumstances, the asset allocation will be: 65-75% in equity and equity related instruments and 25-35% in debt and money market instruments (including securitized debt). Investment in securitized debt may be upto 25% of the net assets of the scheme. The asset management company reserves the right to invest upto 50% of the net assets of the scheme in derivatives. The investment in ADRs/GDRs: not exceeding 15% of the scheme's assets and investment in overseas financial debt instruments including overseas mutual funds: not exceeding 25% of the scheme's assets. Subject to Sebi regulations the mutual fund may deploy upto 50% of its total net assets of the scheme in stock lending.

Plans and options: Only one plan viz. Career Builder Plan with no options.

Load on switch: There shall be no entry load on switches between all equity and balanced schemes of Principal Mutual Fund.

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