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Tuesday, September 15, 2009

Mirae Asset China Advantage Fund Floats On

NFO closes on 9 October 2009

Mirae Asset Mutual Fund has launched new fund named as Mirae Asset China Advantage Fund, an open-ended fund of funds – overseas scheme. The face value of the new issue will be Rs. 10 per unit. The new issue closes on 9 October 2009.

The investment objective of the scheme is to generate long-term capital appreciation by investing predominantly in units of Mirae Asset China Sector Leader Equity Fund and/or units of other mutual fund schemes, units of exchange traded schemes that focus on investing in equities and equity related securities of companies domiciled in or having their area of primary activity in China and Hong Kong. The Scheme may also invest a certain portion of its corpus in debt and money market securities and/or units of debt/liquid schemes of Domestic Mutual Funds, in order to meet liquidity requirements from time to time.

The scheme shall offer regular plan with dividend and growth as options. Dividend option shall offer payout and reinvestment facility.

The minimum application amount is Rs. 5000 and in multiples of Re.1 thereafter. For additional purchase, the amount is Rs. 1000 as in multiples of Re.1 thereafter.

The fund seeks to collect a minimum subscription amount of Rs. one crore under the scheme during the NFO period.

The scheme will invest 80% to 100% in units of Mirae Asset China Sector Leader Equity Fund and/or units of other mutual fund schemes, units of ETFs investing in equities and equity related securities of companies domiciled in or having their area of primary activity in China and Hong Kong with high risk profile. Equity and Equity related instruments include convertible debentures, equity warrants, convertible preference shares, equity derivatives etc. It would also invest 0% to 20% in money market instruments / debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds with low to medium risk profile. Debt instruments include securitized debt upto 20% of corpus.

The entry load for the scheme will be nil. The regular plan will charge an exit load 1%, if redeemed up to 90 days from the date of allotment and 0.50%, if redeemed after 90 days but before 180 days from the date of allotment; For Systematic Investment Plan/ Systematic Transfer Plan/Systematic Withdrawal Plan the exit load charge will be 1%, if redeemed up to 365 days from the date of allotment.

The schemes performance will benchmarked against MSCI China Index (in Rupee Terms).

The fund managers of the scheme will be Gopal Agrawal and Neelesh Surana.

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