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Thursday, September 30, 2010

Principal MF Announces Change in Features under 3 Schemes

Principal Mutual Fund has decided to restructure the features of Principal Child Benefit Fund, Principal Monthly Income Plan and Principal Monthly Income Plan – MIP Plus. 

Change in Features of Principal Child Benefit Fund
 
The name of the scheme stands changed to Principal Conservative Growth Fund. 

Investment objective of the scheme would be to provide long term capital appreciation and regular income by investing in equity and equity related instruments and also in debt and money market instruments. 

There shall be no plans or options available under the scheme and reference to the current portfolio/plan viz. ‘Career Builder Plan' shall stand deleted. 

The scheme would allocate 65% to 80% of assets in equity & equity related instruments. It would further allocate 20% to 35% of assets in debt and money market instruments (including unit of liquid / money market/debt mutual fund scheme(s) and securitized debt). 
Investments in securitized debt may be up to 20% of the net assets of the scheme. 

Apart from Systematic Investment Plan facility, the scheme shall also offer Systematic Withdrawal Plan and Systematic Transfer Plan facilities to the investors. 

Change in Features of Principal Monthly Income Plan and Principal Monthly Income Plan – MIP Plus
 
The allocation to equity and equity related instruments in both plans would now include allocation to units of equity mutual fund scheme(s) and accordingly the revised asset allocation pattern of the said plan(s) shall be as mentioned here below: 

Principal Monthly Income Plan would allocate upto 100% of assets in debt & money market instruments (including securitized debt upto 50%). It would further allocate upto 15% of assets in equity and equity related instruments (including units of equity mutual fund scheme(s)). 

Principal Monthly Income Plan – MIP Plus would allocate upto 100% of assets in debt & money market instruments (including securitized debt upto 50%). It would further allocate upto 25% of assets in equity and equity related instruments (including units of equity mutual fund scheme(s)).

Unitholders who are not in agreement with the aforesaid changes may redeem their units at applicable NAV without payment of exit load between 30 September 2010 and 29 October 2010.
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