Principal Pnb Asset Management Company has decided to restructure two of its schemes - Principal Balanced Fund and Principal Floating Rate Fund - with effect from November 27, 2010.
Principal Floating Rate Fund would now be called Principal Near-Term Fund and both the plans under the scheme - flexible maturity plan and short maturity plan -- would be renamed as conservative plan and moderate plan respectively. The short maturity plan would cease to be a liquid plan with effect from the date of restructuring.
The fund house has revised the asset allocation pattern under Principal Balanced Fund. From November 27, the scheme would invest a minimum 60 per cent and a maximum 70 per cent of its assets in equity and equity related instruments, and 30-40 per cent in debt and money market instruments. Under the current asset allocation pattern, 51-75 per cent of the asset can be invested in equity instruments and 25-49 per cent in debt papers. Other features of the scheme remain unchanged.
As per the regulations, investors who may not be in agreement with the proposed restructuring may exit from the schemes during the period from October 28, 2010 to November 26, 2010.
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