ING Mutual Fund has launched three schemes – ING Savings Portfolio, ING Investment Portfolio and ING Gilt Portfolio. Initial offers of all three schemes are open for subscription from January 24 to February 06, 2002. The schemes will re-open for continuous sale/purchase from February 22, 2002.
ING Savings Portfolio is an open-ended liquid fund. The primary objective of the scheme is to provide reasonable returns and a high level of liquidity commensurate with low risk by investing upto 80 per cent in money market instruments and upto 40 per cent in debt securities. The fund offers Growth and Dividend re-investment (half-yearly) options. Minimum application amount is Rs 2,000 and in multiples of Rs 1,000 thereafter. The fund does not charge any entry/exit load. Even, the initial offer is on a no-load basis.
ING Investment Portfolio is an open-ended equity fund. The scheme seeks long-term growth of capital through investment primarily in equities. Investors have a choice of Growth and Dividend options. Minimum application amount is Rs 5,000 and in multiples of Rs 1,000 thereafter. The fund will charge an initial issue expense of 2 per cent from the investor. After the initial offer, on-going sales will attract an entry load of 1.5 per cent to 2 per cent of the applicable NAV, depending on the amount invested. At present, there is no exit load.
ING Gilt Portfolio is an open-ended gilt fund, dedicated to government securities and seeks to achieve risk-free return while maintaining stability of returns and liquidity. The fund offers two options – Growth and Quarterly Dividend options. Minimum application amount is Rs 5,000 and in multiples of Rs 1,000 thereafter. Initial offer is on a no-load basis. On on-going basis, the fund will not charge any entry load but an exit load of 0.25 per cent will be charged if redeemed before three months.