JM Mutual Fund has brought about a number of changes to the Offer Document of JM Floater – both Long-term and Short-term plan. These are as follows:
- Modification to the Annual Recurring Expenses:
The fee and expense structure on both the short-term as well as the long-term plan have been revised and will come into effect from September 16, 2004. Henceforth, Investment Management and Advisory fees will be charged at 0.40 per cent and 0.30 per cent of the applicable NAV on the long-term and short-term plan respectively. Moreover, other charges like Marketing and Selling Expenses, Trustee Fees, Custodian Expenses, Registrar and Transfer Agent Fee, Audit Fee and other expenses will all be charged at 0.05 per cent of the applicable NAV. On the whole fees and expenses on the LTP and the STP will be 0.60 per cent and 0.50 per cent respectively as against 1.50 per cent and 0.65 per cent earlier.
- Modification in the Load Structure of JM Floater (LTP) :
With effect from August 27, 2004 there will be no exit load charged on investments above Rs 5 lakh whatever be the period of holding of the investments. Earlier, the exit load on investments above Rs 5 lakh was 0.25 per cent if the redemption request was within 90 days from the date of investment.
- Introduction of Premium Plan:
An additional plan is going to be introduced under the JM Floater Fund (LTP). The IPO period for the plan is between September 16 and September 27, 2004. The minimum investment amount has been fixed at Rs 1 lakh. The scheme will open for ongoing sale and redemption from September 29, 2004. The fees and expenses on this plan has been fixed at an aggregate of 0.55 per cent of the applicable NAV.