Birla Sun Life Mutual Fund is launching a Fixed Term Debt Fund. A close-end income scheme, the fund would have two plans (18-month and 36-month plans) and three Series within each plan.
The fund aims to generate returns by investing in a portfolio of fixed income securities normally maturing in line with the maturity period of respective plans in each of the two series. It would invest 85 to 100 per cent of its assets in debt securities and 15-30 per cent in money market instruments.
The Series I for both the plans would be open for initial subscription between April 25 and May 10, 2005. Series II IPO would begin on June 2 and end on June 17, while that for Series III, the public offer would remain open from July 1 to July 15, 2005.
The minimum amount of investment has been fixed at Rs 5,000. The fund offers both growth and dividend options. There is no entry load in the fund but the exit load is variable.
Under the 18-month plan, units redeemed/switched within one year from the date of allotment would attract an exit load of 1 per cent. Any redemption/switch after that and before the maturity would attract an exit load of 0.50 per cent.
In the 36-months plan, an exit load of 2 per cent would be levied for redemption/switch within two years from the date of allotment. Any redemption/switch after two years and before maturity would attract an exit load of 1 per cent.
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