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JPMorgan MF launches two close-ended income schemes
JPMorgan Mutual Fund has launched two new funds named as JPMorgan India Income Fund - Series 301 and JPMorgan India Income Fund - Series 501, close-ended income schemes.
Important dates for the FMPs are:
JPMorgan India Income Fund - Series 301 : NFO opens on July 12 and closes on July 24, 2012. Duration is for 3 years.
JPMorgan India Income Fund - Series 501 : NFO opens on July 12 and closes on July 24, 2012. Duration is for 5 years.
Investment Objective:
The investment objective of the scheme is to generate income through investments in Debt Securities/ money market instruments and Government of India Securities ("GoI Securities") maturing on or before the maturity date of the scheme.
The schemes offer a choice of two options, growth option and dividend payout option.
Allocation of Funds:
JPMorgan India Income Fund - Series 301: The schemes would allocate upto 30% of assets in money market instruments with low risk profile. On the other side, it would allocate 70% to 100% of assets in debt securities and GOI securities with low to medium risk profile.
95% to 100% of assets would be invested in AAA rated non convertible debentures and upto 5% in AAA rated cash and cash equivalent.
JPMorgan India Income Fund - Series 501: The schemes would allocate upto 20% of assets in money market instruments with low risk profile. On the other side, it would allocate 80% to 100% of assets in debt securities and GOI securities with low to medium risk profile.
95% to 100% of assets would be invested in AAA rated non convertible debentures and upto 5% in AAA rated cash and cash equivalent.
The fund seeks to collect a minimum subscription amount of Rs 20 crore under each scheme during the NFO period.
The Benchmark index for JPMorgan India Income Fund - Series 301 is CRISIL Short Term Bond Fund Index and CRISIL Composite Bond Fund Index for JPMorgan India Income Fund - Series 501.
Other Details:
NFO: Rs 10 per unit
Minimum Application Amount: Rs 5000 and in multiples of Rs 1 thereafter
Manager: Namdev Chougule and Ravi Ratanpal.
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