ING MF Launches Quarterly FMP 91-Series A2 - Sep 15, 2008

ING Mutual Fund has commenced ING Quarterly Fixed Maturity Plan 91-Series A2 on 10 September 2008. The initial offer period will close for fresh subscription on 16 September 2008. The offer unit price will be Rs 10 per unit. It is a close-ended debt scheme. The scheme will be investing in a portfolio of government securities, or highly rated corporate bonds maturing close to the maturity of the scheme so generate returns comparable with alternative fixed-income instruments of similar maturity. The scheme will invest in debt securities with maturity coinciding closely with the maturity of the scheme, so as to minimise the impact of price fluctuation of such securities and the value at maturity.

The investors will have the choice of two plan viz. retail plan and institutional plan with sub-option of growth and dividend. The fund will invest entire corpus in debt securities and money market instruments including reverse repo. Debt securities may include securitised debt up to 100% of the net assets. Investments in derivatives instruments shall be to a maximum of 50% of the net assets of the scheme.

The scheme does not charge an entry load as it is of close-ended nature. To provide liquidity to investors, the Fund proposes to provide repurchase facility in the scheme on 16 October 2008, 15 November 2008, and 15 December 2008. The investors can submit their repurchase requests at any official points of acceptance of transactions on any date after the allotment. If repurchase request is submitted after the date of allotment and before 15 December 2008, the scheme may ask for an exit load of 1%. If repurchase request is submitted on 15 December 2008 or on 16 December 2008, the scheme may not ask exit load. The minimum investment amount under retail plan is Rs 5,000 and in multiples of Re 1 thereafter. Under institutional plan, the minimum investment amount is Rs 5 lakh in multiples of Re 1 thereafter. The Fund seeks to raise the minimum amount required to operate the scheme is Rs 1 lakh during NFO