Peerless MF launches income plus fund

Peerless Mutual Fund has launched an openended debt scheme called Peerless Income Plus Fund. The scheme's investment objective is to generate regular income through a portfolio of predominantly high quality fixed income securities and with a marginal exposure to equity and equity-related instruments, the company said. The new fund offer (NFO) will open for subscription from June 9, 2010, and will close on July 8, 2010. The issue price for the scheme is Rs 10 each for cash during the NFO and applicable NAV thereafter on an ongoing basis. No entry and exit load will be charged for Peerless Income Plus Fund, However, an exit load of 1% will be applicable, if redeemed before one year. The minimum investment amount for retail investors is Rs 1,000 during NFO. The scheme shall reopen for all transactions not later than 30 days from the closure of NFO at NAV-based prices on all business days. The scheme comes with two investment options — growth and dividend (pay out and re-investment). The minimum investment amount under SIP option is Rs 500 per month, 1,000 per quarter and Rs 2,000 on a half-yearly basis. Peerless Group has a captive base of 8 million customers predominantly in tier II and tier III towns. The company has tried to capture the essence of their investment behaviour and saving habits, the company added.