JPMorgan MF launches Short Term Income Fund


Mumbai: JPMorgan Mutual Fund (MF) has unveiled a new open-ended income scheme JPMorgan India Short Term Income Fund. The investment objective is to generate income by investing primarily in money market and short term debt instruments. The New Fund Offer (NFO) is open for subscription from March 18 to March 23, 2010. The New Fund Offer price for the scheme is 10 per unit. The scheme offers two options: growth option and dividend option. The dividend option offers weekly, fortnightly, and monthly dividend reinvestment options and monthly dividend payout. The minimum application amount is 5000 and in multiples of Re. 1 thereafter. Additional purchase 1,000 per application and in multiples of Re. 1 thereafter. The entry load for the scheme would be nil and the exit load charge will be 0.15 percent for each redemption within 15 days from the date of allotment in respect of purchase made other than SIP and purchase made through SIP. Benchmark Index for the scheme is CRISIL Short Term Bond Fund Index. The fund managers of the scheme will Nandkumar Surti and Namdev Chougule.