Money Market Fund Fact Sheet
Approved by the FSC (Offering Circular)
Barita's Money Market Fund
- Is for the investor who prefers risk free investments.
- Has rates that are competitive and generally higher than bank rates.
- Is secure - all investments are Government of Jamaica Securities (Repurchase Agreements, LRS, Treasury Bills etc.).
- Semiannual statements are provided to all account holders, and on demand.
- Is governed and secured by a Trust Deed.
Tax Free Feature
Investors are exempted from taxation if they declare their investments as Long-term Savings Accounts (LSA's), which operate under the following conditions:
- Interest is paid tax-free.
- 75% of the interest earned can be withdrawn monthly.
- Over five years a total of $5,000,000 or a maximum of $1,000,000.00 per year can be saved tax free*
* If the principal is withdrawn before five years, the standard tax rate of 25% will apply to all gains.
Why should I buy units in the Money Market Fund?
These are several good reasons to invest in this Fund:
- Pooled funds enable small investors to enjoy the same high rates of return as larger investors. In pooling the funds, the Unit Trust Managers are able to command the highest rates of return and all unit holders enjoy these rates.
- Pooled Funds enable the small investor to entrust his/her savings to professional management in a manner that is not available to him/her on an individual basis.
- Pooled Funds are ideal for individuals and companies that have no time to manage their money.
- Pooled Funds can be used as a regular savings vehicle like a bank account.
- Pooled Funds are ideal for saving towards a goal like buying a house, a car or for your children's education.
- Saving Scheme facilities are available through salary deduction mechanism.
- You may encash at anytime.*
* Penalties apply if encashed within 90 days of purchase.
How do I buy units in the fund?
An application form must be completed and signed and accompanied by payment in full. Offering Circulars and application forms are available at our Head Office in New Kingston, at our branches in Mandeville and Montego Bay and on our website at www.barita.com.
How are the units valued?
The Units are valued on a weekly or daily basis by adding accrued interests to all principal sums invested, subtracting charges as specified in the trust deed then dividing the net amount by all units on hand to realize the unit price.
Barita Unit Trust Rates