South Korea will begin selling its second National Participation Growth Fund on September 30, with subscriptions running through October 15 or ending earlier if the 600 billion won offering sells out. The latest announcement values the offering at about $430 million, compared with an earlier valuation of $447.9 million for the same amount. Applications will be accepted on a first-come, first-served basis through branches and online channels at 24 financial institutions, including 10 banks and 14 securities firms. The retail allocation has been increased to 300 billion won, or 50% of the offering, from 120 billion won in the first round. Investors who subscribed to the first fund cannot subscribe to the second, while the annual subscription limit is 100 million won per person and each distributor will set a minimum of no more than 1 million won. The fund-of-funds will combine the public offering with 120 billion won of government subordinated capital, creating 720 billion won for investment through 10 sub-fund managers in 12 advanced strategic industries. Investors can choose among three public funds, but all invest in the same sub-funds and therefore have identical portfolios and returns. The five-year product cannot be redeemed early and offers an income deduction of up to 18 million won and separate taxation of 9.9% on dividend income, although it is not principal-guaranteed. The subscription process has been simplified, with financial firms able to obtain required income documents on applicants' behalf.