The Hindu Business Line : Update

Reliance Mutual will change the feature of Reliance Floating Rate Fund from an open-ended income scheme to an open-ended liquid scheme. 0-40 percent of the assets will be allocated to fixed rate debt securities and 60-100 percent in floating rate debt securities. The same is effective from September 12, 2006. Due to the above modifications, existing unit holders have the option to exit the fund at the prevailing NAV, without any exit load between August 10 and September 11.

Templeton India Short Term Income Plan has revised its load structure with effect from August 7, 2006. While there will be no entry load, the fund will charge an exit load of 0.25 per cent for redemptions made within one month of allotment.

Tata Mutual has filed the offer document for a close-ended income scheme named Tata Multiple Yield Fund. The fund will offer three schemes of varying maturities. Scheme A will have a term of 18 months and invest in debt/money market instruments that have a maximum duration similar to the fund term. It can also invest up to 10 per cent in equity. Scheme B will have duration of 42 months and can invest up to 25 per cent in equity.

Scheme C 's term will be 66 months and it will invest up to 35 per cent in equity with a focus on dividend yield stocks.

Reliance Mutual has filed papers with the SEBI for launching a close-ended equity scheme with a maturity period of three years. Named Reliance Long Term Equity, the fund will invest 70-100 per cent in equity and up to 30 per cent in debt.

In the equity space, the fund will primarily focus on mid and small-cap stocks. The fund will charge exit load for redemption before maturity.

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