LIC Mutual Fund has announced changes in LICMF Floating Rate Fund-Short Term Plan effective from July 20, 2009. The changes are as follows:
Existing:
Money market scheme
Holiday NAV
Weekly dividend
New:
Debt scheme
No holiday NAV
Daily/Weekly Dividend
The investment objective of the scheme is to generate consistent return by investing mainly in a floating rate return instruments/fixed rate instruments swapped for floating rate return in order to minimize the interest rate risk for the investor.
