IL&FS launches a Cash Fund | Value Research Il&FS Mutual Fund has added a Cash Fund in its present kitty of two equity and a debt fund. "The IL&

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IL&FS launches a Cash Fund

Il&FS Mutual Fund has added a Cash Fund in its present kitty of two equity and a debt fund. "The IL&FS Cash Account" opened for subscription on July 23, 2001. With an investment objective of generating reasonable returns coupled with low risk and high degree of liquidity, the fund will take a predominant exposure in money market instruments and government securities and allocate a maximum of 35% to debt instruments.

The investors can opt either for a dividend reinvestment plan, which will declare a daily dividend and require an intial outlay of Rs 1 lakh, or for the growth plan, which stipulates a minimum contribution of Rs 10000. The Investors will be required to maintain a minimum balance of Rs 50,000 and Rs 5000 under the respective plans. Neither of the plans will be subject to any load.

Along with the direct credit facility to the specified bank accountholders, IL&FS Liquid Account will clear our redemption cheques within 24 hours of filing redemption application and declare holiday NAV also. To cater to the investors with surpluses for a fixed duration, the IL&FS Cash Account may introduce a series of fixed maturity plans on quarterly basis in future.

IL&FS comes from an AMC managing a medium-term debt fund, IL&FS Bond fund. Aided by a small corpus and a portfolio actively managed against the interest rate and credit risk, the bond fund has posted an annualised return of 12.81 percent. But the fund's one-year score of 13.77 percent as against the category average of 13.97 shows that the fund is yet to post an above average performance.

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