Reliance Mutual Fund has announced to change the asset allocation pattern and benchmark of Reliance Short-term Fund with effect from June 1, 2013.
Now, the scheme will invest 65-100% in debt and money market instrument with a duration upto 3 years and upto 35% in debt and money market instrument with a duration above 3 years and upto 5 years. Presently, the scheme invests in 60-100% in debt and money market instrument with average maturity upto 1 year and upto 40% in debt instruments with average maturity greater than a year and normally upto 7 years depending upon availability.
Also, the scheme will be benchmarked against Crisil Short-term Bond Fund Index instead of Crisil Liquid Fund Index.
Existing unitholders are given an option of exit without paying any exit load between May 2, 2013 to May 30, 2013.