Chola Mutual Fund is planning to launch a floating rate fund. The initial subscription period for the fund will be only a day-long, i.e., August 9, 2004 and from the next day the fund will operate as an open-ended fund. The fund intends to create a portfolio comprising substantially of floating rate debt instruments, money market instruments and fixed rate debt instruments swapped for floating rate return.
Investors in the fund will have the option of choosing between the dividend and the growth option. Moreover, there is no entry or exit load on investors. The minimum application amount is Rs 25,000 and thereafter in multiples of Rs 1,000.
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