With an objective of generating return through active management of debt and money market instruments, this fund performed well in 2008 and early part of 2009 when the interest rates were very volatile. In a rising interest rate scenario of last one year, the fund has taken a defensive role to stay predominantly with money market instruments (averaging between 30% to 50%) and thus giving returns on par with short term funds. The fund occasionally takes a marginal call on Govt. securities as per the market valuations. The fund is being managed by Mr. Maneesh Dangi, Birla SL AMC's fixed income head. This fund can complement a typical, held to maturity, income fund.

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