An open ended low duration debt scheme investing in instruments such that the Macaulay Duration# of the portfolio is between 6 months and 12 months. A relatively high interest rate risk and moderate credit risk.

The Scheme shall endeavour to develop a well-diversified portfolio of debt (including securitised debt) and other instruments. The Scheme would endeavour to generate returns commensurate with low levels of interest rate risk.

#Macaulay Duration (Duration) measures the price volatility of fixed income securities. It is often used in the comparison of interest rate risk between securities with different coupons and different maturities. It is defined as the weighted average time to cash flows of a bond where the weights are nothing but the present value of the cash flows themselves. It is expressed in years. The duration of a fixed income security is always shorter than its term to maturity, except in the case of zero coupon securities where they are the same.