Following is the text of press release issued by
The conversion from USIF to UMMF has entailed a change in risk profile of the fund and investment policy has been accordingly modified. As per the revised offering document, at least half of the fund's assets are now required to be deployed in government securities, based on quarterly average investment.
Other investment avenues include reverse repo against government securities and placements with financial institutions under various modes. The fund may also take exposure in commercial papers, though such investment is limited to 10% of net assets.
The fund's weighted average maturity is capped at 90 days. Given the restrictions on asset allocation, the fund's exposure to credit and interest rate risk is expected to remain low. Since conversion, actual asset allocation has remained aligned with the revised policy guidelines.
For more information, contact:
VIS House, 128/C,
25th Lane Off Khayaban-e-Ittehad,
Phase VII, DHA,
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