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Friday, January 09, 2009

Canara Robeco Income Fund limits on application amount

The Fund will not accept application for Rs 1 crore and above

Canara Robeco Mutual Fund has decided to restrict sale of units as the asset under management (AUM) of the Canara Robeco Income Fund crossed Rs 350 crore.

The fund has acquired more than Rs. 350 crore of AUM (corpus of nearly Rs 363.56 crore at end of 31 December 2008). The Trustees have decided to limit the maximum amount of application to Rs. 1 crore and above in order to protect interest of the continuing investors. But, the fund will continue to accept application amount for less than Rs 1 crore.

The fund shall re-open sale of units for application of Rs 1 crore and above as and when the AUM fall below Rs 350 crore.

Canara Robeco Income Fund is an income fund aims to generate income and capital generation through a low risk strategy by investing in debt securities and money market instruments.

The NAV of the fund stood at Rs 18.04 as on 7 January 2009.

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