These are long-term debt programs that invest. In these schemes, the fund manager has the freedom to change durations according to his / her view of the movement of interest rates. Both systems can be badly hit if the call goes wrong, and vice versa. These are perfect for investors who want to leave the job of calling the fund manager for interest rates. This reduces the risk of interest rates as there is flexibility to adjust the maturity of the portfolio depending on the interest rate scenario. When interest rates fall, maturity is longer, and lower when interest rates rise. These mutual funds save in maturity securities. Maturity is calibrated to boost returns for investors on the basis of market conditions. Suitable For investors who want to invest money for longer periods of time but prefer less risky assets than equity funds.