Nippon India Mutual Fund has introduced the Income Plus Arbitrage Omni Fund of Fund, an open-ended hybrid fund of funds scheme that invests in domestic active and passive debt-oriented and arbitrage mutual fund schemes. The scheme is structured to keep exposure to debt mutual fund schemes, debt and money market instruments, including triparty repo on government securities, treasury bills, cash and cash equivalents, below 65 per cent at all times. Unlike debt or arbitrage funds where investors bear the tax burden each time they switch between schemes, rebalancing within this fund of funds does not trigger a tax liability for investors, as the fund manager handles allocation internally. The fund targets investors with a minimum two-year horizon seeking better risk-adjusted returns, those who prefer delegating fund selection to a professional manager, and high-net-worth individuals focused on post-tax efficiency. Mutual fund investments are subject to market risks.