TRAM riders considering investing in a mutual fund are being given encouragement from Fidelity Investments. It has became the first mutual fund manager to banner itself across a forest green tram. It is part of a visible move by fund managers to promote their companies. The Securities and Futures Commission (SFC) is in the process of reviewing a Investment Funds Association (IFA) endorsed proposal to allow companies like Fidelity to advertise on radio and television. Mutual fund managers and unit trust providers can advertise their company in print, but any printed advertisement promoting their products rather than their image must be accompanied by a warning. If the product is a mutual fund, for example, the advertisement might read: ''Warning: funds may go up and down''. And advertising over the air waves is prohibited. Although nothing has been finalised, it is believed the SFC is about to amend the code on unit trust and mutual funds. But not without caveats. When advertising on radio or television, fund managers most likely will be required to provide some sort of warning, probably read as a voice over. Mutual fund managers have expressed disappointment over this restriction, but are pleased the code is being liberalised. ''We're a little disappointed,'' said Mr Richard Wastcoat, Fidelity's regional director of retail marketing. ''I think that's a little too cautious.'' According to Mr Michael White, chairman of the IFA, increased recognition is what the industry needs. ''The fund management industry has not had enough recognition. People don't talk enough about us. We are going to try to raise the profile.'' Having spent $2 million in advertising in February, about double the amount spent a year ago, Fidelity will be among those pushing ahead.