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S. Vaidya Nathan

THE Unit Trust of India (UTI) has announced a bonus in the ratio of 1:10 (One unit for every ten units held) on the Unit Linked Insurance Plan (ULIP 1971). The record date for this was December 19. A bonus of 1:10 had earlier been announced in July 2002.

The UTI has stated that the scheme's performance has improved through a portfolio restructuring with a greater tilt on G-Secs. As of September 30, 2002, 37 per cent of the fund's assets were in G-Secs, and NPAs were less than 1 per cent of assets.

Open-end Mastershare: UTI plans to make its close-end scheme Mastershare 1986 open-ended. This proposal will be considered at a meeting of the board of trustees on December 23. The fund had an asset base of Rs 1,020 crore as of December 12.

Tata MF dividend: Tata Mutual Fund has announced a dividend of 0.644 per cent in the Monthly Dividend Option and 0.244 in the Quarterly Dividend Option of Tata Income Fund. The Monthly Dividend Option and Quarterly Dividend Option have given annualised returns of 9.8 per cent and 4.3 per cent respectively since launch.

Templeton dividends: Templeton Mutual Fund has announced a dividend of 7.5 per cent for the dividend plan of Templeton India Government Securities Fund, 4.5 per cent for Templeton India Income Fund and 2 per cent for Templeton India Floating Rate Income Fund (Long-Term Plan Dividend Option). The record date for the dividend was December 13. The dividend is for a period of 91 days ending December 13.

PruICICI loads: Prudential ICICI Mutual Fund has removed the exit load on investments exceeding Rs 5 crore on its Prudential ICICI Short Term Plan. There is no entry load as usual. The exit load of 0.25 per cent of NAV on amounts less than Rs 5 crore and redeemed within 15 days continues.

For the Prudential ICICI Income Plan too, there is no entry load. A three-tier exit load structure has been announced. For amounts in excess of Rs 5 crore, there is no exit load. For investments between Rs 5 lakh and Rs 5 crore, the exit load is 0.25 per cent of NAV if the amount is withdrawn within three months. For investments of less than Rs 5 lakh, there is an exit load of 0.50 per cent of NAV if funds are redeemed within six months.

IGF liquidation: Shareholders of India Growth Fund have approved the liquidation and dissolution of the offshore equity scheme. The board of directors had made a proposal to this effect earlier. The fund will distribute most of the liquidation proceeds by March 2003.

The fund will delist from the New York Stock Exchange where it trades on the IGF symbol. The close-ended fund's investment advisor is the UTI Investment Advisory Services.

Deutsche Income Fund: Deutsche Mutual Fund plans to launch an income fund targeted at institutional investors, banks and high net worth individuals.

The fund will offer growth and dividend options and there will be no entry or exit loads. The minimum amount is Rs 1 crore per application and in multiples of Rs 10,000. Investors can switch between the growth and dividend options at NAV-based prices.

BoB Short Term Plan: BoB Mutual Fund has introduced a Short Term Plan under the BoB Income Fund. The initial offer period was between November 28 and December 4, 2000. The scheme is available on an ongoing basis from December 8, 2002. The fund offers dividend and growth options. The minimum investment is Rs 10,000.

US-64 prices: The repurchase price for unit holdings of up to 5,000 units (enhanced from 3,000 units) is Rs 11.50 per unit in December under the Special Liquidity Package.

The package was offered from August 2001 at Rs 10 per unit and is due to end in May 2003 at Rs 12 per unit.

The price for November was Rs 11.40 per unit. For holdings in excess of 50,00 units, a repurchase facility linked to the NAV is available from January 2, 2001.

For such holdings, an assured repurchase price of Rs 10 per unit or NAV, whichever is higher, is available on May 31, 2003, if the units are held till then.

The redemption will be at NAV-based prices if it carried out before May 31, 2003.

For less than 5,000 units, the assured repurchase price for May 2003 is Rs 12 per unit. These special repurchase prices will also be available beyond May 2003.

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