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HSBC Mutual Fund has again altered the load structure of its equity scheme. The load is linked to the amount of investment. For investments of less than Rs 25 lakh, the load will be 2 per cent, and for between Rs 25 lakh and Rs 3 crore, it will be 2 per cent.

Investments in excess of Rs 3 crore will have no entry load. For HSBC Income Fund Investment Plan, an exit load of 0.25 per cent is applicable for investments between Rs 10 lakh and Rs 50 lakh and 0.5 per cent for investments of less than Rs 10 lakh has been levied. These will be levied if funds are redeemed within 90 days and 180 days of investment respectively.

HSBC dividend option: HSBC Mutual Fund has introduced a dividend option in HSBC Institutional Income Fund and HSBC Cash Fund. For the former, the dividend option will be available in both the Short Term Plan as well as the Investment Plan, with a facility to reinvest the dividend. The frequency of dividend will be fortnightly and quarterly for these two plans respectively.

US-64 book closure: The books of US-64 will be closed between April 5 and 17 to issue bonds to investors whose unit value is Rs 5,000 or above as of May 31, 2003. Investors have the option of getting a tax-free bond with a coupon of 6.75 per cent per annum at the time of converting the units.

Alliance dividends: Alliance Capital Mutual Fund has announced a dividend of 10 per cent (Rs 1 per unit) for the Dividend Plan of The Alliance 95 Fund. The record date for the dividend was March 28. Alliance Capital has announced a dividend of 5 per cent (Rs 0.5 per unit) on the Dividend Plan of Alliance Equity Fund.

Investors as of March 24, 2003 are eligible for the dividend. A dividend of 0.3 per cent has been declared for the Short Term Plan of Alliance Govt. Securities Fund for the period ending March 17, 2003. In the same scheme, a dividend of 1 per cent has been announced for the Long Term Plan for investors as of March 17.

UTI RIS dividend: UTI Mutual Fund has announced a dividend of 0.65 per cent for the UTI Regular Income Scheme. Investors as of March 26 and who are in the income option will be eligible for the dividend.

This is the second such income distribution in the scheme that was launched in September 2002. The fund has net assets of about Rs 158 crore.

Templeton MIP dividend: Templeton India Mutual Fund has announced a dividend of 0.6 per cent of the Monthly Dividend Plan of Templeton Monthly Income Plan. The dividend is for 28 days and the record date is March 25 2003.

SBI MIP dividend: SBI Mutual Fund has announced a dividend of 7.75 per cent for Magnum Monthly Income Plan - Annual Dividend Option. The record date for the dividend is March 28, 2003.

ING dividend: ING Savings Trust has announced a dividend of 40 paise for the ING Income Portfolio Regular Option (Dividend Plan) and the ING Income Portfolio Institutional Plan (Dividend Plan). The record date is March 26, 2003.

PruICICI Floating Plan: Prudential ICICI Mutual Fund has introduced a Prudential ICICI Floating Rate Plan. The minimum investment amount is Rs 1,00,000.

The fund will invest is a fix of floating and fixed rate securities. The focus would be on money market instruments with tenure of less than 182 days. The floating rate component of the portfolio may be 65-100 per cent.

US-64 prices: The repurchase price for unit holdings of up to 5,000 units (enhanced from 3,000 units) is Rs 11.80 per unit in April 2003 under the Special Liquidity Package.

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

The price for March was Rs 11.50 per unit. For holdings of over 5,000 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 on May 31, 2003, if the units are held till then. If redeemed earlier, the redemption will be at NAV-based prices.

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. Investors have the option of receiving government of India-backed bonds with a coupon of 6.75 per cent per annum and a tenure of five years.

BL Research Bureau

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