UTI Mutual Fund has launched
a new fund named as UTI Fixed Term Income Fund - Series XXIV - VI (1181 Days),
a close ended income scheme.
The duration of the scheme is 1181 days from the
date of allotment. The New Fund Offer (NFO) price for the scheme is Rs 10 per
unit. The new issue will be open for subscription only on 01 March 2016.
The investment objective of
the scheme is to generate returns by investing in a portfolio of fixed income
securities maturing on or before the date of maturity of the scheme.
The scheme offers growth
option, quarterly dividend option with payout and reinvestment facility, flexi
dividend option with payout and reinvestment facility, annual dividend option
with payout and reinvestment facility and maturity dividend option with payout
facility.
The scheme would allocate
80%-100% of assets in debt instruments with low to medium risk profile and
invest upto 20% of assets would be allocated to money market instruments with
low risk profile. The minimum application amount is Rs 5000 and in multiples of
Rs 10 under all the options.
The fund seeks to collect a
minimum subscription (minimum target) amount of Rs 20 crore under the scheme
during the NFO period.
Entry and exit load charge
will be nil for the scheme.
Benchmark Index for the
scheme is CRISIL Composite Bond Fund Index.
Sunil Patil is the fund
manager for the scheme.
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