The Hindu Business Line : UTI launches India Lifestyle Fund

UTI Mutual Fund has launched UTI –India Lifestyle Fund, a 3-year close-ended equity oriented scheme, with automatic conversion into an open –ended scheme upon maturity. The investment objective of the scheme is to provide long term capital appreciation and income distribution from a diversified portfolio of equity and equity related instruments, of companies that are expected to benefit from changing Indian demographics, Indian lifestyles and rising consumption pattern.

Asset allocation: Equities instruments 65- 100 per cent; other equity & equity related instruments: 0-35 per cent, Debt and Money Market Instruments including Securitised Debt: 0-20 per cent. Minimum one time investment is Rs 5,000 and in multiplies of Re 1 thereafter without any upper limit. The fund would not charge any entry load during the NFO while the exit load is nil, but an early exit charge equivalent to the unamortised NFO expenses will be recovered from the investor in case of premature redemption.

Birla Sun Life Mutual fund has announced change in exit load structure for the following equity funds - Birla Sun Life Equity Fund, Birla Sun Life Frontline Equity Fund, Birla Mid Cap Fund, Birla Sun Life’95, Birla India Genext Fund and Birla Top 100 Fund. Effective July 1, 2007, these funds have started charging an exit load of 0.50 per cent on investments up to Rs 5 crore, if redeemed within six months. The entry load remains unchanged. The funds continue to charge an entry load of 2.25 per cent for investments less than Rs 5 crore.

Principal PNB Mutual has announced that it will revise the load structure of its funds with effect from July 9. Under Principal Balanced Fund, it will start charging an exit load of 0.5 per cent for redemption within 180 days.

There is no change in the entry load. In Principal Child Benefit Fund –Career Builder Plan, the fund will not charge entry load of 2.25 per cent for investments above Rs 3 crore. There would be no exit load on redemption after 180 days, but for redemption within 180 days, an exit load of 0.5 per cent will be charged.

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