The Hindu Business Line : Update

Principal Mutual has announced a dividend of 110 per cent and 25 per cent under Principal Personal Tax Saver Fund and Principal Growth Fund respectively.

The record date for the same is December 31.

SBI Mutual Fund has announced a dividend under Magnum Midcap Fund.

The dividend will be Rs 3.50 per unit and the record date for the same is December 31.

Birla Sun Life Mutual has announced a dividend of 3.5 per cent and 2.5 per cent under the quarterly option of Birla Dynamic Bond Fund and Birla Sun Life Monthly Income respectively. The record date is December 31.

Mirae Asset, an asset management group from Asia has received license to start Mutual Fund operations in India.

SEBI has paved way for short selling by mutual funds.

It has made enabling provisions for mutual funds to short sell as well as to lend and borrow securities and the date for the same will be announced later.

Reliance Mutual Fund announced the launch of Reliance Natural Resources Fund, an open-ended equity scheme.

The primary objective of the scheme is to generate capital appreciation and provide long-term growth opportunities by investing in companies principally engaged in the discovery, development, production or distribution of natural resources. The scheme’s also seeks to generate consistent returns by investing in debt and money market securities.

Asset allocation:The fund will invest 65-100 per cent in domestic companies.

It will invest in foreign securities to the extent permitted by SEBI/RBI from time to time. Investment in debt and money markets securities will be 0-35 percent.

Load structure: During the NFO and thereafter (including SIP) the fund will charge an entry load of 2.25 per cent for an investment below Rs 2 crore. For subscriptions of Rs 2 crore and above but less than Rs 5 crore the entry load is 1.25 per cent. The NFO is open from January 01-30 2008.

ABN AMRO Mutual has merged ABN Amro Dividend Yield and ABN Amro Opportunities Fund. ABN Amro Dividend Yield Fund will cease to exist with effect from February 10, 2008. The holders of this fund will be provided an exit option between January 1 to February 28 without any exit load.

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