* Pioneer ITI Mutual Fund has planned to launch a Short-term Income Fund. The fund will open for subscription from January 28 to January 31, 2002. The scheme will reopen for investments on an ongoing basis from February 4, 2002. The scheme will predominantly invest in medium-term fixed income securities and will maintain the average maturity of the scheme between 4 and 12 months. The scheme offers a choice of growth and dividend options.
Under the dividend option, investors can choose to receive their dividends on a weekly, monthly or quarterly basis. Minimum investment will be of Rs 1 lakh and in multiples of Rs.1000 thereafter. There is no entry/exit load in the fund. The fund is suitable for investors having time horizon of 3-months to 1 year.
* UTI Bond, a medium-term debt fund has announced its first quarterly dividend of 3 per cent (Rs 0.30 per unit). The record date for the same has been set as January 24, 2002. There would be a book closure from January 25 to January 27, 2002.
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UTI Bond Fund was launched in June 1998. The fund has recently introduced its dividend option on October 1, 2001. A dividend reinvestment facility is also provided under the dividend option.
The fund has built a portfolio of corporate debentures since inception and has largely steered clear of government securities (gilts). Thus, the fund aims at generating returns by earning a steady interest income with little emphasis on trading profits. The growth option has posted an annualized return of 12.89 per cent since launch.
* IL&FS Mutual Fund has announced a collection of Rs 62 crores during the initial public offering period of its newly launched funds 'IL&FS Gilt Fund' and 'Short-term Plan under the IL&FS Bond Fund'. The IL&FS Gilt Fund collections grossed Rs 24 crores (approx.) and the Short-term Plan in the IL&FS Bond Fund collected Rs 38 crores (approx.).
The initial public offer for both the schemes opened on January 14, 2002 and closed on January 21, 2002. These will reopen for subscription and redemption on a daily basis from January 28, 2002.