UTI Dividend Yield Fund declares 6 pc dividend

Mumbai, Aug 01 (UNI) UTI Mutual Fund has declared a tax-free dividend of six per cent (Rs 0.60 per unit on face value of Rs 10) under the dividend option of its Dividend Yield Fund.

The record date for the dividend has been fixed on August two, an official release issued here said.

The scheme has declared a third dividend since its launch in April 2005. Earlier the scheme had declared a seven per cent dividend (Rs 0.70 per unit on face value of Rs 10) twice, once in October 2005 and later in February 2006.

All unitholders registered under the dividend option of UTI Dividend Yield Fund as on August two will be eligible for this dividend.

Pursuant to the payment of dividend, the NAV (net asset value) of the dividend option of the scheme concerned would fall to the extent of payout and statutory levy if any.

The NAV per unit as on July 31, 2006, was Rs 11.21 under the dividend option.

UTI-Dividend Yield Fund is an open-ended equity oriented scheme.

The investment objective of the scheme is to provide medium to long term capital gains and/or dividend distribution by investing predominantly in equity and equity related instruments, which offer high dividend yield.

Dividend yield is considered as high if it is greater than the dividend yield of the Nifty last released or published by NSE.

UTI Mutual Fund has assets under management of Rs 30,115 crore and investor accounts of over seven million under its 57 domestic schemes (as of June 30, 2006).

UNI SN MJ AW1915