UTI Mutual Fund launched UTI Fixed Term Income Fund- Series IV-Plan 1, a close-ended income scheme. The scheme, which will have a maturity of 15 months, opens for subscription on 10 January 2008 and closes on 16 January 2008. Being a close-ended scheme, it will not have any entry load. However, an exit load of 3% or unamortized expenses, whichever is higher will be levied if redeemed before due date.
The investment objective of the scheme is to generate regular returns by investing in a portfolio of fixed income securities. The scheme will invest 30% - 100% in debt instruments including investment in securitised debt up to 100%. The investment in money market instrument will be up to 70%.
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