Reliance MF Changes Dividend Record Date Under Its Income Fund

Reliance mutual fund has decided to change the dividend record date in the offer document of Reliance Income Fund under monthly, quarterly, half yearly, annual dividend plans from 15th to 19th month under the respective plans. Accordingly, the existing text mentioned in the "Units and Offer" of the offer document of the scheme shall be replaced with revised text as follows:

"Dividend will be distributed subject to availability of distributable surplus, after deduction of taxes, such as income distribution tax plus surcharge etc as applicable on the 19th of each month under the monthly dividend plan, on the 19th June, September, December and March each year under the quarterly dividend plan; on the 19th September and March each year under the half yearly dividend plan and on the 19th March each year under the annual dividend plan or the next working day, if the 19th is a holiday/ non-business day."

Reliance Income Fund is an open-ended income scheme. The primary investment objective of the scheme is to generate optimal returns consistent with moderate levels of risk. This income may be complemented by capital appreciation of the portfolio. Accordingly, investments shall predominantly be made in debt and money market instruments.

Morgan Stanley MF Extends NFO Period For A.C.E. Fund

Morgan Stanley mutual fund has extended the new fund-offering (NFO) period of Morgan Stanley A.C.E. fund from 10 March to 11 March 2008.

Morgan Stanley A.C.E. -Across Capitalisations Equity Fund is an open-ended equity scheme. The NFO price for the fund is Rs 10 per unit plus applicable entry load. The minimum investment amount is Rs. 5000 and in multiples of Re. 1 thereafter.

The investment objective of the scheme is to generate long-term capital growth from an actively managed portfolio of equity and equity-related securities including equity derivatives.

The scheme carries entry load of 2.25% for the purchase s of less than Rs 5. It may not charge an entry load for purchase amount of Rs 5 crore and above.

For purchases of less than Rs 5 crore: The scheme may charge an exit load of 1% for the redemption on or before the expiry of 6 months from the date of allotment. If redemption is done within 6 months but before 1 year from the date of allotment, there will be 0.5% exit load charged.

For purchases of Rs 5 crore and above: There will be 0.5% an exit load charged for redemption within 6 months. No exit load will be levied for redemption after the expiry of 6 months from the date of allotment.

The scheme will invest up to 65-100% in equity and equity-related instruments, and 0-35% in debt and money market instruments including securitised debt. Investment in derivatives may be up to 50% of the net asset of the scheme. Investments in foreign securities will be up to 30% of the net asset of the scheme.

UTI MF Declares Dividend For FMP

UTI Mutual Fund has announced the dividend under dividend option of UTI Fixed Maturity Plan-QFMP/12-07/I. The record date for the declaration of dividend is 5 March 2008. The quantum of dividend will be 100% of distributable surplus available on the record date. The NAV for the scheme under retail plan was recorded at Rs. 10.2085 on 29 February 2008.

UTI Fixed Maturity Plan-QFMP/12-07/I is a close-ended umbrella income scheme seeking to generate returns through investments in debt and money market securities, normally maturing in line with the time profile of the fund.

Kotak MF Ties Up With Oriental Bank Of Commerce

Kotak Mahindra Asset Management Company entered into a distribution tie-up with Oriental Bank of Commerce (OBC). Under the agreement, OBC will offer the entire bouquet of Kotak Mutual fund’s products across the bank’s branches.

Mr. Sandesh Kirkire, Chief Executive Officer, Kotak Mahindra Asset Management Company said, “The banking network is one of the best approaches to reach out to retail investors. Offering advice on mutual fund investments is an extension of the value-added services that are offered by banks. As experts in the field of wealth creation in India, our tie-up with OBC will reinforce our commitment to expand retail participation. With this tie-up customers will gain easy access to the various schemes of Kotak Mahindra AMC at the branches where they do their banking transactions.”

“This tie-up between the two large players in their respective fields will be mutually rewarding. OBC can leverage its unmatched branch network and customer base to cross sell a range of mutual fund products and thus open up a new revenue stream. For Kotak Mahindra AMC, the tie up will enable it to tap into OBC’s huge network and customer base”, he added.

Mr. Alok K. Misra, Chairman and Managing Director, Oriental Bank of Commerce said, “OBC through its well spread network of branches in metro, urban, semi-urban and rural centres can reach various segments of customers and familiarize the new investment opportunities. We have taken one more step in this direction by signing a Memorandum of Understanding with a well known mutual fund i.e. Kotak Mahindra, to offer additional investment products to the customers of our Bank. The customers of our Bank now have more products in the basket to choose from.”

Birla Sun Life MF Declares Dividend

Birla Sun Life Mutual Fund has announced the declaration of dividend on the face value of Rs 10 per unit for Birla Sun Life Quarterly Interval Fund-Series 1. The record date is set as 4 March 2008. The fund house has decided to distribute 100% of surplus available under option as on record date. The NAV for the scheme was Rs. 10.2145 as on 28 February 2008.

Birla Sun Life Quarterly Interval Fund-Series 1 is an interval income fund that seeks to generate regular income through investments in debt and money market instruments.

Standard Chartered MF Declares Dividend

Standard Chartered Mutual Fund has announced a dividend of 0.10% i.e. Re 1 per unit on the face value of Rs 10 in its open-ended equity scheme – Standard Chartered Arbitrage Fund – Plan A and B. The objective of the scheme is to generate capital appreciation and income by predominately investing in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and m money market instruments.

The record date for the same has been fixed as 7 March 2008. The NAV under Plan A of the scheme as on 28 February 2008 was Rs 10.10.5161. The NAV under Plan B of the scheme as on 28 February 2008 was Rs 10.5821.

Reliance MF Changes Dividend Record Date Under Its Income Fund

Reliance mutual fund has decided to change the dividend record date in the offer document of Reliance Income Fund under monthly, quarterly, half yearly, annual dividend plans from 15th to 19th month under the respective plans. Accordingly, the existing text mentioned in the “Units and Offer” of the offer document of the scheme shall be replaced with revised text as follows:

“Dividend will be distributed subject to availability of distributable surplus, after deduction of taxes, such as income distribution tax plus surcharge etc as applicable on the 19th of each month under the monthly dividend plan, on the 19th June, September, December and March each year under the quarterly dividend plan; on the 19th September and March each year under the half yearly dividend plan and on the 19th March each year under the annual dividend plan or the next working day, if the 19th is a holiday/ non-business day.”

Reliance Income Fund is an open-ended income scheme. The primary investment objective of the scheme is to generate optimal returns consistent with moderate levels of risk. This income may be complemented by capital appreciation of the portfolio. Accordingly, investments shall predominantly be made in debt and money market instruments.

DSP Merrill Lynch MF Launches Natural Resources And New Energy Fund

Name of Fund: DSP Merrill Lynch Natural Resources And New Energy Fund

Scheme: It is an open-ended equity growth scheme.

Objective: The primary investment objective of the scheme is to seek to generate capital appreciation and provide long term growth opportunities by investing in equity and equity related securities of companies domiciled in India whose pre-dominant economic activity is in the discovery, development, production, or distribution of natural resources, viz., energy, mining etc; alternative energy and energy technology sectors, with emphasis given to renewable energy, automotive and on-site power generation, energy storage and enabling energy technologies.

Asset Allocation: The fund will invest can invest 65-100% in equity and equity related securities of companies domiciled in India, and principally engaged in the discovery, development, production or distribution of natural resources and alternative energy.

It may invest 0-35% in equity and equity related securities of companies domiciled overseas, and principally engaged in the discovery, development, production or distribution of natural resources and alternative energy, in units/shares of Merrill Lynch International Investment Funds – New Energy Fund, Merrill Lynch International Investment Funds – World Energy Fund and similar other overseas mutual fund schemes.The scheme may invest 0-20% of the scheme’s net assets in debt and money market securities.

Fund Opens: 3 March 2008

Fund Closes: 27 March 2008

Face Value: Rs 10.

Investment Options: The scheme has two plans i.e. regular and institutional plan. Both plans will provide growth and dividend payout and reinvestment option.

Entry Load: The scheme charges an entry load under regular plan and not for institutional plan.

Accordingly, under regular plan, there will be 2.25% an entry load be charged for the purchase amount less than Rs. 5 crore and for purchase amount greater than or equal to Rs. 5 crore, it may not levy any entry load.

Institutional plan does not carry any entry load.

Exit Load:

Under regular plan, the scheme charges an exit load for holding period from date of allotment up to 6 months, it may levy 1% an exit load, it reduced to 0.50% if redemption is made on or after 6 months but before 12 months. If redemption is done on or after 12 months, it may not ask any exit load.

Institutional plan may not impose exit load.

Minimum Investment Amount: The minimum investment amount under regular plan will be Rs. 5,000 and in multiples of Re. 1 thereafter. The investment under institutional plan will be of Rs.5 crore and in multiples of Re. 1 thereafter.

Target Amount: Rs 1 crore

Benchmark Index: 35% BSE Oil & Gas; 30% BSE Metals; and 35% MSCI World Energy

Fund Manager: Mr. Anup Maheshwari