Mf Newsline

All open-end debt schemes of Kotak Mahindra Mutual Fund (KMMF) have been granted the status of public securities by Maharashtra Government under the Bombay Public Trusts Act 1950. Public Charitable and Religious Trusts can now invest in Kotak Mahindra's K Liquid, K Gilt and K Bond Schemes.

Unit Trust of India has announced the book closure for Unit Scheme '64 from June 1 to July 2, 2001. The book closure of US '64 is an annual event for dividend declaration which is anxiously awaited. And for understandable reasons - US '64 is not only the oldest and largest fund in India.

The past few years have been fairly bumpy for US '64 and given the present state and what it is likely to become, the fund will never be the same again. Given the US '64 high equity allocation and the free fall in equity values, the fund's price today is likely to be above its real worth. And if the market does not turnaround by June, then the fund will have little in hand to please investors.

UTI has also announced the dividend rates for its Monthly Income Plans(MIP) for the period April 2001-March 2002. The dividend rates for the monthly dividend option in MIP 95 and MIP 96 (IV) would be 5 % p.a. payable monthly. The monthly dividends for MIP 96(II), MIP 96 (III), MIP 99 (II) and MIP 2000 would be 9 % p.a. payable on a monthly basis.

The dividends for the monthly and annual option of MIP 2000 (II) for the period July 2001-March 2002 would be 9% (payable monthly) and 9.38 % respectively. Also the dividend for MIP 2000 (III) for the period November 2001- March 2002 would be 9% and 9.38 % for the monthly dividend and Annual & Cumulative options respectively.