UTI- Wealth Builder Fund declares tax-free dividend of 8%

UTI- Wealth Builder Fund declares tax-free dividend of 8% (Rs.0.80 per unit on face value of Rs.10/-). Pursuant to the payment of dividend, the NAV of the dividend option of the scheme would fall to the extent of payout and statutory levy if any.

The record date for the dividend is June 8, 2009.

All unitholders registered under the dividend option of UTI- Wealth Builder Fund as on June 8, 2009 will be eligible for this dividend.

The NAV per unit as on June 1, 2009 was Rs.12.08 under the dividend option.

UTI-Wealth Builder Fund is a close-ended equity scheme with a maturity period of 5 years with automatic conversion into an open-ended scheme upon maturity of the scheme.

The objective of the scheme is to achieve long term capital appreciation by investing predominantly in a diversified portfolio of equity and equity related instruments. The scheme invests in equity and equity related instruments to the extent of 65 -100% and 0-35% in debt and money market instruments

Mr Harsha Upadhyaya, Fund Manager of UTI Wealth Builder Fund said, “The scheme aims to build and maintain a diversified portfolio of equity stocks that have the potential to appreciate in the long term. The scheme also utilises derivatives to hedge the portfolio.”

About UTI Mutual Fund
UTI Mutual Fund is a SEBI registered mutual fund whose Sponsors are State Bank of India, Punjab National Bank, Bank of   Baroda   and Life Insurance Corporation of India.

UTI Mutual Fund has assets under management (average) of Rs.63437.87 crore and investor accounts of over 9.68 million under its 82 domestic schemes (as of May 31, 2009).