UTI MF has notified merger of units of UTI Index Select Fund into UTI Mastergrowth Unit Scheme w.e.f. May 21, 2009. Further, the following fundamental attributes under UTI Mastergrowth US will be revised w.e.f. May 20, 2009:
Name: UTI Top 100 Fund
Investment Objective: The fund will seek to generate long term growth by investing in the top 100 companies of India by market capitalization.
Asset Allocation: Minimum 65% of the assets under management will be invested in equity and equity related instruments of top 100 companies of India by market capitalization. The balance will be invested in other equity and debt/money market instruments.
Benchmark: BSE 100
Fund Manager: Harsha Upadhyaya
The aforesaid changes being fundamental in nature to the schemes, require that the investors be given an option to exit the schemes without any exit load. Accordingly, all investors under the schemes will be able to redeem their investments without any exit load from 21st April to 20th May, after which the book closure period will be upto May 25, 2009.