UTI Money Market Fund has declared a weekly dividend of 0.095% (Rs. 0.0095 per unit on a face value of Rs.10), resulting in tax-free annualised return of 5.06% to the investors and 5.71% annualised outflow for the scheme. The investors existing in the books on the close of business of 3 June 2003 and have opted for income option, are eligible for the dividend. The book closure for the scheme is on 3 June 2003.

UTI MMF is an open-end money market scheme, which seeks to provide highest possible current income by investing in diversified portfolio of short-term money market securities. The NAV as on 29 May 2003 is Rs. 17.0178 under income option and Rs 17.1230 under growth option and the total assets under management is Rs. 490 crore.

The minimum investment is Rs. 10,000 and sale and repurchase are at daily NAV. The scheme offers two options (1) Growth Option and (2) Income Option

The scheme is handled by UTI Bank at 16 centres and the scheme could be ideal for individuals and institutions for temporary parking of surplus funds as well as for short-term investments.

Source: Capitalmarket.com