UTI Mutual Fund converts its scheme into open ended scheme

UTI Mutual Fund has declared that its UTI India Lifestyle Fund, which is a close ended scheme, will be converted to an open ended scheme. The change will be effective from 16th July, 2010. After the conversion to open ended scheme the fund will charge 1 per cent exit load, if units are redeemed within 1 year from the date of allotment. UTI India Lifestyle Fund is an equity scheme, with investment objective to provide long term capital appreciation and/or income distribution from a diversified portfolio of equity and equity related instruments of companies that are expected to benefit from changing Indian demographics, Indian lifestyles and rising consumption pattern. The scheme is benchmarked against CNX 500.

Source: http://finance.indiamart.com/cgi-bin/mutual_top_stories.cgi?news_headline=UTI+Mutual+Fund+converts+its+scheme+into+open+ended+scheme@MF045