UTI Dividend Yield Fund declares 7% dividend

UTI Dividend Yield Fund, with an NAV of 13.05 declared a dividend of 7% with a record date of May 9, 2008 clocking an annual divident of 24% for the fiscal year 2007-2008. All unit holders registered with the dividend option or investors making fresh investments before May 9th will be eligible for this dividend.

UTI-Dividend Yield Fund is an open-ended equity oriented scheme whose objective was to provide medium to long-term capital gain and dividend distribution by investing predominantly in equity and equity related instruments, which offer high dividend yield. Dividend Yield is considered as high if it is greater than the dividend yield of the Nifty last released/ published by NSE.

Swati Kulkarni, fund manager of the scheme said, "UTI Dividend Yield Fund is positioned as a diversified equity scheme that invests primarily in stocks with high dividend yield. The scheme has a good mix of companies across various sectors and is well suited for investors with medium to low risk profile."