Launched by Unit Trust of India in year 1964, it is the oldest fund in Indian Mutual Fund Industry. The fund aims to safeguard the interests of common investors from volatile market conditions by parking their funds in a balanced portfolio managed by experts. The fund has regularly distributed the surplus income of the fund to investors as dividends and bonus issues.

However, in recent times, the scheme has been in the eye of the storms of the worst kinds and for all the wrong reasons. The reserves of the scheme had turned negative in 1999 and it had to be bailed out. In 2001 again, the problems in the portfolio emerged and the scheme had suspended resale transactions in the scheme till January 2002 in order to restructure the portfolio. Following a public outcry against such a move, UTI has decided to open the scheme for repurchase for a maximum limit of 3000 units. However, fresh sale of units shall remain suspended till December 2001. The fund house has also stated that it would convert the US 64 into NAV based by Jan 2002.