UTI Mutual Fund announces two NFOs

Ahmedabad, Jan 3 (UNI) UTI Mutual Fund has announced two NFOs(new fund offers), the UTI-Capital Protection Oriented Scheme(COPS) Series I and UTI-Long Term Advantage Fund(LTAF).

COPS is a close ended capital protection oriented scheme with a theree-year plan and a five-year plan, said Mr A H Mittal, regional sales head (west) while addressing mediapersons here today.

As its primary objective, COPS aims to protect the capital by investing in high quality fixed income securities and generate capital appreciation by investing in equity and equity-related instruments as secondary objective, Mr Mittal said adding it has been rated AAA(SO) by Crisil.

The face value of the units is Rs 10 and the scheme closes at the end of NFO period on January 26, 2007.

LTAF on the other hand is a 10-year close ended equity-linked savings scheme with a redemption facility after an initial lock-in period of three years from the date of allotment at relevant redemption price, said Ms Swati Kulkarni, fund manager, UTI Asset Management Company.

She said LATF is a scheme for those investors who are risk averse. It also provides medium to long-term capital appreciation along with income tax benefit. Investment made in the scheme will qualify for deduction from gross total income upto Rs one lakh under section 80C of I-T Act, she added.

Face value of the units is Rs 10 and the units can be purchased only during NFO period until March 20, 2007.

UNI