UTI Mutual Fund launches new schemes in Goa

Panaji, Jan 10: UTI Mutual Fund announced the launch of UTI- long term advantage fund in Goa today which closes on March 20, 2007. Purchase of units will be avaiable during the New fund offer(NFO) till March 20,2007.

''UTI- long term advantage fund is ten year close ended equity linked savings scheme with a redemption facility after an intial lock- in- period of three years from date of allotment at relevnt redemption price,'' schemes' fund manager Swati Kulkarni told reporters.

''The investment objective of the scheme is to provide medium to long term capital appreciation along with income tax benefit,'' she said.

Investment made in the scheme will qualify for deduction from gross total income upto Rs 100,000/-(along with other prescribed investments) under section 80c of the income tax Act,1961, she said.

The broad investment strategy of the fund will be to invest in equity and equity related securites of well managed, high quality companies that have the potential to grow at a reasonable rate in the long term, she said.

The scheme will also invest in those emerging growth companies that have the potential to offer apprciation greater than the growth in the relevant stock market indices in the long term. The scheme aims to build and maintain a diversified portfolio, she added.

''Equity is the most appropirae asset lass to caputre the potential of the fast growing Indian Economy, through a long-term investment horizon. UTI long-term advnatage fund combines the benefit of long term investing with tax benefit. UTI MF's long expereince in equity research and long term equity investment will be an added advantage for the investors,'' she said.

UNI