UTI Mutual Fund announced the launch of UTI-Long Term Advantage Fund-Series II. It is a ten year close-ended Equity Linked Savings Scheme with a redemption facility after an initial lock-in-period of three years from date of allotment at relevant redemption price. The investment objective of the scheme is to provide medium to long term capital appreciation along with income tax benefit. The NFO opens at a face value of Rs 10 on 19 December 2007 and closes on 19 March 2008.
The fund is offering two investment options: Growth and Dividend. The minimum investment amount in the fund would be Rs. 500. The scheme will invest 80 to100 per cent in equity and upto 20 per cent in debt and money market instruments. Swati Kulkarni is the designated fund manager for the scheme.
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