UTI Mutual Fund, the country's oldest fund, has launched its unique 'UTI Wealth Builder Fund-Series II', an open ended equity oriented scheme in the Indian market.

UTI claims that UTI Wealth Builder Fund-Series II is the first of its kind in the mutual fund industry to offer asset allocation which combines traditional as well as non- traditional asset class i.e. Equity and Gold. 

The investment goal of the Scheme is to attain long term capital appreciation by investing predominantly in a diversified portfolio of equity and equity related instruments along with investments in Gold ETFs and Debt and Money Market Instruments.

The scheme aims at investing 65% to 100% in equity and equity linked instruments, 0% to 35% in gold ETF`s and 0% to 35% in debt and money market instruments. It will offer both growth and dividend option.

The minimum investment amount will be Rs 5,000 and in multiples of Re. 1 thereafter. 

The scheme will charge an entry load of 2.25% for investment less than Rs 2 crore and exit load of 1% for 365 days after allotment of the scheme.

The new fund Offer closes on November 18, 2008 and the scheme will re-open for purchase and redemption not later than 30 days from the closure of the NFO period. 

The fund house is targeting to raise Rs 700 crores from the latest product.