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LIC Mutual Fund, the asset management company of Life Insurance Corporation, announced the launch of its gilt fund in Mumbai yesterday.

The scheme, LICMF Government Securities Fund, will remain open for initial subscription from November 15 to November 29,1999.

The scheme will reopen for sales and repurchases on December 10 at Net Asset Value.

"The scheme is ideally suited for all categories of risk-averse investors: both, institutional and retail," said R G Sharma, chief executive officer, LICMF.