Tata Mutual Fund will launch its fund of funds (FoF) scheme, Tata Plan Your Savings Fund, in July, a senior fund official said. “We may not launch the FoF scheme in June as we recently launched our Tata P/E fund. The IPO of the P/E Fund will close on June 15. FoF scheme would be launched in July,” a fund official said. The fund house had initially planned to launch the scheme by end-June. A FoF scheme is a mutual fund scheme that invests in other mutual funds schemes instead of investing in securities.