ALMATY, Aug 20 (Reuters) - Kazakhstan's National Fund, which accumulates excess profits from its oil industry, plans to invest up to $1 billion in U.S. Treasury Inflation-Protected Securities $(TIPS)$, a spokesperson from the National Bank of Kazakhstan told Reuters on Wednesday.

The central bank, which manages the fund, said the move would bolster the fund's profitability and diversification.

"The acquisition of TIPS will be carried out within the framework of the portfolio of government securities of developed countries in the amount of up to $1 billion, which is about 2% of the savings portfolio of the National Fund," the spokesperson said.

According to the central bank's plan, the portfolio of developed countries' bonds will consist of fixed-interest bonds and inflation-indexed government bonds.

The National Fund subsidises Kazakhstan's budget and supports the tenge KZT= via sales of foreign currency.

As of this month, the fund contains $60.6 billion.

(Reporting by Mariya Gordeyeva. Writing by Felix Light. Editing by Mark Potter)

((Lucy.Papachristou@thomsonreuters.com;))