Edelweiss Monthly Income Plan

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Edelweiss Mutual fund announced the following changes in Edelweiss Monthly Income Plan.

 

New Name: Edelweiss Debt and Corporate Opportunities Fund

Old Name: Edelweiss Monthly Income Plan

Type of scheme will be changed to Open-ended Hybrid scheme. Presently it is, an open-ended Income scheme.

 

The proposed change will allow the fund to allocate 50-100 per cent of its assets in debt and money market instruments with average maturity of up to 3 years, and the remaining in equity and equity related instruments. Presently, the scheme has been investing 70-100 per cent assets in debt and money market instruments.

 

The proposed investment strategy is the scheme will be investing a substantial portion of its assets in debt and money market instruments and a varying portion in equity and equity related instruments resulting from Arbitrage and Corporate Actions related opportunities. The fund will not take directional call in equity markets, that is why hybrid index has been chosen such that it is most suited for comparing the performance of scheme.

 

Proposed benchmark will constitutes 85 per cent CRISIL Short Term Bond Fund and 15 per cent CNX 500 Index. Presently it is, CRISIL MIP Blended Fund Index.

Dividend declared will be subject to availability of distributable surplus. Currently it is, declared on Monthly basis i.e. on last day of the month.

 

Proposed options or plans under the scheme will be growth option, dividend option and bonus option. Presently it has growth option, monthly dividend option and bonus option.

 

The above mentioned changes will be effective from May 16, 2014.

The quantum of dividend shall be Rs 0.0389 per unit. The record date has been fixed as April 03, 2014.

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