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Tuesday, June 02, 2009

Fidelity MF Announces merger of two schemes

With effect from 10 July 2009

Fidelity Mutual Fund has announced the merger of Fidelity Multi Manager Cash Fund (FMMCF), a cash fund of funds scheme with Fidelity Cash Fund (FCF), an open ended liquid scheme, with effect from 10 July 2009. Fidelity Multi Manager Cash Fund shall cease to exist from 10 July onwards.

The investment objectives of both the aforesaid schemes are similar i.e. to provide reasonable returns with low risk and therefore to avoid product overlapping, keeping in mind the interest of unit holders and to benefit from economies of scale, it is proposed to merge FMMCF with FCF.

The unit holders under FMMCF are requested to note that there will be a fresh issue of units of FCF in lieu of units held on 09 July 2009 in FMMCF and such transaction shall be treated as redemption of units in FMMCF and may entail a capital gain or loss in the hands of FMMCF investors. In case a lien is marked on the units held in FMMCF, then the fresh units allotted in FCF will also be subject to lien. The units' allotment in FCF shall be treated as a fresh subscription in FCF.

The investment objective, investment pattern, annual recurring expense structure and all the other provisions as contained in the scheme information document of FCF will remain unchanged post the proposed merger. Thus, no new scheme will come into existence as a result of the proposed merger.

The fund house has given option to the investors who do not wish to accept the proposed merger, can switch to other schemes of Fidelity MF or redeem their investments without being charged an exit load from 03 June 2009 to 08 July 2009 (both days inclusive).

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