Fidelity MF has notified that with effect from February 23, 2009, Fidelity Short Term Income Fund will be converted into a flexi bond fund - Fidelity Flexi Bond Fund. The portfolio of the proposed scheme will be constructed and managed without any restriction in terms of average maturity of the portfolio (currently, 4 years). The performance of the scheme will be benchmarked against Crisil Composite Bond Fund Index.
The following will be the features of the proposed scheme:
Investment Management Fee: 0.6750% (Retail Plan), 0.5250% (Institutional Plan)
Total Recurring Expenses: 1.75% (Retail Plan), 1.25% (Institutional Plan)
All other features of the scheme will remain the same. Investors not in agreement of the proposed change are given an option to redeem or switch-over to the scheme of the Fund House between January 15, 2009 to February 20, 2009 without any exit load.