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Edelweiss Monthly Interval 1 to be renamed as Short-term Income Fund


Edelweiss Mutual Fund has announced that with effect from April 27, 2011, Edelweiss Interval Fund – Edelweiss Monthly Interval Fund – Series 1, an interval income scheme will be converted into an open ended income scheme.

Following are the proposed changes in features:
Name of the Scheme: Edelweiss Interval Fund – Edelweiss Monthly Interval Fund – Series 1 will be renamed as Edelweiss Short Term Income Fund.
Type of the Scheme: An open ended income scheme.
Asset Allocation: It would allocate 80% to 100% of its assets in debt and money market instruments with average maturity less than or equal to 3 years. It would also allocate upto 20% of its assets in debt instruments with average maturity of more than 3 years but not exceeding 5 years.
Exit Load: Exit load will be 0.50 per cent if the units are redeemed / switched-out on or before 180 days from the date of allotment.
Benchmark: CRISIL Short Term Bond Fund Index.
Liquidity: The scheme will offer units for subscription and redemption at NAV based price on every Business Day.

Investors who wish to continue can do so without doing anything. However, Investors who want to exit from the scheme can redeem their units from March 28, 2011 to April 26, 2011, without paying any exit load.