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.