Scheme merger

ING Mutual Fund has merged its L.I.O.N Fund with its Core Equity Fund. The two schemes were merged because they have similar investment characteristics. The bonus option of the L.I.O.N. Fund will be merged into its growth option and subsequently with that of the ING Core Equity Fund. However, the investment objective and the asset allocation pattern of the Core Equity Fund will remain the same as before. Investors who do not approve may exit between April 24 and May 23 this year and they don’t have to pay any exit load during this period.

Dividend date

HDFC Mutual Fund has declared a dividend under its two fixed maturity plans, namely HDFC FMP 18-months October 2006 and HDFC FMP 367-days April 2007. The fund house has decided to distribute the entire profit available as on the record date as dividend. The record date has been fixed as April 28.

Asset allocation

SBI Mutual Fund has announced a change in the asset allocation of Magnum Midcap Fund. The fund will now invest up to 20 per cent of its corpus in non-mid-cap companies. The investment limit was 10 per cent earlier. Other features will remain same. Investors who do not agree with this change may redeem their units without any exit load between May 1 and May 30.