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HDFC Mutual Fund has started to disclose average assets under management. Now mutual funds are required to disclose assets under management at the end of the month.

This leaves room for assets to be inflated at the end of the month. The average assets under management rule avoid this shortcoming as the assets at the end of each day are aggregated and divided by the number of days.

HDFC dividends: HDFC Mutual Fund has announced a dividend of 20 per cent for HDFC Equity Fund, HDFC Top 200 Fund, HDFC TaxSaver and HDFC Prudence and 10 per cent for HDFC Balanced Fund.

The record date for the dividend is July 15. These are schemes that came into the fold of HDFC Mutual Fund when it acquired Zurich India Mutual Fund. All these schemes have a good track record. The dividends are payable to investors who have opted for the dividend option.

Canbank dividends: Canbank Mutual Fund has declared a dividend of 20 per cent for Canexpo, 7.5 per cent for Canequity Tax Saver and 2 per cent for Canincome. The dividends are tax-free in the hands of investors. The record date for the dividend is August 1.

Templeton dividends: Franklin Templeton has declared a dividend of 0.7897 per cent (Rs 0.07897 per unit) for the Monthly Dividend Plan and a bonus of 6:1000 for the Bonus Plan of FT India Monthly Income Plan.

For FT India Gilt Fund (FTIGF), a dividend of 0.5077 per cent (Rs 0.05077 per unit of face value of Rs.10) is to be declared under the Monthly Dividend Option of Liquid Plan. All investments in the respective options as on July 25, 2003 are eligible for the dividend/bonus and the ex-dividend/ex-bonus date is July 28, 2003.

Bluechip dividend: Franklin Templeton Mutual Fund has proposed a dividend for Franklin India Bluechip Fund. The record date is July 30. The scheme will open for sale and repurchase on an ex-dividend basis on August 1.

Birla Dividend Plus: Birla SunLife Mutual Fund has declared a dividend of 12 per cent for Birla Dividend Plus for the dividend plan. The record date is July 24.

Birla Mid-Cap dividend: Birla SunLife Mutual Fund has announced a dividend of 10 per cent for Birla Midcap Fund. The record date is July 22. The fund has indicated that this is in order to consistently book profits and distribute them to its investors.

Principal dividends: Principal Mutual Fund has announced a dividend of Rs 0.0598 per unit for the Monthly Income Plan (Monthly Dividend Plan) and Rs 0.0488 per unit for the short-term plans of the same scheme.

UTI RIS dividend: UTI Mutual Fund has declared a dividend of 0.60 per cent (Rs 0.060 per unit) for the UTI Regular Income Scheme for the income option. Record date: July 31.

Alliance dividend date: Alliance Capital Mutual Fund has fixed August 29, 2003 as the record date for dividend in the Alliance Frontline Equity Fund and August 20, 2003 for the Alliance Basic Industries Fund.

UTI schemes foreclosure: Seven assured return schemes of the erstwhile Unit Trust of India (UTI) are to be foreclosed.

The returns assured under these schemes are higher than rates available now and so, are unsustainable.

The schemes are: MIP 99, MIP 98 (V), Children's Career and Growth Plan'86, Retirement Unit Plan II, Children's Gift and Growth Plan, RUP-99 and BGV MIP.

: Franklin Templeton Mutual Fund has proposed one more `fund of funds'. The fund, christened FT India Low Volatility Equity Fund will have an equity component, whose weight will be determined by the average P/E ratio of the Nifty at the end of each fund.

Investors will have the option of choosing schemes such as Bluechip, Templeton India Income Fund and Income Builder Account. The fund has already filed with the Securities and Exchange Board of India for a FT India Life Cycle Fund.

Chola restructuring: Cholamandalam Mutual Fund has proposed to convert its close-end scheme, Chola MI-98 into an open-end fund. The fund invests in government securities and up to 20 per cent in equities. The asset allocation depends on market conditions. The change in the profile of the scheme is effective from July 31.

BL Research Bureau

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