HDFC Mutual Fund has decided to reconstitute the HDFC Cash Management Fund - Investment Plan, an ultra short-term debt fund. With effect from June 23, 2004, the Dividend Option under the above plan would be wound up on account of uneconomical size of the corpus and multiplicity of products offering similar features.
The Growth Option will be renamed as HDFC Cash Management Fund - Savings Plus Plan. Currently, both the Growth and Dividend Options under the existing fund have separate portfolios. However, post winding-up of the Dividend Option, the fund will introduce a dividend option under the new Savings Plus Plan, which will have a common portfolio with the growth option.