Below is a round-up of what's going on in the mutual fund community this month:

Fundsters will flock to the nation's capital May 5-7 for 52nd Annual ICI General Membership Meeting. Legg Mason CEO Mark Fetting is chair of this year's GMM planning committee. Three other conferences will be held concurrently at the Marriott Wardman Park Hotel: the Mutual Fund Compliance Programs Conference, Operations and Technology Conference and IDC's Investment Company Directors Workshop. Amendments to money market fund rules will take effect May 5. Ameriprise finished its acquisition of Columbia Management's long-term asset management business on May 1. Trial starts May 10 in the Schwab YieldPlus case. Charles Schwab Corp. is fighting allegations that it misled investors regarding mortage-backed securities held by the YieldPlus fund. Shareholder meetings are scheduled this month to vote on the reorganization of the Bank of Hawaii's Pacific Capital Funds. The bank is moving away from the proprietary fund business. Bank of Hawaii plans to liquidate six funds and keep two others. The plan also calls for four funds to be reorganized into similar portfolios managed by Aberdeen Asset Management. The $2.4 billion Perkins Small Cap Value Fund will close to new investors effective May 28. Ivy Funds is launching the Asset Strategy New Opportunities Fund today. The fund is similar to the $22.9 billion Asset Strategy Fund -- Ivy's best-selling fund -- but unlike its older sibling, the fund focuses its equity allocation on small- and mid-cap companies across the world. 

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