Shareholders of the ASM Index 30 Fund are due to vote in the next few weeks on a permanent replacement for an adviser who was ousted because the fund's board believed the adviser could not pay expenses and was in danger of being sued for alleged misappropriation of funds.

Shareholders of the $25 million no-load fund which tracks the 30 industrial stocks of the Dow Jones index, must vote by July 1 whether to make Orbitex Management of New York, the fund's permanent adviser. If shareholders do not approve the change, the eight-year-old fund will be liquidated, said Daniel Calabria, independent trustee and spokesperson for the fund's board.

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