Birla Sun Life Asset Mutual Fund introduces monthly dividend sweep option under the Birla Sun Life Dynamic Bond Fund an open ended income scheme, with effect from 12 January 2009.
Details of the option
Name of the Option: Monthly Dividend Sweep Option
Features: under this option the unitholder can opt for switching the dividend earned under the scheme into any other open ended equity scheme or Balanced Scheme of Birla Sun Life Mutual Fund. Accordingly, dividend earned by the unitholders shall be automatically switched either into any other open ended equity scheme of BSL Mutual Fund as opted by the unit holder. The dividend shall be switched subject to minimum investment/sweep amount of Rs 1000 or the minimum investment eligibility criteria of the scheme into which the dividend is sweeped in. whichever is higher, at applicable NAV based prices plus applicable load. The sweep into the respective open-ended equity scheme will be done on the immediately succeeding business day after the record date. Further this facility shall not allow for switch of partial dividend or switch of dividend to multiple schemes.
Dividend Frequency: Under this option, the record date will be the last Friday of each month, subject to the availability of distributable surplus. However, actual declaration of dividends and frequency thereof is at the discretion of trustees.
Minimum application amount: Minimum of Rs 5 lakh and in multiples of Re 1 thereafter on an ongoing basis.
The option introduced under the scheme will have the same investment objective, portfolio, liquidity, applicable load structure and expense ratio as that of existing options.
Details of the option
Name of the Option: Monthly Dividend Sweep Option
Features: under this option the unitholder can opt for switching the dividend earned under the scheme into any other open ended equity scheme or Balanced Scheme of Birla Sun Life Mutual Fund. Accordingly, dividend earned by the unitholders shall be automatically switched either into any other open ended equity scheme of BSL Mutual Fund as opted by the unit holder. The dividend shall be switched subject to minimum investment/sweep amount of Rs 1000 or the minimum investment eligibility criteria of the scheme into which the dividend is sweeped in. whichever is higher, at applicable NAV based prices plus applicable load. The sweep into the respective open-ended equity scheme will be done on the immediately succeeding business day after the record date. Further this facility shall not allow for switch of partial dividend or switch of dividend to multiple schemes.
Dividend Frequency: Under this option, the record date will be the last Friday of each month, subject to the availability of distributable surplus. However, actual declaration of dividends and frequency thereof is at the discretion of trustees.
Minimum application amount: Minimum of Rs 5 lakh and in multiples of Re 1 thereafter on an ongoing basis.
The option introduced under the scheme will have the same investment objective, portfolio, liquidity, applicable load structure and expense ratio as that of existing options.
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