NAV SBI MAGNUM TAXGAIN SCHEME

HISTORICAL NAV SBI MAGNUM TAXGAIN SCHEME

PERIOD 1-JAN-2008 TO 10-SEP-2008.

SBI MAGNUM TAXGAIN SCHEME NAV Jan – Sep 2008

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Principal MF

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Kotak Gold ETF Price movement chart.

Kotak Gold ETF Price movement chart.
Below is the price movement chart for Kotak Gold ETF since 01-Jan-2008 till 28-May-2008. A trendline is also added to the chart for better understanding purpose.
The prices are the applicable NAV for corresponding period or dates.

Kotak Gold ETF Price movement chart

Kotak Gold ETF Price movement chart

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NAV of All SBI Mutual Fund schemes as on 02-May-2008

NAV as on 02-May-2008
SBI Mutual Fund
Open Ended Schemes (Income)
Scheme NAV Name Net Asset Value Repurchase Price Sale Price Date
SBI Magnum Income Fund-Bonus 12.5628 12.5 12.5628 02-May-08
SBI Magnum Income Fund-Dividend 10.2081 10.1571 10.2081 02-May-08
SBI Magnum Income Fund-Growth 20.74 20.6363 20.74 02-May-08
SBI Magnum Income Plus Fund – Investment Plan (D) 10.8534 10.7449 10.8534 02-May-08
SBI Magnum Income Plus Fund – Investment Plan (G) 14.3925 14.2486 14.3925 02-May-08
SBI Magnum Income Plus Fund – Savings Plan (D) 10.2589 10.1563 10.2589 02-May-08
SBI Magnum Income Plus Fund – Savings Plan (G) 10.6041 10.4981 10.6041 02-May-08
SBI Magnum Monthly Income Plan-Dividend-Annually 11.0306 10.9754 11.0306 02-May-08
SBI Magnum Monthly Income Plan-Dividend-Monthly 10.9579 10.9031 10.9579 02-May-08
SBI Magnum Monthly Income Plan-Dividend-Quaterly 10.5984 10.5454 10.5984 02-May-08
SBI Magnum Monthly Income Plan – Growth 18.2354 18.1442 18.2354 02-May-08
SBI Magnum Monthly Income Plan-Floater-Dividend-(Annual) 10.8671 10.8671 10.8671 02-May-08
SBI Magnum Monthly Income Plan-Floater-Dividend-(Monthly) 10.4149 10.4149 10.4149 02-May-08
SBI Magnum Monthly Income Plan-Floater-Dividend-(Quarterly) 10.3492 10.3492 10.3492 02-May-08
SBI Magnum Monthly Income Plan-Floater-Growth 11.7047 11.7047 11.7047 02-May-08
SBI MAGNUM NRI – SHORT TERM BOND PLAN-DIVIDEND 10.5038 10.5038 10.5038 02-May-08
SBI MAGNUM NRI – SHORT TERM BOND PLAN-GROWTH 10.7975 10.7975 10.7975 02-May-08
SBI MAGNUM NRI LONG TERM BOND PLAN-DIVIDEND 10.3 10.2485 10.3 02-May-08
SBI MAGNUM NRI LONG TERM BOND PLAN-GROWTH 10.9047 10.8502 10.9047 02-May-08
SBI Short Horizon Fund – Liquid Plus fund – Institutional Plan – Daily Dividend 10.005 10.005 10.005 02-May-08
SBI Short Horizon Fund – Liquid Plus fund – Institutional Plan – Fortnightly Dividend 0 0 0 02-May-08
SBI Short Horizon Fund – Liquid Plus fund – Institutional Plan – Growth 10.6228 10.6228 10.6228 02-May-08
SBI Short Horizon Fund – Liquid Plus fund – Institutional Plan – Monthly Dividend 10.0889 10.0889 10.0889 02-May-08
SBI Short Horizon Fund – Liquid Plus fund – Institutional Plan – Weekly Dividend 10.0549 10.0549 10.0549 02-May-08
SBI Short Horizon Fund – Liquid Plus fund – Retail Plan – Daily Dividend 10.0048 10.0048 10.0048 02-May-08
SBI Short Horizon Fund – Liquid Plus fund – Retail Plan – fortnightly Dividend 0 0 0 02-May-08
SBI Short Horizon Fund – Liquid Plus fund – Retail Plan – Growth 10.5772 10.5772 10.5772 02-May-08
SBI Short Horizon Fund – Liquid Plus fund – Retail Plan – Monthly Dividend 10.0663 10.0663 10.0663 02-May-08
SBI Short Horizon Fund – Liquid Plus fund – Retail Plan – Weekly Dividend 10.0496 10.0496 10.0496 02-May-08
SBI SHORT HORIZON FUND-SHORT TERM FUND INSTITUTIONAL DIVIDEND FORTNIGHTLY 0 0 0 02-May-08
SBI SHORT HORIZON FUND-SHORT TERM FUND INSTITUTIONAL DIVIDEND MONTHLY 10.1095 10.1095 10.1095 02-May-08
SBI SHORT HORIZON FUND-SHORT TERM FUND INSTITUTIONAL DIVIDEND WEEKLY 0 0 0 02-May-08
SBI SHORT HORIZON FUND-SHORT TERM FUND INSTTUTIONAL GROWTH 0 0 0 02-May-08
SBI SHORT HORIZON FUND-SHORT TERM FUND RETAIL DIVIDEND FORTNIGHTLY 0 0 0 02-May-08
SBI SHORT HORIZON FUND-SHORT TERM FUND RETAIL DIVIDEND MONTHLY 10.1046 10.0541 10.1046 02-May-08
SBI SHORT HORIZON FUND-SHORT TERM FUND RETAIL DIVIDEND WEEKLY 10.0538 10.0035 10.0538 02-May-08
SBI SHORT HORIZON FUND-SHORT TERM FUND RETAIL GROWTH 10.5742 10.5213 10.5742 02-May-08
Open Ended Schemes (Growth)
Magnum Equity Fund -Dividend 32.11 31.79 32.83 02-May-08
Magnum Equity Fund- Growth 36.53 36.16 37.35 02-May-08
SBI Arbitrage Opportunities Fund – Div 10.8108 10.7838 10.8108 02-May-08
SBI Arbitrage Opportunities Fund – Gr 11.4143 11.3858 11.4143 02-May-08
SBI BLUE CHIP FUND-DIVIDEND 11.58 11.46 11.84 02-May-08
SBI BLUE CHIP FUND-GROWTH 13.29 13.16 13.59 02-May-08
SBI Magnum Children Benefit Plan- Holding Held for <= 1 Year 18.6485 18.089 18.9282 02-May-08
SBI Magnum COMMA Fund – Dividend 20.63 20.42 21.09 02-May-08
SBI Magnum COMMA Fund – Growth 22.72 22.49 23.23 02-May-08
SBI MAGNUM GLOBAL FUND 94 – DIVIDEND 32.45 32.13 33.18 02-May-08
SBI MAGNUM GLOBAL FUND 94 – GROWTH 49.13 48.64 50.24 02-May-08
SBI Magnum Index Fund – Dividend 22.6538 22.6538 22.7671 02-May-08
SBI Magnum Index Fund – Growth 45.6704 45.6704 45.8988 02-May-08
SBI Magnum MIDCAP FUND – DIVIDEND 19.58 19.38 20.02 02-May-08
SBI Magnum MIDCAP FUND – GROWTH 25.53 25.27 26.1 02-May-08
SBI Magnum Multicap Fund – Dividend Option 13.47 13.34 13.77 02-May-08
SBI Magnum Multicap Fund – Growth Option 17.73 17.55 18.13 02-May-08
SBI Magnum Multiplier Plus Scheme – 93 -Dividend 54.13 53.59 55.35 02-May-08
SBI Magnum Multiplier Plus Scheme – 93 -Growth 66.76 66.09 68.26 02-May-08
SBI MAGNUM NRI FLEXIASSET PLAN-DIVIDEND 27.095 26.8241 27.7046 02-May-08
SBI MAGNUM NRI FLEXIASSET PLAN-GROWTH 26.9802 26.7104 27.5873 02-May-08
SBI MSFU CONTRA-DIVIDEND 32.64 32.31 33.37 02-May-08
SBI MSFU CONTRA-GROWTH 50.2 49.7 51.33 02-May-08
SBI MSFU EMERGING BUSINESSES FUND – DIVIDEND 19.59 19.39 20.03 02-May-08
SBI MSFU EMERGING BUSINESSES FUND – GROWTH 36.26 35.9 37.08 02-May-08
SBI MSFU FMCG 16.5 16.34 16.87 02-May-08
SBI MSFU IT 20.71 20.5 21.18 02-May-08
SBI MSFU PHARMA – DIVIDEND 26.76 26.49 27.36 02-May-08
SBI MSFU PHARMA – GROWTH 32.5 32.18 33.23 02-May-08
Open Ended Schemes (Balanced)
SBI Magnum Balanced Fund – Dividend 27.96 27.68 28.59 02-May-08
SBI Magnum Balanced Fund – Growth 43.23 42.8 44.2 02-May-08
Open Ended Schemes (Liquid)
MAGNUM INSTA CASH FUND – DAILY DIVIDEND 16.7503 16.7503 16.7503 04-May-08
SBI Magnum Insta Cash Fund – Liquid Floater Plan – Dividend 10.2786 10.2786 10.2786 04-May-08
SBI Magnum Insta Cash Fund – Liquid Floater Plan – Growth 14.0991 14.0991 14.0991 04-May-08
SBI MICF CASH PLAN 18.2504 18.2504 18.2504 04-May-08
SBI MICF DIVIDEND PLAN 10.7068 10.7068 10.7068 04-May-08
SBI Premier Liquid Fund – Institutional – Fortnightly Dividend 10.1189 10.1189 10.1189 04-May-08
SBI Premier Liquid Fund – Institutional – Weekly Dividend 10.5933 10.5933 10.5933 04-May-08
SBI Premier Liquid Fund – Institutional – Daily Dividend 10.0325 10.0325 10.0325 04-May-08
SBI Premier Liquid Fund – Institutional – Growth 13.0831 13.0831 13.0831 04-May-08
SBI Premier Liquid Fund – Super Institutional – Fortnightly Dividend 0 0 0 04-May-08
SBI Premier Liquid Fund – Super Institutional – Weekly Dividend 10.5775 10.5775 10.5775 04-May-08
SBI Premier Liquid Fund – Super Institutional – Daily Dividend 10.0325 10.0325 10.0325 04-May-08
SBI Premier Liquid Fund – Super Institutional – Growth 12.9323 12.9323 12.9323 04-May-08
Open Ended Schemes (Gilt)
SBI MGLT- DIVIDEND – PF (Fixed Period – 1 Yr) Option 10.0578 10.0075 10.0578 02-May-08
SBI MGLT- DIVIDEND – PF (Fixed Period – 2 Yrs) Option 10.0161 9.946 10.0161 02-May-08
SBI MGLT- DIVIDEND – PF (Fixed Period – 3 Yrs) Option 10.1146 10.0236 10.1146 02-May-08
SBI MGLT- DIVIDEND – PF (Regular) Option 10.1819 10.1819 10.1819 02-May-08
SBI MGLT- GROWTH – PF (Fixed Period – 1 Yr) Option 11.573 11.5151 11.573 02-May-08
SBI MGLT- GROWTH – PF (Fixed Period – 2 Yrs) Option 11.4835 11.4031 11.4835 02-May-08
SBI MGLT- GROWTH – PF (Fixed Period – 3 Yrs) Option 11.3415 11.2394 11.3415 02-May-08
SBI MGLT- GROWTH – PF (Regular) Option 11.6879 11.6879 11.6879 02-May-08
SBI MGLT-DIVIDEND 10.1263 10.1263 10.1263 02-May-08
SBI MGLT-GROWTH 18.2628 18.2628 18.2628 02-May-08
SBI MGST-DIVIDEND 10.2663 10.2663 10.2663 02-May-08
SBI MGST-GROWTH 16.3303 16.3303 16.3303 02-May-08
Open Ended Schemes (ELSS)
SBI MAGNUM TAXGAIN SCHEME 1993 – DIVIDEND 44.87 44.87 45.88 02-May-08
SBI MAGNUM TAXGAIN SCHEME 1993 – GROWTH 55.21 55.21 56.45 02-May-08
Open Ended Schemes (Floating Rate)
SBI Magnum Income Fund – F R P – Long Term – Inst. (D) 0 0 0 02-May-08
SBI Magnum Income Fund – F R P – Long Term – Inst. (G) 0 0 0 02-May-08
SBI Magnum Income Fund – F R P – Long Term – Regular (D) 10.5028 10.4503 10.5028 02-May-08
SBI Magnum Income Fund – F R P – Long Term – Regular (G) 12.4778 12.4154 12.4778 02-May-08
SBI Magnum Income Fund – F R P – Short Term (D) 10.1258 10.1055 10.1258 02-May-08
SBI Magnum Income Fund – F R P – Short Term – (G) 12.4689 12.444 12.4689 02-May-08
SBI Magnum Income Fund – F R P – Short Term – Weekly (D) 10.2441 10.2236 10.2441 02-May-08
Close Ended Schemes (Income)
SBI CAPITAL PROTECTION ORIENTED FUND – I (15/10/07) Growth 9.8027 0 0 30-Apr-08
SBI DEBT FUND SERIES – 13 MONTHS – 3- DIVIDEND 10 10 N.A. 11-Apr-08
SBI DEBT FUND SERIES – 13 MONTHS – 3- GROWTH 11.2072 11.2072 N.A. 11-Apr-08
SBI DEBT FUND SERIES – 13 MONTHS – 4 – DIVIDEND 10 10 0 28-Apr-08
SBI DEBT FUND SERIES – 13 MONTHS – 4 – GROWTH 11.1958 11.1958 0 28-Apr-08
SBI DEBT FUND SERIES – 13 MONTHS – 6 (14/12/07) INSTITUITIONAL DIVIDEND 10.3512 10.1442 0 30-Apr-08
SBI DEBT FUND SERIES – 13 MONTHS – 6 (14/12/07) INSTITUTIONAL GROWTH 10.3521 10.1451 0 30-Apr-08
SBI DEBT FUND SERIES – 13 MONTHS – 6 (14/12/07) RETAIL DIVIDEND 10.3481 10.1411 0 30-Apr-08
SBI DEBT FUND SERIES – 13 MONTHS – 6 (14/12/07) RETAIL GROWTH 10.3476 10.1406 0 30-Apr-08
SBI DEBT FUND SERIES – 18 MONTHS – 2 INSTITUTIONAL DIVIDEND (30/10/07) 10.2005 10.0985 0 30-Apr-08
SBI DEBT FUND SERIES – 18 MONTHS – 2 INSTITUTIONAL GROWTH (30/10/07) 10.3968 10.2928 0 30-Apr-08
SBI DEBT FUND SERIES – 18 MONTHS – 2 RETAIL DIVIDEND (30/10/07) 10.1966 10.0946 0 30-Apr-08
SBI DEBT FUND SERIES – 18 MONTHS – 2 RETAIL GROWTH (30/10/07) 10.3917 10.2878 0 30-Apr-08
SBI Debt Fund Series – 18 Months -1- Dividend 10.391 10.3131 0 30-Apr-08
SBI Debt Fund Series – 18 Months -1-Growth 11.1986 11.1146 0 30-Apr-08
SBI Debt Fund Series – 24 Months -1- Dividend (10/05/07) 10.4692 10.2598 0 30-Apr-08
SBI Debt Fund Series – 24 Months -1-Growth (10/05/07) 10.9954 10.7755 0 30-Apr-08
SBI DEBT FUND SERIES – 30 DAYS-2-DIVIDEND 10.0962 10.071 N.A. 23-Apr-08
SBI DEBT FUND SERIES – 30 DAYS-2 (27/03/08)-GROWTH 10.0964 10.0712 N.A. 23-Apr-08
SBI DEBT FUND SERIES – 90 DAYS – 17 – DIVIDEND 10 10 0 04-Feb-08
SBI DEBT FUND SERIES – 90 DAYS – 17 – GROWTH 10.205 10.205 0 04-Feb-08
SBI DEBT FUND SERIES – 90 DAYS – 22 (26/03/08)-GROWTH 10.1116 10.0105 0 30-Apr-08
SBI DEBT FUND SERIES – 90 DAYS -22 (26/03/08)-DIVIDEND 10.112 10.0109 0 30-Apr-08
SBI DEBT FUND SERIES – 13 MONTHS – 5 – INSTITUTIONAL DIVIDEND 10.2041 10 0 30-Apr-08
SBI DEBT FUND SERIES – 13 MONTHS – 5 – INSTITUTIONAL GROWTH 10.6494 10.4364 0 30-Apr-08
SBI DEBT FUND SERIES – 13 MONTHS – 5 – RETAIL DIVIDEND 10.1967 9.9928 0 30-Apr-08
SBI DEBT FUND SERIES – 13 MONTHS – 5 – RETAIL GROWTH 10.6411 10.4283 0 30-Apr-08
SBI DEBT FUND SERIES 15 MONTHS – 2 – DIVIDEND 10 10 0 22-Apr-08
SBI DEBT FUND SERIES 15 MONTHS – 2 – GROWTH 11.166 11.166 0 22-Apr-08
SBI DEBT FUND SERIES 15 MONTHS – 3 – GROWTH 11.2012 11.1172 0 30-Apr-08
SBI DEBT FUND SERIES 15 MONTHS – 3 – DIVIDEND 10.3892 10.3113 0 30-Apr-08
SBI DEBT FUND SERIES 90D-19 (4/12/07) – DIVIDEND 10 10 N.A. 03-Mar-08
SBI DEBT FUND SERIES 90D-19 (4/12/07) – GROWTH 10.2227 10.2227 N.A. 03-Mar-08
SBI DEBT FUND SERIES-13M-7 (18/03/08) INSTITUTIONAL DIVIDEND 10.1538 9.9507 0 30-Apr-08
SBI DEBT FUND SERIES-13M-7 (18/03/08) INSTITUTIONAL GROWTH 10.1548 9.9517 0 30-Apr-08
SBI DEBT FUND SERIES-13M-7 (18/03/08) RETAIL DIVIDEND 10.1519 9.9489 0 30-Apr-08
SBI DEBT FUND SERIES-13M-7 (18/03/08) RETAIL GROWTH 10.1549 9.9518 0 30-Apr-08
SBI DEBT FUND SERIES-30D-1-(11/3/08)-DIVIDEND 10 10 N.A. 15-Apr-08
SBI DEBT FUND SERIES-30D-1-(11/3/08)-GROWTH 10.1014 10.1014 N.A. 15-Apr-08
SBI DEBT FUND SERIES-90D-16(16/10/07)-DIVIDEND 10 10 0 14-Jan-08
SBI DEBT FUND SERIES-90D-16(16/10/07)-GROWTH 10.2004 10.2004 0 14-Jan-08
SBI DEBT FUND SERIES-90D-20-(26/02/08)-DIVIDEND 10.1631 10.0615 0 30-Apr-08
SBI DEBT FUND SERIES-90D-20-(26/02/08)-GROWTH 10.1961 10.0941 0 30-Apr-08
SBI DEBT FUND SERIES-90D-21-(04-MAR-2008)-DIVIDEND 10.147 10.0455 0 30-Apr-08
SBI DEBT FUND SERIES-90D-21-(04-MAR-2008)-GROWTH 10.1721 10.0704 0 30-Apr-08
SBI DEBT FUND SERS-90D-18-(27/11/07)-D 10 10 0 25-Feb-08
SBI DEBT FUND SERS-90D-18-(27/11/07)-G 10.2223 10.2223 0 25-Feb-08
Close Ended Schemes (Growth)
SBI INFRASTRUCTURE FUND – SERIES I DIVIDEND (6/7/2007) 11.67 11.27 0 02-May-08
SBI INFRASTRUCTURE FUND – SERIES I GROWTH (6/7/2007) 11.67 11.27 0 02-May-08
SBI INFRASTRUCTURE FUND – SERIES I REPURCHASE DIVIDEND (6/7/2007) 11.27 11.27 0 02-May-08
SBI INFRASTRUCTURE FUND – SERIES I REPURCHASE GROWTH (6/7/2007) 11.27 11.27 0 02-May-08
SBI ONE INDIA FUND – DIVIDEND 10.61 10.31 N.A. 02-May-08
SBI ONE INDIA FUND – GROWTH 10.61 10.31 N.A. 02-May-08
SBI ONE INDIA FUND – REPURCHASE NAV- DIVIDEND 10.31 10.31 N.A. 02-May-08
SBI ONE INDIA FUND – REPURCHASE NAV- GROWTH 10.31 10.31 N.A. 02-May-08
Close Ended Schemes (ELSS)
SBI TAX ADVANTAGE FUND – SERIES I – DIVIDEND 10.6 0 0 30-Apr-08
SBI TAX ADVANTAGE FUND – SERIES I – GROWTH 10.6 0 0 30-Apr-08

Why growth and dividend NAVs differ?

Investors often ask why there exists a difference between the NAVs (net asset values) of the growth and dividend options. Does it have a logical relation. According to them, the difference in the NAVs should co-relate to the dividend declared at a point in time nothing more, nothing less. A simplified explanation is provided for the issue of the discrepancy in the growth and dividend NAVs

Growth vs. Dividend.

Its important to first get an overview of the two options before we venture into explaining why there is a discrepancy between them. Broadly, mutual funds have two options – growth and dividend. Under the dividend option, income generated by the mutual fund scheme on its investments is distributed to the investor. This income/dividend is not assured by the mutual fund and is linked closely to the performance of stock/debt markets. The investor can choose to either encash the dividend or re-invest it in the same mutual fund scheme (through the dividend re-investment facility).
Under the growth option, the investor does not receive an income; in this case the growth option NAV already reflects the growth in investments (if any) registered by the mutual fund. If the investor is in need of an income, he can redeem (either completely or partially depending on his investment objective) his units; the difference in the growth option between the time he bought the mutual fund and redeemed it is effectively his income.

The common perception

Investors believe that after the dividend is distributed, growth NAV and dividend NAV do not appreciate or depreciate in the same proportion. In other words they believe that since the growth NAV is higher than the dividend NAV, it has appreciated more than the dividend NAV. Therefore, they think that they are better off selecting the growth option as opposed to the dividend option. While there are several reasons why investors must choose a particular option (growth or dividend), this is certainly not one of them, mainly because the reality behind the discrepancy between the two options is far from the perception. To know when to select which option, read our article on this subject:
• Don’t fall for the dividend bait

What happens when dividend is declared.

Once a dividend is declared by the mutual fund, the dividend option NAV diminishes to the extent of the dividend declared. The growth option NAV on the other hand remains unchanged (for simplicity’s sake we have ignored the market movement on that particular day). The diminution in the dividend option NAV equals the amount of dividend declared.
A matter of dividend
� � Growth Dividend
NAV as on January 1, 2007 Rs 10.0 10.0
NAV as on March 30, 2007 Rs 12.0 12.0
Dividend declared as on March 31, 2007 % – 10.0
NAV as on March 31, 2007 Rs 12.0 11.0
NAV growth over 1-month % 10.0 10.0
NAV as on April 30, 2007 Rs 13.2 12.1

(We have assumed that the growth and dividend options have similar portfolios. If they have different portfolios then the discrepancy will be due to a combination of market movements and their respective portfolios. For simplicity’s sake we have ignored the market movement on March 31, 2007)

For instance, in our illustration (refer table) both the growth and dividend NAVs have appreciated by 20% from the NFO (new fund offer) period to close at Rs 12.0. The mutual fund declares 10.0% dividend after which the dividend NAV declines to Rs 11.0 (ex-dividend). The growth NAV on the other hand remains unchanged at Rs 12.0.
The difference between the growth and dividend NAVs will equal the dividend declared (i.e. Re 1). However, the difference in both the NAVs will equal the dividend declared only on the day of the dividend declaration. The next day this difference will vary (from Re 1 in this case) based on the market movement. For instance, lets assume that markets appreciate by 10% over 1-month after the dividend declaration. In that case, the growth option will rise from Rs 12.0 to Rs 13.2, while the dividend option will rise from Rs 11.0 to Rs 12.1.

The 10% growth in NAV is based on the value of the portfolio’s investments. Therefore, although the growth NAV seems higher compared to the dividend NAV, both NAVs have appreciated proportionately. The difference between the options is now Rs 1.1 while at the time of the dividend declaration it was Rs 1.0.

What investors should do?

As we have impressed no matter what option the investor chooses, dividend and growth NAVs will appreciate/depreciate based on the market movement; there is no other factor at play over here. Which option (growth or dividend) to select is dictated entirely by the investor’s investment objective and income/liquidity constraints.
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