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Ceybank SavingsPlus : Money Market Fund

Introduction

Ceybank SavingsPlus is the first Money Market Fund floated by CAML. Ceybank SavingsPlus is an Open Ended Unit Trust, to facilitate the general public to reap the benefits of the Money Market in Sri Lanka.

Objective

The primary investment objective of the Fund is to maximise short term current income whilst ensuring ease of liquidity by investing in a portfolio of Money Market Instruments and to provide a regular stream of dividend income bi-annually.

The Fund will invest in Money Market Instruments such as Government Securities (Treasury Bills and Treasury Bonds), Bank Deposits, Repurchase Agreements and Corporate Debt Instruments with maturities less than one year, subject to the investment restrictions set out in Section 1.4 of the Explanatory Memorandum.

The Fund will not make investments in listed or unlisted equity securities.

Risk factors

Investors should be aware that the price of Units of this Fund and the dividend paid by the Fund can go down as well as up according to the interest rate fluctuations in the market. Investments in Units differ from Bank deposits and there is no guarantee of any fixed returns.

The Fund’s investments are subject to normal market risks and the ability to achieve the investment objectives will depend to a great extent on the monetary policy of the Central Bank of Sri Lanka, overall performance of the economy, and the contributory environmental factors. The Fund is also subject to various degrees of regulatory, fiscal, liquidity, inflation, interest rate and re-investment risks.

Taxation

• Fund
  • Income Tax - A corporate tax at 10% on its taxable profit
  • Economic Service Charge - 0.5% of Turnover
• Unit Holders
  • Capital Gains Tax - Capital gains are tax-exempt
  • Dividends - Dividend paid to unit holders are tax free in the hands of unit holders.
  • Withholding Tax - None

Fee Structure

• Fees payable by the Unitholders
  • Front – End Fee - None
  • Exit Fee - None
• Fees chargale to the fund
  • Management Fee - 0.75 % per annum of the net asset value of the deposited property accrued daily and payable monthly.
  • Trustee Fee - 0.25% per annum of the net asset value of the deposited property accrued daily and payable monthly.

How to invest

Copies of the Memorandum and application forms can be obtained from CAML or any Sales Agents appointed by CAML or any Bank of Ceylon branch.

In order to invest in the Ceybank Savings Plus an applicant should complete an application form and return it to the Manager directly or through a Bank of Ceylon Branch together with payment for the units. The application forms and relevant information can be obtained from the office of the Manager or any Bank of Ceylon Branch. Cash and cheques can be deposited directly into the Manger’s bank account No 8223 at Bank of Ceylon, Metropolitan Branch by using a Bank Deposit Slip at any branch of Bank of Ceylon. The original Customer's Copy of the Bank Deposit Slip (proof of payment) must be sent to the Manager together with the application for units.

Alternatively, a person may attach his cheque to the application form and send it to the Manager by post. Cheques and bank drafts must be made payable to “CEYBANK ASSET MANAGEMENT (PVT) LTD ” and crossed “ACCOUNT PAYEE ONLY”.

The mailing address is :

Ceybank Asset Management (Pvt) Ltd
3rd Floor, Bank of Ceylon Building
York Street
Colombo 1
SRI LANKA

The minimum subscription for units of the Fund would be Rupees Twenty Thousand (Rs 20,000/-) and multiples of Rupees Ten Thousand (Rs 10,000/-) thereon.

Shareholders