There is no advantage to top up after the dividend declaration as the NAV will drop accordingly. The devidends are taken out of your own pocket to be given back to you (and minus tax!). I actually prefer funds that DON'T give out any dividend. So many people misunderstood that lots of dividends means that the fund is good. (It's all a lie by the way). For example Public Ittikal gave up 6 sen of dividend ALTHOUGH they lost -16% in 2009.