Comparative study of Mutual Fund and Bank Fixed Deposit

University of Mumbai

A Project Report on “PROS “PROS & CONS OF INVESTMENT IN MUTUAL FUNDS AS COMPARED COMPARED TO BANK FIXED DEPOSITES” Submitted by  NAME

ROLL NO

Prashantha Prashant ha Poojary Sona$i Sa$ve

F.Y. F.Y.MMS MMS

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F.Y. F.Y.MMS

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&han'ha$ Sharma

F.Y. F.Y.MMS

MS!""(

)ee*a+ Shinde

F.Y. F.Y.MMS MMS

MS!""!

Pooja Sin,h

F.Y. F.Y.MMS MMS

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Under the ,uidan'e of Prof. Shri*ad -a*at -at'h (! / (#

0NS101U1E OF MANA2EMEN1 3 &OMPU1ER S1U)0ES &4!5 6A2LE ES1A1E5 NEAR MULUN) &7E&8 NA8A517ANE9:; / !#!.

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&ER10F0&A1E Cert"#e$ t%t t%e t% e Project 'or( ent"t)e$ “TO DO COMPARA COMPARATIVE TIVE ANAL*SIS ANAL*SIS IN MUTUAL FUND INVESTMENT AS A+AINST BANK FIXED DEPOSIT” DEPOSIT” S,-."tte$ -/ +ro,p no01 2#nnce3 %4"n5 Ro)) no6 789 7:9;er6 opport,n"t/ cro66 t%e 4r"o,6 "n4e6t.ent69  6,-6tnt") prt o= #nnc") 'e)t% T%ere=ore "n4e6t.ent p)/6 n ".portnt ro)e "n 5ro't% o= t%e6e econo."e6 A)6o t%ere "6 rp"$ 5ro't% "n "nco.e o= peop)e6 "n In$" $,e to 6o.e =ctor6 -ec,6e o= t%"6 "n4e6t.ent "6 "ncre6e$ $/ -/ $/ "n 4r"o,6 "n4e6t.ent opt"on6 A6 "nco.e rn5e rp"$)/ "ncre6"n5 t%ere "6 nee$ to "ncre6e 'rene66 .on5 t%e peop)e re)te$ '"t% 4r"o,6 "n4e6t.ent opt"on n$ $">erent 6c%e.e6  T%e project "6 n tte.pt to 6t,$/ or 'rene66 .on5 t%e peop)e re)te$ '"t% 6o.e "n4e6t.ent opt"on n$ )6o t%e pre=erence o= peop)e '%")e ".p)e.ent"n5 t%e 6.e It pro4"$e6 t%oro,5% (no')e$5e o=  $">erent 6pect6 re)te$ '"t% t%e -e%4"or o= peop)e =or .,t,) =,n$ 6 co.pre to -n( #e$ $epo6"t T%e report "6 $"4"$e$ "n =o,r prt6 T%e #r6t prt "6 $e)"n5 '"t% "n=or.t"on re)te$ '"t% $4nt5e n$ $"6$4nt5e Bn( #e$ $epo6"t Secon$ "6 concept o= $4nt5e n$ $"6$4nt5e .,t,) =,n$ T%"r$ "6 concept o= re6erc% .et%o$o)o5/ Fo,rt% $e)6 '"t% "nterprett"on o= $t co))ecte$ Mo6t o= .etro c"t"e6 peop)e )"(e to p,t t%e .one/ "n .r(et re)te$ 6c%e.e6 "n6te$ o= $,.p"n5 "t "n t%e -n( )oc(er69 6o "t "6 G,"te o-4"o,6 t%t t%e/ 'nt to "n4e6t t%e"r .one/ "n pro#t-)e 4ent,re B,t J

6t")) peop)e pre=er to 5o =or tr$"t"on) 6c%e.e6 6 'e)) =or 6=et/ n$ 6ec,r"t/ p,rpo6e No'  $/H6 peop)e -eco.e .ore 6en6"-)e '%")e c%oo6"n5 n/ t/pe o=  "n4e6t.ent It "6 .ore ".portnt to %4e 5oo$ (no')e$5e n$ ,n$er6tn$"n5 re)te$ '"t% 6,c% 6c%e.e '%"c% '")) %e)p to c%oo6e -etter n$ 6=et/ "n4e6t.ent too)6

&7AP1ER 0 0N1RO)U&10ON

. -AN8 F0>E) )EPOS01= A #e$ $epo6"t "6  #nnc") "n6tr,.ent pro4"$e$ -/ -n(6 '%"c% pro4"$e6 "n4e6tor6 '"t%  %"5%er rte o= "ntere6t t%n  re5,)r 64"n5 cco,nt9 ,nt") t%e $te o= .t,r"t/ $te It ./ or ./ not reG,"re t%e cret"on o=  6eprte cco,nt It "6 )6o ter. 6 TERM OR TIME Depo6"t T%e/ re con6"$ere$ to -e 4er/ 6=e "n4e6t.ent 6 "t $enote6  )r5er c)66 o=  "n4e6t.ent6 '"t% 4r/"n5 )e4e)6 o= )"G,"$"t/ ere9 "ntere6t rte 4r"e6 -et'een =ro. 7 to !! percent T%e ten,re o=  F"e$ Depo6"t  4r/ =ro. J9 !;9 or 7; $/6 to !; /er6 n$ cn -e %"5% 6 !0 /er6



.( 1YPES OF F0>E) )EPOS01 =

-AS0&ALLY 17ERE ARE 16O 1YPES OF )EPOS01=

A )EMAN) )EPOS01=4  T%e .one/ 'e (eep "n o,r 64"n5 cco,nt6 "6 )"(e  .e$",. o= ec%n5e n$ t%"6 "6 c))e$ De.n$ Depo6"t  T%ere "6 no #e$ ter. to .t,r"t/ =or $e.n$ $epo6"t6 B TIME DEPOSIT I= 'e $epo6"t o,r .one/ %6 n FD "n t%e -n( "t -eco.e6  T".e Depo6"t on '%"c% No c%eG,e "6 $r'n T%e/ re p"$ on .t,r"t/ t  prt"c,)r t".e

 F0>E) )EPOS01=4 A #e$ rte o= "ntere6t "6 p"$ t #e$9 re5,)r "nter4)6 - RE&URR0N2 )EPOS01=4 F"e$ .o,nt "6 $epo6"te$ t re5,)r "nter4)6 =or  #e$ ter. n$ t%e rep/.ent o= pr"nc"p) n$ cc,.,)te$ "ntere6t "6 .$e t t%e en$ o= t%e ter.

:

.@ A)?AN1A2ES OF -AN8 F0>E) )EPOS01=

A SAFE1Y =4  T%e #e$ $epo6"t6 o= rep,te$ -n(6 n$ #nnc") "n6t"t,t"on re5,)te$ -/ RBI t%e -n("n5 re5,)tor "n In$" re 4er/ 6ec,re n$ con6"$ere$ 6 one o= t%e 6=e6t "n4e6t.ent .et%o$6

B RE2ULAR 0N&OME=4 F"e$ $epo6"t ern #e$ "ntere6t rte6 =or t%e"r ent"re ten,re9 '%"c% "6 ,6,))/ co.po,n$e$ G,rter)/ So9 t%o6e '%o 'nt n "nco.e on  re5,)r -6"6 cn "n4e6t "nto #e$ $epo6"t n$ ,6e t%e "ntere6t rte 6 t%e"r "nco.e T%"6 .(e6  #e$ $epo6"t 4er/ pop,)r '/ o= "n4e6t"n5 .one/ =or ret"ree6

C L0U0)01Y=4 Bn( $epo6"t6 %4e 5oo$ )"G,"$"t/ T%e/ cn -e c)o6e$ n$ t%e pr"nc"p) '"t%$r'n '"t%"n  =e' %o,r6 "n 6o.e -n(6 to  co,p)e o= $/6 "n ot%er6

 T%e ot%er opt"on "6 to t(e  )on on t%e #e$ $epo6"t Bn(6 )en$ ,p to :0 o= t%e pr"nc"p) o= t%e $epo6"t Intere6t c%r5e$ =or t%"6 "6 on)/ -o,t ! to < per cent n$ on)/ =or t%e per"o$ t%t 'e %4e ,6e$ t%e c6% 2T%e =et,re 'or(6 )"(e n o4er$r=t 5"n6t t%e #e$ $epo6"t3

!0

.! )0SA)?AN1A2ES OF -AN8 F0>E) )EPOS01=

A &AP01AL APPRE&0A10ON=4 Cp"t) pprec"t"on $oe6 not pp)/ to -n( #e$ $epo6"t6 On)/ t%e pr"nc"p) "n4e6te$ "6 ret,rne$ -c( t t%e t".e o= .t,r"t/

B 1A> 1REA1MEN1=4 Bn( #e$ $epo6"t6 re not t e?c"ent  T%e "ntere6t "6 te$ A)6o t%ere "6 no -ene#t =ro. .("n5 t%e "n4e6t.ent T%ere re t%e ;/er -n( $epo6"t6 2t 64"n53 t%t 5"4e -ene#t ,n$er 6ect"on 0C o= t%e Inco.e  T Act B,t t%e -ene#t6 6,c% 6 prt") '"t%$r') or c)o6,re9 n$ )on =c")"t/ re not 4")-)e T%e $epo6"t rte6 re )6o )o'er co.pre$ to t%e nor.) #e$ $epo6"t6 T%"6 e>ect"4e)/ ne5te6 t%e t 64e$

C R0S8=4 Per%p6 t%e ."n re6on =or "n4e6t.ent "n -n( $epo6"t6 "6 6=et/ o= t%e pr"nc"p) T%e cp"t) 2on)/ ,p to R6!9009000 t%o,5%3 %6 t%e %"5%e6t 6=et/ co.pre$ to n/ ot%er "n4e6t.ent 6 "t "6 5,rntee$ -/ t%e Depo6"t In6,rnce & Cre$"t +,rntee Sc%e.e o= In$" A)) -n(6 opert"n5 "n In$" re co4ere$ ,n$er t%"6 6c%e.e

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." 0N S7OR1  T%e r"6( =ce$ '%en "n4e6t"n5 "n -n( $epo6"t6 "6 t%e "ntere6t rte r"6( T%"6 "6 66oc"te$ '"t% t%e )o6t opport,n"t/ to "n4e6t "n n "n6tr,.ent t%t %6  %"5%er ret,rn +ett"n5 o,t o=  #e$ $epo6"t cn -e co6t)/ 2,p to ! per cent o= t%e pr"nc"p)39 '%en 'e e"t pre.t,re)/ So 'e ./ %4e to =or5o potent") ern"n56 '%en t%e "ntere6t rte %6 r"6en on)/ -/ -o,t ! per cent  T%e %"5%e6t r"6( =ce$ '"t% #e$ $epo6"t6 "6 t%e e>ect o=  "nt"on T%e re) ret,rn =ter $j,6t"n5 =or "nt"on "6 4er/ )e66 or 6o.et".e6 ne5t"4e =or #e$ $epo6"t6 o= -n(6 T%"6 "6  -"5 -,r$en9 prt"c,)r)/ =or ret"re$ peop)e9 '%o %4e "n4e6te$ t%e"r ret"re.ent procee$6 to 5et re5,)r "nco.e  T%e"r "nco.e ./ -e re5,)r n$ 6te$/ -,t t%e .one/6 'ort% (eep6 5o"n5 $o'n $,r"n5 t%e ten,re o= t%e #e$ $epo6"t  T%e -n( $epo6"t pr".r")/ 6er4e6 ,6 to pre6er4e cp"t) Bn(6 no'$/6 %4e $$e$  )ot o= $$"t"on) -ene#t6 to t%e tr$"t"on))/ -en"5n 6er4"ce Ret"re$ peop)e co,)$ .(e t%e -e6t ,6e o= t%"6 4en,e =or 6ec,r"n5  #e$ n$ 6te$/ "nco.e  T%e c,t"on "6 not to ,6e t%e #e$ $epo6"t 6  )on5 ter. "n4e6t.ent 4en,e T%e re6on "6 t%t t%e re) ret,rn "6 4er/ )e66 '%en $j,6te$ =or "nt"on T%e t tret.ent o= t%e "ntere6t )6o et6 "nto t%e ret,rn6

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&7AP1ER 00 0N1RO)U&10ON (. MU1UAL FUN)  T%e #r6t "ntro$,ct"on o=  .,t,) =,n$ "n In$" occ,rre$ "n !:8!9 '%en t%e +o4ern.ent o= In$" ),nc%e$ Un"t Tr,6t o= In$" 2UTI3 Unt") !:J9 UTI enjo/e$  .onopo)/ "n t%e In$"n .,t,) =,n$ .r(et T%en  %o6t o= ot%er 5o4ern.entcontro))e$ In$"n #nnc") co.pn"e6 c.e ,p '"t% t%e"r o'n =,n$6 T%e6e "nc),$e$ Stte Bn( o= In$"9 Cnr Bn(9 n$ P,nj- Nt"on) Bn( T%"6 .r(et '6 .$e open to pr"4te p)/er6 "n !::1 A6  re6,)t o= t%e %"6tor"c con6t"t,t"on) .en$.ent6 -ro,5%t =or'r$ -/ t%e t%en Con5re66)e$ 5o4ern.ent ,n$er t%e e"6t"n5 re5".e o= L"-er)"t"on9 Pr"4t"t"on n$ +)o-)"t"on 2LP+3 T%e #r6t pr"4te 6ector =,n$ to operte "n In$" '6 Kot%r" P"oneer9 '%"c% )ter .er5e$ '"t% Frn()"n Te.p)eton An "n4e6t.ent 4e%"c)e t%t "6 .$e ,p o=  poo) o= =,n$6 co))ecte$ =ro. .n/ "n4e6tor6 =or t%e p,rpo6e o= "n4e6t"n5 "n 6ec,r"t"e6 6,c% 6 6toc(69 -on$69 .one/ .r(et "n6tr,.ent6 n$ 6".")r 66et6 M,t,) =,n$6 re operte$ -/ .one/ .n5er69 '%o "n4e6t t%e =,n$6 cp"t) n$ tte.pt to pro$,ce cp"t) 5"n6 n$ "nco.e =or t%e =,n$6 "n4e6tor6 A .,t,) =,n$6 port=o)"o "6 6tr,ct,re$ n$ ."nt"ne$ to .tc% t%e "n4e6t.ent o-ject"4e6 One o= t%e ."n $4nt5e6 o= .,t,) =,n$6 "6 t%t t%e/ 5"4e 6.)) "n4e6tor6 cce66 to pro=e66"on))/ .n5e$9 $"4er6"#e$ port=o)"o6 o= eG,"t"e69 -on$6 n$ ot%er 6ec,r"t"e69 '%"c% 'o,)$ -e G,"te $"?c,)t 2"= not ".po66"-)e3 to crete '"t%  6.)) .o,nt o=  cp"t) Ec% 6%re%o)$er prt"c"pte6 proport"on))/ "n t%e 5"n or !1

)o66 o= t%e =,n$ M,t,) =,n$ ,n"t69 or 6%re69 re "66,e$ n$ cn t/p"c))/ -e p,rc%6e$ or re$ee.e$ 6 nee$e$ t t%e =,n$6 c,rrent net 66et 4),e 2NAV3 per 6%re9 '%"c% "6 6o.et".e6 epre66e$ 6 NAVPS

(.( NE1 ASSE1 ?ALUE / NA? A .,t,) =,n$6 pr"ce per ,n"t69 t%e per ,n"t6 R,pee .o,nt o=  t%e =,n$ "6 c)c,)te$ -/ $"4"$"n5 t%e tot) 4),e o= )) t%e 6ec,r"t"e6 "n "t6 port=o)"o9 )e66 n/ )"-")"t"e69 -/ t%e n,.-er o= =,n$ ,n"t6 o,t6tn$"n5 In t%e contet o= .,t,) =,n$69 NAV per ,n"t6 "6 co.p,te$ once  $/ -6e$ on t%e c)o6"n5 .r(et pr"ce6 o= t%e 6ec,r"t"e6 "n t%e =,n$H6 port=o)"o A)) .,t,) =,n$6 -,/ n$ 6e)) or$er6 re proce66e$ t t%e NAV o= t%e tr$e $te

!7

(.@ 1YPES AN) 80N)S OF MU1UAL FUN)S F02 (. 1YPES OF MU1UAL FUN)S

! OPEN4EN)E)=4  T%"6 6c%e.e ))o'6 "n4e6tor6 to -,/ or 6e)) ,n"t6 t n/ po"nt "n t".e T%"6 $oe6 not %4e  #e$ .t,r"t/ $te

A )E-1< 0N&OME

A .jor prt o= t%e "n4e6t-)e =,n$ "6 c%nne)"e$ to'r$6 $e-ent,re69 5o4ern.ent 6ec,r"t"e69 n$ ot%er $e-t "n6tr,.ent6 A)t%o,5% cp"t) pprec"t"on "6 )o' 2co.pre$ to t%e eG,"t/ .,t,) =,n$639 t%"6 "6  re)t"4e)/

!;

)o' r"6()o' ret,rn "n4e6t.ent 4en,e '%"c% "6 "$e) =or "n4e6tor6 6ee"n5  6te$/ "nco.e

B MONEY MAR8E1< L0U0)=4 T%"6 "6 "$e) =or "n4e6tor6 )oo("n5 to ,t")"e t%e"r 6,rp),6 =,n$6 "n 6%ort ter. "n6tr,.ent6 '%")e '"t"n5 -etter opt"on6 T%e6e 6c%e.e6 "n4e6t "n 6%ortter. $e-t "n6tr,.ent6 n$ 6ee( to pro4"$e re6on-)e ret,rn6 =or t%e "n4e6tor6

C EU01Y< 2RO617=4 EG,"t"e6 re  pop,)r .,t,) =,n$ cte5or/ .on56t ret") "n4e6tor6 A)t%o,5% "t co,)$ -e  %"5%r"6( "n4e6t.ent "n t%e 6%ort ter.9 "n4e6tor6 cn epect cp"t) pprec"t"on "n t%e )on5 r,n  0ndeB S'heme=4 In$e 6c%e.e6 re  '"$e)/ pop,)r concept "n t%e 'e6t T%e6e =o))o'  p66"4e "n4e6t.ent 6trte5/ '%ere o,r "n4e6t.ent6 rep)"cte t%e .o4e.ent6 o= -enc%.r( "n$"ce6 )"(e N"=t/9 Sen6e9 etc - Se'tora$ S'heme=4 Sector) =,n$6 re "n4e6te$ "n  6pec"#c 6ector )"(e "n=r6tr,ct,re9 IT9 p%r.ce,t"c)69 etc or 6e5.ent6 o= t%e cp"t) .r(et )"(e )r5e cp69 ."$ cp69 etc T%"6 6c%e.e pro4"$e6  re)t"4e)/ %"5% r"6( %"5% ret,rn opport,n"t/ '"t%"n t%e eG,"t/ 6pce

c 1aB Savin,=4 A6 t%e n.e 6,55e6t69 t%"6 6c%e.e o>er6 t -ene#t6 to "t6 "n4e6tor6 T%e =,n$6 re "n4e6te$ "n eG,"t"e6 t%ere-/ o>er"n5 )on5ter. 5ro't% opport,n"t"e6 T 64"n5 .,t,) =,n$6 2c))e$ EG,"t/ L"n(e$ S4"n56 Sc%e.e63 %6  1/er )oc("n per"o$

D -ALAN&E)=4  T%"6 6c%e.e ))o'6 "n4e6tor6 to enjo/ 5ro't% n$ "nco.e t re5,)r "nter4)6 F,n$6 re "n4e6te$ "n -ot% !8

eG,"t"e6 n$ #e$ "nco.e 6ec,r"t"e6 t%e proport"on "6 pre $eter."ne$ n$ $"6c)o6e$ "n t%e 6c%e.e re)te$ o>er $oc,.ent T%e6e re "$e) =or t%e c,t"o,6)/ 55re66"4e "n4e6tor6

er3 per"o$

A &AP01AL PRO1E&10ON=4  T%e pr".r/ o-ject"4e o= t%"6 6c%e.e "6 to 6=e5,r$ t%e pr"nc"p) .o,nt '%")e tr/"n5 to $e)"4er re6on-)e ret,rn6 T%e6e "n4e6t "n %"5%G,)"t/ #e$ "nco.e 6ec,r"t"e6 '"t% .r5"n) epo6,re to eG,"t"e6 n$ .t,re )on5 '"t% t%e .t,r"t/ per"o$ o= t%e 6c%e.e

B F0>E) MA1UR01Y PLANS 9FMPS 3

M,t,) =,n$ 6c%e.e6 '"t%  $e#ne$ .t,r"t/ per"o$ T%e6e 6c%e.e6 nor.))/ co.pr"6e o= $e-t "n6tr,.ent6 '%"c% .t,re "n )"ne '"t% t%e .t,r"t/ o= t%e 6c%e.e9 t%ere-/ ern"n5 t%ro,5% t%e "ntere6t co.ponent 2)6o c))e$ co,pon63 o= t%e 6ec,r"t"e6 "n t%e port=o)"o FMP6 re nor.))/ p66"4e)/ .n5e$9 "e t%ere "6 no ct"4e tr$"n5 o= $e-t "n6tr,.ent6 "n t%e port=o)"o T%e epen6e6 '%"c% re c%r5e$ to t%e 6c%e.e re %ence9 5ener))/ )o'er t%n ct"4e)/ .n5e$ 6c%e.e6

!J

1 0N1ER?AL=4 Opert"n5 6  co.-"nt"on o= open n$ c)o6e$ en$e$ 6c%e.e69 "t ))o'6 "n4e6tor6 to tr$e ,n"t6 t pre$e#ne$ "nter4)6

(.! A)?AN1A2ES OF MU1UAL FUN)S

Mutua$ funds have been a *o*u$ar investment vehi'$e for investors. 1heir sim*$i'ity a$on, :ith other attributes *rovides ,reat benefit to investors :ith $imited +no:$ed,e5 time or money. 1o he$* us de'ide :hether mutua$ funds are best for us5 :e are ,oin, to $oo+ at some reasons to 'onsider investin, in mutua$ funds.

A DIVERSIFICATION One r,)e o= "n4e6t"n59 =or -ot% )r5e n$ 6.)) "n4e6tor69 "6 66et $"4er6"#ct"on D"4er6"#ct"on "n4o)4e6 t%e .""n5 o= "n4e6t.ent6 '"t%"n  port=o)"o n$ "6 !

,6e$ to .n5e r"6( M,t,) =,n$ pro4"$e6 "..e$"te -ene#t o= "n6tnt $"4er6"#ct"on n$ 66et ))oct"on '"t%o,t t%e )r5e .o,nt6 o= c6% nee$e$ to crete "n$"4"$,) port=o)"o6

B A)?AN&E) POR1FOL0O MANA2EMEN1=4 e p/  .n5e.ent =ee 6 prt o= o,r epen6e rt"o9 '%"c% "6 ,6e$ to %"re  pro=e66"on) port=o)"o .n5er '%o -,/6 n$ 6e))6 6toc(69 -on$69 etc T%"6 "6  re)t"4e)/ 6.)) pr"ce to p/ =or %e)p "n t%e .n5e.ent o= n "n4e6t.ent port=o)"o

C &ON?EN0EN&E AN) FA0R PR0&0N2=4 M,t,) =,n$6 re co..on n$ e6/ to -,/ T%e/ t/p"c))/ %4e )o' ."n".,. "n4e6t.ent6 n$ t%e/ re tr$e$ on)/ once per $/ t t%e c)o6"n5 NET ASSET VALUE 2NAV3 T%"6 e)"."nte6 pr"ce ,ct,t"on t%ro,5%o,t t%e $/ n$ 4r"o,6 r-"tr5e opport,n"t"e6 t%t $/ tr$er6 prct"ce

D L0U0)01Y AN) S0MPL0&01Y=4 e cn 6e)) or -,/ .,t,) =,n$6 n/t".e So .,t,) =,n$6 re 5oo$ "= 'e 'nt to "n4e6t "n 6o.et%"n5 '%"c% 'e cn )"G,"$te e6")/ A)6o .,t,) =,n$6 re 4er/ 6".p)e to -,/ n$ 6e))

E )0?0)EN) RE0N?ES1MEN1=4 A6 $"4"$en$6 n$ ot%er "ntere6t "nco.e "6 $ec)re$ =or t%e =,n$9 "t cn -e ,6e$ to p,rc%6e $$"t"on) ,n"t6 "n t%e .,t,) =,n$9 t%,6 %e)p"n5 /o,r "n4e6t.ent 5ro'

!:

(." )0SA)?AN1A2ES OF MU1UAL FUN)S

 T%ere re r"6(6 "n4o)4e$ "n -,/"n5 .,t,) =,n$6 T%e6e "n4e6t.ent 4e%"c)e6 cn eper"ence .r(et ,ct,t"on6 n$ 6o.et".e6 pro4"$e ret,rn6 -e)o' t%e o4er)) .r(et A)6o9 t%e $4nt5e6 5"ne$ =ro. .,t,) =,n$6 re not =ree .n/ o= t%e. crr/ )o$69 nn,) epen6e =ee6 n$ pen)t"e6 =or er)/ '"t%$r')

A R0S8S AN) &OS1S=4 C%n5"n5 .r(et con$"t"on6 cn crete ,ct,t"on6 "n t%e 4),e o=  .,t,) =,n$ "n4e6t.ent A)6o t%ere re =ee6 n$ epen6e6 66oc"te$ '"t% "n4e6t"n5 "n

ect"4e "n4e6t.ent $ec"6"on

erent 6o,rce6

@.(. SE&ON)ARY )A1A  T%"6 $t "6 co))ecte$ =ro. 4r"o,6 6o,rce6 )"(e .5"ne69 'e-6"te6 n$ e6pec"))/ =ro. t%e -oo(6 o= 'e))(no'n ,t%or6 BOOKS FOLLOS  

In$"n M,t,) F,n$6 n$-oo(  S,n$r Sn(rn !8 Per6on) F"nnce Pr"nc"p)e6 E4er/ In4e6tor S%o,)$ Kno'  Mn"6% C%,%n FOLLOIN+ ARE TE URLS

 

%ttp.,t,)=,n$-"r)6,n)"=eco. %ttp'''tt.,t,)=,n$co. erent re6erc% G,e6t"on or o-ject"4e6

B LA&8 OF &ON1ROL O?ER )A1A UAL01Y=4   +o4ern.ent n$ ot%er o?c") "n6t"t,t"on6 re o=ten  5,rntee o=  G,)"t/ $t9 -,t "t "6 not )'/6 t%e c6e For t%"6 re6on9 G,)"t/ "66,e6 .,6t -e 4er"=/ 6 o,t)"ne$ "n t%"6 po6t erent 5e6 o= re6pon$ent6 "n4e6t"n5 e"t%er "n M,t,) F,n$ or Bn( F"e$ Depo6"t6

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