mutual funds w.r.t money market mutual funds

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    Mutual Funds w.r.t Money

    Market Mutual Funds

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    Mutual Funds

    A mutual fund is a professionally managed type of collective investment scheme that pools

    money from many investors and invests it in stocks, bonds, short-term money market

    instruments, and/or other securities.

    A mutual fund is a single portfolio of stocks, bonds, and/or cash that is managed by an

    investment company on behalf of many investors.

    Every mutual fund has a manager, also known as an investment adviser, who directs the

    fund's investments according to the fund's objective i.e. high current income, long-term

    growth, principal stability, etc.

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    History of Mutual Funds

    It was first started in Netherlands in 1822 by King William.

    The idea was that it would attract the small investors with minimal capital secondly there wasthe lack of investment options and financial savings in the economy do not show anencouraging growth pattern.

    The modern mutual fund was first introduced in Belgium in 1920. This form of investmentsoon spread to Great Britain and France. Mutual funds became popular in the United States inthe 1922s and continue to be popular since the 1930s, especially open-end mutual funds. By1929, there were 19 open-end mutual funds competing with nearly 700 closed-end funds.Mutual funds experienced a period of tremendous growth after World War II, especially in the1980s and 1990s.

    Pakistan has an early start with setting up of NIT in 1962, an open-ended mutual fundestablished in the public sector.

    Investment Corporation of Pakistan was established in 1966 in the public sector to manageclosed- ended mutual funds.

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    The growth in mutual funds in Pakistan is attributable to;

    Liberalization of the sector.

    Economic growth and macroeconomic stability that attracted investors, including foreigninvestors, the stock market.

    Increased liquidity with institutional investors, which was channelized into the stock marketand mutual funds.

    High corporate earnings that increased the earnings potential for mutual funds.

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    Objectives

    Funds focus on dividends and interest that provide income to investors. This is a relatively

    steady source of money.

    Funds focus on increasing the value of the principal or amount invested through capital gains

    and net asset values.

    Funds focus on protecting the amount invested from loss so the funds NAV does not go

    down. This is the least risky type of fund but may make the least amount of money.

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    Open-end & Closed-end MF

    A mutual fund may be either an open-end or a closed-end fund.

    An open-end mutual fund does not have a set number of shares. The number of shareschanges as investors buy or sell their shares. Investors are able to buy and sell their shares ofthe company at any time for a market price. However, the open-end market price is influencedgreatly by the fund managers. The funds continuously create new units or redeem issued units

    on demand.O

    pen end funds are also called unit trusts, because they are registered as trusts.The unit holder can easily purchase or sell units at any time. Units are calculated at NAV.

    On the other hand, closed-end mutual fund has a fixed number of shares and the value of theshares fluctuates with the market. But with close-end funds, the fund manager has lessinfluence because the price of the underlining owned securities has greater influence. Theyare priced at market value determined by demand and supply and not on NAV and thus theyare traded below or above the NAV. If the shares of closed end are traded above the NAVthen fund is said to be traded at Premium, if it below the NAV value then the fund is said tobe traded at Discount. A key feature is that closed-end funds can be converted into open-endfunds.

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    Comparison

    Sr Description Open-Ended Close-Ended

    1 Size of capital No upper Limit Fixed

    2 Unit Price Based on NAV Based on Market Value

    3 Can be purchased from Own Branches Stock Market

    4 Redemption Units can be sold at

    any time

    Units can only be sold at the

    end of a maturity5 Listing at Stock Exchange May or May not Compulsory

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    Regulatory bodies

    Security Exchange Commission of Pakistan: SECP provides rules and regulations for themanagement of mutual funds. It has introduced a number of measures to enhance investorsconfidence and facilitate the mutual funds industry in line with the international bestpractices.

    State Bankof Pakistan: SBP provides the guidelines for the financing of mutual funds.

    Stock Exchange: It provides the trading platform for open/closed end funds.

    Mutual Funds Association of Pakistan: MUFAP is the trade body for Pakistans multi-billion rupees asset management industry. Their role is to ensure high ethical conduct andgrowth of the mutual fund industry. MUFAPs role is to establish the essential codes andstandards within the industry to ensure the trust and confidence of investors.

    Central Depository Company of Pakistan Limited: CDC acts as Trustee to ensure that eachfund is managed in accordance with the Regulations and the Prospectus.

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    Types of Mutual Funds

    Each mutual fund has specific investment objectives that mould the funds assets, investment

    options and strategy. At the most basic level, there are three types of mutual funds:

    Equity funds: The main objective for this fund is to participate fully in the growth of the

    economy.

    Income & Growth funds: The primary purposes of income and growth funds are to provide

    a steady source of income and moderate growth.

    Money Market funds: A money market fund is a mutual fund that invests its assets only in

    the most liquid of money instruments. The portfolio seeks stability by investing in very short-

    term, interest-bearing instruments issued by the state and local governments, banks, and largecorporations.

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    Advantages

    By purchasing mutual funds, you are provided with the immediate benefit of instant

    diversification and asset allocation without the large amounts of cash needed to create

    individual portfolios.

    The second advantage is lower transaction costs per participant. Because the commissions and

    other trading fees are spread over more shares, the cost to any one person is reducedsignificantly.

    The greatest advantage of mutual fund is the buying power; the group's collective resources

    enable it to purchase shares in a much broader range of industries or business sectors than any

    individual in the pool could do alone.

    Another advantage of mutual funds is the ability to get in and out with relative ease. In

    general, you are able to sell your mutual funds in a short period of time without there being

    much difference between the sale price and the most current market value.

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    Disadvantages

    Mutual funds are like many other investments without a guaranteed return: there is always thepossibility that the value of your mutual fund will depreciate.

    Another disadvantage is that mutual funds are not guaranteed by the U.S. government, so inthe case of dissolution, you won't get anything back.

    Another disadvantage of mutual funds is the difficulty they pose for investors interested inresearching and evaluating the different funds. Unlike stocks, mutual funds do not offerinvestors the opportunity to compare the P/E ratio, sales growth, earnings per share, etc.

    Mutual funds provide investors with professional management, but it comes at a cost. Fundswill typically have a range of different fees that reduce the overall payout. In mutual funds,the fees are classified into two categories: shareholder fees and annual operating fees. Theshareholder fees, in the forms of loads and redemption fees, are paid directly by shareholderspurchasing or selling the funds. The annual fund operating fees are charged as an annualpercentage - usually ranging from 1-3%. These fees are assessed to mutual fund investorsregardless of the performance of the fund.

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    Money Market Mutual Funds

    A money market fund is a mutual fund that invests solely in cash/cash equivalent securities,

    which are also often referred to as money market instruments. These investments are short-

    term, very liquid investments with high credit quality.

    These funds invest in short term (one day to one year) debt obligations such as Treasury bills,

    certificates of deposit, and commercial paper.

    The main goal is the preservation of principal, accompanied by modest dividends.

    Money market mutual funds offer a convenient parking place for cash reserves when an

    investor is not quite ready to make an investment or is anticipating a near-term cash outlay for

    a non-investment purpose. Money market mutual funds offer ultimate safety andliquidity. This means that investors will have an expected sum of cash at the very moment

    that they need it.

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    Types of MMMFThere are four types of money market funds;

    Tracker Fund:

    This type of fund, as its name suggests, follows the performance of a particular index.

    These types of funds are as volatile as the market with a correlation of unity.

    Fund of Funds

    A type of mutual fund which invests in other mutual funds, also known as multi management funds.

    These types of funds enable investors to achieve a broad diversification and an appropriate asset allocationwith investments in a variety of fund categories that all are wrapped up into one fund. Due todiversification, these funds are less volatile with moderate correlation with market.

    Income Fund:

    Investors seeking current income higher than money market rates, who are willing to accept moderate pricefluctuations.

    Investors willing to "balance" their equity (stock) portfolios with a fixed income investment.

    Investors who want a portfolio of taxable bonds with differing maturity dates.

    Investors interested in receiving periodic income on a regular basis.

    Balanced Fund

    The basic objectives of balanced funds are to generate income as well as long-term growth of principal.These funds generally have portfolios consisting of bonds, preferred stocks, and common stocks. They havefairly limited price rise potential, but do have a high degree of safety, and moderate to high income

    potential.

    Investors who desire a fund with a combination of securities in a single portfolio, and who seek somecurrent income and moderate growth with low-level risk, would do well to invest in balanced mutual funds.

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    Categories of MMMF

    Important categorization for money market mutual funds relates to their taxable or tax-exempt

    status:

    Taxable money market mutual funds

    Taxable funds mainly invest in U.S. Treasury securities, government agency securities,

    repurchase agreements, CDs, commercial paper and bankers' acceptances. Many other typesof investments are eligible for taxable money market funds. For instance, if you are partial to

    the housing sector, you can buy a money market fund that solely invests.

    Tax-exempt money market mutual funds

    Tax-exempt money market mutual funds have the potential to offer a triple-whammy tax

    reprieve for some investors! Some tax-exempt funds purchase only securities issued bygovernments within a particular state. If an investor can find such a fund for his or her home

    state, that investor can earn interest income that is exempt from federal, state and perhaps

    even local income taxes.

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    Listed Companies

    JS INVESTMENT LTD. (PREVIOUSLY ABAMCO LTD.)

    AKD INVESTMENT MANAGEMENT LTD.

    AL FALAH GHP INVESTMENT MANAGEMENT

    AL-MEEZAN INVESTMENT MANAGEMENT LIMITED

    AMZ ASSET MANAGEMENT LTD.

    ARIF HABIB INVESTMENT MANAGEMENT LTD.

    ASIAN CAPITAL MANAGEMENT (PVT.) LTD

    ASKARI ASSET MANAGEMENT LTD.

    ATLAS ASSET MANAGEMENT LTD.

    BMA ASSET MANAGEMENT LTD.

    CROSBY ASSET MANAGEMENT LTD.

    DAWOOD CAPITAL MANAGEMENT LTD.

    FAYSAL ASSET MANAGEMENT LIMITED

    FIRST CAPITAL INVESTMENTS LTD.

    HABIB ASSETS MANAGEMENT LTD.

    HBL ASSET MANAGEMENT LTD

    KASB FUND LIMITED

    NATIONAL ASSET MANAGEMENT COMPANY LIMITED

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    NOMAN ABID INVESTMENT MANAGEMENT LIMITED

    PICIC ASSET MANAGEMENT COMPANY LTD.

    PRUDENTIAL FUND MANAGEMENT LTD

    SAFEWAY MANAGEMENT LTD.

    UBL FUND MANAGERS LTD.

    WE INVESTMENT MANAGEMENT LIMITED

    NATIONAL FULLERTON ASSET MANAGEMENT LIMITED NAFA

    NATIONAL IINVESTMENT TRUST LTD.

    NBP CAPITAL LIMITED

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    NAV

    Many new investors see buying and selling mutual fund shares in the same light as buyingand selling shares of stock. This is an inaccurate comparison for two reasons: first, mutualfunds are redeemable securities, whereas stocks are tradable securities. Mutual fund sharescan only be bought from and redeemed with the sponsor company itself or one of its sellinggroup members. Secondly, the daily purchase and sale prices of mutual funds are determinedin a completely different way from that of a corporation's common stock offerings.

    NAV is the market value of one unit in a fund. NAV is calculated by adding up all the Fundsassets minus the liabilities divided by the units outstanding. When you buy units, you pay thecurrent NAV per unit, plus any sales charge (also called as sales load). When you sell yourunits, the fund will pay you NAV less than any other sales load. A fund's NAV goes up ordown daily as its holdings change in value.

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    Example

    For example, if the fund has securities and other assets worth Rs.100 million and has

    liabilities of 10 million, the Fund's NAV will be Rs.90 million.

    Because the fund's assets and liabilities change daily, NAV will also change daily. NAV

    might be Rs.90 million one day, Rs.91 million the next, and Rs.89 million the day after. The

    fund calculates the NAV of a single unit (or the "per unit NAV") by dividing its NAV by thenumber of units that are outstanding. For example, if the fund has an NAV of Rs.100 million,

    and investors own 10,000,000 of the fund's units, the fund's per unit NAV will be Rs.10.

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    Company

    /sector

    (OPEN-END

    MUTUAL

    FUNDS)

    Offer

    Price

    Redem-

    ption Price

    Paid-up

    Capital

    (Rs in million)

    Year

    Ending

    DISTRIBUTIONS FOR YEAR OF

    LISTING

    2007 2008 2009

    AKD INDEX

    TRACKER FUND

    6.42 6.35 - JUNE - 6%B - 2007

    DAWOODMONEY

    MARKET FUND

    N/A N/A - JUNE 10.85%B 10.25%B - 2003

    KASB LIQUID

    FUND

    96.36 96.36 - JUNE 10.71% B 2.75% 3% (i) 2006

    FAYSAL SAVINGS

    GROWTH FUND

    102.80 12.80 - JUNE 1.25%B 10% 3.20%

    (i)

    2007

    MEEZAN

    ISLAMIC FUND

    33.47 32.72 - JUNE 26.61% B 20%B - 2003

    ATLAS INCOME

    FUND

    515.15 510.05 - JUNE 10%B 9.50%B 2.75% B

    (i)

    2004

    ALFALAH GHP

    VALUE FUND

    56.97 55.58 - DEC 9.57%

    10% B

    NIL - 2005

    AMZ PLUS

    ISLAMIC FUND

    102.65 101.38 - JUNE 11.60%B 10.22% 1.75%

    (i)

    2006

    STOCK EXCHANGE - DAILY QUOTATIONS (MONDAY 06-04-

    2009)

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    What's So Special AboutThese Products?

    Money market funds are special for the following reasons:

    Safety: Money market funds provide a fixed return with short maturities. money market fundscarry a low default risk while still offering a reasonable return.

    Low Initial Investment: Money market funds allow you to take advantage of the safety

    related to a money market investment at low investment amounts.

    Accessibility: Money market fund can be bought and sold at any time and are not subject to

    market timing restrictions.

    Cost Efficiencies: The operating costs of a fund manager are lower due to the economies ofscale of managing large portfolios. Mutual fund management can save on accounting fees,

    research costs, and brokerage fees, etc., due to the availability of a relatively large pool of

    resources.

    Expert Management: Mutual fund managers are trained investment professionals whose

    knowledge can provide greater risk adjusted returns. Successful timing and selection of stocks

    by mutual fund managers can maximize shareholder returns which investors may not be able

    to achieve on their own. Risk Diversification: Investors are averse to huge fluctuations in stock prices. A mutual fund

    can stave off this barrier by providing broad diversification through the pooling of resources,

    a possibility not available to an individual investor. The portfolio theory suggests that as an

    investor spreads his/her investment over a large number of stocks, the investment risk goes

    down.

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    Differences Vs Similarities

    Money market, bond, and equity mutual funds are diversified investment portfolios

    developed to meet specific objectives.

    A money market mutual fund's objective is capital preservation and safety of

    principal while the investment objective of a bond and/or equity (stock) mutual

    fund is typically income, growth, or growth and income.

    To achieve its objective the money market mutual fund may invest in short-term

    debt obligations such as T-bills, and other government securities.

    To achieve its income objective, a bond mutual fund may invest in short, medium,

    and/or long-term debt obligations such as government and/or corporate bonds.

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    Profits from MMMF

    A mutual fund can generate profits from three different sources, which are:

    Dividend

    Capital Gains

    Appreciation of share price

    Mutual funds generate income from dividends received from other joint stock companieswhose shares the fund holds. A mutual fund uses this dividend income to distribute dividendto its stock holders.

    The portfolio manager changes the portfolio of the fund with the passage of time and alsowith the changes in the economic and business conditions. So due to the sale and purchase ofshares, the mutual fund generates capital from the sales/purchase of stocks. The capital gain

    generated by the mutual fund is also used to pay dividends to the investors of the fund.

    Mutual funds also increases the wealth/investment of their shareholder through appreciationof share price of the mutual fund. For example, if the subscription price of a mutual fund isRs.11.00, and after a period of seven months the price goes up to Rs. 18.00, thus the investorgets a profit of Rs. 7.00 if he sells the mutual fund shares in the market.

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    NIT

    The National Investment (Unit) Trust is Pakistans largest and oldest Mutual Fund, havingapproximately 52,000 unit holders. NIT's distribution network comprises of 19 NIT branches,various Authorized bank branches all over Pakistan and Arab Emirates Investment Bank(AEIB) in Dubai (UAE). The Trust constituted under the Trust Deed dated 12th November1962, executed between National Investment Trust Ltd (NITL) as Management Company andNational Banks of Pakistan as Trustee.

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    NITs Investment Objective

    The core objective of NIT is to maximize the return to Unit holders.

    The objectives in order of priority are

    Income generation

    Capital Preservation

    Growth

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    Income Generation

    NITs main objective is of income generation and is achieved via active Fund management.

    Those companies are divested which provide no or low yields.

    Block deals are negotiated with sponsors in order to obtain a sale price.

    So income is generated at the time of sale and then again on recurring basis ry re-investing

    these funds in high yield stock.

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    Capital Preservation

    NITs diversified portfolio reduces the risk of equity investment by distributing the investment

    among various shares with different characteristics

    This is diversification is continued and made on regular basis

    This practice is called Movement in Portfolio.

    Different holdings are categorized as

    1. Open end mutual funds

    2. Close end mutual funds

    3. Modarbas

    4. Leasing Companies

    5. Insurance

    6. Textile

    7. Commercial Banks

    8. Manufacturers

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    Statement of Movement in

    portfolio(December 31st 2008)

    Name ClosingShares Market Value

    O pen end mutual funds 1085537 176807102

    Close end mutual funds 332958736 109955413

    Modarbas 12368000 51650084Leasing Companies 9799743 96233868

    Insurance 306 7941

    Textile Spinning 33419605 458545191

    Commercial Banks 220141685 3522554973

    Engineering 78018 2619377

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    Growth

    NIT also invests a portion of its portfolio in stocks, which consume internal cash generation

    for fueling above average growth.

    Growth income is considered as differed income because direct income is the dividends.

    In a high inflation country like Pakistan an element of growth stocks in the portfolio is

    essential to preserve the value of funds invested in real time.

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    Advantages at NIT

    NIT enables common man to participate in industrial growth by becoming part of that

    company.

    It helps to make the ownership of the industrial projects more broad based.

    It minimizes the risk of investments as is involved in investing in direct stock market.

    The investor can start with a small investment.

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    Shareholders of NITL

    National bank of Pakistan

    Habib Bank Limited

    United Bank Limited

    Muslim Commercial bank

    Pakistan Industrial Credit and Investment Corporation

    Industrial Development Bank of Pakistan

    Investment Corporation of Pakistan

    Pakistan RE-Insurance Company

    Government of Pakistan

    Mr. Ahmed Dawood(Late)

    Mr. Abdul Hameed Adamjee

    Mian Tajamal Hussain

    The above 12 shareholders own 8.33% equal share in NITL.

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    UBL

    The United Money Market Fund (UMF) is the first true money market mutual fund launchedin 2002. Its an open-ended mutual fund that is a safe and low risk investment option. The fundinvests in fixed income instruments like T-Bills, Term finance certificates and other short tomedium term fixed income securities. UMF was the first money market fund launched inPakistan which offered no sales load to its Class "A" unit holders.

    United Money Market Fund strives to provide its investors true value of their money. It's ashort-term cash-parking avenue where you can earn comparably higher returns on yourinvestments in an era when other options of investments are delivering negative returns. Weprovide our investors market driven returns in a biased period of upward drive in interest ratesand in these times, UMF is the best place to meet investor expectations of capital preservationcombined with a high return.

    During this March, the fund manager increased exposure in GOP securities to 9% of netassets to capture the opportunity to offered by declining yields, (increasing bond prices). Thestrategy serves a dual purpose of providing a hedge against declining interest rates and at thesame time reducing risk exposure of the funds. The fund exposure in GOP securities wasskewed towards shorten tenors in line with the shorter term investments and high liquidrequirement of the funds.

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    Units

    The units of UMF shall have a face value of Rs 100/- each. UBL FUNDS has set a lowerminimum investment size of Rs 5,000. All Units represent an undivided share in UMF andrank pari passu as to their rights in the net assets, earnings, and the receipt of the dividendsand distributions. Each Holder has a beneficial interest in UMF proportionate to the Unitsheld by such Holder. However UBL FUNDS (while maintaining the integrity of each Unitspari passu rights) may issue following classes of Units:

    Class A (Restricted) Units that shall be charged with No Sales Load. Class A Units that shall be charged with No Sales Load.

    Class B Units that shall be charged with Front-end Load.

    Class B units will have sales load added to the NAV for determining the Offering Pricethereof (Sales Load) and Class C Units will have Back-end load deducted for determiningthe Redemption Price Backend Load).

    Class C Units that shall be charged with Back-end Load.

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    UMF Investment

    UMF will invest in a wide range of instruments including:

    Rated Corporate Debt

    Government Securities

    Asset Backed Securities

    Certificates of Investments

    Reverse Repo transactions and other money market instruments

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    Portfolio Detail UBL

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    UBLs Financial Statements

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    Conclusion

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