mutual funddddd

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A mutual fund is a professionally-managed type ofcollective investmentscheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.[1]

Mutual Fund is an instrument of investing money. Nowadays, bank rates have

fallen down and are generally below the inflation rate. Therefore, keeping large

amounts of money in bank is not a wise option, as in real terms the value of

money decreases over a period of time.

One of the options is to invest the money in stock market. But a common investor

is not informed and competent enough to understand the intricacies of stock

market. This is where mutual funds come to the rescue.

A mutual fund is a group of investors operating through a fund manager to

purchase a diverse portfolio of stocks or bonds. Mutual funds are highly cost

efficient and very easy to invest in. By pooling money together in a mutual fund,

investors can purchase stocks or bonds with much lower trading costs than if they

tried to do it on their own. Also, one doesn't have to figure out which stocks or

bonds to buy. But the biggest advantage of mutual funds is diversification.

Diversification means spreading out money across many different types of

investments. When one investment is down another might be up. Diversification

of investment holdings reduces the risk tremendously.

History

Mutual funds first became popular in the United States in the 1920s. The

first funds were of the closed-end type with shares that trade on an

exchange. The first open-end mutual fund, the Massachusetts Investors

Trust was established on March 21, 1924. It is now part of the MFS family

of funds. This was the first fund with redeemable shares. However, closed-end funds remained more popular than open-end funds throughout the

1920s. By 1929, open-end funds accounted for only 5% of the industry's

$27 billion in total assets.[4]

After the stock market crash of 1929, Congress passed a series of acts

regulating the securities markets in general and mutual funds in particular.


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The Securities Act of 1933 requires that all investments sold to the public,

including mutual funds, be registered with the Securities and Exchange

Commission (SEC) and that they provide prospective investors with

a prospectus that discloses essential facts about the investment.

The Securities and Exchange Act of 1934 requires that issuers ofsecurities, including mutual funds, report regularly to their investors; this act

also created theSecurities and Exchange Commission, which is the

principal regulator of mutual funds. The Revenue Act of 1936 established

guidelines for the taxation of mutual funds, while the Investment Company

Act of 1940 governs their structure.

When confidence in the stock market returned in the 1950s, the mutual

fund industry began to grow again. By 1970, there were approximately 360

funds with $48 billion in assets.[5]

The introduction of money market fundsin the high interest rate environment of the late 1970s boosted industry

growth dramatically. The first retail index fund, First Index Investment Trust,

was formed in 1976 by The Vanguard Group, headed by John Bogle; it is

now called the Vanguard 500 Index Fund and is one of the world's largest

mutual funds, with more than $100 billion in assets as of January 31,

2011.[6]

Fund industry growth continued into the 1980s and 1990s, as a result of

three factors: a bull market for both stocks and bonds, new productintroductions (including tax-exempt bond, sector, international and target

date funds) and wider distribution of fund shares.[7] Among the new

distribution channels were retirement plans. Mutual funds are now the

preferred investment option in certain types of fast-growing retirement

plans, specifically in 401(k) and otherdefined contribution plans and

in individual retirement accounts (IRAs), all of which surged in popularity in

the 1980s. Total mutual fund assets fell in 2008 as a result of the credit

crisis of 2008.

At the end of December 2009, there were 7,691 mutual funds in the United

States with combined assets of $11.121 trillion, according to the Investment

Company Institute (ICI), a national trade association of investment

companies in the United States. The ICI reports that worldwide mutual fund

assets were $22.964 trillion on the same date.[8]


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Europe Stock FundSince the adoption of a common currency by the European Union, therehave been significant improvements on economic, political and livingstandards. There are some significant differences in the member countriesper capita income, thus decidedly different economic policies. Eachmember country has its own economic difficulties and likewise advantages.Despite these differences, the Euro has continued to gain strength evenafter the global economic crisis. The future ofEuropean mutualfunds remains optimistic, since most of the member countries economicpolicies continue to strengthen this European economy.

Investing in Europe mutual fundsprovides the best diversification strategy.Most of these European markets have undergone full complete cycles andtherefore, highly knowledgeable and established markets. Investors have

to make well-informed decisions in matters relating to foreign investments.Investors can optimize investment opportunities in European stocksbytreating each EU member country independently. This is because of thediverse nature that exists in the market; however, diversifying yourinvestments remains a brilliant strategy to spread risks. Some 12 EUmembers are in the emerging markets, this means that investors shouldlook for long-term investment opportunities in these markets. Thereis potential to grow from these emerging markets, and some cushion existssince there are 15 superior member markets. It is necessary to look at the

level of risks presented in these emerging markets sothat you can overcome the risks with a well-diversified portfolio.

The overall performance of European markets has been exceptionallystrong; these markets have enormous potential for any equity investments.The markets continue to strengthen since most international companiescontinue to make heavy investments in these markets. There isa promising future economic growth, due to massive interest garnered bymany foreign direct investment opportunities. The continued growthpotential has seen some of the European Countries gain close to two thirds

of the global market capitalization.

European markets have one of the biggest global equity funds. Havingmany member countries makes investment options easy, sincepotential casual investors can invest in any of the European portfolioinvestments around the world. This global fund presents minimal risks dueto the wide variety of portfolio investments available. Investors should


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ensure that these portfolio investments are in developed markets, thishelps in avoiding exposure to fluctuations, poor exchange rates that canhave a negative impact your stock investments.

Categories of Global Investments Funds

International or foreign equity funds: These include organizations thathave invested in developed markets outside of US market. Understandingthe market that these foreign investments operate in can helps in markingany investment decision can help potential casual investors in markingbetter decisions.

Regional Equity funds: Investors can use this strategy to focus on EuropeStock Funds, the investment decisions should focus on the best performing

regions of the European market.

Country-specific equity funds: This strategy should be usedfor individual country stock performance.

Emerging markets funds: Investments decisions made should check toensure that the inexperience of the markets will not limitportfolio growth. Proper strategies should be formulated as a survival tacticin any European emerging markets

Mutual funds in India

From Wikipedia, the free encyclopedia

The first mutual fund to be introduced in India was way back in 1963 when

the Government of India launched Unit Trust of India (UTI). UTI enjoyed a

monopoly in the Indian mutual fund market till 1987 when a host of othergovernment controlled Indian financial companies came up with their own

funds. These included State Bank of India, Canara Bank, Punjab National

Bank etc. This market was made open to private players in 1993 after the

historic constitutional amendments brought forward by the then Congress

led government under the existing regime


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ofLiberalization, Privatization andGlobalization (LPG). The first private

sectorfund to operate in India was Kothari Pioneer which was later merged

with Franklin Templeton.

The major fund houses to operate in India are:

Fortis

Birla Sunlife

Bank of Baroda

HDFC

ING Vysya

ICICI Prudential

SBI Mutual Fund

Tata

Kotak MahindraUnit Trust of India

Reliance

IDFC

Franklin Templeton

Sundaram Mutual Fund

Religare Mutual Fund

Principal Mutual Fund

Mutual funds are an under tapped market in India

Despite being available in the market for over two decades now with assets

under management equaling Rs 7,81,71,152 Lakhs (as of 28 February

2010) (Source: Association of Mutual Funds, India) , less than 10% of

Indian households have invested in mutual funds. A recent report on

Mutual Funds Investments in India published by research and analytics

firm, Boston Analytics, suggestsinvestors are holding back from putting

their money in mutual funds due to their perceived high risk and a lack of

information on how mutual funds work. This report is based on a survey ofapproximately 10,000 respondents in 15 Indian cities and towns as of

March 2010.There are 43 Mutual Funds at present.

The primary reason for not investing appears to be correlated with city size.

For example, as depicted in the exhibit below, among respondents with a

high savings rate, close to 40% of those who live in metros and Tier I cities


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cited such investments were very risky, whereas 33% of those in Tier II

cities said they did not how and where to invest in such assets.

Non Investors.png

Graph created by self using data available to me under license from Boston

Analytics.

[edit]

On the other hand, among those who invested, close to nine out of

ten respondents did so because they felt these assets to be more

professionally managed than other asset classes. Exhibit 2 lists some of

the influencing factors for investing in mutual funds.Interestingly, while non-

investors cite risk as one of the primary reasons they do not invest inmutual funds, those who do invest cite the fact that they are professionally

managed and more diverse most often as the reasons they invest in

mutual funds versus other investments.


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Chapter 2

Types of mf in America

Most financial professionals suggest that investors balance their

portfolios by investing across several types of investments. Which

mix is right for you? That depends on a number of things

including your investment time horizon, risk tolerance and

financial circumstances.

American Funds offers funds with an array of investment

objectives to help you and your financial professional build aportfolio specifically tailored to your needs.

At the bottom of the list youll also find the American Funds

Target Date Retirement Series. Please note that our target date

funds are only available in certain tax-deferred retirement plans

and in IRAs (Class A and R shares only). Be sure to talk with yourfinancial professional about whether or not target date funds

make sense for your financial goals.

y Growth funds

y Growth-and-income fundsy Equity-income funds


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y Balanced funds

y Bond funds

y Tax-exempt bond funds

y Money market funds

y Target date fundsGrowth funds

Growth funds seek growth of capital over the long term by

investing in companies with a history of rapidly growing earnings

and generally higher price-to-earnings ratios. Growth funds are

more volatile than bond or money market funds, rising faster in

bull (advancing) markets and dropping more sharply in bear

(falling) markets. American Funds offers the following growth

funds:

y AMCAP Fund

y EuroPacific Growth Fundy The Growth Fund of America

y The New Economy Fund

y New Perspective Fund

y New World Fund

y SMALLCAP World Fund

Growth funds

Growth funds seek growth of capital over the long term byinvesting in companies with a history of rapidly growing earnings

and generally higher price-to-earnings ratios. Growth funds aremore volatile than bond or money market funds, rising faster in

bull (advancing) markets and dropping more sharply in bear

(falling) markets. American Funds offers the following growth

funds:

y AMCAP Fund

y EuroPacific Growth Fund

y The Growth Fund of America

y The New Economy Fund

y New Perspective Fund

y New World Fundy SMALLCAP World Fund


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rowth-and-income funds

Growth-and-income funds seek growth of capital as well as

current income. These funds invest mainly in the common stock

of companies with a history of solid growth and a record of

consistent dividend payments. American Funds offers thefollowing growth-and-income funds:

y American Mutual Fund

y Capital World Growth and Income FundSM

y Fundamental InvestorsSM

y International Growth and Income FundSM

y The Investment Company of America

y Washington Mutual Investors FundSM

Back to top

Equity-income fundsEquity-income funds invest in a mixture of dividend-paying stocks

and bonds with an objective of current income and, as a

secondary goal, growth of capital. American Funds offers the

following equity-income funds:

y Capital Income Builder

y

The Income Fund of America

Back to top

Balanced fundsBalanced funds seek to provide long-term growth of capital,

preserve capital and provide income to shareholders by holding a

mix of bonds, common stocks, preferred stocks and short-term

securities. American Funds offers the following balanced funds:

y

American Balanced Fund

y American Funds Global Balanced FundSM

Back to top

Bond fundsBond funds are designed to produce current income for

shareholders by investing in corporate and government securities


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or municipal bonds, which are issued by state or local

government and provide tax-free income. American Funds offers

the following bond funds:

y American Funds Mortgage FundSM

y American High-Income TrustSMy The Bond Fund of AmericaSM

y Capital World Bond Fund

y Intermediate Bond Fund of America

y Short-Term Bond Fund of AmericaSM

y U.S. Government Securities FundSM

Back to top

Tax-exempt bond fundsTax-exempt bond funds invest in municipal bonds, which payinterest that is free from federal and/or state taxation. Certain

other income, as well as capital gain distributions, may be

taxable. The tax-exempt funds of California, Maryland, NewYork and Virginia are more susceptible to factors adverselyaffecting issuers of its state's tax-exempt securities than amore widely diversified municipal bond fund. AmericanFunds offers the following tax-exempt bond funds:

y

American Funds Short-Term Tax-Exempt Bond Fund

SM

y American Funds Tax-Exempt Fund of New YorkSM

y American High-Income Municipal Bond Fund

y Limited Term Tax-Exempt Bond Fund of AmericaSM

y The Tax-Exempt Bond Fund of America

y The Tax-Exempt Fund of California

y The Tax-Exempt Fund of Marylandy The Tax-Exempt Fund of Virginia

Back to topMoney market funds

Money market funds invest in securities such as commercial

paper, certificates of deposit, Treasury bills and other highly

liquid and stable securities. Money market funds typically have

very low expense ratios and interest is credited monthly to

shareholders. Although managed to maintain a $1.00 net


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asset value (NAV), there is no assurance the NAV willremain stable and the fund is not insured orguaranteed. American Funds offers the following money marketfund:

y American Funds Money Market Fund

Back to top

Target date fundsThe American Funds Target Date Retirement Series is designed tohelp shareholders saving for retirement through certain tax-

deferred retirement plans and IRAs choose a single fund closest

to their expected retirement date. Note: Tax-deferred plansonly include target date funds if plan sponsors choose to

include these funds in the plan.Each of the portfolios utilize adifferent mix of the American Funds. Based on their target

retirement date, the portfolios incorporate varying degrees of risk

and are diversified among growth, growth-and-income, equity-

income/balanced and bond funds:

y American Funds 2055 Target Date Retirement FundSMy American Funds 2050 Target Date Retirement Fund

y American Funds 2045 Target Date Retirement Fund


y American Funds 2035 Target Date Retirement Fundy American Funds 2030 Target Date Retirement Fund




y American Funds 2010 Target Date Retirement FundMutual funds have been actively traded in the United States since 1924,and in Europe as far back as the 1800s. However the emense number andtremendous diversity of mutual funds found today stems from a suden

surge in popularity in the 1980s caused by companies abandoningtraditional pension plans and, as a result, more Americans becomongresponsible for planning their ownretirement funds. The InvestmentCompany Institute, the mutual fund trade organization, was founded in1940 with 68 funds worth a total of $2.1 billion. At the beginning of 2007there were approximately 9000 mutual funds worth over $6 trillion.


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With the new abundance of mutual funds and the number of Americansresponsible for planning their ownretirement income continuing to increase,it seems particularly important for anyone thinking aboutinvesting in amutual fund to be well informed of the kinds of mutual funds that currentlyexist and of what exactly they

Different Kinds ofMutual Funds

(1) Equity FundsEquity funds, commonly referred to asstock funds, are the most commontype of mutual funds. Stock funds invest entirely in stocks. Many types ofstock fund exist. Stock fund subspecies include the following:1. Aggressive growth funds are mutual funds that aim for the highest-

capital gains and are not risk-averse in their choice of investments.

They typically invest in small companies that appear poised for growth.2. Growth funds aim to gain financial appreciation by investing in growthstocks; they primarily invest in large companies that are well-established.

3. Sector funds do what their name implies; these funds invest only incompanies within a certain segment, or sector of the economy.Saratoga Health and Biotechnology I (SBHIX), for instance, investsonly in stocks issued by companies in the health care andbiotechnology sectors. Similarly, Vice Fund (VICEX) is a Dallas-basedequity fund that invests strictly in gambling, alcohol, tobacco and

defense, and othersinful stocks. Whatever sector you're consideringinvesting in, chances are that there already exist numerous fund thatinvest just in that sector of the economy.

4. Growth and Income Funds aim to achieve both growth and income,primarily through investments in companies with large growth potentialand a strong record of regulardividend payouts.

5. Income-equity funds are more concerned with dividend income, andless concerned with growth.

6. Emerging market funds invest primarily in developing countries.

7. Regional equity funds invest strictly in shares offered by companieslocated in a certain part of the world.8. Global equity funds invest in equity securities traded internationally,

including those of companies operating out of the United States.

(2) Index Funds


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an Index fund is a stock fund that attepts to mirror the performace ofvarious stock market indexes, such as the S&P 500, Dow Jones Industrialor NASDAQ. Because portfolio decisions or index funds are madeautomatically by computers, rather than manually, and are infrequent,management funds are typically lower than those of actively managedmutual funds.(3) Bond FundsBond funds invest in bonds issued by large corporations and governmentinstitutions. Investers often seek out bond funds as a more conservativeinvestment that will generate a steadier return than stock funds. The term'bond funds' encompasses two subspecies: tax-free, or municiple bondfunds and taxable bond funds.(4) Hybrid FundsA hybrid fund is a category of mutual fund thats portfolio is comprised of a

combination of stocks and bonds. A hybrid fund's proportion of stocks tobonds may vary overtime or remain fixed. Hybrid funds are now commonlydivided into domestic hybrid funds and international hybrid funds.

(5) Money Market FundsMoney market funds, also refered to as money funds, are mutual funds thatinvest in short-term debt instruments. Money market mutual funds arerequired by law to invest in low-risk and highly liquid securities, such asgovernment issued securities and commercial paper of companies. Thesefunds are relatively low risk investments compared to other mutual funds

and issue divident payouts that roughly reflect short-term interest rates.(6) Exchange-Traded FundsExchange-traded funds, commonly called ETFs, are mutual funds tradedon stock exchanges much like stocks. ETFs hold assets such as stocksand bonds and trade approximately inline with the net asset value of theunderlying assets over the course of the trading day

Types of mutual funds in India :

On the basis of their structure and objective, mutual funds can be classified into

following major types:

Closed-end funds

A closed-end mutual fund has a set number of shares issued to the public through

an initial public offering.


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Open-end funds

Open end funds are operated by a mutual fund house which raises money from

shareholders and invests in a group of assets

Large cap fundsLarge cap funds are those mutual funds, which seek capital appreciation by

investing primarily in stocks of large blue chip companies

Mid-cap funds

Mid cap funds are those mutual funds, which invest in small / medium sized

companies. As there is no standard definition classifying companies

Equity funds

Equity mutual funds are also known as stock mutual funds. Equity mutual fundsinvest pooled amounts of money in the stocks of public companies.

Balanced funds

Balanced fund is also known as hybrid fund. It is a type of mutual fund that buys a

combination of common stock, preferred stock, bonds, and short-term bonds

Growth funds

Growth funds are those mutual funds that aim to achieve capital appreciation by

investing in growth stocks.

No load funds

Mutual funds can be classified into two types - Load mutual funds and No-Load

mutual funds.

Exchange traded funds

Exchange Traded Funds (ETFs) represent a basket of securities that is traded on an

exchange, similar to a stock. Hence, unlike conventional mutual funds

Value funds

Value funds are those mutual funds that tend to focus on safety rather than

growth, and often choose investments providing dividends as well as capital

appreciation.


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Money market funds

A money market fund is a mutual fund that invests solely in money market

instruments. Money market instruments are forms of debt that mature in less

than one year and are very liquid.

International mutual funds

International mutual funds are those funds that invest in non-domestic securities

markets throughout the world.

Regional mutual funds

Regional mutual fund is a mutual fund that confines itself to investments in

securities from a specified geographical area, usually, the fund's local region.

Sector fundsSector mutual funds are those mutual funds that restrict their investments to a

particular segment or sector of the economy.

Index funds

An index fund is a a mutual fund or exchange-traded fund) that aims to replicate

the movements of an index of a specific financial market.

Fund of funds

A fund of funds (FoF) is an investment fund that holds a portfolio of otherinvestment funds rather than investing directly in shares, bonds or other

securities.


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INVESTMENTS

Savings form an important part of the economy of any nation. With the savingsinvested in various options available to the people, the money acts as the driver for

growth of the country. Indian financial scene too presents a plethora of avenues to

the investors. Though certainly not the best or deepest of markets in the world, it

has reasonable options for an ordinary man to invest his savings.

An investment can be described as perfect if it satisfies all the needs of all

investors. So, the starting point in searching for the perfect investment would be toexamine investor needs. If all those needs are met by the investment, then that

investment can be termed the perfect investment.

Most investors and advisors spend a great deal of time understanding the merits of

the thousands of investments available in India. Little time, however, is spent

understanding the needs of the investor and ensuring that the most appropriate

investments are selected for him.


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The Investment Needs of an Investor

By and large, most investors have eight common needs from their investments: 1.

Security of Original Capital; 2. Wealth Accumulation; 3. Comfort Factor; 4. Tax

Efficiency; 5. Life Cover; 6. Income; 7. Simplicity; 8. Ease of Withdrawal; 9.

Communication

Security of original capital:

The chance of losing some capital has been a primary need. This is perhaps the

strongest need among investors in India, who have suffered regularly due tofailures of the financial system.

Wealth accumulation:

This is largely a factor of investment performance, including both short-term

performance of an investment and long-term performance of a portfolio. Wealth

accumulation is the ultimate measure of the success of an investment decision.

Comfort factor:

This refers to the peace of mind associated with an investment. Avoidingdiscomfort is probably a greater need than receiving comfort. Reputation plays an

important part in delivering the comfort factor.

Tax efficiency:

Legitimate reduction in the amount of tax payable is

an important part of the Indian psyche. Every rupee saved in taxes


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goes towards wealth accumulation.

Life Cover:

Many investors look for investments that offer good return

with adequate life cover to manage the situations in case of any

eventualities.

Income:

This refers to money distributed at intervals by an investment, which are usually

used by the investor for meeting regular expenses. Income needs tend to be fairly

constant because they are related to lifestyle and are well understood by investors.

Simplicity:

Investment instruments are complex, but investors need

to understand what is being done with their money. A planner shouldalso deliver simplicity to investors.

Ease of withdrawal: This refers to the ability to invest long term but

withdraw funds when desired. This is strongly linked to a sense of ownership.it

is normally triggered by a need to spend capital ,chance investments or cater to

changes in other needs . Access to long term investment at shory notice can only

be had at a substencial cost .

communication :

this refers to informing and educating investors about the purpose and progress of

their investments .The need to communicate increases when investments are

threatened .

Security of original capital is more important when performance falls .

Performance is more important when investments are performing well.

Perfect investments would have been achieved if all the above mention needshad been met to satisfaction . But there is always trade off involved in making

investments .As long as the investment strategy mathes the need of investors

according to the priority assigned to them ,he should be happy.

The ideal investment strategy should be a customised one for each investor

depending on his risk return profile ,his satisfaction level ,his income and his


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expectations. Accurete planning gives accurate results .And for that there must

be an efficient and trustworthy road map to achieve the ultimate goal of wealth

maximization .

Chossing the right investments options.

After understanding the concept on investment, the investor would like to know

how to go about the task of investment ,how much to invest at any moment and

when to buy or sell the securities, This depends on investment process as

investment policy, investment analysis, valuation of securities, portfolio

construction and portfolio evaluation and revision. Every investor tries to derive

maximum economic advantage from his investment activity. For evaluating an

investment avenues are based upon the rate of return, risk and uncertainty, capital

appreciation, marketability, tax advantage and convenience of investment. The

following Table should give the clear picture relating to the investors investmentdecisions in various financial market instruments. The choice of the best

investment options will depend on personal circumstances as well as general

market conditions. For example, a good investment for a long-term retirement plan

may not be a good investment for higher education expenses. In most cases, the

right investment is a balance of three things: Liquidity, Safety and Return.

MUTUAL FUNDS

Mutual Funds over the years have gained immensely in their popularity. Apart

from the many advantages that investing in mutual funds provide like

diversification, professional management, the ease of investment process hasproved to be a major enabling factor. However, with the introduction of innovative

products, the world of mutual funds nowadays has a lot to offer to its investors.

With the introduction of diverse options, investors needs to choose a mutual fund

that meets his risk acceptance and his risk capacity levels and has similar

investment objectives as the investor.

With the plethora of schemes available in the Indian markets, an investors needs to

evaluate and consider various factors before making an investment decision. Since

not everyone has the time or inclination to invest and do the analysis himself, the

job is best left to a professional. Since Indian economy is no more a closed market,

and has started integrating with the world markets, external factors which are

complex in nature affect us too. Factors such as an increase in short-term US

interest rates, the hike in crude prices, or any major happening in Asian market

have a deep impact on the Indian stock market. Although it is not possible for an

individual investor to understand Indian companies and investing in such an


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environment, the process can become fairly time consuming. Mutual funds (whose

fund managers are paid to understand these issues and whose Asset Management

Company invests in research) provide an option of investing without getting lost in

the complexities.

Most importantly, mutual funds provide risk diversification: diversification of a

portfolio is amongst the primary tenets of portfolio structuring, and a necessary one

to reduce the level of risk assumed by the portfolio holder. Most of the investors

are not necessarily well qualified to apply the theories of portfolio structuring to

their holdings and hence would be better off leaving that to a professional. Mutual

funds represent one such option.

Definition- A Mutual Fund is a trust that pools the savings of a number of

investors who share a common financial goal. The money thus collected is

then invested in capital market instruments such as shares, debentures and othersecurities .The income earned through these investments and capital appreciation

realized are shared by its unit holders in proportion to the number of units owned

by them .thus a mutual fund is most suitable investment for a common man as it

offers an oppturnity to invest in a divercified ,professionally managed basket of

securities at a relatively low cost .The flow chart below describes broadly the

working of mutual fund


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mutual funddddd