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MUTUAL FUNDS

VCR Institute Of Management Studies, Chittoor Page 1

INTRODUCTION

A mutual fund is nothing more than a collection of stocks and/or bonds. We

can think of a mutual fund as a company that brings together a group of people and

invests their money in stocks, bonds, and other securities. Each investor owns shares,

which represent a portion of the holdings of the fund.

As you probably know,mutual funds have become extremely popular over the

last 20 years. What was once just another obscure financial instrument is now a part

of our daily lives. More than 80 million people, or one half of the households in

America, invest in mutual funds. That means that, in the United States alone, trillions

of dollars are invested in mutual funds.

In fact, to many people, investing means buying mutual funds. After all, it's

common knowledge that investing in mutual funds is (or at least should be) better

than simply letting your cash waste away in a savings account, but, for most people,

that's where the understanding of funds ends. It doesn't help that mutual fund

salespeople speak a strange language that is interspersed with jargon that many

investors don't understand.

Originally, mutual funds were heralded as a way for the little guy to get a

piece of the market. Instead of spending all your free time buried in the financial

pages of the Wall Street Journal, all you had to do was buy a mutual fund and you'd

be set on your way to financial freedom. As you might have guessed, it's not that easy.

Mutual funds are an excellent idea in theory, but, in reality, they haven't always

delivered. Not all mutual funds are created equal, and investing in mutuals isn't as

easy as throwing your money at the first salesperson who solicits your business. In

this tutorial, we'll explain the basics of mutual funds and hopefully clear up some of

the myths around them. You can then decide whether or not they are right for you.
http://www.investopedia.com/terms/m/mutualfund.asphttp://www.investopedia.com/terms/m/mutualfund.asp


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INDUSTRY PROFILE

The origin of mutual fund industry in India is with the introduction of the

concept of mutual fund by UTI in the year 1963. Though the growth was slow, but it

accelerated from the year 1987 when non-UTI players entered the industry.

In the past decade, Indian mutual fund industry had seen a dramatic

improvements, both quality wise as well as quantity wise. Before, the monopoly of

the market had seen an ending phase, the Assets Under Management (AUM) was Rs.

67bn. The private sector entry to the fund family rose the AUM to Rs. 470 bn in

March 1993 and till April 2004, it reached the height of 1,540 bn.

Putting the AUM of the Indian Mutual Funds Industry into comparison, the

total of it is less than the deposits of SBI alone, constitute less than 11% of the total

deposits held by the Indian banking industry.

The main reason of its poor growth is that the mutual fund industry in India is

new in the country. Large sections of Indian investors are yet to be educated with the

concept. Hence, it is the prime responsibility of all mutual fund companies, to market

the product correctly abreast of selling.

The mutual fund industry can be broadly put into four phases according to the

development of the sector. Each phase is briefly described as under.

Source: Understanding Mutual funds- Sunita Abraham, Uma Shashikant

First Phase - 1964-87

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It

was set up by the Reserve Bank of India and functioned under the Regulatory and

administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from

the RBI and the Industrial Development Bank of India (IDBI) took over the

regulatory and administrative control in place of RBI. The first scheme launched by

UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of assets

under management.


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Second Phase - 1987-1993 (Entry of Public Sector Funds)

Entry of non-UTI mutual funds. SBI Mutual Fund was the first followed by

Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian

Bank Mutual Fund (Nov Bank of India (Jun 90), Bank of Baroda Mutual Fund

(Oct 92). LIC in 1989 and GIC in 89), 1990. The end of 1993 marked Rs.47,004 as

assets under management.

Third Phase - 1993-2003 (Entry of Private Sector Funds)

With the entry of private sector funds in 1993, a new era started in the Indian

mutual fund industry, giving the Indian investors a wider choice of fund families.

Also, 1993 was the year in which the first Mutual Fund Regulations came into being,

under which all mutual funds, except UTI were to be registered and governed. The

erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private

sector mutual fund registered in July 1993.

The 1993 SEBI (Mutual Fund) Regulations were substituted by a more

comprehensive and revised Mutual Fund Regulations in 1996. The industry now

functions under the SEBI (Mutual Fund) Regulations 1996.

The number of mutual fund houses went on increasing, with many foreign

mutual funds setting up funds in India and also the industry has witnessed several

mergers and acquisitions. As at the end of January 2003, there were 33 mutual funds

with total assets of Rs. 1,21,805 crores. The Unit Trust of India with Rs.44,541 crores

of assets under management was way ahead of other mutual funds.

Fourth Phase - since February 2003

This phase had bitter experience for UTI. It was bifurcated into two separate

entities. One is the Specified Undertaking of the Unit Trust of India with AUM of

Rs.29,835 crores (as on January 2003). The Specified Undertaking of Unit Trust of

India, functioning under an administrator and under the rules framed by Government

of India and does not come under the purview of the Mutual Fund Regulations.


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The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and

LIC. It is registered with SEBI and functions under the Mutual Fund Regulations.

With the bifurcation of the erstwhile UTI which had in March 2000 more thanRs.76,000 crores of AUM and with the setting up of a UTI Mutual Fund, conforming

to the SEBI Mutual Fund Regulations, and with recent mergers taking place among

different private sector funds, the mutual fund industry has entered its current phase of

consolidation and growth. As at the end of September, 2004, there were 29 funds,

which manage assets of Rs.153108 crores under 421 schemes.


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COMPANY PROFILE

HDFC MUTUAL FUNDS

HDFC, a veteran equities solutions company with over 8 decades of

experience in the Indian stock markets. The HDFC Group companies of institutional

Broking and Corporate Finance. The institutional broking division caters to domestic

and foreign institutional investors, while the Corporate Finance Division focuses on

ninche areas such as infrastructure, telecom and media, HDFC has been voted as the

Top Domestic Brokerage House in the research category, by the Euro Money survey

and Asia Money survey.

HDFC is also about focus. Sharekhan does not claim expertise in too many

things. Sharekhans expertise lies in stocks and thats what he talks about with

authority.So when he says that investing in stocks shouldntbe confused with trading

in stocks or a portfolio-based strategy is better than betting on a single horse, it is

some thing that is spoken with years of focused learning and experience in the stock

markets. And these beliefs are reflected in everything Sharekhan does for you!

HDFC Indias leading stockbroker is the retail arm of HDFC, An organization

with over eighty years experience in the stock market. With over 240share shops in

111 Cities, and Indias premier online trading destinations-www.hdfc.com, ours

customer enjoy multi-channel access at the stock markets, share khan offer u trade

execution facilities for cash as well as derivaties on the BSE &NSE and most

importunity we bring you investment advice tempered by eighty years of broking

experience.

Through our portal hdfc.com, weve been providing investors a powerful

online trading platform, the latest news, research and other knowledge-based tools for

over 5years now. We have dedicated terms for fundamental and technical research so

that you get all the information your need to take the right investment decisions. With

branches and outlets across the country , our ground network is one of the biggest in

India.


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REASON WHY YOU SHOULD CHOOSE SHARE KHAN

1. Experience:

HDFC has more than eight decades of trust and credibility in the Indian stock

market. In the Asia Money Brokers poll held recently, HDFC won the Indias best

broking division in February 2000, it has been providing institutional-level research

and broking services to individual investors.

2.Technology:

With our online trading account you can buy and sell shares in an instant from

any PC with an Internet connection. You will get acces to our powerful inline trading

tools that will help you take complete control over your investment in shares.

3. Accessibility:

In addition to our online and phone trading services, we also have a ground

network of 240 share shops across 111 cities in India where you can get personalized

services.

4 .Knowledge:In a business where the right information at the right time can translate into

direct profit, you get access to wide range of information on our content- rich portal,

Sharekhan.com. You will also get a useful set of knowledge-based tools that will

empower you to take informed decisions.

5 .Convenience:

You can all our Dial-n-Trade number to get investment and execute your

transaction. We have a dedicated call-center to provide this service via a toll-free number

from anywhere in India.

6. Customer service:

Our customer service team will assist you for any help that you need relating

to transactions, billing, demat and other queries, our customer service can be

contacted via a toll-free number, email or live chat on sharekhan.com


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7. Investment Advice:

Sharekhan has dedicated research teams for fundamental and technical

research.Our analysts constantly track the pulse of the market and provide timely

investment advice to you in the form of daily research emails, online chat, printed

reports on SMS on your phone.Cutomers of Share Khan Experience language,

presentation style, content or for that matter the online trading facility find a common

thread; one that helps the customers make informed decisions and simplifies investing

in stocks. The common thread of empowerment is what Sharekhans all about!

Sharekhan is also about focus. Share khan does not claim expertise in too many

things. Sharekhans expertise lies in stocks and thats what he talks about withauthority. So when he says that investing in stocks should not be confused with

trading in stocks or a portfolio-based strategy is better than betting on a single horse,

it is something that is spoken with years of focused learning and experience in the

stock markets. And these beliefs are reflected in everything Sharekhan does for

customers.

Those of customers who feel comfortable dealing with a human being and

would rather visit a brick-and-mortar outlet than talk to a PC; Sharekhan offers

customers the facility to visit (or talk to) any of sharekhans share shops across the

country. In fact Sharekhan runs Indias largest chain of share shops with over hundred

outlets in 80 cities!

SHARE KHAN SERVICES

Sharekhan, one of Indias leading brokerage houses, is the retail arm of

HDFC. With over 511 share shops in 170 cities, and Indias premier online trading

portal www.sharekhan.com, sharekhans customers enjoy multi-channel access to the

stock markets.

ONLINE SERVICES TO SUIT CUSTOMERS NEEDS:

With a Sharekhan online trading account, customers can buy and sell shares in

an instant! Anytime customers like trading account that suits customers trading habits

and preferences the Classic Account for most investors and Speed trade for active


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day traders. Customers Classic Account also comes with Dial-n-Trade completely

free, which is an exclusive service for trading shares by using customers telephone.

When beginning customers foray in investing in shares, customers need a lot

of things from the right information at customers disposal, to assistance when

customers need it and advice on investing.Sharekhan have been in this business for

over 80 years now, and with sharekhan customers get a host of services and tools that

are difficult to fing in one place anywhere else. The Sharekhan First Step program,

built specifically for new investors. All customers have to do is walk into any of

sharekhans 511 share shops across 170 cities in India to get a host of trading related

services sharekhans friendly customer service staff will also help customers withany accounts related queries customers may have.

A HDFC OUTLET OFFERS THE FOLLOWING SERVICES

Online BSE and NSE execution (through BOLT & NEAT terminals)Free

access to investment advice from Sharekhan value line (a monthly publication with

reviews of recommendations, stocks to watch out for etc)

Daily research reports and market review(High Noon & Eagle Eye)

Pre-market Report (Morning Cuppa)

Daily trading calls based on Technical Analysis

Cool trading products(Darling Derivatives and Market Strategy)

Personalized Advice

Live Market Information

Depository Services: Demat & Remat Transactions

Derivatives Trading (Futures and Options)

Commodities Trading

IPOs & Mutual Funds Distribution

Interner-based Online Trading: Speed Trade


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NEED FOR THE STUDY

The main purpose of doing this project was to know about mutual fund and its

functioning.

This is helps to know in details about mutual fund industry right from its

inception stage growth and future prospects.

It also helps in understanding different schemes of mutual funds because my

study depends upon prominent funds in India and their schemes like equity,

income, balance as well as the returns associated with those schemes.

The project study was done to ascertain the asset allocation ,entry load ,exit

load associated with the mutual funds

Ultimately this would help in understanding the benefits of mutual funds to

investors.


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OBJECIVES OF THE STUDY

In-depth study to analyze the effect of financial crisis on Mutual FundCompany and studying the impact on selective debt vis--vis equity mutual

funds.

To study the changes in the portfolio in the recent one year.

To Study the various factors that affect the performance of equity and debt

schemes.

To get the knowledge on the evaluation parameters, on the basis of which the

analysis and comparison of various equity schemes is done.( NAV, AUM,

Expense ratio, Portfolio turnover, Standard deviation, Sharpe ratio, Beta, Alfa,

R-Squared, P/E Ratio and P/B Ratio)


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SCOPE OF THE STUDY

To study the performance of the mutual fund schemes in the scenario of global

financial crisis, total of 16 schemes belonging to three different companies (Birla Sun

Life Mutual fund, ICICI Prudential Mutual Fund, Reliance Mutual fund) have been

selected.The performance of all the schemes is studied by taking the NAV(Net Asset

Value) and AUM (Assets Under Management) of the schemes from the month of

January 2011 (sensex reached 21000 points) to till date. Along with the risk and

volatility measures of the fund (Beta, Sharpe ratio, Standard deviation, portfolio

turnover ratio) are studied to justify the performance of the fund. The success of any

particular scheme is determined by the ability to generate the returns, so the returns

generated by the schemes in each month are studied by plotting graphs to know the

performance of the scheme.


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LIMITATIONS

1. Unavailability of the data : This project study analyses the performance of the

mutual fund schemes form the beginning of the last year, so there is a

necessity of the historic data. The unavailability of the historic data is the big

limitation to the project study

2.

Primary survey : some conclusions of the study are drawn based on the results

of the primary survey which always have the limitations of personal bias.


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REVIEW OF LITERATURE

MEANING OF THE MUTUALFUNDS

Mutual fund is nothing more than a collection of stocks and/or bonds. We can

think of a mutual fund as a company that brings together a group of people and

invests their money in stocks, bonds, and other securities. Each investor owns shares,

which represent a portion of the holdings of the fund.

Mutual funds will give returns in three ways

1) Income is earned from dividends on stocks and interest on bonds. A fund pays

out nearly all of the income it receives over the year to fund owners in the

form of a distribution.

2) If the fund sells securities that have increased in price, the fund has a capital

gain. Most funds also pass on these gains to investors in a distribution.

3) If fund holdings increase in price but are not sold by the fund manager, the

fund's shares increase in price. You can then sell your mutual fund shares for a

profit.

WORKING OF A MUTUAL FUND

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 other securities. The income earned

through these investments and the capital appreciation realized are shared by its unit

holders in proportion to the number of units owned by them. Thus a Mutual Fund is

the most suitable investment for the common man as it offers an opportunity to invest

in a diversified, professionally managed basket of securities at a relatively low cost.

The flow chart below describes broadly the working of a mutual fund:


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ORGANIZATIONAL STRUCTURE OF A MUTUAL FUND

A mutual fund is set up in the form of a trust, which has sponsor, trustees, asset

management company (AMC) and custodian. The trust is established by a sponsor or

more than one sponsor who is like promoter of a company. The trustees of the mutual

fund hold its property for the benefit of the unitholders. Asset Management Company

(AMC) approved by SEBI manages the funds by making investments in various types

of securities. Custodian, who is registered with SEBI, holds the securities of various

schemes of the fund in its custody. The trustees are vested with the general power of

superintendence and direction over AMC. They monitor the performance and

compliance of SEBI Regulations by the mutual fund.

SEBI Regulations require that at least two thirds of the directors of trustee

company or board of trustees must be independent i.e. they should not be associated

with the sponsors. Also, 50% of the directors of AMC must be independent. All

mutual funds are required to be registered with SEBI before they launch any scheme.

However, Unit Trust of India (UTI) is not registered with SEBI (as on January 15,

2002).

There are many entities involved and the diagram below illustrates the

organizational set up of a mutual fund:


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CLASSIFICATION OF MUTUAL FUND SCHEMES

Mutual fund offer the services by offering different schemes, people can

choose different types of schemes depending on the requirement of the people.

Mutual funds have three types of classification

1. Based on investment objective

2.

Based on investment style

3. On the basis of flexibility


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BROAD CLASSIFICATION OF MUTUAL FUNDS

Based on their structure

Open-ended funds: Investors can buy and sell the units from the fund, at

any point of time.

Close-ended funds: These funds raise money from investors only once.

Therefore, after the offer period, fresh investments can not be made into

the fund. If the fund is listed on a stocks exchange the units can be traded

like stocks (E.g., Morgan Stanley Growth Fund). Recently, most of the

New Fund Offers of close-ended funds provided liquidity window on a

periodic basis such as monthly or weekly. Redemption of units can be

made during specified intervals. Therefore, such funds have relatively low

liquidity.


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Based on their investment objective:

Equity funds: These funds invest in equities and equity related instruments. With

fluctuating share prices, such funds show volatile performance, even losses. However,

short term fluctuations in the market, generally smoothens out in the long term,

thereby offering higher returns at relatively lower volatility. At the same time, such

funds can yield great capital appreciation as, historically, equities have outperformed

all asset classes in the long term. Hence, investment in equity funds should be

considered for a period of at least 3-5 years. It can be further classified as:

Index funds

Equity diversified funds

Dividend yield funds

Thematic funds.

Sector funds

ELSS.

Balanced fund:Their investment portfolio includes both debt and equity. As a result,

on the risk-return ladder, they fall between equity and debt funds. Balanced funds are

the ideal mutual funds vehicle for investors who prefer spreading their risk across

various instruments. Following are balanced funds classes:

i) Debt-oriented funds -Investment below 65% in equities.

ii) Equity-oriented funds -Invest at least 65% in equities, remaining in debt.

Debt fund:They invest only in debt instruments, and are a good option for investors

averse to idea of taking risk associated with equities. Therefore, they invest

exclusively in fixed-income instruments like bonds, debentures, Government of India

securities; and money market instruments such as certificates of deposit (CD),

commercial paper (CP) and call money. Put your money into any of these debt funds

depending on your investment horizon and needs.


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i. Liquid funds - These funds invest 100% in money market instruments, a large

portion being invested in call money market.

ii.

Gilt funds ST-They invest 100% of their portfolio in government securities of

and T-bills.

iii. Floating rate funds -Invest in short-term debt papers. Floaters invest in debt

instruments which we have variable coupon date.

iv.

Gilt funds LT-They invest 100% of their portfolio in long-term government

securities.

v. Income funds LT- Typically, such funds invest a major portion of the

portfolio in long-term debt papers.

vi. MIPs-Monthly Income Plans have an exposure of 70%-90% to debt and an

exposure of 10%-30% to equities.

MIP Objective: The primary objective of the scheme is to generate income so as to

make monthly distributions to unit holders with the secondary objecting being growth

of capital. Income may be generated to the receipt of coupon payment, the

amortization of the discount on debt instruments, receipts of dividends or the

purchase and sale of securities in the underlying portfolio. The schemes will under

normal market conditions, invest its net assets primarily in fixed income securities,

money market instruments, cash and cash equivalents while at the same time

maintaining a small exposure to equity markets. ( Monthly income is not assured and

is subject to availability of distributable surplus).

DOMESTIC RATE MARKETS.SHORT AND LONG

We expect short term rates are expected to be strained higher amidst the

liquidity deficit in the system owing to the festive-season currency leakage.

Credit spreads (both intra-credit spreads and those relative to government

bond yields) for the 1-4 year tenor are expected to widen from current levels in

the coming months as credit demand picks up.


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positioned to benefit from the above strategy, favourable to investors with

varying horizon preferences.

For the passive investor, we recommend the dynamic bond fund, which

promises to navigate through various stages of business and rate cycles by apt and

swift repositioning of its investment strategies. It is well suited for investors with one-

year investment horizon.

DIFFERENT PLANS IN MUTUAL FUNDS

Growth Plan and Dividend Plan

A growth plan is a plan under a scheme wherein the returns from investmentsare reinvested and very few income distributions, if any, are made. The investor thus

only realizes capital appreciation

Source: Understanding Mutual funds- Sunita Abraham, Uma Shashikant on

the investment. This plan appeals to investors in the high income bracket. Under the

dividend plan, income is distributed from time to time. This plan is ideal to those

investors requiring regular income.

Dividend Reinvestment Plan

Dividend plans of schemes carry an additional option for reinvestment of

income distribution. This is referred to as the dividend reinvestment plan. Under this

plan, dividends declared by a fund are reinvested on behalf of the investor, thus

increasing the number of units held by the investors.

Automatic Investment Plan

Under the Automatic Investment Plan (AIP) also called Systematic InvestmentPlan (SIP), the investor is given the option for investing in a specified frequency of

months in a specified scheme

Source: understanding Mutual Funds- sunita Abraham, Uma Shashikant of the

Mutual Fund for a constant sum of investment. AIP allows the investors to plan their

savings through a structured regular monthly savings program.


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Automatic Withdrawal Plan

Under the Automatic Withdrawal Plan (AWP) also called Systematic

Withdrawal Plan (SWP), a facility is provided to the investor to withdraw a pre-determined amount from his fund at a pre-determined interval.

PERFORMANCE OF MUTUAL FUND SCHEME

Let us start the discussion of the performance of mutual funds in India from

the day the concept of mutual fund took birth in India. The year was 1963. For 30

years it goaled without a single second player. Though the 1988 year saw some new

mutual fund companies, but UTI remained in a monopoly position.

The performance of mutual funds in India in the initial phase was not even

closer to satisfactory level. People rarely understood, and of course investing was out

of question. But yes, some 24 million shareholders was accustomed with guaranteed

high returns by the begining of liberalization of the industry in 1992. This good record

of UTI became marketing tool for new entrants. The expectations of investors touched

the sky in profitability factor. However, people were miles away from the

preparedness of the risk factors after liberalization. Assets Under Management of UTI

was Rs. 67bn. by the end of 1987. Let me concentrate about the performance of

mutual funds in India through figures. From Rs. 67bn. the Assets Under Management

rose to Rs. 470 bn. in March

1993 and the figure had a three times higher performance by April 2004. It

rose as high as Rs. 1,540bn. The net asset value (NAV) of mutual funds in India

declined when stock prices started falling in the year 1992. Those days, the market

regulations did not allow portfolio shifts into alternative investments. There wererather no choice apart from holding the cash or to further continue investing in shares.

One more thing to be noted, since only closed-end funds were floated in the market,

the investors disinvested by selling at a loss in the secondary market . The

performance of mutual funds in India suffered qualitatively. The 1992 stock market

scandal, the losses by disinvestments and of course the lack of transparent rules in the

where about rocked confidence among the investors.


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At last to mention, as long as mutual fund companies are performing with

lower risks and higher profitability within a short span of time, more and more

people will be inclined to invest until and unless they are fully educated with the dosand donts of mutual funds

EVALUATION PARAMETERS OF MUTUAL FUNDS

Following are the evaluation parameters on the basis of which the analysis and

comparison of various equity schemes is done.

Net Asset Value (NAV)

Assets under Management

Expense Ratio

Portfolio Turnover

Standard Deviation

These are the parameters that are used to study performance of mutual fund

schemes over a period of time, in my study I have used only some of them because of

the data availability constraints. Detailed explination of the parameters I have used are

given below

Net Asset Value (NAV)

The value of a collective investment fund based on the market price of

securities held in its portfolio. NAV per share is calculated by dividing net assets of

the scheme /number of Units outstanding.


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Assets under Management

It is used to gauge how much money a fund is managing. Mutual Funds use

this as a measure of success and comparison against their competitors; in lieu ofrevenue or total revenue they use total 'assets under management'.

The difference between two AUM balances consists of market performance

gains/(losses), foreign exchanges movements, net new assets (NNA) inflow/(outflow)

and structural effects of the company. Investors are mainly interested in the NNA,

which indicate how much money from clients had been newly invested. Furthermore,

it's common to calculate the key figure 'NNA growth', which shows the NNA in

relation of the previous AUM balance (annualized).

ADVANTAGES OF MUTUAL FUND

Mutual funds offers several advantages to investors

Affordable

Almost everyone can buy mutual funds. Mutual Funds generally provide a

opportunity to invest with less funds as compared to other avenues in the capital

market. Even the ancillary fee which one has to pay in the form of brokerages,

custodian etc is lower than other options and is directly linked to the performance of

the scheme.

Professional Management

For an average investor, it may be quite difficult to decide what to buy, when

to buy, how much to buy and when to sell. Mutual Funds have a skilled professionals

who have years of experience to manages your money. The fund manager takes these

decisions after doing adequate research on the economy, industries and companies,

before buying stocks or bonds. They use intensive research techniques to analyze each

investment option for the potential of returns.

Diversification

Investments are less risky as it is spread across a wide cross-section of

industries and sectors. Diversification reduces the risk because all stocks generally


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dont move in the same direction at the same time. A mutual fund is able to diversify

more easily than an average investor across several companies.

Liquidity

You can afford to withdraw your money from a mutual fund on immediate

basis when compared with other forms of savings like the public provident fund or

National Savings Scheme. You can withdraw or redeem money at the Net Asset Value

related prices in the open-end schemes. In closed-end schemes, the units can be

transacted at the prevailing market price on a stock exchange.

Tax Benefits

Mutual funds have historically been more efficient from the tax point of view.

A debt fund pays a dividend distribution tax of 12.5 per cent before distributing

dividend to an individual investor or an HUF, whereas it is 20 per cent for all other

entities. There is no dividend tax on dividends from an equity fund for individual

investor.

Well Regulated

The Mutual Fund industry is very well regulated. All investments have to beaccounted for. SEBI acts as a true watchdog in this case and can impose penalties on

the AMCs at fault. The regulations are also designed to protect the investors interests

are also implemented effectively.

DRAWBACKS OF MUTUAL FUNDS

Mutual funds have their drawbacks. They are as follows:

No Guarantee of returnsNo investment is risk free. If the entire stock market declines in value, the

value of mutual fund shares will go down as well, no matter how balanced the

portfolio. Investors encounter fewer risks when they invest in mutual funds than when

they buy and sell stocks on their own. However, anyone who invests through a mutual

fund runs the risk of losing money.

Fees and commissions


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All funds charge administrative fees to cover their day-to-day expenses. Some

funds also charge sales commissions or "loads" to compensate brokers, financial

consultants, or financial planners. Even if you don't use a broker or other financialadviser, you will pay a sales commission if you buy shares in a Load Fund.

Taxes

During a typical year, most actively managed mutual funds sell anywhere

from 20 to 70 percent of the securities in their portfolios. If your fund makes a profit

on its sales, you will pay taxes on the income you receive, even if you reinvest the

money you made.

Management risk

When you invest in a mutual fund, you depend on the fund's manager to make

the right decisions regarding the fund's portfolio. If the manager does not perform as

well as you had hoped, you might not make as much money on your investment as

you expected. Of course, if you invest in Index Funds, you forego management risk,

because these funds do not employ managers.

DEBT MUTUAL FUNDS

A Debt Mutual fund is a type of mutual fund that is designed especially for the

low risk investor whose main aim is capital preservation coupled with decent returns

on investment. These are for investors who prefer funds with lesser volatility, who

want a regular income and are willing to late little or very limited risk.

DEBT FUNDS

All mutual funds have some amount of risk, but debt mutual funds are less

risky than equity oriented mutual funds. Debt funds usually invest in fixed income

instruments that may also offer capital appreciation. Debt funds can give you

1. Capital Appreciation and

2. Regular Income

Capital Appreciation


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MUTUAL FUNDS


Debt funds buy either listed or unlisted debt instruments at a certain price and

then sell them. The difference between the cost and sale price accounts for the

appreciation or depreciation in the funds value. A debt instruments market pricedepends on the interest rates of its underlying assets and also any up or downward

movement in the credit ratings of its holdings.

Market prices of debt securities swing with movements in the prevailing

interest rates. Let us say our debt fund owns a security that yields a 10% interest. If

the market interest rates fall, new instruments that hit the market would reflect the

changed interest rates and offer lower returns.

Regular Income

Similar to the interest that banks offer us on our deposits, debt funds also earn

a regular interest from the fixed income securities they are invested in. This income

gets added to the debt fund on a regular basis. This income would be shared with us,

thereby providing us with regular income

Recommendation

Debt funds are specifically designed for the investor who is not ready to take

risks that come with equity mutual funds but at the same time wants a better return

than bank deposits. You can have limited exposure to these funds to add a balance to

your portfolio. An ideal investment portfolio would have around 10-15% exposure to

these instruments.

Snap shot of the funds under study

Reliance Short Term Fund Reliance Income Fund

Fund Manager Mr. Amitabh Mohanty Mr. Amit Tripathi

Category Debt : Short term income plan Debt : Medium term plan

Investment Objective The primary investment

objective of the scheme is to

generate stable returns for

The primary investment

objective of the scheme is to

generate optimal returns


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MUTUAL FUNDS


investors with a short term

investment horizon by

investing in fixed incomesecuritites of a short-term

maturity.

consistent with moderate level

of risk. This income may be

complemented by capitalappreciation of the portfolio.

Accordingly, investments shall

predominantly be made in

Debt & Money Market

Instruments.

Nature of the scheme An open ended Debt Short

term scheme

An open ended Debt scheme

Date of Inception 23/12/2002 01/01/1998

Benchmark CRISIL Liquid Fund Index CRISIL Composite Bond Fund

Index

Minimum investment

amount

50,000 5,000

Entry load Nil Nil

Exit load Nil 5 lakh - 0.10%

within 0-7 days

BIRLA SUN LIFE INCOME FUND

OBJECTIVE: An open-ended income scheme with the objective to generate

income and capital appreciation by investing 100% of the corpus in a diversified

portfolio of debt and money market securities.

LAUNCH: March 3,1997


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MUTUAL FUNDS


BIRLA SUN LIFE ULTRA SHORT TERM FUND

OBJECTIVE: An open-ended short term income scheme with the objective to

generate income and capital appreciation by investing 100% of the corpus in a

diversified portfolio of debt and money market securities with relatively low level of

interest rate risk.

LAUNCH : April 19, 2002

BIRLA SUN LIFE MEDIUM TERM PLAN

OBJECTIVE: The primary investment objective of the scheme is to generate

regular income through investments in debt & money market instruments in order to

make regular dividend payments to unitholders& secondary objective is growth of

capital.

LAUNCH : March 25, 2009

ICICI P RUDENTIAL SHORT TERM FUND

ICICI Prudential Short Term Fund is an open ended Debt scheme, with

majority of asset allocation to the debt instruments like T-bills, commercial papers etc.

These type of funds are less risky compared to that of the equity schemes and the

returns generated are also very less. Risk averse investors generally go for this type of

schemes. The ICICI Prudential Short Term Fund is operated in the same way as the

benchmark index CRISIL Short Term Bond Fund Index, ie the sector allocation will

be similar to that of the benchmark and the mutual fund scheme has the benefit of

picking a particular stock in a given sector that will generate good returns to the

investor compared to that of the benchmark.

RELIANCE SHORT TERM FUND

Reliance short term fund is an open ended Debt scheme, with majority of asset

allocation to the debt instruments like T-bills, commercial papers etc. These type of

funds are less risky compared to that of the equity schemes and the returns generated

are also very less. Risk averse investors generally go for this type of schemes.


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MUTUAL FUNDS


Reliance Short Term Fund is operated in the same way as the benchmark index

CRISIL Liquid Bond Fund Index, ie the sector allocation will be similar to that of the

benchmark and the mutual fund scheme has the benefit of picking a particular stock ina given sector that will generate good returns to the investor compared to that of the

benchmark

BIRLA SUN LIFE SHORT TERM FUND

Birla Sun Life Short Term Fund is an open ended Debt scheme, with majority

of asset allocation to the debt instruments like T-bills, commercial papers etc. These

type of funds are less risky compared to that of the equity schemes and the returns

generated are also very less. Risk averse investors generally go for this type of

schemes. The Birla Sun Life Short Term Fund is operated in the same way as the

benchmark index CRISIL Short Term Bond Fund Index, ie the sector allocation will

be similar to that of the benchmark and the mutual fund scheme has the benefit of

picking a particular stock in a given sector that will generate good returns to the

investor compared to that of the benchmark.

RELIANCE INCOME FUND

Reliance Income Fund is an open ended Debt scheme, with majority of asset



are also very less. Risk averse investors generally go for this type of schemes. The

Reliance Income Fund is operated in the same way as the benchmark index CRISIL

composite Bond Fund Index, ie the sector allocation will be similar to that of the

benchmark and the mutual fund scheme has the benefit of picking a particular stock in

a given sector that will generate good returns to the investor compared to that of the

benchmark.

BIRLA SUN LIFE INCOME FUND

Birla Sun Life Fund is an open ended Debt scheme, with majority of asset




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MUTUAL FUNDS


are also very less. Risk averse investors generally go for this type of schemes. The

Birla Sun Life Income Fund is operated in the same way as the benchmark index S&P

CNX Nifty.

ICICI PRUDENTIAL INCOME PLAN

ICICI plan is an open ended Debt scheme; the portfolio has the medium term

maturity, with majority of asset allocation to the debt instruments like T-bills,

commercial papers etc. These type of funds are less risky compared to that of the

equity schemes and the returns generated are also very less. These can generate

comparatively more returns than the short term fund because they have a higher level

of risk. Risk adverse investors generally go for this type of schemes.


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MUTUAL FUNDS


RESEARCH METHODOLOGY

METHODOLOGY OF THE STUDY

Data sources

Primary source

The questionnaire for collecting the primary data has been prepared. Two

questionnaires have been prepared. One questionnaire will be given to general public,

contains the questions that are used to get the data related to the perception of mutual

funds by the people, and what are the requisites of the people for the investment

options, these results are used for giving some recommendations to the company. The

other questionnaire will be given to the employees of the Birla Sun Life mutual fund,

ICICI prudential mutual fund and reliance mutual fund to know the performance of

the respective mutual funds.

SECONDARY SOURCE

The process of data collection from secondary sources is done by collecting

the data related to mutual funds from the websites www.amfiindia.com,www.mutualfundsindia.com, www.myiris.com, www.valueresearchonline.com, in

these websites update information regarding every mutual fund scheme is present, all

the necessary information for my project is taken from them. I have studied about the

financial crisis 2011 from Wikipedia and also articles in newspaper in business

standard, Times of India, Economic Times.


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MUTUAL FUNDS


SCHEMES UNDER STUDY

1Debt Short term plan ICICI Short term fund

2Debt Short term plan Reliance short term plan

3Debt Short term plan Birla Sun Life Short term fund

4

Debt Medium term plan ICICI Income plan

5Debt Medium term plan Reliance Income Fund

6Debt Medium term plan Birla Sun Life Income fund


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MUTUAL FUNDS


GRAPH 4.1.1 NET ASSET VALUE

0

2

4

6

8

10

12

14

16

18

20

NAV

NAV

Linear (NAV)


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MUTUAL FUNDS


GRAPH 4.1.2 Avg. AUM (Crores)

0

200

400

600

800

1000

1200

Avg AUM (crores)

Avg AUM (crores)

Linear (Avg AUM (crores))


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MUTUAL FUNDS


GRAPH 4.1.3 Average Maturity (Years)

0

1

2

3

4

5

6

average maturity (years)


Linear (average maturity

(years))


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MUTUAL FUNDS


GRAPH 4.1.4 Yiedl to maturity (%)

0

2

4

6

8

10

12

14

Yield to maturity(%)

Yield to maturity(%)

Linear (Yield to

maturity(%))


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MUTUAL FUNDS


GRAPH 4.1.5 Returns %

INTERPRETATION:

The above are the graphs showing the tendency of the NAV, AUM, %

Returns from January 2011, thick line shows the actual variation over the period andthe thin line shows the trend of the variation. NAV is the net asset value of the

portfolio of stocks. At the beginning of the year 2011 the NAV of the fund is 15.71

rupees, till the end of the year December 2011 NAV is falling and raising. From the

starting of the year 2011 the NAV of the fund is stabilized in the month of june 2011

the NAV of the fund is Rs.16.14. At the beginning of the year 2011 the AUM of the

fund is 441.37crores, till the end of the year December 2011 AUM is irregularly

decreasing and increasing. From the starting of the year 2011 the AUM of the fund

started to rise by the end of dec 2011 the AUM of the fund is reached to 1238.45

crores. The returns generated by the fund have shown very irregular tendency. But by

the trend line of the graph says that the returns generated by the fund are increasing

and showing the tendency to rise. Currently the returns generated by the fund in the

month of December 2011 is 2.16%. The performance of these schemes is influenced

mainly by influenced by the ratings of the bonds that are choosed in the portfolio.

-2

-1

0

1

2

3

4

5

6

7

8

Returns %

Returns %

Linear (Returns %)


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MUTUAL FUNDS


TABLE 4.2 RELIANCE SHORT TERM FUND

Month NAV Avg AUM (crores)

average

maturity Returns %

Jan-11 14.4718 602.7 2.18Years 0.69

Feb-11 14.5734 639.56 1.77 Years 0.09

Mar-11 14.5825 496.53 1.61 Years 0.4

Aprl-11 14.6402 385.69 1.43 Years 0.72

May-11 14.7515 370.36 1.59 Years 0.7

Jun-11 14.8664 331.19 2.16 Years 0.21

July-11 14.8847 232.33 2.18 Years 0.92

Aug-11 15.021 178.28 2.58 Years 4.98

Sep-11 15.7941 271.93 2.34 Years 0.46

Oct-11 15.8592 522.45 2.54 Years 1.33

Nov-11 16.0699 690.83 2.43 Years 0.68

Dec-11 16.1799 1191.96 2.31 Years 2.51


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MUTUAL FUNDS


Graph 4.2.1 NAV

13

13.5

14

14.5

15

15.5

16

16.5

NAV

NAV

Linear (NAV)


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MUTUAL FUNDS


Graph 4.2.2 Avg. AUM (Crores)

0

200

400

600

800

1000

1200

1400

Avg AUM (crores)

Avg AUM (crores)



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MUTUAL FUNDS


Graph 4.2.3 Average Maturity

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

average maturity

average maturity

Linear (average maturity)


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MUTUAL FUNDS


Graph 4.2.4 Retunrs (%)

INTERPRETATION:

The above are the graphs showing the tendency of the NAV, AUM, % Returns

from January 2011, thick line shows the actual variation over the period and the thin

line shows the trend of the variation. NAV is the net asset value of the portfolio of

stocks. At the beginning of the year 2011 the NAV of the fund is 14.47 rupees, till the

end of the year December 2011 NAV is falling and raising

0

1

2

3

4

5

6

Returns %

Returns %

Linear (Returns %)


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MUTUAL FUNDS


Graph No.4.3.1 NAV

13.6

13.8

14

14.2

14.4

14.6

14.8

15

15.2

15.4

15.6

15.8

NAV

NAV

Linear (NAV)


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MUTUAL FUNDS


Graph No.4.3.2 Avg. AUM

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

Jan/11

Feb/11

Mar/11

Apr/11

May/11

Jun/11

Jul/11

Aug/11

Sep/11

Oct/11

Nov/11

Dec/11

Avg AUM (crores)

Avg AUM (crores)



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MUTUAL FUNDS


Graph No.4.3.3: Average Maturity (Years)

-1

-0.5

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

average maturity(years)

average maturity(years)

Linear (averagematurity(years))


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MUTUAL FUNDS


Graph No.4.3.4 % Returns

INTERPRETATION:

The above are the graphs showing the tendency of the NAV, AUM, %

Returns from January 2011, thick line shows the actual variation over the period and

the thin line shows the trend of the variation. NAV is the net asset value of the

portfolio of stocks. At the beginning of the year 2011 the NAV of the fund is 14.39

rupees, the NAV of this fund is continuously increasing, in the month of Sepetember

2011 the NAV of the fund is Rs. 15.16.

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

% Returns

% Returns

Linear (% Returns)


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MUTUAL FUNDS


TABLE NO. 4.4 RELIANCE INCOME FUND

Month NAVAvg AUM

(crores)

average

maturity

yield to

maturity% Returns

Jan-11 25.33 80.27 13.62 7.77 1.93

Feb-11 25.93 124.68 16.09 8.29 -0.39

Mar-11 25.85 182.92 12.98 7.56 -1.32

Apr-11 25.51 199.12 9.06 8.75 0.16

May-11 25.55 179.32 7.16 7.92 0.16

Jun-11 25.596 163.31 3.62 8.14% -0.79

Jul-11 25.3888 153.29 1.53 9.39% -0.24

Aug-11 25.3348 133.13 3.10 9.51% 1.24

Sep-11 25.6685 113.46 7.69 9.88% 0.02

Oct-11 25.7618 102.4 10.23 10.21% 1.17

Nov-11 26.1378 119.63 9.79 10.23% 3.26

Dec-11 26.9895 256.72 11.21 8.50% 13.38


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MUTUAL FUNDS


GRAPH NO.4.4.1: NAV

24.5

25

25.5

26

26.5

27

27.5NAV

NAV

Linear (NAV)


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MUTUAL FUNDS


GRAPH NO.4.4.2 : Avg AUM (Crores)

0

50

100

150

200

250

300

Avg AUM (crores)

Avg AUM (crores)

Linear (NAV)


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MUTUAL FUNDS


Graph No.4.4.3: AVERAGE MATURITY

0

2

4

6

8

10

12

14

16

18

Jan/11

Feb/11

Mar/11

Apr/11

May/11

Jun/11

Jul/11

Aug/11

Sep/11

Oct/11

Nov/11

Dec/11

average maturity

average maturity

Linear (average maturity)


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MUTUAL FUNDS


Graph No.4.4.4: YIELD TO MATURITY

-4

-2

0

2

4

6

8

10

yield to maturity

yield to maturity

Linear (yield to maturity)


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55/72


56/72


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MUTUAL FUNDS


GRAPH 4.5.2: Avg AUM( Crores)

0

50

100

150

200

250

300

350

Jan/11

Feb/11

Mar/11

Apr/11

May/11

Jun/11

Jul/11

Aug/11

Sep/11

Oct/11

Nov/11

Dec/11

Avg AUM (crores)

Avg AUM (crores)



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MUTUAL FUNDS


GRAPH 4.5.3. Average Maturity (Years)

0

2

4

6

8

10

12

14

16

Jan/11

Feb/11

Mar/11

Apr/11

May/11

Jun/11

Jul/11

Aug/11

Sep/11

Oct/11

Nov/11

Dec/11



Linear (average maturity(years))


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MUTUAL FUNDS


GRAPH 4.5.4. % Returns

INTERPRETATION:

The above are the graphs showing the tendency of the NAV, AUM, % Returns

from January 2011, thick line shows the actual variation over the period and the thin

line shows the trend of the variation. NAV is the net asset value of the portfolio of

stocks. At the beginning of the year 2011 the NAV of the fund is 28.97 rupees, till the

end of the month Sepetember 2011 NAV is falling and raising. From the starting of

the October month 2011 the NAV of the fund is stabilized where NAV of the fund is

Rs. 30.65. At the beginning of the year 2011 the AUM of the fund is 105.88 crores,

-4

-2

0

2

4

6

8

10

12

14

16

% Returns

% Returns

Linear (% Returns)


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MUTUAL FUNDS


Table No.4.6 ICICI PRUDENTIAL INCOME PLAN

Month NAV AVG AUMavg

maturity

yield to

maturity% Returns

Jan-11 24.14 579.49 16.23 8.25% 1.99

Feb-11 23.99 704.61 18.13 8.27% -0.7

Mar-11 23.57 641.87 12.38 8.93% -1.63

Apr-11 23.53 460.36 5.57 8.83% -1.17

May-11 23.68 418.82 4.08 9.18% 0.64

Jun-11 23.42 316.9 2.1 9.37% -1.06

Jul-11 23.46 283.25 0.6 9.32% 0.17

Aug-11 23.87 249.59 4.07 9.94% 1.69

Sep-11 24.45 213.18 10.65 11.52% 2.1

Oct-11 24.75 205.5 9.54 10.76% 1.48

Nov-11 25.67 507.6 11.67 9.03% 3.72

Dec-11 29.55 2547.98 14.06 7.55% 14.54


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MUTUAL FUNDS


Graph No.4.6.1 : NAV

0

5

10

15

20

25

30

35

NAV

NAV

Linear (NAV)


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MUTUAL FUNDS


Graph No.4.6.2 AVG. AUM

0

500

1000

1500

2000

2500

3000

AVG AUM

AVG AUM

Linear (AVG AUM)


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MUTUAL FUNDS


Graph No.4.6.3 AV. MATURITY

.

0

2

4

6

8

10

12

14

16

18

20

avg maturity

avg maturity

Linear (avg maturity)


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MUTUAL FUNDS


COMPARISON OF BIRLA SUN LIFE MUTUAL FUND

SCHEMES WITH RELIANCE MUTUAL FUND AND ICICI

PRUDENTIAL MUTUAL FUND

Comparison of Schemes in the Debt Short Term Plans

Debt schemes are those invest in the Debt instruments issued by different

companies, these instruments have relatively smaller tenure compared to that of the

equity schemes. The risk and returns with this schemes is very low, because there is

high credit quality. The credit quality of the particular debt instrument issued by thecompany is determined by the credit rating agencies. The bonds having higher credit

rating give only smaller returns. The chart below shows the NAV of three Debt short

term plans of three different companies.


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MUTUAL FUNDS


Chart No.4.7 showing the NAV of three different schemes

0

2

4

6

8

10

12

14

16

18

20

ICICI SHORT TERM FUND

RELIANCE SHORT TERM

FUND

BSL SHORT TERM FUND


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MUTUAL FUNDS


Chart No.4.7.1

INTERPRETATION:

The above graph shows the variation of the NAV of the three schemes under

study. They have shown the appreciation in the NAV. The NAV of ICICI Prudential

Short Term Fund had increased. In the beginning of the year 2011 the NAV of the

fund is 15.71 rupees it had appreciated to 17.62 rupees. NAV of Reliance Short Term

Fund had changed from 14.47 to 16.17 rupees and the NAV of the Birla Sun life Short

Term Fund is appreciated from 14.39 to 15.54 rupees.

0

2

4

6

8

10

12

14

16

18

Jan/11

Feb/11

Mar/11

Apr/11

May/11

Jun/11

Jul/11

Aug/11

Sep/11

Oct/11

Nov/11

Dec/11

ICICI SHORT TERM FUND

RELIANCE SHORT TERM FUND

BSL SHORT TERM FUND


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MUTUAL FUNDS


COMPARISON OF THE DEBT MEDIUM TERM PLANS

Medium term plans are the schemes that are schemes that are with the

medium tenure. The following chart shows the comparative analysis of the three Debt

medium term plans.

Chart No.4.8 showing the NAV variation of the three income funds of different

companies

0

5

10

15

20

25

30

35

Jan/11

Feb/11

Mar/11

Apr/11

May/11

Jun/11

Jul/11

Aug/11

Sep/11

Oct/11

Nov/11

Dec/11

ICICI INCOME FUND

RELIANCE INCOME

FUND

BSL INCOME FUND


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MUTUAL FUNDS


FINDINGS

1. Performance of Birla sun life mutual fund in 2011 was 1%.

2. Reliance was 5%. Reliance was high when compared to Birla sun life Mutual

fund.

3. ICICI was 7% and it is higher when compared to both schemes.

4. Performance of Birla sun life mutual funds was 0.5%in April 2009.

5. Reliance was 2.5% and its performance was higher than Birla sun life

mutual fund.

6. In December 2011 performance of Birla sun life mutual fund very high i.e.

12%.

7. Reliance is 1% more than Birla sun life mutual fund i.e. 13%.

8. ICICI performance is very high in December 2011 as compared to both

schemes.

9.

In January 2009 all the three schemes were below the margin i.e. negative.10.As compared to both the schemes Birla sun life mutual fund was in better

position.

11.In April 2009 again it has been raised to 0.4% from -0.3%.


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MUTUAL FUNDS


SUGGESTIONS

1.

Birla sun Life short term fund is an open ended Debt scheme, with majority

of asset allocation to the debt instruments like T-bills, commercial papers etc.

This types of funds are less risky compared to that of the equity schemes .

2. Birla Sun Lifemedium term fund had shown increase in the nav because the

portfolio of the scheme is diversified by increasing the exposure to Debt

Market.

3.

In Debt scheme risk &returns is very low, because there is higher quality.

4. The credit quality of the particular debt agency.

5. Medium term plans are the schemes that are with the medium tenure.

6. The mutual fund scheme has the benefit of picking a particular stock in a

given sector that will generate good returns to the investors compared to that

of bench mark.


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MUTUAL FUNDS


CONCLUSION

They are Equity Diversified, Equity sector schemes, ELSS (Equity Linked

Saving Schemes) schemes, Debt short term and Debt Medium term plans. In Equity

Diversified category the fund that hurt a lot is Reliance growth fund, its NAV has

dropped more than 50% during the period of study. Equity Diversified schemes as

against to the herd, Birla Sun Life Frontline Equity Fund, had shown the increase in

the NAV, the fund manager has managed to do this by allocating more percentage of

the assets to debt, as the Debt market has shown better performance the funds NAV

has increased.


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MUTUAL FUNDS

BIBLIOGRAPHY

BOOKS Sunita Abraham and Uma Shashikanth, September 2010, Understanding

Mutual Funds, Center for investment Education and Learning Pvt Ltd.

Gordon AndNatarajan, 1999 Financial Markets and Services, Himalaya

Publishing House, Ramdoot, Dr. Bhalerao Marg, Girgaon, Mumbai -400-

004.

Pattabhi Ram And S D Batla, ManagementAccounting and Financial Analysis

NEWS PAPERS

Economic times

Business standard

Business India magazine

WEBSITES

www.birlasunlife.com www.icicipruamu.com

www.reliancemutual.com

www.mutualfundsindia.com

www.amfiindia.com

www.wikipedia.com
http://www.birlasunlife.com/http://www.icicipruamu.com/http://www.reliancemutual.com/http://www.mutualfundsindia.com/http://www.amfiindia.com/http://www.wikipedia.com/http://www.wikipedia.com/http://www.amfiindia.com/http://www.mutualfundsindia.com/http://www.reliancemutual.com/http://www.icicipruamu.com/http://www.birlasunlife.com/

Documents

05 Final Mutual Fundsgfhg