Mutual Fund An Introduction

Project Report Submitted by Team B Name Ankita Atul Neetu Enrolment Number Roll Number Assigned in MSOP 6 9

520336299/05/2010 220643237/09/2008

INDEX Contents
Human life cycle for Investment Mutual Fund Basics Introduction History of Mutual Fund History of Mutual Fund in Indian Perspectives Product and Scheme Investment Based Classification Structure of Mutual Fund in India SEBI Mutual Fund Regulation Registration & Regulation of Mutual Fund Advantages of Mutual Fund Disadvantage of Mutual Fund Myths About Mutual Fund Association of Mutual Fund in India Terminologies Current Mutual Fund company in India Investing Checklist Evaluation of Mutual Fund Warning Signals of Mutual Fund Working Mechanism of AMC Portfolio Management Process in Mutual Fund Future of Mutual Fund in India Operational Efficiency of Mutual funds Conclusion

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Options for Investings

Deposit in Bank Loan a friend/relative on Interest Property Investment Invest in Bullion Gold, Silver, Invest in Capital Markets Direct Equity Share Market Debt & Bond Markets Indirect- Mutual Funds

How to Invest In Equities Direct Equity

High risk, high return category. Needs a lot of time & expertise. Substantial initial capital required.

Mutual Funds
One-Time Investment Systematic Investment Plan (SIP)

Mutual Fund
An Invest vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets. Mutual funds are operated by money managers, who invest the fund's capital and attempt to produce capital gains and income for the fund's investors. A mutual fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus. One of the main advantages of Mutual Fund is that they give small investors access to professionally managed, diversified portfolios of equities, bonds and other securities, which would be quite difficult (if not impossible) to create with a small amount of capital. Each shareholder participates proportionally in the gain or loss of the fund. Mutual fund units, or shares, are issued and can typically be purchased or redeemed as needed at the fund's current net asset value (NAV) per share, which is sometimes expressed as NAVPS. Mutual funds pass taxable income on to their investors by paying out dividends and capital gains at least annually. The characterization of that income is unchanged as it passes through to the shareholders. For example, mutual fund distributions of dividend income are reported as dividend income by the investor. There is an exception: net losses incurred by a mutual fund are not distributed or passed through to fund investors but are retained by the fund to be able to offset future gains Mutual funds are generally classified by their principal investments. The four main categories of funds are money market funds, bond or fixed income funds, stock or equity funds and hybrid funds. Funds may also be categorized as index or actively managed.

History of mutual funds

In 1774, a Dutch merchant invited subscriptions from investors to set up an investment trust by the name Eendragt Maakt Magt. This means unity creates strength with the objective of providing diversification at low cost to small investors. The Foreign and Colonial Government Trust formed in London in 1868 promised the investor of modest means the same advantages as the large capitalist by spreading the investment over a number of stocks. The formation of Massachusetts investors Trust in the US. In 1924 started a chain of events that brought mutual funds to the American homes. From 80 schemes in 1940 with $500 million in assets the mutual fund industry has multiplied to 160 schemes with $ 17 billion in 1960. 70s saw introduction of various schemes. By the end of 70,s there were 524 schemes $ 95 billions in assets in the US.

History of mutual funds the Indian perspective

1963 UTI is India's first mutual fund. 1964 UTI launches US-64. 1971 UTIs ULIP (Unit Linked Insurance Plan) is second scheme to be launched. 1986 UTI Mastershare, Indias first true mutual fund scheme launched. 1987 PSU banks and insurers allowed to float mutual funds., SBI the first of the block 1987 PSU banks and insurers allowed to float mutual funds., SBI the first of the block. 1992 the Harshad Mehta fuelled bull market arouses middle-class interest in shares and mutual funds. 1993 Private sector and foreign players allowed Kothari Pioneer first private fund house to start. SEBI set up to regulate industry. Mutual fund distributors banned from giving commissions to investors. Debut of floating rate funds and foreign debt funds. AMFI certification made compulsory for new agents. Every second household has entrusted some savings to mutual funds than in banks. By comparison mutual funds acceptance in India is very poor. According to SEBI-NCAER survey in 2010-11, just 11.8 million households, 13.7% urban 3.8% of rural had invested in mutual funds

Products and Schemes

Investors have the option of choosing from a wide variety of schemes in a mutual fund depending upon their requirements. MFs are classified as follows:

Operational classification:
Open ended scheme: when a fund is accepted and liquidated on a continuous basis by a MF manager, it is called as open ended scheme. The fund manager buys and sells units constantly as demanded by the investors. The capitalization of the funds changes constantly as it is always open for the investors to buy or sell their units. The scheme provides excellent liquidity facility to the investors. The buying and selling of units takes place at a declared NAV(Net Asset Value) Close ended scheme: when a units of a scheme liquidated only after the expiry of a specified period it is known as close ended fund. Such funds have fixed capitalization and remain with the mutual fund manager, units of close ended schemes are traded on stock exchange in the secondary market. The price is determined on the basis of supply and demand. There are 2 prices for such funds, one that is market determined and the other is NAV based the market price may be above or below NAV. Managing a close ended scheme is comparatively easy for the fund Manager. The fund can be liquidated after a specified period. Interval scheme: it is kind of close ended scheme with a feature that it remains open during a particular part of the year for the benefit of investors, to either off load or to undertake purchase of units at a NAV.

Investment based classification

Equity fund: such fund invest in equity shares they carry a high degree of risk such fund do well in favorable market conditions. Investments are made in equity shares in diverse industries and sectors. Debt funds: Such fund invest in debt instruments like bonds and debentures. These funds carry the advantage of secure and steady income there is little chance of capital appreciation. Such funds carry no risk. A variant of this type of fund is called liquid fund which specializes in investing in short term money market instruments . Balanced funds: Such schemes have a mix of debt and equity in their portfolio of investments. The portfolio is often shifted between debt and equity depending upon the prevailing market conditions. Gilt fund : These funds seek to generate returns through investment in govt. securities. Such funds invest only in central and state govt. securities and REPO/ reverse REPO securities. A portion of the corpus may be invested in call money markets to meet liquidity requirements. Such funds carry very less risk. Their prices are influenced only by moment in interest rates. Indexed funds: These funds are linked to specific index. Funds mobilized under such schemes are invested in securities of companies included in the index of any exchange. The fund performance is linked to the growth in concerned index. Tax saving schemes: Certain MF schemes offer tax rebate on investments made in equity shares under section 88 of income tax act. Income may be periodically distributed depending on surplus. Subscriptions made Upto Rs.10000 are eligible for tax rebate under section 88 for such scheme. The investment of the scheme includes investment in equity, preference shares and convertible debentures and bonds to the extent 80-100% and rest in money market instruments.

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Structure of Mutual Funds in India Mutual Funds in India follow a 3-tier structure. The first tier is the sponsor who thinks of starting the fund. The second tier is the trustee. The Trustees role is not to manage the money. Their job is only to see, whether the money is being managed as per stated objectives. Trustees may be seen as the internal regulators of a mutual fund. Trustees appoint the Asset Management Company (AMC) who form the third tier, to manage investors money. The AMC in return charges a fee for the services provide d and this fee is borne by the investors as it is deducted from the money collected from them Sponsor Any corporate body which initiates the launching of a mutual fund is referred to as The sponsor. The sponsor is expected to have a sound track record and experience in financial services for a minimum period of 5 years and should ensure various formalities required in establishing a mutual fund. According to SEBI, the sponsor should have professional competence, financial soundness and reputation for fairness and integrity. The sponsor contributes 40% of the net worth of the AMC. The sponsor appoints the trustee, The AMC and custodians in compliance with the regulations. Trustee Sponsor creates a public trust and appoints trustees. Trustees are the people authorized to act on behalf of the Trust. They hold the property of mutual fund. Once the Trust is created, it is registered with SEBI after which this trust is known as the mutual fund. The Trustees role is not to manage the money but their job is only to see, whether the money is being managed as per stated objectives. Trustees may be seen as the internal regulators of a mutual fund. A minimum of 75% of the trustees must be independent of the sponsor to ensure fair dealings. Trustees appoint the Asset Management Company (AMC), to manage investors money.

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Asset Management Company (AMC) Trustees appoint the Asset Management Company (AMC), to manage investors money. The AMC in return charges a fee for the services provided and this fee is borne by the investors as it is deducted from the money collected from them. The AMCs Board of Directors must have at least 50% of Directors who are independent directors. The AMC has to be approved by SEBI. The AMC functions under the supervision of its Board of Directors, and also under the direction of the Trustees and SEBI. It is the AMC, which in the name of the Trust, floats new schemes and manage these schemes by buying and selling securities. In order to do this the AMC needs to follow all rules and regulations prescribed by SEBI and as per the Investment Management Agreement it signs with the Trustees. The role of the AMC is to manage investors money on a day to day basis. Thus it is imperative that people with the highest integrity are involved with this activity. The AMC cannot deal with a single broker beyond a certain limit of transactions. The AMC cannot act as a Trustee for some other Mutual Fund. The responsibility of preparing the OD lies with the AMC. Appointments of intermediaries like independent financial advisors (IFAs), national and regional distributors, banks, etc. is also done by the AMC. Finally, it is the AMC which is responsible for the acts of its employees and service providers.

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SEBI Mutual Fund Regulations

The regulations governing the functioning of mutual funds in India were introduced by SEBI in Dec 1996. The objectives of these regulations were to bring in existence the regulatory norms for the formation, operation and management of mutual funds in India. The regulations also laid down the broad guidelines on investment valuation, investment restriction, advertising code and code of conduct for mutual funds and AMCs.

SEBI (Mutual Funds) Regulations, 1996

Details Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 19-June-2013 2013 Securities and Exchange Board of India (MutualL Funds) Regulations, 1996 (as amended 07-May-2013 upto Apr16,2013) 16-Apr-2013 Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2013 Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 26-Sep-2012 2012 21-Feb-2012 Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2012 30-Aug-2011 Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2011 Securities and Exchange Board Of India (Mutual Funds) (Amendment) Regulations, 2010 29-Jul-2010
Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2009

Date

05-Jun-2009

Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2009

08-Apr-2009
Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2008

29-Sep-2008

Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 22-May-2008 2008

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Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2008 16-Apr-2008 Notification under sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2007 and regulation 2 of the Securities and Exchange Board of India (Foreign Institutional Investors) (Second 08-Apr-2008 Amendment) Regulations, 2007

31-Mar-2008 SEBI (Payment of Fees) (Amendment) Regulations, 2008 Securities And Exchange Board Of India (Mutual Funds) (Second Amendment) Regulations, 2007

31-Oct-2007

Securities And Exchange Board Of India (Mutual Funds) (Amendment) Regulations, 2007 29-May-2007 Securities And Exchange Board Of India (Mutual Funds) (Third Amendment) Regulations, 2006

03-Aug-2006

09-Dec-1996

Securities And Exchange Board Of India (Mutual Funds) Regulations, 1996 -(as amended upto September 26, 2012")

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Registration of mutual funds

Every mutual fund shall be registered with SEBI through an application to be made by the sponsor in a prescribed format accompanied by an application fee of Rs.25000. Every mutual fund shall pay Rs.25lakhs towards registration fee and Rs:2.5lakhs per annum as service fees. Registration shall be granted by the board on fulfillment of conditions such as sponsors, sound track record of 5yrs integrity, net worth etc.

Regulations for the trust

Mutual fund shall be constituted in the form of a trust under the provisions of Indian Registrations Act and provisions laid down by SEBI. A trustee should be person of integrity, ability, and should not have been found guilty or being convicted of any economic offence or violation of securities law. At least 50% of the trustees shall be independent trustees. The trustees and the AMC with SEBIs prior approval shall enter into an investment management agreement. The trustees shall ensure the AMC has the necessary infrastructure and personnel. The trustees shall ensure that AMC is monitoring security transaction with brokers. The trustees shall ensure that the EMC has been managing the scheme independently. The trustees should fulfill all its duties in order to protect the interest of the investors.

Regulations for AMC

It should have a sound track record, reputation and fairness in transaction. The sponsor or trustee shall appoint an AMC with SEBIs approval. The appointment of the AMC can be terminated by majority of trustees or by 75% of unit holders. The directors of AMCs should have adequate professional experience.

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At least 50% of the directors of the AMC should not be associated with the sponsors or its subsidiaries or the trustees. The chairman of the AMC should not be trustee of any other mutual fund. The AMC shall have a minimum net worth of Rs.10 crores. The AMC shall not act as an AMC for any other mutual funds.

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ADVANTAGES
Increased diversification: A fund must hold many securities. Diversifying reduces risks compared to holding a single stock, bond, other available instruments. Daily liquidity: This concept applies only to open-end funds. Shareholders may trade their holdings with the fund manager at the close of a trading day based on the closing net asset value of the fund's holdings. However, there may be fees and restrictions as stated in the fund prospectus. For holders of individual stocks, bonds, closed-end funds, ETFs, and other available instruments, there may not be a buyer/seller for that instrument everyday. Such instruments are termed, illiquid. Professional investment management: A highly variable aspect of a fund discussed in the prospectus. Actively managed funds funds may have large staffs of analysts who actively trade the fund holdings. Management of an index fund may just passively re-balance holdings to match a market index like the Standard and Poors 500 Index. Ability to participate in investments that may be available only to larger investors: Foreign markets, in particular, are rarely open and affordable for individual investors. More over the research required to make sensible foreign investments may require knowledge of another language, and the rules of regulations of other markets. Service and convenience: This is not a feature of a mutual fund, but rather a feature of the fund management company. Increasingly in recent years, there are funds, notably Exchange Traded Funds(ETFs) that are purely investment instruments without any additional services from the fund management company. Government oversight: Largely, the US government's role with mutual funds is to require the publication of a prospectus describing the fund. No such document is required for stock, bonds, currencies, and other investment instruments. There is no governmental oversight of a fund's investment success/failure. Ease of comparison: Picking a mutual fund is a lot like judging a dog show. You select the best of the breed which has the qualities you seek. If you want protection, you choose among German Shepherds/Bond funds, not Chihuahuas/Small Company funds. Stocks are much more like mixed breed dogs. Each has their own unique qualities which are hard to compare.

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DISADVANTAGES
Management Risk Too Much Diversification Less Predictable Income Fees & Commissions

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Myths about Mutual Funds

Mutual Funds are only for Experts :

Fact : Part of the fear of Mutual Funds is that everything will go above your head and that only experts in finance can understand how they work. This is not true at all! Unlike the equity market, you dont have to take the call on when to buy or sell shares, the fund manager will do it for you. It is his job to track various sectors and companies. He will help you decide where to invest your money. So in actuality, even if you arent a financial expert, you will still have access to someone who is, and with his help theres no doubt you will make the right decisions.

Mutual Funds are only for long Term :

Fact : Yes, long-term investments have a slight advantage, but that doesnt mean that Mutual Funds are only for such investors. In fact, there are various short-term schemes where you can invest from a day to a few weeks.

Mutual Funds is an Equity Funds:

Fact : People usually associate Mutual Funds with Equity Funds, but this is not entirely true. Mutual Funds invest in a variety of instruments ranging from equity to debt. Within debt they may invest in debt instruments that mature in a day (also known as Money Market Instruments) to those that mature in 1 or even 10 years.

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Funds with a higher NAV have reached the perk

Fact : This is a very common misconception because of the general association of Mutual Funds with shares. Buy you must remember that Mutual Funds invest in shares, so they can get in and out whenever the Fund Manager deems appropriate. If the Fund Manager feels that a stock has peaked, he can choose to sell it. To understand the reality of this myth better you need to understand that the NAV is nothing but a reflection of the market value of the shares held by the fund on any day. In all probability the NAV is high on account of a good performance over the years. Imagine two schemes. Scheme A is a new scheme with an NAV of Rs. 15 and Scheme B is an old scheme with an NAV of Rs. 150. If the holdings of both these schemes increase by 10%, the NAV of both schemes will go up by 10%. The NAV of scheme A will be Rs. 16.5 and that of scheme B be Rs. 165. So you realise that it doesnt really matter if the NAV is Rs. 15 or Rs. 150.

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Association of Mutual Funds in India (AMFI)

AMFI was established in 1993, realizing the demand for a common forum for Mutual Fund Industry. It follows the principle of both protecting and promoting the interests of mutual funds as well as their unit holders. AMFI interacts with SEBI and works according to SEBIs guidelines in MF industry. AMFI represent the Government of India, the RBI and other related bodies on matters relating to the Mutual Fund Industry. AMFI undertakes investor awareness programed to promote proper understanding and working of MFs.

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Terminologies Demystified Asset Allocation

Diversifying investments in different assets such as stocks, bonds, real estate, cash in order to optimize risk. Fund Manager The individual responsible for making portfolio decision for a mutual fund, in line with funds objective. Fund Offer Document Document with investment objectives, risk factors, expenses summary, how to invest etc.

Dividend
Profits given to the investor from time to time. Growth Profits ploughed back into scheme. This causes the NAV to rise.

NAV
Market value of assets of scheme minus its liabilities. Per unit NAV = Net Asset Value

No. of Units Outstanding on Valuation date

Entry Load/Front-End Load (0-2.25%)

The commission charged at the time of buying the fund. To cover costs for selling, processing Exit Load/Back- End Load (0.25-2.25%) The commission or charge paid when an investor exits from a mutual fund. Imposed to discourage withdrawals

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 May reduce to zero as holding period increases. Sale Price/ Offer Price Price you pay to invest in a scheme. May include a sales load. (In this case, sale price is higher than NAV) Re-Purchase Price/ Bid Price Price at which close-ended scheme repurchases its units Redemption Price Price at which open-ended scheme

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Top Player in Mutual Fund Industry

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Investing Checklist
Draw up your asset allocation Financial goals & Time frame (Are you investing for retirement? A childs education? Or for current income? ) Risk Taking Capacity Identify funds that fall into your Buy List Obtain and read the offer documents Match your objectives In terms of equity share and bond weightings, downside risk protection, tax benefits offered, dividend payout policy, sector focus Check out past performance Performance of various funds with similar objectives for at least 3-5 years (managed well and provides consistent returns) Think hard about investing in sector funds For relatively aggressive investors Close touch with developments in sector, review portfolio regularly Look for `load' costs Management fees, annual expenses of the fund and sales loads Does the fund change fund managers often? Look for size and credentials Asset size less than Rs. 25 Crores Diversify, but not too much Invest regularly, choose the S-I-P MF- an integral part of your savings and wealth-building plan.

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Evaluation of Mutual Funds

It is essential that the performance of Mutual fund is evaluated and appraised. Such appraisal helps the fund to compare itself with other funds besides being a potential source of information to the present and prospective investors. Evaluation includes simple evaluation tools to sophisticated models which take into consideration the risk and uncertainty associated with the returns. Some of the models used are Treynors Model and Sharpes Model Sharpes Performance Index: It offers a single value for performance ranking of different funds or portfolio. It measures the risk premium of the portfolio in terms of its total risk. Sharpes Index = Average portfolio return Risk free rate of return Standard Deviation of Portfolio = Rp Rf p Treynors Performance Index: Here the funds performance is measured against the market performance. It is used to calculate return per unit of market risk. Treynors Index = Average portfolio return Risk free rate of return Market risk of Portfolio = Rp Rf p

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Warning Signals
Fund's management changes Performance slips compared to similar funds. Fund's expense ratios climb Beta, a technical measure of risk, also climbs. Market Risk, Equity Risk, Currency Risk, Sector Risk, Liquidity Risk. It merges into another fund. Change in management style or a change in the objective of the fund.

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Working Mechanism of AMC

Creating fund manager: A fund manager is responsible for managing the funds of the AMC. The fund manager should be an independent agency but in India a single fund manager handles many schemes simultaneously. The basic function of fund managers is to decide the rate, time, kind and quantum of securities to be bought and sold. The fund manager ensures the success of the fund scheme.

Research and Planning: The research and planning cell of AMC undertake
research activities relating to securities as well as prospective investors the results of the study are analyzed to draft future policies governing investments.

Creating dealers: Dealers having a deep understanding of stock market operations

may be created by the AMC in order to execute sales and purchase transactions in the capital and money market. Dealers should comply with all formalities of sale and purchases through brokers.

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Portfolio Management Process in Mutual Fund

Setting investment goals:

The first task of managing the portfolio of mutual

fund is to identify and set the goals for the proposed scheme the goal is set keeping in mind the nature of the scheme, risk and return, market condition, regulatory norms, size of the issue and investor protection.

Identifying specific securities:

Efforts are made to analyze and identify the

right securities where the fund should invest in. security analyses is carried out and risk and return characteristics are evaluated.

Portfolio designing: It involves making an ideal mix of debt and equity securities
of corporate, govt. etc. It is concerned with decisions regarding the type of securities to be bought, the quantum and timing of issue. Portfolio design is carried out on the basis of research and analyses of stock market and devising investment strategies. The portfolio should be well diversified so as to reduce the total risk of the portfolio.

Portfolio revision:

The portfolio must be reviewed periodically keeping in mind

the risk return characteristics, the revision of the portfolio is done by keeping in mind the dynamic investment climate

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Future of Mutual Fund in India

Important aspects related to the future of mutual funds in India are

The growth rate was 100 % in 6 previous years. The saving rate in India is 23 %. There is a huge scope in the future for the expansion of the mutual funds industry. A number of foreign based assets management companies are venturing into Indian markets. The Securities Exchange Board of India has allowed the introduction of commodity mutual funds. The emphasis is being given on the effective corporate governance of Mutual Funds. The Mutual funds in India has the scope of penetrating into the rural and semi urban areas. Financial planners are introduced into the market, which would provide the people with better financial planning.

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Operational Efficiency of Mutual funds

Net Returns: The operational of a mutual fund is best judged by its ability to earn
for the investors better and safe returns in the form of capital appreciation and the dividends or income received on such investment. Returns are calculated keeping in mind the expenses incurred while earning such returns which include trusteeship fee, management fee, administrative fee, fund accounting fee, initial charges, brokerage etc. SEBI has fixed an overall limit on expenses as per the regulations.

Net Asset Value: It is another parameter to measure the operational efficiency of the fund. The intrinsic value of a unit under a specific scheme is referred to as the NAV of the scheme. The value gives an idea of the amount that may be obtained by the unit holder on sale of the unit to the mutual fund company

NAV (per unit) = Total Market Value Fund liabilities No. of outstanding Units

Load : The initial expenses that are incurred by a mutual fund in relation to the
scheme operated by it is referred to as the load of the scheme. According to SEBI guidelines a certain percentage of load must be borne by the expected scheme.

Disclosures: A highly transparent nature of mutual fund is said to operate to benefit

the investors and service their needs. MFs are supposed to follow certain norms and ample disclosures for their operation. Disclosures are made through half yearly and annual reports where all the information relating to the scheme is disclosed.

Investor protection: The fund manager is supposed to follow certain safe guards
to protect the interest of the investors. Unit certificates are to be issued within 6 weeks from the date of closure of subscriptions. Units submitted for transfer should be executed within 30 days. A dividend warrants are to be dispatched within 42 days of declaration of dividend. Repurchase proceeds should be dispatched within 10 working days from the date of redemption. SEBI takes all possible safeguards such as conducting inspections of the mutual funds to ensure that investors interests are protected. Defaulting AMC are prohibited from issuing new schemes.

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Conclusion :
Professional Investment Management. By pooling the money of thousands of investors, mutual funds provide full-time, high-level professional management that few individual investors can afford to obtain independently. Such management can be important to achieving results in today's complex markets. Mutual funds invest in a broad range of securities. This limits investment risk by reducing the effect of a possible decline in the value of any one security. Mutual fund shareowners can benefit from diversification techniques usually available only to investors wealthy enough to buy significant positions in a wide variety of securities. Investor Information Shareholders receive regular reports from the mutual funds, including details of transactions on a year-to-date basis. The current net asset value of your shares (the price at which you may purchase or redeem them) appears in the mutual fund price listings of daily newspapers. You can also obtain pricing and performance results for the all mutual funds at this site, or it can be obtained by phone from the mutual funds.

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